Group 1: M&A Activity Overview - From July 14 to July 20, there were 77 M&A events involving listed companies, with 27 classified as significant M&A transactions[9] - Out of the total M&A events, 12 were completed, including 1 significant M&A transaction involving Baota Industrial[9] - There were 3 failed M&A attempts by listed companies, specifically by Lixing Co., Hongming Co., and Zhongji Health[15] Group 2: Policy Updates - On July 18, Tianjin's financial authorities released measures to support M&A, focusing on 12 key industrial chains and establishing a resource pool for quality M&A targets[7] - The Shanghai G60 Science and Technology Innovation Group held a summit on July 16 to discuss M&A and overseas expansion in the context of innovation and industry leadership[7] Group 3: Market Performance - During the week of July 14 to July 20, the restructuring index outperformed the Wind All A index by 0.27%[19] - Over a mid-term view, the restructuring index's rolling 20-day return shifted from negative to positive compared to the Wind All A index[19] Group 4: Control Changes - Two listed companies reported changes in actual control during this period, with Shenjian Co. and Hualan Group undergoing ownership transitions[17]

截至2025年7月22日 13:43，国证有色金属行业指数(399395)强势上涨1.86%，成分股中钨高新(000657)上 涨10.02%，雅化集团(002497)上涨9.99%，神火股份(000933)上涨6.42%，电投能源(002128)，洛阳钼业 (603993)等个股跟涨。有色ETF基金(159880)上涨1.45%， 冲击4连涨。最新价报1.26元。 数据显示，截至2025年6月30日，国证有色金属行业指数(399395)前十大权重股分别为紫金矿业 (601899)、洛阳钼业(603993)、北方稀土(600111)、中国铝业(601600)、山东黄金(600547)、华友钴业 (603799)、中金黄金(600489)、赣锋锂业(002460)、赤峰黄金(600988)、云铝股份(000807)，前十大权重 股合计占比50.02%。 有色ETF基金(159880)，场外联接A：021296；联接C：021297；联接I：022886。022886)。 国元证券指出，受区域冲突、关税政策、部分国家政策等多方面因素影响，部分金属供给端出现不足， 加剧市场需求情绪，叠加反内卷行情持续演绎，国内金属 ...

邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 证 券 研 究 报 告 能源周报（20250714-20250720） 推荐（维持） 下游采购需求释放，动力煤市场价格上涨 行业研究 基础化工 2025 年 07 月 21 日 华创证券研究所 证券分析师：杨晖 证券分析师：吴宇 邮箱：wuyu1@hcyjs.com 执业编号：S0360524010002 证券分析师：陈俊新 邮箱：chenjunxin@hcyjs.com 执业编号：S0360525040001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 491 | 0.06 | | 总市值(亿元) | 45,780.94 | 4.27 | | 流通市值(亿元) | 40,686.88 | 4.83 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 6.3% | 12.1% | 26.4% | | 相对表现 | 1.6% | 5.6% | 11.1% | -10% 2% 15% 27% 24 ...

| 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 07 月 20 日 | 相关研究 【兴证煤炭】煤炭行业周报（2025.7.6- 2025.7.12）——"反内卷"行情加持， 煤价持续走高-2025.07.14 【兴证煤炭】周报 24：酷热来袭需求提 速，动煤价格反弹可期（2025.6.29- 2025.7.05）-2025.07.06 行业周报 | 煤炭 证券研究报告 liranran@xyzq.com.cn 煤炭行业周报（2025.7.13-2025.7.19）—— 煤价全面走高，板块有望开启上攻 投资要点： 周观点（2025.7.13-2025.7.19）：1）动力煤：迎峰度夏已至，坑口煤价全面走高。本周， 坑口煤价全面上涨。供应端，主产地供应逐步恢复，晋陕蒙煤炭产量环比增加。进口端， 在国内外煤价倒挂下，进口煤延续减量，6 月进口同比显著下滑 26%，供应整体有所收紧； 需求端，酷热来袭，社会用电需求大幅攀升，日耗走高，相较去年同期已有增长。展望后 市，随着高温天气持续演绎，煤价有望延续走强。2）炼焦煤：焦煤价格全面走高，坑口现 货价格涨至长协之上。本周， ...

