Investment Rating - The report maintains an "Overweight" rating for the coal industry [7] Core Insights - The ongoing Israel-Iran conflict is expected to drive oil prices higher, which historically correlates with an increase in coal prices due to their price linkage [1][12] - The coal chemical sector is experiencing significant demand growth, driven by the cost advantages of coal over oil in chemical production [2][39] - High temperatures and reduced water levels are anticipated to boost coal demand during the summer peak season [3][48] - Indonesia's coal production is projected to decline, which may improve the supply-demand balance for low-calorie coal in the market [4][53] - Despite a generally pessimistic market outlook for coal prices, there is a notable opportunity for price rebounds, particularly for undervalued coal companies [5] Summary by Sections Section 1: Oil and Coal Price Dynamics - The Israel-Iran conflict has led to increased oil prices, with Brent and WTI crude futures rising by 7.0% and 7.3% respectively on June 13 [1][14] - Historical data shows a strong correlation between oil and coal prices, with an average oil-coal price ratio of 3.37 since 2000 [1][18] Section 2: Coal Chemical Demand - The coal chemical sector's demand growth reached 16.4% from January to May, significantly exceeding previous forecasts [2][41] - The profitability of coal-based ethylene glycol production is expected to improve, with projected profits turning positive by May 2025 [2][39] Section 3: Seasonal Demand Factors - The average national temperature in May was 17.1°C, 0.9°C higher than the previous year, indicating increased electricity demand [3][48] - A forecasted 9% decline in hydropower generation hours is expected to translate into an additional 0.3 million tons of coal demand [3][50] Section 4: Indonesian Coal Production - Indonesia's coal production is expected to decrease by 13% in 2025, leading to a potential 20% reduction in export volumes [4][53] - This reduction is anticipated to alleviate the oversupply of low-calorie coal in the Chinese market [4][53] Section 5: Market Sentiment and Investment Opportunities - The current market sentiment for coal prices is pessimistic, but there is a significant potential for price recovery [5] - Recommended companies include China Shenhua, China Coal Energy, Shaanxi Coal and Energy, and Jinneng Holding Group, all of which are considered undervalued with strong dividend yields [5][58]

Group 1 - Iran's armed forces shot down an F-35 fighter jet, with Israel's military claiming unawareness of the incident [2] - Israeli Prime Minister Netanyahu stated that Israel has killed 10 Iranian senior nuclear scientists and will continue targeting Iranian nuclear objectives [2] - 21 countries condemned Israel's actions in the ongoing conflict with Iran [2] Group 2 - The National Medical Products Administration of China announced a "30-day fast-track approval channel" for innovative drug clinical trials to enhance the efficiency of drug development [3] - The initiative aims to support key national research projects and encourage international multi-center clinical trials [3] Group 3 - Domestic fuel prices are expected to rise for the fifth time this year, with predictions of an increase of 230 yuan per ton for gasoline and diesel [4] - The rise in oil prices is attributed to strong international crude oil prices and tensions in the Middle East [4] Group 4 - Goldman Sachs identified a group of ten leading Chinese private enterprises, dubbed the "Ten Giants of Chinese Private Enterprises," which are expected to strengthen their market positions [5] - The report suggests that these companies could mirror the dominance of the U.S. tech giants [5] Group 5 - Circle's CEO indicated that the moment for stablecoins to gain widespread recognition is approaching, akin to the "iPhone moment" for programmable digital currencies [6] - The potential for stablecoins to lower costs for fintech startups was highlighted, suggesting increased competition and better user experiences [6] Group 6 - A wave of control changes is occurring in A-shares, with 63 companies planning ownership changes since 2025, indicating a significant acceleration in capital consolidation [7] - The current wave differs from previous ones, with a more mature and rational market response [7] Group 7 - Trump announced a delay in sanctions against Russia to facilitate negotiations, while Russia's Foreign Ministry expressed hope for a quick resolution [8] Group 8 - Public funds are focusing on new economic sectors for the second half of the year, with expectations of a market rebound driven by supportive policies and domestic consumption [9] - The anticipated easing of U.S. trade policies is expected to reduce negative impacts on the economy [9] Group 9 - Haitai Flavor Industry's H-shares are set to list on June 19, with over 930 times subscription, raising approximately 10.1 billion HKD [10] - The company will issue 263 million H-shares, with a significant portion allocated for international investors [10] Group 10 - Midea Group announced a share repurchase plan of up to 10 billion yuan, aiming to buy back at least 50 million shares [11] - The repurchased shares will be used for capital reduction and employee incentive plans [11] Group 11 - Yunlu Co. reported that its chairman was detained, but the company stated that this would not significantly impact its operations [12][13] - The company continues to operate normally despite the chairman's absence [12][13] Group 12 - Ant Group is applying for stablecoin licenses in Hong Kong and Singapore, aiming to leverage blockchain technology for financial applications [14] - The company is accelerating investments in global asset management and partnerships [14] Group 13 - China's quantum measurement and control system has been delivered, indicating progress in quantum computing [15] - Various sectors are experiencing positive developments, including the IP economy and tourism-related industries [15] Group 14 - A-shares showed a positive trend with major indices closing higher, driven by gains in technology and financial sectors [16] - The market remains resilient despite geopolitical tensions, with significant movements in large tech stocks [16] Group 15 - European stock indices also reported gains, reflecting a positive sentiment in the market [17] Group 16 - The outlook for the second half of the year is optimistic, with expectations of a rebalancing in global assets and continued policy support [18] - Fund managers are focusing on structural opportunities in the market, particularly in technology and cyclical sectors [19] Group 17 - A new domestic insulation materials company is set to launch an IPO, indicating ongoing market activity [20] Group 18 - China Eastern Airlines reported a 15.43% increase in passenger turnover in May, reflecting recovery in the aviation sector [27] - Shenzhen Airport also saw a 15.67% increase in passenger throughput, indicating growth in travel demand [29] Group 19 - Huayue Care announced plans to reduce shareholding by up to 1.07 million shares due to funding needs [30][31] Group 20 - Baida Qiancheng signed a licensing agreement with Mango TV for a series of film and television productions, valued at 372 million yuan [32] - China Energy Construction won a bid for a project worth approximately 5 billion yuan, showcasing ongoing infrastructure investments [33]

