Index
On March 9, 2022, the Shanghai Composite Index closed at 325639 points, down 1.13%; Shenzhen composite index closed at 1210717 points, down 1.12%; The coal industry index closed at 277615 points, up 2.16%. The top three companies are: Pingdingshan Tianan Coal Mining Co.Ltd(601666) , Shanxi Coal International Energy Group Co.Ltd(600546) , Shanxi Lu’An Environmental Energydev.Co.Ltd(601699) . The non-ferrous metals index closed at 540381 points, down 2.41%. The top three companies are: Jinzhou Jixiang Molybdenum Co.Ltd(603399) , St Garden City, Shandong Gold Mining Co.Ltd(600547) .
Comments
The coal sector rose ahead. The national development and Reform Commission issued that the contract benchmark price of underground coal is 675 yuan / ton of 5500 kcal thermal coal, and the contract benchmark price of non underground coal is determined by the pit mouth price after deducting the transportation and miscellaneous expenses from the benchmark price of underground coal. This benchmark price is 26.17% higher than the 535 yuan / ton that has been used since 2017, and 25 yuan / ton lower than the benchmark price of 700 yuan in the medium and long term coal contract signing and performance plan (Exposure Draft) issued in December 2021. The implementation of the benchmark price of the long term agreement this year determines that the price center of thermal coal will move upward, which will be conducive to the stability and safety of the long-term coal supply market, At the same time, the price increase of the long-term association is good, and the profit of coal enterprises with a high proportion of the long-term association is improved, which is optimistic about the positive profit growth rate of the industry throughout the year.
Gold continued to rise. As an important variety of the conflict between Russia and Ukraine, the current market has been concerned about and discussed whether the Russian Ukrainian war will bring about a sustained rise in the price of gold, that is, how likely is the risk aversion premium of gold to continue to enlarge. By counting the impact of local wars on the trend of gold price in recent years, it is found that the boosting effect of war on gold price is mainly related to the expected effectiveness of the market for the outbreak of war. At present, more than expected events occur frequently, and the price of gold is also strengthening. In addition, from the annual dimension, the logic of strategic long gold is still smooth. The US economic recession and the Federal Reserve’s difficulty in more radical interest rate hikes are the cards of the gold bull market.
Industry dynamics
Recently, the Yunnan Bureau of the State Administration of coal mine safety and the Yunnan Provincial Energy Bureau jointly issued a notice to carry out special supervision on coal mining and excavation from now on. (my steel mesh)
Company dynamics
Sichuan Anning Iron And Titanium Co.Ltd(002978) ( Sichuan Anning Iron And Titanium Co.Ltd(002978) ): on March 9, the investor interaction platform said that the company’s mineral resources are vanadium titanium magnetite, which is a polymetallic co associated ore mainly containing iron and associated with titanium, vanadium, scandium, cobalt, nickel, chromium, gallium and other elements. At present, the company’s products are titanium concentrate and vanadium titanium iron concentrate. （Wind）
Risk tip: the macro-economy is less than expected and geopolitical risks are escalating.
