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]

Group 1 - The coal industry is experiencing a cost increase, with coal prices falling below the full cost, indicating that the industry may have reached its bottom [4][10][33] - The full cost of high-quality thermal coal from the Shanxi, Shaanxi, and Inner Mongolia regions to Qinhuangdao port is estimated to be 630 RMB/ton in 2024, which is an increase from previous years [4][33] - The report highlights that the average production cost of self-produced coal for major companies like China Shenhua, Shaanxi Coal, and China Coal Energy is around 200 RMB/ton, with China Shenhua having the lowest cost at 179 RMB/ton [21][20][10] Group 2 - The report indicates that high-cost production capacity is beginning to shrink, and supply-demand rebalancing is the core logic for the bottoming of coal prices [4][5] - Domestic low coal prices are suppressing imports, with a notable decrease in imported coal volumes since 2025, which is expected to continue [4][5] - Seasonal demand improvements for electricity generation are noted, with a decrease in port inventories since mid-May, suggesting a tightening domestic supply [4][5] Group 3 - The report recommends a strategic bullish outlook on the coal sector, particularly favoring companies with high long-term contract ratios and flexible pricing mechanisms, such as China Shenhua and China Coal Energy [5][4] - The report emphasizes that while coal prices may remain low for a period, the expectation is that supply will naturally clear over time, leading to a potential rebound in prices [5][4] - The analysis of transportation costs indicates that the average transportation cost from the pit to the Qinhuangdao port is approximately 200-250 RMB/ton, which is a critical factor in determining overall coal pricing [24][25][32]

Core Viewpoint - The FTSE China A50 Index components showed a decline across various sectors, with banking stocks mostly in the red and significant drops in insurance, liquor, and semiconductor sectors [1][6]. Banking Sector - Most banking stocks experienced a decline, contributing to the overall negative performance of the index [1]. Insurance Sector - Major insurance companies like China Pacific Insurance, Ping An Insurance, and China Life Insurance saw market capitalizations of 390.94 billion, 359.61 billion, and 1,045.27 billion respectively, with declines of -0.26 (-0.69%), -0.18 (-0.31%), and -0.16 (-1.78%) [3]. Liquor Industry - Key players in the liquor industry, including Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, reported market capitalizations of 1,778.15 billion, 217.75 billion, and 464.59 billion respectively, with price changes of -4.50 (-0.32%), -1.16 (-0.65%), and -0.04 (-0.03%) [3]. Semiconductor Sector - Semiconductor companies such as Northern Huachuang, Cambricon Technologies, and Hygon reported market capitalizations of 233.53 billion, 249.53 billion, and 326.76 billion respectively, with price changes of -1.01 (-0.23%), -12.76 (-2.09%), and -1.17 (-0.83%) [3]. Automotive Sector - In the automotive sector, BYD and Great Wall Motors had market capitalizations of 282.79 billion and 1,834.50 billion respectively, with price changes of -3.57 (-1.06%) and +0.07 (+0.33%) [3]. Energy Sector - Companies in the energy sector, including China Shipping and Sinopec, reported market capitalizations of 686.25 billion and 1,584.96 billion respectively, with price changes of +0.03 (+0.20%) and -0.05 (-0.88%) [3]. Coal Industry - In the coal industry, China Shenhua and Shaanxi Coal and Chemical Industry had market capitalizations of 186.24 billion and 795.34 billion respectively, with price changes of -1.98 (-0.78%) and -0.01 (-0.02%) [3]. Power Industry - The power sector, represented by companies like Yangtze Power and China Nuclear Power, had market capitalizations of 192.31 billion and 745.30 billion respectively, with price changes of -0.65 (-2.09%) and -0.03 (-0.32%) [4]. Internet Services - Internet service companies such as Dongfang Caifu reported a market capitalization of 371.40 billion, with a price change of +0.37 (+1.60%) [4]. Food and Beverage Sector - In the food and beverage sector, companies like Citic Securities and Haitian Flavoring reported market capitalizations of 414.23 billion and 342.55 billion respectively, with price changes of +0.38 (+1.38%) and -0.10 (-0.26%) [4]. Consumer Electronics - Companies in the consumer electronics sector, including Industrial Fulian and Luxshare Precision, had market capitalizations of 426.17 billion and 246.39 billion respectively, with price changes of +0.42 (+2.00%) and -0.35 (-0.67%) [4]. Home Appliances - In the home appliance sector, Gree Electric and Haier Smart Home reported market capitalizations of 255.76 billion and 234.57 billion respectively, with price changes of +0.16 (+0.35%) and +0.28 (+1.13%) [4]. Logistics Sector - The logistics sector, represented by companies like SF Holding, had a market capitalization of 276.36 billion, with a price change of +0.60 (+1.13%) [4]. Construction Industry - In the construction industry, China State Construction and XD China Communications reported market capitalizations of 240.07 billion and 527.30 billion respectively, with price changes of -0.02 (-0.34%) and +0.05 (+0.95%) [4].

