从中证煤炭指数持仓样本的行业来看，能源占比100.00%。 数据统计显示，中证煤炭指数近一个月上涨6.07%，近三个月上涨8.85%，年至今下跌7.58%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 从指数持仓来看，中证煤炭指数十大权重分别为：陕西煤业（9.8%）、中国神华（8.74%）、兖矿能源 （8.01%）、中煤能源（7.66%）、山西焦煤（7.07%）、潞安环能（5.75%）、美锦能源（4.81%）、淮 北矿业（4.67%）、华阳股份（4.51%）、平煤股份（4.22%）。 金融界8月6日消息，上证指数低开高走，中证煤炭指数 (中证煤炭，399998)上涨2.24%，报2042.16点， 成交额103.82亿元。 从中证煤炭指数持仓的市场板块来看，上海证券交易所占比83.88%、深圳证券交易所 ...

Core Insights - The report highlights that the coal prices for thermal and coking coal are expected to continue rising due to the "anti-involution" measures and capacity checks in the industry [2][6][10]. Group 1: Industry Hot Events Review - Key events in July include the implementation of the new Mineral Resources Law, which emphasizes the dual focus on development and protection, and the initiation of capacity checks in major coal-producing provinces [5][7]. - The National Energy Administration has begun a special inspection of coal mines in key provinces to ensure production does not exceed announced capacities [7][14]. - The coal industry is experiencing a shift towards higher-end, intelligent production methods, as indicated by recent inspections and government encouragement for transformation [9][10]. Group 2: Supply Side Analysis - Domestic coal production growth is slowing, while import growth is also declining, indicating a tightening supply situation [6][26]. - The report notes that the number of coal mines is decreasing, with a significant concentration of production capacity in larger, more advanced mines [12][39]. - The average cost of coal production has shown significant variation among different mining companies, impacting overall pricing strategies [12][10]. Group 3: Demand Side Analysis - There is a marginal improvement in demand for thermal coal, driven by recovery in steel profits, which is expected to support coking coal prices [6][26]. - The report provides a supply-demand balance table, indicating that coal consumption is projected to grow slightly, while production is expected to stabilize [27][39]. Group 4: Investment Analysis - The report suggests that the seasonal adjustments in national railway freight rates could lead to increased volatility in coal prices, with potential for rapid price increases during peak demand seasons [15][17]. - The low yield of ten-year government bonds enhances the attractiveness of coal companies with high dividend yields, suggesting a favorable investment environment [19][20]. - The anticipated policy changes in Indonesia regarding coal production quotas are expected to stabilize coal prices by aligning actual production with target outputs [21][25].

