Core Insights - The first batch of domestically developed 120-ton pure electric mining trucks has been put into operation at the Zahahe'er Coal Industry Company, marking a significant advancement in the large-scale application of electric vehicles in open-pit mining [1][3]. Group 1: Technology and Performance - The electric mining trucks are powered by lithium iron phosphate batteries, capable of working continuously for over 4 hours after a 1-hour charge, achieving a daily rock and soil stripping volume of 18,000 cubic meters [3]. - Cumulatively, these trucks have completed nearly 2.8 million cubic meters of stripping, equivalent to the volume of 1,096 swimming pools [3]. - Compared to diesel trucks of the same tonnage, operational costs are reduced by 63%, energy consumption by 40%, and annual carbon emissions are decreased by over 7,500 tons, equivalent to planting 400,000 fir trees [3]. Group 2: Innovation and Safety - The development of these trucks involved overcoming challenges related to battery performance in low temperatures and heavy loads, resulting in five national patents for technologies such as multi-branch charging and discharging, battery cooling, and energy recovery [3][5]. - A self-developed "vehicle intelligent security system" has been added to enhance safety, featuring collision warnings, real-time monitoring, speed alerts, and driver behavior analysis [5]. Group 3: Future Goals - The Zahahe'er Coal Industry Company aims to accelerate the transition from oil to electric mining, expand the application of pure electric mining trucks, and enhance the efficiency of new energy equipment, focusing on building a "green electricity + electric mining truck" energy model to promote green transformation [5].

该公司开展"小手拉大手 情深父亲节"安全宣教活动，孩子们满怀期待在升井的人群中寻找自己的爸爸，为爸爸送上精心准备的节日礼物。公司准备了文 具大礼包，现场充满了家庭的温暖和企业的关怀。 "没有什么比安全更珍贵，每当有急躁情绪、心存侥幸、想偷懒时，就想到家中有可爱的孩子等着自己要抱抱，就抛弃了幻想，认真工作。"综采工区职工 褚晨深有感触地说。 齐鲁晚报·齐鲁壹点记者 白新鑫 通讯员 刘涛 梁锡洋 山东能源枣矿集团三河口矿业公司积极开展六月安全生产月活动，打好亲情宣教、警示教育、隐患排查治理"组合拳"，进一步筑牢安全防线。 "爸爸，辛苦了，我爱你，下井要注意安全，下班平安回家，爱我你就亲亲我，抱抱我。"机电工区职工安一臣的女儿娇答答的说。 各单位每天观看一部安全警示教育片，学习安全规程措施、应急管理知识，利用山能e学平台开展典型事故案例警示教育，组织开展《中华人民共和国安 全生产法》《煤矿安全规程》《职业病防治法》等主要内容的"安康杯"线上安全知识竞赛，进一步教育和引导广大干部职工树牢安全"底线"思维和"红 线"意识，从思想深处绷紧安全弦，不断提升安全意识和生产技能。 组织开展井上下"查找身边安全隐患"活动，利用" ...

Group 1: Company Overview - Zhongtung High-tech (000657.SZ) is a leading tungsten integrated giant backed by the Minmetals Group, completing a full industry chain layout from tungsten ore to powder, alloy, and tools, with global leading capacity levels [21][23]. - The company has benefited from the injection of the Shizhu Garden tungsten mine, which has filled resource gaps and contributed to non-tungsten revenue through by-products like fluorite, bismuth, and molybdenum [23]. - Revenue projections for Zhongtung High-tech are estimated at 15.6 billion, 16.5 billion, and 17.1 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.08 billion, 1.24 billion, and 1.32 billion yuan, corresponding to PE ratios of 24.3, 21.3, and 20.0 times [23]. Group 2: Industry Insights - The tungsten market is expected to benefit from rising tungsten prices, with the company poised to gain from the steady progress of the Shizhu Garden tungsten mine expansion project [23]. - The PCB micro-drill business is identified as a significant growth driver for deep processing revenue [23]. - The overall performance of the tungsten industry is influenced by manufacturing growth rates and supply risks, which could impact future profitability [23].

