Coal plate power up, Zhengzhou coal power two connected board pay attention to two investment main line

category:Finance
 Coal plate power up, Zhengzhou coal power two connected board pay attention to two investment main line


Huaxi Securities pointed out that the current coal price is easy to rise and fall, the coal plate is in the cycle and the valuation is still low. The leading coal enterprises outperform expectations + high dividend + undervalue, and there is a huge room for the stock price restoration. The key recommendation is to be the coal industry of Shaanxi, Shenhua, open-air coal industry of China, and Panjiang, the leading coal industry of Southwest coking coal, which is to be renamed as Shanxi jiaocoal national coking coal power Co., Ltd. There are also double coke rising beneficiary targets: Shanxi Coking, Jinneng technology, etc.

Xinda Securities believes that the current coal economy is in the early stage of a new round of upward cycle, with the resonance of fundamentals, policies and companies. At this stage, the allocation of coal plate is at the right time. In terms of supply, the development and Reform Commission has recently made it clear that it will continue to promote domestic coal enterprises to increase production and ensure supply, and at the same time strengthen the guarantee of railway transport capacity. However, restricted by strict supervision on safety and environmental protection and the approved capacity limit, the upward elasticity of supply is limited; in terms of imported coal, market news says that some provinces in China have increased a small amount of import quota, but the possibility of large-scale liberalization is small, and overall, the follow-up supply is slightly increased. In terms of demand, the North has entered the heating season in an all-round way, with strong seasonal demand. In October, industrial production was at a high level and stable level, and the growth rate of investment and consumption both rebounded, pointing to the continued recovery of the economy. From the perspective of domestic inventory characteristics, it is currently in the transition stage from passive de Stocking to active replenishment. At the same time, with the success of vaccine development and the landing of the US election, there is uncertainty in the periphery Weakening, the domestic economy is expected to continue to recover. In the medium and long term, due to the release of new production capacity during the 13th Five Year Plan period, coal production is strictly required by legal compliance, and the supply is inelastic. At the same time, under the energy security strategy, the decline in the proportion of coal in primary energy consumption is expected to be significantly narrowed. With the gradual recovery of the economy, coal demand is expected to continue to increase, and the coal supply and demand situation is expected to become more tight next year We have a comprehensive view of the coal sector and continue to recommend paying attention to the historical coal allocation opportunities. Two main investment lines are recommended: one is Pingmei, Panjiang, Xishan and Huaibei mining, which have significant growth and benefit from the catalysis of Australian coal import; the other is Shaanxi coal industry, Yanzhou Coal Industry and China Shenhua coal industry, which have strong undervalued cash flow and high dividend power coal. Source: Securities Times editor in charge: Yang Bin_ NF4368

Xinda Securities believes that the current coal economy is in the early stage of a new round of upward cycle, with the resonance of fundamentals, policies and companies. At this stage, the allocation of coal plate is at the right time. In terms of supply, the development and Reform Commission has recently made it clear that it will continue to promote domestic coal enterprises to increase production and ensure supply, and at the same time strengthen the guarantee of railway transport capacity. However, restricted by strict supervision on safety and environmental protection and the approved capacity limit, the upward elasticity of supply is limited; in terms of imported coal, market news says that some provinces in China have increased a small amount of import quota, but the possibility of large-scale liberalization is small, and overall, the follow-up supply is slightly increased. In terms of demand, the North has entered the heating season in an all-round way, with strong seasonal demand. In October, industrial production was at a high level and stable level, and the growth rate of investment and consumption both rebounded, pointing to the continued recovery of the economy. From the perspective of domestic inventory characteristics, it is currently in the transition stage from passive de Stocking to active replenishment. At the same time, with the success of vaccine development and the landing of the US election, there is uncertainty in the periphery Weakening, the domestic economy is expected to continue to recover. In the medium and long term, due to the release of new production capacity during the 13th Five Year Plan period, coal production is strictly required by legal compliance, and the supply is inelastic. At the same time, under the energy security strategy, the decline in the proportion of coal in primary energy consumption is expected to be significantly narrowed. With the gradual recovery of the economy, coal demand is expected to continue to increase, and the coal supply and demand situation is expected to become more tight next year We have a comprehensive view of the coal sector and continue to recommend paying attention to the historical coal allocation opportunities. Two main investment lines are recommended: one is Pingmei, Panjiang, Xishan and Huaibei mining, which have significant growth and benefit from the catalysis of Australian coal import; the other is Shaanxi coal industry, Yanzhou Coal Industry and China Shenhua coal industry, which have strong undervalued cash flow and high dividend power coal.