1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core View of the Report The previous weak market of coke and coking coal futures has changed, and positive factors in the fundamentals and news are accumulating. However, considering the continued impact of the previous high supply and only an expected decline in supply in the future, whether it will lead to a turnaround in the market needs further verification by the market. It is expected that the spot prices of coke and coking coal and the coke futures price may continue to fluctuate weakly, but the coking coal futures price has a demand to repair a large discount and may turn to rebound or fluctuate strongly. There is a possibility of narrowing the price difference between coking coal futures and spot, and the decline in the coke - coking coal ratio also helps investors try the arbitrage opportunity of going long on coking coal and short on coke [11]. 3. Summary by Relevant Catalogs 3.1行情回顾与后市展望 (Market Review and Future Outlook) - **Market Performance on June 11th**: The main contract 2509 of coke futures oscillated and rebounded for two consecutive days, while the main contract 2509 of coking coal futures first rose and then fell, hitting a recent rebound high during the session. The J2509 contract closed at 1356 yuan/ton, up 1.31%, with a trading volume of 25,401 lots and a position of 52,791 lots, a decrease of 1,227 lots. The JM2509 contract closed at 783.5 yuan/ton, up 1.10%, with a trading volume of 1,152,104 lots and a position of 557,029 lots, a decrease of 10,814 lots [5]. - **Spot Market and Technical Indicators**: On June 11th, the quasi - first - class metallurgical coke flat - price index in Rizhao Port, Qingdao Port, and Tianjin Port was 1,270 yuan/ton, with no change. The low - sulfur main coking coal prices in some areas decreased. The daily KDJ indicators of the 2509 contracts of coke and coking coal continued to rise, and the daily MACD red columns of the 2509 contracts of coke and coking coal enlarged for three consecutive days [8]. - **Future Outlook for Coke**: In the past six weeks, the coke output of independent coking plants has slightly declined after hovering near the highest level since early August last year. Since late March, the coke output of steel mills has been gradually declining. In the past seven weeks, the port coke inventory has significantly decreased, but the de - stocking speed of steel mill inventory is slow, and the coking plant inventory has increased for four consecutive weeks, adding new downward pressure on coke prices. The profit per ton of coke has been in a loss for three consecutive weeks, but the loss narrowed in the week of June 6th [10]. - **Future Outlook for Coking Coal**: From January to April, the year - on - year growth of imports turned negative, but the absolute value of imports remained at a high level, and the overall loose pattern was difficult to reverse. The raw coal inventory of coal washing plants reached a new high since February 2021, and the clean coal inventory reached a new high since October 2020. In the past seven weeks, the inventory of independent coking plants has significantly decreased, the port inventory has slightly rebounded from the lowest level since early August last year, and the steel mill inventory has significantly decreased for two consecutive weeks. The raw coal and clean coal output of coking coal mines has significantly decreased for three consecutive weeks. From late May to early June, the customs clearance volume of Mongolian coal decreased significantly compared with the previous two weeks [10]. - **News and Comprehensive Analysis**: Some coal mines in Shanxi stopped or reduced production due to the completion of monthly production tasks; the new "Mineral Resources Law" will be officially implemented on July 1st, which will help the coal price stop falling and rebound; after the third round of price cuts for coke procurement by some steel mills in Tangshan, some steel mills in Xingtai, Tianjin, Shijiazhuang and other places lowered the procurement price of wet - quenched coke by 70 yuan/ton and the procurement price of dry - quenched coke by 75 yuan/ton, starting from 0:00 on June 6th [11]. 3.2行业要闻 (Industry News) - **National Development and Reform Commission's Investment in Livelihood Projects**: Since the 14th Five - Year Plan, the National Development and Reform Commission has increased investment in livelihood construction. It is expected that the central budget - funded investment in social undertakings this year will be more than 30% higher than that at the end of the 13th Five - Year Plan [12]. - **Local Government Debt and Investment**: Many provinces have adjusted their budgets after receiving the annual debt - issuing quota from the Ministry of Finance, increasing their debt - issuing quota and expenditure to support stable growth and structural adjustment [13]. - **Automobile Industry Price War**: In May, some automobile enterprises significantly lowered the prices of new energy vehicles again, causing panic in the industry. The China Association of Automobile Manufacturers issued an initiative to maintain fair competition, and the relevant person in charge of the Ministry of Industry and Information Technology supported the initiative and will strengthen the rectification of "involution - style" competition in the automobile industry [13]. - **Railway Transport Breakthrough**: On June 6th, the Xinshuo Railway became the third railway line in China with a 20,000 - ton heavy - haul transport capacity, significantly improving the overall level of heavy - haul railway transport in China [13]. - **Company Information**: Benxi Steel Plate Co., Ltd. introduced its raw material supply and product sales. Its iron ore raw materials are about 60% purchased from the group, and coking coal and coke are mainly purchased from long - term contracts with domestic mines. Huayang Co., Ltd. stated that its coal mines are operating normally, and the increasing power demand during the "peak summer" in the third quarter will support the coal market [13]. - **Regional Energy Plan**: The "Implementation Plan for Carbon Peak in the Energy Field of Yangquan City" proposes that by 2025, the total coal production capacity of the city will be stable at about 57.4 million tons per year, and the proportion of advanced coal mine production capacity will be stable at about 95% [14]. - **International Trade and Market Information**: Mexico launched an anti - dumping sunset review investigation on cold - rolled steel sheets originating from China; in April 2025, Australia's coal export value decreased both month - on - month and year - on - year; in May 2025, the coal export volume of Australia's North Queensland ports decreased year - on - year but increased month - on - month; in May 2025, Russia's coal exports to China by railway increased both month - on - month and year - on - year [14]. - **Energy Outlook in the United States**: The U.S. Energy Information Administration (EIA) expects that the electricity consumption in the United States will reach a record high in 2025 and 2026; the U.S. coal production in 2025 is expected to be 512 million short tons (464 million tons), and the coal consumption is expected to be 428 million short tons, a year - on - year increase of 4.16%; low oil prices and a decrease in the number of drilling rigs will affect the U.S. crude oil production trend in 2026 [14]. - **OPEC's View on Oil Demand**: OPEC Secretary - General Al - Ghais said that oil demand will maintain strong growth in the next 25 years, and global energy demand will increase by 24% from now to 2050, with oil demand exceeding 120 million barrels per day [15]. - **Russian Policy**: Russian President Putin extended the counter - measures against the price cap on Russian oil and oil products until December 31, 2025 [15]. - **World Bank's Economic Forecast**: The World Bank lowered the global economic growth forecast for 2025 from 2.7% to 2.3%, warning that the 2020s may be the weakest decade since the Apollo moon landing [15]. - **Indian Coal Production**: In May 2025, India's coal production increased both month - on - month and year - on - year, with a year - on - year increase of 2.83% and a month - on - month increase of 5.34% [15]. 3.3数据概览 (Data Overview) The report presents multiple data charts, including the spot price index of metallurgical coke in major markets, the summary price of main coking coal in major markets, the production and capacity utilization rate of coking plants and steel mills, the national daily average pig iron production, the coke inventory of ports/steel mills/coking plants, the profit per ton of independent coking plants, the production and operating rate of coal washing plants, the raw coal and clean coal inventory of coal washing plants, the coking coal inventory of ports/coking plants/steel mills, and the basis of Rizhao Port's quasi - first - class coke and September contracts and Linfen's low - sulfur main coking coal and September contracts. All data sources are from Mysteel and the Research and Development Department of CCB Futures [19][20][22][29][30][33].

