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On December 29, 2021, the Shanghai Composite Index closed at 3597.00 points, down 0.91%; The Shenzhen composite index closed at 14653.82 points, down 1.24%; The power equipment and new energy index closed at 13577.9 points, down 0.56%. The wind primary material index closed at 6346.53 points, down 0%. Among them, the top three companies in the coal industry are: Baotailong New Materials Co.Ltd(601011) (601011. Sh, 9.98%), Huaibei Mining Holdings Co.Ltd(600985) (600985. Sh, 3.45%), Shanghai Datun Energy Resources Co.Ltd(600508) (600508. Sh, 3.26%). The top three companies in the nonferrous metals industry are: Anhui Xinke New Materials Co.Ltd(600255) (600255. Sh, 10.11%), Wanbangde Pharmaceutical Holding Group Co.Ltd(002082) (002082. SZ, 10%), Guangdong Hoshion Aluminium Co.Ltd(002824) (002824. SZ, 9.99%).
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Coal prices are weak in the short term. As the new year approaches, the willingness to purchase in the downstream market is low, and the transaction sentiment in the coal market is relatively weak. It is expected to improve after new year’s day. In the new long-term cooperative price to be implemented, the benchmark price of underground coal is 700 yuan / ton, an increase of 165 yuan / ton compared with 2021. The superimposed coal power mechanism has been adjusted from the previous allowable fluctuation of 10% to 20%. The price mechanism has also become more flexible. The coal price center may move upward, and there is a poor expectation of profit space. In terms of downstream demand, with the recovery of real estate in the later stage, the downstream steel coke enterprises have high enthusiasm to start due to the replenishment of storage in winter, the downstream demand may rise, and the profit end of coking coal and coke may be boosted. Related targets: Yankuang energy, Shaanxi Coal Industry Company Limited(601225) , Shanxi Meijin Energy Co.Ltd(000723) .
Industry dynamics
1. According to the survey, from December 24 to the end of January next year, 49 blast furnaces are planned to resume production, with a production capacity of about 170000 tons / day, and 10 blast furnaces are planned to stop maintenance, with a production capacity of about 60000 tons / day. After the daily average conversion, if the resumption of production is stopped as scheduled, it is expected that the daily average hot metal production will return to 2.07 million tons / day in January next year. Regionally, the recovery of output is mainly concentrated in East China, central China and Northwest China, mainly due to the release of some output limited due to pressure on production. （Mysteel）
Company dynamics
Inner Mongolia Pingzhuang Energy Resources Co.Ltd(000780) (000780): shareholders who have obtained the cash option can declare and exercise the cash option at the price of 3.50 yuan / share within the trading days from December 23 to December 29, and transfer their shares of the company to the cash option provider national energy group.
Tibet Mineral Development Co.Ltd(000762) (000762): I recently received a letter on the implementation progress of the share reduction plan of Tibet China industry and trade. As of December 28, 2021, the time of this share reduction plan is more than half.
Risk tip: the macro economy is less than expected, and the industry is facing a decline in coal prices.
