Group 1: Xinhecheng - Xinhecheng introduced its production and sales status of Vitamin E and methionine, with an annual production capacity of 60,000 tons for Vitamin E, expected to reach full production and sales by 2024 [1] - The company has a solid methionine annual production capacity of 300,000 tons, with a collaboration project with Sinopec for 180,000 tons of liquid methionine set to begin trial production [1] - The company plans to invest in a headquarters in Hangzhou and has several projects under development, including a nylon new materials project in Tianjin with a total investment of 10 billion yuan [1] Group 2: China Coal Energy - The price of coking coal has remained stable at approximately 1,100 yuan per ton in the first two quarters of the year [2] - The company expects its annual coal production to remain consistent with last year's output, despite a significant month-on-month decline in domestic raw coal production in April due to falling coal prices [2] - China Coal Energy is focusing on cost reduction and efficiency improvements, with a stable cash dividend ratio expected for the year [2]

Report Summary 1. Investment Rating of the Industry The provided content does not mention the industry investment rating. 2. Core View of the Report Interest rate adjustments have led to a divergence in the performance of credit bonds, with the spreads of medium - and short - term high - grade credit bonds widening, while long - term credit bonds have shown strong performance. The spreads of urban investment bonds have fluctuated narrowly, with weaker platforms performing well. Most industrial bond spreads have declined, but coal bonds and private real estate bonds have seen an increase in spreads. The yields of Tier 2 and perpetual bonds have mostly risen, and the spreads of 5 - year medium - and low - grade varieties have compressed. The excess spreads of 3 - year industrial and urban investment perpetual bonds have compressed, while the spreads of 5 - year urban investment bonds have rebounded [3]. 3. Summary by Directory 3.1 Interest Rate Adjustments Lead to Divergence in Credit Bond Performance, with Widening Spreads of Medium - and Short - Term High - Grade Bonds This week, the yields of interest - rate bonds have slightly rebounded. The yields of 1Y, 3Y, and 5Y China Development Bank bonds have increased by 2BP, and those of 7Y and 10Y bonds have increased by 1BP. The yields of medium - and short - term high - grade credit bonds have adjusted, while most other varieties have continued to decline. Credit spreads have mostly declined, with the largest decline in 7Y varieties, and the spreads of medium - and short - term high - grade bonds have widened. Rating spreads and term spreads have mostly declined [3][6]. 3.2 Narrow Fluctuations in Urban Investment Bond Spreads, with Good Performance of Weaker Platforms This week, the spreads of urban investment bonds have fluctuated narrowly, with some differentiation among different regions. The credit spreads of externally rated AAA - level platforms have increased by 1BP, those of AA + - level platforms have remained basically flat, and those of AA - level platforms have decreased by 1BP. When classified by administrative level, the spreads of provincial - level platforms have increased by 1BP, while those of municipal and district - level platforms have remained basically flat [3][10][17]. 3.3 Most Industrial Bond Spreads Decline, while Coal Bonds and Private Real Estate Bonds See an Increase in Spreads Most industrial bond spreads have declined, but coal bonds and private real estate bonds have seen an increase in spreads. This week, the spreads of central and local state - owned real estate bonds have increased by 0 - 1BP, the spreads of mixed - ownership real estate bonds have decreased by 2BP, and the spreads of private real estate bonds have increased by 40BP. The spreads of AAA - level coal bonds have increased by 9BP, those of AA + - level bonds have remained flat, and those of AA - level coal bonds have increased by 1BP. The spreads of steel and chemical bonds at all levels have declined by 0 - 3BP [3][15]. 3.4 Yields of Tier 2 and Perpetual Bonds Mostly Rise, with Compressed Spreads of 5 - Year Medium - and Low - Grade Varieties This week, the yields of Tier 2 and perpetual bonds have mostly risen, and the spreads of 5 - year medium - and low - grade varieties have compressed. Specifically, the yields of 1Y AAA - and AA + commercial bank Tier 2 capital bonds have increased by 4BP, and the yields of AA - level bonds have increased by 2BP, with spreads increasing by 0 - 2BP. The yields of 3Y Tier 2 capital bonds at all levels have increased by 4 - 6BP, and the spreads have increased by 2 - 4BP. The yields of 5Y AAA - and AA + Tier 2 capital bonds have increased by 1 - 2BP, and the spreads have decreased by 0 - 1BP, while the yields of AA - level bonds have decreased by 1BP, and the spreads have compressed by 3BP [27][28]. 3.5 The Excess Spreads of 3 - Year Industrial and Urban Investment Perpetual Bonds Compress, while the Spreads of 5 - Year Urban Investment Bonds Rebound This week, the excess spreads of 3 - year industrial AAA perpetual bonds have decreased by 2.18BP to 9.53BP, at the 11.52% percentile since 2015. The excess spreads of 5 - year industrial AAA perpetual bonds have remained flat at 9.22BP, at the 10.27% percentile since 2015. The excess spreads of 3 - year urban investment AAA perpetual bonds have decreased by 1.12BP to 4.31BP, at the 0.37% percentile. The excess spreads of 5 - year urban investment AAA perpetual bonds have increased by 1.37BP to 10.30BP, at the 9.54% percentile [31]. 3.6 Explanation of the Credit Spread Database Compilation The overall market credit spreads, commercial bank Tier 2 and perpetual spreads, and urban investment/industrial perpetual bond credit spreads are calculated based on ChinaBond medium - and short - term notes and ChinaBond perpetual bond data. The historical percentiles are calculated since the beginning of 2015. The credit spreads of urban investment and industrial bonds are compiled and statistically analyzed by Cinda Securities R & D Center, with historical percentiles also calculated since the beginning of 2015. Specific calculation methods and sample selection criteria are also provided [38].

