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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.
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)".
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.
Henan JinMa Energy's Resolutions Pass With Strong Support
Haitong Securities: 24Q1 performance is under pressure, coal may still fluctuate and adjust in the short term
Currently, the prices of thermal coal and coking coal have both entered the bottom fluctuation range, but the upward trend is yet to be further boosted by the demand side.
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