Core Viewpoint - The article highlights the increasing environmental risks faced by listed companies in China, emphasizing the importance of transparency in environmental information and the potential impact on investors [10][11][16]. Group 1: Environmental Violations and Penalties - Five listed companies were recently identified for environmental violations, with a total of 41.99 million shareholders potentially affected by these risks [12]. - Chengxing Co., Ltd. was fined approximately 206,680 yuan for illegally occupying forest and grassland during soil dumping activities [12][13]. - Dongbao Biological's joint venture, Mengbao Biotechnology, was fined 300,000 yuan for discharging pollutants without a permit [14]. - Hanjiabao Coal Company was fined 210,000 yuan for operating a coal boiler without environmental approval [15]. Group 2: Regulatory Framework and Public Awareness - The article discusses the evolution of environmental information disclosure regulations in China, highlighting the legal rights of citizens and organizations to access environmental data [16]. - The increasing emphasis on ESG (Environmental, Social, and Governance) investment principles is noted, with investors becoming more aware of companies' sustainable development capabilities [16].

Market Overview - On June 27, Hong Kong's three major indices collectively declined, with the Hang Seng Index falling by 0.17%, the Hang Seng China Enterprises Index down by 0.47%, and the Hang Seng Tech Index decreasing by 0.07% [1][2]. Technology Sector - Major tech stocks showed mixed performance, with Xiaomi rising by 3.6%, Kuaishou increasing by over 1%, and JD.com slightly up, while Baidu fell by over 2% [3][4]. - Xiaomi's stock was boosted by the strong pre-orders for its new SUV model, the YU7, which exceeded expectations with over 289,000 units ordered within an hour of launch [5][6]. Metals Sector - The metals sector saw significant gains, with Jiangxi Copper rising over 7%, Tianqi Lithium and Luoyang Molybdenum both increasing by over 6% [6][7]. - A report indicated that the allocation ratio of funds to the metals sector increased by 1.07 percentage points to 4.59% in Q1 2025, with copper, gold, and aluminum being key focus areas [6]. Coal Sector - Coal stocks generally rose, with Shougang Resources increasing by over 3% [7][8]. - Analysts noted that coal prices are stabilizing, and the supply-demand balance is beginning to improve, suggesting a strategic bullish outlook for the coal sector [8]. Sports Goods Sector - The sports goods sector experienced gains, with Tmall rising over 4% and other brands like Yue Yuen Industrial and 361 Degrees also seeing increases [9][10]. - The recent popularity of local sports events is expected to enhance consumer awareness and brand penetration in the sports goods market over the long term [11]. Real Estate Sector - Real estate stocks faced declines, with R&F Properties dropping over 3% and other major developers like China Resources Land and Longfor Group also falling [12]. - Data indicated that the average price of second-hand residential properties in 100 cities fell by 0.71% month-on-month and 7.24% year-on-year in May 2025 [12]. Biopharmaceutical Sector - The biopharmaceutical sector was under pressure, with BeiGene falling over 9% and other companies like Rongchang Biologics and Kintor Pharmaceuticals also declining [13][14]. - Rongchang Biologics announced a licensing deal for its product with a total potential value of up to $4.105 billion, but the market reacted negatively due to unmet expectations regarding the deal's terms [14]. New Listings - The jewelry company Zhou Li Fu saw a significant increase of 33.83% on its first trading day, reaching a market capitalization of HKD 17.367 billion [15][16]. Market Outlook - Analysts from Industrial Securities forecast that Hong Kong stocks will trend upward in the second half of 2025, with potential tactical adjustments in early Q3 [17].