央广网北京6月11日消息 据中央广播电视总台中国之声《新闻和报纸摘要》报道，习近平总书记指 出，要坚持共商共建共享原则，推动中欧班列朝着更高质量、更好效益、更加安全方向发展，为促进全 球经济发展、增进各国人民福祉、推动构建人类命运共同体作出新的更大贡献。 为提升服务便利性，中欧班列在境外主要节点城市广泛设立集装箱还箱点。10日，西安·哈萨克斯 坦码头在阿拉木图建成投用，码头设计年产能11.5万标箱，拥有1.2公里铁路专用线，辐射中亚及跨里海 沿线10余国。西安浐灞国际港管委会副主任王运动介绍，码头投运后，西安到中亚国家的运输时间将从 7天降至5天。 王运动：我们将加快建设俄罗斯莫斯科、阿塞拜疆巴库等场站，积极谋划匈牙利布达佩斯、白俄罗 斯明斯克等场站项目，实现"枢纽对枢纽"多点升级；推进"海外仓+班列"一体化布局，构建专业化、规 模化、智能化的海外仓服务网络。 放眼未来，中欧班列将继续朝着更高质量、更好效益、更加安全的方向发展，为服务高质量共 建"一带一路"、助推我国高水平对外开放、保障国际供应链稳定畅通注入新动能。 习近平：中方将加快推进中欧班列高质量发展，参与跨里海国际运输走廊建设，办好中欧班列国际 合作 ...

