Shanxi Securities: Power coal prices in the short term difficult to pick up

The recent price of coal has not been greatly affected by international oil prices. Qinhuangdao in the early period of stock decline and the impact of international crude oil prices, the market is generally expected to rise in coal prices, performance in the A-share market is the coal stocks of a sharp rise.　　But from the data, the international and domestic power coal in two months, the increase is not big. The first quarter of Shanxi GDP showed a larger negative growth, in the national ranking last, the province's economic growth pressure is greater, and other pillar industries in the province in the short term difficult to form, the recent economic recovery in the province also relies heavily on the coal industry, so in the case of security clearance, the Government's willingness to support the recovery of small coal mines is relatively strong.　　We do not think that other accidents, the recent beginning of Shanxi coal mine production is a large probability event. Demand, because electricity demand in the short term difficult to rebound, power coal prices will be difficult to pick up. Industrial electricity fell 9.3% per cent year-on-year in April, and remains a drag on the recovery of electricity consumption in the whole society.　　From the current data, industrial electricity consumption is still difficult to rebound, but with the arrival of electricity peak, the same period last year, the second half of the demand will be expected to achieve positive growth.　　Under the condition that the capacity of Datong-Qinhuangdao line is restored to normal, Qinhuangdao port has increased inventory and demand has not changed significantly, we believe that the price of power coal will remain stable or down in the near future, and whether it will fall depends on the recovery of small coal mines.　　We maintain the thermal power industry "overweight" investment rating, we suggest that investors pay attention to Huaneng International (600011), Power (600795), Jinshan shares (600396), Investment Energy (000600), Bao New Energy (000690), Sui Heng Yun A (000531) and so on. By the rise of international oil prices, the coal plate is far stronger than the market, and some of the power sector with coal resources of the company did not appear a sharp rise, if the coal plate is the reason for the rise, it is expected that such companies may have a chance to raise, the proposed focus on Datang power generation (601991 Shanxi Securities