Group 1 - The coal industry is experiencing a cost increase, with coal prices falling below the full cost, indicating that the industry may have reached its bottom [4][10][33] - The full cost of high-quality thermal coal from the Shanxi, Shaanxi, and Inner Mongolia regions to Qinhuangdao port is estimated to be 630 RMB/ton in 2024, which is an increase from previous years [4][33] - The report highlights that the average production cost of self-produced coal for major companies like China Shenhua, Shaanxi Coal, and China Coal Energy is around 200 RMB/ton, with China Shenhua having the lowest cost at 179 RMB/ton [21][20][10] Group 2 - The report indicates that high-cost production capacity is beginning to shrink, and supply-demand rebalancing is the core logic for the bottoming of coal prices [4][5] - Domestic low coal prices are suppressing imports, with a notable decrease in imported coal volumes since 2025, which is expected to continue [4][5] - Seasonal demand improvements for electricity generation are noted, with a decrease in port inventories since mid-May, suggesting a tightening domestic supply [4][5] Group 3 - The report recommends a strategic bullish outlook on the coal sector, particularly favoring companies with high long-term contract ratios and flexible pricing mechanisms, such as China Shenhua and China Coal Energy [5][4] - The report emphasizes that while coal prices may remain low for a period, the expectation is that supply will naturally clear over time, leading to a potential rebound in prices [5][4] - The analysis of transportation costs indicates that the average transportation cost from the pit to the Qinhuangdao port is approximately 200-250 RMB/ton, which is a critical factor in determining overall coal pricing [24][25][32]

Core Viewpoint - The Zahaheor open-pit coal mine is transitioning from traditional mining practices to a high-quality green development model, emphasizing ecological restoration and sustainable practices [3][11]. Group 1: Green Technology Implementation - The mine has introduced 120-ton pure electric mining trucks that utilize lithium iron phosphate batteries, reducing operational costs by 62.7% and achieving annual carbon emissions reductions of 7,351 tons, equivalent to planting 400,000 fir trees [4][5]. - A total of 135 autonomous wide-body trucks are part of a "green transportation army," enhancing operational efficiency to 90% of manual labor efficiency and achieving fuel savings of 20-30% [6][9]. Group 2: Ecological Restoration Efforts - The mine has invested 670 million yuan in six major ecological restoration projects, covering an area of 25,300 acres, significantly improving vegetation coverage to over 90% in certain areas [10]. - The restoration strategy focuses on reshaping terrain, improving soil quality, and reestablishing vegetation with local species, leading to a sustainable ecological model [10]. Group 3: Industry Transformation - The transition from coal mining to a green economy reflects a broader trend in traditional industries towards low-carbon development, integrating technological innovation with ecological protection [11].

国泰海通晨报 2025 年 06 月 24 日 [Table_Summary] 1、我们提出了有别于市场的研究框架，并在过往到验证。基于此，我们认为猪价在未来或先稳 后降，并在年末降至低位。产能去化是行业当前主题，关注价格、政策、疫病的催化。考虑当前 行业趋势及估值低位，重点推荐生猪养殖板块，推荐牧原股份、温氏股份、巨星农牧、神农集团， 相关标的德康农牧。 国泰海通证券股份有限公司 研究所 [汤蔚翔 Table_Authors] 电话：021-38676666 登记编号：S0880511010007 2、经济、资金和供需演绎下的债市下行空间。 3、离岛免税销售降幅明显收窄、客单价强势反弹，数据修复迹象逐步确立。叠加封关政策推进、 "即买即退"落地与对美加税背景，免税行业迎来配置新窗口。 [Table_ImportantInfo] 今日重点推荐 行业专题研究：农业《猪周期：产能去化的趋势与节奏》 2025-06-20 林逸丹（分析师）021-38676666、王艳君（分析师）021-38676666、巩健（分析师）021-38676666 年初至今价格极致稳定的背后。年初至今价格十分平稳，代表了供需在这一价格水 ...