Group 1 - The price of coking coal in Hebei has been raised by 50/55 yuan per ton, with the new price for first-grade wet quenching coke set at 1520 yuan per ton, effective from 0:00 on the 4th [1] - Downstream steel mills still have a certain profit margin, and the high-level iron water output is fluctuating, indicating a generally positive market sentiment that supports coking coal prices [1] - The recent coal mine capacity inspection did not significantly impact production, and the supply of coking coal remains sufficient, although there is a growing fear of high prices in the market [1] Group 2 - The position of coal as a primary energy source is unlikely to change in the short term, with macroeconomic weakness affecting demand but supply rigidity and rising costs supporting coal prices [2] - Coal companies generally have healthy asset reports, and improved dividend ratios give coal stocks a comparative advantage [2] - Companies with significant elasticity in coking coal include Huabei Mining, Pingmei Shenma, Lu'an Environmental Energy, and Shanxi Coking Coal [3]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [3][11]. Core Insights - The "anti-involution" policy is expected to stabilize thermal coal prices, while coking coal is anticipated to contribute to elastic growth due to recent price adjustments and market dynamics [2][6]. - The coal supply-demand situation has been generally relaxed this year, with prices declining and some coal mines exceeding their announced production capacities, prompting regulatory actions to ensure orderly supply [1][2]. - The recent price increases in the coking market, following a series of price hikes, indicate a recovery in market sentiment and potential for further price rebounds in the future [6][7]. Summary by Sections Thermal Coal - The price of thermal coal has been under pressure, with the Qinhuangdao Shanxi Q5500 mixed coal price dropping to 610 RMB/ton in the first half of 2025, leading to some coal mines operating at a loss [2]. - The "anti-involution" policy aims to regulate production and stabilize prices, with expectations that the second quarter of 2025 may represent a bottom for the coal industry [2][6]. Coking Coal - Coking coal prices have seen significant declines, with prices dropping from 1950 RMB/ton in October 2024 to 1250 RMB/ton by June 2025, marking an eight-year low [6]. - Recent price increases in the coking market, including a 50 RMB/ton rise following the first round of price hikes, suggest a recovery in market conditions and potential for further growth [6][7]. Key Companies to Watch - For thermal coal, recommended companies include China Shenhua, Shaanxi Coal and Chemical Industry, China Coal Energy, Yanzhou Coal Mining, Xinji Energy, and Jinkong Coal Industry [6]. - For coking coal, recommended companies include Shanxi Coking Coal, Lu'an Environmental Energy, Pingdingshan Coal, and Huaibei Mining [6].

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Viewpoints - The recent decline in coal prices, influenced by the cooling of "anti-involution" measures, does not signify the end of the coal equity market. The report suggests that the bottom for coal equities has been established, and valuations are expected to continue to recover, particularly for companies like Yanzhou Coal Mining and China Coal Energy, which have growth potential and improving balance sheets [2][7][9]. Summary by Sections Weekly Tracking Summary - The coal index (Yangtze River) fell by 4.54%, underperforming the CSI 300 index by 2.79 percentage points. The decline in coal prices is attributed to a divergence between sentiment and reality, with thermal coal prices at 663 RMB/ton, up 10 RMB/ton week-on-week, and coking coal prices stable at 1680 RMB/ton [6][16]. Supply and Demand Situation - As of July 31, the daily coal consumption in 25 provinces was 607.8 million tons, an increase of 8.1% week-on-week. The total coal inventory was 122.48 million tons, down 1.2% week-on-week, with a usable days supply of 20.2 days, a decrease of 1.9 days [17][33]. Price Trends - The report notes that the price of thermal coal at Qinhuangdao port is 663 RMB/ton, reflecting a week-on-week increase of 10 RMB/ton. Coking coal prices remain stable at 1680 RMB/ton, while the price of metallurgical coke has increased by 50 RMB/ton to 1430 RMB/ton [16][42]. Company Recommendations - Recommended stocks include: 1. Elastic stocks: Yanzhou Coal Mining (A+H), Lu'an Environmental Energy, Pingmei Shenma Energy, Huainan Mining, Jin Coal International 2. Long-term stable profit leaders: China Coal Energy (A+H), China Shenhua Energy (A+H), Shaanxi Coal and Chemical Industry 3. Transitioning growth: Electric Power Investment Energy [9][8].

