Group 1: Market Overview and Strategy - The market is expected to experience a minor pullback from late May to July, with pressures including ongoing tariff negotiations and reduced trading activity due to previous market volatility [5][10] - Despite potential fluctuations, the downward space is likely limited due to steady growth in ETF sizes and inflows from insurance funds, providing a strong support for the stock market [5][10] - The report suggests a shift towards value-oriented investments in the current quarter, with a focus on sectors such as banking, steel, construction, new consumption, military industry, and real estate [11] Group 2: Top Stock Picks - The June 2025 "Top Ten Gold Stocks" include Qingdao Bank (002948.SZ), Wancheng Group (300972.SZ), Horizon Robotics-W (9660.HK), Shun'an Environment (002011.SZ), JAC Motors (600418.SH), Yancoal Energy (600188.SH), China National Offshore Oil Corporation (600938.SH), Huitian Electronics (002463.SZ), Doushen Education (300010.SZ), and CATL (300750.SZ) [5][12] - The report highlights the expected earnings per share (EPS) growth for these companies, with Qingdao Bank projected to grow from 0.73 in 2024 to 1.24 in 2027, and CATL from 11.52 in 2024 to 21.61 in 2027 [3][12] Group 3: Company-Specific Insights - Qingdao Bank is positioned well due to its strong regional presence in Shandong, with a stable growth in deposits and loans, and a focus on green finance [13][14][15] - Wancheng Group has established a competitive advantage in the snack retail sector, with a significant increase in revenue and profitability, despite a slight decline in per-store performance [18][19] - Horizon Robotics is a leader in automotive intelligent chips, with a strong market presence and expected growth in the autonomous driving sector, projected to reach a market size of 407 billion yuan by 2030 [21][22][23] - Shun'an Environment is expanding its product offerings in the automotive thermal management sector through strategic acquisitions, enhancing its market position [24] - JAC Motors is focusing on expanding its export capabilities and collaborating with Huawei to develop luxury smart electric vehicles, which is expected to enhance its market competitiveness [26][27] - Yancoal Energy is increasing its coal production while reducing costs, with a target production of 155-160 million tons in 2025, benefiting from a favorable pricing environment [30][31][32] - China National Offshore Oil Corporation is maintaining a low cost per barrel while increasing its oil and gas production, with a focus on capital expenditure to support growth [33][34][35] - Huitian Electronics is capitalizing on the demand for AI-related products, with significant revenue growth expected from its PCB business [38][39] - Doushen Education is transitioning to non-subject education services, leveraging AI technology to enhance its offerings and improve profitability [41][42]

Investment Rating - The report maintains an "Outperform" rating for the coal industry [1] Core Viewpoints - The coal market is expected to stabilize with potential price rebounds due to inventory reductions at ports and increased demand from power plants as summer approaches [4][5] - The report highlights a U-shaped price trend for thermal coal in 2025, with limited production growth and anticipated demand recovery driving prices upward [4] - The coal sector is seen as having confirmed its bottom, with market concerns over earnings per share (EPS) likely to dissipate [5] Summary by Sections 1. Industry Data Tracking - **Price Analysis**: As of May 23, 2025, the Qinhuangdao Q5500 thermal coal price is 611 CNY/ton, down 0.49% from the previous week [9][10] - **Supply and Demand**: Rail input to Qinhuangdao port increased by 3.46% to 419,000 tons, while port throughput rose by 44.34% to 599,000 tons [32][33] - **Inventory Analysis**: Total coal inventory at major ports decreased by 1.09% to 77.84 million tons [43][44] 2. Market Performance - The coal sector outperformed the broader market, with a 1.03% increase compared to a 0.57% decline in the Shanghai Composite Index [65] - Notable performers include Dayou Energy and Jinkong Coal, with increases of 5.76% and 5.20% respectively [67] 3. International Coal Market - International thermal coal prices have declined, with Newcastle port FOB thermal coal at 68 USD/ton, down 1.81% [54][56] - The price gap between domestic and international coal has widened, with a thermal coal price difference of 5.57 CNY/ton [63]

| | 2025 | 年 月 日 05 | 25 | 行业研究 | 评级：推荐(维持) | | --- | --- | --- | --- | --- | --- | | 研究所： | | | | [Table_Title] | | | 证券分析师： | | 陈晨 S0350522110007 | | 煤价企稳、日耗提升，关注板块旺季回暖机会 | | | | | chenc09@ghzq.com.cn | | | | | 联系人 ： | | 张益 S0350124100016 | | ——煤炭开采行业周报 | | | | | zhangy33@ghzq.com.cn | | | | 最近一年走势 | 行业相对表现 | | 2025/05/23 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 煤炭开采 | 1.5% | 2.5% | -21.0% | | 沪深 300 | 2.5% | -2.4% | 6.6% | 相关报告 证券研究报告 率环比提升 0.04pct 至 76.06%。需求端，正如前文所述，铁水产量下滑，下 游观望情绪较浓、钢厂采购控 ...

