Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - Shenhua plans to acquire group assets, and coal prices are expected to rise in August. Domestic power plants maintain daily coal consumption, leading to continued price increases. The coal association has advocated for controlling production and improving quality, while the Central Financial Committee emphasized the need to regulate low-price competition and promote the orderly exit of backward production capacity. The coking coal sector may see marginal improvements in performance due to environmental factors affecting capacity utilization, with supply and demand gradually balancing in the second half of the year [6][42]. Summary by Sections Coal Market Performance - The coal sector declined, underperforming the CSI 300 index by 2.81 percentage points, with a drop of 4.56% as of August 1, 2025. Among 37 stocks, Chengzhi Co. had the smallest decline at 0.89% [2]. - Key monitored enterprises reported an average daily coal sales volume of 6.64 million tons from July 25 to July 31, 2025, a week-on-week decrease of 6.9% but a year-on-year increase of 0.1%. The total coal inventory was 28.87 million tons, down 5.5% week-on-week and up 15.1% year-on-year [2]. Price Trends - As of August 1, 2025, the price of thermal coal (Q5500K) in the Bohai Rim was 665 CNY/ton, up 0.15% week-on-week. The price of imported thermal coal was 763 CNY/ton, up 0.13% week-on-week. Prices at various ports, including Qinhuangdao and Huanghua, also saw increases [3]. - For coking coal, the main coking coal price at Jingtang Port was stable at 1,650 CNY/ton, while prices for metallurgical coke increased by 3.4% for first-grade and 3.94% for second-grade [4]. Supply and Demand Dynamics - The cumulative coal sales volume for key monitored enterprises was 146.43 million tons, a year-on-year decrease of 3.3%. Power and chemical industries saw coal consumption changes of -2.7% and +16.9% respectively [2][41]. - The chemical industry’s total coal consumption was reported at 21.39 million tons as of August 1, 2025, reflecting a year-on-year increase of 16.9% [41]. Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies and turnaround coking coal companies. Key companies to watch include China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining Company for thermal coal, and Huabei Mining and Shanxi Coking Coal for coking coal [6][42].

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is the early stage of a new upward cycle in the coal economy, driven by both fundamental and policy factors, making it an opportune time to invest in the coal sector during price corrections [11][12] - The supply side is tightening due to a decrease in coal mine capacity utilization rates, while demand is increasing, particularly in inland provinces [11][12] - The coal price has established a new support level, and high-quality coal companies are characterized by strong profitability, cash flow, return on equity (ROE), and dividends [11][12] Summary by Sections Coal Price Tracking - As of August 2, the market price for Qinhuangdao port thermal coal (Q5500) is 655 CNY/ton, up 10 CNY/ton week-on-week [3][28] - The price for coking coal at Jingtang port remains stable at 1650 CNY/ton [30] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 90.9%, down 3.1 percentage points week-on-week [11][45] - Daily coal consumption in inland provinces increased by 44.4 thousand tons/day (+13.05%) [11][46] - The daily coal consumption in coastal provinces rose by 1.0 thousand tons/day (+0.45%) [11][46] Inventory Situation - As of July 31, coal inventory in inland provinces decreased by 1.20% week-on-week, while daily consumption increased [46] - Coastal provinces saw a 1.08% decrease in coal inventory week-on-week [46] Company Performance - The coal sector is characterized by high performance, cash flow, and dividends, with a focus on companies like China Shenhua, Shaanxi Coal and Energy, and others [12][13]

Group 1 - The core viewpoint of the news is that the China Hong Kong 300 upstream index has shown significant growth over the past month, three months, and year-to-date, indicating a positive trend in the market [1][2] - The China Hong Kong 300 upstream index has increased by 8.11% in the last month, 21.15% in the last three months, and 16.69% year-to-date [1] - The 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][2] Group 2 - The top ten holdings of the China Hong Kong 300 upstream index include China National Offshore Oil Corporation (28.21%), PetroChina Company Limited (13.54%), Zijin Mining Group (10.5%), and China Shenhua Energy Company (9.62%) [1] - The index's holdings are entirely composed of securities listed on the Hong Kong Stock Exchange, with the oil and gas sector representing 51.36% of the index [2] - The index undergoes adjustments every six months, with the next adjustment scheduled for the second Friday of June and December, and can also be adjusted under special circumstances [2]

