Core Insights - The CSI 300 Dividend Low Volatility Index has shown a positive performance with a 0.58% increase, driven by significant gains in stocks such as Baosteel and China Construction Bank [1][4] - The CSI 300 Dividend Low Volatility ETF (515300) has also increased by 0.45%, indicating strong investor interest and market activity [1][3] Market Performance - The CSI 300 Dividend Low Volatility ETF recorded a turnover rate of 0.92% with a transaction volume of 43.38 million yuan, reflecting active trading [3] - The ETF's latest scale reached 4.704 billion yuan, with a net inflow of 37.74 million yuan over the past 17 trading days, indicating a positive trend in investor sentiment [3] Dividend Distribution - As of October 31, 2025, a total of 1,033 listed companies have announced cash dividend plans, an increase of 141 companies compared to the previous year, with total cash dividends amounting to 734.9 billion yuan [3] - Notably, 89 companies have declared dividends exceeding 1 billion yuan within the year [3] Investor Sentiment - Market sentiment indicators have returned to a neutral zone, but there remains a willingness among investors to "buy the dip," suggesting that adjustments may present further investment opportunities [4] - The top ten weighted stocks in the CSI 300 Dividend Low Volatility Index account for 35.78% of the index, with companies like China Shenhua and Shuanghui Development leading the way [4][6] Stock Performance - The top performing stocks within the index include China Shenhua (up 1.93%), Shuanghui Development (up 1.59%), and China Petroleum (up 1.65%), while some stocks like Gree Electric and Huayu Automotive experienced declines [6] - Investors without stock accounts can access investment opportunities through the corresponding CSI 300 Dividend Low Volatility ETF linked fund (007606) [6]

Core Viewpoint - The A-share market shows a mixed trend with the coal sector leading the gains, driven by a strong rebound in coal prices and positive market sentiment towards energy stocks [1][5]. Group 1: Market Performance - As of 10:01, the energy ETF (159930) surged over 3%, recovering from the previous day's losses with a trading volume exceeding 45 million yuan [1]. - Major coal and oil stocks, including Shaanxi Coal and China Shenhua, saw increases of over 4% and 2% respectively, indicating a broad-based rally in the energy sector [2][3]. Group 2: Price Dynamics - OPEC+ announced a pause in production increases for the first quarter of next year, which has positively impacted oil prices [5]. - Coal prices are experiencing a strong rebound due to tight supply and insufficient inventory ahead of the peak demand season [5]. - The price of thermal coal is expected to rise, with a target of around 750 yuan per ton by 2025, as the market moves towards a balance between coal and power generation profitability [6]. Group 3: Investment Logic - The coal sector is characterized by both cyclical elasticity and stable dividends, making it an attractive investment option as coal prices remain at historical lows [8]. - The energy sector is highlighted for its high dividend yields, with coal and oil sectors ranking among the top in terms of dividend rates [9]. - The energy ETF (159930) is noted for its low valuation (PB of 1.34), presenting a compelling opportunity for investors seeking to capitalize on the rebound in traditional energy stocks [10].

Group 1 - The coal stocks in the Hong Kong market experienced a collective surge, with notable increases in smaller coal companies such as Feishang Non-Smoking Coal, which saw a price increase of 108.33% [1][2] - Major coal companies also reported gains, including Yanzhou Coal Mining Company which rose over 5%, and China Qinfa Group which increased by 4.8% [1][2] - The recent extreme cold weather in northern China, with temperatures dropping to historical lows, has triggered the seasonal demand for coal, marking the beginning of the peak consumption period [1] Group 2 - The coal market faced a generally loose supply and insufficient demand in the first half of 2025, leading to a downward trend in coal prices [1] - However, the current seasonal demand and policy-driven supply reductions may create a shift in the supply-demand balance, potentially providing an opportunity for the coal sector to recover from its low valuation [1]

