Zhengzhou Coal Industry & Electric Power Co Ltd: Short‑Term Technical Weakness Amid Sector‑Wide Pullback
On 13 November 2025, the Shanghai Stock Exchange opened with a modest 0.44 % gain, while the Shanghai Composite Index closed at 4 017.94 points. In the backdrop of a broader coal‑sector pullback, Zhengzhou Coal Industry & Electric Power Co Ltd (ticker 600121) experienced a 2.05 % decline, trading at 5.25 CNY at 09:40. The 5‑day simple moving average (SMA) for the stock crossed below its 10‑day SMA—a classic “dead‑cross” signal that has appeared in 74 A‑share names today, placing the company among a cluster of short‑term technical buyers that are showing weakness.
Technical Snapshot
| Indicator | Value | Interpretation |
|---|---|---|
| 5‑day SMA | 5.36 CNY | Below the 10‑day SMA |
| 10‑day SMA | 5.39 CNY | 0.63 % above the 5‑day SMA |
| Distance 5‑day / 10‑day | –0.63 % | Negative cross‑over |
| Current Price | 5.29 CNY | 1.93 % below 10‑day SMA |
| % Change Today | –2.12 % | Consistent with sector decline |
The dead‑cross occurs alongside similar crossovers in peers such as 中科曙光 (603201) and 常润股份 (603081), underscoring a temporary technical correction rather than a structural shift.
Trading Activity and Capital Flow
- Volume: 9 335.79 万元, a 1.44 % turnover.
- Net Inflow: 100.67 万元 of institutional capital.
- Large‑order Activity:
- Buy: 17.56 万元 (18.83 %)
- Sell: 20.14 万元 (21.57 %)
The net inflow, while modest, signals that institutional investors remain cautiously engaged, possibly positioning for a rebound once the technical trough is reached.
Performance Context
- YTD Price Gain: 21.25 %
- Last 5 days: –3.85 %
- Last 20 days: +13.64 %
- Last 60 days: +24.70 %
The recent decline is a corrective pullback from a solid 60‑day uptrend. Moreover, the company has appeared on the 龙虎榜 (top‑traded list) three times this year, most recently on 27 October, where it attracted a net inflow of 1.58 亿元, highlighting sustained institutional interest.
Revenue and Profitability Snapshot
| Metric | 2025 (Jan–Sep) | YoY |
|---|---|---|
| Operating Revenue | 26.68 亿元 | –16.48 % |
| Net Profit (incl. minority interests) | –3.82 亿元 | –3 037.45 % |
Operating revenue is heavily concentrated in coal sales (88.38 %) with ancillary streams from material circulation, railway transport, and construction engineering. The current net loss reflects a broader industry downturn, but the company’s diversified revenue mix may cushion future volatility.
Market Position and Valuation
- Market Cap: 6 311 374 336 CNY
- P/E Ratio: –56.18 (negative due to net loss)
- 52‑Week High/Low: 6.08 CNY / 3.34 CNY
- Close Price (11 Nov 2025): 5.18 CNY
The negative price‑earnings ratio, while reflecting recent profitability challenges, also indicates potential upside if the company turns earnings positive, given the low valuation relative to peers.
Forward‑Looking Assessment
The technical dead‑cross is an early warning of a short‑term retracement, not an indicator of fundamental deterioration. Given the company’s solid YTD performance, continued institutional interest, and diversified coal‑related operations, a brief consolidation appears likely before the next uptrend resumes. Investors should monitor the 10‑day SMA for a potential reversal signal and track institutional buying patterns for confirmation of a bullish pivot.
This analysis is based solely on the latest market data and institutional flow information available as of 13 November 2025.