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。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。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 从指数持仓来看，中证香港300资源指数十大权重分别为：中国海洋石油（28.08%）、中国石油股份 （13.56%）、紫金矿业（10.98%）、中国神华（9.65%）、中国石油化工股份（9.33%）、中国宏桥 （4.87%）、中煤能源（3.43%）、洛阳钼业（3.06%）、招金矿业（2.89%）、兖矿能源（2.47%）。 从中证香港300资源指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港300资源指数持仓样本的行业来看，石油与天然气占比51.36%、煤炭占比16.03%、贵金属占 比15.66%、工业金属占比15.53%、稀有金属占比0.91%、其他有色金属及合金占比0.52%。 金融界7月31日消息，上证指数低开低走， ...

Core Viewpoint - The China Securities Index Hong Kong 300 Energy Index has shown significant growth, with a 11.96% increase over the past month, 19.68% over the past three months, and a 6.93% increase year-to-date [1] Group 1: Index Performance - The China Securities Index Hong Kong 300 Energy Index is currently at 2656.17 points [1] - The index is designed to reflect the overall performance of different industries in the Hong Kong market, based on the China Securities Industry Classification Standards [1] Group 2: Index Composition - The index is composed entirely of securities listed on the Hong Kong Stock Exchange, with a 100% allocation [1] - The sector breakdown of the index includes: - Oil refining: 41.59% - Integrated oil and gas companies: 33.45% - Coal: 22.70% - Oilfield services: 1.55% - Coking: 0.72% [1] Group 3: Sample Adjustment - The index samples are adjusted biannually, specifically on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to significant events affecting sample companies [2]

Group 1 - The coal stocks in Hong Kong experienced a collective decline, with notable drops in several companies [1] - Green Leader Holdings fell nearly 8%, while China Coal Energy dropped over 4% [1] - Other companies such as South Resources, Mongolian Coking Coal, and Yancoal Australia also saw declines exceeding 3% [1] Group 2 - Specific stock performance includes: - Green Leader Holdings: -7.84% at a price of 0.094 with a market cap of 49.4685 million [2] - China Coal Energy: -4.23% at a price of 9.730 with a market cap of 129.007 billion [2] - South Resources: -3.92% at a price of 0.245 with a market cap of 1.88 million [2] - Mongolian Coking Coal: -3.76% at a price of 7.930 with a market cap of 8.226 billion [2] - Yancoal Australia: -3.18% at a price of 31.950 with a market cap of 42.188 billion [2] - China Shenhua: -2.30% at a price of 33.950 with a market cap of 674.536 billion [2]

（文章来源：每日经济新闻） 每经AI快讯，7月31日，港股煤炭股持续走低，中煤能源(01898.HK)跌超4%，兖矿能源(01171.HK)跌超 3%，中国神华(01088.HK)、南戈壁(01878.HK)等跟跌。 ...

港股煤炭股持续走低，中煤能源(01898.HK)跌超4%，兖矿能源(01171.HK)跌超3%，中国神华 (01088.HK)、南戈壁(01878.HK)等跟跌。 ...

A股煤炭板块盘初走弱，潞安环能跌超6%，平煤股份跌超3%，兖矿能源、陕西煤业等跟跌。 ...

Core Viewpoint - The Hong Kong stock market showed a mixed performance with the Hang Seng Index rising by 0.68% while the Hang Seng Tech Index fell by 0.24% [1] Market Performance - The Hang Seng Index closed at 25,562.13 points with a trading volume of 250.3 billion HKD, down from 281.8 billion HKD in the previous trading day [1] - The afternoon session saw a rebound in the market after an initial decline in the morning [1] Sector Performance - Innovative pharmaceuticals and large financial sectors performed well, while local real estate stocks strengthened in the afternoon [1] - Conversely, sectors such as solar energy, coal, and non-ferrous metals weakened [1] Notable Stocks - Contemporary Amperex Technology Co., Ltd. (宁德时代) surged by 6.24%, reaching a new high since its listing [1] - Hengrui Medicine (恒瑞医药) saw a significant increase of 24.54% after announcing a potential $12.5 billion licensing agreement with GSK [1] - China Ping An (中国平安) rose by 3.49% [1] - Yanzhou Coal Mining Company (兖矿能源) declined by 3.90% [1] - Ganfeng Lithium (赣锋锂业) fell by 6.66% [1]