固定收益 | 固定收益定期 实操视角下的信用主体骑乘库优化 证券研究报告 信用策略周报 20250629 本周聚焦：跨季信用表现如何？7 月，信用博弈哪些结构性机会？ 一、信用，抹平凸点收益 经历前期持续上涨后，当周信用表现趋弱，收益率及利差多数走阔， 其中：截至 2025 年 6 月 20 日，中短票收益率曲线上 3Y、5Y 凸性稍大， 对应期限收益率及信用利差当周明显压缩。 此外，城投债仍具备配置价值，尤其是中低等级下沉品种和 7 年期左 右超长品种，当前来看票息仍相对丰厚，二级"抢券"情绪仍在。 三、理财跨季扰动可控 近几年，理财资产配置结构上更加注重流动性的改善，季末回表对信 用债的扰动有所趋弱：随着持仓资产中存款、存单的比例提高，季末回表 直接减持债券或是赎回产品的压力便不那么直观。 从近期理财配置信用债的情况也能感受一二：6 月最后一周，理财二 级净买入普信债规模小幅下降，但仍继续增持二永债等品种。 四、7 月，信用控久期 站在当前节点往后看，有几个问题值得讨论： 第一，7 月跨季后，理财迎来规模增长，考虑到 5 月存款降息幅度较 大，6 月银行存在回表诉求反应还有所时滞，这整体对 7 月理财规模 ...

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [6]. Core Viewpoints - The turning point for coking coal mine inventories has been observed, leading to a seasonal increase in coal prices. As of June 27, the inventory of raw coal at 523 coking coal mines was 6.835 million tons, a decrease of 179,000 tons week-on-week, marking the first decline since May [1]. - The average closing price of coking coal futures was 847.5 yuan/ton, up 6.6% week-on-week, indicating a positive trend in pricing [1]. - The average price of thermal coal at Qinhuangdao Port was 616 yuan/ton, reflecting a week-on-week increase of 7 yuan/ton (+1.15%) [2]. Summary by Sections Supply and Demand Tracking - The operating rate of 110 sample washing plants was 59.1%, down 2.2 percentage points week-on-week and 9.9 percentage points year-on-year, remaining at a five-year low [3]. - The average daily pig iron output was 2.4234 million tons, unchanged week-on-week and up 1.2% year-on-year [3]. - The outflow of water from the Three Gorges Dam was 17,843 cubic meters per second, an increase of 17.28% week-on-week [3]. Inventory Tracking - As of June 27, coal inventory at Qinhuangdao Port was 5.65 million tons, down 2.25% week-on-week and 5.52% year-on-year, returning to normal levels for the season [4]. - The inventory at independent coking plants was 6.7863 million tons, up 1.95% week-on-week, while the inventory at sample steel mills was 7.8121 million tons, up 0.85% week-on-week [4]. Key Company Profit Forecasts and Valuation - China Shenhua (601088.SH) is forecasted to have an EPS of 2.5 yuan in 2025, with a PE ratio of 16, rated as "Accumulate" [5]. - Shanxi Coking Coal (000983.SZ) is expected to have an EPS of 0.37 yuan in 2025, with a PE ratio of 17, also rated as "Accumulate" [5]. - The report highlights stable profitability for companies with a high proportion of long-term contracts, recommending China Shenhua and China Coal Energy [4].

Investment Rating - The report gives a positive outlook on the coal industry, rating it as "Overweight" [1] Core Insights - The report highlights an increase in coal prices due to rising demand driven by high temperatures and anticipates a continued price increase during the peak summer season [1] - It notes that coal prices have reached the cost line for some regions, leading to a potential reduction in production from distant areas [1] - The report emphasizes the importance of supply constraints due to stricter safety regulations and environmental checks, which are expected to support coal prices [1] Summary by Sections Recent Industry Policies and Dynamics - The report discusses the launch of a coal transportation initiative between Xinjiang and Henan, marking a significant collaboration in energy supply [4] - It mentions that safety production standards are being reinforced in Henan province to ensure compliance [8] Price Trends - The report indicates that the price of thermal coal has increased, with specific prices reported for various grades [9] - It also notes that coking coal prices have remained stable, with some fluctuations observed [12] Inventory and Supply - The report states that coal inventory at major ports has decreased, indicating a tightening supply [21] - It highlights an increase in both the average daily coal inflow and outflow at the ports [21] Shipping Costs - The report mentions an increase in domestic coastal shipping costs, which could impact overall coal pricing [29] - It also notes a rise in international shipping rates for coal, reflecting broader market trends [29] Company Valuations - The report provides a valuation table for key companies in the coal sector, indicating their stock prices, market capitalizations, and earnings projections [34]

