The Zhitong Finance App learned that coal stocks were generally higher. As of press release, China's Qinfa (00866) rose 8.77% to HK$0.62; Mongolian coking coal (00975) rose 5.12% to HK$9.85; China Coal Energy (01898) rose 4.91% to HK$9.83; Shougang Resources (00639) rose 3.71% to HK$3.63; China Shenhua (01088) rose 2.8% to HK$38.55.

According to the news, Shanxi Securities pointed out that it is difficult to further relax the relationship between coal supply and demand in 2024. With the arrival of the peak summer season, there is not much room for domestic coal prices to fall further; furthermore, there are still marginal improvements in economic stabilization policies such as real estate and infrastructure in the later stages, and coal demand is very rigid. From the perspective of sector investment value, “high dividend+central enterprise” valuations are still expected to increase in the later stages as market capitalization management positions increase and the expected low interest rate environment will persist for a long time.

In terms of thermal coal, as of May 24, the Guangzhou Port and Shanxi Premium Hybrid Q5500 had increased the price by 960 yuan/ton, a weekly change of +12.94%; the Guangzhou Port Australian Coal Depot had a price increase of 980 yuan/ton, a weekly change of +0.72%; in May, the price of thermal coal in Qinhuangdao was 697 yuan/ton, with a monthly change of -4 yuan/ton. On May 24, North Port had a total coal inventory of 23.82 million tons, a weekly change of +5.40%; the Yangtze River Eight Ports coal inventory was 6.69 million tons, a weekly change of +5.85%.