Investment Rating - The report maintains a "Positive" investment rating for the coal industry [10]. Core Insights - The current profitability of the coal industry is better than that before the supply-side reform in 2016, but coking coal profitability is lower than thermal coal, indicating a stronger necessity for reform [7][8]. - The "anti-involution" measures in the coal industry are expected to primarily involve production limits and capacity exits, which could raise the price baseline in a favorable demand environment. However, the current demand pressure is greater than in 2016 [6][7]. - Short-term price elasticity may be limited due to high inventory and suppressed demand, but unexpected demand improvements could lead to price rebounds [6][7]. Summary by Sections Market Performance - The coal index (Yangtze) increased by 1.67%, outperforming the CSI 300 index by 0.13 percentage points, ranking 11th out of 32 industries [21]. - As of July 4, the market price for Qinhuangdao thermal coal was 623 RMB/ton, a weekly increase of 3 RMB/ton [21]. Thermal Coal Analysis - Daily coal consumption in 25 provinces reached 573.3 million tons, a week-on-week increase of 3.3% [22]. - The inventory of power plants was 125.22 million tons, with a usable days count of 21.8 days, a decrease of 0.4 days week-on-week [22]. Coking Coal Analysis - The price for main coking coal at Jingtang Port was stable at 1230 RMB/ton as of July 4 [21]. - Coking coal inventory increased by 0.55% week-on-week, indicating a need to monitor supply recovery and seasonal demand [22][53]. Investment Recommendations - Recommended stocks include long-term stable profit leaders such as China Coal Energy, China Shenhua Energy, and Shaanxi Coal and Chemical Industry [8]. - Growth-oriented companies include Electric Power Investment and New Hope Liuhe, while flexible growth stocks include Yanzhou Coal Mining and Huayang Co [8].

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 investments [10][11] - The underlying investment logic of coal capacity shortages remains unchanged, with a short-term supply-demand balance and a long-term gap still present [10] - The trend of coal prices establishing a bottom and moving to a new platform is expected to continue, with high profitability, cash flow, return on equity (ROE), and dividends from quality coal companies [10][11] - The coal sector is viewed as undervalued, with overall valuation expected to improve, supported by high premiums in the primary mining rights market and a public fund allocation that is currently underweight in coal [10][11] Summary by Sections Coal Price Tracking - As of July 5, the market price for Qinhuangdao port thermal coal (Q5500) is 616 CNY/ton, a week-on-week increase of 2 CNY/ton [28] - The price for thermal coal from Shaanxi Yulin (Q6000) is 600 CNY/ton, up 5.0 CNY/ton week-on-week [28] - The international thermal coal price at Newcastle (NEWC5500) is 64.8 USD/ton, down 0.3 USD/ton week-on-week [28] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 94%, an increase of 1.1 percentage points week-on-week [46] - The capacity utilization rate for sample coking coal mines is 83.82%, an increase of 1.3 percentage points week-on-week [46] - Coastal provinces' daily coal consumption increased by 18.80 thousand tons/day (+9.90%) while inland provinces' daily consumption decreased by 0.60 thousand tons/day (-0.16%) [47] Investment Recommendations - Focus on stable and robust performance companies such as China Shenhua, Shaanxi Coal, and China Coal Energy [11] - Consider companies with significant rebound potential like Yanzhou Coal, Electric Power Energy, and Guanghui Energy [11] - Pay attention to high-quality metallurgical coal companies such as Huabei Mining and Pingmei Shenma [11]

