In fact, after the G20 Summit in Hangzhou, the focus of global macroeconomic policy has obviously shifted from monetary policy to fiscal stimulus. From the beginning of September to now, we have seen a strange situation, that is, prices have continued to rise, hitting a new high in the year, but stocks have been unable to go up. If we define the price rise as the expected rise of EPS, then the persistent stagflation of stock price is actually the decline of valuation, or the valuation bubble is gradually dissolving and killing valuation. Some leading stocks, if measured by annualized current prices, will actually reach about 20 times next year. If the price of such a platform continues to rise, its valuation advantage will gradually appear, for example, it will reach 20 times. If the price continues to rise, the overall valuation center will reach 15 times, which is actually a wave of valuation opportunities.

As can be seen from the table 1, with the continuous upward trend of coal prices, the total operating income of listed companies in the coal sector in the first three quarters was 1063,112 and155.6 billion yuan respectively; The net profit is 6 1, 86 and1220 million yuan respectively. It can be seen that with the rise of coal prices, the overall operating income and net profit of the coal sector are rising. According to the performance forecast of the first three quarters of this year, the P/E ratio of some high-quality coal stocks has dropped below 20 times. It is believed that with the continuous advancement of supply-side reform, the profits of the coal industry will be more substantial next year, which means that the valuation will be further reduced.

Judging from the listed companies that have disclosed the performance forecast in Table 2, this year's listed companies in the coal sector have a large area of pre-happiness, such as Hongyang Energy (600758), * Xinji and Jin Rui Mining (6007 14). Therefore, with the high coal price, the valuation of coal stocks will further decline, and investors can focus on tracking the later trend of coal futures prices. If it strengthens further, it is expected to lead coal stocks to continue to attack.