According to the China Fortune Financial News app, coal stocks have risen again. As of the time of writing, SouthGobi (01878) rose by 15.65% to HKD 3.62; Mongol Mining (00975) rose by 6.03% to HKD 9.5; Yancoal Aus (03668) rose by 6% to HKD 36.2; China Shenhua Energy (01088) rose by 4.17% to HKD 37.45; and Yankuang Energy (01171) rose by 1.97% to HKD 11.38.

Changjiang Securities pointed out that China Shenhua Energy's H shares and Yankuang Energy's H shares reached the ex-dividend date recently, so China Shenhua Energy's H shares and Yankuang Energy's H shares weakened compared to A shares on the ex-dividend date. The difference in the company's stock price trend on the ex-dividend date of AH shares may be mainly related to the following factors: 1) the stock price downward adjustment caused by the ex-dividend itself; 2) the weakening of the market's expectation of reduced dividend tax on Hong Kong stocks. Historically, the coal industry is highly likely to see a price surge during ex-dividend dates, and companies with high dividends generally have steady or improving performance.

The bank pointed out that although the performance of the coal industry may be under pressure due to the overall decline in the central coal price in 2023-2024, the performance of companies with high long-term contracts, coal-power integration, and some growth stocks is still expected to continue to improve. In addition, looking to 2025, considering the easing of the squeeze from hydropower, the supply and demand situation in the coal industry is expected to improve compared to 2024, so we believe that the central coal price in 2025 is expected to increase compared to 2024 and the coal industry still offers good investment value. This shows that stable dividend growth per share is still the guarantee for ex-dividend dates.