Group 1 - The coal sector in the Hong Kong stock market is experiencing a continuous decline, with China Shenhua (01088.HK) dropping over 4% [1] - Other companies in the sector, such as China Coal Energy (01898.HK) and Yanzhou Coal Mining (01171.HK), are also seeing declines [1]

Core Viewpoint - The Invesco Great Wall National Index Hong Kong Stock Connect Dividend Low Volatility ETF (159569) has shown a slight decline in its closing price, with a notable increase in both share count and total assets year-to-date [1][2]. Fund Overview - The fund was established on August 14, 2024, with an annual management fee of 0.50% and a custody fee of 0.08% [1]. - As of June 25, 2024, the fund's share count was 119 million, with a total asset size of 151 million yuan, reflecting a 5.30% increase in shares and a 16.69% increase in assets since the beginning of the year [1]. Trading Activity - The ETF recorded a trading volume of 677 million yuan over the last 20 trading days, averaging 33.86 million yuan per day [1]. Fund Management - The current fund managers are Zhang Xiaonan and Gong Lili, with returns of 30.60% and 29.44% respectively since their management began [2]. Top Holdings - The ETF's major holdings include: - Orient Overseas International: 10.26% [3] - Seaspan Corporation: 5.70% [3] - Yanzhou Coal Mining Company: 3.95% [3] - Swire Properties B: 3.88% [3] - CNOOC: 3.78% [3] - China Hongqiao Group: 3.76% [3] - Minsheng Bank: 3.53% [3] - Yuehai Investment: 3.29% [3] - CITIC Bank: 3.28% [3] - Far East Horizon: 3.27% [3]

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 in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector assets [10][11] - The coal supply side is experiencing a contraction, with a decrease in coal mine capacity utilization rates, while demand is expected to recover, leading to a potential rebound in coal prices [10][11] - The report emphasizes the importance of high-quality coal companies that exhibit strong profitability, cash flow, return on equity (ROE), and dividends, which are expected to remain attractive investments [10][11] Summary by Sections 1. Coal Prices - As of June 14, the market price for Qinhuangdao port thermal coal (Q5500) is 610 CNY/ton, a decrease of 1 CNY/ton week-on-week [2][29] - The price for coking coal at Jing Tang port is reported at 1250 CNY/ton, down 40 CNY/ton from the previous week [31] 2. Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 94%, down 1 percentage point week-on-week, while coking coal mines have a utilization rate of 83.71%, down 0.9 percentage points [10][46] - Daily coal consumption in inland provinces has decreased by 9.50 thousand tons/day (-3.03%) and in coastal provinces by 0.30 thousand tons/day (-0.17%) [10][47] 3. Coal Inventory and Transportation - As of June 12, coal inventory in inland provinces has decreased by 12.60 thousand tons, while coastal provinces saw an increase of 38.50 thousand tons [47] - The report notes that the daily coal consumption is in the early stages of a seasonal increase, indicating a potential recovery in demand [10] 4. Investment Recommendations - The report suggests focusing on stable and high-performing companies such as China Shenhua, Shaanxi Coal, and others, while also considering companies with high elasticity like Yanzhou Coal and Guohua Energy [11][12]

