Investment Rating - The industry investment rating is "Maintain Buy" [6] Core Viewpoints - The coal mining industry is expected to see improved demand and effective supply reduction, presenting a good investment opportunity since the beginning of the year [1] - In April 2025, the raw coal production decreased by 50 million tons month-on-month, with a total output of 390 million tons, reflecting a year-on-year growth of 3.8% [12][13] - The report anticipates a net increase in coal production of only 55 to 60 million tons in 2025, representing a year-on-year growth of approximately 1.2% to 1.3%, indicating a continued slowdown compared to 2024 [1][12] Production Summary - In April 2025, the raw coal production was 390 million tons, with a daily average of 12.98 million tons [12][13] - The cumulative raw coal production from January to April 2025 reached 1.58 billion tons, showing a year-on-year increase of 6.6% [12] Import Summary - In April 2025, coal imports were 37.83 million tons, a decrease of 16.41% year-on-year and a 2.34% decrease month-on-month [2][16] - From January to April 2025, total coal imports amounted to 152.67 million tons, down 5.3% year-on-year [16] - The report forecasts that the total annual coal imports for 2025 may be around 385 million tons, reflecting a year-on-year decline of 4.9% [2][16] Demand Summary - In April 2025, the industrial power generation was 711.1 billion kWh, with a year-on-year growth of 0.9% [3][19] - The industrial thermal power generation saw a year-on-year decline of 2.3%, remaining consistent with the previous month [3][19] - Renewable energy sources such as wind and solar power showed significant growth, with wind power increasing by 12.7% and solar power by 16.7% year-on-year [3][19][32] Investment Recommendations - Key recommended stocks include China Shenhua (H+A), China Coal Energy (H+A), and China Qinfa, among others [5][37] - The report emphasizes the importance of performance in stock selection, highlighting companies like Xinjie Energy and Shaanxi Coal and Chemical Industry [5][37]

五月的矿山，机器轰鸣，热潮涌动。在"期中考"的关键节点，中煤新集阜阳矿业交出了一份亮眼的"进 度清单"：111104回采工作面安全高效运转，140505工作面顺利进入联合试运转阶段，111101围面工程 按计划稳步推进……这份"优质答卷"的背后，是该矿以"夯基固本、精打细算、党建引领"为破题密钥， 在高质量发展赛道上全力冲刺"双过半"的奋斗缩影。 面对煤炭市场的动态变化，该矿灵活生产组织模式，实行"以销定产、以产定供"策略。市场需求旺盛 时，在保证安全的情况下，开足马力加快生产节奏；市场需求疲软时，动态调整两个工作面的生产，优 化生产和作业流程，强化精采细采，避免库存积压，实现产销平衡、效益最大化。 坚持"抓煤质就是提效益"的思想，该矿加强原煤开采、运输、筛选到加工等各个环节管理。实施生 产"分采、分运、分储"策略，强化全流程煤质管控、精煤回收率动态考核，提升煤炭产品附加值。优化 洗选工艺、合理配煤，定期抽检煤质，提高商品煤综合煤质，增强市场竞争力。加快智能化销售平台建 设步伐，实现地销无人值守称重系统各环节的信息化与自动化，全面提高销售效率，降低运营成本。 该矿强化智能设备应用与采煤工艺优化，掘进头面按照" ...

Group 1 - The core viewpoint of the news highlights the implementation of 91 autonomous mining trucks at the Shitoumei No. 1 open-pit mine in Xinjiang, which significantly enhances operational efficiency and safety through advanced technology [1] - The autonomous trucks utilize a "smart driving" system that integrates multi-sensor perception, intelligent decision-making, and precise control, resulting in a substantial increase in safety and reliability compared to traditional manual driving [1] - The hybrid power drive solution applied in these trucks reduces energy consumption while improving operational economics, demonstrating a dual breakthrough in cost reduction and safety production [1] Group 2 - The Shitoumei No. 1 open-pit mine has a resource reserve of 3.575 billion tons and a mining area of 102.75 square kilometers, with an approved production capacity of 35 million tons per year [2] - This mine serves as a crucial coal source for the "Xinjiang electricity export" and "Xinjiang coal transportation," as well as the construction of the Hami North new-type comprehensive energy base [2] - The total investment for the intelligent mining construction project by Hami Santanghu Company is 185 million yuan, which commenced in October 2023, focusing on 5G wireless network coverage and automation in key operational processes [1]

智通财经5月20日电，从甘肃省白银市平川区了解到，5月19日19时43分，甘肃靖煤能源有限公司王家山 煤矿分公司一号井二204工作面突发透水涉险事故。事故发生时，作业面共有133人。事故发生后，平川 区立即启动应急预案，开展紧急救援。截至当晚23时53分，130人已安全撤出，仍有3名作业人员失联， 目前，现场抢险救援工作仍在进行中。 (央视新闻) 甘肃省白银市一煤矿发生透水事故 3人失联 ...

