Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The report indicates that the coal prices are expected to continue rising due to increased demand driven by high temperatures and a recovering supply from major production areas [2][59] - The report highlights that the focus should be on companies with stable performance and high return on equity (ROE), as well as those with attractive valuations and dividend yields [60] Summary by Sections 1. Weekly Data Tracking - Thermal coal prices have rebounded significantly, with Qinhuangdao thermal coal closing at 644 RMB/ton on July 18, an increase of 10 RMB/ton week-on-week [3][12] - Coking coal prices have also risen, with Shanxi coking coal reaching 1420 RMB/ton, up 110 RMB/ton week-on-week [4][32] 2. Supply and Demand Dynamics - The report notes that the supply of thermal coal is tightening, with June imports down 26% year-on-year [2][59] - Daily consumption of thermal coal has increased, with coastal provinces averaging 222.3 million tons per day, a week-on-week increase of 3.5 million tons [17][21] 3. Price Trends - The long-term contract price for thermal coal (Q5500) is reported at 666 RMB/ton, showing a month-on-month decrease of 0.4% and a year-on-year decrease of 4.9% [3][12] - The coking coal price index is at 1111 RMB/ton, with a week-on-week increase of 42 RMB/ton, while the cost index is at 1286 RMB/ton, indicating a gap of 175 RMB/ton [37][38] 4. Recommended Stocks - The report recommends a combination of companies including Shanxi Coal International, Huabei Mining, Pingmei Shenma, Shanxi Coking Coal, Yanzhou Coal, Shaanxi Coal, China Shenhua, and others for investment [2][60] 5. Market Performance - The coal sector has underperformed compared to the broader market, with specific stocks showing varied performance [54][60]

Core Viewpoint - The AI Fund, China Enterprise Dividend Mixed A (019015), reported a profit of 1.6032 million yuan for Q2 2025, with a net value growth rate of 4.59% during the period, and a total fund size of 33.8038 million yuan as of the end of Q2 2025 [3][16]. Fund Performance - As of July 18, the unit net value was 1.128 yuan, with a one-year cumulative net value growth rate of 9.58%, ranking 446 out of 584 comparable funds [3][4]. - The fund's performance over the last three months showed a growth rate of 8.11%, ranking 436 out of 615, and over the last six months, it had a growth rate of 9.65%, ranking 338 out of 615 [4]. Investment Strategy - The fund manager indicated that with the implementation of U.S. President Trump's tariff policies, global trade tensions are rising. They believe that state-owned enterprise stocks with self-controllable and domestic demand attributes will have better defensive characteristics [3]. - The report suggests that the concept of "dividend" investment, particularly high-dividend stocks, is expected to expand to broadly defined dividend stocks with potential high dividend capabilities. These companies typically have high operational barriers, stable ROE, and abundant operating cash flow, indicating a potential for sustained dividends while still being undervalued historically [3]. Fund Holdings - As of June 27, the fund's top ten holdings included Yanzhou Coal Mining Company, Shandong Publishing Group, Zoomlion Heavy Industry Science and Technology Co., New Media Group, Bohai Ferry, Phoenix Media, Nanjing Steel Group, Nanjing High Accurate Drive Equipment Manufacturing Group, China Shenhua Energy Company, and China Construction Bank [19]. Risk Metrics - The fund has a Sharpe ratio of 0.6765 since inception, indicating a reasonable risk-adjusted return [9]. - The maximum drawdown since inception is 14.12%, with the largest quarterly drawdown occurring in Q3 2024 at 11.88% [12]. Fund Positioning - The average stock position since inception has been 91.66%, compared to the peer average of 83.17%. The fund reached a peak stock position of 93.42% at the end of Q1 2024 and a low of 89.12% at the end of 2024 [15].

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The report indicates that the negative impact from the mid-year report has been fully absorbed, and the fundamentals of the coal industry remain upward [1] - The coal sector has underperformed the CSI 300 index, with a decline of 0.74% compared to a 1.09% increase in the index, resulting in a relative underperformance of 1.83 percentage points [2] - Key monitored enterprises reported an average daily coal sales volume of 7.31 million tons, which is a week-on-week increase of 2.8% and a year-on-year increase of 4.7% [2] - The report highlights a decrease in coal inventory by 4% week-on-week, while year-on-year inventory has increased by 19.8% [2] Summary by Sections Coal Market Performance - The coal sector saw 6 stocks rise and 31 stocks fall during the week, with ST Dazhou showing the highest increase of 4.89% [2] - The average daily sales of thermal coal increased by 3.2% week-on-week, while coking coal sales rose by 1.9% [2] Price Trends - As of July 18, 2025, the price index for thermal coal (Q5500K) in the Bohai Rim was 663 RMB/ton, reflecting a week-on-week increase of 0.15% [3] - The price of coking coal at Jing Tang Port was 1420 RMB/ton, with a week-on-week increase of 8.4% [4] Investment Recommendations - The report suggests that social inventory continues to decline, and current demand remains promising, with domestic power plants showing a significant increase in daily coal consumption [6] - The report recommends focusing on high-dividend thermal coal companies and coking coal companies that are experiencing turnaround potential, such as China Shenhua, Shaanxi Coal, and others [6]