证券代码：002128 证券简称：电投能源 公告编号：2025042 二、本次交易的历史披露情况 1、公司因筹划本次交易事项，根据深圳证券交易所的相关规定， 经公司申请，公司股票（证券品种：A股股票，证券简称：电投能源， 证券代码：002128）自2025年5月6日（星期二）开市起开始停牌。具体 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 重要风险提示： 1、内蒙古电投能源股份有限公司（以下简称"公司"）于2025年5 月19日披露的《内蒙古电投能源股份有限公司发行股份及支付现金购 买资产并募集配套资金暨关联交易预案》（以下简称"本次交易预案" ）及其摘要中已对本次交易涉及的有关风险因素及尚需履行的审批程 序进行了详细说明，提请广大投资者注意投资风险。 2、截至本公告披露之日，除本次交易预案披露的风险因素外，公 司尚未发现可能导致本次交易中止或者对本次交易方案作出实质性变 更的相关事项，本次交易工作正在有序进行中。 一、本次交易的情况 公司拟通过发行股份及支付现金方式购买国家电投集团内蒙古白 音华煤电有限公司100%股权，并将视具体情况募集配套资金（以下简 ...

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Viewpoints - The report anticipates seasonal improvement in thermal coal demand due to high temperatures in July and August, which may lead to a short-term price recovery for thermal coal. The coal sector is currently underweight, with attractive dividend yields and defensive allocation value [2][25] - For coking coal, there is a rebound in prices driven by strong policy expectations and market sentiment, but the bargaining power of coking coal remains relatively weak in the black industry chain, limiting short-term upside potential [2][34] Supply Summary - Domestic coal production in June reached 42.107 million tons, a year-on-year increase of 3.0% and a month-on-month increase of 4.4%. The total coal production for the first half of the year was 240.5 million tons, up 5.4% year-on-year [6][14] - Coal imports in June fell to 33.04 million tons, a decrease of 25.93% year-on-year and 8.3% month-on-month. Cumulative imports for the first half of the year were 221.7 million tons, down 11.1% year-on-year [18][21] Demand Summary - In June, thermal power generation increased by 1.1% year-on-year and 7.0% month-on-month, with total domestic power generation reaching 796.3 billion kWh, up 1.7% year-on-year [24][27] - Non-electric coal demand, particularly in cement production, saw a decline, with June production at 15.547 million tons, down 5.3% year-on-year [29][33] - The steel sector showed a significant year-on-year decrease in production, with crude steel output in June at 8.318 million tons, down 9.2% year-on-year [33][38] Future Outlook - The report suggests that thermal coal prices may see further support due to seasonal demand increases and the current low inventory levels at power plants. Key factors to monitor include supply conditions, high-temperature weather, and sustained demand release [25][27] - For coking coal, while recent price rebounds are noted, the report indicates limited short-term upside due to weak bargaining power and strong expectations of a seasonal downturn [34][38]

