国有企业改革深化提升行动年底收官，国企治理结构改革不断深化，取消监事会备受瞩目。近期，山东 国投、山东能源、山东钢铁等山东省属企业陆续取消监事会，东营市财金投资集团、青岛地铁集团等地 方市属国企也纷纷跟进。 这一变革影响了企业内部监督体系的变化，取消监事会的依据是什么？监事会取消后，由什么机构来行 使其原有职能？这些问题引发社会广泛关注。 "这本身是国企改革深化尤其是公司治理结构深化的必然趋势，取消监事会后，减少了机构，减少了环 节，提高了效益。"6月26日，中国企业研究院首席研究员李锦接受经济导报记者采访时表示。 取消后由审计委员会行使监事会职权 近期，国企为何会密集取消监事会？ 这场变革的源头，还要从2024年7月1日新修订的《中华人民共和国公司法》正式实施开始。经济导报记 者注意到，新公司法第六十九条、第一百二十一条明确规定，有限责任公司和股份有限公司可以按照公 司章程的规定在董事会中设置由董事组成的审计委员会，行使本法规定的监事会的职权，不设监事会或 者监事。 业内广泛认为，上述新公司法的修订为国企取消监事会提供了法律基础。同时，取消监事会也是国企治 理结构改革的需要。 "国有企业从试点现代企业制度到 ...

港股煤炭板块持续走低，中国神华(01088.HK)跌超4%，中煤能源(01898.HK)、兖矿能源(01171.HK)等跟 跌。 ...

6月26日，景顺长城国证港股通红利低波动率ETF（159569）收盘跌0.24%，成交额2451.41万元。 港股红利低波ETF（159569）成立于2024年8月14日，基金全称为景顺长城国证港股通红利低波动率交 易型开放式指数证券投资基金，基金简称为景顺长城国证港股通红利低波动率ETF。该基金管理费率每 年0.50%，托管费率每年0.08%。港股红利低波ETF（159569）业绩比较基准为国证港股通红利低波动率 指数收益率(使用估值汇率折算)。 规模方面，截止6月25日，港股红利低波ETF（159569）最新份额为1.19亿份，最新规模为1.51亿元。回 顾2024年12月31日，港股红利低波ETF（159569）份额为1.13亿份，规模为1.29亿元。即该基金今年以 来份额增加5.30%，规模增加16.69%。 最新定期报告显示，港股红利低波ETF（159569）重仓股包括东方海外国际、海丰国际、兖矿能源、太 古股份公司B、中国海洋石油、中国宏桥、民生银行、粤海投资、中信银行、远东宏信，持仓占比如 下。 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）00316东方海外国际10.26%12.90万1 ...

迎峰度夏日耗起，煤价回升正可期 [Table_ReportTime] 2025 年 6 月 23 日 [Table_ReportDate] 2025 年 6 月 23 日 本期内容提要: [Table_Summary] 请阅读最后一页免责声明及信息披露 http://www.cindasc.com2 证券研究报告 行业研究-周报 [Table_ReportType] 行业周报 | [Table_StockAndRank] 煤炭开采 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 左前明：能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 李睿：煤炭行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 ...

Investment Rating - The report maintains a positive outlook on the coal sector [10] Core Views - The coal sector is expected to benefit from a low internal crowding degree and marginal improvement in the fundamentals during the peak season, leading to a sustained positive attitude towards the coal sector [2][7] - Short-term supply-demand improvements are anticipated, with a notable increase in daily coal consumption and a decrease in inventory levels [7][19] - The coal sector is viewed as an attractive investment option due to its low valuation and high dividend yield, making it a safe choice amid declining risk appetite [7] Summary by Sections Market Performance - The coal index (Yangtze) fell by 0.50%, underperforming the CSI 300 index by 0.04 percentage points, ranking 8th out of 32 industries [6][18] - As of June 20, the market price for Qinhuangdao power coal was 609 RMB/ton, remaining stable week-on-week [6][44] Supply and Demand Analysis - Daily coal consumption across 25 provinces increased by 14% compared to the beginning of June, reaching 542.2 million tons [19] - Inventory levels at power plants were reported at 120.19 million tons, with a usable days count of 22.2 days, down by 2.8 days week-on-week [19][36] - The supply side showed a slight increase in capacity utilization rates in the "Three West" regions, indicating potential for supply adjustments [19][20] Price Trends - The report anticipates a stabilization and potential rebound in coal prices due to seasonal demand improvements and production cuts from safety and environmental inspections [6][19] - The report highlights that the current coal price center is expected to rise in the medium to long term due to resource depletion issues in Shanxi and limited increases in imports [7] Investment Recommendations - Recommended stocks for short-term defensive and transformation strategies include China Coal Energy, China Shenhua, and Shaanxi Coal and Chemical [8] - Long-term growth companies to focus on include Yanzhou Coal Mining, Huayang Co., and Jinko Energy [8]

Investment Rating - The industry investment rating is "Positive" and maintained [9]. Core Insights - The report highlights a seasonal improvement in thermal coal demand due to rising temperatures and electricity consumption, with expectations for price recovery in the future [2][25]. - The report notes a significant decrease in coal imports, attributed to high domestic coal prices and increased port inventories [12][15]. Supply Summary - Domestic coal production in May reached 40.328 million tons, a year-on-year increase of 4.2% and a month-on-month increase of 3.6% [6][15]. - Coal imports in May were 36.04 million tons, down 17.75% year-on-year and 4.7% month-on-month, with cumulative imports from January to May at 18.867 million tons, a decrease of 7.9% year-on-year [15][23]. Demand Summary - In May, thermal power generation increased by 1.2% year-on-year, reaching 737.8 billion kWh, with a month-on-month increase of 2.7% [25][27]. - Non-electric coal demand, particularly in the cement sector, saw a decline, with May production at 16.5 million tons, down 8.1% year-on-year [29][34]. Future Outlook - For thermal coal, there is potential for price recovery due to inventory depletion and seasonal demand increases, with a focus on upcoming weather conditions and renewable energy output [2][25]. - For coking coal, the report anticipates a seasonal decline in iron and steel demand, which may limit upward price movements, although there is potential for a rebound if inflation expectations improve or policy stimulus occurs [2][35]. Marginal Allocation Recommendations - Recommended stocks include leading companies with stable profits such as China Coal Energy, China Shenhua Energy, and Shaanxi Coal and Chemical Industry [12][35].