Investment Rating - The report maintains a "Buy" rating for key coal companies including China Qinfa, China Coal Energy, and AnYuan Coal Industry [3][6]. Core Insights - The global coal production is expected to reach a historical high of 924.2 million tons in 2024, with a year-on-year growth of 0.9%. The Asia-Pacific region continues to expand production, with India and Indonesia increasing output by 7% and 8% respectively [7]. - Global coal demand is projected to grow to 165.06 exajoules (EJ) in 2024, reflecting a year-on-year increase of 1%. However, demand in Europe is declining rapidly, with a decrease of 7% [7]. - The report highlights the stability of coal prices, with Newcastle port coal prices at $110.85 per ton, up 4.35 dollars per ton (+4.08%) from the previous week [34]. Summary by Sections Coal Mining - The report indicates that coal prices at European ARA ports have risen to $107.25 per ton, an increase of 3.90 dollars per ton (+3.77%) [34]. - The report emphasizes the importance of monitoring coal production and demand trends, particularly in the Asia-Pacific region, which is driving growth [7]. Investment Recommendations - Key recommended stocks include China Coal Energy, China Shenhua, and the turnaround story of China Qinfa. Other notable mentions are Shaanxi Coal and Energy, and Yancoal Energy, which show potential for growth [3][6]. - The report also suggests keeping an eye on AnYuan Coal Industry, which is undergoing significant changes in its shareholder structure and asset swaps [3]. Market Trends - The report notes that global coal trade volume is expected to reach 35.99 EJ in 2024, marking a year-on-year increase of 1.3%. Indonesia remains the largest coal exporter, accounting for 29.8% of total exports [7]. - The report provides a detailed analysis of coal price movements, indicating a stable trend in shipping coal prices [30].

Market Overview - The FTSE China A50 Index components showed a mixed performance with banking, liquor, semiconductor, and logistics sectors rising, while non-ferrous metals and chemical pharmaceuticals sectors weakened [1] - BYD's stock price fell over 1% [1] Sector Performance Banking Sector - Major banks like China Pacific Insurance, Ping An Insurance, and China Life Insurance reported market capitalizations of 382.98 billion, 357.30 billion, and 1,030.15 billion respectively, with trading volumes of 9.81 million, 36.96 million, and 7.85 million [3] Liquor Industry - Key players such as Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1,786.59 billion, 214.35 billion, and 467.31 billion respectively, with trading volumes of 40.87 million, 10.51 million, and 20.49 million [3] Semiconductor Sector - Companies like Northern Huachuang, Cambricon Technologies, and Haiguang Information had market capitalizations of 241.84 billion, 229.03 billion, and 315.09 billion respectively, with trading volumes of 24.36 million, 31.12 million, and 15.15 million [3] Automotive Sector - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of 1,818.73 billion, 186.84 billion, and 278.88 billion respectively, with trading volumes of 34.54 million, 4.39 million, and 5.94 million [3] Oil Industry - China Petroleum, Sinopec, and COSCO Shipping had market capitalizations of 239.78 billion, 688.67 billion, and 1,573.98 billion respectively, with trading volumes of 8.63 million, 6.43 million, and 7.64 million [3] Coal Industry - Major companies like China Shenhua and Shaanxi Coal and Chemical Industry had market capitalizations of 187.79 billion and 815.60 billion respectively, with trading volumes of 12.39 million and 6.45 million [3] Power Industry - Key players such as Yangtze Power and China Nuclear Power had market capitalizations of 360.33 billion and 737.96 billion respectively, with trading volumes of 20.49 million and 8.29 million [4] Food and Beverage Sector - Companies like Citic Securities, Guotai Junan, and Haitian Flavoring had market capitalizations of 409.94 billion, 340.96 billion, and 226.93 billion respectively, with trading volumes of 28.30 million, 3.94 million, and 16.84 million [4] Consumer Electronics - Industrial Fulian, Luxshare Precision, and Gree Electric Appliances had market capitalizations of 472.85 billion, 255.90 billion, and 242.55 billion respectively, with trading volumes of 30.57 million, 77.50 million, and 25.48 million [4] Chemical Products - Companies like Wanhua Chemical and SF Holding had market capitalizations of 239.20 billion and 271.34 billion respectively, with trading volumes of 12.28 million and 8.32 million [4] Construction and Engineering - China State Construction and Zijin Mining had market capitalizations of 532.88 billion and 166.95 billion respectively, with trading volumes of 27.26 million and 8.53 million [4]

