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]

Group 1: Major Contracts and Financial Performance - China Railway Group (00390.HK) recently won multiple major engineering contracts with a total bid amount of approximately RMB 91.2 billion, accounting for about 8.52% of the company's revenue under Chinese accounting standards for 2021 [1] - China People's Insurance Group (01339.HK) reported a total insurance premium income of RMB 452.46 billion from January to August 2022, representing a year-on-year growth of 9.89% [2] - China Coal Energy (01898.HK) announced that its coal sales volume in August reached 25.96 million tons, a year-on-year increase of 1.3%, while coal production was 10.92 million tons, up 22.3% year-on-year [3] Group 2: Share Buybacks and Stake Increases - Bohai Bank (09668.HK) announced that several employees plan to voluntarily purchase at least 25 million H-shares using their own funds, reflecting confidence in the bank's long-term business development [4] - China Communications Construction (01800.HK) disclosed that its controlling shareholder has cumulatively increased its stake by approximately 264.47 million H-shares, representing 1.64% of the company's total issued shares [5] - Shougang Holding (00697.HK) reported that its major shareholder has entered into an agreement to sell 728 million shares to Beijing Guoguan Investment Holdings, which will acquire about 10% of the company's total issued shares [6] Group 3: Market Activities and Corporate Actions - Jianye Real Estate (00832.HK) announced plans to repurchase shares in the open market based on market conditions [7] - China Pacific Insurance (02601.HK) reported cumulative original insurance business income of RMB 290.9 billion from January to August [8] - China Property & Casualty Insurance (02328.HK) reported a premium income of RMB 340.25 billion from January to August, reflecting a year-on-year growth of 9.8% [9]

Investment Rating - The industry investment rating is "Maintain Buy" for coal mining companies [4][6]. Core Viewpoints - The current coal price adjustment has been ongoing for nearly four years since the historical peak in Q4 2021, and the market is well aware of the price decline. The industry is at a critical stage of price bottoming, and the bottom may not be far off. It is essential to grasp the intrinsic attributes of the industry and maintain confidence [3]. - In May 2025, India's coal-fired power generation decreased by 9.5% year-on-year to 113.3 billion kWh, marking the largest year-on-year decline since June 2020 [2]. - The report emphasizes that domestic coal companies are increasingly facing losses, with over half (54.8%) of coal enterprises reporting losses as of March 2025. This trend may lead to increased probabilities of both passive and active production cuts [3]. Summary by Sections Coal Prices - As of June 6, 2025, coal prices showed mixed trends: European ARA port coal price at $89/ton (down 2.2%), Newcastle port coal price at $218.9/ton (unchanged), and IPE South Africa Richards Bay coal futures at $91/ton (up 1.2%) [1][32]. Key Recommendations - Recommended stocks include: - China Shenhua (601088.SH) - Buy - Shaanxi Coal and Energy (601225.SH) - Buy - China Qinfa (00866.HK) - Buy - China Coal Energy (601898.SH) - Buy - Electric Power Energy (002128.SZ) - Buy - Jinko Coal Industry (601001.SH) - Buy - Yancoal Energy (600188.SH) - Buy - New Hope Energy (601918.SH) - Buy [6]. Electricity Demand - In May 2025, India's total electricity generation decreased by 5.3% year-on-year to 160.4 billion kWh, with peak demand down 8% to 231,000 MW, primarily due to mild weather conditions [5].

中国中煤能源股份有限公司 2024 年度股东周年大会及 2025 年第一次 A 股类别股东会 会议资料 2025 年 6 月 中煤能源 2024 年度股东周年大会及 2025 年第一次 A 股类别股东会会议资料 目 录 | 会 | 议 须 | 知 | 1 | | --- | --- | --- | --- | | 2024 | | 年度股东周年大会会议议程 | 2 | | 2025 | 年第一次 | A 股类别股东会会议议程 | 4 | | 2024 | | 年度股东周年大会会议议案 | | | 议案一 | 关于《公司 | 2024 年度董事会报告》的议案 | 5 | | 议案二 | 关于《公司 | 2024 年度监事会报告》的议案 | 6 | | 议案三 | 关于《公司 | 2024 年度财务报告》的议案 | 10 | | 议案四 | 关于《公司 | 2024 年度利润分配预案》的议案 | 12 | | 议案五 | | 关于提请股东大会授权董事会制定并实施 2025 年中期分红方案的议案 | 13 | | 议案六 | | 关于继续给予公司发行债务类融资工具一般性授权的议案 | 14 | | 议案七 | 关于 ...

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 ...

