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煤炭行业周报(5月第1周):焦煤库存下降,等待动力煤需求好转
ZHESHANG SECURITIES· 2025-05-06 02:40
Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The coal sector has seen a decline, underperforming the CSI 300 index, with a drop of 2.19% from April 28 to April 30, while the CSI 300 index fell by 0.43%, resulting in a 1.76 percentage point underperformance [3] - Key monitored enterprises reported an average daily coal sales volume of 7.24 million tons, remaining flat week-on-week but down 1.9% year-on-year [3] - The total coal inventory of key monitored enterprises reached 33.07 million tons as of April 29, a decrease of 0.8% week-on-week but an increase of 32.6% year-on-year [3] - The report anticipates a rebound in coal prices by mid-May, driven by seasonal demand and a decrease in supply [7] Summary by Sections Industry Market Performance Review - The coal industry has underperformed, with a year-to-date decline of 14.42%, trailing the CSI 300 index by 10.24 percentage points [27] - The overall market performance of coal stocks was poor, with only 8 out of 37 stocks rising in price [28] Supply and Demand Dynamics - The average daily coal sales volume for key monitored enterprises was 7.24 million tons, with a year-on-year decrease of 1.9% [3] - The cumulative coal sales volume for the year was 81.82 million tons, down 4.2% year-on-year [10] Price Trends - The price index for thermal coal (Q5500K) was 677 CNY/ton, down 0.15% week-on-week [4] - The price of coking coal remained stable at 1400 CNY/ton, while the futures settlement price for coking coal was 927.5 CNY/ton, down 2.93% week-on-week [5] Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy [7] - It also recommends attention to coking coal companies like Huaibei Mining and Lu'an Environmental Energy, as well as coking companies with improved year-on-year profits like Jinneng Technology and Meijin Energy [7]
煤炭行业周报(4月第4周):季报受量价影响承压,静待需求释放-20250427
ZHESHANG SECURITIES· 2025-04-27 13:50
Investment Rating - The report rates the coal industry as "Positive" [1] Core Viewpoints - The coal sector has faced pressure due to volume and price impacts, with a need to wait for demand recovery [1] - The overall performance of the coal sector has lagged behind the CSI 300 index, with a decline of 0.76% compared to a 0.38% increase in the index [3] - The report anticipates short-term downward pressure on coal prices, with a potential rebound expected around mid-May [7] Summary by Sections Market Performance - The coal sector's year-to-date decline is 12.51%, underperforming the CSI 300 index by 8.75 percentage points [25] - The sector's price-to-earnings ratio (TTM) is 11.18, showing a slight increase of 0.45 from the previous week [25] - Among 37 A-share stocks in the coal sector, 14 saw price increases, while 22 experienced declines [26] Supply and Demand - Average daily coal sales from monitored enterprises reached 7.24 million tons, a week-on-week increase of 5.4% but a year-on-year decrease of 2.8% [3] - Total coal inventory at monitored enterprises was 33.34 million tons, a week-on-week decrease of 3.7% and a year-on-year increase of 28.4% [3] - The report notes that electricity and chemical industries have seen coal consumption changes, with electricity down by 5.2% and chemicals up by 17% year-on-year [3] Price Trends - The price index for thermal coal (Q5500K) remains stable at 678 CNY/ton, while the imported thermal coal price index increased by 0.95% to 849 CNY/ton [4] - The report highlights a downward trend in prices for both thermal and coking coal, with expectations for price recovery during peak demand seasons [7] Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy [7] - It also recommends attention to coking coal companies like Huaibei Mining and Lu'an Environmental Energy, as well as coking companies with improved profits like Jinneng Technology and Meijin Energy [7]