Investment Rating - The investment rating for the coal mining sector 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 stocks [11][12] - The coal price has stabilized and is expected to continue its upward trend due to safety inspections in production areas, ongoing inventory depletion at ports, and the initiation of peak season demand [11][12] - The valuation of the coal sector remains low, and the continuous improvement in fundamentals and price expectations has not yet been fully reflected, highlighting the sector's investment value [11][12] Summary by Sections Coal Price Trends - As of June 28, the market price for Qinhuangdao port thermal coal (Q5500) is 614 CNY/ton, up 4 CNY/ton week-on-week [11][29] - The international thermal coal offshore price for Newcastle NEWC5500 is 65.3 USD/ton, down 1.3 USD/ton week-on-week [11][29] - The price for coking coal at Jing Tang port remains stable at 1250 CNY/ton [11][31] Supply and Demand Analysis - The capacity utilization rate for sample thermal coal mines is 92.9%, down 1.6 percentage points week-on-week, while the coking coal mine utilization rate is 82.48%, down 2.0 percentage points [11][48] - Daily coal consumption in inland provinces has increased by 14.5 thousand tons/day (+4.13%), while consumption in coastal provinces has decreased by 1.6 thousand tons/day (-0.84%) [11][49] Investment Recommendations - The report suggests focusing on stable and high-performing companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy, as well as those with significant upside potential like Yanzhou Coal Mining and China Power Investment [12][13] - The coal sector is characterized by high performance, high cash flow, and high dividend yields, making it an attractive investment opportunity [12][13]

Core Viewpoint - The recent cancellation of supervisory boards in state-owned enterprises (SOEs) in Shandong province reflects a deepening reform in corporate governance structures, aiming to enhance efficiency and reduce bureaucratic layers [1][4]. Group 1: Cancellation of Supervisory Boards - Several state-owned enterprises in Shandong, including Shandong Guotou and Shandong Steel, have recently abolished their supervisory boards, with local municipal enterprises like Dongying Financial Investment Group also following suit [1][3]. - The Shandong Provincial State-owned Assets Investment Holding Company announced that its supervisory functions would now be performed by an audit committee, as per the revised company charter [2]. Group 2: Legal and Structural Basis - The cancellation of supervisory boards is supported by the newly revised Company Law of the People's Republic of China, which allows for the establishment of audit committees within the board of directors to perform the functions of supervisory boards [4][5]. - Industry experts suggest that the previous supervisory boards had limited effectiveness, and their removal is a necessary step towards modernizing corporate governance in SOEs [4][7]. Group 3: Implications and Future Directions - The reform is expected to streamline governance structures, reduce costs, and enhance supervisory effectiveness, aligning with the goals of sustainable development for SOEs [6][8]. - Companies are encouraged to explore alternative supervisory methods, such as strengthening internal audits and enhancing shareholder oversight, to ensure robust governance [7][9].

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 ...