Investment Rating - The report maintains an "Increase" rating for the coal mining industry [3][4]. Core Viewpoints - The report highlights a 2.9% year-on-year decline in Russian coal maritime exports for Q1 2025, with the proportion of loss-making coal companies in the Kuzbass region rising to 57% [2][3]. - Global energy prices have shown a downward trend, with Brent crude oil futures settling at 3.1 billion in 2025, doubling from 93.8 per ton, down 1.4% from the previous week [1][37]. Investment Recommendations - The report recommends focusing on companies with strong performance, including China Shenhua, Shaanxi Coal, and others, with a particular emphasis on those that are initiating share buybacks [3][6]. - The report also mentions the potential for increased investment in companies like Huayang and Gansu Energy [3]. Market Trends - The report indicates a significant drop in coal prices across various markets, with European ARA port coal prices at $92.3 per ton, down 7.6% from the previous week [1][37]. - The overall trend in the coal mining industry is characterized by a challenging market environment, with many companies facing financial difficulties due to rising production costs and declining prices [3][5].
煤炭开采：俄煤：25Q1海运出口同比-2.9%，库兹巴斯煤企亏损面至57%
国盛证券·2025-04-27 06:23