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, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [11][12] - The underlying investment logic of coal capacity shortages remains unchanged, with short-term supply-demand balance and long-term gaps still present [11][12] - Coal prices have established a bottom and are trending towards a new platform, with high profitability, cash flow, return on equity (ROE) of 10-20%, and dividend yields over 5% for quality coal companies [11][12] - The coal sector is relatively undervalued, with overall valuation expected to improve, supported by high premiums in the primary mining rights market and a price-to-book (PB) ratio around 1 for most companies [11][12] - The coal sector is expected to maintain a tight supply-demand balance over the next 3-5 years, with quality coal companies exhibiting high barriers to entry, cash flow, dividends, and yield characteristics [11][12] Summary by Sections Coal Price Tracking - As of July 12, the market price for Qinhuangdao port thermal coal (Q5500) is 624 CNY/ton, an increase of 8 CNY/ton week-on-week [28] - The price for coking coal at Jing Tang port is 1310 CNY/ton, up 60 CNY/ton week-on-week [30] Coal Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 93.7%, down 0.3 percentage points week-on-week, while the utilization rate for coking coal mines is 85.52%, up 1.7 percentage points [11][46] - Daily coal consumption in coastal provinces increased by 6.10 thousand tons/day (+2.92%) week-on-week, while inland provinces saw a decrease of 9.50 thousand tons/day (-2.61%) [11][47] Coal Inventory Situation - As of July 10, coal inventory in coastal provinces decreased by 785 thousand tons (-2.18%) week-on-week, while inland provinces saw a slight decrease of 0.70 thousand tons (-0.01%) [11][47] Key Companies to Watch - Focus on stable and robust performers such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy [12] - Attention to companies with significant upside potential like Yanzhou Coal Mining, China Power Investment, and Guanghui Energy [12]

股票代码：600188 股票简称：兖矿能源 编号：临 2025-045 兖矿能源集团股份有限公司（"公司"）于 2025 年 4 月 8 日召 开第九届董事会第十五次会议，于 2025 年 5 月 30 日召开 2024 年度 股东周年大会，审议通过了《关于以协议受让及增资方式收购西北 矿业 51%股权的议案》。公司以现金 47.48 亿元受让山东能源集团 西北矿业有限公司（"西北矿业"）26%股权（"本次转让"），以 现金 93.18 亿元向西北矿业增资（"本次增资"，与本次转让合称 "本次交易"），本次交易完成后，公司持有西北矿业 51%股权。 有关详情请见公司于 2025 年 4 月 8 日披露的关联交易公告、 2025 年 5 月 22 日披露的股东周年大会会议材料及 2025 年 5 月 30 日披露的股东周年大会决议公告。该等资料刊载于上海证券交易所 网站、香港联合交易所有限公司网站、公司网站及/或《中国证券报》 《上海证券报》《证券时报》《证券日报》。 截至 2025 年 7 月 11 日，本次交易涉及的变更登记手续已完成， 根据《关于山东能源集团西北矿业有限公司之股权收购及增资协 议》，本次交 ...

Group 1 - The core viewpoint of the article highlights the performance of the China Hong Kong 300 Resource Index, which has shown a 2.39% increase over the past month, a 22.23% increase over the past three months, and a 9.29% increase year-to-date [1] - The index is composed of securities from various industry themes such as banking, transportation, resources, infrastructure, logistics, and leisure, reflecting the overall performance of different thematic listed companies in the Hong Kong market [1] - The index's top ten holdings include China National Offshore Oil (29.27%), PetroChina (13.19%), Zijin Mining (10.84%), China Shenhua Energy (9.38%), Sinopec (9.08%), China Hongqiao Group (4.51%), China Coal Energy (3.47%), Zhaojin Mining (3.08%), Luoyang Molybdenum (2.86%), and Yanzhou Coal Mining (2.39%) [1] Group 2 - The industry composition of the index shows that oil and gas account for 51.92%, precious metals for 15.97%, coal for 15.72%, industrial metals for 14.86%, rare metals for 0.91%, and other non-ferrous metals and alloys for 0.62% [2] - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2]

