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


Xinda Securities believes that it is in the early stage of the new round of upward cycle of coal economy, with resonance in basic, policy and corporate level. At this stage, coal plate is allocated at that time. In terms of supply, the development and Reform Commission has made it clear that it will continue to promote the production increase and supply guarantee of domestic coal enterprises, while strengthening railway capacity guarantee. However, due to strict supervision of safety and environmental protection and the limitation of approved capacity, the supply upward flexibility is limited; in terms of imported coal, market news says that some provinces in China have increased the amount of import less, but the possibility of large amount of liberalization is small, and the follow-up supply increases slightly. In terms of demand, the north is entering the heating season in an all-round way, with strong seasonal demand, stable industrial production in October, the growth of investment and consumption has risen, pointing to the trend of economic recovery; from the perspective of domestic inventory characteristics, it is in the transition stage from passive warehouse removal to active replenishment. Meanwhile, with the success of vaccine development and the landing of the US general election, the peripheral uncertainty is uncertain The domestic economy is expected to continue to recover as a result of the weakening. In the medium and long term, the supply end is close to the end of the new capacity release during the 13th Five Year Plan period, and the coal production is strictly restricted by legal compliance, and the supply is lack of flexibility; meanwhile, under the strategy of energy security, the proportion of coal to primary energy consumption is expected to decrease significantly. With the gradual recovery of economy, the coal demand is expected to continue to increase, and the coal supply and demand situation will be tighter next year , we have comprehensively looked at the coal sector and continue to recommend the historic allocation opportunities of coal. The main investment lines are recommended: first, the coal flat coal shares, Panjiang shares, Xishan coal power and Huaibei mining industry with significant growth and benefit from the restriction of Australian coal import catalysis; the second is the low value of strong cash flow, Shaanxi coal industry, Yanzhou coal industry, and Shenhua of China, which is the leader of high dividend power coal. Source: responsible editor of Securities Times: Yangbin_ 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.