Index
On April 28, 2022, the Shanghai Composite Index closed at 297548 points, up 0.58%; The Shenzhen composite index closed at 1062892 points, down 0.23%; The nonferrous metals industry index closed at 443241 points, up 0.47%. The top three companies are: Shengxin lithium energy, Youngy Co.Ltd(002192) , Sinomine Resource Group Co.Ltd(002738) . The coal industry index closed at 283947 points, up 5.32%. The top three companies are China Coal Energy Company Limited(601898) , Shanxi Coal International Energy Group Co.Ltd(600546) , Shaanxi Coal Industry Company Limited(601225) .
Comments
The nonferrous metals sector rose slightly. In terms of small metals, last week, 70% of the 666 key enterprises in Shanghai resumed work and production, SAIC, Tesla and other vehicle enterprises completed vehicle off-line production, and Contemporary Amperex Technology Co.Limited(300750) Shanghai Lingang Holdings Co.Ltd(600848) factories resumed production. The Ministry of industry and information technology, the Ministry of communications and other ministries and commissions jointly demanded to ensure smooth logistics and stable supply chain of the industrial chain, so as to support enterprises to resume work and production in an orderly manner, and the demand for lithium salt in the upstream of the industrial chain was marginally improved. In the case of the performance forecast of the first quarterly report, the performance of enterprises in the lithium sector continues to release significantly. After the sharp correction of the whole sector in the early stage, the annualized valuation is at a very low position and the allocation cost performance is high. Related objects: Henan Shenhuo Coal&Power Co.Ltd(000933) , Tianqi Lithium Corporation(002466) , China Northern Rare Earth (Group) High-Tech Co.Ltd(600111) .
The coal sector led the increase. 2022q1 coal positions increased significantly. According to statistics, as of 2022q1, the total market value of coal shares held by public funds was RMB 27.684 billion, an increase of 209.33% compared with RMB 8.95 billion in 2021q4. In addition, coal prices are supported. Affected by the pricing mechanism of China long term association, the coal price center is expected to remain high in the second quarter. At the same time, the quantity of imported coal is smaller than before. The coal demand data in March continues to improve. The impact of the current overseas situation on the energy impact shows no signs of easing temporarily, and there is limited space for China’s short-term sharp downward price. Recently, with the announcement of the first quarterly report, most coal enterprises increased significantly year-on-year with the rise of coal prices. At the coking coal level, the downstream demand is strong and the profitability is strong. Under the current stable growth and dual carbon policy, coking coal may usher in a new round of opportunities. Related objects: Pingdingshan Tianan Coal Mining Co.Ltd(601666) , Yankuang energy, Shanxi Coking Coal Energy Group Co.Ltd(000983) .
Industry dynamics
On April 28, the Nonferrous Metals Industry Association said that the association would earnestly follow the requirements of relevant departments to ensure the supply and price stability of bulk commodities, strengthen industry self-discipline, stabilize market expectations, and prevent malicious speculation and irrational fluctuations in nickel prices. The association suggests to study and explore the internationalization scheme of nickel futures and promote the formation of a more reasonable international pricing mechanism. (Nonferrous Metals Industry Association)
Company dynamics
Xinjiang Ba Yi Iron & Steel Co.Ltd(600581) ( Xinjiang Ba Yi Iron & Steel Co.Ltd(600581) . SH): released the report for the first quarter of 2022, and achieved an operating revenue of 5.096 billion yuan during the reporting period, a year-on-year decrease of 16.00%; The net profit attributable to the shareholders of the listed company was -335 million yuan. （Wind）
Risk tip: the macro-economy is less than expected and geopolitical risks are escalating.