Group 1: Copper Industry - In May, domestic air conditioner sales increased by 2.3%, while production decreased by 1.8%. The copper industry is facing supply disruptions, with both domestic production and imports of scrap copper declining in May. Demand for air conditioning is weaker than expected, leading to potential risks in copper demand. Short-term copper prices are expected to remain volatile, with a gradual increase anticipated following domestic stimulus policies and potential interest rate cuts in the US [4]. Group 2: Oil and Gas Industry - The ongoing military conflict between Israel and Iran continues to dominate the crude oil market. On June 22, the US bombed Iranian nuclear facilities, marking its formal involvement in the Israel-Iran conflict. Despite geopolitical uncertainties, the medium to long-term supply-demand dynamics for crude oil remain favorable, with a continued positive outlook for major oil companies and related services [5]. Group 3: Agriculture and Animal Husbandry - The "618" shopping festival results indicate a significant growth in the pet economy, with over 400 pet brands reporting sales increases of over 100% year-on-year. The number of pet transaction users grew by 32%, and new pet owners increased by 39% [6]. Group 4: Coal Industry - The coal market is experiencing a supply contraction and a rebound in demand, suggesting that coal prices may have reached a temporary bottom. Port coal prices are stable, and there has been an increase in iron and steel production. Coal inventories at Qinhuangdao Port have decreased and are now lower than the same period last year [8]. Group 5: Renewable Energy and Environmental Protection - The wind power sector is advised to focus on wind turbine manufacturers, as second-quarter performance may be under pressure. The solid-state battery sector is seeing increased capital expenditure due to advancements in production lines and policy support. The photovoltaic sector is expected to benefit from upcoming supply and demand policies, with a focus on integrated companies with lower production costs [9]. Group 6: Retail Industry - The recent promotional period concluded with stable results, as e-commerce platforms reported a cumulative sales figure of 855.6 billion yuan, reflecting a 15.2% year-on-year increase. Instant retail sales reached 29.6 billion yuan, up 18.7% year-on-year. This year, platforms are focusing more on ecosystem building and consumer experience, with instant retail gaining traction [10]. Group 7: Pharmaceutical Industry - The review process for innovative drugs is accelerating, with the National Medical Products Administration seeking opinions on optimizing clinical trial approvals. This is expected to enhance the value of quality pipelines and improve market sentiment towards the innovative drug sector. Long-term, the policy aims to support the transition of Chinese innovative drugs from a combination of imitation and innovation to global original research [11].

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 供给收缩、需求回升，煤价阶段性底部或已出现 （1）5月全国火电发电量4615亿千瓦时，同比+1.69%，结束了年初以来火电发电量持续低于去年同期的态 势；（2）5月以来，全国铁水产量始终高于去年同期水平，本周日均铁水产量环比+0.3%，较上周小幅反 弹，延续高位水平；（3）5月以来，Mysteel统计的523家炼焦煤矿山产能利用率持续回落，目前已明显低 于去年同期水平；（4）本周港口煤价小幅反弹，在供给收缩、旺季需求季节性上升的背景下，预计煤价 阶段性底部可能已经出现。 本周港口煤价平稳运行，海外油、气价格上涨 （1）本周（6.14-6.22）秦皇岛港口动力煤平仓价（5500大卡周度平均值）为609元/吨，环比+0元/吨 （ ...

Credit Spread Performance - In May, the supply of credit bonds decreased, leading to a general decline in credit spreads, with lower-rated credit bonds experiencing a more significant narrowing [1] - The AAA-rated industrial bonds saw a uniform narrowing of credit spreads across all sectors, with the real estate sector showing the largest reduction of 18.98 basis points, while the financial holding sector had the smallest reduction of 2.36 basis points [8][9] - For private placement bonds, the pharmaceutical and biological sector had the largest narrowing of 17.18 basis points, while the environmental protection sector had the smallest at 0.99 basis points [8][9] City Investment Bonds - In May, credit spreads for city investment bonds across major ratings and maturities all declined, with the largest narrowing observed in Qinghai province for both public and private bonds [1] - The overall trend indicates that credit spreads for city investment bonds are moving downward across various regions and issuer levels [1] Financial Bonds - The credit spreads for bank perpetual bonds and other financial instruments generally narrowed, with most varieties experiencing a decrease, although some maturity spreads widened [1] - Securities companies' subordinated bonds and insurance companies' capital replenishment bonds saw a complete decline in credit spreads during the month [1] Historical Context - By the end of May, various types of credit bonds maintained historically low credit spreads, particularly for short-duration non-financial credit bonds and short-duration financial bonds, while medium to long-term financial bonds remained at relatively high historical percentiles [1][6]