Core Viewpoint - The April economic data indicates a mixed performance in China's economy, with strong industrial production and consumption, but a decline in investment and real estate sectors [1][13]. Demand Side - April's external demand faced challenges due to reciprocal tariffs, leading to a significant drop in exports to the US; however, transshipment trade helped maintain export resilience [1][2]. - Internal demand showed a decline in both investment and consumption, although consumption remained at a high level; investment was dragged down by the real estate and manufacturing sectors [1][7]. Production Side - Industrial production maintained a high level, with April's industrial value-added growth rate dropping to 6.1%, supported by equipment manufacturing and high-tech manufacturing [3][5]. - The service sector's production index slightly decreased, but still benefited from low base effects and consumption recovery [3]. Investment Trends - National fixed asset investment growth rate fell by 0.8 percentage points to 3.5%, with real estate investment continuing to decline significantly [7]. - High-tech industry investments performed well, particularly in information services and computer manufacturing, with year-on-year growth rates of 40.6% and 28.9% respectively [7]. Consumption Patterns - Retail sales growth rate decreased by 0.8 percentage points to 5.1%, while service retail sales showed an upward trend, particularly in tourism-related sectors [9]. - Essential consumer goods saw a decline in growth, while sectors benefiting from trade-in programs performed strongly [9]. Real Estate Market - Real estate sales area growth rate worsened to -2.1%, with new construction area also declining significantly [11]. - Despite the drop in sales volume, housing prices continued to rise, with the decline in new and second-hand housing prices narrowing [11]. Employment and External Factors - The unemployment rate remained stable at 5.1%, indicating a steady employment situation despite external challenges [13]. - Future export performance may exceed expectations due to potential European recovery, although this could lead to a more cautious domestic policy response [13].

在第三十四届哈洽会上，黑龙江省鸡西市以"中国石墨之都·北疆开放明珠"为名片，携"黑色资源绿色革命"的 底气、"寒地龙药"的清香与对俄合作的开放姿态亮相。鸡西市副市长陈霖在接受新华网访谈时，揭秘了这座百年 煤城如何将"乌金石墨"转化为绿色动能。 新华网：本届哈洽会鸡西展厅如何体现本土特色？布局和展品有哪些创新？ 陈霖：在本届哈洽会上，鸡西以"石墨之都·北疆开放明珠"为定位，打造了150平方米的特装展厅。向全球客商展 示鸡西资源禀赋、区位优势，产业生态和文旅魅力。 在展厅设计上，融合了中式框架与俄罗斯元素，顶部采用了蓝白山水纹，与中俄界湖兴凯湖的生态美景相互 呼应，中心螺旋柱，融合了石墨晶体与碳元素，搭配的AI机器人演示工业科技，彰显出鸡西作为"石墨之都"的特 色与科技实力，正面还特设了俄式浮雕展台，以褐色为主色调，凸显了对俄合作的重要地位。 在功能分区方面，划分出了展示区、品鉴区和洽谈区等不同场景。展示区展示了石墨新材料、生物医药产 品、刺五加制品等六大领域商品；品鉴区现场供应鸡西大冷面、辣菜等特色食品，让参观者既能了解鸡西产业产 品，又能品鉴鸡西美食；洽谈区为客商们提供了舒适的交流合作空间，实现了"观展—体验 ...