Core Insights - The article highlights the top and bottom AH share premium rates as of June 10, with Northeast Electric (00042) leading at a premium rate of 958.82% and Ningde Times (03750) at the bottom with -1.75% [1][2]. Group 1: Top AH Share Premium Rates - Northeast Electric (00042) has a premium rate of 958.82% with H-share priced at 0.255 HKD and A-share at 2.25 CNY [2]. - Hongye Futures (03678) follows with a premium rate of 271.39%, H-share at 3.390 HKD and A-share at 10.51 CNY [2]. - Andeli Juice (02218) ranks third with a premium rate of 268.02%, H-share at 15.980 HKD and A-share at 49.1 CNY [2]. Group 2: Bottom AH Share Premium Rates - Ningde Times (03750) has a premium rate of -1.75%, with H-share at 299.600 HKD and A-share at 245.75 CNY [2]. - WuXi AppTec (02359) has a premium rate of 5.05%, H-share at 74.000 HKD and A-share at 64.9 CNY [2]. - China Merchants Bank (03968) has a premium rate of 5.13%, H-share at 50.900 HKD and A-share at 44.67 CNY [2]. Group 3: Top Share Deviation Values - BYD Company (01211) leads with a deviation value of 202.33%, H-share at 135.600 HKD and A-share at 353.13 CNY [2]. - Longpan Technology (02465) follows with a deviation value of 30.49%, H-share at 6.910 HKD and A-share at 15.33 CNY [2]. - Yanzhou Coal Mining (01171) has a deviation value of 11.04%, H-share at 8.250 HKD and A-share at 12.79 CNY [2]. Group 4: Bottom Share Deviation Values - China Shipbuilding Defense (00317) has the lowest deviation value at -46.55%, H-share at 13.360 HKD and A-share at 24.9 CNY [3]. - Zhejiang Shibao (01057) follows with -37.20%, H-share at 4.650 HKD and A-share at 11.93 CNY [3]. - Junshi Biosciences (01877) has a deviation value of -35.39%, H-share at 24.600 HKD and A-share at 37 CNY [3].

兖矿能源集团股份有限公司 2024年年度末期权益分派实施公告 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。 重要内容提示： A 股每股现金红利人民币 0.54元（含税）。 相关日期 | 股权登记日 | 最后交易日 | 除权（息）日 | | 现金红利发放日 | 股份类别 | | --- | --- | --- | --- | --- | --- | | A 股 2025/6/17 － | | | 2025/6/18 | 2025/6/18 | | H 股股东的现金红利派发不适用本公告。 股票代码：600188 股票简称：兖矿能源 公告编号：临 2025-044 差异化分红送转： 否 。 一、通过分配方案的股东会届次和日期 本次利润分配方案经兖矿能源集团股份有限公司（"兖矿能源""公司"）2025 年 5 月 30 日召开的2024年度股东周年大会审议通过。 二、分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 1 公司不存在 ...

兖矿能源集团股份有限公司 股票代码：600188 股票简称：兖矿能源 公告编号：临 2025-044 2024年年度末期权益分派实施公告 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。 重要内容提示： A 股每股现金红利人民币 0.54元（含税）。 相关日期 | 股权登记日 | 最后交易日 | 除权（息）日 | | 现金红利发放日 | 股份类别 | | --- | --- | --- | --- | --- | --- | | A 股 2025/6/17 － | | | 2025/6/18 | 2025/6/18 | | H 股股东的现金红利派发不适用本公告。 差异化分红送转： 否 。 一、通过分配方案的股东会届次和日期 本次利润分配方案经兖矿能源集团股份有限公司（"兖矿能源""公司"）2025 年 5 月 30 日召开的2024年度股东周年大会审议通过。 二、分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 1 公司不存在 ...

"申能股份高度重视股东回报。上市以来，公司坚持每年现金分红，累计分红达247亿元，体现了国有上 市公司的主体责任和担当。"华士超介绍。 新华文轩董事长周青表示，公司上市以来一直保持着稳定的增长态势，总资产、净资产、营业收入、利 润总额、扣非归母净利润的年复合增长率分别达8.87%、8.62%、8.88%、11.97%和11.98%。 据悉，2016年上市以来，新华文轩每年都实施了现金分红，累计分红金额达45.04亿元。2024年，公司 拟向全体股东每10股派现金股利4.1元，共派发现金股利5.06亿元。 ◎记者 何昕怡 "2024年，广州发展资产规模、营业收入、利润总额均保持增长态势，归母净利润连续3年创历史新高， 天然气、新能源、储能业务版图持续扩大，业务板块全面盈利。"广州发展董事长蔡瑞雄称。 6月5日，2024年沪市主板高分红重回报专题集体业绩说明会在上证路演中心举行。兖矿能源、申能股 份、广州发展、新华文轩等4家上市公司高管集体亮相，通过分享现金分红情况、ESG建设进展，多维 度传递企业发展的强劲动力和韧性。 现金分红热情持续高涨 高分红、强回报，一直是沪市公司的亮眼标签。此次业绩说明会上，4家公司亦 ...

