规模方面，截止7月22日，港股红利低波ETF（159569）最新份额为1.61亿份，最新规模为2.18亿元。回 顾2024年12月31日，港股红利低波ETF（159569）份额为1.13亿份，规模为1.29亿元。即该基金今年以 来份额增加42.42%，规模增加68.83%。 流动性方面，截止7月23日，港股红利低波ETF（159569）近20个交易日累计成交金额11.42亿元，日均 成交金额5711.30万元。 来源：新浪基金∞工作室 7月23日，景顺长城国证港股通红利低波动率ETF（159569）收盘涨0.44%，成交额7181.18万元。 港股红利低波ETF（159569）成立于2024年8月14日，基金全称为景顺长城国证港股通红利低波动率交 易型开放式指数证券投资基金，基金简称为景顺长城国证港股通红利低波动率ETF。该基金管理费率每 年0.50%，托管费率每年0.08%。港股红利低波ETF（159569）业绩比较基准为国证港股通红利低波动率 指数收益率(使用估值汇率折算)。 最新定期报告显示，港股红利低波ETF（159569）重仓股包括东方海外国际、中远海控、兖煤澳大利 亚、兖矿能源、海丰国际、中国宏桥 ...

Core Viewpoint - The recent policy from the National Energy Administration aims to regulate coal production, with expectations of reduced output in the future, impacting coal prices and production levels in the industry [2][3][6]. Production Regulation - The policy focuses on coal mines in eight provinces, including Shanxi and Inner Mongolia, with a specific emphasis on monitoring production against announced capacities for 2024 and the first half of 2025 [2]. - The notification is a reiteration of previous standards established in 2021, indicating a long-term regulatory approach rather than a new initiative [2]. - Current data shows that there has not been widespread overproduction at the provincial level, although individual companies may still exhibit imbalances [2][4]. - The enforcement of this policy will be closely monitored, particularly as it relates to the responsibilities of safety supervision agencies [5]. Production Impact - Current estimates suggest that overproduction in Shanxi, Shaanxi, Inner Mongolia, and Xinjiang could reach approximately 200 million tons, with a significant portion attributed to Xinjiang [6]. - The coal production growth rate from July 2024 to June 2025 is projected at 4.8%, indicating a high production level even without considering overproduction management [6]. Price Trends - Since June, there has been a recovery in coal prices, with thermal coal and coking coal prices increasing by approximately 6% and 17%, respectively [7]. - Factors contributing to the price increase include seasonal demand, inventory replenishment in the steel sector, a significant drop in imports, and a slowdown in production growth [8]. - The supply-demand balance is expected to shift from a loose state to a tighter one in the second half of the year [9]. Industry Outlook - The coal sector is anticipated to experience a valuation recovery due to changing expectations, with a focus on companies that exhibit high elasticity and low valuations [10]. - The current regulatory approach differs from past supply-side reforms, suggesting a more measured strategy that allows for gradual adjustments in the coal industry [10]. Key Companies - Relevant companies in the coal industry include China Coal Energy (601898), Yancoal Australia (03668), Yanzhou Coal Mining (600188), China Shenhua Energy (601088), and China Qinfa (00866) [11].

受益的行业非常多，这个要分短期和中长期，因为时间跨度很长，预期是10-15年，但按照中国的速 度，只要资金到位，10年内就完工并非不可能。 短期来看，最开始就是水泥建材这些先行一步，考虑到水泥有个运输半径问题，因此最大龙头是本地水 泥厂的西藏天路(600326.SH)，被巨量封住一字，再是离基地项目400公里的港股华新水泥(06655)，大涨 超85%。本地产能肯定是不够的，需要从其它地区引进，其它有华润建材科技(01313)、中国建材 (03323)、金隅集团(02009)、中国建材(03323)、海螺水泥(00914)均涨超10%。 【解剖大盘】 周末没啥利空，市场主要担心的无非是日本的参议院选举，最新情况是由自民党和公明党组成的执政联 盟丧失参议院过半数议席。但靴子落地后日元并未出现明显波动，市场预期石破茂依旧可以继续履行职 责，从而稳定局面。因此港股继续跳空上行，今天涨0.68%。 扰动市场的巨头内卷也开始收敛，7月18日，根据央视新闻，市场监管总局约谈饿了么、美团、京东三 家平台企业，号召理性参与竞争。美团-W(03690)、京东集团(09618)、阿里巴巴(09988)均涨幅超2%。 而爆炸性题材 ...

