On April 7th, the coal sector surged, with the Guotai Coal ETF (515220) closing up nearly 3%. The profitability and valuation elasticity of coal are promising.
Guangfa Securities pointed out that by 2026, the supply and demand for coal will shift from loose to tight, and coal prices have exceeded expectations since the beginning of the year. In the short term, due to the impact of the Middle East situation, global energy prices and coal demand have been further boosted, and the cost of imported coal has also increased, making coal profitability and valuation elasticity promising. In the medium to long term, domestic production growth is expected to decline significantly compared to previous periods, while exports and production expectations from countries like Indonesia are also expected to fall. Under the backdrop of high energy prices, the demand for coal power and coal chemical industries shows resilience, and coal is expected to maintain a high level of prosperity. Meanwhile, the coal industry's price-to-book ratio is 1.71 times, and the price-to-earnings ratio is 18.6 times, with some leading companies offering a dividend yield of about 4%. Considering the profit elasticity from price increases, valuation and dividends have advantages. Recently, domestic demand growth for thermal power and cement has turned positive, with supply steadily declining, and a tight balance between supply and demand is expected for the year. Internationally, global coal trade volume has decreased year-on-year, with exports from countries like Indonesia and Australia declining.
The Guotai Coal ETF (515220) tracks the CSI Coal Index (399998), which selects listed company securities involved in coal mining, processing, and other fields from the Shanghai and Shenzhen markets as index samples, using an equal-weight distribution method to reflect the overall performance of securities of related listed companies in the coal industry. The index components cover multiple sub-sectors such as thermal coal and coking coal, reflecting the industry's diversification characteristics and cyclical volatility.
Daily Economic News

01171

01898

600188

On April 7th, the coal sector surged, with the coal ETF Guotai (515220) closing up nearly 3%. GF Securities pointed out that by 2026, the supply and demand for coal will shift from loose to tight, with coal prices performing better than expected. The situation in the Middle East is affecting global energy prices, leading to an increase in coal demand and higher costs for imported coal. It is expected that the coal industry will maintain a high level of prosperity, with a price-to-book ratio of 1.71 times and a price-to-earnings ratio of 18.6 times, while some leading companies have a dividend yield of about 4%. Risk warning: Individual stock analysis does not constitute investment advice, and investment should be approached with caution

腾讯新闻 - 财经

YANKUANG ENERGY

CHINA COAL

Shanxi Coking Coal

China Shenhua Energy

SHAANXI ENERGY

CSEC/China Shenhua

SHCI

Guotai CSI Coal ETF

JHSCIC

CHINA SHENHUA

China Coal Energy

The coal sector surged, with the coal ETF Guotai (515220) closing up nearly 3%. Coal profitability and valuation elasticity are promising