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [4] Core Views - The coal mining market is showing signs of bottoming out after a deep adjustment, with marginal improvements in fundamentals and supportive policies indicating a potential investment opportunity [3][10] - The report highlights five factors that may help stabilize coal prices, including reduced production from some coal mines, decreased railway shipment volumes, and anticipated increases in electricity demand due to high summer temperatures [6][10] Summary by Sections Market Overview - The CITIC Coal Index rose to 3,244.52 points, up 1.65%, outperforming the CSI 300 Index by 0.53 percentage points [2][78] - Year-to-date, thermal coal prices have decreased by 139 CNY/ton, while coking coal prices have fallen by 180 CNY/ton, with the CITIC Coal Index down 11.7% [2] Key Factors Affecting Coal Prices - The report identifies that the supply side is tightening due to safety inspections and production cuts in some coal mines, leading to a decrease in capacity utilization [6][10] - High inventory levels at ports are suppressing demand, but the report anticipates that electricity demand may rise as summer temperatures increase [6][10] Focused Analysis on Key Areas - **Thermal Coal**: The market remains weak, with supply still ample and demand primarily driven by essential needs [11][14] - **Coking Coal**: The market continues to face downward pressure, with weak demand and high inventory levels [11][37] - **Coke**: Profits are recovering, supported by steady demand from steel production [11][54] Investment Strategy - The report recommends focusing on key coal companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and Xinji Energy, which are expected to perform well [9][10] Industry News - Inner Mongolia has increased its coal production capacity by nearly 180 million tons per year, receiving recognition from the State Council [83] - International sea coal trade volumes have decreased by 6.7% year-on-year [84]

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [6]. Core Viewpoints - Coal prices are accelerating downward, with a focus on the demand boost during the summer electricity peak [1][4]. - As of May 16, coal inventory at ports in the Bohai Rim reached 32.53 million tons, a decrease of 1.57% week-on-week but an increase of 33.72% year-on-year, indicating the highest level for the same period [1][4]. - The average closing price of thermal coal at Qinhuangdao port (5500 kcal weekly average) was 619 RMB/ton, down 19 RMB/ton (-3.05%) week-on-week [2][4]. - The summer electricity peak is approaching, and thermal coal demand is expected to seasonally rebound, necessitating attention to the extent of demand increase during the peak season [1]. Summary by Sections Coal Price Trends - The average closing price of thermal coal at Qinhuangdao port was 619 RMB/ton, down 19 RMB/ton (-3.05%) week-on-week [2]. - The average price of thermal mixed coal at Yulin, Shaanxi (5800 kcal) was 491 RMB/ton, also down 19 RMB/ton (-3.73%) [2]. Inventory Levels - As of May 16, coal inventory at Qinhuangdao port was 7.6 million tons, up 0.93% week-on-week and up 48.15% year-on-year, marking the highest level for the same period [4]. - The inventory at Bohai Rim ports was 32.53 million tons, down 1.57% week-on-week but up 33.72% year-on-year [4]. Production and Utilization Rates - The operating rate of 110 sample washing coal plants was 62.1%, down 0.3 percentage points week-on-week and down 5.8 percentage points year-on-year, remaining at a five-year low [3]. - The capacity utilization rate of 247 blast furnaces was 91.76%, down 0.33 percentage points week-on-week but up 3.19 percentage points year-on-year, with a daily average pig iron output of 2.447 million tons, down 0.4% week-on-week but up 3.3% year-on-year [3]. Investment Recommendations - Due to weak demand and continuous accumulation of port inventory leading to a decline in coal prices, the report suggests a defensive approach to the current sector, recommending companies with high long-term contract ratios and stable profits, such as China Shenhua and China Coal Energy [4].