Report Industry Investment Rating - The investment rating for the coal mining industry is "Bullish" [2] Report's Core View - Currently at the beginning of a new upward cycle in the coal economy, with the resonance of fundamentals and policies, it is advisable to allocate the coal sector at low levels. The coal price is expected to rise in the new round, and the supply limitation and low inventory may amplify the price volatility elasticity. The coal sector investment is both offensive and defensive with high cost - effectiveness, and it is recommended to focus on the current allocation opportunities [5][13] Summary by Directory I. This Week's Core View and Key Concerns - **Core View**: The current situation is at the start of a new upward cycle in the coal economy. The supply capacity utilization of sample power and coking coal mines decreased this week. The daily coal consumption in inland 17 provinces and coastal 8 provinces declined. The coal price in Qinhuangdao Port and the main coking coal price in Jingtang Port remained flat. The coal price is expected to rise with the approaching peak season, and the coal assets are cost - effective. It is recommended to allocate at low levels [5][13] - **Key Concerns**: From January to September 2025, the national coal mining and washing industry's revenue and profit decreased year - on - year. The national power generation installed capacity increased, but the average utilization hours decreased. The international market coal price rose to the highest level in the past two months [15] II. This Week's Performance of the Coal Sector and Individual Stocks - The coal sector fell 0.43% this week, underperforming the market. The CSI 300 fell 0.43%. The top three sectors in terms of gain were basic chemicals, power equipment and new energy, and consumer services [16] - The power coal sector fell 0.27%, the coking coal sector fell 2.23%, and the coke sector rose 2.77% [18] - The top three gainers in the coal mining and washing sector were Huaihe Energy (7.49%), Dianchi Energy (3.23%), and Shanghai Energy (2.60%) [21] III. Coal Price Tracking - **Coal Price Index**: As of October 31, the comprehensive transaction price of CCTD Qinhuangdao thermal coal (Q5500) was 693 yuan/ton, up 2 yuan/ton week - on - week. The comprehensive average price index of Bohai Rim thermal coal (Q5500) was 685 yuan/ton, up 1 yuan/ton week - on - week. The annual long - term agreement price of CCTD Qinhuangdao thermal coal (Q5500) was 676 yuan/ton, up 2 yuan/ton month - on - month [25] - **Thermal Coal Price**: As of November 1, the market price of Qinhuangdao Port thermal coal (Q5500) produced in Shanxi was 768 yuan/ton, unchanged week - on - week. The pit - mouth price of Shaanxi Yulin thermal lump coal (Q6000) was 710 yuan/ton, up 5 yuan/ton week - on - week. The FOB spot price of Newcastle NEWC5500 kcal thermal coal was 75.5 dollars/ton, up 1 dollar/ton week - on - week [31] - **Coking Coal Price**: As of October 31, the ex - warehouse price of main coking coal produced in Shanxi at Jingtang Port was 1740 yuan/ton, unchanged week - on - week. The FOB price of Australian Peak Downs hard coking coal at the Chinese port of destination was 211.7 dollars/ton, up 3.9 dollars/ton week - on - week [33] - **Anthracite and Pulverized Coal Price**: As of October 31, the wagon - loading price of Jiaozuo anthracite was 990 yuan/ton, unchanged week - on - week. The wagon - loading price of pulverized coal in Changzhi Lucheng and Yangquan increased week - on - week [42] IV. Coal Supply and Demand Tracking - **Coal Mine Capacity Utilization**: As of October 31, the capacity utilization of sample power coal mines was 90.5%, down 0.5 percentage points week - on - week. The capacity utilization of sample coking coal mines was 84.78%, down 0.3 percentage points week - on - week [49] - **Import Coal Price Difference**: As of October 31, the price difference between domestic and foreign 5000 - kcal thermal coal was - 59.6 yuan/ton, up 0.5 yuan/ton week - on - week; the price difference for 4000 - kcal thermal coal was - 55.1 yuan/ton, down 0.5 yuan/ton week - on - week [45] - **Coal - fired Power Consumption and Inventory**: Inland 17 provinces' coal inventory increased by 142.60 million tons week - on - week, daily consumption decreased by 19.20 million tons/day week - on - week, and available days increased by 2 days. Coastal 8 provinces' coal inventory increased by 10.80 million tons week - on - week, daily consumption decreased by 0.20 million tons/day week - on - week, and available days increased by 0.1 days [50] - **Downstream Metallurgical Demand**: As of October 31, the Myspic comprehensive steel price index was 122.4 points, up 1.32 points week - on - week. The national blast furnace operating rate was 81.8%, down 2.96 percentage points week - on - week [68][69] - **Downstream Chemical and Building Materials Demand**: As of October 31, the urea prices in Hubei and Guangdong increased, while that in Northeast China decreased. The national methanol, ethylene glycol, and acetic acid price indices decreased, while the synthetic ammonia and cement price indices increased. The cement clinker capacity utilization rate was 62.5%, down 1.3 percentage points week - on - week. The chemical weekly coal consumption increased by 11.71 million tons/day week - on - week [71][73] V. Coal Inventory Situation - **Thermal Coal Inventory**: As of October 31, the coal inventory in Qinhuangdao Port was 575 million tons, up 25 million tons week - on - week. The thermal coal inventory in 55 ports was 6318.8 million tons, up 132 million tons week - on - week. The thermal coal inventory of 462 sample mines was 295.1 million tons, up 1.6 million tons week - on - week [89] - **Coking Coal Inventory**: As of October 31, the coking coal inventory in production areas was 164.5 million tons, down 25 million tons week - on - week. The coking coal inventory in six ports was 290.2 million tons, up 14.5 million tons week - on - week [90] - **Coke Inventory**: As of October 31, the total coke inventory of coking plants was 37.5 million tons, up 0.0 million tons week - on - week. The total coke inventory of four ports was 211.1 million tons, up 11.0 million tons week - on - week. The total coke inventory of domestic sample steel mills was 629.05 million tons, down 4.11 million tons week - on - week [92] VI. Coal Transportation Situation - **International and Domestic Coal Transportation**: As of October 31, the Baltic Dry Index (BDI) was 1966 points, down 25 points week - on - week. The average daily coal shipment volume of the Datong - Qinhuangdao Railway this week was 130.1 million tons, up 29.91 million tons week - on - week [106] - **Cargo - to - Ship Ratio in Four Bohai Rim Ports**: As of October 31, the inventory of four Bohai Rim ports was 1397.9 million tons, down 33 million tons week - on - week. The number of anchored ships was 79, down 21 week - on - week. The cargo - to - ship ratio was 17.7, up 3.39 week - on - week [104] VII. Weather Situation - As of October 31, the Three Gorges出库流量 was 15500 cubic meters per second, down 1.27% week - on - week. In the next 10 days, there will be more precipitation in many areas, and some areas will have more precipitation than usual. There will be more rainy days in Sichuan, Yunnan and other places in the next 10 days, and the long - term precipitation and temperature outlook is also provided [111] VIII. Listed Company Valuation Table and Key Announcements - **Listed Company Valuation Table**: The table shows the closing prices, net profits attributable to the parent company, EPS, and P/E ratios of key listed companies from 2024A to 2027E [112] - **This Week's Key Announcements**: Gansu Energy plans to set up a new coal - washing subsidiary. Guanghui Energy's controlling shareholder pledged shares. China National Coal Group participated in a central enterprise strategic emerging fund. Suzhou Energy's project unit was put into operation. Huaihe Energy's asset acquisition transaction will be reviewed [113][114][115][116][117]

