Deutsche Bank 8 月 2 日长篇，22页。
　　Coal prices in China have stayed above Chinese government guidance of RMB535/t for an extended period and our recent checks lead us to believe the coal price will likely remain at elevated levels through 2017 and into 2018 due to slow ramp-ups of new supply and resilient demand.We upgrade our QHD price forecasts by 2%，11%，and 12% for 2017，2018，and 2019，to RMB620/t，RMB600/t，and RMB580/t.We believe consensus remains too low in its coal price and coal company earnings forecasts.We raise our earnings forecasts by 11-140% and reiterate Buy on coal stocks.Our top pick is Shenhua，with a new target price of HK$26.5（+6%）and 36% potential share price upside.