Index
On February 8, 2022, the Shanghai Composite Index closed at 3452.63 points, up 0.67%; The Shenzhen composite index closed at 13325.41 points, down 0.98%; The coal industry index closed at 2534.99 points, up 5.56%. The top three companies are: Jinneng Holding Shanxi Coal Industry Co.Ltd(601001) , Anyuan shares, Pingdingshan Tianan Coal Mining Co.Ltd(601666) . The non-ferrous metals index closed at 5302.74 points, up 0.19%. The top three companies are: Henan Shenhuo Coal&Power Co.Ltd(000933) , Yunnan Aluminium Co.Ltd(000807) , Fujian Minfa Aluminium Co.Ltd(002578) .
Comments
On February 8, the main limit of power coal, coking coal and coke increased by 7.6% and 4.36% respectively. In February, we will usher in the Winter Olympic Games, the “two sessions” and the Paralympic Games. The production safety supervision situation is becoming stronger and stronger, and the supply situation is still severe. During the festival, affected by the shortage of high-quality resources in the port, the occurrence of extremely cold weather, the rigid transportation of power plants and other factors, the spot supply of coal continued to be limited. After the festival, with the resumption of work and production in chemical and other industries, the demand increases, and the coal price is still supported. In terms of coal sector, the coal sector increased by 5.56% on February 8, ranking first among all sectors. On the one hand, due to the impact of spot and futures prices, it has risen. On the other hand, after the steady growth policy is clear, the pessimistic expectation of the sector valuation is expected to be repaired, and the dynamic PE is expected to increase from the current 5-8 times to more than 10 times. From the performance pre increase report, the profit center driven by high profits of coal enterprises is expected to move upward. Under the background of continuous restriction of coal supply and interest rate increase by overseas central banks in the future, the attribute of high profits and high dividends of coal enterprises will be favored and the investment value will be highlighted. Related subjects: China Shenhua Energy Company Limited(601088) , Shanxi Coking Coal Energy Group Co.Ltd(000983) , Jinneng Holding Shanxi Coal Industry Co.Ltd(601001) .
Electrolytic aluminum led the increase. The current steady growth policy has injected a strong impetus into the non-ferrous metal industry. Overseas, the hawkish information of the Federal Reserve at the interest rate meeting in January has been gradually digested by the market. Under the influence of the “Russia Ukraine incident”, the energy crisis in Europe has become more and more serious, and the constraints on the operating rate of overseas non-ferrous metal smelting capacity have further affected the global non-ferrous metal supply. In the past half a month, the operating rate of electrolytic aluminum in Yunnan, Inner Mongolia and other places has increased slightly, and the profitability per ton of aluminum has continued to move up. It is suggested to pay attention to corresponding investment opportunities. Related subjects: Aluminum Corporation Of China Limited(601600) , Yunnan Aluminium Co.Ltd(000807) .
Industry dynamics
\u3000\u30001. The Ministry of industry and information technology and other three departments issued a document, and the R & D investment intensity of the iron and steel industry will strive to reach 1.5%. (China industry news)
Company dynamics
Wintime Energy Co.Ltd(600157) (600157): it is estimated that the net profit attributable to shareholders of listed companies will reach 120 million yuan in 2021, a year-on-year decrease of 73.24%.
Risk tip: the macro-economy is less than expected, and the release of electrolytic aluminum production capacity is less than expected.