近期，北方多地遭遇"断崖式"降温，如黑龙江漠河10月25日清晨气温降至-25℃，刷新当地10月下旬历 史最低值;内蒙古呼伦贝尔部分地区跌破-30℃，为近十年同期极寒;黑龙江黑河、漠河等地积雪深度超过 30厘米，部分站点接近或突破50厘米，创下观测史新高。寒潮来袭，张家口、大庆等多地已提前开始供 暖，煤炭季节性消费旺季正式拉开序幕。 需求端，煤炭需求旺季临近，钢厂和火电企业的需求也持续高位，多重因素推动煤价上行;供给端政 策"反内卷"持续，叠加近期安全生产考核巡查将开启，或将对煤炭超能力生产等安全隐患做出整改，也 共同强化了供给收缩的预期，推动煤价企稳回升。 市场层面，资金闻风而动，10月以来富途煤炭指数(LIST1044)已上涨11.19%，申万煤炭指数涨幅也一度 达到16%，10月份北向资金净流入煤炭股超20亿元，使得煤炭成为二级市场上最为火热的板块之一。 回顾2025年上半年，煤炭市场供应整体宽松，需求支撑不足，煤炭价格重心整体延续震荡下行趋势。但 在当前时点，随着旺季需求兑现与供给端政策性收缩形成共振，供需格局的转变或将成为推动煤炭板块 走出低谷、迎来估值修复的重要契机。 煤企Q3基本面已现环比改善 2 ...

