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【出版时间及名称】：China Coal Sector Research-201006
【作者】：UBS
【文件格式】：PDF
【页数】：72
【目录或简介】：
Summary and investment case 3
Channel checks in Shanxi/Inner Mongolia 4
— Traffic jams consistent with transport statistics .....................................................5
Rail overview 6
— Railway capacity from Inner Mongolia may not be enough ...................................6
Supply outlook 8
Coal demand outlook 10
China coal macro model 11
— Raising our 2010 spot forecast...........................................................................11
— Higher inventory levels .......................................................................................12
— Coking coal: tight supply but downstream overcapacity......................................12
— Higher imports for 2010E ...................................................................................14
— Valuation—lowering our target multiple ..............................................................15
Company pages 17
— China Shenhua Energy ......................................................................................18
— China Coal Energy.............................................................................................27
— Yanzhou Coal Mining .........................................................................................36
— Hidili Industry Int'l Development .........................................................................49
— Fushan International Energy ..............................................................................57
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