Investment Rating - The coal mining industry is rated as "Recommended" [7] Core Views - The coal supply-demand relationship continues to optimize under high-temperature conditions, with port coal prices rising and inventory decreasing [4][72] - The production side shows a tightening trend, with a decrease in capacity utilization in Shanxi and a reduction in transportation volumes [4][72] - The demand side is supported by power plants replenishing inventory in anticipation of increased consumption due to high temperatures [4][72] Summary by Sections 1. Thermal Coal - Port coal prices increased to 623 RMB/ton, up 3 RMB/ton week-on-week [4][72] - Inventory at northern ports decreased by 797,000 tons week-on-week [30] - Daily consumption at coastal power plants rose by 80,000 tons week-on-week [24][72] 2. Coking Coal - Supply of coking coal has improved, with capacity utilization rising by 1.04 percentage points [5][41] - Coking coal prices at ports remained stable, with the average price at 1,230 RMB/ton [42] - Coking coal inventories at production enterprises decreased by 586,200 tons week-on-week [47] 3. Coke - Coking enterprises are experiencing a decline in production rates due to rising costs from coking coal prices [50] - The average profit per ton of coke is approximately -46 RMB, indicating a decrease in profitability [54] - Steel mills are replenishing raw material inventories, leading to a reduction in coke inventories [62] 4. Anthracite - Anthracite prices remained stable, with the price at 820 RMB/ton [68] - Demand from non-electric sectors remains weak, with procurement primarily focused on long-term contracts [68] 5. Key Companies and Profit Forecasts - Key companies to focus on include China Shenhua, Shaanxi Coal, and Yanzhou Coal, all rated as "Buy" [8] - The report highlights the strong cash flow and asset quality of leading coal companies, emphasizing their investment value [7][8]

高温催动日耗抬升，去库深化煤价走强 [Table_ReportTime] 2025 年 7 月 6 日 证券研究报告 行业研究-周报 [Table_ReportType] 行业周报 | [Table_StockAndRank] 煤炭开采 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 左前明：能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 李睿：煤炭行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 高温催动日耗抬升，去库深化煤价走强 [Table_ReportDate] 2025 年 7 月 6 日 本期内容提要: [Table_Sum ...

Investment Rating - The report maintains a "Buy" rating for key coal companies including China Qinfa, China Coal Energy, and AnYuan Coal Industry [3][6]. Core Insights - The global coal production is expected to reach a historical high of 924.2 million tons in 2024, with a year-on-year growth of 0.9%. The Asia-Pacific region continues to expand production, with India and Indonesia increasing output by 7% and 8% respectively [7]. - Global coal demand is projected to grow to 165.06 exajoules (EJ) in 2024, reflecting a year-on-year increase of 1%. However, demand in Europe is declining rapidly, with a decrease of 7% [7]. - The report highlights the stability of coal prices, with Newcastle port coal prices at $110.85 per ton, up 4.35 dollars per ton (+4.08%) from the previous week [34]. Summary by Sections Coal Mining - The report indicates that coal prices at European ARA ports have risen to $107.25 per ton, an increase of 3.90 dollars per ton (+3.77%) [34]. - The report emphasizes the importance of monitoring coal production and demand trends, particularly in the Asia-Pacific region, which is driving growth [7]. Investment Recommendations - Key recommended stocks include China Coal Energy, China Shenhua, and the turnaround story of China Qinfa. Other notable mentions are Shaanxi Coal and Energy, and Yancoal Energy, which show potential for growth [3][6]. - The report also suggests keeping an eye on AnYuan Coal Industry, which is undergoing significant changes in its shareholder structure and asset swaps [3]. Market Trends - The report notes that global coal trade volume is expected to reach 35.99 EJ in 2024, marking a year-on-year increase of 1.3%. Indonesia remains the largest coal exporter, accounting for 29.8% of total exports [7]. - The report provides a detailed analysis of coal price movements, indicating a stable trend in shipping coal prices [30].

Investment Rating - The industry investment rating is maintained as "Accumulate" [1] Core Viewpoints - The report indicates that port coal inventories are continuously decreasing, and the coal prices are expected to rise as the peak season approaches, despite current weak industrial electricity demand limiting upward momentum [1][2] - The average daily coal inflow to the four ports in the Bohai Rim increased by 4.87% week-on-week, while the average daily outflow decreased by 2.68%, indicating a mixed demand-supply scenario [1][30] - The report highlights that the current coal prices are influenced by high inventory levels and weak industrial electricity demand, but with the onset of high temperatures, there is potential for further price increases [1] Summary by Sections 1. Weekly Market Review - The Shanghai Composite Index rose by 0.81% to 3472.32 points, while the coal sector index increased by 1.26% to 2580.17 points [10] - The trading volume for the coal sector reached 37.196 billion yuan, reflecting an increase of 8.96% [10] 2. Coal Prices - Port coal prices increased by 3 yuan/ton week-on-week, reaching 623 yuan/ton [17] - The average price of coal at production sites remained stable, with specific prices reported for different grades of coal [17] 3. Inventory and Shipping - The inventory at the Bohai Rim ports decreased by 3.21% to 27.33 million tons, indicating a downward trend towards historical normal levels [1][33] - The average daily number of anchored vessels in the Bohai Rim ports decreased by 1.01% [33] 4. Recommendations - The report suggests focusing on resource stocks, particularly recommending companies like Haohua Energy and Guanghui Energy as elastic targets in the coal sector [2][38]