Core Viewpoint - The article highlights the performance and growth of the Zhongzheng Dividend Low Volatility 100 Index and its corresponding ETF, indicating a bullish outlook on bank stocks driven by low interest rates and a long-term market trend [3][4]. Performance Summary - As of June 27, 2025, the Zhongzheng Dividend Low Volatility 100 Index rose by 0.31%, with constituent stocks such as Lanzhou Bank and Guizhou Bank showing significant gains [3]. - The Zhongzheng Dividend Low Volatility 100 ETF (159307) has seen a recent price increase of 0.38%, marking its sixth consecutive rise, with a latest price of 1.05 yuan and a trading volume of 484.03 million yuan [3]. - Over the past year, the ETF's net value increased by 14.89%, ranking first among comparable funds [4]. Fund Growth and Inflows - The ETF experienced a substantial increase in shares, growing by 7.26 million shares over the past year, placing it second among comparable funds [4]. - Despite a recent net outflow of 209.37 million yuan, the ETF has seen net inflows on 8 out of the last 10 trading days, totaling 3.35 million yuan [4]. Risk and Return Metrics - The ETF's maximum drawdown this year was 6.18%, with a recovery period of 36 days, indicating relatively low risk compared to peers [4]. - The ETF's management fee is 0.15% and the custody fee is 0.05%, which are the lowest among comparable funds [5]. Index Composition - The Zhongzheng Dividend Low Volatility 100 Index includes 100 stocks characterized by high liquidity, continuous dividends, high dividend yields, and low volatility [5]. - The top ten weighted stocks in the index account for 19.64% of the total index weight, with notable companies including Jizhong Energy and Daqin Railway [5][6].

Market Overview - The FTSE China A50 Index component stocks showed a mixed performance with bank stocks rising in the afternoon while insurance stocks continued to decline [1][5]. Banking Sector - Bank stocks generally performed well, contributing to the positive movement in the FTSE China A50 Index [1]. Insurance Sector - Major insurance companies such as China Pacific Insurance, China Life Insurance, and Ping An Insurance experienced declines in their stock prices, with China Pacific Insurance down by 1.05%, China Life down by 0.52%, and Ping An down by 1.42% [3]. Alcohol Industry - In the alcohol sector, Kweichow Moutai saw a slight increase of 0.48%, while Shanxi Fenjiu and Wuliangye experienced declines of 0.37% and 0.83% respectively [3]. Semiconductor Industry - The semiconductor companies showed varied results, with North Huachuang increasing by 2.72%, while Cambrian and Haiguang Information saw minor declines [3]. Automotive Sector - In the automotive sector, BYD's stock fell by 3.39%, while Great Wall Motors and China Railway High-speed experienced minor declines and increases respectively [3]. Shipping and Oil Industry - China COSCO Shipping saw a slight increase of 0.53%, while Sinopec and PetroChina experienced minor declines [3]. Coal and Battery Industry - China Shenhua's stock decreased by 0.27%, while Ningde Times (CATL) saw a decline of 0.83% [3]. Power and Financial Sector - Longyuan Power and China Nuclear Power had mixed results, with Longyuan Power increasing by 0.74% and China Nuclear Power declining by 3.63% [4]. Food and Beverage Sector - The food and beverage sector showed declines, with companies like Haitian Flavor Industry and Zhongtai Securities experiencing notable decreases [4]. Consumer Electronics and Pharmaceutical Sector - The consumer electronics sector saw a slight increase in stocks like Luxshare Precision, while pharmaceutical companies like Hengrui Medicine experienced a decline [4]. Logistics and Medical Equipment - The logistics sector, represented by SF Holding, saw a minor decline, while medical equipment company Mindray Medical also experienced a decrease [4]. Non-ferrous Metals and Communication Services - Zijin Mining and China Communications Construction had mixed performances, with Zijin Mining showing a slight decline [4].