证券代码：601898 证券简称：中煤能源 公告编号：2025-020 以上生产经营数据源自本公司内部统计，为投资者及时了解本公司生产经营 概况之用，可能与本公司定期报告披露的数据有差异。 此外，因受到诸多因素的影响，包括（但不限于）国家宏观政策调整、国内 外市场环境变化、恶劣天气及灾害、设备检修维护、安全检查和煤矿地质条件变 化等，所公告生产经营数据在月度之间可能存在较大差异。 上述生产经营数据并不对本公司未来经营情况作出任何明示或默示的预测 或保证，投资者应注意不恰当信赖或使用以上信息可能造成投资风险。 公司将在本公告披露后适时召开月度生产经营数据说明会，具体参会事宜请 询公司投资者热线 010-82236028。 中国中煤能源股份有限公司 2025 年 5 月份主要生产经营数据公告 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。 | 指标项目 | 单位 | 2025 | 年 | 2024 | 年 | 变化比率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | ...

Company Announcements - Weir Shares will change its stock name to Haowei Group starting June 20, 2025, while the stock code "603501" remains unchanged [3] - Dafu Technology plans to transfer 27% of its subsidiary Peitian Intelligent Manufacturing's shares to Dayu Industrial Investment Group for approximately RMB 192.21 million, retaining a 63.49% stake post-transaction [4] - Aojing Medical announced the passing of its founder and actual controller, Cui Fuzhai, who held 4.62% of the company's shares directly and 0.26% indirectly; the company stated that his death will not impact operations [6] - Zhongji Oil and Gas confirmed normal operations and no undisclosed significant matters affecting stock fluctuations [7] Performance Metrics - China Eastern Airlines reported a 15.43% year-on-year increase in passenger turnover for May 2025, with a capacity increase of 9.27% and a seat occupancy rate of 85.39% [9] - China Coal Energy's coal sales in May 2025 were 21.79 million tons, a decrease of 4.9% year-on-year, while coal production increased by 1.9% to 11.90 million tons [10] - Shenzhen Airport recorded a passenger throughput of 5.54 million in May 2025, up 15.67% year-on-year, with a cumulative throughput of 27.41 million for the year [11] Major Contracts - Baina Qiancheng signed a proprietary licensing cooperation agreement with Mango Films, with a total contract value of RMB 372 million, representing 50.65% of the company's audited revenue for 2024 [15] - China Energy Construction won a bid for the Jiangyin Sulong Project with a contract value of approximately RMB 5.00508 billion, involving the construction of two 660MW coal-fired power units [16]

