Index
On April 26, 2022, the Shanghai Composite Index closed at 288643 points, down 1.44%; Shenzhen composite index closed at 1020621 points, down 1.66%; Nonferrous industry index closed at 412606 points, down 3.43%. The top three companies are: Shenzhen Sunxing Light Alloys Materials Co.Ltd(603978) , Shanghai Zhongzhou Special Alloy Materials Co.Ltd(300963) , Ningbo Boway Alloy Material Co.Ltd(601137) . The coal industry index closed at 258998 points, down 4.35%. Among them, 10 stocks fell by the limit, including Beijing Haohua Energy Resource Co.Ltd(601101) , Shanxi Coking Co.Ltd(600740) , Shanxi Lu’An Environmental Energydev.Co.Ltd(601699) , etc.
Comments
The coal sector fell ahead. Affected by the news of crude steel production reduction by the national development and Reform Commission, the price of double coke has fallen recently. The coal sector fell sharply. However, we still continue our previous judgment, and there is still room for the rising coal market. In terms of price, 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) .
Nonferrous metals sector fell ahead. The previous view is still maintained. At present, the interest rate increase expectation of the Federal Reserve is further strengthened. With the further strengthening of the US dollar, industrial metals are under relative pressure, and there are changes in the sector today. However, on the whole, the recovery in the middle and lower reaches of the market outlook is expected to occur, mainly due to the guidance of China’s macro policies and the improvement of subsequent fundamentals. Specifically, “industrial operation monitoring report (I) in the first quarter of 2022” points out that the rising price of raw materials and high shipping costs continue to put pressure on the profits of midstream and downstream enterprises. In order to stimulate consumption, the central bank and the China Banking and Insurance Regulatory Commission jointly held a symposium on financial support for the real economy to further promote the promotion fee policy. Generally, with the emergence of future consumption growth, the middle and lower reaches of industrial metals may pick up. At present, the price of industrial metals has basically remained high and fluctuated, and the price of small metals has fallen slightly. When judging from the market transaction, the market transaction is becoming more and more active, and the future price is expected to rise. Related objects: Henan Shenhuo Coal&Power Co.Ltd(000933) , Tianqi Lithium Corporation(002466) , Shenghe Resources Holding Co.Ltd(600392) .
Industry dynamics
On the evening of April 25, Henan Shenhuo Coal&Power Co.Ltd(000933) announced that the company was planning to purchase assets by issuing shares and paying cash, while raising supporting funds. The specific transaction method and the scope of underlying assets are still being demonstrated. (Shanghai Securities News)
Company dynamics
Chongqing Iron & Steel Company Limited(601005) ( Chongqing Iron & Steel Company Limited(601005) ): the first quarterly report was released, realizing an operating revenue of 8.72 billion yuan, a year-on-year decrease of 12.61%; The net profit attributable to shareholders of listed companies was 443 million yuan, a year-on-year decrease of 59.45%. （Wind）
Risk tip: the macro-economy is less than expected and geopolitical risks are escalating.
