山西证券研究早观点-20250703

Key Insights - The report highlights an active new stock market in June 2025, with a total of 6 new stocks listed, and 33 stocks recorded positive growth over the past six months, representing 71.74% of the new listings [6][7] - In the coal industry, there is a significant decline in coal imports, with May 2025 showing a year-on-year decrease of 17.75% and a month-on-month decrease of 4.73%, indicating a trend of accelerated contraction [8][11] - The report discusses the innovative drug IBI363, which has shown promising clinical benefits in treating immune-resistant non-small cell lung cancer (NSCLC), colorectal cancer, and melanoma, with significant survival gains reported [10][12][15] Market Trends - The domestic market indices showed slight declines, with the Shanghai Composite Index closing at 3,454.79, down 0.09%, and the Shenzhen Component Index at 10,412.63, down 0.61% [4] - The coal import data indicates a continuous negative growth trend, with all coal types experiencing varying degrees of decline, except for a slight increase in thermal coal imports from Australia [8][11] Industry Commentary - The report provides insights into the coal industry's expansion behavior, particularly focusing on the "mining king" phenomenon, which reflects the market's attention on coal mining rights and their impact on asset pricing [14][16][17] - The report emphasizes the importance of resource pricing in guiding the valuation of coal companies, suggesting that companies with strong performance support and undervalued stocks should be closely monitored [18] Investment Recommendations - The report suggests focusing on coal companies that are significantly undervalued, particularly those with minimal non-coal business exposure, such as Panjiang Coal and Yancoal [18] - For the innovative drug IBI363, the report indicates a strong potential for market success due to its clinical efficacy in previously hard-to-treat cancers, which may attract investor interest [10][12][15]