Today I'm going to share about coal again, because this massive superpower cycle will probably last for several years. Coal prices began to rise last year due to supply shortages, mainly due to rainy weather in Australia and Indonesia, compounded by the interruption of exports from Russia and South Africa, which directly led to the rise in thermal coal prices. Shortages in the supply of gas and oil also contributed to higher prices for energy commodities, particularly in the third quarter.
I saw an opinion on a snowball two days ago,Judging where the cyclical industry is located depends on whether its capital expenditure for the previous five years was low. Continued low capital investment will cause subsequent supply shortagesCoal is in this situation, and it also combines the factors of war and the epidemic, thus causing this major cycle. Moreover, subsequent capital investment in coal will also be limited, because in the context of carbon neutrality, new energy will replace traditional energy sources as the main theme. Therefore, even if capital is to be invested in energy, most of it will be invested in new energy photovoltaics and wind power, and a small portion will be invested in traditional energy. That's why I've been sharing the new energy section and tracking the photovoltaic industry. Shared on May 7thPhotovoltaic Industry Chain Research Framework NotesIt can help understand the entire photovoltaic industry. Some people comment that a “vent faucet is not as good as a dog”. Alas, the furthest distance between people is not that I'm standing in front of you; you don't know I love you; it's a gap in thinking. The photovoltaic and new energy sectors must have been selected for the most beautiful A-shares last year. The concentration of styles also made their valuations soar, but when the Fed raised interest rates this year, many growth stocks fell in response, and they fell to the point where they fell to the point where they were cut off...