富时中国A50指数连续 金十图示：2025年07月03日（周四）富时中国A50指数成分股今日收盘行情一览：证券、消费电子、家电等板块收高，石油、煤 炭等板块收低，银行、保险等板块涨跌不一 -0.01(-0.18%) +0.06(+0.71%) +0.03(+0.71%) 保险 中国太保 中国平安 12,000 中国人保 电机 3825.38亿市值 3573.96亿市值 10161.31亿市值 5.06亿成交额 18.17亿成交额 6.14亿成交额 55.80 37.15 8.65 +0.03(+0.08%) -0.01(-0.02%) -0.04(-0.46%) 酸酒行业 贵州茅台 五粮液 山内对酒 17782.74亿市值 2142.50亿市值 4643.18亿市值 34.57亿成交额 10.02亿成交额 14.64亿成交额 1415.60 175.62 119.62 +6.00(+0.43%) 0.00(0.00%) +0.44(+0.37%) 术学体 北方华创 寒武纪-U 海光信息 HYGON 2368.09亿市值 2289.63亿市值 3146.22亿市值 13.25亿成交额 21.74亿成交额 12. ...

Market Overview - The FTSE China A50 Index components showed mixed performance with sectors like home appliances, liquor, and non-ferrous metals rising, while sectors such as securities, consumer electronics, and logistics declined [1]. Sector Performance Home Appliances - Gree Electric Appliances had a market capitalization of 259.96 billion, with a trading volume of 25.10 billion and an increase of 0.96 (+2.11%) [3]. - Haier Smart Home reported a market cap of 240.01 billion, with a trading volume of 19.79 billion and an increase of 0.82 (+3.31%) [3]. Liquor Industry - Kweichow Moutai had a market capitalization of 1,770.74 billion, with a trading volume of 36.89 billion and an increase of 4.50 (+0.32%) [3]. - Wuliangye Yibin reported a market cap of 214.25 billion, with a trading volume of 11.55 billion and an increase of 1.20 (+0.69%) [3]. Non-Ferrous Metals - The sector showed positive performance, contributing to the overall rise in the index [1]. Securities - CITIC Securities had a market capitalization of 404.30 billion, with a trading volume of 10.59 billion and a decrease of 0.11 (-0.40%) [4]. - Guotai Junan Securities reported a market cap of 338.49 billion, with a trading volume of 15.74 billion and a decrease of 0.07 (-0.36%) [4]. Consumer Electronics - Industrial Fulian had a market cap of 420.21 billion, with a trading volume of 24.20 billion and a decrease of 0.24 (-1.12%) [4]. - Luxshare Precision reported a market cap of 245.97 billion, with a trading volume of 17.15 billion and a decrease of 0.79 (-2.28%) [4]. Logistics - SF Holding had a market capitalization of 272.79 billion, with a trading volume of 17.11 billion and a decrease of 1.51 (-0.67%) [4]. Energy Sector - China Shenhua Energy had a market cap of 190.41 billion, with a trading volume of 8.45 billion and an increase of 0.60 (+1.47%) [3]. - China Petroleum & Chemical Corporation reported a market cap of 1,573.98 billion, with a trading volume of 6.26 billion and a decrease of 0.04 (-0.46%) [3].

