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gtja: The long-term funds allocation logic for high dividends remains unchanged, and the fundamentals of coal in 2025 still show relatively high certainty.
In 2025, without considering policy stimulus, the certainty of the coal fundamental may still be among the forefront of all industries.
Citic sec: The long-term agreement policy in 2025 may have a positive impact on coal companies with a higher proportion of long-term agreements.
The overall change in the 2025 long-term coal contract framework is not significant, with the signing ratio requirements being adjusted downwards each year.
Express News | Institutions today focused on 11 individual stocks for the first time.
Express News | Everbright: Initiates a "shareholding" rating for China Shenhua Energy, with significant competitive advantages in the coal business.
Research reports from Everbright: First initiated a 'shareholding' rating for China Shenhua Energy, highlighting the competitive advantage of the coal business.
On November 20, Gelonghui reported that Everbright's research reports pointed out that China Shenhua Energy (601088.SH) is an energy giant with a complete industry chain layout in coal, showing prominent competitive advantages in the coal business. In 2024, the supply and demand for coal will maintain basic balance, and port prices (5500 kcal) will remain above 800 yuan/ton, supported by marginal factors (external transport of Xinjiang coal, long-term contract prices). Under the backdrop of secured production and sales volume, prices, and dividend ratios, the company's profitability and dividends in the coming years are ensured. The bank believes that as a comprehensive energy leader, China Shenhua has stable profitability, significant scale advantages, and integrated operations.
China Shenhua Energy (601088): An integrated layout energy giant, a "cash cow" with a high dividend payout.
An energy giant with a complete industry chain layout in coal upstream and downstream, with prominent competitive advantages in the coal business. (1) The actual control of the company is held by the State-owned Assets Supervision and Administration Commission of the State Council, having a background as a state-owned central enterprise, and it is the largest listed coal company by market cap in China. As of the end of 2023, the national energy group...
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