Investment Rating - The coal industry is rated as "Recommended" (maintained) [1] Core Insights - The coal industry experienced a decline in performance due to falling coal prices, but long-term value remains intact [1] - In the first half of 2024, the coal industry maintained stable operations, with coal prices fluctuating at high levels [1] - The overall coal production in China remained high, but some regions saw a year-on-year decline due to safety and environmental regulations [1] Summary by Sections 1. Market Conditions - The Shenwan coal industry index fell by 6.88%, ranking 8th, primarily driven by a 9.21% increase in the thermal coal index, outperforming the CSI 300 index by 16.79 percentage points [8] - The coking coal and coke indices dropped by 27.60% and 39.78%, respectively, underperforming the CSI 300 index by 20.02 and 32.20 percentage points [8] 2. Operating Conditions 2.1 Profitability Analysis - In H1 2024, the coal industry reported total revenue of CNY 710.50 billion, a year-on-year decrease of 8.94%, with 30 out of 37 listed coal companies experiencing revenue declines [14] - The total net profit attributable to shareholders was CNY 80.06 billion, down 26.68% year-on-year, with 23 companies reporting declines [14] - Revenue and profit performance varied significantly across sub-sectors, with thermal coal, coking coal, and coke reporting revenues of CNY 524.22 billion, CNY 157.31 billion, and CNY 28.98 billion, respectively [14] 2.2 Operating Capability Analysis - The coal industry's gross margin in H1 2024 was 28.54%, down 2.60 percentage points year-on-year, while the net margin was 11.27%, down 2.73 percentage points [23] - The management expense ratio increased, with total expenses rising to 6.01%, up 0.74 percentage points year-on-year [23] 3. Investment Recommendations - The report suggests that the negative impact of coal price adjustments on performance has largely been released, and stable assets with sufficient cash flow will continue to support high dividends [1] - Long-term value remains attractive, with a focus on recommending high-dividend, stable-profit companies such as China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical Industry [1] - Other recommendations include companies that can stabilize prices, such as Xinjie Energy and Electric Power Investment Energy, and those with high growth potential like Shanxi Coal International and Jinko Coal Industry [1]

策略研究报告 证券研究报告 策略报告 报告日期：2024 年 9 月 19 日 美联储超预期降息影响几何？ ——A 股投资策略点评报告 华龙证券研究所 A 股市场走势(2023/08/31-2024/09/19) 分析师 | --- | --- | |-----------------------------------------------------------|-------| | | | | 相关阅读 《 20240909A 股投资策略周报告：降 准仍具备空间》 | | | 《 20240902A 股投资策略周报告：工 业企业利润延续回升》 | | | 《 20240826A 股投资策略周报告：美 联储释放降息信号》 | | | 《 2024 年 A 股中期投资策略报告：无 惧风波，踏浪而上》 | | 请认真阅读文后免责条款 美联储降息非美元币值回升，人民币资产吸引力提升。美联储超预期 降息后，美元指数走弱预期进一步加强，非美元货币出现一定程度币 值回升。9 月 19 日宣布降息后，非美元货币出现普涨，其中英镑兑美 元短线走高 80 点，欧元兑美元短线上升 50 点，美元兑日元短线一度 下跌 100 ...

销量向上景气持续，布局全球空间广阔 ---汽车行业2024年中报综述 华龙证券研究所 汽车行业 分析师：杨阳 SAC执业证书编号：S0230523110001 联系人：李浩洋 SAC执业证书编号：S0230124020003 2024年09月19日 证券研究报告 请认真阅读文后免责条款 CDSE > 华龙证券 沪深300表现（2024.09.19) （单位：%） 近一年市场走势（单位：%） 相关报告 -33% -24% -15% -6% 3% 12% 2023-09 2024-01 2024-05 2024-09 汽车 沪深300 | --- | --- | --- | --- | |----------|-------|-------|-------| | | | | | | 表现 | 1M | 3M | 12M | | 汽车行业 | 2.1 | -7.0 | -9.1 | | 沪深300 | -4.8 | -9.4 | -14.1 | 《汽车行业周报：第二轮以旧换新补贴细则发布，政策加码支撑销量向上》 2024.8.19 《汽车行业周报：新能源渗透率首超50%，下半年上升趋势有望持续》 2024.8.12 ...

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证券研究报告 美容护理 报告日期：2024 年 09 月 17 日 国内首个"丝素蛋白复合凝胶"正式获批，产品端不断创新 ——美容护理行业周报 | --- | --- | --- | |-------------------------------------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 华龙证券研究所 | | 摘要： | | 投资评级：推荐（维持） 最近一年走势 | | 国内首张丝素蛋白 ...

| --- | --- | |----------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | ss | 证券研究报告 | | 电力设备 | 报告日期： 2024 年 09 月 19 日 | | | 海风招标核准加速，各环节交付有望提升 | | | ——风电行业点评报告 | | | | | 华龙证券研究所 | 事件： | | ...

y 证券研究报告 传媒 报告日期：2024 年 09 月 18日 2024 上半年传媒业绩承压，下半年有望持续改善 ——传媒行业 2024 年半年报综述 | --- | --- | --- | |-------------------------------------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 华龙证券研究所 | | 核心观点： | | 投资评级：推荐（维持） 最近一年走势 | | 2024 年上半年传媒板块上市公司总营收达 2448 亿元，同比增长 2.43%，归母净利润168亿元，同比下降30.54%。毛利率为32.04%， 同比减少 0.7 ...

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风光底部明朗，电网景气上行 ——电力设备行业2024年半年报业绩综述 华龙证券研究所 电力设备行业 分析师：杨阳 SAC执业证书编号：S0230523110001 分析师：许紫荆 SAC执业证书编号：S0230124020004 2024年09月18日 请认真阅读文后免责条款 证券研究报告 最近一年市场走势（单位：%） 相关报告 2 -40% -31% -22% -13% -4% 5% 2023-09 2024-01 2024-05 2024-09 电力设备 沪深300 《欧盟百亿欧元补贴法国海风，国网第3批输变电中标公示—电力 设备行业周报》2024.07.08 《6月组件排产下降，江苏2.65GW海风环评公示—电新&公用行业 周报》2024.06.17 《光伏协会举办座谈会，电改有望加速推进—电力设备行业周报》 2024.05.27 沪深300表现 （单位：%） | --- | --- | --- | --- | |--------------|-------|-----------------|--------| | | | | | | 表现 | 1M | $$^ { 3 1 1 }$$ | 12M | ...

| --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------| | | | 证券研究报告 | | 电新 & 公用 | | 报告日期： 2024 年 09 月 18 日 | | | | | | | | | | | | | | 华龙证券研究所 | 摘要： | | | 投资评级：推荐（维持） 最近一年走势 | | | | | | | | 分析师：杨阳 ...