Investment Rating - The coal industry is rated as "Overweight" indicating an expectation for the industry to outperform the overall market [3][29]. Core Views - The report anticipates a recovery in coal companies' performance in the second half of 2025, driven by a rebound in coal prices after a bottoming out in the second quarter [3]. - Domestic raw coal production increased by 5.4% year-on-year in the first half of 2025, while coal imports decreased by 11.1% [3][13]. - The average price of thermal coal and coking coal at ports fell significantly in the second quarter of 2025, with thermal coal prices dropping approximately 25.79% year-on-year [3][17]. Supply and Demand Analysis - Domestic raw coal production reached 2.405 billion tons in the first half of 2025, up from 2.266 billion tons in the same period of 2024, with notable increases in Shanxi (10.1%) and Xinjiang (12.4%) [8][9]. - Coal imports totaled 22.2 million tons in the first half of 2025, marking an 11.1% decline compared to the previous year, with negative growth observed since March 2025 [13][18]. - The average price of 5500 kcal thermal coal at ports was approximately 630 CNY/ton in Q2 2025, down from 850 CNY/ton in Q2 2024, reflecting a significant price drop [3][17]. Company Performance Forecast - Companies expected to exceed performance expectations include China Shenhua (EPS 1.24, YOY -16.62%), Electric Power Investment (EPS 1.36, YOY 3.49%), and Xinji Energy (EPS 0.38, YOY -15.78%) [3][20]. - Companies with performance in line with expectations include Shaanxi Coal (EPS 0.86, YOY -21.1%) and Yanzhou Coal (EPS 0.54, YOY -47.24%) [3][20]. - The only company expected to underperform is Shanxi Black Cat (EPS -0.25, YOY -14.61%) [3][20]. Investment Recommendations - The report recommends focusing on stable, high-dividend stocks such as China Shenhua, Shaanxi Coal, and China Coal Energy [3]. - It also suggests considering undervalued stocks with potential for growth, including Shanxi Coking Coal, Huabei Mining, Electric Power Investment, Yanzhou Coal, and Pingmei Shenma [3]. - Attention is drawn to Xinji Energy as a growth stock benefiting from coal-electricity integration [3].

Group 1 - Senyuan Electric signed a strategic cooperation agreement with Xuchang Digital Supply Chain Management Co., aiming for annual business cooperation not exceeding 500 million yuan over 36 months [1] - CICC's subsidiary, CICC Wealth, reported a net profit of 987 million yuan for the first half of the year, with total assets of 193.37 billion yuan [2] - Shuangjie Electric expects a net profit of 100 million to 120 million yuan for the first half of the year, representing a year-on-year increase of 16.03% to 39.23% [3][4] - Shentong Technology reported a net profit of 64.28 million yuan for the first half of the year, a year-on-year increase of 111.09% [5] - Suqian Nongfa's net profit for the first half of the year decreased by 27.72% to 213 million yuan [6] Group 2 - Fuan Pharmaceutical expects a net profit decline of 39.95% to 53.81% for the first half of the year, estimating between 100 million to 130 million yuan [8] - Xingwang Yuda anticipates a net loss of 11 million to 21 million yuan for the first half of the year [9] - Pulaike received a new veterinary drug registration certificate for a vaccine aimed at preventing chicken diseases [10] - Yuandong Biological's ephedrine injection received a drug registration certificate for treating low blood pressure during anesthesia [11] - Suqian Liansheng's subsidiary obtained two invention patent certificates [12] Group 3 - Oke Technology signed a 176 million yuan equipment order with Jiangxi Tianhong New Materials [13] - Publishing Media announced the resignation of its chief accountant due to work changes [15] - Zhongxin Co. plans to use 40 million yuan of idle funds for cash management [16] - Huiyun Titanium plans to use up to 58 million yuan of idle convertible bond funds for cash management [18] - Haineng Technology intends to apply for a credit facility of up to 200 million yuan from a bank [20] Group 4 - Jiabiou expects a net profit increase of 57.61% for the first half of the year, estimating around 107 million yuan [21] - Nanjing Gaoke reported a 1185% year-on-year increase in contract sales area for the second quarter [22] - Shuguang Co. received approval for a specific stock issuance application [23] - Huadong Pharmaceutical's subsidiary received approval for a clinical trial of a new drug targeting advanced solid tumors [23] - Quicheng Co. plans to invest 900 million yuan in two new projects [25] Group 5 - Shenlian Biological's vaccine for avian adenovirus received a new veterinary drug registration certificate [26] - Rike Chemical signed a strategic cooperation framework agreement with Dongming Petrochemical [28] - Jincheng Pharmaceutical's subsidiary received a renewed tobacco production license [29] - Magmi Te's stock issuance application was accepted by the Shenzhen Stock Exchange [29] - Zhongyin Securities received approval to issue bonds totaling up to 14 billion yuan [29] Group 6 - Hewei Electric's executives plan to reduce their holdings by a total of 2.24% of the company's shares [44] - Guo Wang Xintong reported a net profit of 266 million yuan for the first half of the year, a decrease of 10.82% [45] - Guo Wang Xintong's subsidiary won a 966 million yuan tender from the State Grid [46] - Jicheng Electronics won contracts worth approximately 83.79 million yuan from the State Grid [48] - Helen Piano is planning a change of control, leading to a temporary stock suspension [48]