迎接 6 月基本面拐点 [Table_Industry] 煤炭 股票研究 /[Table_Date] 2025.06.05 [Table_Invest] 评级： 增持 ——煤炭行业周报 | [table_Authors] 黄涛(分析师) | 王楠瑀(研究助理) | | --- | --- | | 021-38676666 | 021-38676666 | | 登记编号 S0880515090001 | S0880123060041 | 本报告导读： 煤价底部企稳，预计随着全国气温的逐步攀升，再考虑到库存去化，预计煤价拐点 就在 6 月，当前就是基本面拐点。 投资要点： [投资建议： Table_Summary] 从板块推荐角度，依然推荐红利的核心中国神华、陕西煤业、 中煤能源；继续推荐兖矿能源、晋控煤业。 疆煤外运及内蒙的铁路运费再次下调，背后或反应新疆内蒙外运大规模 亏损压力。上周疆煤外运及内蒙的铁路运费再次下调，物流成本继续下 降。旺季来临时候下调运费，显示出产地，新疆内蒙外运大规模亏损压 力，运量下降倒逼铁路降价，在当前 620 元港口价格下已经刻不容缓， 侧面反映两大产地压力。我们认为 4 月全国产量 ...

Core Insights - Shandong is the only province in China that encompasses all 41 industrial categories defined by the United Nations, showcasing a comprehensive manufacturing ecosystem [5][8][19] - The province has a robust supply chain ecosystem, with leading companies like Weichai Power and Haier Group exemplifying its industrial capabilities [9][10][20] - Shandong's manufacturing strength lies in its resource endowment, historical industrial base, and a culture of technical patience, allowing for a unique industrial development path [12][15][18] Industrial Composition - Shandong covers 41 industrial categories, 197 industrial subcategories, and 526 industrial sub-subcategories, making it a unique industrial hub [8] - The province ranks first in the number of "Manufacturing Single Champion Products," with 76 out of 390 products recognized nationally [9] - Shandong's industrial landscape includes sectors such as metallurgy, chemicals, equipment manufacturing, and consumer goods, forming a complete industrial chain from raw materials to finished products [12][20] Competitive Advantages - Geographically, Shandong serves as a central hub in China's industrial landscape, benefiting from its proximity to energy sources and transportation networks [15] - The province's historical focus on foundational industries has established a solid industrial base, enabling it to transition into more advanced manufacturing capabilities [15][20] - Shandong's approach to industrial development emphasizes stability and gradual transformation, focusing on upgrading traditional industries through digitalization and smart manufacturing [16][20] Future Directions - Shandong is at a turning point, facing pressures to transition from traditional heavy industries to greener, smarter, and more flexible manufacturing systems [20][23] - The province is actively promoting industrial internet and smart manufacturing initiatives, aiming to enhance collaboration among different sectors and improve overall efficiency [20][23] - The transformation strategy focuses on leveraging existing industrial strengths to create a more resilient and self-sufficient manufacturing structure, which is crucial in the context of global supply chain disruptions [23]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年5月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 兗礦能源集團股份有限公司(在中華人民共和國註冊成立的公司) 呈交日期: 2025年6月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600188 | 說明 | | A股（上海證券交易所） | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,961,980,544 | RMB | | 1 RMB | | 5,961,980,544 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 5,961,980,544 | RMB | | 1 RMB | | 5,961,980,544 ...