Index
On February 15, 2022, the Shanghai Composite Index closed at 3446.09 points, up 0.50%; Shenzhen composite index closed at 13345.6 points, up 1.69%; The coal industry index closed at 2532.98 points, down 0.08%. The top three companies are: Shanxi Meijin Energy Co.Ltd(000723) , Baotailong New Materials Co.Ltd(601011) , Shanghai Topcare Medical Services Co.Ltd(600532) . The non-ferrous metals index closed at 5569.48 points, up 1.02%. The top three companies are: Nuode Investment Co.Ltd(600110) , Zhejiang Huayou Cobalt Co.Ltd(603799) , Sinomine Resource Group Co.Ltd(002738) .
Comments
The coal sector led the decline. The pattern of strong coal supply and weak demand will become more and more obvious. At present, the most tense period of coal supply has passed, and the demand for industrial power in some regions will be limited in stages. In addition, Indonesia’s coal export has basically returned to normal, and China’s terminal purchase demand for market coal will be squeezed. In terms of policy, the recent policy side “price stabilization” regulation has been frequent: on February 9, the national development and Reform Commission held a video conference on arranging the work of stabilizing the coal market price, requiring the port price to be stable below 900 and the pit price to be stable below 700; On February 12, the national development and Reform Commission held another video conference to interview some enterprises that bought and sold coal at high prices and disrupted the market order. Up to now, the regulation policy has achieved remarkable results, and the coal price of producing area and port has all been callback. Affected by this, the coal sector fell, but in the future, under the background of continuous restrictions on coal supply and interest rate hikes by overseas central banks, the attribute of high profit and high dividend 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) .
Gold and jewelry continued to rise. At present, the market is less sensitive to the Fed’s interest rate hike, the strength of the US dollar and the pressure on gold prices may be limited, and under the background of increased inflation and market volatility, the risk aversion attribute of gold may appear, and gold may still have upward momentum. Related subjects: Shandong Gold Mining Co.Ltd(600547) , Hunan Gold Corporation Limited(002155) , Yintai Gold Co.Ltd(000975) .
Iron ore futures prices fell by the limit today. On the afternoon of February 15, the State Administration of market supervision, the national development and Reform Commission and the CSRC held a “special meeting on reminders and warnings”, and the price of iron ore fell. At the important time point of continuous development of infrastructure construction, the prices of key raw materials remain within a reasonable range under policy regulation. The production elasticity and profit space of iron and steel enterprises deserve attention. The relevant targets: Hunan Valin Steel Co.Ltd(000932) , Shanxi Taigang Stainless Steel Co.Ltd(000825) .
Industry dynamics
On the afternoon of February 15, the three departments held a special meeting on “reminders and warnings” (National Development and Reform Commission)
Company dynamics
Contemporary Amperex Technology Co.Limited(300750) (300750): Contemporary Amperex Technology Co.Limited(300750) according to the survey, Zeng Yuqun said that the new production capacity would not be released until 1.5-2 years.
Risk tip: the macro-economy is less than expected, and the iron ore price regulation is less than expected.