Core Viewpoint - The establishment of Yancoal Energy Craftsman Academy aims to support the development of the energy industry and local economy by fostering a skilled workforce and promoting craftsmanship spirit [2][3]. Group 1: Service Industry Development - The academy focuses on high-quality technical talent cultivation, conducting approximately 1,700 advanced skill training sessions and 12,000 quality training sessions annually, along with 1,000 specialized training sessions for craftsmen [2]. - It aims to create a distinctive platform for cultivating craftsmen, emphasizing high standards, standardized construction, and lean management [2]. Group 2: Talent Aggregation - The academy has developed a "dual-teacher" system, comprising 237 full-time teachers, including 72 with senior titles and 128 dual-skilled teachers, ensuring a high-quality teaching staff [2]. - It has produced notable teaching figures and technical experts, including 2 national coal education masters and 3 industry skill masters [2]. Group 3: Resource Assurance - The academy has established a comprehensive training base that integrates theoretical classrooms, practical training bases, and production lines, featuring 9 advanced training bases and 10 master studios [3]. - Collaboration with various mining units enhances course design and training effectiveness, aligning talent development with industry needs [3]. Group 4: Effective Incentive System - The academy aims to create a five-in-one skill cultivation system, focusing on craftsmanship spirit, quality enhancement, skill competitions, and online-offline learning [4]. - It operates a modern examination center capable of handling 1,000 offline exams and has a network platform with over 200,000 registered users, facilitating extensive online training and assessments [4]. - Annually, the academy conducts around 1,500 training sessions for 130,000 participants and organizes over 7,000 exams or competitions, with more than 1.2 million participants [4].

Group 1 - The core index, the China Securities Hong Kong 300 Upstream Index (H300 Upstream), reported a value of 2572.51 points, with a 2.22% increase over the past month, a 25.04% increase over the past three months, and a 9.20% increase year-to-date [1] - The index reflects the overall performance of theme securities listed on the Hong Kong Stock Exchange, selected based on the China Securities industry classification [1] - The top ten holdings of the H300 Upstream Index include China National Offshore Oil Corporation (28.81%), PetroChina Company Limited (12.85%), Zijin Mining Group (10.9%), China Shenhua Energy Company (9.29%), Sinopec Limited (8.93%), China Hongqiao Group (4.48%), China Coal Energy Company (3.4%), Zhaojin Mining Industry Company (3.06%), Luoyang Molybdenum Company (2.89%), and Yanzhou Coal Mining Company (2.35%) [1] Group 2 - The industry composition of the H300 Upstream Index shows that oil and gas account for 50.95%, precious metals for 16.02%, coal for 15.56%, industrial metals for 14.84%, oil and gas extraction and field services for 1.07%, rare metals for 0.89%, and other non-ferrous metals and alloys for 0.67% [2] - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year, with provisions for temporary adjustments in special circumstances [2]

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [10]. Core Insights - The current profitability of the coal industry is better than that before the supply-side reform in 2016, but coking coal profitability is lower than thermal coal, indicating a stronger necessity for reform [7][8]. - The "anti-involution" measures in the coal industry are expected to primarily involve production limits and capacity exits, which could raise the price baseline in a favorable demand environment. However, the current demand pressure is greater than in 2016 [6][7]. - Short-term price elasticity may be limited due to high inventory and suppressed demand, but unexpected demand improvements could lead to price rebounds [6][7]. Summary by Sections Market Performance - The coal index (Yangtze) increased by 1.67%, outperforming the CSI 300 index by 0.13 percentage points, ranking 11th out of 32 industries [21]. - As of July 4, the market price for Qinhuangdao thermal coal was 623 RMB/ton, a weekly increase of 3 RMB/ton [21]. Thermal Coal Analysis - Daily coal consumption in 25 provinces reached 573.3 million tons, a week-on-week increase of 3.3% [22]. - The inventory of power plants was 125.22 million tons, with a usable days count of 21.8 days, a decrease of 0.4 days week-on-week [22]. Coking Coal Analysis - The price for main coking coal at Jingtang Port was stable at 1230 RMB/ton as of July 4 [21]. - Coking coal inventory increased by 0.55% week-on-week, indicating a need to monitor supply recovery and seasonal demand [22][53]. Investment Recommendations - Recommended stocks include long-term stable profit leaders such as China Coal Energy, China Shenhua Energy, and Shaanxi Coal and Chemical Industry [8]. - Growth-oriented companies include Electric Power Investment and New Hope Liuhe, while flexible growth stocks include Yanzhou Coal Mining and Huayang Co [8].

