Core Viewpoint - The article highlights the significant increase in electricity demand across various regions in China due to high temperatures and economic growth, with a record peak load reached on July 4th, 2023 [1] Group 1: Electricity Demand - The national peak electricity load reached 1.465 billion kilowatts on July 4, 2023, an increase of approximately 200 million kilowatts compared to the end of June [1] - This peak load is the highest in history, surpassing the previous record of 1.451 billion kilowatts set in 2024, and shows a year-on-year increase of nearly 150 million kilowatts [1] - The eastern region of China, including six provinces (Inner Mongolia, Jiangsu, Anhui, Shandong, Henan, and Hubei), has also set historical highs for electricity load [1] Group 2: Weather Impact - The China Meteorological Administration forecasts sustained high temperatures from July 4 to July 10, particularly in the Huanghuai, Jianghan, and Jiangnan regions, with some areas expected to reach or exceed historical temperature extremes [1] - The ongoing high temperatures are anticipated to further drive up electricity demand in the East and Central China regions [1] Group 3: Supply Management - The National Energy Administration is closely monitoring weather changes and the electricity supply-demand situation [1] - Guidance will be provided to localities and power companies to ensure stable and full operation of power generation units, as well as to facilitate inter-provincial and inter-regional electricity exchanges to address any emerging issues [1] - The focus is on ensuring that the public's electricity needs for a cool summer are met while supporting high-quality economic and social development [1]

Core Viewpoint - The company is actively engaging with local enterprises to ensure safe and efficient electricity usage during the summer peak demand period, providing tailored support and solutions to address their specific electricity needs [1][3][4]. Group 1: Company Initiatives - The company organized a service team to conduct safety inspections and understand the electricity needs of local businesses, emphasizing proactive engagement to address potential electricity issues [1][3]. - A platform for extended services was established to provide targeted support for enterprises, including customized electricity supply plans to reduce costs and enhance economic benefits [3][4]. - The company has implemented a "point-to-point" service mechanism to assist clients in rectifying identified safety hazards, ensuring high-quality and efficient electricity services for business development [3][4]. Group 2: Safety and Awareness Efforts - The company has utilized its service teams to disseminate safety knowledge through short videos and brochures, educating enterprises on safe electricity practices and summer-specific safety concerns [3][4]. - As of now, the company has visited 8 enterprises, identified and addressed 2 electricity safety hazards, and answered 11 business inquiries, showcasing its commitment to enhancing safety and service quality [4]. Group 3: Future Plans - The company plans to continue optimizing the electricity business environment by improving communication and visit mechanisms, aiming to enhance precision in service delivery and respond effectively to customer electricity service demands [4].

Core Viewpoint - The company is implementing a series of cooling measures to ensure the safe operation of equipment during the ongoing high-temperature summer season, focusing on temperature monitoring and maintenance of critical components [1][4][15]. Group 1: Cooling Measures and Equipment Maintenance - The company has installed axial flow fans and cooling systems to reduce the temperature of critical equipment, such as the cooling tower and transformers, ensuring they operate within safe temperature ranges [4][8][12]. - A closed-loop mechanism for temperature monitoring and reporting has been established, allowing for immediate response to any equipment anomalies detected during high-temperature conditions [1][15]. - The company has enhanced its cooling systems by adding spray systems and replacing old motors with permanent magnet motors to improve efficiency under extreme weather [4][12][18]. Group 2: Safety and Monitoring Protocols - The company has intensified safety inspections, focusing on high-risk areas that are prone to failures during high temperatures, ensuring that all identified hazards are addressed promptly [15][17][22]. - Regular temperature checks are conducted on key components, including oil and winding temperatures of transformers, to maintain operational stability [8][21]. - The company has implemented a detailed maintenance plan that includes cleaning cooling systems and ensuring proper lubrication of rotating equipment to enhance cooling efficiency [15][17][18].

◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 投资咨询业务资格：证监许可【2011】1778 号 宝城期货动力煤早报（2025 年 6 月 27 日） 参考观点：震荡 | | | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 核心逻辑：随着迎峰度夏旺季到来，动力煤需求支撑显现，北港库存快速去化，前期"电煤需求 疲弱""产业链库存充足"这两大制约煤价的主要利空因素得到阶段性缓解，带动煤价止跌。但 国内产量仍维持较高水平，供应压力仍存，使得煤价也并未迎来大幅上涨。现阶段，煤炭市场多 空博弈激烈，煤价在低位暂稳运行。根据国家气候中心预测，今年 7 月国内大部地区气温接近常 年同期到偏高，迎峰度夏制冷需求有支撑。此外，7 月预计会有 2~3 个台风影响我国，降水则呈 现"北多南少"特征，云南南部、四川西北部在 7 月中上旬降雨量较常年同期偏多 2~5 成，关注 后续水电改善情况。综上，动力煤供应持续增长，需求旺季走强，港口存煤仍处于近 5 年同期高 位，考虑到电煤日耗攀升后下游采购需求释放将对煤价形成支撑，后续国内动 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货动力煤早报（2025 年 6 月 26 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 动力煤现货 | | | | 震荡 | 旺季需求改善，中低卡煤走势偏 | | --- | --- | --- | --- | --- | --- | | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 强 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货黑色板块 品种：动力煤现货 日内观点： 中期观点： 参考观点：震荡 核心逻辑：随着迎峰度夏旺季到来，动力煤需求支撑显现，北港库存快速去化，前期"电煤需求 疲弱""产业链库存充足"这两大制约煤价的主要利空因素得到阶段性缓解，带动煤价止跌。但 国内产量仍维持较高水平，供应压力仍存，使得煤价也并未迎来 ...

Summary of China Coal Energy Conference Call Company Overview - **Company**: China Coal Energy - **Date**: June 24, 2025 Key Points Industry Insights - **Demand Surge**: The demand for thermal coal has increased significantly, with daily consumption reaching approximately 5.5 million tons, a rise of about 15% compared to early June and late May, but still below the peak levels expected in August and September [2][3][6] - **Supply Constraints**: Safety inspections and environmental supervision in major production areas have led to a decrease in capacity utilization, supporting coal prices [2][3][6] - **Import Reduction**: Continuous reduction in imported coal and its declining cost-effectiveness have provided further support to domestic coal prices [2][3][6] - **Price Forecast**: Thermal coal prices are expected to rebound from the current 610 RMB/ton to around 650 RMB/ton in Q3, with extreme weather or reduced water levels potentially driving prices even higher [2][3][6] Company Strengths - **Long-term Asset Advantage**: China Coal Energy has a recoverable coal reserve of 13.8 billion tons with a recoverable lifespan of 81 years, surpassing competitors [2][5][8] - **Production Capacity**: The company has a production capacity close to 200 million tons, with 170 million tons under its control, indicating significant internal growth potential [2][5][8] - **Chemical Business Growth**: The company is enhancing profitability through its De Mei Chemical project, which is expected to generate approximately 20 billion RMB in revenue by 2024, with a gross margin of 15% [4][11] Financial Performance - **Dividend Potential**: Currently, the dividend payout ratio is around 30%-40%, with potential for increase as debt levels decrease and cash flow improves [4][12][13] - **Debt Levels**: The current interest-bearing debt ratio is approximately 17.9%, with expectations to reduce to around 10% in three years, which could enhance dividend capacity [13][15] Market Environment - **External Market Conditions**: The decline in 10-year treasury yields from 1.7%-1.8% to about 1.6% indicates an asset shortage, making the coal sector attractive for investment [7] - **Valuation Metrics**: The price-to-book (PB) ratio for the coal sector has fallen to the lower quartile of the past two years, with public fund holdings below 0.5%, suggesting low market congestion [7] Growth Prospects - **Future Projects**: Upcoming projects, including the Wei Zigou and Li Mi mines expected to commence production in 2026, will provide ongoing growth momentum [5][8] - **Cost Control**: The company has managed to keep its coal production costs at approximately 203 RMB/ton, lower than some competitors, indicating effective cost management [9][10] Investment Rationale - **Stable Earnings**: High long-term contract ratios (over 75%) contribute to stable earnings, with a strong performance even under fluctuating coal prices [10][14] - **Attractive Valuation**: With a current PE ratio of about 9.5, the company presents a compelling investment opportunity, especially if dividend payouts increase [15][16] Conclusion - **Overall Outlook**: China Coal Energy is positioned well within the coal industry, with strong fundamentals, growth potential, and an attractive valuation, making it a recommended investment target [5][14][15]