Financial Data and Key Metrics Changes - The company reported the best first half operational performance in the past five years, with long coal and attributable sellable coal volume up by 15% to 16% compared to last year [6][7] - The cash balance at the end of the quarter was $1,800,000,000 after paying a fully franked final dividend of $687,000,000 [8][20] - Cash operating costs for the first half are expected to be towards the middle of the guidance range of $89 to $97 per tonne [7][21] Business Line Data and Key Metrics Changes - Total ROM coal production increased to 17,000,000 tonnes, which is 12% more than the first quarter and 23% more than the second quarter last year [9][10] - Attributable saleable coal production was 9,400,000 tonnes, similar to the first quarter and 15% more than the second quarter last year [10][12] - The sales volume of 8,100,000 tonnes was 1,300,000 tonnes lower than saleable production due to logistical issues [14][20] Market Data and Key Metrics Changes - Global thermal coal demand remains strong despite a decrease in Indonesian exports by 11% and Colombian exports by 23% [15][16] - The average realized thermal coal price was AUD 130 per tonne, and the average realized metallurgical coal price was AUD 197 per tonne, both down from the previous quarter [18] - The overall average realized price decreased to AUD 142 per tonne compared to AUD 157 in the prior quarter [18] Company Strategy and Development Direction - The company is focused on maximizing operational efficiency and minimizing costs in response to decreasing coal prices [7] - There is an intention to consider acquisition opportunities during the cyclical downturn while balancing capital management and returns [48][80] - The company aims to maintain a strong financial position with $1,800,000,000 in cash and no interest-bearing debt [20][80] Management's Comments on Operating Environment and Future Outlook - Management noted that the coal industry is currently at the bottom of the cycle, with expectations for a recovery towards the end of the year [56] - The company is well-positioned to navigate the cyclical low in coal prices, with competitive cash operating costs and strong cash reserves [95] - There is an expectation that delayed shipments from the second quarter will be delivered in the current quarter [15][26] Other Important Information - The total recordable injury frequency rate improved to 6.32, below the industry average of 7.93 [9] - The company is currently undergoing a CEO recruitment process, with a strong management team in place during the interim [82] Q&A Session Summary Question: Will the sales volume from the second quarter be fully translated into sales in the third quarter? - Management expects the sales volume of approximately 1,400,000 tonnes that slipped from the second quarter to be recovered in the third quarter [26][27] Question: What is the expected growth in metallurgical coal volume compared to thermal coal? - The metallurgical coal volumes represent about 20% to 25% of overall sales and are expected to remain stable moving forward [32] Question: Is the company looking to mitigate costs and CapEx in the current price environment? - The company is focused on optimizing its capital expenditure and minimizing costs while considering value-accretive opportunities during the downturn [48][50] Question: How does the decrease in China's coal imports affect Yancoal? - Yancoal's contracts with China remain unaffected, and the company continues to supply high-quality coal despite the decrease in imports [60][61] Question: What is the company's position on potential asset acquisitions? - The company is open to considering both internal and external opportunities for acquisitions, focusing on value accretion [101][102]

Financial Data and Key Metrics Changes - The company reported a cash balance of $1,800,000,000 at the end of the quarter after paying a fully franked final dividend of $687,000,000 or 52¢ per share [7][20] - Cash operating costs for the first half are expected to be towards the middle of the guidance range of $89 to $97 per tonne [6][21] - The average realized thermal coal price was AUD 130 per tonne, and the average realized metallurgical coal price was AUD 197 per tonne, resulting in an overall average realized price of AUD 142 per tonne, down from AUD 157 in the prior quarter [18][21] Business Line Data and Key Metrics Changes - Total ROM coal production increased to 17,000,000 tonnes, which is 12% more than the first quarter and 23% more than the second quarter last year [8] - Attributable saleable coal production was 9,400,000 tonnes, similar to the first quarter and 15% more than the second quarter last year [9] - Attributable sales volume was 8,100,000 tonnes, which was 1,300,000 tonnes lower than saleable production due to logistical issues [12][13] Market Data and Key Metrics Changes - Global thermal coal demand remains strong despite a 14% reduction in thermal coal imports in China through the first five months of 2025 [15] - Indonesian exports are down 11% and Colombian exports are down 23% due to lower prices and planned production cuts [14] - The average prices for coal indices decreased by 21% to 22% compared to the previous quarter [18] Company Strategy and Development Direction - The company aims to maximize operational efficiency and minimize costs in response to decreasing coal prices [6] - The management is open to considering value-accretive opportunities during the cyclical downturn while maintaining a strong cash position [20][80] - The company is not currently looking into buyback options, focusing instead on maintaining liquidity [105] Management's Comments on Operating Environment and Future Outlook - Management noted that the coal industry is currently at the bottom of the cycle, with expectations for a recovery towards the end of the year [54] - The company is well-positioned to navigate the cyclical low in coal prices due to its strong cash balance and competitive cash operating costs [94] - There is an expectation that delayed shipments from the second quarter will be delivered in the third quarter, contributing to revenue generation [26][68] Other Important Information - The total recordable injury frequency rate improved to 6.32, below the industry average of 7.93 [8] - The company experienced significant sales volume slipping due to weather-related disruptions at the Port of Newcastle, impacting revenue and cash generation [7][14] Q&A Session Summary Question: Will the sales volume from the second quarter be fully translated into sales in the third quarter? - Management expects the 1,400,000 tonnes of sales that slipped to be recovered in the third quarter [26][27] Question: What is the expected growth in metallurgical coal volume compared to thermal coal? - Metallurgical coal represents about 20% to 25% of overall sales and is expected to remain stable moving forward [31] Question: What are the current cost levels compared to June? - The company noted an increase in coal inventory due to sales slippage, with an overall increase of about 1,200,000 tonnes [86] Question: What is the plan for future cash generation? - The company is operating as planned, with cash operating costs expected to be competitive, and is well-positioned to navigate the cyclical low [92][94] Question: Is the company considering asset acquisitions? - The company is open to value-accretive opportunities, including potential acquisitions in both thermal and metallurgical coal [100][101]

