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Citic Sec: From 'having coal' to 'being capable', coal-electricity integration gains growth opportunities.
With the government relaxing its control on electricity prices, the overall net asset return of the "coal + electricity" sector has exceeded the market's average return. It is economically feasible to extend downstream power generation through the coal-electricity integration model relying on upstream resources.
Two departments issued a plan for low-carbon transformation of coal-fired power, and coal-power integration received attention.
According to the website of the National Development and Reform Commission on July 15th, in order to coordinate the low-carbon transformation of existing coal-fired units and the construction of new low-carbon coal-fired units, improve the clean and efficient utilization level of coal, accelerate the construction of a clean, low-carbon, safe, and efficient new energy system, and help achieve the goal of carbon peak and carbon neutrality, the National Development and Reform Commission and the National Energy Administration recently issued the "Action Plan for Low-Carbon Transformation and Construction of Coal-Fired Power Plants (2024-2027)".
Hong Kong stock abnormality | Coal industrial concept collectively rebounded, institutions said coal industry still maintains a tight balance state, with high dividend and high stock dividend attributes unchanged.
Coal industry concept stocks collectively rebounded. As of press time, Mongol Mining (00975) rose 4.01%, closing at HK$10.9; E-commodities (01733) rose 3.14%, closing at HK$1.64; Yankuang Energy (01171) rose 2.75%, closing at HK$10.48; China Shenhua Energy (01088) rose 2.48%, closing at HK$35.1.
Changjiang Securities: India's industrialization begins to reshape the supply and demand pattern of black resources.
As developing countries such as India drive industrialization demand, there is expected growth in resources such as coking coal and iron ore, which have constrained supply, reshaping the long-term supply-demand landscape.
[Brokerage Focus] Shanxi Securities pointed out that the May supply and demand data of coal basically met expectations, and the demand side is expected to improve in the future.
Jingu Finance News | Shanxi Securities stated that the coal supply and demand data in May basically met expectations, and the demand side is expected to improve subsequently. With strict and normalized safety monitoring in coal-producing areas and increased inspections and maintenance, the supply of coal-producing areas is limited. The Shanxi Conference has raised expectations for resumption of production, and the daily output may improve subsequently. In terms of demand, the overall weakening of high temperature weather has limited the boost to thermal power load, and non-electric industries are still in the inventory replenishment stage in May. However, at the same time, the new energy fund and the increase in output of southern hydropower have affected the incremental demand for coal, and the inflow of coal to the port continues to be greater than the outflow, resulting in an increase in inventory. Overall, the domestic port thermal coal prices have slightly increased month-on-month. As for coking coal and
E-commodities (01733.HK) plans to provide guarantees for financing to two affiliated companies.
On June 14th, Glory Hui announced that two wholly-owned subsidiaries of the company, Hainan Futurda Supply Chain Management Co., Ltd. and Yi Dazong (Beijing) Supply Chain Management Co., Ltd., have signed several financing agreements with Bank of East Asia (China) Limited, Beijing Branch ("the Bank") recently, regarding the bank providing Hainan Futurda and Yi Dazong Beijing with a total principal trade financing credit limit not exceeding RMB 200 million and a derivative limit of USD 3.92 million, with a term of five years from June 4th, 2024 to June 4th, 2029. The financing agreement provided by the bank covers
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