Macro and Strategy - June financial data shows a significant rebound in credit, with new social financing reaching 4.20 trillion yuan, exceeding expectations of 3.71 trillion yuan, and new RMB loans at 2.24 trillion yuan, surpassing the forecast of 1.84 trillion yuan [8][9][10] - The M2 money supply grew by 8.3% year-on-year, indicating a recovery in domestic economic momentum as private sector balance sheet expansion improves [8][9] - The "seesaw effect" between government financing and corporate loans has weakened, suggesting a shift in credit dynamics as local governments approach their annual debt targets [9][10] Retail Industry - The jewelry market is projected to grow steadily, with the market size reaching 728 billion yuan in 2024, reflecting a compound annual growth rate of 3.6% since 2019 [11][12] - The top five companies in the jewelry sector hold a market share of 41.4%, indicating increasing industry concentration as consumer preferences shift towards quality and design [11][12] - The retail sector is benefiting from the recent Amazon Prime Day, which generated an estimated $24.1 billion in sales, a 30% increase year-on-year, highlighting the growth potential in cross-border e-commerce [13][14] Food and Beverage Industry - The food and beverage sector saw a 0.92% increase, underperforming the Shanghai Composite Index by 0.17 percentage points [14] - The liquor market is stabilizing, with major brands focusing on brand positioning and market health, while the overall demand remains under pressure [15][16] - Recommendations include leading brands like Kweichow Moutai and Wuliangye, which have shown resilience and potential for recovery [15][16] Construction and Building Materials - The construction materials sector is expected to improve due to a shift towards healthy competition and urban renewal initiatives, with a focus on technological innovation [17][18] - Cement prices have stabilized, with a slight decrease of 0.4% week-on-week, while demand remains steady despite seasonal fluctuations [17][18] - Recommendations include companies like Three Trees and China National Building Material, which are well-positioned to benefit from domestic demand [18] Computer Industry - The AI ASIC market is rapidly expanding, with a projected market size growth from $14.8 billion in 2024 to $83.8 billion by 2030, reflecting a compound annual growth rate of 33.5% [19][20] - The price advantage of AI ASIC chips over GPUs is significant, with average prices of $5,236 compared to $8,001 for GPUs, making them more attractive for specific applications [19][20] - Companies like Google and Amazon are accelerating their development of ASIC chips, indicating strong future demand in this sector [21] Home Appliances - The home appliance sector is experiencing stable growth in domestic sales, driven by government subsidies, while exports face challenges due to high bases and tariff impacts [22][23] - White goods are seeing a slight increase in domestic sales, with air conditioning units showing a 9.5% growth in domestic shipments [22][23] - Recommendations include leading brands such as Midea and Gree, which are expected to maintain strong performance [22][23] Pharmaceutical Industry - Merck's acquisition of Verona for $10 billion aims to enhance its portfolio with a new COPD treatment, indicating strong growth potential in respiratory therapies [27][28] - WuXi AppTec is projected to achieve a 102% increase in net profit for the first half of 2025, reflecting robust operational performance [29] - The pharmaceutical sector is showing resilience, with a focus on innovative treatments and strategic acquisitions [27][28] Coal Industry - The coal market is expected to stabilize as domestic production increases and imports decrease, with a projected production of 4.85 billion tons in 2025, a 2% increase year-on-year [31][32] - Demand for coal is anticipated to improve in the second half of the year, particularly for non-electric uses such as chemical production [33] - Recommendations include leading coal companies like China Shenhua and China Coal Energy, which are well-positioned to benefit from market dynamics [34] Electronics Industry - The electronics sector is experiencing positive momentum, with a 0.93% increase in stock performance, driven by strong demand in the optical and semiconductor segments [34] - The industry is expected to see significant catalysts in the coming months, particularly in the context of AI and cloud computing advancements [34] - Companies involved in ASIC development are likely to benefit from the ongoing trends in computing and data processing [34]

Supply: Marginal Increment Significantly Reduced - Domestic coal production from January to May increased by approximately 130 million tons year-on-year, while imports decreased by about 16 million tons, indicating an overall increase in supply [3][7] - The domestic raw coal production reached 1.99 billion tons from January to May, reflecting a year-on-year increase of 6%. However, the growth rate is expected to narrow in the second half of the year, with an estimated total production of around 4.85 billion tons for 2025, representing a year-on-year increase of 9 million tons (2%) [3][9] - The decrease in imports is attributed to weak demand, high inventory levels, and diminishing price advantages of imported coal. For the first five months of 2025, coal imports totaled 19 million tons, a year-on-year decrease of approximately 16 million tons (8%) [3][64] Demand: Short-term Improvement Expected, Medium-term Resilience Visible - National commodity coal consumption from January to May reached 2.05 billion tons, showing a slight year-on-year increase of 0.1 billion tons (0.5%). The demand is expected to improve in the second half of the year as the consumption peak season approaches [3][4] - In the thermal power sector, the demand is under pressure due to slowing electricity growth and competition from renewable energy. However, the demand for thermal power is expected to rebound in the second half of the year [3][4] - Non-electric demand, particularly from the chemical sector, remains strong, with significant year-on-year growth in coal-to-PVC, coal-to-ethylene glycol, and coal-to-methanol production [3][4] Inventory: High Port Inventory Declining, De-stocking Remains Focus - Port inventories are currently at high levels but are expected to decline as demand improves in the peak consumption season. The focus will remain on de-stocking [4] Price: Thermal Coal Prices at Bottom, Coking Coal Prices Showing Stages of Rebound - The average market price of Qinhuangdao Q5500 thermal coal fell by approximately 199 yuan/ton in the first half of 2025, a year-on-year decrease of 23%. However, there is potential for price rebound as supply-demand dynamics improve [3][57] Investment Recommendations: High Dividend Value Still Exists, Stage Game Elasticity - The report suggests that despite the downward pressure on coal prices, there is still potential for a rebound in the second half of the year. The resilience of coal demand is viewed positively in the medium term [3][4] - Key investment targets include stable-performing coal companies such as China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical Industry, as well as elastic stocks like Electric Power Investment and Jinko Coal Industry [3][4]