Investment Rating - The report gives a "Buy" rating for the company, China Coal Energy (601898.SH), with a target price of 14.33 CNY per share based on absolute and relative valuation methods [1][4][18]. Core Views - The report anticipates that the company's net profit attributable to shareholders will be 16.15 billion, 17.97 billion, and 18.57 billion CNY for the years 2025-2027, with corresponding EPS of 1.22, 1.36, and 1.40 CNY, reflecting year-on-year growth rates of -16.41%, 11.26%, and 3.31% [1][17]. - The market perceives an oversupply in the coal industry, leading to potential price declines; however, the report argues that a balanced supply-demand scenario will maintain spot prices between 750-850 CNY/ton [2][13][54]. Summary by Sections Company Overview - China Coal Energy is a leading state-owned enterprise in the coal sector, focusing on integrated operations and clean coal utilization [22]. - The company has substantial coal reserves of 26.52 billion tons and a recoverable reserve of 13.821 billion tons, with a mining life expectancy of nearly 100 years [56]. Financial Data - The company reported a revenue of 189.4 billion CNY in 2024, a slight decrease of 1.9% from the previous year, with a net profit of 19.32 billion CNY, down 1.1% [7][27]. - The average dividend payout ratio since its listing is 30.65%, with a projected payout ratio of 32.87% for 2024 [14][17]. Industry Analysis - The report highlights a stable coal price environment, with expectations for prices to remain between 750-850 CNY/ton due to balanced supply and demand [2][54]. - The coal production capacity is nearing its limits, with expected production stabilizing around 38.5-39 billion tons from 2025 to 2027 [54]. Profit Forecast and Valuation - The projected revenues for 2025-2027 are 182.29 billion, 186.23 billion, and 187.70 billion CNY, with a year-on-year growth of -3.75%, 2.16%, and 0.79% respectively [17]. - The report employs a Dividend Discount Model (DDM) for valuation, suggesting a reasonable stock price of 13.68 CNY based on dividend expectations [18].

Summary of China Coal Energy Conference Call Industry Overview - **Industry**: Coal Industry - **Company**: China Coal Energy Key Points and Arguments 1. **Coking Coal Price Recovery Expectations**: The market anticipates an increase in coking coal demand due to clarified real estate policies, potentially leading to a price rebound. However, deeper analytical support for this expectation is lacking. Coking coal prices remained around 1,100 RMB/ton in Q1 and Q2 of 2025, with stability expected in Q3 and beyond [2][3][4]. 2. **Impact of New Mineral Resources Law**: The new law, effective July 1, 2025, provides a legal framework for mineral resource management, promoting orderly and legal market operations. It is expected to benefit China Coal Energy in resource and asset disposal, although the increase in environmental costs for new mines remains uncertain [2][5]. 3. **Stable Operational Performance in Q2**: For the first four months of 2025, coal production and sales remained stable. While performance is expected to be flat compared to the previous quarter, there may be year-on-year pressure due to coal price impacts, with detailed data pending [2][6]. 4. **High Coal Inventory with Decreasing Trend**: The company’s coal inventory, including production segment and port inventories, remains high but shows a clear trend of reduction [2][7]. 5. **Long-term Contract Fulfillment**: China Coal Energy maintains a long-term contract fulfillment rate above 90%, with a contract ratio of no less than 75% for 2025, in compliance with national requirements [2][8]. 6. **Coal Price Stability and Future Outlook**: Since early 2025, coal prices have been declining but stabilized around 620 RMB for 5,500 kcal spot prices by the end of May. The upcoming summer peak demand and price increases in major production areas are expected to support coal prices, leading to narrow fluctuations [4][9]. 7. **Cost Reduction and Efficiency Improvement**: The company emphasizes cost reduction and efficiency as key development strategies in response to low coal prices. This includes refined management and efficient production practices, which have contributed to positive performance in 2024 and Q1 2025 [4][11]. 8. **Profitability of Coal Chemical Projects**: All operational coal chemical projects have been profitable, even during periods of high coal prices [12]. 9. **Progress of Ongoing Projects**: Two major projects, the Libu Anthracite Mine (4 million tons/year) and the Weigou Thermal Coal Mine (2.4 million tons/year), are expected to commence production by the end of 2026 [13]. 10. **Dividend Plans Amidst Falling Coal Prices**: While the dividend ratio will not be affected, the total dividend amount may decrease due to lower current prices compared to last year. However, the company’s long-term contracts mitigate significant performance fluctuations [14]. 11. **Long-term Resource Availability**: The group has substantial coal mine resources, with a total capacity of approximately 340 million tons, indicating potential for resource injection into the listed company [20]. 12. **Future Capital Expenditure Plans**: The company plans to maintain capital expenditures around 15 billion RMB over the next three years, primarily for ongoing projects [21]. 13. **Overall Profitability Amid Price Declines**: Despite a decline in coking coal prices, the company has maintained relative stability in profitability, with coking coal prices around 1,100 RMB/ton, slightly better than the market average [22]. Additional Important Content - **Market Dynamics**: The stability of current coal prices is influenced by various factors, including increased imports and the impact of renewable energy on thermal power demand [9][16]. - **Customer Compliance**: Even in a low market, customer compliance with contracts is expected to remain stable due to national policy requirements [15]. This summary encapsulates the key insights from the conference call, highlighting the company's operational status, market expectations, and strategic directions within the coal industry.

