Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [6]. Core Viewpoints - Coal prices are expected to remain stable with reduced volatility, as current prices are nearing the bottom and are likely to stabilize further [1]. - The demand for electricity coal is anticipated to seasonally increase due to the upcoming summer peak, supporting stable coal prices [4]. Summary by Sections Coal Price Trends - The average price of Qinhuangdao port's thermal coal (5500 kcal) was 609 RMB/ton, down by 2 RMB/ton (-0.29%) week-on-week [2]. - The average price of thermal mixed coal in Yulin, Shaanxi (5800 kcal) remained unchanged at 475 RMB/ton [2]. - Newcastle port's thermal coal FOB price (5500 kcal) was 67 USD/ton, a decrease of 0.18% [2]. Supply and Demand Dynamics - The operating rate of 110 sample washing plants was 60.6%, down by 1.0 percentage points week-on-week and down by 9.0 percentage points year-on-year, indicating a low level compared to the past five years [3]. - The capacity utilization rate of 247 blast furnaces was 90.65%, with a daily average pig iron output of 2.4174 million tons, stable week-on-week and up by 2.6% year-on-year [3]. Inventory Levels - As of June 6, coal inventory at Qinhuangdao port was 6.55 million tons, down by 2.96% week-on-week but up by 34.22% year-on-year [4]. - The total coal inventory in the Bohai Rim ports was 29.319 million tons, down by 4.10% week-on-week and up by 16.34% year-on-year [4]. Investment Recommendations - The report recommends stocks with a high proportion of long-term contracts and stable profitability, specifically China Shenhua and China Coal Energy [4].

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is experiencing a tightening supply in safety production month, with daily consumption increasing week-on-week and port inventories decreasing [2][5] - The report highlights the potential for a rebound in thermal coal prices as the summer peak season approaches, supported by low inventory levels at power plants [5][16] - The overall coal market fundamentals have improved significantly compared to previous periods, with expectations for price stabilization and recovery [5][16] Summary by Sections Thermal Coal - Port inventories continue to decrease, with a week-on-week drop of 125.3 thousand tons, indicating a tightening supply [30] - Daily consumption at coastal and inland power plants has increased, with a week-on-week rise of 2.0 and 24.9 thousand tons respectively [25][31] - The average price of thermal coal at Qinhuangdao port has decreased by 2 yuan/ton week-on-week, now at 609 yuan/ton [17] Coking Coal - Supply of coking coal has contracted, with a week-on-week decrease in production capacity utilization by 0.87 percentage points [41] - The average customs clearance volume of Mongolian coal has decreased by 234 trucks week-on-week [45] - Coking coal prices at major ports have decreased, with the price at Jing Tang port dropping by 30 yuan/ton to 1270 yuan/ton [42] Coke - The implementation of the third round of price reductions has led to a decrease in the operating rate of coke enterprises, down 0.15 percentage points to 76.04% [53] - Coke prices have decreased by 70 yuan/ton week-on-week, now at 1280 yuan/ton [53] - The average profit per ton of coke has improved by 20 yuan/ton week-on-week, now at -19 yuan/ton [57] Investment Opportunities - The report suggests focusing on companies with strong cash flow and high profitability, such as China Shenhua, Shaanxi Coal, and China Coal Energy [78] - It emphasizes the value attributes of the coal sector, particularly in the context of recent government support and market stability [77][78]

Investment Rating - The industry investment rating is "Maintain Buy" for coal mining companies [4][6]. 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 [3]. - In May 2025, India's coal-fired power generation decreased by 9.5% year-on-year to 113.3 billion kWh, marking the largest year-on-year decline since June 2020 [2]. - The report emphasizes that domestic coal companies are increasingly facing losses, with over half (54.8%) of coal enterprises reporting losses as of March 2025. This trend may lead to increased probabilities of both passive and active production cuts [3]. Summary by Sections Coal Prices - As of June 6, 2025, coal prices showed mixed trends: European ARA port coal price at $89/ton (down 2.2%), Newcastle port coal price at $218.9/ton (unchanged), and IPE South Africa Richards Bay coal futures at $91/ton (up 1.2%) [1][32]. Key Recommendations - Recommended stocks include: - China Shenhua (601088.SH) - Buy - Shaanxi Coal and Energy (601225.SH) - Buy - China Qinfa (00866.HK) - Buy - China Coal Energy (601898.SH) - Buy - Electric Power Energy (002128.SZ) - Buy - Jinko Coal Industry (601001.SH) - Buy - Yancoal Energy (600188.SH) - Buy - New Hope Energy (601918.SH) - Buy [6]. Electricity Demand - In May 2025, India's total electricity generation decreased by 5.3% year-on-year to 160.4 billion kWh, with peak demand down 8% to 231,000 MW, primarily due to mild weather conditions [5].

