Tianfeng Securities: China Coal Chemical Industry May Enter Profit Upcycle on June 3

According to Tianfeng Securities research note on June 3, coal chemical industry profits may enter an upward cycle. The firm cited tight coal-oil price ratios amid sufficient domestic coal supply and structural support for crude oil prices from ongoing geopolitical tensions, which could widen downstream price spreads for coal chemical products. Additionally, capacity growth rates are expected to slow during China's 15th Five-Year Plan period.
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