| --- | --- | --- | --- | |-------------------------------------------|------------|--------------------------|---------------------------------------------| | 川财证券研究所晨报 \n所属部门：总量研究部 | | 报告类别：其他研究报告 | 报告时间：2024 年 8 月 19 日 | | 分析师：徐国勇 | | 执业证书：S1100524060001 | 联系方式：xuguoyong@cczq.com | | 北京：丰台区金丽南路华电产融大厦 11 | 楼，100073 | 深圳：福田区福华一路 | 6 号免税商务大厦 32 层，518000 | | 上海：陆家嘴环路 1000 号恒生大厦 11 | 楼，200120 | 成都：高新区交子大道 | 177 号中海国际中心 B 座 17 楼，610041 | 每日热点 国务院第五次全体会议强调以进一步全面深化改革为强大动力扎实做好各项工作。 国家发展改革委联合有关部门建立促进民间投资资金和要素保障工作机 ...

| --- | --- | --- | --- | |------------------------------------------------|------------|--------------------------|---------------------------------------------| | 川财证券研究所晨报 \n所属部门：总量研究部 | | 报告类别：其他研究报告 | 报告时间：2024 年 8 月 16 日 | | 分析师：徐国勇 | | 执业证书：S1100524060001 | 联系方式：xuguoyong@cczq.com | | 北京：丰台区金丽南路华电产融大厦 11 | 楼，100073 | 深圳：福田区福华一路 | 6 号免税商务大厦 32 层，518000 | | 上海：陆家嘴环路 1000 号恒生大厦 11 楼，200120 | | 成都：高新区交子大道 | 177 号中海国际中心 B 座 17 楼，610041 | 每日热点 央行：加大实施力度，进一步谋划新的增量政策。 国家统计局：7 月份规模以上工业增加值同比增长 5.1%。 商务部、海关总署：9 ...

| --- | --- | --- | --- | |-------------------------------------------|------------|--------------------------|---------------------------------------------| | 川财证券研究所晨报 \n所属部门：总量研究部 | | 报告类别：其他研究报告 | 报告时间：2024 年 8 月 15 日 | | 分析师：徐国勇 | | 执业证书：S1100524060001 | 联系方式：xuguoyong@cczq.com | | 北京：丰台区金丽南路华电产融大厦 11 | 楼，100073 | 深圳：福田区福华一路 | 6 号免税商务大厦 32 层，518000 | | 上海：陆家嘴环路 1000 号恒生大厦 11 | 楼，200120 | 成都：高新区交子大道 | 177 号中海国际中心 B 座 17 楼，610041 | 每日热点 央行从宏观审慎角度出发持续关注并提示债券市场风险。 三部门联合下发《关于进一步加强地方金融组织监管的通知》。 工信部就《新能源汽车废旧动 ...

川财证券研究报告 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------|-------------------------------------------|----------------------------------------------------------------------------------------| | | | | | 所属部门：总量研究部 | 报告类别：宏观研究报告 | 报告时间： 2024 年 8 月 14 日 | | 分析师：陈雳 | 执业证书： S1100517060001 | 联系方式： chenli@cczq.com | | 联系人：马骏 | 执业证书： S1100123090005 | 联系方式： majun@cczq.com | | 北京：丰台区金丽南路华电产融大厦 11 楼， 100073 上海：陆家嘴环路 1000 号恒生大厦 11 楼， 2001 ...

| --- | --- | --- | --- | |-------------------------------------------|------------|--------------------------|---------------------------------------------| | 川财证券研究所晨报 \n所属部门：总量研究部 | | 报告类别：其他研究报告 | 报告时间：2024 年 8 月 14 日 | | 分析师：徐国勇 | | 执业证书：S1100524060001 | 联系方式：xuguoyong@cczq.com | | 北京：丰台区金丽南路华电产融大厦 11 | 楼，100073 | 深圳：福田区福华一路 | 6 号免税商务大厦 32 层，518000 | | 上海：陆家嘴环路 1000 号恒生大厦 11 | 楼，200120 | 成都：高新区交子大道 | 177 号中海国际中心 B 座 17 楼，610041 | 每日热点 国家能源局印发《配电网高质量发展行动实施方案（2024—2027 年）》。 2024 年前七个月社会融资规模增量累计为 18.87 万亿 ...

| --- | --- | --- | |----------------------------------------------------|---------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------| | 转型的意见》 \n所属部门：总量研究部 \n分析师：陈雳 | 报告类别：绿色金融报告 \n执业证书：S1100517060001 | 中共中央、国务院印发《关于加快经济社会发展全面绿色 —绿色金融动态点评 \n报告时间：2024 年 8 月 13 日 \n联系方式：chenli@cczq.com | | 北京：丰台区金丽南路华电产融大厦 11 楼，100073 | 深圳：福田区福华一路 | 6 号免税商务大厦 32 层，518000 | | 上海：陆家嘴环路 1000 号恒生大厦 11 楼，20012 ...

| --- | --- | --- | --- | |----------------------------------------------|------------|------------------------|--------------------------------------------------| | | | | | | 川财证券研究所晨报 | | | | | 所属部门：总量研究部 | | 报告类别：其他研究报告 | 报告时间： 2024 年 8 月 13 日 | | 分析师：徐国勇 | 执业证书： | S1100524060001 | 联系方式： xuguoyong@cczq.com | | 北京：丰台区金丽南路华电产融大厦 11 楼， | 100073 | 深圳：福田区福华一路 | 6 号免税商务大厦 32 层， 518000 | | 上海：陆家嘴环路 1000 号恒生大厦 11 | 楼，200120 | 成都：高新区交子大道 | 177 号中海国际中心 B 座 17 楼， 610041 | ❖ 每日热点 多家机构回应长债做市交易。 全市场首只以上证综合指数为标的的增强型 ET ...