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - In the current bond market, short - term credit bond yield decline and spread narrowing space are limited. Traders can wait for a better position after market adjustment to participate in the game, and currently focus on certain coupon opportunities and consider allocation from the perspective of absolute yield [3][27] - Different investment strategies should be adopted according to the stability of the liability side. For those with weak liability - side stability, focus on 2 - 3y medium - and low - grade varieties and some 4 - 5y high - coupon, medium - quality individual bonds; for those with strong liability - side stability, allocate 4 - 5y varieties [3][4][27] Group 3: Summary by Relevant Catalogs I. How to Allocate Credit Bonds after a Significant Narrowing of Spreads (1) Credit Bond Market Review - This week, the capital price was low at first and then high. The Sino - US economic and trade joint statement significantly reduced bilateral tax rates, boosting risk appetite. Under the stock - bond seesaw effect, the bond market was under pressure. Interest - rate bond yields rose across the board, while credit bond yields showed a differentiated trend and performed better than interest - rate bonds. Bank secondary and perpetual bonds with significantly narrowed spreads performed weakly, with yields rising slightly and spreads narrowing passively. The yields of other credit varieties generally declined for 1 - 4y and rose for 5 - 15y, with spreads narrowing significantly for 1 - 4y and passively narrowing for 5 - 15y, with a smaller narrowing amplitude at the long end [1][11] (2) Credit Strategy: Focus on Certain Coupon Opportunities - **Current Credit Spread Level**: 1 - 2y variety spreads have been compressed to an extreme level, while the medium - and long - term spreads still have some room compared to last year's lowest point. In a volatile bond market environment, the further compression space of credit spreads may be relatively limited [14][24] - **Current Credit Bond Yield Level**: Currently, the yields of various credit varieties can generally achieve positive carry. Different varieties have different yield levels compared to R007 [25] II. Key Policies and Hot Events - On May 15th, the General Office of the Communist Party of China Central Committee issued the "Opinions on Continuously Promoting Urban Renewal Actions", which mentioned improving diversified investment and financing methods and encouraging financial institutions to participate in urban renewal [33] - On May 15th, Vanke announced that its major shareholder, Shenzhen Metro Group, would provide a loan of up to 1.552 billion yuan to the company to repay the principal and interest of bonds issued in the public market [33] - On May 13th, seven departments jointly issued policies to include high - quality enterprise science and technology innovation bonds in the benchmark market - making varieties to improve their liquidity [34] III. Secondary Market - This week, credit bond yields showed a differentiated trend, and credit spreads generally narrowed. Different types of bonds, such as urban investment bonds, real - estate bonds, cyclical bonds, and financial bonds, had different yield and spread changes [36][37] IV. Primary Market - This week, the issuance scale of credit bonds was 122.3 billion yuan, a decrease of 47.5 billion yuan compared to the previous week, and the net financing amount was - 15.7 billion yuan, a decrease of 19.7 billion yuan compared to the previous week. The issuance scale of urban investment bonds was 30.2 billion yuan, a decrease of 50.9 billion yuan compared to the previous week, and the net financing amount was - 24.6 billion yuan, a decrease of 5.4 billion yuan compared to the previous week [6] V. Trading Liquidity - This week, the trading activity in the inter - bank market and the exchange market of credit bonds increased. The trading volume in the inter - bank market increased from 432 billion yuan last week to 550.1 billion yuan, and the trading volume in the exchange market increased from 234.1 billion yuan last week to 336.2 billion yuan [6] VI. Rating Adjustment - This week, there were 2 entities with downgraded ratings and 3 entities with upgraded ratings [6]

Core Viewpoint - The article highlights the rapid decline in coal prices and emphasizes the upcoming summer electricity peak demand, which is expected to drive coal demand upward [3][4]. Group 1: Coal Price Trends - As of May 16, the coal inventory at the Qinhuangdao port was 7.6 million tons, a 0.93% increase week-on-week and a 48.15% increase year-on-year, marking the highest level for the same period [6]. - The coal inventory in the Bohai Rim ports stood at 32.53 million tons, a 1.57% decrease week-on-week but a 33.72% increase year-on-year, also at a record high for this time of year [6]. - The average closing price for Qinhuangdao port thermal coal (5500 kcal) was 619 yuan/ton for the week of May 11-16, down 19 yuan/ton (-3.05%) from the previous week [4]. Group 2: Seasonal Demand and Production - The summer electricity peak is approaching, which is expected to seasonally increase coal demand, necessitating attention to the extent of the demand surge during the peak season [3]. - The operating rate of 110 sample coal washing plants (approximately 50% of national washing capacity) was 62.1%, a decrease of 0.3 percentage points week-on-week and a 5.8 percentage points decrease year-on-year, remaining at a five-year low [5]. - The average temperature in 28 major cities was 26.99°C, which is at the median for the same period [5]. Group 3: Other Commodity Prices - The average price of thermal mixed coal at the Yulin pit (5800 kcal) was 491 yuan/ton for the week, down 19 yuan/ton (-3.73%) [4]. - The FOB price for thermal coal at Newcastle, Australia (5500 kcal) was $69/ton, a 0.71% decrease [4]. - The settlement price for European natural gas futures (DUTCH TTF) was €35/MWh, an increase of 2.60% [4]. - The Brent crude oil futures settlement price was $65.41/barrel, up 2.35% [4].