Core Insights - The trial reform for long-term investment of insurance funds has accelerated this year, with the latest holdings of insurance-related private equity funds revealed following the disclosure of listed companies' Q3 reports [1][9] - Five insurance-related private equity funds have disclosed their latest holdings, with significant investments in companies such as Sinopec, Daqin Railway, Guotou Power, Luzhou Laojiao, Anhui Expressway, and HLA [1][4] Holdings Summary - As of the end of Q3, Taibao Zhiyuan No. 1 Private Securities Investment Fund has appeared in the top ten circulating shareholders of Anhui Expressway and HLA, holding 4.1483 million shares and 18.0652 million shares respectively [3][6] - The holdings of five insurance-related private equity funds are detailed in a table, showing the number of shares, market value, and percentage of circulating A-shares for each listed company [5] - The Honghu Fund Phase III No. 1 has emerged as a major shareholder in Sinopec, Daqin Railway, Guotou Power, and Luzhou Laojiao, with holdings of 304.9586 million shares, 298.4871 million shares, 93.438 million shares, and 18.872 million shares respectively [6][7] Investment Focus - The insurance-related private equity funds are primarily concentrated in sectors such as petrochemicals, transportation, coal, public utilities, food and beverage, telecommunications, and textiles, with many holdings being industry leaders characterized by high dividends and low volatility [7][10] - The ongoing trial reform has seen the number of operational insurance-related private equity funds increase to seven, with a total approved scale of 222 billion yuan [9][10]

Core Viewpoint - The Hong Kong stock market experienced a decline in October, with all three major indices ending the month lower after a brief rise at the beginning. The Hang Seng Index fell by 3.53%, the Hang Seng China Enterprises Index dropped by 4.05%, and the Hang Seng Tech Index saw the largest decline at 8.62. The Hang Seng Index fell below the 26,000-point mark, while the Hang Seng Tech Index fell below 6,000 points [1]. Sector Performance - The coal, port transportation, oil, and airline sectors showed positive performance, with China Eastern Airlines rising by 19.8%, China Southern Airlines increasing by 12.5%, and China Petroleum gaining over 13%. China National Offshore Oil Corporation rose nearly 4%. In the coal sector, China Coal Energy surged nearly 18%, while China Shenhua Energy increased by 12% and Shougang Resources rose by 9.7% [1]. - Conversely, the Apple concept stocks, biopharmaceuticals, domestic real estate, automotive, and semiconductor sectors experienced significant declines. Highway Electronics led the Apple concept sector with a drop of 20.7%, followed by Sunny Optical with a decline of 16.8% and Q Technology down by 15.8%. In the automotive sector, Li Auto fell by 21.35%, Leap Motor dropped by 12.13%, and BYD shares decreased by 8.7%. Although SMIC reached a new high during the month, it still fell by 5.7% [1]. Large Technology Stocks - Among large technology stocks, Xiaomi saw a significant drop of 20%, Kuaishou fell by 14.48%, Baidu decreased by 11.71%, NetEase dropped by 8.36%, JD.com fell by 7.87%, Alibaba decreased by 6.72%, Tencent dropped by 5.13%, and Meituan fell by 2.39% [1].