证券研究报告 | 行业周报 gszqdatemark 】 2025 06 08 年 月 日 煤炭开采 动煤高低卡分化，焦煤期货暴涨为哪般？ 行情回顾（2025.6.3~2025.6.6）： 中信煤炭指数 3,247.89 点，下跌 0.32%，跑输沪深 300 指数 1.20 pct，位列中信板 块涨跌幅榜第 27 位。 在本周发布的专题报告《复盘煤价止跌的启示——历史如镜、照见兴衰规律》中我们 对 2008 年、2015 年、2020 年三次煤炭见底过程，通过产业链运行情况、宏观经 济环境、政策调控手段及煤炭市场自身供需等多个视角，深度剖析价格见底的主要逻 辑和影响因素，试图"以史为鉴"，更好的帮助我们预判本轮价格底部以及理解价格 触底可能出现的信号。 复盘 2008 年（底部 500 元/吨左右）、2015 年（底部 350 元/吨左右）、2020 年（底部 470 元/吨左右）三轮价格探底过程，发现其有着颇多共同之处： 亟需政策春风，扭转预期，重燃信心。以史为鉴，参考此前三轮价格探底的经验，完 全靠市场自发力量（即煤价下行→跌破成本→煤企减产）致产能出清，扭转供需过剩 局面，促使价格止跌难度较大。煤炭市 ...

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 港口库存仍处高位，需求疲弱，煤价震荡运 行 增持（维持） [Table_Tag] [Table_Summary] 行业近况 供给端，本周环渤海四港区日均调入量 174.64 万吨，环比上周减少 3.96 万吨，降幅 2.22%。矿山产地煤矿正常供应，港口供给略有下降。 需求端，本周环渤海四港区日均调出量 191.69 万吨，环比上周减少 12.6 万吨，降幅 6.17%；日均锚地船舶共 68 艘，环比上周减少 14 艘，降幅 17.25%。库存端，环渤海四港区库存端 2931.9 万吨，环比上周减少 125 万吨，降幅 4.1%。港口本周日均调出量环比下降，库存绝对值减少， 但绝对值仍处高位，煤价震荡运行。 我们分析认为：煤炭价格目前主要受库存高位影响以及汛期水电稳增 影响导致上涨动能有限，但伴随逐步进入迎峰度夏旺季期，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，且向头部保险集中。固 收类资产荒依旧，叠加红利资产已经高位，所以关注权益配置变化，预 期更青睐于资源股。 本周（6 月 2 日至 6 月 6 日） ...