Group 1 - The domestic chemical industry is currently facing market turbulence from both upstream supply and downstream demand, with international oil prices dropping nearly 15% this year and OPEC initiating an aggressive production increase plan [1][3] - The U.S. tariff policy has added uncertainty to the market, leading many companies to adopt futures hedging strategies to mitigate risks associated with price volatility [1][5] Group 2 - OPEC has decided to continue its large-scale production increase of 411,000 barrels per day for the third consecutive month, which may lead to further declines in oil prices [3] - As of May 27, hedge funds have aggressively bet on falling oil prices, with net short positions in Brent crude oil increasing by 16,922 contracts to 130,019 contracts, the highest level since October of the previous year [3] Group 3 - The coal industry is also experiencing a downturn, with domestic thermal coal prices dropping to 618 yuan per ton, a decrease of over 150 yuan per ton or 19.7% since the beginning of the year, marking a four-year low [3] - From January to April, profits in the domestic oil and gas extraction industry fell by 6.9%, while profits in the coal mining and washing industry plummeted by 48.9% [4] Group 4 - The price volatility of chemical products, such as ethylene glycol, has increased significantly, with prices dropping nearly 18% to below 4,000 yuan per ton after the U.S. announced "reciprocal tariffs" [5] - Companies are increasingly using futures hedging to manage price risks, with some adopting a three-dimensional risk management framework that includes spot trading, futures hedging, and over-the-counter options [6] Group 5 - The ethylene glycol industry is facing overcapacity, with domestic production capacity increasing by 165.5% from 1,063 million tons in 2019 to 2,822.5 million tons by the end of 2024, leading to intensified competition and compressed profit margins [8] - The National Development and Reform Commission has taken notice of the "involution-style" competition in the industry, emphasizing the importance of capacity clearing and cost control for survival [8] Group 6 - The introduction of futures tools has transformed the ethylene glycol industry, with companies increasingly adopting basis pricing as a key pricing model to respond flexibly to market fluctuations [9] - The industry has entered a new phase, utilizing innovative trading models to meet diverse risk management needs and achieve targeted sales prices [9]

