Hong Kong stock concept tracking | Currently, coking coal is starting its first round of price increases. The defensive nature of the coal dividend is still strong (with concept stocks attached).

As of April 12, 2025, the main coking coal inventory in Jingtang Port was raised to 1380 yuan/ton (0.0%), the first-grade coking coal in the port was 1429 yuan/ton (0.0%), and the total inventory of coking coal in the three ports was 3.399 million tons (0.5%), with a capacity utilization rate of coking enterprises with more than 2 million tons at 78.64% (0.71%). The offshore price of Q5500 at Newcastle Port, Australia, increased by 1 US dollar/ton (0.7%), and the cost of offloading coal at Beifang Port (Q5500) is 650 yuan/ton higher than that of imported coal from Australia. The onshore price of coking coal in Australia is 189 US dollars/ton, a increase of 5 US dollars/ton (2.4%) from the previous week. The cost of main coking coal in Shanxi produced in Jingtang Port is 213 yuan/ton lower than that of imported hard coking coal from Australia. The bottom of the power coal price coincides with the establishment of the bottom of the coking coal price. The introduction of market-based indexes by the Mongolian Exchange aims to promote exports, and the supply and demand of coking coal will continue to be under pressure. The main coking coal inventory in Jingtang Port (produced in Shanxi) was raised to 1380 yuan/ton, remaining flat from the previous week. Coking coal prices are expected to start the first round of increases, but the rebound space is limited. Guotai Haitong released a research report stating that the coal price is supported from a financial and fixed asset perspective. It is expected that 640-650 yuan/ton may become a relatively reasonable industry bottom support, and it is unlikely for the sector to return to the level of 2015. The bank believes that April 2025 will usher in an upward turning point, and with the peak summer season in June, prices are expected to rebound; amidst trade frictions, market volatility will lead to a more definitive allocation strategy towards dividend assets. Coal dividend-related leading Hong Kong stocks: China Coal Energy (01898), YANCOAL AUS (03668), Yankuang Energy Group (01171), China Shenhua Energy (01088)