大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2025-6-12） 每日观点 焦煤： 1、基本面：主产地部分煤矿有减产情况，整体供应略有收紧。市场下行预期之下，下游采购谨慎，补 库预期不佳，多数企业仍在观望。线上成交仍不理想，成交价格跌多涨少，但跌幅大多较前期有所缩窄； 偏空 2、基差：现货市场价940，基差156.5；现货升水期货；偏多 3、库存：钢厂库存798.8万吨，港口库存301.6万吨，独立焦企库存738万吨，总样本库存1838.4万吨， 较上周减少11.5万吨；偏多 6、预期：焦炭第三轮降价后焦企利润空间收窄，部分焦化企业小幅减产，市场情绪多偏悲观，对原料 煤采购相对谨慎，个别有控制到货情况，对焦煤价格有压价意向，预计短期焦煤价格或偏弱运行。 4、盘面：20日线向下，价 ...

Core Points - The company is holding its first temporary shareholders' meeting in 2025 to discuss the election of a new director following the resignation of Wang Wenjun [1] - The nomination of Zou Guiwu as a new director has been proposed by Shaanxi Provincial Material Industry Group Co., Ltd., a shareholder holding more than 5% of the company's shares [1] - Zou Guiwu meets the qualifications required by the Company Law, Shanghai Stock Exchange Listing Rules, and the company's articles of association [2] Group 1 - The resignation of the original director Wang Wenjun has prompted the need for a new director [1] - Zou Guiwu's nomination has been approved by the company's board of directors after a qualification review [1] - Zou Guiwu has a background in logistics and management, currently serving as the chairman of Shaanxi Provincial Material Industry Group Co., Ltd. [1]

Core Points - The central ecological environmental protection inspection has highlighted significant issues regarding water resource management in the Yellow River basin, particularly in the provinces of Shanxi, Shandong, and Shaanxi [1][3] Group 1: Illegal Water Extraction - There are numerous instances of illegal water extraction in Shaanxi, with 71 cases of unlicensed water extraction identified in Baoji City since 2024 [1] - In Shanxi, the Jing'an Water Supply Company has exceeded its permitted water extraction limits, leading to the drying up of river sections [1] - The Jinpeng Coking Company in Lüliang City has illegally extracted 95.2 million cubic meters of surface water from January 2023 to March 2025 [2] Group 2: Regulatory Violations - Local departments have been found to issue illegal approvals for water extraction, such as the issuance of a groundwater extraction permit to a company without proper authorization [3] - The construction of chemical projects in the management area of the Yellow River has been reported, violating the Yellow River Protection Law [3] Group 3: Misreporting of Water Conservation Efforts - Companies have been found to misreport their water conservation efforts, such as the Shanxi Zhongfen Liquor Investment Company, which has continued to extract groundwater despite reporting reductions [4] - In Dongying City, water conservation projects were falsely reported as new initiatives, inflating the reported water savings by 5.33 million cubic meters per year [4][5] - Baoji City has been accused of fabricating statistics regarding the utilization of recycled water, with actual usage being significantly lower than reported [5]

Group 1 - Shanxi Province has achieved a continuous annual reduction of PM2.5 average concentration by 1 microgram over the past four years, with a current average concentration of 36 micrograms per cubic meter in 2024 and a year-on-year decrease of 22.4% in the first four months of this year [1] - The province's ecological environment department emphasizes a focus on PM2.5 improvement, targeting key areas, sectors, cities, and time periods, while enhancing joint prevention and control measures [1] - Major industrial sectors such as coal power, steel, coking, and cement account for over 70% of the province's industrial emissions, with plans to accelerate ultra-low emission transformations in the cement and coking industries [1] Group 2 - Shanxi is actively promoting clean transportation initiatives, including the replacement of diesel vehicles below National IV standards and the adoption of new energy vehicles in key transport sectors [2] - The province aims to establish a closed-loop management system to enhance governance efficiency, utilizing advanced monitoring technologies to improve air quality [2]