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 报告类型 焦炭焦煤日评 日期 2025 年 6 月 24 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | | 表1：6月23日焦炭焦煤期货主力合约价格、成交及持仓情况（单位：元/吨、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | J2509 | 1384. ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货动力煤早报（2025 年 6 月 24 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货黑色板块 品种：动力煤现货 日内观点： 中期观点： 参考观点：震荡 核心逻辑：随着迎峰度夏旺季到来，动力煤需求支撑显现，北港库存快速去化，前期"电煤需求 疲弱""产业链库存充足"这两大制约煤价的主要利空因素得到阶段性缓解，带动煤价止跌。但 国内产量仍维持较高水平，供应压力仍存，使得煤价也并未迎来大幅上涨。现阶段，煤炭市场多 空博弈激烈，煤价在低位暂稳运行。根据国家气候中心预测，今年 7 月国内大部地区气温接近常 年同期到偏高，迎峰度夏制冷需求有支撑。此外，7 月预计会有 2~3 个台风影响我国，降水则呈 现"北多南少"特征 ...

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1]. Core Insights - In May 2025, the total electricity consumption increased by 4.4% year-on-year, with a total of 809.6 billion kWh consumed [4][6]. - The electricity price in May 2025 saw a year-on-year decrease of 3% but a slight month-on-month increase of 0.4% [40]. - The report highlights significant growth in various sectors, with the first industry showing an 8.4% increase, the second industry at 2.1%, and the third industry at 9.4% [4][13]. Summary by Sections 1. Market Review - The SW utility index decreased by 1.13% during the week of June 16-20, 2025, with notable declines in nuclear, water, and thermal power sectors [9][12]. 2. Electricity Sector Tracking 2.1. Electricity Consumption - Total electricity consumption from January to April 2025 reached 3.16 trillion kWh, reflecting a year-on-year increase of 3.1% [13]. - The growth rates for different sectors were: first industry +10.0%, second industry +2.3%, third industry +6.0%, and urban-rural residential consumption +2.5% [13][14]. 2.2. Power Generation - Cumulative power generation from January to April 2025 was 2.98 trillion kWh, with a slight year-on-year increase of 0.1% [22]. - The breakdown of generation by source showed thermal power down by 4.1%, water power up by 2.2%, nuclear power up by 12.7%, wind power up by 10.9%, and solar power up by 19.5% [22]. 2.3. Electricity Prices - The average grid purchase price in May 2025 was 394 RMB/MWh, down 3% year-on-year [40]. 2.4. Thermal Power - As of June 20, 2025, the price of thermal coal was 609 RMB/ton, a decrease of 29.84% year-on-year [45]. - The cumulative installed capacity of thermal power reached 1.46 billion kW, with a year-on-year increase of 4.1% [47]. 2.5. Hydropower - The water level at the Three Gorges Reservoir was 149.15 meters, consistent with previous years, and inflow and outflow rates increased by 19.72% and 63.96% respectively [53]. 2.6. Nuclear Power - In 2024, 11 new nuclear units were approved, indicating a positive growth trajectory for the sector [22]. 2.7. Renewable Energy - Wind and solar power saw significant increases in installed capacity, with wind power up by 18.5% and solar power up by 74.6% [22]. 3. Investment Recommendations - The report suggests focusing on investment opportunities in hydropower and thermal power during the peak summer season, recommending specific companies such as China Yangtze Power and Huaneng International [4].

| | | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 投资咨询业务资格：证监许可【2011】1778 号 宝城期货动力煤早报（2025 年 6 月 23 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 日内观点： 中期观点： 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 参考观点：震荡 核心逻辑：随着迎峰度夏旺季到来，动力煤需求支撑显现，北港库存快速去化，前期"电煤需求 疲弱""产业链库存充足"这两大制约煤价的主要利空因素得到阶段性缓解，带动煤价止跌。但 国内产量仍维持较高水平，供应压力仍存，使得煤价也并未迎来大幅上涨。现阶段，煤炭市场多 空博弈激烈，煤价在低位暂稳运行。根据国家气候中心预测，今年 7 月国内大部地区气温接近常 年同期到偏高，迎峰度夏制冷需求有支撑。此外，7 月预计会有 2~3 个台风影响我国，降水则呈 现"北多南少"特征，云南南部、四川西北部在 7 月中上旬降雨量较常年同期偏多 2~5 成，关注 后续水电改善情况。综上，动力煤供 ...