Group 1: OPEC Production Decisions - OPEC has agreed to a large-scale production increase of 411,000 barrels per day for July, marking the third consecutive month of such announcements, which may lead to further declines in oil prices [1][2] - As of May 27, hedge funds have significantly increased their short positions on Brent crude oil, with net short positions rising by 16,922 contracts to 130,019 contracts, the highest level since October of the previous year [2] Group 2: Impact on Energy and Coal Industries - International oil prices have seen a decline of nearly 15% this year, raising concerns about the future profitability of the oil extraction industry, with major oil companies expected to report a 29% decrease in net profits for Q1 2025 compared to the previous year [2] - The domestic coal industry is also facing challenges, with the price of 5500 kcal thermal coal dropping to 618 RMB/ton, a decrease of over 150 RMB/ton or 19.7% since the beginning of the year, marking a four-year low [3] Group 3: Chemical Industry and Pricing Strategies - The chemical industry is experiencing significant price volatility due to fluctuating raw material costs and uncertainties from U.S. tariff policies, leading to increased demand for effective price risk management [4][5] - The price of ethylene glycol, a key chemical product, has seen fluctuations from a high of 4,867 RMB/ton at the beginning of the year to a low of below 4,000 RMB/ton, reflecting an 18% drop, before rebounding to 4,557 RMB/ton [4] Group 4: Risk Management Practices - Companies are increasingly adopting futures hedging strategies to mitigate the risks associated with price volatility, with a focus on optimizing procurement costs through basis pricing [5][6] - The ethylene glycol industry is transitioning to a new trading model, utilizing options and futures to manage risks effectively, with a growing emphasis on basis pricing as a key pricing strategy [7]

截至2025年5月30日收盘，兖矿能源（600188）报收于12.87元，较上周的12.9元下跌0.23%。本周，兖 矿能源5月29日盘中最高价报13.04元。5月27日盘中最低价报12.67元。兖矿能源当前最新总市值1291.82 亿元，在煤炭开采板块市值排名4/30，在两市A股市值排名101/5146。 本周关注点 公司公告汇总兖矿能源参加2024年度沪市主板高分红重回报主题集体业绩说明会 兖矿能源集团股份有限公司4月份为伊犁能源提供担保金额为人民币20.3亿元，截至4月30日，担保余额 为人民币20亿元。兖煤澳洲下属子公司为兖矿能源澳洲附属公司提供担保余额为10.01亿澳元。公司累 计对外担保余额为人民币60.98亿元，占公司2024年经审计归母净资产的7.38%。 向控股子公司提供财务资助的公告 兖矿能源集团股份有限公司向控股子公司临沂矿业集团菏泽煤电有限公司提供人民币10亿元内部借款， 期限3年，利率3.1%。菏泽煤电以净值不低于借款金额的资产提供抵质押担保。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 第九届董事会第 ...

Summary of Key Points Core Viewpoint - Shanmei International (600546) has experienced a decline in stock price, with a current market capitalization of 19.289 billion yuan, ranking 15th in the coal mining sector and 796th in the A-share market [1][2]. Company Announcements - The company announced a cash dividend of 0.69 yuan per share, totaling 1.3678947366 million yuan to be distributed on June 4, 2025, with a record date of June 3, 2025 [1][3]. - Tax implications for different shareholders were outlined, with individual shareholders facing a tax burden of 0%, 10%, or 20% based on holding periods, while QFII and Hong Kong investors will receive a net dividend of 0.621 yuan per share after a 10% tax deduction [1]. - The conversion price for the "22 Shanmei EB" bond will be adjusted from 20.99 yuan to 20.30 yuan per share effective June 4, 2025, with a conversion period from March 29, 2023, to September 26, 2025 [2][3].

