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gtja: The bottom of coal price in the second half of the year is expected to not break 800 yuan/ton, and the turning point is estimated to be in mid-September.
In the first half of 2024, the performance of dividend assets with a high proportion of long-term contracts continued to significantly outperform the industry. The performance pressure brought by the simultaneous decline in volume and price in the first half of the year has been released, determining that the bottom coal price in the second half of the year will not break 800 yuan/ton, and the turning point is expected in mid-September.
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%.
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.
gtja: Global perspective on the impact of the US economic downturn on the coal industry in china
The international coal price has a relatively weak impact on China mainly because it is not globally priced like crude oil and natural gas, especially in the USA, which is the largest variable in terms of marginal demand elasticity. China accounts for 56% of global coal demand and has an import dependence of only about 10%.
Debang Securities: Coal industry shareholding and market cap both increased in Q2 2024, with a narrower range of low allocation.
In Q2 of 2024, the coal industry had a relatively outstanding market performance, outperforming the SSE Composite Index and achieving both excess and absolute returns. It ranks fourth in the Shenzhen Stock Exchange first-level industry in terms of increase.
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