+0.05(+0.91%) +0.10(+1.18%) +0.05(+1.20%) 保险 中国太保 中国平安 中国人保 01 3851.91亿市值 3598.97亿市值 10143.10亿市值 5.37亿成交额 19.62亿成交额 6.12亿成交额 55.70 8.71 37.41 -0.10(-0.27%) +0.22(+0.40%) 0.00(0.00%) 酸酒行业 贵州茅台 山西汾酒 五粮液 17650.84亿市值 2127.86亿市值 4604.75亿市值 27.94亿成交额 9.82亿成交额 14.49亿成交额 174.42 118.63 1405.10 -0.27(-0.23%) -4.42(-0.31%) -1.97(-1.12%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2369.53亿市值 3172.72亿市值 2355.31亿市值 11.51亿成交额 59.25亿成交额 26.84亿成交额 443.30 136.50 563.00 +1.09(+0.25%) -38.50(-6.40%) -4.79(-3.39%) 汽车整车 铁路公路 长城汽车 比亚迪 京沪高铁 2803.44 ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [10]. Core Insights - The recent strong rebound in coking coal futures is attributed to a combination of supply contraction and improved demand fundamentals, although medium to long-term price pressures may persist if demand does not see significant positive changes [2][7]. - The coal index (Yangtze) increased by 1.68% this week, underperforming the CSI 300 index by 0.27 percentage points, ranking 25th out of 32 industries [19]. - Coking coal prices are supported by supply tightening due to safety inspections and environmental regulations, while demand remains stable due to steel production [6][20]. Summary by Sections Coking Coal Market - Coking coal futures saw a weekly increase of 6.34%, closing at 848 CNY/ton, significantly outperforming other commodities in the coal-steel-mining chain [7][14]. - Supply-side factors include reduced production from safety checks and environmental inspections, leading to a 0.53% week-on-week decrease in weekly refined coal output [7][20]. - Demand remains stable, with average daily pig iron production from 247 steel mills at 2.4229 million tons, showing a slight increase of 0.05% week-on-week [7][20]. Investment Recommendations - The report suggests marginal allocation to long-term stable profit leaders such as China Coal Energy (A+H), China Shenhua (A+H), and Shaanxi Coal and Chemical Industry [8]. - For growth-oriented investments, Electric Power Investment and New集 Energy are recommended, while coking coal companies like Shanxi Coking Coal, Huaibei Mining, and Pingdingshan Coal are highlighted for their potential [8]. Price Trends - As of June 27, the market price for Qinhuangdao 5500 kcal thermal coal is 620 CNY/ton, reflecting an increase of 11 CNY/ton week-on-week [19][42]. - The main coking coal price at Jingtang Port remains stable at 1230 CNY/ton, while the price for first-grade metallurgical coke is 1280 CNY/ton, unchanged from the previous week [19][20].

Investment Rating - The industry investment rating is "Increase" [5][7]. 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 and determination [3]. - Domestic coal companies are increasingly facing losses, with over half (54.8%) of coal enterprises reporting losses as of March 2025. This situation may lead to a higher probability of both passive and active production cuts as prices continue to decline [3]. - The report emphasizes the potential for a rebound in coal prices due to the high costs of overseas coal mines, which may lead to reduced imports and a subsequent increase in domestic coal prices [3]. Summary by Sections Coal Mining - The European coal market is experiencing a price decline, with ARA port coal prices at $103.4 per ton, down $3.7 per ton (-3.4%) from the previous week. Newcastle port coal prices are at $106.5 per ton, down $0.1 per ton (-0.1%) [1][3]. - The report highlights the impact of geopolitical tensions on natural gas prices, which have led to a simultaneous increase in coal and natural gas prices in Europe by 7-9% [6][3]. Key Recommendations - The report recommends key coal enterprises such as China Shenhua (H+A), China Coal Energy (H+A), and China Qinfa, which is expected to reverse its current difficulties. Other recommended companies include Xinjie Energy, Shaanxi Coal, and Yanzhou Coal, which are expected to perform well [3][7].

Investment Rating - The investment rating for the coal mining sector 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 stocks [11][12] - The coal price has stabilized and is expected to continue its upward trend due to safety inspections in production areas, ongoing inventory depletion at ports, and the initiation of peak season demand [11][12] - The valuation of the coal sector remains low, and the continuous improvement in fundamentals and price expectations has not yet been fully reflected, highlighting the sector's investment value [11][12] Summary by Sections Coal Price Trends - As of June 28, the market price for Qinhuangdao port thermal coal (Q5500) is 614 CNY/ton, up 4 CNY/ton week-on-week [11][29] - The international thermal coal offshore price for Newcastle NEWC5500 is 65.3 USD/ton, down 1.3 USD/ton week-on-week [11][29] - The price for coking coal at Jing Tang port remains stable at 1250 CNY/ton [11][31] Supply and Demand Analysis - The capacity utilization rate for sample thermal coal mines is 92.9%, down 1.6 percentage points week-on-week, while the coking coal mine utilization rate is 82.48%, down 2.0 percentage points [11][48] - Daily coal consumption in inland provinces has increased by 14.5 thousand tons/day (+4.13%), while consumption in coastal provinces has decreased by 1.6 thousand tons/day (-0.84%) [11][49] Investment Recommendations - The report suggests focusing on stable and high-performing companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy, as well as those with significant upside potential like Yanzhou Coal Mining and China Power Investment [12][13] - The coal sector is characterized by high performance, high cash flow, and high dividend yields, making it an attractive investment opportunity [12][13]