Investment Rating - The report maintains a "Positive" outlook on the coal industry, indicating an expectation for the sector to outperform the overall market [3]. Core Insights - The report highlights that coal prices are expected to benefit from rising international oil prices and a gradual reduction in inventory levels [3]. - The demand for thermal coal is anticipated to remain stable despite being in a traditional off-peak season, supported by supply constraints and reduced imports [3]. - Coking coal prices are expected to stabilize and rebound as the peak season approaches, driven by improved steel production and profitability [3]. Summary by Sections Recent Industry Policies and Dynamics - June marks the annual "Safety Production Month" in China, emphasizing safety and emergency preparedness [9]. - Coal transportation from Xinjiang has increased, with a total of 39.4 million tons shipped out, reflecting a year-on-year growth of 6.8% [9]. Price Trends for Thermal and Coking Coal - As of June 13, thermal coal prices remained stable, with various grades reporting little to no change [10][11]. - Coking coal prices have shown slight declines, but the report suggests a potential for stabilization as demand from steel mills increases [13]. International Oil Price Surge - Brent crude oil prices rose significantly, with a reported increase of $7.76 per barrel, marking an 11.67% rise [17]. - The relationship between international oil prices and coal prices has shown a downward trend, indicating a potential impact on coal pricing dynamics [17]. Port Inventory and Shipping Costs - Inventory levels at the Bohai Rim ports have decreased, with coal stock down to 28.688 million tons, a reduction of 63.10% week-on-week [22]. - Domestic shipping costs have declined, with average coastal shipping rates falling by 2.96% [29]. Valuation of Key Companies - The report provides a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalization, and earnings projections [34]. - Companies such as China Shenhua, Shaanxi Coal, and Yanzhou Coal are recommended for their stable operations and high dividend yields [3].

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [6]. Core Viewpoints - The rise in crude oil prices, influenced by geopolitical tensions, is expected to boost overseas coal market sentiment, necessitating close monitoring of international disturbances on coal prices [1][2]. - Seasonal demand for electricity is anticipated to support stable coal prices as summer peaks approach, with recommendations for companies with high long-term contract ratios and stable profitability, such as China Shenhua and China Coal Energy [4]. Summary by Sections Industry Overview - Crude oil prices surged due to military actions in the Middle East, with Brent crude futures rising by 7.02% on June 13 and a total increase of 11.67% for the week [1]. - Historical correlations suggest that rising crude oil prices may positively impact coal prices [1]. Price Trends - The average closing price for Qinhuangdao port thermal coal (5500 kcal) was 609 RMB/ton, showing a slight decrease of 0.04% week-on-week [2]. - The average price for Australian Newcastle port thermal coal (5500 kcal) was 66 USD/ton, reflecting a decrease of 0.99% [2]. - European natural gas futures settled at 36 EUR/MWh, up by 0.60% [2]. Production and Inventory - The operating rate of 110 sample washing plants was 57.4%, down 3.2 percentage points week-on-week and 11.6 percentage points year-on-year, indicating a low level compared to the past five years [3]. - Coal inventories at Qinhuangdao port were 6.18 million tons, down 5.65% week-on-week but up 19.31% year-on-year, indicating a high level for the same period [4]. Investment Recommendations - The report suggests that the upcoming summer electricity demand will support coal prices, recommending companies with stable earnings such as China Shenhua and China Coal Energy [4]. Company Earnings Forecasts - The earnings per share (EPS) and price-to-earnings (PE) ratios for key companies are as follows: - China Shenhua: EPS 2.95 (2024A), PE 13 (2024A), rating "Accumulate" [5]. - China Coal Energy: EPS 1.46 (2024A), PE 7 (2024A), rating "Accumulate" [5]. - Shanxi Coking Coal: EPS 0.55 (2024A), PE 12 (2024A), rating "Accumulate" [5].

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 assets [10][11] - The coal supply side is experiencing a contraction, with a decrease in coal mine capacity utilization rates, while demand is expected to recover, leading to a potential rebound in coal prices [10][11] - The report emphasizes the importance of high-quality coal companies that exhibit strong profitability, cash flow, return on equity (ROE), and dividends, which are expected to remain attractive investments [10][11] Summary by Sections 1. Coal Prices - As of June 14, the market price for Qinhuangdao port thermal coal (Q5500) is 610 CNY/ton, a decrease of 1 CNY/ton week-on-week [2][29] - The price for coking coal at Jing Tang port is reported at 1250 CNY/ton, down 40 CNY/ton from the previous week [31] 2. Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 94%, down 1 percentage point week-on-week, while coking coal mines have a utilization rate of 83.71%, down 0.9 percentage points [10][46] - Daily coal consumption in inland provinces has decreased by 9.50 thousand tons/day (-3.03%) and in coastal provinces by 0.30 thousand tons/day (-0.17%) [10][47] 3. Coal Inventory and Transportation - As of June 12, coal inventory in inland provinces has decreased by 12.60 thousand tons, while coastal provinces saw an increase of 38.50 thousand tons [47] - The report notes that the daily coal consumption is in the early stages of a seasonal increase, indicating a potential recovery in demand [10] 4. Investment Recommendations - The report suggests focusing on stable and high-performing companies such as China Shenhua, Shaanxi Coal, and others, while also considering companies with high elasticity like Yanzhou Coal and Guohua Energy [11][12]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is experiencing a tightening supply in safety production month, with daily consumption increasing week-on-week and port inventories decreasing [2][5] - The report highlights the potential for a rebound in thermal coal prices as the summer peak season approaches, supported by low inventory levels at power plants [5][16] - The overall coal market fundamentals have improved significantly compared to previous periods, with expectations for price stabilization and recovery [5][16] Summary by Sections Thermal Coal - Port inventories continue to decrease, with a week-on-week drop of 125.3 thousand tons, indicating a tightening supply [30] - Daily consumption at coastal and inland power plants has increased, with a week-on-week rise of 2.0 and 24.9 thousand tons respectively [25][31] - The average price of thermal coal at Qinhuangdao port has decreased by 2 yuan/ton week-on-week, now at 609 yuan/ton [17] Coking Coal - Supply of coking coal has contracted, with a week-on-week decrease in production capacity utilization by 0.87 percentage points [41] - The average customs clearance volume of Mongolian coal has decreased by 234 trucks week-on-week [45] - Coking coal prices at major ports have decreased, with the price at Jing Tang port dropping by 30 yuan/ton to 1270 yuan/ton [42] Coke - The implementation of the third round of price reductions has led to a decrease in the operating rate of coke enterprises, down 0.15 percentage points to 76.04% [53] - Coke prices have decreased by 70 yuan/ton week-on-week, now at 1280 yuan/ton [53] - The average profit per ton of coke has improved by 20 yuan/ton week-on-week, now at -19 yuan/ton [57] Investment Opportunities - The report suggests focusing on companies with strong cash flow and high profitability, such as China Shenhua, Shaanxi Coal, and China Coal Energy [78] - It emphasizes the value attributes of the coal sector, particularly in the context of recent government support and market stability [77][78]

