金融界7月21日消息，上证指数高开高走，中证香港300上游指数 (H300上游，H30100)报2739.89点。 数据统计显示，中证香港300上游指数近一个月上涨3.08%，近三个月上涨17.66%，年至今上涨 12.89%。 据了解，中证香港300主题指数系列从中证香港300指数样本中根据中证行业分类选取符合相应主题的证 券作为指数样本，反映了在香港交易所上市各主题证券的整体表现。该指数以2004年12月31日为基日， 以1000.0点为基点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样本中剔除。样本公司发生收 购、合并、分拆等情形的处理，参照计算与维护细则处理。 本文源自：金融界 作者：行情君 从指数持仓来看，中证香港300上游指数十大权重分别为：中国海洋石油（28.06%）、中国石油股份 （13.23%）、紫金矿业（10.89%）、中国神华（9.44%）、中国石油化工股份（9.23%）、中国宏桥 （4.71%）、中煤能源（3.3%）、招金矿业（3.07%）、洛阳钼业（2.83%）、兖矿 ...

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle for the coal economy, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [3][11] - Short-term coal prices are expected to rise due to seasonal demand, with a potential extension of this demand until late August or early September [3][11] - The supply-demand imbalance is characterized by a temporary excess in supply due to recent policies and increased imports, rather than an absolute overcapacity [3][11] - The "anti-involution" policy is expected to stabilize coal prices, which will positively impact downstream industries and help restore profitability in the coal sector [3][11] Summary by Sections Coal Price Trends - As of July 19, the market price for Qinhuangdao port thermal coal (Q5500) is 634 CNY/ton, up 10 CNY/ton week-on-week [3][33] - The price for coking coal at Jing Tang port is 1420 CNY/ton, an increase of 110 CNY/ton week-on-week [3][35] - International thermal coal prices have also seen fluctuations, with Newcastle coal at 66.5 USD/ton, up 1.0 USD/ton week-on-week [3][33] Supply and Demand Dynamics - The capacity utilization rate for thermal coal mines is 94.6%, an increase of 0.9 percentage points week-on-week [3][11] - Daily coal consumption in inland provinces has increased by 36,000 tons/day (+10.14%) and in coastal provinces by 27,100 tons/day (+12.62%) [3][11] - The chemical sector's coal consumption has decreased by 7,100 tons/day (-1.03%), while the steel industry's blast furnace operating rate has increased to 83.5% (+0.31 percentage points) [3][11] Long-term Outlook - The coal sector is expected to face supply constraints until the 14th Five-Year Plan, necessitating new capacity to meet long-term energy demands [12][13] - The coal industry is characterized by high performance, cash flow, and dividend yields, with a favorable long-term outlook [12][13] - The report emphasizes the importance of focusing on high-quality coal companies such as China Shenhua, Shaanxi Coal, and others for investment opportunities [12][13]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The report indicates that the coal prices are expected to continue rising due to increased demand driven by high temperatures and a recovering supply from major production areas [2][59] - The report highlights that the focus should be on companies with stable performance and high return on equity (ROE), as well as those with attractive valuations and dividend yields [60] Summary by Sections 1. Weekly Data Tracking - Thermal coal prices have rebounded significantly, with Qinhuangdao thermal coal closing at 644 RMB/ton on July 18, an increase of 10 RMB/ton week-on-week [3][12] - Coking coal prices have also risen, with Shanxi coking coal reaching 1420 RMB/ton, up 110 RMB/ton week-on-week [4][32] 2. Supply and Demand Dynamics - The report notes that the supply of thermal coal is tightening, with June imports down 26% year-on-year [2][59] - Daily consumption of thermal coal has increased, with coastal provinces averaging 222.3 million tons per day, a week-on-week increase of 3.5 million tons [17][21] 3. Price Trends - The long-term contract price for thermal coal (Q5500) is reported at 666 RMB/ton, showing a month-on-month decrease of 0.4% and a year-on-year decrease of 4.9% [3][12] - The coking coal price index is at 1111 RMB/ton, with a week-on-week increase of 42 RMB/ton, while the cost index is at 1286 RMB/ton, indicating a gap of 175 RMB/ton [37][38] 4. Recommended Stocks - The report recommends a combination of companies including Shanxi Coal International, Huabei Mining, Pingmei Shenma, Shanxi Coking Coal, Yanzhou Coal, Shaanxi Coal, China Shenhua, and others for investment [2][60] 5. Market Performance - The coal sector has underperformed compared to the broader market, with specific stocks showing varied performance [54][60]