煤炭 2025 年 05 月 25 日 供需边际改善致煤价企稳，否极泰来重视煤炭配置 ——行业周报 投资评级：看好（维持） 行业走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 煤炭 沪深300 相关研究报告 《中美互降关税提振下游需求，否极 泰来重视煤炭配置 —行业周报》- 2025.5.18 《一揽子金融政策稳市场预期，否极 泰来重视煤炭配置 —行业周报》- 2025.5.11 《红利与周期双逻辑，煤炭攻守兼备 —煤炭行业 2025 年中期投资策略》- 2025.5.8 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 本周要闻回顾：供需变价改善致煤价企稳，否极泰来重视煤炭配置 本周港口煤价小幅下跌并在后半周企稳，截至 5 月 23 日，秦港 Q5500 动力煤平仓 价为 611 元/吨，环比下跌 3 元/吨，跌幅 0.49%，CCTD 动力煤现货价（Q5500）为 620 元/吨，环比下跌 9 元/吨，跌幅 1.43%。从供给端来看，截至 5 月 18 日，晋陕 蒙三省 442 ...

量减价稳，重视煤炭板块配置 证券研究报告 [Table_ReportTime] 2025 年 5 月 25 日 行业研究-周报 [Table_ReportType] 行业周报 | [Table_StockAndRank] 煤炭开采 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 左前明：能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 李睿：煤炭行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 量减价稳，重视煤炭板块配置 [Table_ReportDate] 2025 年 5 月 25 日 本期内容提要: [Table_Summary] ...

煤炭开采 "2025 年（第一届）国际炼焦煤大会"观点总结 本周全球能源价格回顾。截至 2025 年 5 月 23 日，原油价格方面，布伦 特原油期货结算价为 64.78 美元/桶，较上周下跌 0.63 美元/桶（-0.96%）； WTI 原油期货结算价为 61.53 美元/桶，较上周下跌 0.96 美元/桶（- 1.54%）。天然气价格方面，东北亚 LNG 现货到岸价为 12.57 美元/百万 英热，较上周上涨 0.7 美元/百万英热（+5.9%）；荷兰 TTF 天然气期货 结算价 36.65 欧元/兆瓦时，较上周上涨 1.48 欧元/兆瓦时（+4.2%）；美 国 HH 天然气期货结算价为 3.33 美元/百万英热，较上周下跌 0.00 美元/ 百万英热（0%）。煤炭价格方面，欧洲 ARA 港口煤炭（6000K）到岸价 91 美元/吨，较上周下跌 0 美元/吨（-0%）；纽卡斯尔港口煤炭（6000K） FOB 价 218.9 美元/吨，较上周上涨 0 美元/吨（+0%）；IPE 南非理查兹 湾煤炭期货结算价 88.40 美元/吨，较上周上涨 0.8 美元/吨（+0.4%）。 5 月 22 日中国煤炭资源网在 ...

Investment Rating - The report maintains a "Buy" recommendation for key companies in the coal industry, including China Shenhua, Shaanxi Coal, and China Coal Energy [3][11]. Core Viewpoints - Coal prices have stabilized, and with the peak summer demand approaching, a rebound in coal prices is anticipated. The low coal prices have led to a reduction in supply, with April 2025 coal production growth slowing to 3.8% year-on-year, and daily production decreasing by 8.7% month-on-month [1][7]. - The report highlights that the demand for electricity coal is gradually increasing as temperatures rise, and the overall coal consumption in the chemical sector remains high. This marginal improvement in demand is expected to accelerate the reduction of port inventories, leading to a new round of price rebounds [1][7]. - The report emphasizes the investment value of stable high-dividend coal stocks, suggesting that the sector may experience a valuation uplift as coal prices enter an upward channel [1][7]. Summary by Sections Industry Dynamics - The report notes that the coal supply has slightly decreased due to accidents affecting some coal mines, while demand is weakening as the consumption off-season approaches. This has led to a bearish sentiment in the market, with continued inventory accumulation [2][10]. - The report indicates that the average daily coal consumption in power plants has increased, while the number of available days has decreased, suggesting a tightening supply situation [9][10]. Company Performance - The report provides earnings forecasts and valuations for key companies, with China Shenhua expected to have an EPS of 2.95 yuan in 2024, and a PE ratio of 13 times [3]. - The report highlights that companies like Jinko Coal and Shanxi Coal International are expected to show stable performance and production growth, making them attractive investment options [11][3]. Market Performance - As of May 23, 2025, the coal sector has shown a weekly increase of 1.0%, outperforming the broader market indices [12][14]. - The report identifies that the coal stocks have cleared low positions after previous panic selling, and the stability of coal prices has been reaffirmed, enhancing the certainty of high dividend yields [1][7].

