Investment Rating - The report suggests an increase in allocation to coal-related stocks due to the rebound in coal prices and the overall health of coal companies' balance sheets [5][6]. Core Views - The price of thermal coal is approaching 600 RMB, leading to negative feedback on the supply side. The report notes a continued decrease in coal imports as of May, with global coal shipment volumes to China at 4.85 million tons, a year-on-year decrease of 23.7% [5]. - The coal industry is undergoing a transformation driven by energy security and policy changes, indicating that coal may still be in a golden era. The supply of coal is expected to remain rigid due to strict capacity controls and increasing extraction difficulties [5]. - The report emphasizes that while macroeconomic conditions may temporarily affect coal demand, the rigid supply and rising costs will support coal prices, which are expected to maintain a volatile pattern [5]. Summary by Sections Thermal Coal - As of July 4, 2025, the Qinhuangdao 5500K thermal coal price is 623 RMB/ton, with a week-on-week increase of 0.5% and a year-on-year decrease of 25.8% [3][30]. - The average daily production of thermal coal from 462 sample mines is 5.661 million tons, reflecting a week-on-week increase of 1.2% [45]. - The inventory index for thermal coal is at 194.3, showing a year-on-year decline [3][49]. Coking Coal - The price of coking coal at the Jing Tang Port remains at 1230 RMB/ton, unchanged week-on-week, with a year-on-year decrease of 41.7% [4][83]. - The average daily production of coking coal from 523 sample mines is 739,000 tons, with a week-on-week increase of 0.15% [82]. - The inventory of coking coal at independent coking plants is 716,500 tons, reflecting a week-on-week increase of 5.57% [82]. Investment Opportunities - The report identifies several investment opportunities in the coal sector, including companies with strong resource endowments and stable operating performance, such as China Shenhua, Shaanxi Coal, and China Coal Energy [6]. - Companies benefiting from coal-electricity integration and those with production growth potential are also highlighted as attractive investment targets [6].

Market Overview - The FTSE China A50 Index components showed a mixed performance with banking, liquor, semiconductor, and logistics sectors rising, while non-ferrous metals and chemical pharmaceuticals sectors weakened [1] - BYD's stock price fell over 1% [1] Sector Performance Banking Sector - Major banks like China Pacific Insurance, Ping An Insurance, and China Life Insurance reported market capitalizations of 382.98 billion, 357.30 billion, and 1,030.15 billion respectively, with trading volumes of 9.81 million, 36.96 million, and 7.85 million [3] Liquor Industry - Key players such as Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1,786.59 billion, 214.35 billion, and 467.31 billion respectively, with trading volumes of 40.87 million, 10.51 million, and 20.49 million [3] Semiconductor Sector - Companies like Northern Huachuang, Cambricon Technologies, and Haiguang Information had market capitalizations of 241.84 billion, 229.03 billion, and 315.09 billion respectively, with trading volumes of 24.36 million, 31.12 million, and 15.15 million [3] Automotive Sector - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of 1,818.73 billion, 186.84 billion, and 278.88 billion respectively, with trading volumes of 34.54 million, 4.39 million, and 5.94 million [3] Oil Industry - China Petroleum, Sinopec, and COSCO Shipping had market capitalizations of 239.78 billion, 688.67 billion, and 1,573.98 billion respectively, with trading volumes of 8.63 million, 6.43 million, and 7.64 million [3] Coal Industry - Major companies like China Shenhua and Shaanxi Coal and Chemical Industry had market capitalizations of 187.79 billion and 815.60 billion respectively, with trading volumes of 12.39 million and 6.45 million [3] Power Industry - Key players such as Yangtze Power and China Nuclear Power had market capitalizations of 360.33 billion and 737.96 billion respectively, with trading volumes of 20.49 million and 8.29 million [4] Food and Beverage Sector - Companies like Citic Securities, Guotai Junan, and Haitian Flavoring had market capitalizations of 409.94 billion, 340.96 billion, and 226.93 billion respectively, with trading volumes of 28.30 million, 3.94 million, and 16.84 million [4] Consumer Electronics - Industrial Fulian, Luxshare Precision, and Gree Electric Appliances had market capitalizations of 472.85 billion, 255.90 billion, and 242.55 billion respectively, with trading volumes of 30.57 million, 77.50 million, and 25.48 million [4] Chemical Products - Companies like Wanhua Chemical and SF Holding had market capitalizations of 239.20 billion and 271.34 billion respectively, with trading volumes of 12.28 million and 8.32 million [4] Construction and Engineering - China State Construction and Zijin Mining had market capitalizations of 532.88 billion and 166.95 billion respectively, with trading volumes of 27.26 million and 8.53 million [4]