❖ 每日热点 川财证券研究报告 川财证券研究所晨报 | 所属部门：总量研究部 | 报告类别：其他研究报告 | 报告时间：2024 年 8 月 13 日 | | --- | --- | --- | | 分析师：徐国勇 | 执业证书：S1100524060001 | 联系方式：xuguoyong@cczq.com | | 北京：丰台区金丽南路华电产融大厦 11 楼，100073 | | 深圳：福田区福华一路 6 号免税商务大厦 32 层，518000 | | 上海：陆家嘴环路 1000 号恒生大厦 11 楼，200120 | | 成都：高新区交子大道 177 号中海国际中心 B 座 17 楼，610041 | A 股市场，煤炭板块中今日有 1 只股票涨停,无股票跌停。排名前三的股票为永泰能源、 宝泰隆和陕西黑猫，涨跌幅分别为 10.00%、2.44%和 1.46%；排名后三的股票为安源煤 业、云维股份和晋控煤业，涨跌幅分别为-2.87%、-2.42%和-2.19%。 期货市场中，能源化工相关品种中，原油和燃油期货主力合约收盘价为 552.4 和 3217， 当日涨跌幅为 1.19%和 2.45%；焦煤和焦炭期货主 ...

Core Insights - The report highlights a general upward trend in major stock indices, with the exception of the Shanghai Composite Index, which saw a slight decline. The coal and energy sectors are experiencing downward pressure, while other sectors like education and real estate services are showing signs of recovery [4][10][11] - The report indicates that the average price of thermal coal in Inner Mongolia for the first half of 2024 was 363.66 RMB per ton, a decrease of 7.28% compared to the same period in 2023. The report also notes that the price trends are expected to continue fluctuating in the second half of the year [4][10][11] Market Overview - The report mentions that the A-share coal sector performed poorly, with no stocks hitting the daily limit up and one stock hitting the limit down. The top-performing stocks in the coal sector were Anyuan Coal Industry, Shanxi Coal International, and Jinko Coal, with respective increases of 5.56%, 4.22%, and 3.92% [10] - The report also discusses the performance of energy-related futures, noting that crude oil and fuel futures saw declines of 1.72% and 1.29%, respectively, while coking coal and coke futures also experienced slight decreases [10] Industry News - The report cites that the price of thermal coal in Inner Mongolia showed a "rise-fall-rise" pattern in the first half of 2024, with the eastern region's lignite averaging 324.71 RMB per ton, down 2.23% year-on-year, and the Ordos region's thermal coal averaging 489.79 RMB per ton, down 14.31% year-on-year [4][10] - The Inner Mongolia Development and Reform Commission predicts that both supply and demand for coal will increase in the second half of the year, with overall supply-demand conditions expected to remain slightly loose [11]

Financial Data and Key Metrics Changes - The average price of thermal coal in Inner Mongolia for the first half of 2024 was 363.66 RMB/ton, a decrease of 7.28% compared to the same period in 2023 [14] - The average price of lignite in the eastern region was 324.71 RMB/ton, down 2.23% year-on-year, while the average price in the western region (Ordos) was 489.79 RMB/ton, down 14.31% year-on-year [14] Business Line Data and Key Metrics Changes - The coal sector in the A-share market showed poor performance, with no stocks hitting the daily limit up and one stock hitting the limit down [12] - The top three performing stocks in the coal sector were Anyuan Coal Industry, Shanmei International, and Jinkong Coal Industry, with increases of 5.56%, 4.22%, and 3.92% respectively [12] Market Data and Key Metrics Changes - The overall coal price trend in Inner Mongolia for the first half of 2024 exhibited a "rise-fall-rise" pattern, with prices lower than the same period last year [14] - The market is expected to maintain a slightly loose supply-demand situation in the second half of the year, with prices likely to remain within the range seen in the first half [6][14] Company Strategy and Development Direction and Industry Competition - The government has issued opinions on accelerating the green transformation of economic and social development, aiming for significant growth in the energy-saving and environmental protection industry by 2030 [8] - The focus on green finance and digital transformation in Chongqing aims to support the high-quality construction of a green finance reform and innovation pilot zone [11] Management's Comments on Operating Environment and Future Outlook - The management anticipates that the overall supply-demand situation for coal will see growth in the second half of the year, despite high inventory levels in the intermediate links [6] - Risks highlighted include macroeconomic fluctuations, unexpected declines in export orders, and exchange rate risks [6] Other Important Information - The National Bureau of Statistics reported a year-on-year decrease of 0.8% in the producer price index for July 2024, indicating a potential impact on the coal market [3][8] - The People's Bank of China has indicated a likelihood of further monetary easing, which could influence market conditions [4] Q&A Session All Questions and Answers Question: What is the outlook for coal prices in the second half of 2024? - The forecast suggests that coal prices will continue to fluctuate within the range established in the first half of the year, with overall levels potentially higher than in the first half [6][14] Question: What are the main risks facing the coal industry? - Key risks include macroeconomic volatility, unexpected declines in export orders, and exchange rate fluctuations [6]