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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.
haitong int'l: daily consumption significantly increased +imported coal backwardation intensified, port coal prices are expected to stabilize
As the temperature gradually drops, demand is about to enter the peak coal consumption season. In addition, the widening price difference of imported coal, it is expected that the short-term thermal coal prices may fluctuate but the downside space may be limited.
shaanxi coal industry (601225): high-quality resources, outstanding management, steady performance, high dividends.
Shaanxi's leading coal enterprise has steady performance and abundant cash flow. The company is the largest listed coal enterprise in Shaanxi, backed by the Shaanxi Coal Group, and enjoys a unique cni resource index. During periods of rising coal prices, the company has good profit elasticity, and during declining coal prices, profits remain stable.
Express News | Shanxi Coal Group established a 50 million investment management company.
Research reports: Huachuang Securities considers comparable company valuations and asset injection expectations, maintaining a "strong recommendation" rating for shaanxi coal industry.
Gelonghui on November 8th | Huachuang Securities' research report pointed out that shaanxi coal industry (601225.SH) Q3 net profit attributable to parent company was 5.39 billion yuan, with a year-on-year/quarter-on-quarter increase of +17.1%/-8.8%, respectively. Q3 quarterly production/self-produced coal sales volume were 41.367/40.611 million tons, with a quarter-on-quarter decrease of -8.0%/-8.7%. In previous years, Q4 was a high incidence period for coal mine safety accidents. The intensified supervision of production areas caused a decrease in the company's coal production and sales volume in Q3. With the opening of heating demand in mid-September, the demand for power plant coal replenishment and the positive impact of Daqin maintenance have driven the price rebound. Looking ahead to the fourth quarter, the thermal coal price may operate steadily.
Shanxi Securities: It is expected that there is limited room for the winter coal price to fall, focusing on stable high-dividend varieties and metallurgical coal.
In the fourth quarter, the increase in coal supply is limited, with seasonal hydropower and new energy output decreasing. The overall coal supply and demand are expected to maintain a relatively balanced state under negotiation.
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