金十图示：2025年07月04日（周五）富时中国A50指数成分股午盘收盘行情一览：多数板块飘红，银行、保险、白酒、半导体板 块等走高，有色金属、化学制药板块小幅走低 +0.10(+1.81%) +0.23(+2.68%) +0.11(+2.59%) 保险 中国太保 中国平安 0.000 中国人保 0 3856.33亿市值 3573.96亿市值 10241.44亿市值 4.18亿成交额 14.48亿成交额 3.87亿成交额 56.24 8.72 37.15 0.00(0.00%) +0.44(+0.79%) +0.07(+0.81%) 酸酒行业 贵州茅台 山西汾酒 五粮液 17831.98亿市值 2133.60亿市值 4659.87亿市值 17.41亿成交额 4.14亿成交额 9.40亿成交额 1419.52 120.05 174.89 +3.92(+0.28%) -0.73(-0.42%) +0.43(+0.36%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2410.23亿市值 2291.68亿市值 3155.29亿市值 11.18亿成交额 18.08亿成交额 7.76亿成交额 135.75 54 ...

Investment Rating - The industry investment rating is cautious [7]. Core Insights - Thermal coal prices remained unchanged with QHD 5500 at Rmb660/t, CCI 5500 at Rmb615/t, and BSPI at Rmb663/t as of June 27 [7][10]. - Coking coal prices saw a slight increase, with Liulin No. 4 mine-mouth price up 0.9% WoW to Rmb565/t [2][10]. - Inventory destocking continued, with QHD inventory decreasing 2.2% WoW to 5.65 million tons [2][7]. - Elevated rainfall in June, exceeding 1,000mm, may support hydro power generation recovery, potentially reducing thermal coal demand [3][7]. Summary by Sections Price Trends - QHD 5500 kcal/kg thermal coal price remained flat at Rmb660/t, while CCI 5500 kcal/kg was at Rmb619, showing a 0.7% increase WoW [7]. - Seaborne prices for NEWC thermal coal were flat at US$107/t, down 16.4% YTD [7]. - Coking coal prices remained stable for FOR at Rmb1,130/t and QLD at US$179/t [2][7]. Inventory Levels - QHD inventory decreased by 2.2% WoW to 5.65 million tons, marking a 14% decrease YTD [2][7]. - Bohai Rim ports inventory also saw a decline of 2.1% WoW to 28.2 million tons [2]. Weather Impact - China's average precipitation in June reached over 1,000mm, which could positively impact hydro power generation and negatively affect thermal coal demand [3][7]. Company Ratings - China Shenhua Energy has an Overweight rating, while Yankuang Energy Group Co Ltd has an Underweight rating [58].

行业比较专题 证券研究报告 "反内卷"行情的三阶段 核心结论：反内卷行情如果发展顺利，可能分为三阶段：第一阶段政策催化下 的预期（幅度可能较小），第二段定价资源品价格上涨，第三段定价资源品高 价横住的时间。目前投资者或预期类似 16-17 年供给侧改革带来的资源股行 情，但是目前行情尚在预期阶段，后续仍需观察政策落地和产能出清情况，如 果没有真实的出清，行情可能不会有后续两个阶段。 和反内卷类似，当年的供给侧改革也属于供给侧出清。我们认为，相比需求侧 驱动，供给侧驱动由于带有比较强的政策因素，市场调节机制相对弱化。因此， 供需趋紧的持续时间更长、预判难度较高。供给侧驱动的特征就导致股价行情 大概率是分阶段的。 复盘 16-17 年的供给侧改革行情，最典型的例子是煤炭的落后产能淘汰。我们 重点分析股价和煤价的关系，可以分为三阶段： 策略报告 | 投资策略 1）第一段是 2016 年 2 月供给侧结构性改革文件发布；尽管站在当时看历史 案例不多，但市场已有部分格局出清、煤价企稳预期，可以发现 16 年 2 月煤 炭板块相对沪深 300 有小幅超额行情。 2）第二段是 2016 年 6 月，当时煤价小幅上涨，但煤炭 ...