证券代码：600792 证券简称：云煤能源 公告编号：2025-030 关于 2024 年度暨 2025 年第一季度业绩说明会 召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 云南煤业能源股份有限公司（以下简称公司）于 2025 年 6 月 5 日（星期四） http://roadshow.sseinfo.com/）以网络互动方式召开了 2024 年度暨 2025 年第 一季度业绩说明会。 露了《云南煤业能源股份有限公司关于召开 2024 年度暨 2025 年第一季度业绩说 明会的公告》 （具体内容详见临时公告：2025-029），现将本次业绩说明会的召开 情况公告如下： 一、业绩说明会的基本情况 长、总经理张国庆先生，董事会秘书、财务总监戚昆琼女士，独立董事杨勇先生 出席了本次业绩说明会，公司就 2024 年度及 2025 年第一季度经营成果、财务状 况等投资者关心的问题与投资者进行互动交流和沟通，在信息披露允许的范围内 就投资者普遍关注的问题进行回答。 云南煤业能源股份有限公司 回复：尊敬的投资者，您好!公 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - On June 3, the JM2509 contract closed at 719.0, down 3.03%. The spot price of Meng 5 raw coal was reported at 735. With a loose supply, stable mine production, and a continuous increase in clean coal inventory, the 4 - hour cycle K - line is below the 20 and 60 moving averages. It should be treated as a weak - oscillating operation [2]. - On June 3, the J2509 contract closed at 1299.0, down 1.10%. The second - round price cut has been implemented on the spot side. With Trump's tariff increase plan, the market sentiment is pessimistic. The loose supply of raw materials weakens cost support, and the molten iron output has declined from a high level. The average loss per ton of coke for 30 independent coking plants nationwide is 39 yuan/ton this period. The 4 - hour cycle K - line is below the 20 and 60 moving averages. It should be treated as a weak - oscillating operation [2]. 3. Summary by Related Catalogs 3.1 Futures Market - JM主力合约收盘价为719.00元/吨，环比下跌7.00元；J主力合约收盘价为1299.00元/吨，环比下跌9.00元 [2]. - JM期货合约持仓量为680451.00手，环比增加29469.00手；J期货合约持仓量为59323.00手，环比减少41.00手 [2]. - 焦煤前20名合约净持仓为 - 14148.00手，环比增加23893.00手；焦炭前20名合约净持仓为2338.00手，环比增加874.00手 [2]. - JM1 - 9月合约价差为16.50元/吨，环比下跌5.00元；J1 - 9月合约价差为23.50元/吨，环比持平 [2]. - 焦煤仓单为0.00张，环比持平；焦炭仓单为90.00张，环比持平 [2]. 3.2现货市场 - 干其毛都蒙5原煤价格为735.00元/吨，环比下跌5.00元；唐山准一级冶金焦价格为1520.00元/吨，环比持平 [2]. - 俄罗斯主焦煤远期现货（CFR）价格为117.50美元/湿吨，环比持平；唐山二级冶金焦价格为1525.00元/吨，环比持平 [2]. - 京唐港澳大利亚进口主焦煤价格为1200.00元/吨，环比下跌20.00元；天津港一级冶金焦价格为1440.00元/吨，环比持平 [2]. - 京唐港山西产主焦煤价格为1270.00元/吨，环比下跌30.00元；天津港准一级冶金焦价格为1340.00元/吨，环比持平 [2]. - 山西晋中灵石中硫主焦价格为1050.00元/吨，环比持平；内蒙古乌海产焦煤出厂价为1050.00元/吨，环比持平 [2]. - JM主力合约基差为331.00元/吨，环比增加7.00元；J主力合约基差为221.00元/吨，环比增加9.00元 [2]. 3.3上游情况 - 110家洗煤厂原煤库存为310.98万吨，环比减少5.50万吨；精煤库存为222.07万吨，环比增加7.33万吨 [2]. - 110家洗煤厂开工率为61.55%，环比下降0.81个百分点；原煤产量为38930.60万吨，环比减少5127.60万吨 [2]. - 煤及褐煤进口量为3783.00万吨，环比减少90.00万吨；523家炼焦煤矿山原煤日均产量为191.80万吨，环比减少1.80万吨 [2]. - 16个港口进口焦煤库存为553.76万吨，环比增加18.27万吨；焦炭18个港口库存为271.78万吨，环比减少4.90万吨 [2]. - 独立焦企全样本炼焦煤总库存为846.33万吨，环比减少19.40万吨；独立焦企全样本焦炭库存为111.38万吨，环比增加8.13万吨 [2]. - 全国247家钢厂炼焦煤库存为786.79万吨，环比减少11.96万吨；全国247家样本钢厂焦炭库存为654.93万吨，环比减少5.66万吨 [2]. - 独立焦企全样本炼焦煤可用天数为12.50天，环比减少0.20天；247家样本钢厂焦炭可用天数为11.71天，环比减少0.18天 [2]. - 炼焦煤进口量为889.34万吨，环比增加25.97万吨；焦炭及半焦炭出口量为55.00万吨，环比减少21.00万吨 [2]. - 炼焦煤产量为4161.47万吨，环比持平；独立焦企产能利用率为75.66%，环比下降0.21个百分点 [2]. - 独立焦化厂吨焦盈利情况为 - 39.00元/吨，环比减少24.00元；焦炭产量为4160.00万吨，环比增加30.60万吨 [2]. 3.4全国下游情况 - 247家钢厂高炉开工率为83.89%，环比增加0.22个百分点；247家钢厂高炉炼铁产能利用率为90.67%，环比下降0.63个百分点 [2]. - 粗钢产量为8601.90万吨，环比减少682.24万吨 [2]. 3.5行业消息 - 全国多地加强管控，严防战略矿产非法外流，如贵州按部署分工工作，湖南摸排战略矿产出口企业，广西查处非法采矿行为 [2]. - 欧盟正制定针对俄罗斯的第18轮制裁措施，涵盖“北溪”基础设施、俄罗斯银行业及下调原油价格上限等 [2]. - 美国贸易代表办公室延长对中国相关行为、政策及做法301调查的豁免期限至2025年8月31日 [2]. - 新疆伊尔克什坦口岸自本月起试行全时段货运通关 [2].