Investment Rating - The report maintains a "Recommended" rating for the coal industry, suggesting a positive outlook based on current market conditions [2]. Core Viewpoints - The escalation of tensions in the Middle East has led to a significant increase in international crude oil prices, with Brent crude futures rising by 12.85% to $78.27 per barrel [4]. - During the peak summer demand period, coal consumption in coastal provinces is expected to rise significantly, with daily consumption projected to exceed 2 million tons by late June [4]. - Coal prices in China have shown signs of stabilization, with the price of 5500 kcal thermal coal at Qinhuangdao port remaining steady at 609 yuan per ton as of June 13 [4]. - The report highlights that the coal supply may decrease in June due to safety production measures and environmental inspections, which could further support price stabilization [4]. - The report suggests focusing on leading coal companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining, as well as coking coal leaders like Huaibei Mining and Shanxi Coking Coal [4]. Summary by Sections - **Market Conditions**: The report notes that the coal market is experiencing improved supply-demand dynamics, with a decrease in port inventories and cautious production attitudes among coal mines [4]. - **Price Trends**: Domestic coal prices are stabilizing due to improved market conditions and seasonal demand, with only a slight decrease observed in early June [4]. - **Investment Recommendations**: The report recommends investing in key players in the coal sector, indicating a favorable outlook for these companies amid rising oil prices and seasonal demand [4].

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [10] Core Viewpoints - The report discusses the potential impact of rising oil prices on coal prices and the coal sector, suggesting that geopolitical conflicts can lead to synchronized price increases for oil and coal, but this requires substantial and sustained effects on oil supply and demand [2][7] - The current coal prices are expected to remain stable, influenced by seasonal factors such as the rainy season affecting power plant inventory replenishment and a reduction in production from some small private coal mines [6][18] - Historical analysis indicates that past geopolitical conflicts have not consistently led to increases in coal prices, emphasizing the need for sustained oil supply disruptions for a similar effect on coal [8][9] Summary by Sections Weekly Tracking Summary - The coal index (Yangtze) decreased by 0.40%, underperforming the CSI 300 index by 0.15 percentage points, ranking 16th out of 32 industries [18] - As of June 13, the market price for Qinhuangdao power coal was 609 RMB/ton, unchanged from the previous week [6][18] Supply and Demand Situation - The daily coal consumption across 25 provinces was 4.756 million tons, a decrease of 2.0% week-on-week and 6.7% year-on-year [34] - The total coal inventory in power plants was 119 million tons, with an available days supply of 24.9 days, reflecting a slight increase [34] Price Situation - The report notes that the price of main coking coal at Jingtang Port was 1230 RMB/ton, down 40 RMB/ton from the previous week [6][18] - The report highlights that the international coal prices have shown fluctuations, with Australian 5500 kcal FOB prices at 68.25 USD/ton, down 0.8 USD/ton week-on-week [18][36] Company Performance - The report identifies top-performing coal companies for the week, including Anyuan Coal Industry (up 11.33%) and Yunnan Coal Energy (up 9.82%) [28][31] - Conversely, companies like Dayou Energy and Pingmei Shenma Coal fell by 4.15% and 3.67%, respectively [28][31] Investment Recommendations - The report recommends marginal allocation to leading companies with stable profits such as China Coal Energy and Shenhua Energy, as well as growth-oriented companies like Electric Power Investment Energy and New Energy [9]

供给收缩渐显，静待需求驱动 [Table_ReportTime] 2025 年 6 月 15 日 证券研究报告 行业研究-周报 [Table_ReportType] 行业周报 | [Table_StockAndRank] 煤炭开采 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 左前明：能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 李睿：煤炭行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 供给收缩渐显，静待需求驱动 [Table_ReportDate] 2025 年 6 月 15 日 本期内容提要: [Table_Summary] ...

| 股票名称 | H股(港元) | A股 | 溢价率 | 偏离值↓ | | --- | --- | --- | --- | --- | | 比亚迪股份(01211) | 135.600 | 353.13 | 211.93% | 202.33% | | 龙蟠科技(02465) | 6.910 | 15.33 | 165.70% | 30.49% | | 兖矿能源(01171) | 8.250 | 12.79 | 85.70% | 11.04% | | 钧达股份(02865) | 23.100 | 37.98 | 96.93% | 10.88% | | 四川成渝高速公路(00107) | 4.780 | 6.46 | 61.92% | 3.39% | | 中芯国际(00981) | 41.450 | 83.71 | 141.91% | 3.31% | | 晨鸣纸业(01812) | 0.650 | 1.97 | 263.08% | 2.83% | | 青岛啤酒股份(00168) | 53.100 | 73.03 | 64.75% | 2.69% | 截止6月10日收盘，东北电气(00042)、弘业期货(03678 ...