Core Viewpoint - The IPO application of Kaiyuan Securities has been suspended due to the withdrawal of the sponsor, marking a significant setback for the company after three years of efforts to go public [1][4][5]. Group 1: Company Background - Kaiyuan Securities is headquartered in Xi'an, Shaanxi, and its main business includes securities brokerage, investment consulting, financial advisory, underwriting and sponsorship, proprietary trading, fund sales, asset management, margin financing, and selling financial products [1]. - The company is controlled by Shaanxi Coal and Chemical Industry Group, which holds 58.80% of the shares, and the actual control is held by the Shaanxi Provincial State-owned Assets Supervision and Administration Commission [2]. Group 2: IPO Journey - The IPO journey began in July 2022 when Kaiyuan Securities submitted its application to the China Securities Regulatory Commission (CSRC) for listing on the Shenzhen Stock Exchange [2]. - The company planned to issue up to 1.153 billion shares, aiming to raise 4 billion yuan for business upgrades, including enhancing brokerage services, investment banking capabilities, and digital service capabilities [2][3]. Group 3: Regulatory Challenges - The CSRC imposed a six-month suspension on the company's bond underwriting qualifications due to compliance issues, which significantly impacted its investment banking revenue [6][7]. - The company faced multiple regulatory penalties and compliance concerns, including misleading statements in fundraising documents and inadequate due diligence in bond underwriting [9][10]. Group 4: Financial Performance - In 2024, the company's investment banking revenue dropped to 464 million yuan, a decrease of 45.89% year-on-year, with the contribution to total revenue falling from 41.07% in 2019 to 16.23% [7]. - The overall revenue for 2024 was 2.859 billion yuan, a decline of 6.61% year-on-year, while the net profit attributable to shareholders increased by 12.25% to 687 million yuan [14]. Group 5: Market Position and Future Outlook - Despite the challenges, Kaiyuan Securities has established a strong position in the New Third Board market, supervising 723 companies, which accounts for 11.77% of the total listed companies [2][13]. - The company is expected to focus on enhancing its services for supervised enterprises and may consider restarting its IPO application after the suspension period ends [15].

添加文末微信，加 绿氢 群 势银（Trendbank）绿色能源事业部研究团队始终保持对行业动态的密切跟踪，针对氢能产业制储 运加用等方面进行分析研判。势银分析师定期或不定期地与产业链企业紧密互通，掌握最新的项目 动态、新品情况、技术发展趋势、交付信息等，并形成氢能产业月度报告及分析师观点，旨在为业 内各方参与者提供行业最新动态进展与决策参考。 "宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 月报交付时间：次月10日-15日 交付形式：PDF月报 目 录 1、电解水制氢行业动态 1.1ALK电解水制氢行业动态 1.2PEM电解水制氢行业动态 1.3AEM电解水制氢行业动态 2、绿氢项目及下游消纳动态 3、氢储运&加氢站行业动态 4、燃料电池行业动态 示 例 2.1 绿氢项目动态 2.2 绿醇项目动态 2.3 SAF项目动态 4.1 燃料电池系统及配套情况 4.2 燃料电池系统订单详情 4.3 燃料电池行业发展趋势分析 绿氢项目及下游消纳动态 TrendBank 碧 裙 国内项目达788个 ...

富时中国A50指数连续 金十图示：2025年07月03日（周四）富时中国A50指数成分股今日收盘行情一览：证券、消费电子、家电等板块收高，石油、煤 炭等板块收低，银行、保险等板块涨跌不一 -0.01(-0.18%) +0.06(+0.71%) +0.03(+0.71%) 保险 中国太保 中国平安 12,000 中国人保 电机 3825.38亿市值 3573.96亿市值 10161.31亿市值 5.06亿成交额 18.17亿成交额 6.14亿成交额 55.80 37.15 8.65 +0.03(+0.08%) -0.01(-0.02%) -0.04(-0.46%) 酸酒行业 贵州茅台 五粮液 山内对酒 17782.74亿市值 2142.50亿市值 4643.18亿市值 34.57亿成交额 10.02亿成交额 14.64亿成交额 1415.60 175.62 119.62 +6.00(+0.43%) 0.00(0.00%) +0.44(+0.37%) 术学体 北方华创 寒武纪-U 海光信息 HYGON 2368.09亿市值 2289.63亿市值 3146.22亿市值 13.25亿成交额 21.74亿成交额 12. ...

