山西证券则指出，供给增量有限，需求仍有预期，预计冬季煤价维持一定高位。随着回购增持再贷款和SFISF等货币工具的不断落地，套息交易有望不断深化煤炭红利价值，建议关注稳定高股息品种和弹性高股息品种。The decline in coal stocks widened in the afternoon, with China Coal Energy (01898) falling 4.22% to HK$9.54; China Shenhua (01088) falling 2.9% to HK$33.5; Yankuang Energy (01171) falling 2.68% to HK$10.18; and Mongolian coking coal (00975) falling 2.58% to HK$9.06.
The Zhitong Finance App learned that the decline in coal stocks increased in the afternoon, with China Coal Energy (01898) falling 4.22% to HK$9.54; China Shenhua (01088) falling 2.9% to HK$33.5; Yankuang Energy (01171) falling 2.68% to HK$10.18; and Mongolian coking coal (00975) falling 2.58% to HK$9.06.
Guosheng Securities pointed out that the production and sales volume of the sample listed companies was clearly recovered in the third quarter. It can be seen that the pressure on the listed companies, mainly in Shanxi, was relieved in the first half of the year, and it is expected that 24Q4 will continue the production and sales trend; in terms of interest prices, leading coal companies' ability to control costs in the third quarter is prominent. Under conditions where sales prices fluctuate little from month to month, the gross profit of leading coal companies in tons of coal increased month-on-month, and their operating performance exceeded market expectations. We expect coal prices to basically hit the bottom, and listed companies still have room to optimize the cost of coal tons Under the trend, the performance of 24Q3 coal companies in a single quarter It is expected to bottom out.
Shanxi Securities, on the other hand, pointed out that the increase in supply is limited, demand is still expected, and coal prices are expected to remain high in winter. With the continuous implementation of currency instruments such as buybacks and reloans and SFISF, arbitrage trading is expected to continue to deepen the value of coal dividends. It is recommended to focus on stable high-dividend varieties and highly flexible dividend varieties.
