The Fundamentals Of The Coal Industry Do Not Support Sustained Rebound.
Although the policy promoted 4 trillion of investment pull. Domestic market demand However, it will take some time to see how much these projects can drive and when they can really play their role. We think before coal The rebound of stocks is mainly driven by capital, not any change in fundamentals.
The main factor in investing in coal stocks is that investors' investment in coal stocks is mainly based on the judgement of oil prices and coal prices. The market is still pessimistic about the price of coal, so the funds to participate in the rebound of coal shares are limited, and the height of coal stocks can rebound very limited.
We believe that before coal prices and oil prices really stabilise, it is difficult for coal stocks to achieve very good performance. We still maintain our previous view that coal stocks are only consolidation, with only band trading opportunities.
Editor: vivi
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