Investment Rating - The report maintains a positive outlook on the coal industry, indicating a bullish sentiment for thermal coal prices during the peak summer season, while also projecting a rebound in coking coal prices due to tightening supply and strong demand [1]. Core Insights - The report highlights that thermal coal prices have increased, with specific prices reported for different grades at Qinhuangdao port, showing a week-on-week rise of 12, 13, and 10 CNY per ton for Q4500, Q5000, and Q5500 grades respectively [1]. - Supply constraints are noted due to reduced daily inflow to the Bohai Rim ports and production limitations in open-pit mines caused by rainfall in northern regions [1]. - The report emphasizes that during the "peak summer" period, thermal coal prices are expected to continue rising, while coking coal prices are also projected to rebound due to high steel mill profits and stable iron output [1]. Summary by Sections Recent Industry Policies and Dynamics - The National Energy Administration has initiated inspections of coal production in key provinces to ensure compliance with production capacities [7]. - The Daqin Railway is reported to be transporting an average of 1.05 million tons of coal daily to meet summer electricity demand [7]. Thermal and Coking Coal Prices - Thermal coal prices have shown an upward trend, with specific increases reported for various grades across different regions [8]. - Coking coal prices have also increased, with notable price rises in Shanxi and stable prices in other regions [11]. International Oil Prices - Brent crude oil prices have risen by 1.23 USD per barrel, reflecting a 1.8% increase [14]. Bohai Rim Port Inventory - The average daily inflow of coal to the Bohai Rim ports has decreased, while the outflow has increased, leading to a significant drop in coal inventory [18]. Domestic Coastal Freight Rates - Domestic coastal freight rates have increased, with an average of 35.51 CNY per ton reported [25]. Key Company Valuation Table - The report includes a valuation table for key companies in the coal sector, providing insights into their stock prices, market capitalization, and earnings projections [29].

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - Shenhua plans to acquire group assets, and coal prices are expected to rise in August. Domestic power plants maintain daily coal consumption, leading to continued price increases. The coal association has advocated for controlling production and improving quality, while the Central Financial Committee emphasized the need to regulate low-price competition and promote the orderly exit of backward production capacity. The coking coal sector may see marginal improvements in performance due to environmental factors affecting capacity utilization, with supply and demand gradually balancing in the second half of the year [6][42]. Summary by Sections Coal Market Performance - The coal sector declined, underperforming the CSI 300 index by 2.81 percentage points, with a drop of 4.56% as of August 1, 2025. Among 37 stocks, Chengzhi Co. had the smallest decline at 0.89% [2]. - Key monitored enterprises reported an average daily coal sales volume of 6.64 million tons from July 25 to July 31, 2025, a week-on-week decrease of 6.9% but a year-on-year increase of 0.1%. The total coal inventory was 28.87 million tons, down 5.5% week-on-week and up 15.1% year-on-year [2]. Price Trends - As of August 1, 2025, the price of thermal coal (Q5500K) in the Bohai Rim was 665 CNY/ton, up 0.15% week-on-week. The price of imported thermal coal was 763 CNY/ton, up 0.13% week-on-week. Prices at various ports, including Qinhuangdao and Huanghua, also saw increases [3]. - For coking coal, the main coking coal price at Jingtang Port was stable at 1,650 CNY/ton, while prices for metallurgical coke increased by 3.4% for first-grade and 3.94% for second-grade [4]. Supply and Demand Dynamics - The cumulative coal sales volume for key monitored enterprises was 146.43 million tons, a year-on-year decrease of 3.3%. Power and chemical industries saw coal consumption changes of -2.7% and +16.9% respectively [2][41]. - The chemical industry’s total coal consumption was reported at 21.39 million tons as of August 1, 2025, reflecting a year-on-year increase of 16.9% [41]. Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies and turnaround coking coal companies. Key companies to watch include China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining Company for thermal coal, and Huabei Mining and Shanxi Coking Coal for coking coal [6][42].

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, driven by both fundamental and policy factors, making it an opportune time to invest in the coal sector during price corrections [11][12] - The supply side is tightening due to a decrease in coal mine capacity utilization rates, while demand is increasing, particularly in inland provinces [11][12] - The coal price has established a new support level, and high-quality coal companies are characterized by strong profitability, cash flow, return on equity (ROE), and dividends [11][12] Summary by Sections Coal Price Tracking - As of August 2, the market price for Qinhuangdao port thermal coal (Q5500) is 655 CNY/ton, up 10 CNY/ton week-on-week [3][28] - The price for coking coal at Jingtang port remains stable at 1650 CNY/ton [30] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 90.9%, down 3.1 percentage points week-on-week [11][45] - Daily coal consumption in inland provinces increased by 44.4 thousand tons/day (+13.05%) [11][46] - The daily coal consumption in coastal provinces rose by 1.0 thousand tons/day (+0.45%) [11][46] Inventory Situation - As of July 31, coal inventory in inland provinces decreased by 1.20% week-on-week, while daily consumption increased [46] - Coastal provinces saw a 1.08% decrease in coal inventory week-on-week [46] Company Performance - The coal sector is characterized by high performance, cash flow, and dividends, with a focus on companies like China Shenhua, Shaanxi Coal and Energy, and others [12][13]