Group 1 - The Hang Seng High Dividend Yield Index (HSSCHKY) has shown a strong increase of 1.54% as of June 3, 2025, with notable gains in stocks such as China CITIC Bank (00998) up 4.88%, Swire Properties (01972) up 3.94%, and Agricultural Bank of China (01288) up 3.41% [2] - The Bosera Hang Seng High Dividend ETF (513690) has risen by 0.72%, with a latest price of 0.99 yuan and a trading volume of 61.74 million yuan [2] - The Bosera Hang Seng High Dividend ETF has a recent scale of 4.005 billion yuan and has seen a net financing amount of 1.201 million yuan in the previous trading day [3] Group 2 - The Bosera Hang Seng High Dividend ETF has achieved a net value increase of 32.41% over the past two years, ranking 120 out of 2187 in the index stock fund category [4] - The ETF has a maximum monthly return of 24.18% since inception, with an average monthly return of 4.99% [4] - The ETF's management fee is 0.50% and the custody fee is 0.10%, with a tracking error of 0.055% over the past six months [4] Group 3 - As of June 2, 2025, the top ten weighted stocks in the Hang Seng High Dividend Yield Index account for 28.55% of the index, including Yanzhou Coal Mining Company (01171) and Cheung Kong Infrastructure Holdings (00008) [5][7] - The weight of the top stock, Yanzhou Coal Mining Company, is 4.39%, while the second, Cheung Kong Infrastructure Holdings, has a weight of 2.66% [7]

Market Overview - The Shanghai Composite Index increased by 0.14% as of 10:28 AM, with a trading volume of 470.90 billion shares and a turnover of 564.58 billion yuan, a decrease of 4.56% compared to the previous trading day [1] Industry Performance - The top-performing industries included: - Beauty Care: Increased by 3.21% with a transaction amount of 60.32 billion yuan, up 14.82% from the previous day, led by Beitaini with a rise of 12.83% [1] - Comprehensive: Increased by 1.90% with a transaction amount of 13.55 billion yuan, up 3.98%, led by Zhangzhou Development with a rise of 4.98% [1] - Non-ferrous Metals: Increased by 1.68% with a transaction amount of 203.46 billion yuan, up 42.48%, led by Western Gold with a rise of 10.03% [1] - The worst-performing industries included: - Household Appliances: Decreased by 1.57% with a transaction amount of 86.91 billion yuan, up 13.63%, led by Gree Electric with a decline of 3.02% [2] - Steel: Decreased by 1.55% with a transaction amount of 28.09 billion yuan, up 41.91%, led by Benxi Steel with a decline of 7.23% [2] - Coal: Decreased by 1.17% with a transaction amount of 30.97 billion yuan, up 49.83%, led by China Coal Energy with a decline of 3.27% [2] Stock Performance - A total of 3,065 stocks rose, with 55 hitting the daily limit up, while 2,094 stocks fell, with 5 hitting the daily limit down [1]

Group 1 - Global thermal coal prices have dropped to a four-and-a-half-year low, now only one-fourth of the peak during the 2022 energy crisis, due to oversupply and inventory surges, particularly from record-high domestic coal production in China and increased inventories in India [1] - Analysts warn that further declines in coal prices may still be ahead, as the current supply-demand balance is loose, primarily due to weak demand expectations from high coal-consuming sectors like real estate and infrastructure [1] - However, rising temperatures may lead to increased coal demand, and with recent reductions in domestic coal production enthusiasm and a shift from increasing to decreasing coal imports, coal prices may find new support [1] Group 2 - The domestic economy is currently weak, and with the U.S. in a rate-cutting cycle and domestic interest rates also declining, coal remains a stable investment option, particularly for insurance funds that have begun new allocation periods [2] - Following the March Two Sessions, both thermal and coking coal prices are at low levels, and with ongoing improvements in supply-demand fundamentals, both types of coal are expected to stabilize and rebound [2] - The macroeconomic policies have shown significant strength, and the market anticipates real effects on demand following policy implementation, with coal demand and prices expected to trend upwards after the 2025 Two Sessions and the arrival of the spring construction season [2] Group 3 - Related Hong Kong-listed coal companies include Yanzhou Coal Mining Company (01171), China Coal Energy Company (01898), China Shenhua Energy Company (01088), and Yancoal Australia (03668) [3]