Core Viewpoint - The article discusses the recent IPO counseling registrations of six companies, highlighting their business models, financial performance, and notable clients, indicating potential investment opportunities in these firms [1][3][21]. Group 1: Company Profiles - Yingpai Rui, a plastic manufacturing company, serves major clients like Sany Heavy Industry and Huawei, and aims for an IPO on the Beijing Stock Exchange after previous attempts [3][5][7]. - Jiangsu Yongcheng, specializing in automotive parts, has seen significant revenue growth, with 2023 revenue reaching 1.23 billion yuan, up 69.9% year-on-year, and is also pursuing an IPO [9][10]. - Xinba Technology, focusing on photovoltaic glass, projects a revenue of 828 million yuan in 2024, marking a 53.99% increase, and is preparing for an IPO [11][12]. - Langxun Technology, a semiconductor testing service provider, has undergone multiple financing rounds and is recognized as a key player in the semiconductor industry, also seeking to go public [14][15]. - Kailong Clean Energy, which provides technical services in the energy sector, is facing declining revenues and profits but is still pursuing an IPO [18][19]. - Energy Technology, a subsidiary of BOE Technology Group, focuses on comprehensive energy services and aims for an IPO, reporting a revenue increase of 34.26% in 2024 [21][22]. Group 2: Financial Performance - Yingpai Rui's revenue for 2022-2024 is projected at 567 million, 569 million, and 617 million yuan, with net profits of 52.66 million, 69.31 million, and 71.15 million yuan respectively [7]. - Jiangsu Yongcheng's revenue growth from 2021 to 2023 shows a consistent upward trend, with net profits increasing significantly [9]. - Xinba Technology's financials indicate a strong growth trajectory, with a projected net profit of 66.29 million yuan in 2024 [12]. - Kailong Clean Energy's revenue is expected to decline to 537 million yuan in 2024, with a net profit drop of 36.04% [19]. - Energy Technology's revenue for 2022-2024 is reported at 642 million, 754 million, and 1.012 billion yuan, with net profits fluctuating during the same period [22].

Group 1 - The National Enterprise Win ETF (159719) has seen a slight decline of 0.33% as of June 10, 2025, with a latest price of 1.52 yuan, while it has accumulated a rise of 0.92% over the past week as of June 9, 2025 [1] - The liquidity of the National Enterprise Win ETF is active, with a turnover rate of 11.05% and a transaction volume of 12.35 million yuan, while the average daily transaction volume over the past year is 17.53 million yuan [1] - The China Securities Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index (931000) has decreased by 1.12% as of June 10, 2025, with mixed performance among constituent stocks [1] Group 2 - There is a notable trend of central enterprises accelerating share buybacks and increases, with 35 central enterprise-controlled listed companies disclosing shareholding increase plans and 27 companies announcing buyback plans this year [2] - Since April 2025, 29 companies have disclosed the latest progress on shareholding increases and 18 on buybacks, indicating a rapid implementation of these plans [2] - The market is expected to see a systematic deepening of central enterprise value management, with opportunities for value re-evaluation in the capital market anticipated in the second half of the year [2] Group 3 - The Greater Bay Area ETF closely tracks the China Securities Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index, with the top ten weighted stocks accounting for 53.21% of the index as of May 30, 2025 [5] - The National Enterprise Win ETF tracks the FTSE China National Enterprise Open Win Index, which consists of 100 constituent stocks, including 80 A-share companies and 20 Chinese companies listed in Hong Kong [5] - The top ten constituent stocks of the National Enterprise Win ETF are predominantly "China National" stocks, including major companies like China Petroleum and China Mobile [5]