Core Viewpoint - The article discusses various sectors in the market, highlighting trends and potential investment opportunities, particularly in the context of recent geopolitical developments and market dynamics. Financial Market Overview - A-shares have shown strong growth, with the North China 50 index rising by 6.84% weekly, leading major broad-based indices. Market sentiment is positive, with trading volume steadily increasing, indicating a shift towards bullish signals for most indices, except for the North China 50 which remains cautious [3]. Oil and Gas Sector - Geopolitical risks have eased, with reports of a ceasefire agreement between Israel and Iran, which may lead to a restart of consolidation among overseas oil and gas giants. As of June 27, Brent and WTI crude oil prices were reported at $66.34 and $65.07 per barrel, reflecting declines of 12.5% and 12.1% respectively from the previous week [4]. Agriculture Sector - In the pig farming sector, the industry capacity cycle has reached a bottom, but high inventory levels continue to impact market dynamics. Recent policy initiatives are accelerating the process of reducing inventory, which is expected to realign supply and demand. A long-term perspective suggests that after inventory reduction, the sector may enter a prolonged period of profitability [6]. Coal Mining Sector - There are signs of a turning point in coking coal inventories, with a reported decrease in both raw and refined coal stocks for the first time since May. As of the week of June 23-29, the inventory of raw coal was 683.5 million tons, down by 17.9 million tons, and refined coal was 463.1 million tons, down by 36.1 million tons. Additionally, the average price of thermal coal at Qinhuangdao port increased by 7 yuan to 616 yuan per ton, indicating the start of a seasonal price rise [7].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 焦煤矿山库存拐点已现，煤价开启季节性上涨 （1）5月以来，Mysteel统计的523家炼焦煤矿山原煤、精煤库存均持续上升，本周523家炼焦煤矿山原煤 库存683.5万吨，环比-17.9万吨，精煤库存463.1万吨，环比-36.1万吨，5月以来首次出现环比下降；（2） 本周（6.23-6.29）秦皇岛港口动力煤平仓价（5500大卡周度平均值）为616元/吨，环比+7元/吨，开启季节 性上涨；（3）截至6月27日，焦煤期货收盘价为847.5元/吨，周环比+6.6%。 （1）本周（6.23-6.29）秦皇岛港口动力煤平仓价（5500大卡周度平均值）为616元/吨，环比+7元/吨 （+1.15%）；（2）陕西榆林动力混煤坑口价格（5 ...

Metal Sector - China Hongqiao's net profit forecast for 2024 is CNY 223.72 billion, with a PE ratio of 6.78[12] - Luoyang Molybdenum's net profit forecast for 2025 is CNY 167.43 billion, with a PE ratio of 10.42[12] Building Materials Sector - China National Materials' net profit forecast for 2025 is CNY 18.54 billion, with a PE ratio of 16.65[12] - Keda Manufacturing's net profit forecast for 2025 is CNY 17.24 billion, with a PE ratio of 10.82[12] - Three Trees' revenue compound growth rate from 2015 to 2018 was approximately 33%[40] Transportation Sector - SF Holding's net profit forecast for 2025 is CNY 117.44 billion, with a PE ratio of 20.58[12] - The company has seen a significant increase in daily package handling, reaching an average of 166 packages per courier in 2024[56] Chemical Sector - Yara International's net profit forecast for 2025 is CNY 22.52 billion, with a PE ratio of 12.30[12] - Ba Tian's net profit forecast for 2025 is CNY 12.84 billion, with a PE ratio of 7.59[12] Financial Performance - The overall net profit for Keda Manufacturing is projected to reach CNY 19.0 billion by 2026, with a significant increase in overseas revenue contributing to growth[31]

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry, indicating a positive outlook for the sector in the next 6 months [1]. Core Insights - The current coal prices are influenced by high inventory levels and weak demand, limiting upward momentum. However, with the onset of high temperatures and the approaching peak season, there is potential for further price recovery [1]. - The average daily coal inflow to the four ports in the Bohai Rim increased by 2.07 million tons week-on-week, while the average daily outflow rose by 13.60 million tons, indicating a growing demand [1][25]. - The report highlights that the average coal inventory at the Bohai Rim ports decreased to 28.24 million tons, down by 0.598 million tons, approaching historical normal levels [1][29]. Summary by Sections 1. Market Review - The Shanghai Composite Index rose by 1.26% during the week, while the coal sector index fell by 1.00% [10]. - The average daily trading volume for coal stocks increased by 7.68% compared to the previous week [10]. 2. Coal Prices - Port coal prices increased by 11 CNY/ton, reaching 620 CNY/ton, while the price for various coal grades at production sites showed mixed trends [17]. - The price index for Bohai Rim coal remained stable at 663 CNY/ton [19]. 3. Supply and Demand Dynamics - Daily average coal inflow and outflow at the Bohai Rim ports both increased, reflecting a positive shift in demand [25][29]. - The number of anchored vessels in the Bohai Rim area rose by 15.83%, indicating increased shipping activity [29]. 4. Recommendations - The report suggests focusing on resource stocks, particularly recommending companies like Haohua Energy and Guanghui Energy due to their low valuations and potential for price elasticity [34].