Summary: looking forward to MayPlayvideopokergamesCoal mines in the producing area maintain normal production and marketing, and the demand for coal mining and preparation to meet the peak of summer is gradually increasing, and coal prices are expected to rebound. Follow up to pay attention to the changes in coal supply and demand and coal prices, and maintain the industry's "recommended" rating. Supply side: in terms of thermal coal, the influence of safety supervision and the inventory of the power plant are in the middle and high level, the tone of the supply side is still stable and tight, the overhaul of the Daqin line is over, the supply of the long Association will increase, and the supply of goods in the port will continue to improve. In terms of coking coal, accident-prone safety supervision is tightening, coal mine production is still controlled, and supply is still tight. Demand side: thermal coal, in order to prepare coal for the summer, some power plants consider to increase inventory, plan to carry out bidding procurement, but still lower the price counter-offer, the current weak and stable coal prices, procurement rigid demand. Although hydropower and new energy power generation are improving, thermal power demand is general, but some pit mouth transport upside down superimposed non-electricity demand toughness, thermal coal prices are supported. In terms of coking coal, the hot metal output of blast furnace resumption of steel enterprises has increased for three consecutive weeks, with the third round of coke rising and landing, market sentiment continues to pick up, the increase of coking coal is large, the loss of coke enterprises is still serious, and the overall operating rate remains low, and the space to increase production in the later stage is limited. In the process of resuming production of steel mills, the demand for coke remains rigid, and the rise of the coke steel market supports the coking coal. Inventory side: in terms of thermal coal, the demand in the lower reaches of the off-season recovers slowly, port inventory picks up, and the available days of power plant inventory increases. As of April 22, 2024, the stock of thermal coal in the mainstream ports of the north is 3018.Playvideopokergames.40,000 tons, cycle-to-month ratio + 4Playvideopokergames.95%; the stock of thermal coal in the southern port is 29.866 million tons, with a weekly ratio of-0.31%. As of April 19, 2024, 55 ports of thermal coal inventory, weekly ratio of + 0.26, year-on-year-8.07%. In terms of coking coal, in the context of the pick-up in terminal demand, the inventory of terminal coking coal steel plants is at a historically low position. As of April 26, 2024, the inventory of coking coal in the three ports totaled 2.1848 million tons, with a weekly ratio of + 7.19%, a year-on-year ratio of + 20.77%; the six ports totaled 2.205 million tons, with a weekly ratio of + 8.70%, and a total inventory of 731.20 tons of coking coal and steel plants in 247 coking coal and steel mills, with a weekly ratio of + 3.23% and a year-on-year ratio of 8.25%. Price end: in terms of thermal coal, the demand for replenishment in the peak summer electricity season is gradually increasing, or catalytic thermal coal to build a stable edge. As of April 26, 2024, the price of Qinhuangdao thermal coal is 723 yuan / ton, with a weekly ratio of-0.14%; the Shanxi Datong thermal coal pit mouth price is 710 yuan / ton, which is flat; and the Shaanxi Huangling thermal coal pit mouth price is 800 yuan / ton, with a weekly ratio of + 3.90%. As of April 19, 2024, the spot price of Newcastle NEWC thermal coal was US $130.07 / tonne, unchanged from the same period last year, with a weekly ratio of + 3.16%. The spot thermal coal price of Europe's ARA port was US $118.95 / tonne, unchanged at + 4.80%, and Richard RB thermal coal spot price was US $101.88 / tonne, which was the same as the same period last year. In terms of coking coal, under the dual support of cost and demand, coke enterprises may usher in the fourth round of increase around May Day, and coke prices are expected to run strongly in the short term. As of April 26, 2024, the price of main coking coal in Jingtang Port was 2170 yuan / ton, with a weekly ratio of + 1.40%; the daily price of main coking coal was 2360 yuan / ton, which was flat; the price of coking coal in Fengjing Coal Mine in Australia was US $261.00 / ton, with a weekly ratio of-3.15%; the settlement price of coking coal futures was 1805.5 yuan / ton, which was flat. Investment suggestion: the negative performance of the coal price correction during the reporting period has been basically released, and the valuation will be gradually repaired and stable when the coal price stabilizes.PlayvideopokergamesAssets and sufficient cash flow are still the guarantee for coal enterprises to continue to pay high dividends, with no change in long-term allocation performance-price ratio, with emphasis on recommending China's 601088.SH (Shenhua) and Shaanxi Coal Industry (601225.SH) with stable dividend yields, as well as Xinji Energy (601918.SH) with higher valuation of coal-power integration business. Risk tips: the release of a large number of coal production capacity, a sharp rise in production costs, less than expected demand improvement, the risk of macroeconomic fluctuations, large fluctuations in international coal prices, the citation risk of data. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.