金十图示：2025年06月24日（周二）富时中国A50指数成分股今日收盘行情一览：成分股大面积飘红，保险、证券、汽车整车涨 势较大 -0.10(-1.15%) +0.02(+0.47%) -0.04(-0.71%) 保险 100 中国太保 中国平安 中国人保 08 3980.16亿市值 3532.59亿市值 10341.59亿市值 14.29亿成交额 58.74亿成交额 11.14亿成交额 56.79 36.72 9.00 +0.83(+2.31%) +1.69(+3.07%) +0.36(+4.17%) 酸酒行业 贵州茅台 山西汾酒 五粮液 18054.07亿市值 2188.49亿市值 4648.23亿市值 52.29亿成交额 11.77亿成交额 21.39亿成交额 1437.20 179.39 119.75 +17.20(+1.21%) +1.68(+0.95%) +1.47(+1.24%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2328.04亿市值 2535.01亿市值 3187.60亿市值 17.03亿成交额 53.14亿成交额 26.75亿成交额 137.14 435.82 607.2 ...

Core Insights - Shaanxi Coal Industry is a significant player in the coal sector, involved in coal mining, washing, transportation, sales, and production services, with applications in electricity, chemicals, and metallurgy [1] - As of the latest data, the company's stock price is 19.95 yuan, with a total market capitalization of 201.947 billion yuan and a price-to-earnings ratio of 9.06 [1] - In Q1 2025, Shaanxi Coal reported a revenue of 40.162 billion yuan, a year-on-year decrease of 7.30%, and a net profit attributable to shareholders of 4.805 billion yuan, a slight decline of 1.23% [1] Resilience Evaluation - The resilience evaluation score for Shaanxi Coal is 79.41, ranking 11th among 5,410 comparable listed companies in A-shares [3] - The company scored 88.74 in the shareholder return dimension, indicating strong performance in this area [5] - In the innovation dimension, the score was relatively low at 43.16, highlighting a need for improvement in research and development [6] Financial Performance - The profitability dimension score is 77.11, reflecting solid earnings performance [7] - The anti-risk dimension score is high at 89.87, indicating strong financial stability and risk management capabilities [7] - The institutional dimension score is 85.47, with the number of institutional shareholders reaching a new high since 2019, showcasing market attractiveness [7] Market Position - In the market capitalization dimension, Shaanxi Coal scored 87.38, placing it first among 37 listed companies in the coal industry, significantly above the industry average score of 51.46 [8] - Overall, the company demonstrates strong performance in profitability, risk management, and institutional appeal, but there is room for improvement in innovation capabilities [9]

（原标题：煤炭行业今日净流入资金3.49亿元，中国神华等11股净流入资金超千万元） 沪指6月23日上涨0.65%，申万所属行业中，今日上涨的有28个，涨幅居前的行业为计算机、国防军工，涨幅分别为2.25%、1.97%。煤炭行业位居 今日涨幅榜第三。跌幅居前的行业为食品饮料、家用电器、钢铁，跌幅分别为0.80%、0.43%、0.11%。 煤炭行业今日上涨1.68%，全天主力资金净流入3.49亿元，该行业所属的个股共37只，今日上涨的有35只；下跌的有2只。以资金流向数据进行统 计，该行业资金净流入的个股有26只，其中，净流入资金超千万元的有11只，净流入资金居首的是中国神华，今日净流入资金1.24亿元，紧随其 后的是中煤能源、陕西煤业，净流入资金分别为6275.81万元、3888.99万元。煤炭行业资金净流出个股中，净流出资金居前的有潞安环能、陕西黑 猫、安泰集团，净流出资金分别为1772.48万元、1108.08万元、889.67万元。（数据宝） 煤炭行业资金流向排名 资金流向：最新份额为4.1亿份，增加了0.0份，主力资金净流出 62.5万元。 基金有风险,投资需谨慎. 注：本文系新闻报道，不构成投资建议， ...