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Coal price rebound limited? Coal industry stocks fell sharply, and their performance encountered a Waterloo.
On August 21st, the coal sector as a whole fell. In the A-share market, Pingdingshan Tianan Coal Mining fell more than 3% due to lower-than-expected mid-year performance, while Huaibei Mining Holdings, Shanxi Coal International Energy Group, and Shanxi Lanhua Sci-Tech Venture all fell more than 2%.
Coal stocks are under pressure across the board, with Yankuang Energy (01171) falling 8.58%. The off-season effect continues, with both thermal coal and metallurgical coal prices weak.
Coal stocks are under pressure, with Yancoal Aus (03668) falling 19.08% after reporting, Yankuang Energy (01171) falling 8.58%, Mongol Mining (00975) falling 5.31%, China Coal Energy (01898) falling 4.61%, Shougang Res (00639) falling 3.97%, and China Shenhua Energy (01088) falling 2.69%. According to Shanxi Securities, the trading of thermal coal is generally flat, with weakened impact from safety inspections and northern rainfall, and general coal transportation from production areas. In terms of demand, the nationwide cooling last week led to a high level of thermal power load reversal and slowed terminal de-stocking. The current situation remains.
CITIC Securities Research: Coal production in July fell slightly, and the peak of daily consumption may have already appeared.
Haitong Research believes that with the approaching off-season, downward pressure on coal prices may gradually appear, but Haitong Research believes that the downside support for coal prices still exists. In the short term, the expectation of a US interest rate cut and domestic economic pressure coexist, and the logic of stable and profitable coal remains dominant.
Coal prices under pressure, Pingdingshan Tianan Coal Mining's net profit in the first half of the year decreased by nearly 40% year-on-year. Interpretations of financial report.
①Affected by factors such as the decline in coal prices, Pingdingshan Tianan Coal Mining's net profit in the first half of the year decreased by nearly 40% year-on-year; ②The performance of other coal industry stocks was also under pressure in the first half of the year. Net profit of Jizhong Energy Resources and Shanxi Coking decreased by over 70% in the first half of the year.
Shougang Res (00639.HK) will hold a board of directors meeting on August 29 to approve its interim performance.
Shougang Res (00639.HK) announced on August 19th that the company will hold a board of directors meeting on August 29th, 2024, to consider and approve the mid-year performance of the company and its subsidiaries for the six months ending June 30th, 2024, for release, as well as to consider declaring a mid-year dividend if applicable.
SHOUGANG RES: DATE OF BOARD MEETING
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