兖矿能源大涨7%领涨煤炭股,煤化工盈利弹性凸显

格隆汇
Jul 20

7月20日,港股煤炭股集体上涨,其中,兖矿能源大涨7%领衔,中煤能源涨6.3%,兖煤澳大利亚涨5.7%,首钢资源涨近5%,南戈壁中国神华中国秦发跟涨。

消息上,受美伊冲突持续、霍尔木兹海峡受阻影响,国际油价近日大幅上涨。油价飙升直接带动了煤炭的替代需求——煤炭可作为原油替代品,通过煤化工转化为甲醇、烯烃、乙二醇等产品,替代效应带来的盈利弹性极为突出。

方正证券指出,当前煤价虽然上涨,但油价上涨幅度更大,煤化工企业原料成本端相对稳定,成本剪刀差持续扩大。当油价在100美元/桶时,煤制烯烃盈利可达40%以上,煤化工高利润周期有望延续。

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