中国煤炭：油气供应中断推高煤炭安全需求与价格；看好中国神华、兖州煤业Coal - China (H_A)_ O&G disruption → higher coal_ security demand & prices; U_G Shenhua_ Yankuang

Accessible version Coal - China (H/A) O&G disruption → higher coal/ security demand & prices; U/G Shenhua/ Yankuang Rating Change Energy security: coal upside as LNG shocks We turned neutral on coal from bearish at the beginning of 2026 given the government's control in supply and prices have largely offset the demand weakness. Yet supply risks intensified amid escalating tensions in the past few weeks given: 1) the temporary suspension of the Strait of Hormuz has disrupted 21mbd of crude oil; 2) on 2 March ...