Core Viewpoints - The report suggests that the economic bottom line may have improved compared to the period of increased trade friction, with government investment accelerating and consumer promotion measures continuing to exert influence on demand expansion [1][5][39] - It emphasizes a balanced allocation between growth and value, with a focus on large-cap stocks due to their stronger earnings certainty in the current market environment [1][5][43] Market Style Rotation - The report indicates that large-cap stocks are outperforming small-cap stocks, with a balanced valuation style observed across growth and value indices [2][12] - It highlights that consumer, growth, and large-cap styles are expected to dominate, suggesting a preference for these sectors in the current market [2][13] Industry Allocation - The report recommends focusing on four key sectors: coal, innovative pharmaceuticals, military industry, and finance [3][5] - In the coal sector, prices are expected to stabilize due to supply contraction and the upcoming peak demand season [3][5] - The innovative pharmaceutical sector is highlighted for its potential valuation re-rating, supported by record-breaking investment and favorable policy trends [3][5] - The military industry is noted for its growth potential driven by geopolitical tensions and the need for self-sufficiency [3][5] - In finance, the report points out that both banks and non-bank financial institutions are currently underweighted, with the securities sector showing higher value compared to insurance [3][5] Calendar Effect - Historical data from June 2010 to 2024 indicates that large-cap growth styles tend to outperform during this month, with specific sectors like electronics, home appliances, and food and beverage showing strong performance [4][12] Next Month's Sector Allocation Recommendations - The report maintains a positive outlook on large-cap stocks, suggesting a balanced approach between growth and value, with an emphasis on coal, innovative pharmaceuticals, military, and financial sectors [5][39]

论上市公司的ESG的风险点， 上市公司ESG暴露出十大风险问题， 一是生产安全与污染排放，风险表现在制造业、采矿业等高危行业易发生安全事故（如火灾、爆炸）或污染物超标排放（废气、废水、固废）。如，2024年 一季度制造业安全风险事件占比超70%，陕西煤业因生产安全问题被处罚23次。 二是资源利用与绿色转型压力，风险表现在高能耗企业面临碳排放配额收紧、环保技术升级压力。若未能实现减污降碳协同发展，可能触发政策处罚或市场 准入限制。 三是消费者权益侵害，风险表现在虚假宣传、产品质量问题、服务承诺不兑现等。如，劲仔食品因"深海小鱼"宣传争议被质疑误导消费者，引发舆论危机； 拼多多、京东2024年三季度因虚假营销被投诉283起，占社会风险事件的近1/3。 经深入研究和论证， #论企业社会责任# 王连升认为， 上市公司ESG（环境、社会、治理）风险是企业在可持续发展过程中面临的核心挑战，涉及合规性、声誉、运营稳定性等多方面。 八是金融行业连带风险，风险表现在银行信贷管理漏洞、保险业务违规可能引发系统性风险。如，2024年三季度，工商银行、中国银行等6家银行因信贷管 理不到位被罚，涉及风险事件274起。 九是监管趋严与合 ...

Group 1 - The core viewpoint of the articles highlights the resilience of the state-owned enterprise dividend sector amidst a slight decline in major stock indices, with the National Enterprise Dividend ETF showing a positive performance [1] - The National Climate Center predicts a warmer summer in 2025, with significant regional heatwaves and uneven rainfall distribution, which may alleviate the negative growth trend in domestic thermal power generation since the beginning of 2025 [1] - Coastal provinces have seen a reduction in power plant inventories, which are currently slightly lower than the levels of the same period in 2024, indicating a potential recovery in demand for thermal power [1] Group 2 - Guohai Securities reports that several state-owned coal enterprises are initiating share buybacks and asset injection plans, reflecting confidence in the coal sector's growth and stability [2] - The coal mining industry's supply constraints remain unchanged, while demand may experience fluctuations, leading to price volatility and dynamic rebalancing [2] - The National Enterprise Dividend Index combines themes of state-owned enterprises and dividend strategies, enhancing the effectiveness of investment strategies, particularly as state-owned enterprise reforms progress [2]

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 报告类型 焦炭焦煤日评 日期 2025 年 5 月 28 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | | 表1：5月27日焦炭焦煤期货主力合约价格、成交及持仓情况（单位：元/吨、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | J2509 | 1375 ...