Core Insights - The China-Europe Railway Express has achieved a significant milestone, with cumulative operations exceeding 110,000 trains and a total cargo value surpassing $450 billion, maintaining a monthly operation of over 1,000 trains for 61 consecutive months [1][3] Group 1: Growth and Expansion - The annual operation of the China-Europe Railway Express has increased from 1,702 trains in 2016 to 19,000 trains in 2024, with annual cargo value rising from $8 billion to $66.4 billion [3] - The time required to operate 10,000 trains has been reduced from 90 months to less than 7 months [3] - The railway has established three main corridors in China, connecting 128 cities, with 28 fixed routes originating from coastal ports like Dalian, Tianjin, Qingdao, and Lianyungang [3] Group 2: Efficiency Improvements - The latest train, number 75052, is loaded with household appliances, showcasing a shift from a single category of goods to a diverse range including high-end equipment [4] - The maximum number of cars and traction weight for the trains has been increased to 55 cars and 3,000 tons, respectively, with customs clearance time reduced to under 30 minutes [4] - The establishment of 14 regional collection centers has led to 88% of the trains being dispatched from these centers, enhancing the efficiency of the logistics network [4] Group 3: Competitive Advantage - The introduction of a full-schedule operation for the China-Europe Railway Express has resulted in a stable weekly operation of 17 trains, reducing overall travel time by over 30% compared to regular trains [5] - The average cargo value per container has increased by 41% compared to standard China-Europe Railway Express trains [5] Group 4: Economic Impact - The logistics corridor opened by the China-Europe Railway Express is facilitating the integration of countries along the route into the open world economy, with various regional products becoming more accessible in China [7] - The development of cross-border logistics networks in key cities like Erenhot is attracting industries such as auto parts and wood processing, while cities like Lodz, Duisburg, and Madrid are modernizing infrastructure to support rapid industrial growth [7] - The China-Europe Railway Express is reshaping regional trade patterns with its unique advantages of efficiency, stability, and sustainability [7]

Core Points - The Guangzhou Baiyun Airport Phase III expansion project is a significant infrastructure initiative aimed at enhancing regional development and urban quality in the Guangdong-Hong Kong-Macao Greater Bay Area [1][2][4] - Approximately 18,000 households and 62,000 displaced residents are expected to benefit from the housing provided by the project, which includes 15 resettlement areas with a total construction area of 14 million square meters and an investment exceeding 100 billion yuan [2][5] - The project is recognized as the largest airport expansion in China's civil aviation history, contributing to the urban transformation and economic growth of the northern Guangzhou area [2][4] Project Details - The project officially commenced in June 2020 and has achieved significant milestones, including the early completion of the first batch of resettlement houses, which passed engineering acceptance six months ahead of schedule [1][3] - The construction includes diverse building types such as residential units, commercial spaces, cultural centers, and educational facilities, with the aim of improving living conditions and community infrastructure [3][5] - The project is expected to enhance the overall urban environment and attract investment to the airport economic zone, thereby promoting industrial development in the region [4][5] Educational and Infrastructure Development - The project includes the construction of 25 kindergartens and 17 primary and secondary schools, providing over 48,000 educational slots to meet the needs of the local population [5] - The Guangzhou Airport Investment Group has also completed the Guangzhou No. 6 Middle School (Huadu Campus), which will further enhance educational resources in the northern region [5] - A total of 81 municipal roads are being constructed as part of the project, facilitating future development and investment opportunities in the airport area [5] Future Economic Plans - The northern growth area, covering 686 square kilometers, aims to become an internationally influential free economic zone and a high ground for innovation by 2035, with a target industrial output of 1 trillion yuan and a resident population of 3 million [6] - The Huadu Economic Development Zone is set to upgrade to a national-level economic and technological development zone in 2024, attracting various enterprises and enhancing regional economic activity [7]

Core Viewpoint - Sichuan Southwest Jiaotong University Railway Development Co., Ltd. (referred to as "Jiaoda Tifa") officially listed on the Beijing Stock Exchange, raising approximately 168 million yuan through an IPO of 19.09 million shares at a price of 8.81 yuan per share [1] Group 1: Company Overview - Jiaoda Tifa, established in 2005, focuses on the safety of rail transit infrastructure, engaging in intelligent products and equipment for rail transit, as well as specialized technical services [2] - The company has a strong emphasis on technological innovation, with 21.55% of its workforce, or 75 R&D personnel, dedicated to research and development [2][3] - Jiaoda Tifa has established partnerships with institutions such as Southwest Jiaotong University and Huawei, and has created innovation centers for rail safety monitoring technology [2] Group 2: Product and Service Offerings - The company provides a range of products and services aimed at ensuring rail transit operational safety, including safety monitoring systems, railway information systems, new materials, and operational services [4] - Key products include a seismic early warning system and a switch monitoring system, both of which have undergone rigorous testing and certification [4] - Jiaoda Tifa has developed a passive rapid rail grinding vehicle, breaking foreign technology monopolies in this area [5] Group 3: Financial Performance - From 2022 to 2024, Jiaoda Tifa has seen a continuous increase in revenue and net profit, with revenue growing from 235 million yuan to 335 million yuan and net profit rising from approximately 33.8 million yuan to 53.4 million yuan [6] - The company aims to focus on the high-speed rail operation and maintenance market, enhancing its core business areas and exploring market potential for high-quality development [6]