在A股，外资被叫做"聪明资金" 外资在A股更倾向于选择大型国有企业或者行业龙头企业，因为这些企业通常具备稳定的盈利状况和良好的抗风险能力。 在行业选择上，外资对消费、医药和科技等行业有更强的偏好。 从投资期限的维度来审视，外资追求长期投资，注重资产的长期增值潜力。它们会耐心陪伴企业成长，不被短期市场波动所左右。 从近几年外资进出场关键点位来看，外资总是在行业见顶时明显卖出，行业见底时明显买入 下面这25家中国核心资产，经历大幅调整后，一季度获得外资大量进场，值得大家重视： 第25家，贵州茅台，从高位回撤35%，北上资金一季度加仓228万股，公司是白酒第一品牌，茅台酒是世界三大名酒之一。公司在2024年度BrandZ最具价值 全球品牌100强榜单中位列中国品牌第2名、总榜第18名，并连续七年蝉联全球酒类品牌价值榜首 第24家，青岛啤酒，从高位回撤40%，北上资金一季度加仓292万股，公司是国内历史最悠久的啤酒生产企业，首批十大驰名商标之一。青岛啤酒的国际市 场定位为高品质、高价格和高可见度，产品已行销全球超120个国家和地区，品牌入围BrandZ中国全球化品牌50强，成为食品饮料行业唯一入围品牌 第23家，广发 ...

5家上市公司暴露环境风险 超标排放二氧化硫 中煤能源控股公司被罚24万 矿井水未经处理即外排 兖矿能源控股公司被罚55万 覆盖31个省(区、市) 337个地级市政府权威班 针对数干家上市公司及数万家关联公司现 每周更新、每 资本市场绿 上市公司环境风 每日经济新闻 NATIONAL BUSINESS DAILY 总第 20 2025年5月第 A HU STET 每经记者 | 刘志远 每经编辑 | 张海妮 本期看点 根据5月第四周收集到的数据，《每日经济新闻》记者发现，共有5家上市公司在近期暴露了环境风险。 一周绿鉴：兖矿能源控股公司矿井水未处理即外排被罚 在企业管理能力、财务状况、行业竞争等因素之外，环境风险日渐成为上市公司重要的经营风险之一。环境风险关乎企业发展，也关乎企业形象。 环境风险榜涉及上市公司分布情况（5月第四周） 本期数据显示，生态环境领域违法违规等风险信息共关联到5家上市公司。其中，3家属于国资控制的企业。 《每日经济新闻》记者梳理发现，5家上市公司背后有68.04万户股东，投资标的登上环境风险榜，可能使他们面临投资风险。 值得注意的是，兖矿能源控股公司鄂尔多斯市营盘壕煤炭有限公司（以下简称营 ...

远东研究·信用债研究专题 2025 年 5 月 23 日 作者：王娜 邮箱：wangna@fecr.com.cn 相关研究报告： 1.《3 号指引：审核趋严，引 导城投实质转型》，2025.4.8 定位及并表业务方向：山东省国有资本投资运营公司数量较多，采取多元化经营和 产业链纵深布局两类发展模式，根据其职能定位及业务方向可分类五类企业。一是国有资 本运营公司，包括山东国投，采取"IT 核心+多元拓展"战略；二是多元化产业投资公司， 包括华鲁集团、鲁商集团、山东国惠，采取多元化的经营模式，其中华鲁集团（高端化工） 和鲁商集团（零售）拥有清晰的主营业务；山东国惠在培育发展新兴产业的同时，亦承担 部分股权管理和资产整合的职能，具有一定的资本运营职能。三是聚焦型产业投资公司， 包括山东能源、山东黄金、山东高速、山钢集团。区别于产业投资公司的多元化发展，该 类企业聚焦实体产业，在产业投资和运营的同时，推动产业链整合、重大项目建设、产业 升级。四是金融类投资公司，包括鲁信集团，聚焦金融业务。五是强政策类投资公司，包 括山东土地、山东发展、山东财金。山东土地主要承担农村土地综合整治；山东发展和山 东财金主要负责政策性委托 ...