Coal stocks generally declined. As of press release, South Gobi (01878) fell 4.76% to HK$3.8; Mongolian Energy (00276) fell 4.29% to HK$0.67; and South-South Resources (01229) fell 3.27% to HK$0.148.
The Zhitong Finance App learned that coal stocks generally declined. As of press release, South Gobi (01878) fell 4.76% to HK$3.8; Mongolian Energy (00276) fell 4.29% to HK$0.67; South-South Resources (01229) fell 3.27% to HK$0.148; China Shenhua (01088) fell 2.62% to HK$27.9; China Coal Energy (01898) fell 2.28% to HK$7.29.
Guoxin Futures pointed out that coal mines have resumed production to a certain extent due to accidents and maintenance in the early stages, and the operating rate of the sample coal mine in the Fenwei survey has rebounded from week to week. The level of customs clearance of Mongolian coal remains high. On the demand side, there has been a slight recovery in the commencement of construction by coking companies, but steel mill iron and water production continues to decline, downstream profits are poor, enthusiasm for receiving high-priced resources is poor, and the spot price of coking coal has rebounded. Dongwu Futures also said that in terms of coking coal, coal prices have also been loosening recently, and there are signs of production cuts in coking plants. It is expected that coking coal will continue to weaken.
Furthermore, strategy analysts at Cinda Securities believe that high dividend strategies have not historically been mainstream investment strategies; most of their excess returns will appear in market adjustments. In most cases, once the adjustments are over, the excess returns in the dividend index will begin to weaken. The distribution of the dividend index is quite different from the previous one. Coal accounts for the highest share of market capitalization. This time, the upstream cycle generated excess income not only because of high dividends, but also because of industrial logic. The bank pointed out that the upstream cycle currently has strong industrial logic, and it is expected that the excess revenue from the upstream cycle may continue for a long time.