Share price at the end of fundamentals, see nbsp; brokers tip coal unit positions opportunities

For the typical cyclical industries, coal stock dropped sharply in this year's adjustment experience. However, despite the economic downturn are still conditioned by the industry fundamentals, but coal prices are expected to stabilise, and under the policy dividend expectations, many brokers will usher in a strategic opportunity to build positions are of the view that the coal share.　　Coal prices are expected to stop falling coal prices are considered to be the current round of adjustment of coal stocks the most direct cause. brokers believe that, as demand recovers in the near future, coal prices are expected to fall.　　Everbright securities according to the report, international coal prices continue to fall, 10 months, the price has been lower than domestic prices, influx of large amounts of coal to China, coal prices discourage domestic coastal. as international coal demand recovers in the near future, prices rallied, domestic coal prices downward pressure on weakened. This is undoubtedly good news for coal sector. but brokers also pointed out that this does not mean that industry fundamentals are on the bottom. According to the judgment in Northeast securities, the coal industry's economic low point appears in the
Third to the last quarter of 2012; macroeconomic operations and current supply and demand conditions in the coal industry will also be fundamental bottom to three or four quarter of next year.　　Cyclical changes through profit conduction under industry rules to the secondary market, Northeast securities think 9 months at the bottom end of market-leading fundamentals, this cycle in the bottom of the market for the first quarter of next year.　　This judgment in research institutions that have universality. in fact, from the perspective of several securities companies recently released research report, their point on coal stocks are at the bottom of the same.　　China Merchants securities fitting an aggregate of four index CPI, reserve requirements, the M2 growth and GDP quarterly growth and trend of coal index to determine current coal index at the bottom or near the bottom.　　Policy dividend valuation fixed brokerage believes that process of gradual confirmation at the bottom is the process of coal sector valuations improve. Northeast securities judgment running characteristics of the industry next year
May profit growth is limited, but valuations to promote faster. maintenance of the coal industry "better than" investment rating, it is recommended that in the first quarter of next year active configuration on plate, valuations in the process of upgrading to the full enjoyment of plates of absolute gains.　　China Merchants securities more optimistic, believing that in the context of coal fundamentals are still in decline, investments in the coal industry has shifted from a fundamental policy game, investment logic is the first policy for dividends, and wait for improvement in fundamentals, from the perspective of the trend of macroeconomic indicators and policy, coal stocks now in or near the bottom at the bottom, it is recommended that the strategic positions of coal stocks.　　Relatively speaking, huatai joint security point of view it was prudent, its view that monetary policy should not significantly relax, plate, there is great opportunity, therefore "light industry, heavy stock" investment strategy. On the specific configuration, Northeast securities recommended defensive trading first select low valuations on the left, such as the China Shenhua, orchids