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 investments [10][11] - The underlying investment logic of coal capacity shortages remains unchanged, with a short-term supply-demand balance and a long-term gap still present [10] - The trend of coal prices establishing a bottom and moving to a new platform is expected to continue, with high profitability, cash flow, return on equity (ROE), and dividends from quality coal companies [10][11] - The coal sector is viewed as undervalued, with overall valuation expected to improve, supported by high premiums in the primary mining rights market and a public fund allocation that is currently underweight in coal [10][11] Summary by Sections Coal Price Tracking - As of July 5, the market price for Qinhuangdao port thermal coal (Q5500) is 616 CNY/ton, a week-on-week increase of 2 CNY/ton [28] - The price for thermal coal from Shaanxi Yulin (Q6000) is 600 CNY/ton, up 5.0 CNY/ton week-on-week [28] - The international thermal coal price at Newcastle (NEWC5500) is 64.8 USD/ton, down 0.3 USD/ton week-on-week [28] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 94%, an increase of 1.1 percentage points week-on-week [46] - The capacity utilization rate for sample coking coal mines is 83.82%, an increase of 1.3 percentage points week-on-week [46] - Coastal provinces' daily coal consumption increased by 18.80 thousand tons/day (+9.90%) while inland provinces' daily consumption decreased by 0.60 thousand tons/day (-0.16%) [47] Investment Recommendations - Focus on stable and robust performance companies such as China Shenhua, Shaanxi Coal, and China Coal Energy [11] - Consider companies with significant rebound potential like Yanzhou Coal, Electric Power Energy, and Guanghui Energy [11] - Pay attention to high-quality metallurgical coal companies such as Huabei Mining and Pingmei Shenma [11]

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6月30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7月3日 本月底法定/註冊股本總額： RMB 10,037,480,544 備註： 第 1 頁 共 11 頁 v 1.1.1 FF301 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 | | ...

Core Insights - Yancoal Energy has experienced significant growth since its listing in July 1998, with its market capitalization increasing from 19.994 billion yuan to 122.156 billion yuan, reflecting the broader development of the coal industry [1][5] - The company's financial performance has shown considerable volatility in recent years, indicating cyclical trends in its operations [3] Business Overview - Yancoal Energy's main business segments include coal, coal chemical, electromechanical equipment manufacturing, and power and heat supply, with coal business contributing the highest revenue share at 65.86%, followed by coal chemical business at 18.13% [3] - Since its listing, Yancoal Energy has achieved a cumulative profit growth of 1813.54%, with a net profit of 144.25 billion yuan for the fiscal year 2024, compared to 0.754 billion yuan in its first year [3] Financial Performance - Revenue for Yancoal Energy peaked at 214.992 billion yuan in 2020, followed by a decline to 139.124 billion yuan in 2024, illustrating a fluctuating revenue trend over the past five years [3] - The net profit reached 71.22 billion yuan in 2020 and increased to 144.25 billion yuan in 2024, despite experiencing significant growth in 2021 and 2022, followed by a decline in the subsequent two years [3] Market Capitalization - Since its listing, Yancoal Energy's market capitalization has grown 5.11 times, indicating long-term investment value [5] - The peak market capitalization was recorded at 277.820 billion yuan on September 7, 2022, with a corresponding stock price of 56.14 yuan, but as of June 30, the market cap had decreased to 122.156 billion yuan, representing a loss of 155.664 billion yuan or 56.03% from its peak [5]

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [10]. Core Insights - The recent strong rebound in coking coal futures is attributed to a combination of supply contraction and improved demand fundamentals, although medium to long-term price pressures may persist if demand does not see significant positive changes [2][7]. - The coal index (Yangtze) increased by 1.68% this week, underperforming the CSI 300 index by 0.27 percentage points, ranking 25th out of 32 industries [19]. - Coking coal prices are supported by supply tightening due to safety inspections and environmental regulations, while demand remains stable due to steel production [6][20]. Summary by Sections Coking Coal Market - Coking coal futures saw a weekly increase of 6.34%, closing at 848 CNY/ton, significantly outperforming other commodities in the coal-steel-mining chain [7][14]. - Supply-side factors include reduced production from safety checks and environmental inspections, leading to a 0.53% week-on-week decrease in weekly refined coal output [7][20]. - Demand remains stable, with average daily pig iron production from 247 steel mills at 2.4229 million tons, showing a slight increase of 0.05% week-on-week [7][20]. Investment Recommendations - The report suggests marginal allocation to long-term stable profit leaders such as China Coal Energy (A+H), China Shenhua (A+H), and Shaanxi Coal and Chemical Industry [8]. - For growth-oriented investments, Electric Power Investment and New集 Energy are recommended, while coking coal companies like Shanxi Coking Coal, Huaibei Mining, and Pingdingshan Coal are highlighted for their potential [8]. Price Trends - As of June 27, the market price for Qinhuangdao 5500 kcal thermal coal is 620 CNY/ton, reflecting an increase of 11 CNY/ton week-on-week [19][42]. - The main coking coal price at Jingtang Port remains stable at 1230 CNY/ton, while the price for first-grade metallurgical coke is 1280 CNY/ton, unchanged from the previous week [19][20].