Index
On March 1, 2022, the Shanghai Composite Index closed at 348883 points, up 0.77%; Shenzhen composite index closed at 1348864 points, up 0.24%; The coal industry index closed at 273472 points, up 2.60%. The top three companies are: Guizhou Panjiang Refined Coal Co.Ltd(600395) , Shanxi Lanhua Sci-Tech Venture Co.Ltd(600123) , China Coal Xinji Energy Co.Ltd(601918) . The non-ferrous metals index closed at 590181 points, down 1.89%. The top three companies are: Ningbo Fubang Jingye Group Co.Ltd(600768) , Jinzhou Jixiang Molybdenum Co.Ltd(603399) , Western Mining Co.Ltd(601168) .
Comments
The coal sector led the gains. At present, the coal output of main producing areas has gradually increased. However, due to the high international coal price, the upside down price of imported coal, the supplementary effect of imported coal has weakened, and the supply gap is still. In terms of demand, the downstream continued to resume work and production, the main line of steady growth continued, and the number of days available for terminals continued to decrease. In addition, in the coking coal market, because its price is determined by the market and the policy is not controlled, 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) .
Lithium minerals led the decline. On February 28, Xin Guobin, Vice Minister of industry and information technology, said at a press conference held by the Information Office of the State Council that the Ministry of industry and information technology will focus on meeting the production needs of power batteries, moderately accelerate the development progress of China’s lithium resources, and crack down on unfair competition such as hoarding and raising prices. At the same time, we will improve the recycling system of power batteries, support technical breakthroughs such as efficient disassembly and recycling, and constantly improve the recycling rate and resource utilization efficiency. Affected by this news, Tianqi Lithium Corporation(002466) , Ganfeng Lithium Co.Ltd(002460) and other lithium ore leaders fell to varying degrees. However, the supply-demand gap will not ease in the short term. There is a deterministic supply-demand mismatch in lithium mines in 22 and 23 years. The sustainability of this round of supply-demand mismatch is more likely than expected. We continue to be optimistic about investment opportunities in the lithium sector. Focus on the idea of “performance + growth”. Focus on companies with resources, processing capacity and growth in the future, such as leading Tianqi Lithium Corporation(002466) , Ganfeng lithium industry, flexible targets Yongxing Special Materials Technology Co.Ltd(002756) , Chengxin Lithium Group Co.Ltd(002240) , etc.
Industry dynamics
On February 28, Xin Guobin of the Ministry of industry and information technology said that it is expected that the supply of automotive chips will continue to improve, which will moderately accelerate the development progress of China’s lithium resources. (Ministry of industry and information technology)
Company dynamics
Western Mining Co.Ltd(601168) ( Western Mining Co.Ltd(601168) ): on the evening of February 28, it was announced that the company planned to transfer 27% equity of lithium resources company held by the controlling shareholder West Mining Group at a transaction price of 3.334 billion yuan.
Risk tip: the macro economy is less than expected and the development progress of lithium resources is more than expected.