Core Viewpoint - The AI Fund, China Enterprise Dividend Mixed A (019015), reported a profit of 1.6032 million yuan for Q2 2025, with a net value growth rate of 4.59% during the period, and a total fund size of 33.8038 million yuan as of the end of Q2 2025 [3][16]. Fund Performance - As of July 18, the unit net value was 1.128 yuan, with a one-year cumulative net value growth rate of 9.58%, ranking 446 out of 584 comparable funds [3][4]. - The fund's performance over the last three months showed a growth rate of 8.11%, ranking 436 out of 615, and over the last six months, it had a growth rate of 9.65%, ranking 338 out of 615 [4]. Investment Strategy - The fund manager indicated that with the implementation of U.S. President Trump's tariff policies, global trade tensions are rising. They believe that state-owned enterprise stocks with self-controllable and domestic demand attributes will have better defensive characteristics [3]. - The report suggests that the concept of "dividend" investment, particularly high-dividend stocks, is expected to expand to broadly defined dividend stocks with potential high dividend capabilities. These companies typically have high operational barriers, stable ROE, and abundant operating cash flow, indicating a potential for sustained dividends while still being undervalued historically [3]. Fund Holdings - As of June 27, the fund's top ten holdings included Yanzhou Coal Mining Company, Shandong Publishing Group, Zoomlion Heavy Industry Science and Technology Co., New Media Group, Bohai Ferry, Phoenix Media, Nanjing Steel Group, Nanjing High Accurate Drive Equipment Manufacturing Group, China Shenhua Energy Company, and China Construction Bank [19]. Risk Metrics - The fund has a Sharpe ratio of 0.6765 since inception, indicating a reasonable risk-adjusted return [9]. - The maximum drawdown since inception is 14.12%, with the largest quarterly drawdown occurring in Q3 2024 at 11.88% [12]. Fund Positioning - The average stock position since inception has been 91.66%, compared to the peer average of 83.17%. The fund reached a peak stock position of 93.42% at the end of Q1 2024 and a low of 89.12% at the end of 2024 [15].

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The report indicates that the negative impact from the mid-year report has been fully absorbed, and the fundamentals of the coal industry remain upward [1] - The coal sector has underperformed the CSI 300 index, with a decline of 0.74% compared to a 1.09% increase in the index, resulting in a relative underperformance of 1.83 percentage points [2] - Key monitored enterprises reported an average daily coal sales volume of 7.31 million tons, which is a week-on-week increase of 2.8% and a year-on-year increase of 4.7% [2] - The report highlights a decrease in coal inventory by 4% week-on-week, while year-on-year inventory has increased by 19.8% [2] Summary by Sections Coal Market Performance - The coal sector saw 6 stocks rise and 31 stocks fall during the week, with ST Dazhou showing the highest increase of 4.89% [2] - The average daily sales of thermal coal increased by 3.2% week-on-week, while coking coal sales rose by 1.9% [2] Price Trends - As of July 18, 2025, the price index for thermal coal (Q5500K) in the Bohai Rim was 663 RMB/ton, reflecting a week-on-week increase of 0.15% [3] - The price of coking coal at Jing Tang Port was 1420 RMB/ton, with a week-on-week increase of 8.4% [4] Investment Recommendations - The report suggests that social inventory continues to decline, and current demand remains promising, with domestic power plants showing a significant increase in daily coal consumption [6] - The report recommends focusing on high-dividend thermal coal companies and coking coal companies that are experiencing turnaround potential, such as China Shenhua, Shaanxi Coal, and others [6]

Core Viewpoint - Yanzhou Coal Mining Company Limited reported its operational data for the second quarter of 2025, highlighting changes in coal and chemical product production and sales, influenced by market conditions and internal adjustments [1][3]. Group 1: Coal Business - The company's coal sales volume includes both self-produced and traded coal sold to external markets, excluding sales to internal chemical and power sectors [1]. - The production and sales of urea increased year-on-year due to the commissioning of a new 400,000-ton urea plant in the second quarter of 2024 [1]. Group 2: Chemical Business - The production and sales of acetic acid ethyl decreased year-on-year, attributed to Yanzhou Lunan Chemical's flexible production adjustments in response to market changes [1]. - The production and sales of full-fraction liquid paraffin, crude liquid wax, and naphtha experienced year-on-year fluctuations, also due to flexible production and product structure optimization by Shaanxi Future Energy Chemical [1]. Group 3: Operational Data Variability - The operational data may vary significantly across quarters due to various factors, including national macro policy adjustments, domestic and international market changes, seasonal factors, adverse weather, equipment maintenance, and safety inspections [2].