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].

股票代码：600188 股票简称：兖矿能源 编号：临 2025-047 投资者如需了解详情，请参见兖煤澳洲公司在澳大利亚证券交易 所网站（http://www2.asx.com.au）及香港联合交易所有限公司网站 （http://www.hkexnews.hk ）发布的报告全文。 1 第二季度 上半年 2025 年 2024 年 增减幅 2025 年 2024 年 增减幅 商品煤产量 （应占份额） 9.4 8.2 15% 18.9 17.0 11% 商品煤销量 （应占份额） 8.1 8.6 -6% 16.6 16.9 -2% 平均实现价格 （澳元/吨） 142 181 -22% 149 180 -17% 单位：百万吨 兖矿能源集团股份有限公司董事会 2025 年 7 月 17 日 2 兖矿能源集团股份有限公司 境外控股子公司发布 2025 年第二季度产量销量 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。 兖矿能源集团股份有限公司控股子公司兖煤澳大利亚有限公司 （"兖煤澳洲公司"，澳大利亚证券交易所上市代码"YAL"、香港联 ...

股票代码：600188 股票简称：兖矿能源 编号：临 2025-046 兖矿能源集团股份有限公司 2025 年第二季度主要运营数据公告 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。 经兖矿能源集团股份有限公司（"公司"）内部统计，2025 年第 二季度，公司及其附属公司煤炭业务、煤化工业务主要运营数据如下 表： | | | 第 2 季度 | | | 1-2 季度 | | | --- | --- | --- | --- | --- | --- | --- | | | 2025 年 | 2024 年 | 增减幅（%） | 2025 年 | 2024 年 | 增减幅 （%） | | 一、煤炭业务 | | | | | | | | 1.商品煤产量 | 3,680 | 3,444 | 6.83 | 7,360 | 6,908 | 6.54 | | 2.商品煤销量 | 3,314 | 3,369 | -1.64 | 6,456 | 6,788 | -4.88 | | 其中：自产煤销量 | 3,211 | 3,263 | -1.58 | ...

Group 1 - The core point of the article highlights that Yanzhou Coal Mining Company (兖矿能源) reported a coal production of 36.8 million tons in the second quarter of 2025, representing a year-on-year increase of 6.83% [1] - The company's coal sales reached 33.14 million tons, which reflects a year-on-year decrease of 1.64% [1]

Group 1 - The core viewpoint of the news is that the China Hong Kong 300 upstream index has shown positive performance, with a 0.94% increase over the past month, an 18.02% increase over the past three months, and a 12.03% increase year-to-date [1] - The China Hong Kong 300 upstream index is composed of securities selected based on the China Securities Industry Classification, reflecting the overall performance of various thematic securities listed on the Hong Kong Stock Exchange [1] - The index has a base date of December 31, 2004, with a base point of 1000.0 [1] Group 2 - The top ten holdings of the China Hong Kong 300 upstream index include China National Offshore Oil Corporation (28.76%), PetroChina Company Limited (13.17%), Zijin Mining Group (10.73%), China Shenhua Energy Company (9.47%), Sinopec Limited (9.06%), China Hongqiao Group (4.45%), China Coal Energy Company (3.29%), Zhaojin Mining Industry Company (3.19%), Luoyang Molybdenum Company (2.74%), and Yanzhou Coal Mining Company (2.33%) [1] - The index's holdings are entirely composed of securities listed on the Hong Kong Stock Exchange, with a 100% allocation [1] Group 3 - In terms of industry composition, the China Hong Kong 300 upstream index has a significant allocation to oil and gas at 51.38%, followed by precious metals at 15.91%, coal at 15.56%, and industrial metals at 14.64% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Special circumstances may lead to temporary adjustments to the index, such as delisting of sample companies or corporate actions like mergers and acquisitions [2]