Index
On February 28, 2022, the Shanghai Composite Index closed at 346231 points, up 0.32%; Shenzhen composite index closed at 1345573 points, up 2.20%; The coal industry index closed at 266551 points, up 2.23%. The top three companies are: Pingdingshan Tianan Coal Mining Co.Ltd(601666) , power investment and energy, Shanxi Lu’An Environmental Energydev.Co.Ltd(601699) . The non-ferrous metals index closed at 601564 points, up 1.98%. The top three companies are: Jinzhou Jixiang Molybdenum Co.Ltd(603399) , Sinomine Resource Group Co.Ltd(002738) , Western Mining Co.Ltd(601168) .
Comments
Precious metals sector rose higher. Since the end of January, we have been talking about investment opportunities in the precious metals sector. At present, the market’s expectation of future interest rate hikes is becoming stronger and stronger. It is expected that the gold price will continue to be strong in the process of this round of interest rate hikes. On the one hand, as the time approaches March, the gold price remains strong, indicating that the negative effect of the current interest rate hike on gold is weakening and the market expectation is gradually digesting. On the other hand, it is expected that this interest rate increase will have a limited impact on gold prices. During the past six interest rate hikes, the year-on-year growth rate of CPI in the United States has continued to increase, and it is difficult for interest rate hikes to have an essential impact on inflation. There is a high probability that the subsequent gold price will continue to strengthen. Since the beginning of the year, due to the double killing of U.S. stocks and bonds driven by high inflation and repricing of monetary policy in the United States, the risk aversion attribute of gold has regained its favor, and the investment targets including gold related stocks, gold ETFs and gold futures have received capital inflows. In the short term, the Russian Ukrainian problem is difficult to ease quickly, and the subsequent gold price is expected to continue to strengthen under the expectation of interest rate hike by the Federal Reserve and geopolitical factors. Related objects: Yintai Gold Co.Ltd(000975) , Shandong Gold Mining Co.Ltd(600547) , Western Region Gold Co.Ltd(601069) .
The coal sector led the gains. In terms of policy, in terms of steady growth, the infrastructure real estate chain benefited, which was good for the coal coke steel industry chain, and the peak of steel carbon delayed the demand for coking coal. In addition, the price of coking coal is determined by the market and the policy is not controlled, so the coking coal sector has good elasticity. At present, the undervalued characteristics of coal stocks are obvious. Under the current macro policy expectation of stable growth and wide credit, we believe that the coal sector has asset allocation value. Related objects: Shanxi Coking Coal Energy Group Co.Ltd(000983) , Pingdingshan Tianan Coal Mining Co.Ltd(601666) , Jinneng Holding Shanxi Coal Industry Co.Ltd(601001) .
Industry dynamics
On February 28, the Shandong provincial government asked to do a good job in coal mine safety production during the national “two sessions”. (National Development and Reform Commission)
Company dynamics
Derui lithium (833523): on February 28, the annual performance express for 2021 was released, which said that the company’s revenue and net profit increased both, of which the net profit was 46.23 million yuan, a year-on-year increase of 34.32%. The company said that the performance growth was mainly due to the expansion of production and marketing scale brought by market development.
Risk tip: macroeconomic is less than expected and geopolitical risks are escalating.