Core Viewpoint - The Trump administration has approved a coal mining expansion plan to boost coal exports to Asia, specifically Japan and South Korea [1] Group 1: Company Actions - The U.S. Department of the Interior has authorized Signal Peak Energy to mine 22.8 million tons of federal coal and 34.5 million tons of adjacent non-federal coal [1] - The plan includes extending the life of the Bull Mountain coal mine by 9 years [1] Group 2: Government Perspective - The Interior Secretary and co-chair of the Trump Energy Task Force, Bergum, stated that releasing more federal coal will strengthen relationships with overseas allies [1] - Bergum emphasized that Trump's leadership in declaring a national energy emergency allows for decisive action to reduce bureaucratic delays and ensure America's future through energy independence and strategic exports [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall operation of industrial bond - issuing entities was under pressure in 2024, with differentiated industry performance. The total operating revenue and net profit of industrial bond entities decreased year - on - year, and the proportion of loss - making enterprises increased. In 2025Q1, the overall operating revenue of industrial bond entities decreased year - on - year, while the net profit remained flat. [2][3] - The economic fundamentals are expected to continue the characteristics of domestic demand support, external demand pressure, and policy escort this year. Attention should be paid to the improvement of the fundamentals of entities under the influence of pro - growth policies. [2][13] - For the real estate industry, it is still in the bottom - building stage. Attention can be paid to the income - mining opportunities of central and state - owned enterprise real estate bonds with an implied rating of AA and above within 1 - 2 years. [4] - For the coal industry, there is downward pressure on the industry's prosperity. Short - term medium - and high - grade varieties can be focused on, and institutions with higher income requirements can appropriately invest in 1 - 2y varieties of coal enterprises with an implied rating of AA. [5] - For the steel industry, the problem of over - supply is still serious. Caution should be exercised when investing in lower - quality entities, and 1 - 2yAA + varieties can be focused on. [6] 3. Summary According to the Directory 3.1. How Did the Annual Reports and Q1 Reports of Each Industry Perform? 3.1.1. Overall Situation Analysis: The Overall Profitability Declined - In 2024, the total operating revenue and net profit of industrial bond entities decreased year - on - year, and the proportion of loss - making enterprises increased from 18% in 2023 to 21% in 2024. [13][14] - In 2025Q1, the overall operating revenue of industrial bond entities decreased by 2% year - on - year, while the net profit remained flat. [15] 3.1.2. Industry Performance: A Minority of Industries Had Positive Revenue and Net Profit Growth, and Most Industries Had Positive Growth in Operating Net Cash Flow - In 2024, about one - third of industries had positive revenue growth, and about 40% of industries had positive net profit growth. Nearly half of the industries had an increase in asset - liability ratio, and about 60% of industries had positive growth in operating net cash flow. [3] - Industries with revenue growth of over 5% in 2024 included non - ferrous metals, electronics, etc.; industries with a decline of over 5% included coal, steel, etc. [20] 3.1.3. Situations of Continuously Loss - making and Turnaround Entities - There were 79 bond - issuing industrial entities with net profit losses for 3 consecutive years or more, mainly distributed in transportation, real estate, etc. [36] - There were 20 bond - issuing industrial entities that had net profit losses for 2 consecutive years or more and turned profitable in 2024, mainly in public utilities, social services, etc. [39] 3.2. Financial Analysis of Key Industries: Real Estate, Coal, and Steel 3.2.1. Real Estate Industry: The Industry Is Still in the Bottom - building Stage, and Attention Should Be Paid to the Investment Opportunities of Central and State - owned Enterprises within 1 - 2 Years - **Fundamentals**: Pro - real - estate policies have been actively implemented, and the effect of destocking policies is gradually emerging, but the industry's prosperity is still low. [41] - **Financial Indicator Performance**: The profitability is under continuous pressure, the operating net cash flow is stable, the gaps in investment and financing net cash flows are narrowing, the median asset - liability ratio has decreased slightly, and the short - term solvency has declined. [4][50][51] - **Investment Strategy**: Attention can be paid to the income - mining opportunities of central and state - owned enterprise real estate bonds with an implied rating of AA and above within 1 - 2 years. Some 1 - year central and state - owned enterprise real estate bonds with an implied rating of AA and AA + have yields ranging from 2.2% to 2.7%. [4][61] 3.2.2. Coal Industry: There Is Downward Pressure on the Industry's Prosperity, and Attention Should Be Continuously Paid. Currently, Appropriate Investment in Lower - Grade Entities Can Be Made - **Fundamentals**: Since last year, there has been downward pressure on the coal industry's prosperity. Supply is sufficient but demand is weak, and coal prices have fluctuated downward. There may still be some downward pressure on coal prices this year. [5][63] - **Financial Indicator Performance**: The overall profitability has declined, the operating net cash flow has shrunk, the gap in investment cash flow has widened, the gap in financing cash flow has narrowed, the median asset - liability ratio has decreased, and the short - term solvency has declined. [5][68][71] - **Investment Strategy**: Short - term medium - and high - grade varieties can be focused on. Institutions with higher income requirements can appropriately invest in 1 - 2y varieties of coal enterprises with an implied rating of AA, and medium - and high - grade entities can extend the duration to 3y. [5][77] 3.2.3. Steel Industry: The Problem of Over - Supply in the Industry Is Still Serious. Caution Should Be Exercised When Investing in Lower - Quality Entities - **Fundamentals**: Since 2024, the steel industry has been in the bottom - exploring stage. Although the pro - growth policies have slightly improved the industry's prosperity, the sustainability is weak. The problem of over - supply is still serious. [6] - **Financial Indicator Performance**: The profitability has been under continuous pressure, with a marginal improvement in Q1. The operating net cash flow has shrunk, the gap in investment net cash flow has widened, the financing net cash flow has turned positive, the median asset - liability ratio has increased, and the short - term solvency has slightly declined. [6] - **Investment Strategy**: Caution should be exercised when investing in lower - quality entities. 1 - 2yAA + varieties can be focused on. [6]

