The Central Meteorological Observatory predicts that tomorrow and the day after tomorrow, most areas in the north will usher in the coldest day since the beginning of winter this year. The cold wave is coming and the temperature is plummeting. Is this a good time to invest in coal stocks? Let’s analyze it based on the research report. Gaohua Securities: Coal demand will rebound in 2013, but increased supply will restrain the rebound in coal prices. Coal demand will rebound in 2013, but increased supply will restrain the rebound in coal prices. Coal demand will rebound in 2013, but increased supply will restrain the rebound in coal prices. We expect coal demand to rebound in 2013, mainly due to economic recovery, reduced hydropower substitution and the weakening impact of imported coal. However, the increase in coal supply has restricted the room for coal price recovery, because coal mines that have reduced or suspended production will resume production, resource integration and coal mine technological transformation will be completed, and railway transportation bottlenecks will weaken. Last week, we lowered the 2013 thermal coal price decline from 3% to 8%, the coking coal price from flat to 5%, and the thermal coal contract price remained flat. We lower 2013 EPS by 22% and target price by 17%. Stock recommendations: We adjusted the ratings of 6 companies last week, including replacing Jizhong with Lu'an in the strong buy rating, and replacing Shanxi Coal International with SDIC Xinji (601918, Share Bar) (601918, Share Bar) in the buy rating. (600546, stock bar) (600546, stock bar), replaced Yuanxing with Pingmei in the sell rating. Our current buy rating companies are Lu'an, Lanhua, Jizhong, SDIC, Yitai and Shenhua. Coal and Petroleum: Coal Machinery Scraper Conveyor Old Tree Blooms New Flowers Investment Key Points: my country’s energy demand continues to rise, and the demand for coal machinery is stable. Due to the turbulent international situation since 2012, the shadow of war in the Middle East has driven up international oil prices, and my country's dependence on international crude oil has reached 55%, forcing my country's demand for coal to continue to rise, and domestic attention to coal mine safety issues has Promote the rise in demand for coal machinery. We expect that my country's coal machinery demand will exceed 100 billion yuan by 2015, with an average growth rate of around 10% in the next few years. In the field of coal machinery, my country's industry concentration needs to be further improved. Coal machinery is the general term for all kinds of machinery required by coal enterprises for production. The most important products are "three machines and one machine" - shearers, tunnel boring machines, scraper conveyors and hydraulic supports. After years of development, my country's coal machinery manufacturing industry now has the ability to design, construct, equip and manage tens of millions of tons of open-pit coal mines and large and medium-sized mines. However, judging from the current status of international coal mine development, the overall level of my country's coal mining technology and equipment is still low, and coal mining machinery and equipment are equivalent to the levels of developed countries in the world in the 1990s. The scraper conveyor will face reshuffling opportunities with the technological update of the central trough. In the field of scraper conveyors, Stone Coal Equipment (002691, Stock Bar) (002691) has developed a fully cast middle trough product, whose performance is far superior to the currently used welded middle trough, which can effectively reduce the maintenance costs of coal mines and is in line with The current trend of industrial upgrading. The price of the fully cast middle trough is equivalent to that of existing welded products, which will lead to a major reshuffle of the original market structure in the field of scraper conveyors. Stone coal equipment is also expected to become a giant in the field of scraper conveyors in the future. We believe that at present, the price of oil is high and my country's energy demand continues to rise, resulting in a steady growth in coal demand and promoting the continued and steady growth of coal machinery. The listed coal machinery companies in my country have been able to reflect the industry situation more comprehensively, which is more helpful for us to select companies with significant development opportunities.