Investment Rating - The coal industry is rated as "stronger than the market" [7] Core Views - The coal prices have shown a continuous upward trend due to increased daily consumption and reduced inventory as the peak season approaches [5] - The global coal shipment volume to China reached 5.524 million tons, an increase of 1.096 million tons, while the coal arrival volume was 6.376 million tons, up by 1.31 million tons year-on-year [5] - The coal supply elasticity is limited due to strict capacity control under carbon neutrality policies and increasing mining difficulties, leading to a potential new normal of underproduction [5] Summary by Sections 1. Weekly Market Review - The coal index dropped by 4.67%, underperforming the Shanghai and Shenzhen 300 index by 2.92 percentage points [15] - Year-to-date, the coal index has decreased by 10.35%, while the Shanghai and Shenzhen 300 index has increased by 3.05% [15] 2. Thermal Coal 2.1 Key Indicators Overview - As of August 1, the Qinhuangdao 5500K thermal coal price was 663 CNY/ton, up by 1.5% week-on-week [3][30] - The average daily output of 462 sample mines was 5.474 million tons, down by 3.32% week-on-week [42] 2.2 Annual Long-term Price - The long-term price for Qinhuangdao thermal coal (Q5500) was 668 CNY/ton, a month-on-month increase of 0.3% [28] 2.3 Spot Prices - The domestic price for Qinhuangdao 5500K thermal coal increased by 10 CNY/ton week-on-week [30] - The price for Inner Mongolia's 5500K coal rose by 25.5 CNY/ton, while Shanxi's price increased by 32 CNY/ton [30] 2.4 Supply and Demand 2.4.1 Supply - The operating rate of coal mines in Shanxi, Shaanxi, and Inner Mongolia was 80.2%, down by 1.3 percentage points week-on-week [40] - The average daily output of thermal coal from 462 sample mines decreased by 3.32% week-on-week [42] 2.4.2 Demand - The daily consumption of the six major power plants increased slightly to 87.7 million tons, up by 0.63% week-on-week [46] - The inventory of these power plants decreased to 1,394.3 million tons, down by 0.26% week-on-week [46] 2.4.3 Inventory Management - The total inventory index for thermal coal was 192 points, down by 1.8% week-on-week [56] - The inventory at Qinhuangdao port dropped significantly to 535 million tons, down by 8.23% week-on-week [66] 3. Coking Coal 3.1 Key Indicators Overview - The price for coking coal at Jing Tang port remained stable at 1,680 CNY/ton [80] - The average daily output of coking coal from 523 sample mines was 77.7 million tons [80] 3.2 Spot Prices - The price for Shanxi's coking coal increased by 30 CNY/ton week-on-week, while prices in Henan and Anhui remained unchanged [81]

Core Points - Huabei Mining Co., Ltd. has obtained a patent for a device named "Drilling Field Extraction Hose Protection Device" with authorization number CN114688349B, applied on March 2022 [1] - The company was established in 2001 and is located in Huabei City, primarily engaged in other mining activities [1] - The registered capital of Huabei Mining Co., Ltd. is 675.107 million RMB [1] Company Overview - Huabei Mining Co., Ltd. has invested in 43 enterprises and participated in 5,000 bidding projects [1] - The company holds 1 trademark and has 2,879 patent records, along with 67 administrative licenses [1]