甘肃电投能源发展股份有限公司（以下简称"甘肃能源"或"公司"）发行的"22甘肃电投GN001"、"23甘 肃电投GN001"、"24甘肃电投MTN001"、"25甘肃电投MTN001"由中诚信国际信用评级有限责任公司 （以下简称"中诚信国际"）进行相关评级工作。2024年6月20日，中诚信国际出具了《甘肃电投能源发 展股份有限公司2024年度跟踪评级报告》，维持公司主体信用等级为AA，评级展望为稳定；维持"22甘 肃电投GN001"和"23甘肃电投GN001"的债项信用等级为AAA，评级有效期均为受评债项的存续期，"22 甘肃电投GN001"和"23甘肃电投GN001"的债项信用等级充分考虑了甘肃省国有资产投资集团有限公司 提供的全额无条件不可撤销的连带责任保证担保对其还本付息的保障作用。2024年6月13日和2025年3月 28日，中诚信国际分别出具了债项评级报告，评定"24甘肃电投MTN001"和"25甘肃电投MTN001"的债 项信用等级均为AAA，评级有效期均为受评债项的存续期，"24甘肃电投MTN001"和"25甘肃电投 MTN001"的债项信用等级均充分考虑了甘肃省电力投资集团有限责任公司提供的全 ...

Investment Strategy - Crude oil supply is expected to remain limited due to declining global oil and gas capital expenditures, with a significant reduction of nearly 122% from 2014 levels to $351 billion in 2021 [9][30][31] - Geopolitical tensions, particularly the Russia-Ukraine conflict, have exacerbated concerns over energy supply, with the EU planning to reduce oil imports from Russia by 90% by the end of 2022 [10][31] - Brent crude oil prices increased to $71.97 per barrel, up 2.95% week-on-week, while WTI prices rose to $67.93 per barrel, up 2.46% [11][32] Coal Industry - The average market price for Qinhuangdao port thermal coal (Q5500) rose to 628 RMB/ton, a 1.06% increase from the previous week, driven by improved demand and trading conditions [12][13] - Coal production is gradually recovering, with total inventory at ports reported at 26.9 million tons, down 2.46% week-on-week, indicating a tightening supply [12][13] - The domestic coal consumption for key power plants increased to 4.88 million tons per day, a 6.09% rise from the previous week, reflecting higher electricity demand due to ongoing high temperatures [12][13] Coking Coal - Coking coal prices have seen a slight increase, with the price for Shanxi main coking coal at 1,350 RMB/ton, up 9.76% week-on-week, as supply conditions improve [14][15] - The overall supply-demand situation for coking coal is improving, with increased orders from steel mills and a decrease in inventory levels [14][15] Natural Gas - The EIA projects that U.S. natural gas production and consumption will reach record highs in 2025, with expected consumption of 91.4 billion cubic feet per day [16][17] - U.S. natural gas prices decreased to $3.33 per million British thermal units, down 2.9% from the previous week, while European gas prices increased [16][17] - The EU has reached an agreement on a natural gas price cap, which may lead to liquidity issues and potential supply shortages [17] Oilfield Services - The oilfield services sector is experiencing a recovery in demand due to increased capital expenditures from major oil companies, which are projected to reach 581.738 billion RMB in 2023, reflecting a compound annual growth rate of 6% since 2018 [18][19] - The number of active drilling rigs globally decreased to 1,576, with a notable decline in the Middle East and the U.S. [19]