The website of the National Development and Reform Commission recently published a message requesting major domestic coal companies to maintain stable coal prices: First, keep the annual contract coal price unchanged, and the adjusted enterprises should be returned before the end of June; second, take the lead to keep the market coal prices stable and not take the lead in rising prices. . The National Development and Reform Commission stated that if a coal company raises its contract coal price without authorization, the NDRC will investigate and deal with it according to the "Price Law."

CICC released a research report on the 28th to analyze the new policy. The report believes that the NDRC's intervention in coal prices reflects the country's concerns about the worsening operating performance and inflation of the downstream industry. Downstream coal industries, including electricity and steel, are not optimistic about future performance. However, the coal industry is less affected by this policy. Large-scale coal companies, including companies with high contractual ratios such as Shenhua, China Media, and coal, have a limited negative impact, while coke companies do not have the possibility of increasing prices. It is not much.

Therefore, CICC believes that the coal price intervention will only cause certain concerns for the coal industry in the short term, and the decline in the coal sector is limited. However, due to the macroeconomic slowdown, the recent coal sector also lacks a catalyst for growth. So give the industry a neutral rating.