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 ...

2025 年 6 月 29 日 行业研究 焦煤矿山库存拐点已现，煤价开启季节性上涨 ——煤炭开采行业周报（2025.6.23~2025.6.29） 要点 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%。 本周港口煤价小幅反弹，海外油、气价格回落。（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（5800 大卡）周度平均值为 474 元/吨，环比+4 元/吨（+0.85%）；（3）澳大利亚纽卡斯尔港动力煤 FOB 价格 （5500 大 ...

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]

您可点击今日推送内容的第1条查 看 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。 【固收】由银行负债压力想到的——2025年6月29日利率债观察 今 日 聚 焦 【金工】市场仍待上攻合力——金融工程市场跟踪周报20250629 本周A股强势上涨，北证50周度上涨6.84%、领涨主要宽基指数。交易情绪方面，市场强势上涨伴随成交量稳 步抬升，量能指标转入积极区间，截至周五，量能择时指标仅北证50维持谨慎观点，其它主要宽基指数转为看 多信号。资金面方面，ETF资金出现止盈，股票型ETF资金整体呈现净流出，科创板、中小盘为ETF净流出主 要方向。 （祁嫣然/张威）2025-06-29 您可点击今日推送内容的第4条查看 我们注意到，近些年货币当局充分发挥利率自律机制作用，规范存贷款市场竞争秩 ...

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]

证券研究报告·行业跟踪周报·煤炭开采 煤炭开采行业跟踪周报 迎峰度夏，煤价触底上行 2025 年 06 月 29 日 增持（维持） [Table_Tag] [Table_Summary] 行业近况 本周（6 月 23 日至 6 月 27 日）港口动力煤现货价环比上涨 11 元/吨， 报收 620 元/吨。 供给端，本周环渤海四港区日均调入量 189.36 万吨，环比上周增长 2.07 万吨，增幅 1.11%。矿山产地煤矿正常供应，港口供给略有增长。 需求端，本周环渤海四港区日均调出量197.96万吨，环比上周增长13.60 万吨，增幅 7.38%；日均锚地船舶共 99 艘，环比上周增长 14 艘，增幅 15.83%。库存端，环渤海四港区库存端 2824.00 万吨，环比上周下降 59.80 万吨，降幅 2.07%。港口本周日均调出量环比增长，主要受天气 变热影响，整体库存绝对值下行，已逐步接近历史正常水平。 我们分析认为：煤炭价格目前主要受库存较高且需求较弱影响导致上 涨动能有限，但伴随高温天气持续，旺季逐步来临，煤价或有进一步触 底上行可能。 估值与建议： 仍旧关注保险资金增量；保费收入维持正增长，且向头部 ...

Investment Rating - The industry investment rating is "Increase" [5][7]. Core Viewpoints - The current coal price adjustment has been ongoing for nearly four years since the historical peak in Q4 2021, and the market is well aware of the price decline. The industry is at a critical stage of price bottoming, and the bottom may not be far off. It is essential to grasp the intrinsic attributes of the industry and maintain confidence and determination [3]. - Domestic coal companies are increasingly facing losses, with over half (54.8%) of coal enterprises reporting losses as of March 2025. This situation may lead to a higher probability of both passive and active production cuts as prices continue to decline [3]. - The report emphasizes the potential for a rebound in coal prices due to the high costs of overseas coal mines, which may lead to reduced imports and a subsequent increase in domestic coal prices [3]. Summary by Sections Coal Mining - The European coal market is experiencing a price decline, with ARA port coal prices at $103.4 per ton, down $3.7 per ton (-3.4%) from the previous week. Newcastle port coal prices are at $106.5 per ton, down $0.1 per ton (-0.1%) [1][3]. - The report highlights the impact of geopolitical tensions on natural gas prices, which have led to a simultaneous increase in coal and natural gas prices in Europe by 7-9% [6][3]. Key Recommendations - The report recommends key coal enterprises such as China Shenhua (H+A), China Coal Energy (H+A), and China Qinfa, which is expected to reverse its current difficulties. Other recommended companies include Xinjie Energy, Shaanxi Coal, and Yanzhou Coal, which are expected to perform well [3][7].