4 月煤炭供过于求，价格快速探底。进入 5 月复工强+气温高+来 水差，电厂日耗强劲增长，叠加进口限制趋严，港口动力煤价快 速反弹，我们认为本轮上涨持续性将超预期。

煤炭股超低配原因在于远期。按照华创证券金工团队的计算结果，煤炭股的当 前的仓位为0.6%，而2016 年至今的仓位高点为4.3%，这意味着参与供给侧 改革红利的资金基本已经完全撤出，煤炭行业当前处于超低配的水平。煤炭行 业超低配的背后主要来自于两个原因，其一是新能源对煤炭能源消费份额的侵 蚀，其二是“房住不炒”基调下周期股的系统性被抛弃，前者导致了煤炭股当 前估值已经接近2000 年以来的最低水平，后者导致了强周期/弱周期比价达到 历史极值水平。

Mining chemicals play a major role in the processing of mineral ores. The consumption of base metals (like iron, steel, aluminum, etc.) and precious metals (such as silver, gold, and platinum) has increased steadily, owing to their various applications in many industries. The metal mining processes require mining chemicals during the stage of processing the respective ores. With the increase in the consumption of these metals, mining activities for these metals have surged, globally, especially in Canada and Mexico. Canada is a global leader in mining operations, with active production of more than 60 metals and minerals, and it is a major producer of primary aluminum, cobalt, diamonds, gold, nickel, platinum group metals, salt, titanium concentrates, as well as uranium.

28 家上市公司，2019 年经营活动净现金流合计为1822 亿元，同比下降13.58%；资产负债率平均为49.4%，同比下降1.5 个百分点；现金流动负债比率29.6%，同比下降5.1 个百分点。