Group 1: New IPO - Huazhi Jie - Huazhi Jie is positioned in the intelligent control industry, focusing on providing smart, safe, and precise key components for electric tools and consumer electronics [2] - The company primarily engages in the R&D, production, and sales of components for electric tools and consumer electronics, including smart switches, smart controllers, brushless motors, and precision structural parts [2] - The IPO price is set at 19.88 yuan per share, with an institutional offering price of 19.98 yuan per share, resulting in a market capitalization of 14.91 billion yuan [4] - The company has a P/E ratio of 13.05, significantly lower than the industry average of 34.45, indicating potential undervaluation compared to peers [4] - The funds raised will be allocated to expand production capacity for 86.5 million electric tool smart components, with an investment of 4.26 billion yuan, and to supplement working capital with 0.60 billion yuan [7] - Approximately 40% of the company's revenue comes from domestic operations, while 60% is generated from international markets, highlighting a strong export orientation [8] Group 2: New IPO - Jiaoda Tiefa - Jiaoda Tiefa specializes in the R&D, production, and sales of intelligent products and equipment for rail transit, along with providing professional technical services [9] - The company’s products and services are widely used in high-speed rail, conventional rail, and urban rail transit, with major clients including China National Railway Group and China Railway Construction Corporation [9][11] - The company plans to invest in new projects, including a production facility for rail transit intelligent products with an investment of 0.60 billion yuan and a R&D center with an investment of 0.51 billion yuan [11] - The actual controller of Jiaoda Tiefa is Wang Pengxiang, who holds a 13.99% direct stake and controls a total of 41.05% of the voting rights through various agreements [12]

Core Viewpoint - China Railway Group Limited has announced the repurchase and cancellation of 856,199 restricted stocks from five incentive targets due to their disqualification from the incentive plan [2][4]. Summary by Sections Reason for Repurchase and Cancellation - The repurchase is due to two incentive targets becoming ineligible to hold restricted stocks and three others failing to meet job performance standards or engaging in misconduct [2][4]. Details of the Repurchase - The decision to repurchase was approved during the board meeting on March 13, 2025, and the company has complied with relevant legal procedures [2][3][4]. - The total number of restricted stocks being repurchased is 856,199, which were granted but not yet released from restrictions [5]. Stock Structure Changes - Following the repurchase, the total share capital of the company will decrease from 24,741,865,118 shares to 24,741,008,919 shares [6]. Legal Compliance - The legal opinion confirms that the repurchase complies with the relevant regulations and that the necessary authorizations have been obtained [7].

| H | A | | --- | --- | | 股代码：00390 | 股代码：601390 | | | 股简称：中国中铁 公告编号：临 A 2025-036 | | 股简称：中国中铁 H | | 中国中铁股份有限公司 关于 2021 年限制性股票激励计划部分限制性股票 回购注销实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 一、本次限制性股票回购注销的决策与信息披露 1.公司于 2025 年 3 月 13 日召开第六届董事会第八次会议以及第五届 监事会第三十次会议，审议通过了《关于回购注销中国中铁 2021 年限制 性股票激励计划部分限制性股票的议案》，同意回购注销 5 名激励对象已 获授但尚未解除限售的限制性股票共计 856,199 股，公司监事会发表了核 查意见，律师发表了相应意见，具体详见公司于 2025 年 3 月 14 日披露的 《中国中铁股份有限公司关于回购注销 2021 年限制性股票激励计划部分 限制性股票的公告》（编号：2025-010）。 2. 根据《中华人民共和国公司法》等相关法律、法规的 ...