On Sept. 7, domestic commodity futures closed, leading the way: coking coal and coke rose by more than 7%, Zheng coal by more than 6%, Zheng alcohol by more than 5%, soda ash by more than 4%, PVC by more than 2%, PP, thread by more than 1%, SS and EB by more than 1%, fiberboard by more than 2%, Shanghai nickel and Shanghai lead by more than 1%, and international copper and copper by more than 1%.

Affected by the high futures prices, the coal sector continued its upward trend, rising by more than 5%. Yunnan coal energy, Shanxi coking coal, Shanxi control coal industry rose, Huaibei Mining, Yanzhou Coal Industry, Shanxi Coking flat Coal shares rose.

According to the data disclosed by the China News, the production and sales of 28 coal enterprises increased in the first half of the year compared with the same period last year; profits in the second quarter increased significantly from the previous quarter, with a total net profit of 47.1 billion yuan in a single quarter, an increase of 28.3% over the previous year. The sharp increase in coal prices led to a significant improvement in the performance of coal enterprises.

Data from Fenwei Energy Statistics show that in the week of August 27th, the raw coal output of 53 sample coal mines was 5.9757 million tons, an increase of 106000 tons over the previous week. At present, the supply of raw coal has increased, but the overall output is at an all-time low in the same period of nearly four years. At the same time, the current raw coal production is still about 300000 tons lower than at the beginning of June, and the short-term supply will still be tight.

In terms of demand: at present, seven rounds of coke increases have landed, with a cumulative increase of 840 yuan / ton, the demand remains stable, and the purchase of raw coal is still positive; in terms of inventory: in the week of August 27th, the overall inventory of coking coal was 18.9643 million tons, down 330700 tons from last week, and the overall inventory will reach a new low for the year.

Generally speaking, under the background of stricter coal mine safety supervision, although the short-term raw coal production has increased, the domestic coking coal output is difficult to release substantially, the tight supply situation is difficult to alleviate, or still support the high coking coal price operation.

Open source securities pointed out that generally speaking, the high demeanor of the coal industry will not change in the second half of the year. Taking into account the guaranteed supply and strong coal prices, coal companies are expected to be supported at both ends of volume and price, and are optimistic about further improvement in performance in the second half of the year and higher valuations of coal stocks.

The agency recommends that the beneficiaries of high dividends: China Shenhua Energy, Pingshan Coal, Panjiang, Shaanxi Coal, Huaibei Mining; new industrial transformation: Shan Coal International, Jinneng Technology, Huayang, China Xuyang Group; the deepening of national reform: Shanxi coking coal, Lu'an Huaneng, Shanxi controlled coal; high elasticity of economic recovery: Yanzhou Coal, Shenhuo The target of debt restructuring: Yongtai Energy.