股票代码：600188 股票简称：兖矿能源 编号：临 2025-047 投资者如需了解详情，请参见兖煤澳洲公司在澳大利亚证券交易 所网站（http://www2.asx.com.au）及香港联合交易所有限公司网站 （http://www.hkexnews.hk ）发布的报告全文。 1 第二季度 上半年 2025 年 2024 年 增减幅 2025 年 2024 年 增减幅 商品煤产量 （应占份额） 9.4 8.2 15% 18.9 17.0 11% 商品煤销量 （应占份额） 8.1 8.6 -6% 16.6 16.9 -2% 平均实现价格 （澳元/吨） 142 181 -22% 149 180 -17% 单位：百万吨 兖矿能源集团股份有限公司董事会 2025 年 7 月 17 日 2 兖矿能源集团股份有限公司 境外控股子公司发布 2025 年第二季度产量销量 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完 整性承担法律责任。 兖矿能源集团股份有限公司控股子公司兖煤澳大利亚有限公司 （"兖煤澳洲公司"，澳大利亚证券交易所上市代码"YAL"、香港联 ...

股票代码：600188 股票简称：兖矿能源 编号：临 2025-046 兖矿能源集团股份有限公司 2025 年第二季度主要运营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完 整性承担法律责任。 经兖矿能源集团股份有限公司（"公司"）内部统计，2025 年第 二季度，公司及其附属公司煤炭业务、煤化工业务主要运营数据如下 表： | | | 第 2 季度 | | | 1-2 季度 | | | --- | --- | --- | --- | --- | --- | --- | | | 2025 年 | 2024 年 | 增减幅（%） | 2025 年 | 2024 年 | 增减幅 （%） | | 一、煤炭业务 | | | | | | | | 1.商品煤产量 | 3,680 | 3,444 | 6.83 | 7,360 | 6,908 | 6.54 | | 2.商品煤销量 | 3,314 | 3,369 | -1.64 | 6,456 | 6,788 | -4.88 | | 其中：自产煤销量 | 3,211 | 3,263 | -1.58 | ...

Group 1 - The core point of the article highlights that Yanzhou Coal Mining Company (兖矿能源) reported a coal production of 36.8 million tons in the second quarter of 2025, representing a year-on-year increase of 6.83% [1] - The company's coal sales reached 33.14 million tons, which reflects a year-on-year decrease of 1.64% [1]

Group 1 - The core viewpoint of the news is that the China Hong Kong 300 upstream index has shown positive performance, with a 0.94% increase over the past month, an 18.02% increase over the past three months, and a 12.03% increase year-to-date [1] - The China Hong Kong 300 upstream index is composed of securities selected based on the China Securities Industry Classification, reflecting the overall performance of various thematic securities listed on the Hong Kong Stock Exchange [1] - The index has a base date of December 31, 2004, with a base point of 1000.0 [1] Group 2 - The top ten holdings of the China Hong Kong 300 upstream index include China National Offshore Oil Corporation (28.76%), PetroChina Company Limited (13.17%), Zijin Mining Group (10.73%), China Shenhua Energy Company (9.47%), Sinopec Limited (9.06%), China Hongqiao Group (4.45%), China Coal Energy Company (3.29%), Zhaojin Mining Industry Company (3.19%), Luoyang Molybdenum Company (2.74%), and Yanzhou Coal Mining Company (2.33%) [1] - The index's holdings are entirely composed of securities listed on the Hong Kong Stock Exchange, with a 100% allocation [1] Group 3 - In terms of industry composition, the China Hong Kong 300 upstream index has a significant allocation to oil and gas at 51.38%, followed by precious metals at 15.91%, coal at 15.56%, and industrial metals at 14.64% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Special circumstances may lead to temporary adjustments to the index, such as delisting of sample companies or corporate actions like mergers and acquisitions [2]