Core Viewpoint - China Shenhua's stock has declined over 3% following the release of its financial results for the third quarter, indicating market concerns over its performance amid declining revenues and profits [1] Financial Performance - For the first three quarters, China Shenhua reported revenue of 213.15 billion RMB, a year-on-year decrease of 16.6% [1] - The net profit attributable to shareholders was 41.37 billion RMB, down 13.8% year-on-year [1] - In the third quarter alone, the company achieved revenue of 75.04 billion RMB, a year-on-year decline of 13.1% but a quarter-on-quarter increase of 9.5% [1] - The net profit for the third quarter was 14.41 billion RMB, reflecting a year-on-year decrease of 6.2% but a quarter-on-quarter increase of 13.5% [1] Analyst Insights - According to a report from Zhongyin International, the net profit calculated under IFRS for the third quarter decreased by 6% to 14.7 billion RMB, while showing a quarter-on-quarter growth of 13% [1] - The strong performance of the power business is identified as a key driver for the quarterly growth [1] - The firm anticipates that by the fourth quarter of 2025, the company's earnings will stabilize quarter-on-quarter, as rising costs and unfavorable changes in coal sales structure will offset the benefits from increased coal prices [1]

Core Viewpoint - China Shenhua's stock has declined over 3% following the release of its financial results for the third quarter, indicating market concerns over its performance amid declining revenues and profits [1]. Financial Performance - For the first three quarters, China Shenhua reported revenue of 213.15 billion RMB, a year-on-year decrease of 16.6% [1]. - The profit attributable to the owners of the company was 41.37 billion RMB, down 13.8% year-on-year [1]. - In the third quarter alone, the company achieved operating revenue of 75.04 billion RMB, a year-on-year decline of 13.1% but a quarter-on-quarter increase of 9.5% [1]. - The net profit attributable to shareholders for the third quarter was 14.41 billion RMB, reflecting a year-on-year decrease of 6.2% but a quarter-on-quarter increase of 13.5% [1]. Analyst Insights - According to a report from Zhongyin International, the net profit calculated under IFRS for the third quarter decreased by 6% to 14.7 billion RMB, while showing a quarter-on-quarter growth of 13% [1]. - The strong performance of the power business is identified as a key driver for the quarterly growth [1]. - The firm anticipates that by the fourth quarter of 2025, the company's earnings will stabilize quarter-on-quarter, as rising costs and unfavorable changes in coal sales structure will offset the benefits from increased coal prices [1].

Core Insights - The financial high-level opening and high-quality development of the real economy have become key themes, with Beijing and Hong Kong as core forces in promoting enterprises going global and capital connectivity [1] - The Hong Kong Securities and Futures Commission Chairman highlighted the significant market value and number of Beijing enterprises listed in Hong Kong, while the Hong Kong Stock Exchange Chairman noted an increasing number of tech companies preparing to list in Hong Kong [1][6] Group 1: Market Opportunities - There are over 200 companies from Beijing listed on the Hong Kong stock market, including major firms like Sany Heavy Industry and China Aluminum [4] - The "A+H" dual listing model is gaining traction, with 46 companies including Agricultural Bank of China and China Shenhua Energy listed in both markets [4] - The collaboration between the Beijing Stock Exchange and Hong Kong Stock Exchange aims to facilitate cross-border listings, enhancing market cooperation and promoting mutual prosperity [3][5] Group 2: Financial Performance - In the first three quarters of 2023, new listings in Hong Kong raised HKD 180 billion, a twofold increase year-on-year, while subsequent stock issuances raised HKD 260 billion, up 270% [6] - The average daily trading volume in the Hong Kong secondary market increased by over 90% compared to the previous year, with the market capitalization nearing HKD 50 trillion, ranking third in Asia [6] Group 3: Future Trends - The trend of A-share companies seeking to list in Hong Kong is expected to continue, driven by the desire to enhance international visibility and attract global capital [6][8] - The Chinese Securities Regulatory Commission has issued measures to support leading domestic enterprises in listing in Hong Kong, indicating a favorable policy environment for such initiatives [8]