2025 年 6 月 23 日 晨会速递 总量研究 【宏观】如何解读 5 月份财政数据？——2025 年 5 月财政数据点评 5 月份财政收支同比增速均较上月回落，主要关注以下三点：其一，财政支出仍较为 强劲，兜底"三保"支出力度较强，但基建支出同比增速回落幅度较大，需关注地方 投资动能和意愿表现；其二，非税收入同比增速继续回落指向地方资金环境持续好转， 但税收收入同比增速依然不高，在加强征管之外仍需提振价格表现；其三，土地市场 改善并不持续，指向房地产市场向下"惯性"仍在，积极财政政策仍需择机推出。风 险提示：政策落地不及预期，重大项目开工不及预期。 【宏观】美联储在等待关税"冲击"——2025 年 6 月 FOMC 会议点评 美联储在 6 月会议如期按兵不动、将继续观察，点阵图也并未调整 2025 年的利率预 测。观察 5 月以来的数据，关税对消费的冲击已经逐步显现，对就业造成了结构性的 影响，但对通胀的影响尚未体现出来。我们理解，美联储依然在等待关税对通胀的"一 次性冲击"，并权衡其对于经济和就业的冲击，才会决策是否要推动降息。 【策略】被动型资金和个人资金仍是资金面的主要变量——资金面系列报告之四 公 ...

Investment Rating - The industry investment rating is "Maintain Overweight" [4] Core Viewpoints - The current coal price adjustment has been ongoing for nearly four years since the historical peak in Q4 2021, with prices generally returning to levels before the recent uptrend. The market is well aware of the price decline, indicating that the bottom may be near. It is essential to understand the industry's fundamental attributes and maintain confidence and determination [3] - The report highlights that 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 production cuts as prices continue to decline [3] - The report recommends key coal enterprises such as China Shenhua (H+A), China Coal Energy (H+A), and others, emphasizing that performance-driven stocks will outperform [3][7] Summary by Sections Coal Mining - In May 2025, India's coal imports rebounded, primarily supported by coking coal imports, with total imports reaching 25.82 million tons, a year-on-year increase of 3.72% and a month-on-month increase of 15.28%, marking the highest level since July 2022 [6][2] - The report notes that the coking coal market remains relatively stable, particularly for high-quality hard coking coal, due to tightening supply from Australia [6] - The performance of the electricity, steel, and cement sectors shows significant divergence, with electricity generation from coal declining by 9.5% year-on-year, while crude steel production increased by 9.5% due to infrastructure development [6] Key Stocks - Recommended stocks include: - China Shenhua (601088.SH) - Buy - Shaanxi Coal and Chemical Industry (601225.SH) - Buy - China Qinfa (00866.HK) - Buy - China Coal Energy (601898.SH) - Buy - Electric Power Investment Energy (002128.SZ) - Buy - Jinneng Holding (601001.SH) - Buy - Yanzhou Coal Mining (600188.SH) - Buy - Xinjie Energy (601918.SH) - Buy [7] Price Trends - As of June 20, 2025, Newcastle coal prices (6000K) are at $218.90 per ton, unchanged from the previous week, while IPE South African Richards Bay coal futures settled at $91.35 per ton, up by $0.10 per ton [35] - The report indicates that coal prices in Europe ARA ports remain stable at $89.00 per ton, with no change from the previous week [35]