Core Viewpoint - Yanzhou Coal Mining Company Limited reported its operational data for the second quarter of 2025, highlighting changes in coal and chemical product production and sales, influenced by market conditions and internal adjustments [1][3]. Group 1: Coal Business - The company's coal sales volume includes both self-produced and traded coal sold to external markets, excluding sales to internal chemical and power sectors [1]. - The production and sales of urea increased year-on-year due to the commissioning of a new 400,000-ton urea plant in the second quarter of 2024 [1]. Group 2: Chemical Business - The production and sales of acetic acid ethyl decreased year-on-year, attributed to Yanzhou Lunan Chemical's flexible production adjustments in response to market changes [1]. - The production and sales of full-fraction liquid paraffin, crude liquid wax, and naphtha experienced year-on-year fluctuations, also due to flexible production and product structure optimization by Shaanxi Future Energy Chemical [1]. Group 3: Operational Data Variability - The operational data may vary significantly across quarters due to various factors, including national macro policy adjustments, domestic and international market changes, seasonal factors, adverse weather, equipment maintenance, and safety inspections [2].

Group 1 - The China Coal Transportation and Marketing Association held a meeting emphasizing the need to maintain safety and stability, improve coal supply quality, and promote market balance amid changing external conditions [1] - The meeting highlighted the severe imbalance in coal supply and demand, urging coal enterprises to adhere to long-term contracts and enhance management practices to ensure contract fulfillment [1] - With the arrival of high temperatures, coastal power plants are experiencing increased daily coal consumption and declining inventory, leading to a forecast of rising coal prices due to imminent replenishment needs [1] Group 2 - Guotai Junan Securities reported that the rapid growth of renewable energy installations and generation is increasingly squeezing coal power, raising concerns about potential negative growth for coal power in the future [2] - The firm predicts that starting in 2025, with new policies for renewable energy and considering the current pressure on the grid, the marginal impact on coal power will weaken, with a potential demand turning point for coal expected around 2027 [2] Group 3 - Related Hong Kong-listed companies in the coal industry include China Coal Energy (01898), Yancoal Australia (03668), Yanzhou Coal Mining Company (01171), China Shenhua Energy (01088), and China Qinfa (00866) [3]

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]

Group 1 - The Cathay Securities CSI Hong Kong Stock Connect High Dividend Investment Index Fund (QDII) C has experienced a decline of 0.07% on July 1, with a latest net value of 1.13 yuan, marking a continuous drop for five trading days and a cumulative decline of 1.8% over the period [1] - The fund was established on January 1, 2025, with an initial scale of 0.06 billion yuan and has achieved a cumulative return of 13.34% since its inception [1] Group 2 - Current fund manager Zhang Jing holds a bachelor's degree in finance from the University of International Business and Economics and an MBA from Shanghai University of Finance and Economics, with extensive international experience in asset management [2] - The other fund manager, Deng Yakun, has a master's degree in computational finance from Carnegie Mellon University and has been with Cathay Securities since March 2021, focusing on quantitative investment [2] Group 3 - As of March 31, 2025, the top ten holdings of the Cathay Securities CSI Hong Kong Stock Connect High Dividend Investment Index Fund (QDII) C account for a total of 44.28%, with significant positions in COSCO Shipping Holdings (9.76%), Yancoal Australia (5.88%), and Orient Overseas International (3.94%) among others [3]

开源证券指出，当前国内经济运行偏弱，海外面临特朗普上台之后关税政策打压，美国处于降息周期且 国内利率也进入下行通道，煤炭稳健红利仍可配置，此外保险资金已在 24 年 11 月底完成考核，当前已 开始新的布局期，煤炭等红利板块且国资背景风险小，或成为险资布局的首选方向。3 月两会召开之 后，无论动力煤还是炼焦煤价格均处于低位，随着供需基本面的持续改善，两类煤种有望企稳反弹，其 中动力煤存在区间内弹性而炼焦煤是完全弹性；当前宏观政策已表现力度很大，市场更期待政策落地后 反映在需求上的真实效果，2025 年"两会"之后，政策方案落实以及开春施工季的来临，煤炭的需求和 价格均有望体现出向上趋势，煤炭股周期属性将显现。煤炭板块有望迎来重新布局的起点。 煤炭板块相关港股： 兖矿能源(01171)、中煤能源(01898)、中国神华(01088)、兖煤澳大利亚(03668)等。 5月26日，全球动力煤价格跌至四年半以来的新低，价格仅为2022年能源危机峰值的四分之一，断崖式 暴跌源于供应过剩和库存激增的双重打击，其中中国国内煤炭产量创历史新高，印度库存激增。 分析师警告更大跌幅可能在或许还在后头。 方正证券指出，当前煤炭供需 ...