金十图示：2025年07月03日（周四）富时中国A50指数成分股午盘收盘行情一览：白酒、半导体、证券、消费电子上涨，石油、 煤炭等下跌 富时中国A50指数连续 0.00(0.00%) +0.02(+0.47%) +0.07(+0.82%) 保险 中国太保 12.00 中国人保 中国平安 ■ 3816.53亿市值 3561.45亿市值 10208.66亿市值 2.68亿成交额 9.99亿成交额 4.00亿成交额 37.02 56.06 8.63 -0.10(-0.27%) +0.25(+0.45%) -0.06(-0.69%) 酸酒行业 贵州茅台 五粮液 山内分酒 4649.39亿市值 17849.82亿市值 2152.14亿市值 20.80亿成交额 5.36亿成交额 9.02亿成交额 1420.94 119.78 176.41 +11.34(+0.80%) +0.79(+0.45%) +0.60(+0.50%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2351.34亿市值 2284.82亿市值 3152.96亿市值 6.74亿成交额 13.63亿成交额 6.56亿成交额 325.85 135.65 ...

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core View of the Report On July 1, the Sixth Meeting of the Central Financial and Economic Commission proposed to regulate low - price and disorderly competition among enterprises, which led to a rebound in the domestic commodity market. Currently, the supply - demand fundamentals of steel, coke, and coking coal markets have few contradictions, and low inventories are used as a narrative. However, if no specific measures are implemented in the short term, the market may return to the old logic of dealing with the uncertainty of production cuts. After the short - term market sentiment reaction, investors should rationally view the price - increase logic, avoid chasing high prices, and can wait for callback opportunities after the policy - driven price reaches the target level [10]. 3. Summary by Related Catalogs 3.1 Market Quotes - **Futures Market**: On July 2, the main contracts 2509 of coke and coking coal futures rose again. The coke 2509 contract reached a new high since May 20. The closing price of coke 2509 was 1442 yuan/ton, up 3.15%, with a trading volume of 30,166 lots and a position of 49,728 lots. The closing price of coking coal 2509 was 843.5 yuan/ton, up 3.18%, with a trading volume of 1,189,983 lots and a position of 529,227 lots, a decrease of 35,195 lots. The capital inflow of coke 2509 was 0.58 billion yuan, and the capital outflow of coking coal 2509 was 1.60 billion yuan [5]. - **Spot Market**: On July 2, the flat - price index of quasi - first - grade metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port was 1220 yuan/ton, with no change. The price of low - sulfur main coking coal in Tangshan was 1195 yuan/ton, up 20 yuan/ton, while the prices in other regions remained unchanged [8]. 3.2 Technical Indicators On July 2, the daily KDJ indicator of the coke 2509 contract changed from a dead - cross to a golden - cross. The daily KDJ indicator of the coking coal 2509 contract showed a divergent trend, with the J and K values rising significantly, and the D value continuing to decline slightly, showing a trend of forming a golden - cross. The daily MACD red bars of both the coke and coking coal 2509 contracts became larger [8]. 3.3 Industry News - **Policy News**: On July 1, the Sixth Meeting of the Central Financial and Economic Commission emphasized promoting the construction of a unified national market, regulating enterprise competition, and promoting the exit of backward production capacity. The China Cement Association issued a document to promote the high - quality development of the cement industry [10][11]. - **Industry Operation**: From January to May 2025, the operation of major steel - using industries was polarized. The construction industry continued to decline, while the manufacturing industry showed differentiation. The production and export of some industries such as new energy vehicles and washing machines increased, while the production of some industries such as real estate and refrigerators decreased [11]. - **Enterprise Dynamics**: Shaanxi Coal Industry completed 121% of the investment plan from January to May. The Naoliu Highway in Xinjiang is undergoing expansion and reconstruction, and its freight capacity will reach over 40 million tons after completion. Jinmei Group successfully issued a 2 - billion - yuan science and technology innovation bond. This year, the number of LNG ship deliveries is expected to reach a record high. In the first half of 2025, the container throughput of Shanghai Yangshan Deep - Water Port increased by 7.3% year - on - year. Saudi Arabia's crude oil exports increased by 7% in June. The main line of the Trans - Guinea Railway was fully paved, and the Simandou project is expected to be put into production at the end of 2025. Russia plans to maintain its coal exports to China at about 100 million tons in 2025. Turkey's coal imports in May increased by 2.66% year - on - year [12][13]. 3.4 Data Overview The report presents multiple data charts, including the spot price index of metallurgical coke, the spot price of main coking coal, the production and capacity utilization rate of coking plants and steel mills, the national daily average pig iron output, the inventory of coke and coking coal in ports, steel mills, and coking plants, the profit per ton of independent coking plants, the production and start - up rate of coal washing plants, the inventory of raw coal and clean coal in coal washing plants, and the basis of Rizhao Port's quasi - first - grade coke and Linfen's low - sulfur main coking coal with the September contracts [15][19][23][26][27][30].