Investment Rating - The industry investment rating is "Maintain Buy" for coal mining companies [4][6]. 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 [3]. - In May 2025, India's coal-fired power generation decreased by 9.5% year-on-year to 113.3 billion kWh, marking the largest year-on-year decline since June 2020 [2]. - The report emphasizes that domestic coal companies are increasingly facing losses, with over half (54.8%) of coal enterprises reporting losses as of March 2025. This trend may lead to increased probabilities of both passive and active production cuts [3]. Summary by Sections Coal Prices - As of June 6, 2025, coal prices showed mixed trends: European ARA port coal price at $89/ton (down 2.2%), Newcastle port coal price at $218.9/ton (unchanged), and IPE South Africa Richards Bay coal futures at $91/ton (up 1.2%) [1][32]. Key Recommendations - Recommended stocks include: - China Shenhua (601088.SH) - Buy - Shaanxi Coal and Energy (601225.SH) - Buy - China Qinfa (00866.HK) - Buy - China Coal Energy (601898.SH) - Buy - Electric Power Energy (002128.SZ) - Buy - Jinko Coal Industry (601001.SH) - Buy - Yancoal Energy (600188.SH) - Buy - New Hope Energy (601918.SH) - Buy [6]. Electricity Demand - In May 2025, India's total electricity generation decreased by 5.3% year-on-year to 160.4 billion kWh, with peak demand down 8% to 231,000 MW, primarily due to mild weather conditions [5].

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [5] Core Viewpoints - The coal price has been in a downward trend since reaching a peak in October 2021, with a significant drop from 1,615 CNY/ton to approximately 618 CNY/ton by June 5, 2025, marking a total decline of 997 CNY/ton [3][10] - Historical analysis indicates that coal price recoveries typically require policy intervention, as seen in previous downturns in 2008, 2015, and 2020 [2][9] - The current market is characterized by a buyer-dominated environment, with coal prices influenced by demand strength during peak summer periods and potential price stabilization policies [10][18] Summary by Sections Market Overview - The CITIC Coal Index was reported at 3,247.89 points, down 0.32%, underperforming the CSI 300 Index by 1.20 percentage points [2][75] - The report highlights the need for policy support to reverse negative market sentiment and restore confidence in coal prices [3][9] Coal Price Trends - As of June 6, 2025, the price of thermal coal at the North Port was 618 CNY/ton, reflecting a slight decrease of 2 CNY/ton week-on-week [10][36] - The report notes that low-calorie coal prices are showing strength due to structural shortages, while high-calorie coal prices are under pressure from weak demand [10][18] Focus Areas - The report emphasizes the importance of monitoring the recovery of coal production and the impact of potential policy measures on market dynamics [14][54] - Key recommended stocks include China Shenhua, Shaanxi Coal, and Xinji Energy, all rated as "Buy" [13] Supply and Demand Dynamics - The report indicates that coal supply remains stable, with production returning to normal levels after temporary reductions due to environmental checks [17][18] - The demand from downstream sectors is primarily driven by immediate needs, with limited willingness to accept higher prices [10][18] Future Outlook - The report suggests that the coal industry will continue to play a crucial role in China's energy landscape, with expectations for high-quality development amid ongoing structural reforms [38][54]