CHINA COAL ENERGY(SH:601898) ZHESHANG SECURITIES·2026-03-08 12:24Investment Rating - The industry rating is "Positive" [1] Core Views - The coal sector has shown strong performance, with a 3.5% increase in the CITIC coal industry index, outperforming the CSI 300 index by 4.57 percentage points [2] - The widening oil-coal price gap indicates strong potential for coal chemical alternatives to oil, leading to increased operating rates and investment in coal chemical industries [6] - Current coal prices are expected to rise due to the influence of oil prices, despite a slight decline in coal prices during the off-season [6] Supply and Demand Summary - Average daily coal sales from monitored enterprises increased by 12.6% week-on-week and 11.2% year-on-year, reaching 7.27 million tons [2] - The average daily coal production was 7.39 million tons, up 10.5% week-on-week and 9.3% year-on-year [2] - Total coal inventory (including port storage) was 24.54 million tons, a 3.5% increase week-on-week but a 33.2% decrease year-on-year [2] - Cumulative coal sales for the year reached 44.95 million tons, a 6.3% increase year-on-year [24] Price Summary - The price of thermal coal (Q5500K) was 689 CNY/ton, up 0.58% week-on-week [3] - The price of coking coal at Jing Tang Port was 1610 CNY/ton, down 5.3% week-on-week [4] - The price of methanol in East China rose to 2502.5 CNY/ton, an increase of 333.64 CNY/ton week-on-week [5] Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies, coal chemical companies, and flexible coking coal companies [6] - Specific companies to watch include China Shenhua, Shaanxi Coal and Chemical Industry, and others with coal chemical production capacity [6]