除光伏外，这一行业也有供给改革预期，期货率先双双大涨

Group 1 - The black series futures, including coking coal and coke, experienced significant increases, with coking coal rising by 3.18% and coke by 3.15% on July 2 [1] - The Central Financial Committee emphasized the need to regulate low-price disorderly competition among enterprises and promote the orderly exit of backward production capacity [1] - The National Climate Center predicts that high temperatures this year will be intense and prolonged, with northern China potentially exceeding 42°C for over 30 days [1] Group 2 - Year-to-date data shows that the cumulative coal sales of key monitored enterprises reached 121,815.8 million tons, a year-on-year decrease of 4.1%, with thermal coal and coking coal sales down by 5.3% and 4%, respectively, while anthracite coal sales increased by 7.3% [1] - Longjiang Securities anticipates seasonal demand improvement due to the summer peak and the "Golden September and Silver October" period, alongside a potential contraction in imported coal volumes [1] - The China Coal Association has called for production control and quality improvement, with safety inspections expected to remain stringent following June's safety month [1] Group 3 - Guotai Junan Securities views the next four months as a critical verification period for fundamentals, predicting that the second quarter of 2025 will mark the bottom of the coal industry's fundamentals [1] - Companies with a small proportion of non-coal business, such as Pingjiang Co., New Energy, Yanzhou Coal, Haohua Energy, and China Coal Energy, are significantly undervalued [2] - Companies with a large proportion of non-coal business, such as Huaibei Mining and Shaanxi Energy, are even more undervalued [2]