2025 年 7 月 5 日 行业研究 "反内卷"叠加旺季来临，煤价板块底部或已出现 ——煤炭开采行业周报（2025.6.30~2025.7.6） 要点 "反内卷"叠加旺季来临，煤价板块底部或已出现。（1）7 月 1 日，中共中央 总书记、国家主席、中央军委主席、中央财经委员会主任习近平主持召开中央 财经委员会第六次会议，会议提出，要依法依规治理企业低价无序竞争，引导 企业提升产品品质，推动落后产能有序退出；（2）本周 28 个主要城市平均气 温为 30.56 ℃，已进入季节性高温区间，夏季用煤旺季已经来临；（3）在基本 面、事件共同驱动下，近期焦煤期货价格、煤炭板块均止跌回升。 本周港口煤价小幅反弹，海外天然气价格回落。（1）本周（6.30-7.4）秦皇岛 港口动力煤平仓价（5500 大卡周度平均值）为 621 元/吨，环比+5 元/吨 （+0.88%）；（2）陕西榆林动力混煤坑口价格（5800 大卡）周度平均值为 475 元/吨，环比+1 元/吨（+0.21%）；（3）澳大利亚纽卡斯尔港动力煤 FOB 价格 （5500 大卡周度平均值）为 65 美元/吨，环比-1.89%；（4）欧洲天然气期货 结算价（D ...

Report Industry Investment Rating Not provided in the given content. Report's Core View - Credit bonds return to strength, with yields of 3Y and above varieties generally declining by around 5BP. Interest rates of interest rate bonds fluctuate and decline, and credit spreads mostly decline except for some high-grade short-duration varieties [2][5]. - Credit spreads of urban investment bonds decline across the board, with spreads of each variety decreasing by about 4BP [2][9]. - Most credit spreads of industrial bonds decline, while those of mixed-ownership real estate bonds slightly increase [2][18]. - Yields of secondary and perpetual bonds decline across the board, and their overall performance is stronger than that of ordinary credit bonds [2][23]. - Excess spreads of industrial perpetual bonds are generally stable, while those of 3Y urban investment perpetual bonds decline [2][25]. Summary by Directory 1. Credit bonds return to strength, with yields of 3Y and above varieties generally declining by around 5BP - Interest rate bond yields fluctuate and decline. The yields of 1Y, 3Y, 5Y, and 7Y Guokai bonds decline by 3BP, 2BP, 1BP, and 4BP respectively, and the 10Y yield remains flat [2][5]. - Credit bond yields return to a downward trend. Yields of 3Y and above varieties generally decline by around 5BP, and credit spreads mostly decline except for some high-grade short-duration varieties [2][5]. - Rating spreads and term spreads mostly remain flat or decline [5]. 2. Credit spreads of urban investment bonds decline across the board - Credit spreads of external rating AAA, AA+, and AA platforms all decline by about 4BP. Spreads of most AAA-level platforms decline by 3 - 4BP, AA+ by 3 - 5BP, and AA by 3 - 6BP [2][9]. - By administrative level, credit spreads of provincial, municipal, and district-level platforms all decline by 4BP [2][16]. 3. Most credit spreads of industrial bonds decline, while those of mixed-ownership real estate bonds slightly increase - Credit spreads of central and local state-owned real estate bonds decline by 4BP, those of mixed-ownership real estate bonds increase by 2BP, and those of private real estate bonds increase by 13BP [2][18]. - Credit spreads of coal bonds at all levels decline by 3BP, those of AAA and AA+ steel bonds decline by 3BP and 4BP respectively, and those of chemical bonds at all levels decline by 4 - 5BP [2][18]. 4. Yields of secondary and perpetual bonds decline across the board, and their overall performance is stronger than that of ordinary credit bonds - Yields of secondary and perpetual bonds follow the decline of certificate of deposit rates. Spreads of medium and short-term high-grade varieties compress significantly [2][23]. - Specifically, the yield of 1Y AAA- secondary capital bonds declines by 9BP, and the spread compresses by 6BP. Yields of other grades decline by 8BP, and spreads compress by 4 - 5BP [23]. 5. Excess spreads of industrial perpetual bonds are generally stable, while those of 3Y urban investment perpetual bonds decline - The excess spread of industrial AAA3Y perpetual bonds increases by 0.01BP to 3.82BP, and that of AAA5Y remains flat at 8.51BP [2][25]. - The excess spread of urban investment AAA3Y perpetual bonds declines by 2.38BP to 3.76BP, and that of AAA5Y increases by 0.10BP to 9.91BP [25]. 6. Credit Spread Database Compilation Instructions - Market-wide credit spreads, commercial bank secondary and perpetual spreads, and credit spreads of urban investment/industrial perpetual bonds are calculated based on ChinaBond medium and short-term notes and ChinaBond perpetual bonds data [27]. - Credit spreads of industrial and urban investment individual bonds are calculated by subtracting the yield of the same-term government bond from the medium-term valuation of the individual bond, and then the arithmetic average method is used to calculate the credit spreads of the industry or regional urban investment [31]. - Samples of medium-term notes and public corporate bonds are selected for industrial and urban investment bonds, and guaranteed bonds and perpetual bonds are excluded [31].

行业研究 [Table_ReportType] 点评报告 证券研究报告 [Table_StockAndRank] 煤炭开采 | 投资评级 | 看好 | | --- | --- | | 上次评级 | 看好 | 左前明：能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 李睿：煤炭行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 新《矿产资源法》核心要点及对煤炭行业影 响分析 [Table_ReportDate] 2025 年 7 月 3 日 [Table_S ➢ 事件ummar ：2024y] 年 11 月 8 日，《中华人民共和国矿产资源法（修订草 案）》经十四届全国人大常委会第十二 ...

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].