通过构建"问题清单+动态跟踪"体系，陕西证监局对上市公司的诉求进行了分类攻坚：对 于企业提出的行业政策诉求、融资需求以及历史遗留问题，有针对性地进行对接协调。一方 面，加强与相关部门紧密合作，集中力量解决复杂问题，增强协调效率，确保重点问题得到妥 善处理；另一方面，立足提高问题解决效率，突出现场办理效能，明确责任人和时间表，形成 了定期反馈办理情况的工作机制。除现场解决部分政策咨询等问题外，已重点解决1家上市公 司长期以来存在的政府欠款问题，收回欠款近3亿元；解决1家公司重点项目近十年土地置换问 题，办理1家公司重点项目土地征收手续；解决1家公司重点项目的2个证照办理难题，保障了 上市公司资产合规性。同时，还及时回应了一批公司对并购重组及再融资等相关政策诉求，有 关工作正在积极推进中。 为贯彻落实中央经济工作会议精神，陕西证监局联合多个政府部门持续开展上市公司常态 化走访工作，深入一线解决上市公司实际问题，推动服务效能持续提升。截至目前，已走访辖 区上市公司42家，覆盖率达51.21%，累计征集问题68项，解决41项，完成率60.29%，其中现 场解决26项，占比63.41%，政府欠款清理、土地征收等历史遗留 ...

Group 1: Company Overview - The report highlights China Shenhua (601088.SH) as a state-owned enterprise with a stable operation and high dividend yield, characterized by low debt, high cash reserves, and a robust dividend policy, with a cumulative dividend payout ratio of 224.71% from 2022 to 2024 [3][4] - The company operates an integrated business model encompassing coal production, transportation, power generation, and coal chemical industries, with a projected gross profit margin distribution of 69.93% for coal, 13.36% for power, and smaller contributions from other segments [3][4] Group 2: Coal Business - China Shenhua possesses significant coal resources, with a total resource volume of 34.36 billion tons and a recoverable reserve of 15.09 billion tons, ensuring a long asset duration and sustainable high dividends [4] - The company has a high long-term contract ratio exceeding 80%, which helps mitigate price volatility, and its coal production cost is competitive at 179 RMB per ton, leading to a projected gross profit of 67.1 billion RMB for 2025 [4][5] Group 3: Power Generation - The company has a total installed capacity of 46,264 MW as of 2024, with a year-on-year increase of 3.65%, and plans to enhance its coal self-sufficiency rate, which currently stands at 76% [5] - The projected gross profit for the power segment in 2025 is estimated at 16.5 billion RMB, supported by an increase in electricity sales volume [5] Group 4: Transportation and Logistics - China Shenhua operates an extensive railway network of 2,408 kilometers, facilitating efficient coal transportation, with a stable increase in self-owned railway turnover [6] - The company also manages multiple ports and shipping operations, with a projected gross profit of 1.64 billion RMB from transportation and logistics in 2025 [6][7] Group 5: Coal Chemical Business - The coal chemical segment includes a coal-to-olefins project with a capacity of 600,000 tons per year, with ongoing upgrades expected to enhance profitability [7] - The projected gross profit for the coal chemical division in 2025 is estimated at 400 million RMB [7] Group 6: Investment Outlook - The report forecasts revenue growth for China Shenhua, with expected revenues of 302.84 billion RMB in 2025, 315.26 billion RMB in 2026, and 327.99 billion RMB in 2027, alongside a net profit forecast of 51.40 billion RMB for 2025 [8] - The company is expected to maintain a strong investment value due to its integrated business model and increasing dividend payout ratios, with a "buy" rating recommended [8]

General Provisions - Guizhou Panjiang Refined Coal Co., Ltd. was established on October 29, 1999, with approval from the Guizhou Provincial Government [1][3] - The company is registered with a capital of RMB 2,146.624894 million [3] - The company operates as a permanent joint-stock company [3] Business Objectives and Scope - The company's business objective is to maximize market efficiency while adhering to national laws and regulations [4] - The business scope includes coal mining, processing, sales, electricity production, and various related services [5] Party Leadership - The company has established a Party Committee and a Discipline Inspection Committee in accordance with the Party Constitution [6] - The Party Committee is responsible for major decision-making and ensuring the implementation of the Party's policies within the company [6][7] Shares - The company issues ordinary shares, with a face value of RMB 1 per share [8][10] - The total number of shares issued is 2,146,624,894 shares, with a structure that includes 2,146,624,894 ordinary shares [10] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, and participation in company decisions based on their shareholdings [18] - Shareholders are obligated to comply with laws and the company's articles of association, and they cannot withdraw their capital except as legally permitted [23] Shareholder Meetings - The company holds annual and extraordinary shareholder meetings, with specific procedures for calling and conducting these meetings [58][61] - Shareholders can propose agenda items and have the right to vote on various matters, including profit distribution and capital changes [27][29]