Securities Times News, Galaxy Securities pointed out that on the supply side, domestic raw coal production increased by 5.8% year-on-year from January to February, which was higher than that in December last year, and the import side increased by 71% year-on-year; From increasing to decreasing, the growth rate of wind power and solar power generation is accelerating; on the non-electrical coal demand side, the output of crude steel, pig iron, and cement has improved significantly year-on-year, and the logic of continuous repair of infrastructure and real estate industry chains has been confirmed from the data side. It is expected that future demand side data will The improvement of economic growth will continue to strengthen, and both macro and micro high-frequency data show that the pattern of economic recovery is improving. The current PE of the coal sector is 6.3X, and the PB overall method is 1.5X, both at historical lows. It is expected that both supply and demand will increase in 2023, and the high prosperity will continue. Individual stocks recommend Shanxi Coking Coal, the leader in coking coal, China Risun Group, the leader in the coking coal chemical industry, China Shenhua, the leader in thermal coal, China Coal Energy, Shaanxi Coal Industry, and Yankuang Energy.
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