In the first half of this year, under the influence of multiple factors such as tight market supply and demand, rising prices and the conflict between Russia and Ukraine, global inflation expectations and the epidemic situation, global traditional energy prices continued to soar.

Due to the continued high performance, the performance of the coal sector in the Hong Kong stock market this year can be called a "hard core", according to Futuo Niuniu.$Coal Industrial Concept(Coal Industry) (BK1216.HK)$The plate shows that the plate index has risen more than 50% during the year.

Specifically, among the Hong Kong coal stocks with a total market capitalization of more than HK $10 billion$Yancoal Australia (03668.HK)$It rose by more than 150% this year.$YANKUANG ENERGY (01171.HK)$、$YITAI COAL (03948.HK)$Increase by about 140%$CHINA COAL (01898.HK)$It's up more than 70%.

Looking forward to the future, what does the organization think?

CITIC pointed out that the growth rate of the reported performance of listed coal companies is close to 110%.It is believed that the industry boom Q3 will remain high and Q4 will have further expansion.The performance of the coal sector has increased significantly, the dividend yield is also expected to rise, the sector has a cost-effective allocation, continue to recommend low valuations, leading companies with growth logic and companies that transform new energy businesses.

Open source securities said that in the face of the energy crisis caused by the conflict between Russia and Ukraine, superimposed global climate factors, and the imbalance and mismatch between the energy structure, further aggravated the crisis situation, and major countries in the world need to make a profound reflection on this in the future. It is expected that the status of thermal power and coal will still be the ultimate barrier to energy security.In the future, the mismatch between supply and demand of coal fundamentals will still exist, superimposed energy crisis deduction, coal prices still have upward momentum, can be homeopathic long coal plate.

GF Securities Co., LTD. also said that he continues to be optimistic about the strong fundamental toughness of the coal industry and the repair of plate valuation.The industry policy tends to be stable, the price of the long-term Association is stable, and the results of the three quarterly reports remain high. The medium-term and long-term supply and demand side of coal is relatively certain, the dynamic PE center of the industry is about 5-6 times the level, and there is more room for improvement.

Mou Yiling, chief strategy officer of Minsheng Securities, also said that macroeconomic concerns in the past have led investors to choose crowded trading in seemingly safe places in the past.At present, old energy is becoming the focus of global transactions, recommending energy (thermal coal, oil and gas and electricity), industrial metals, real estate, spirits and other value stocks.

However, what investors need to pay attention toOld energy is a strongly cyclical track, which is obviously affected by the relationship between supply and demand in the market, and its earnings and stock prices also show periodic changes.Shen Wanhongyuan also believes that on the basis of a large increase in old energy itself, there has been another round of accelerated market, which is more emotional, the market expectations are too consistent, and the chip structure is too crowded.An accelerated emotional rise is bound to lead to an emotional accelerated decline.