Core Viewpoint - The article highlights the mixed performance of various sectors in May, indicating a gradual recovery in certain areas while others continue to face challenges, particularly in real estate and industrial production. Group 1: Power Generation and Industrial Activity - The cumulative power generation from coal-fired power plants increased by 1.9% year-on-year as of May 22, marking the first positive reading of the year [1][7] - Industrial sector operating rates showed mixed results, with steel and coking industries underperforming compared to April, while the textile and apparel sectors improved significantly [8][9] - As of the fourth week of May, the operating rate of high furnaces increased by 2.2 percentage points year-on-year, while coking enterprises saw a 1.6 percentage point increase [8][9] Group 2: Construction and Infrastructure - The construction funding availability rate remained stable compared to the end of April, with a slight increase of 0.07 percentage points to 58.9% as of May 27 [10][11] - The cement shipment rate recorded 40.5%, reflecting a 0.2 percentage point decline year-on-year [10][11] - The oil asphalt operating rate decreased to 27.7% by May 28, down from 34.4% and 30.8% in the previous weeks [10][11] Group 3: Consumer Behavior and Sales - The average daily subway ridership in ten major cities increased by 0.8% year-on-year to 61.51 million, although it showed a decline from the previous month [12] - Real estate sales in May showed a reduced decline compared to April, with a 4.1% year-on-year drop in the average daily transaction area across 30 major cities [14][15] - Retail sales of passenger cars maintained a relatively strong state, with a year-on-year increase of 16% from May 1 to 25 [15] Group 4: Appliance Sales and Export Activity - Retail sales of major home appliances remained high, with air conditioners, refrigerators, and washing machines showing significant year-on-year growth rates of 66.1%, 75.2%, and 85.2% respectively during the week of May 19-25 [16][17] - Container throughput showed a slight slowdown, with a year-on-year increase of 5.0% from May 5 to 25, down from 7.3% in April [18] - The number of container ships sent to the U.S. saw a year-on-year decline of 17.2% as of May 31, indicating a potential shift in export dynamics [18][19]

Report Industry Investment Ratings - Thread: ★☆☆ [1] - Hot-rolled coil: ★☆☆ [1] - Iron ore: ★☆☆ [1] - Coke: ★☆☆ [1] - Coking coal: ★☆☆ [1] - Ferrosilicon: ★☆☆ [1] Core Viewpoints - The overall market for steel, iron ore, coke, coking coal, and other products is weak, with pessimistic market expectations and insufficient rebound momentum. The market rhythm is still volatile, and attention should be paid to changes in terminal demand and relevant domestic and foreign policies [2][3]. - The supply and demand of iron ore have certain marginal weakening pressures, and the external trade uncertainty is still high. The iron ore price is expected to fluctuate [3]. - The prices of coke and coking coal continue to decline, and there is a need to observe the sustainability of further negative feedback. The price of coking coal still has a downward driving force [4][5]. - The prices of ferrosilicon and ferromanganese have reached new lows for the year, and their prices remain weak [7][8]. Summary by Related Catalogs Steel - The steel market is weak, with the rebar surface demand slightly increasing, production decreasing, and inventory continuing to decline. The supply and demand of hot-rolled coils have both increased significantly, and the inventory has continued to decline. The demand shows certain resilience in the off-season, but its sustainability remains to be observed. The iron water production has continued to decline but remains at a relatively high level, and the negative feedback expectation continues to ferment. The market expectation is still pessimistic, and the rebound momentum of the market is insufficient [2]. Iron Ore - The iron ore market is in a weak and volatile state. The global shipment is fluctuating normally, and the domestic arrival volume is currently weak but is expected to rebound in the future. The port inventory has continued to decline. The terminal demand has entered the off-season, and the iron water production has gradually declined from its high level. It is expected that the short-term production reduction space for iron water is relatively limited, and steel mills have no motivation to actively replenish inventory. The iron ore supply and demand face certain marginal weakening pressures, and the external trade uncertainty is still high. The iron ore price is expected to fluctuate [3]. Coke - The coke price continues to decline. The iron water production has continued to fall, and the second round of price cuts for coking has been fully implemented. The daily coke production remains at a relatively high level for the year, and the overall inventory has slightly increased. The coke price support may decline due to the downward shift in costs caused by the reduction in coking coal prices [4]. Coking Coal - The coking coal price continues to decline. The production of coking coal mines remains at a relatively high level, with some mines reducing production. The number of shut-down mines has decreased by 1 to 17. The spot auction market has weakened significantly, and the transaction price has continued to decline. The terminal inventory has continued to decline slightly, while the total coking coal inventory has increased slightly month-on-month, and the inventory pressure at the production end has continued to accumulate rapidly. The trading of imported Mongolian coal has continued to weaken. The coking coal price still has a downward driving force [5]. Ferrosilicon - The ferrosilicon price has reached a new low for the year. The iron water production has continued to decline slightly, and the export demand remains at around 30,000 tons, with a relatively small marginal impact. The production of magnesium metal has remained basically flat, and the demand has remained stable at a high level. The ferrosilicon supply has continued to decline, the market transaction level is average, and the on-balance-sheet inventory has slightly decreased. The price remains weak [8]. Ferromanganese - The ferromanganese price has reached a new low for the year. Due to the previous continuous production reduction, the inventory has decreased, and the fundamentals have slightly improved. The manganese ore inventory at Tianjin Port has slightly decreased, but the long-term inventory accumulation trend has not changed. The iron water production has continued to decline slightly, and the ferromanganese supply has slightly increased. The manganese ore inventory has started to accumulate, and the market expectation has changed. The price remains weak [7].

