The coal plate rose strongly in intraday trading on the 16th, as of press time, Yanzhou Mining Energy and Jingyuan Coal Power rose by the daily limit, China Coal Energy and Zhengzhou Coal Power rose by more than 6%, and Shan Coal International, Shaanxi Coal Industry and Huayang shares rose by more than 5%.

For the coal sector, Huajin Securities pointed out that thermal coal prices have stabilized in recent months, thermal coal prices have increased by 31%, covering a wider range, and coking coal has also stabilized from the decline. The supply side continues to release, inventory has exceeded the normal level. With the liberalization of Australian coal imports, imports have also increased greatly. Taking into account factors such as the heating season and the Winter Olympic Games, demand for thermal coal may hold up until the end of the first quarter of next year. The decline of the real estate industry led to the weak demand of coking steel chain, and the weak pattern of supply and demand of coking coal continued.

The economic work conference in December emphasized six stability, referring to counter-cyclical adjustment policies, sending out positive signals from real estate and not bringing coal into energy consumption control, which will help to improve the pessimistic expectations of the market on the demand side in the future. Plate valuations continue to repair, individual stock opportunities are also worth looking forward to. At present, the fundamentals of the industry are consolidated, and the performance of coal enterprises is guaranteed. The current price stabilizes, the price of the new long-term association rises, and the plate valuation continues to repair. Optimistic about Yanzhou Mining Energy, Shaanxi Coal Industry, China Shenhua Energy. In addition, in the context of energy transformation, individual stock opportunities are also worth looking forward to, it is recommended to pay attention to power investment energy (layout photovoltaic), Meijin energy (hydrogen energy), Blue Flame Holdings (coalbed methane).

Guotai Junan believes that the coal plate into the value range, valuation improvement opened. 1) novel coronavirus variation affects the expectation of global commodity demand, but under my precise prevention and control, the impact of the new virus on the total domestic coal demand remains to be observed, and the current sector is still at the expected low point; 2) the price stabilizes after the fall, and the marginal policy crackdown slows down. And profits will be stable for a long time. 3) after the "coal shortage", the market generally recognizes that coal is still scarce before the completion of the transformation of energy structure. 4) the stocks of some quality companies have fallen back to the level at the end of June, and the annualized pe according to the first half of the year is only about 5 times, and the valuation is obviously on the low side.

The agency believes that the estimated value of the plate will rise after the bottom of the coal price, and the long-term benchmark price of 700 yuan / ton will be drawn up in 2022, and the coking coal coking price is expected to remain high, and the resource high-quality enterprises have long-term value.