投资咨询业务资格：证监许可【2011】1778 号 宝城期货煤焦早报（2025 年 5 月 29 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 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 焦煤 | 2509 | 震荡 | 震荡 | 震荡 偏弱 | 震荡思路 | 偏空氛围主导，焦煤继续走低 | | 焦炭 | 2509 | 震荡 | 震荡 | 震荡 偏弱 | 震荡思路 | 成本端拖累，焦炭弱势运行 | 品种：焦煤（JM） 日内观点：震荡偏弱 中期观点：震荡 参考观点：震荡思路 核心逻辑：5 月 28 日夜盘，焦煤主力合约再创新低，夜盘报收于 765.0 元/吨，录得 3.23%的跌 幅。现货市场方面，甘其毛都口岸蒙煤最新报价为 950.0 元/吨，周环比下跌 20 元/吨，折合期 货仓单成本约 922 元/吨。供需方面，截至 5 月 23 日当周，供应端全国 523 家炼焦煤矿精煤日 均产量 78.6 万吨，环比下降 3.1 万吨，较去年同期偏高 2.9 万吨， ...

Core Viewpoint - The controlling shareholder, China Pingmei Shenma Group, intends to change its commitment regarding the resolution of competition with its subsidiaries, aiming to protect the interests of the company and its shareholders, especially minority shareholders [1][4]. Summary by Sections Commitment Overview - The original commitment involved transferring the entire equity or related assets of several subsidiaries, including Shoushan Chemical, Jingbao Chemical, and others, to the listed company within specified timeframes after the completion of certain projects [1][2]. - The commitment included a timeline of 36 months post-project completion for the transfer of assets, with provisions for third-party transfers if regulatory approvals were not obtained [1][2][3]. Current Status of Competing Assets - The subsidiary, Rufen Technology, has not yet completed its construction and production licensing, delaying the asset transfer timeline [3][4]. - Summer Mine and Liangbei No. 2 Mine have recently obtained production licenses, with asset transfer commitments due by May 29, 2026, and June 27, 2027, respectively [4][6]. - The profitability of the subsidiary, Ruiping Coal Power, has significantly declined, with a projected net profit drop in 2024 compared to 2021, complicating the asset acquisition process [4][8]. Specific Changes to Commitments - The new commitment proposes to entrust the relevant equity to the listed company and close the mines within 12 months after resource depletion, rather than direct asset transfers [5][9]. - The commitment aims to avoid high investment risks associated with acquiring non-quality assets, thereby protecting the interests of the listed company and its investors [5][9]. Reasons for Commitment Changes - The decline in coal market conditions and the poor economic performance of Ruiping Coal Power and Pingyu Coal Power necessitated a reassessment of the original commitments [6][8]. - The remaining recoverable reserves of the Ruiping Coal Power mines are insufficient, and the historical burdens of these assets pose significant risks to the company [8][9]. Impact on the Company - The changes in commitments are expected to facilitate the company's stable development and protect the interests of minority shareholders [9][10]. - The company will enter into a management agreement with the controlling shareholder to address the competition issue, ensuring that the management of the entrusted assets does not adversely affect the company's financial status or operational independence [10][11].