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].

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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] - High coal inventory levels are contributing to the price decline, and a recovery in demand is necessary for price stabilization [4] - 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] Summary by Sections Coal Price Trends - As of May 16, the inventory of coal at ports in the Bohai Rim is 32.53 million tons, down 1.57% week-on-week but up 33.72% year-on-year, at a record high for the same period [1][4] - The average closing price of thermal coal at Qinhuangdao port (5500 kcal weekly average) is 619 RMB/ton, down 19 RMB/ton (-3.05%) week-on-week [2][4] Supply and Demand Dynamics - The operating rate of 110 sample washing coal plants is 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 average daily pig iron output is 2.447 million tons, down 0.4% week-on-week but up 3.3% year-on-year [3] Key Company Financials - China Shenhua: EPS forecast for 2025 is 2.5 RMB, with a PE ratio of 16 [5] - China Coal Energy: EPS forecast for 2025 is 1.31 RMB, with a PE ratio of 8 [5] - Shanxi Coking Coal: EPS forecast for 2025 is 0.37 RMB, with a PE ratio of 17 [5] Inventory Tracking - The coal inventory at Qinhuangdao port is 7.6 million tons, up 0.93% week-on-week and up 48.15% year-on-year [4] - The independent coking plant's coking coal inventory is 7.5256 million tons, down 2.92% week-on-week [4]

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [4][7]. Core Insights - The 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 now 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]. - As of April 2025, Australian coal exports totaled 104 million tons, a year-on-year decrease of 8.1%. In April alone, exports were 26.53 million tons, down 3.7% year-on-year and 12.3% month-on-month [2][6]. - Domestic coal companies are increasingly facing losses, with over half (54.8%) reporting losses as of March 2025. This trend may lead to both passive and active production cuts as prices continue to decline [3]. Summary by Sections Coal Mining Exports - In the first four months of 2025, Australian coal exports decreased by 8.1% year-on-year, totaling 104 million tons. April's exports were 26.53 million tons, reflecting a 3.7% year-on-year decline and a 12.3% month-on-month decline [2][6]. Price Trends - As of May 16, 2025, coal prices showed mixed trends: Newcastle port coal (6000K) was priced at $99.0 per ton (up 0.1), while European ARA port coal was at $94.5 per ton (down 2.6) [35]. The IPE South African Richards Bay coal futures settled at $87.60 per ton (down 1.4) [35]. Recommended Stocks - The report recommends several coal companies, including: - China Shenhua (601088.SH) - Buy - Shaanxi Coal (601225.SH) - Buy - China Qinfa (00866.HK) - Buy - China Coal Energy (601898.SH) - Buy - Electric Power Energy (002128.SZ) - Buy - Jinneng Holding (601001.SH) - Buy - Yancoal (600188.SH) - Buy - New Hope Energy (601918.SH) - Buy [7].

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 供需疲弱，港口库存仍处高位，煤价震荡运 行 增持（维持） [Table_Tag] [Table_Summary] 行业近况 本周（5 月 12 日至 5 月 16 日）港口动力煤现货价环比下跌，报收 614 元/吨。 供给端，本周环渤海四港区日均调入量175.69万吨，环比上周减少28.54 万吨，降幅 1.10%。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 181.79 万吨，环比上周增加 7.39 万吨，增幅 4.23%；日均锚地船舶共 46 艘，环比上周增加 3 艘，增幅 7.59%。库存端，环渤海四港区库存端 3292.41 万吨，环比上周增加 89.13 万吨，增幅 2.78%。港口本周日均调出量环比略有增加，受部分电厂补 库需求影响。库存端略有增加，同比仍处高位，叠加下游需求淡季影响， 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、需求刚需为主以及 汛期水电稳增影响导致上涨动能有限，但伴随五一节后将逐步进入迎 峰度夏旺季期，煤价或有进一步上行可能。 估值与建议： 仍旧关注保险资金增量；保费 ...

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Viewpoints - The coal price expectations are beginning to improve as port inventory decreases and power plant replenishment demand becomes evident [1][7] - The supply side is tightening due to safety and environmental inspections leading to temporary mine closures, while demand remains supported by non-electric sectors [5][15] - The report highlights the investment value of coal companies, particularly those with high dividends and strong cash flows, amidst market volatility [7][81] Summary by Sections 1. Thermal Coal - The port coal price decline has narrowed to 16 CNY/ton this week, down from 22 CNY/ton the previous week, indicating a potential stabilization [15][79] - The production capacity utilization in the main producing areas has decreased by 0.99 percentage points due to inspections and maintenance [15][79] - Coastal and inland power plant coal inventories are relatively low compared to last year, with a total of 11,478 million tons as of May 14, 2025, which is 146 million tons lower than the same period last year [15][79] 2. Coking Coal - The production of coking coal remains stable, with the capacity utilization rate unchanged, while imports have increased slightly [5][80] - Coking coal prices have remained stable at ports, with the average price at 1,320 CNY/ton as of May 16, 2025 [47][80] - The inventory of coking coal production enterprises has increased by 23.22 million tons, indicating a slight oversupply [46][80] 3. Coke - The utilization rate of coking enterprises has increased to 76.02%, reflecting high production levels despite a slight decrease in iron output [6][59] - Coke prices have decreased slightly, with the price at 1,400 CNY/ton as of May 16, 2025 [59][60] - The overall profitability in the coke industry has improved, with an average profit of 7 CNY/ton, up by 6 CNY/ton from the previous week [62][66] 4. Anthracite Coal - The price of anthracite coal has remained stable, with the price at 850 CNY/ton as of May 16, 2025 [76][78] - The demand from non-electric sectors, particularly the chemical industry, continues to support the anthracite market [76][78] 5. Key Companies and Investment Logic - The report emphasizes the investment potential in coal companies with strong fundamentals, such as China Shenhua, Shaanxi Coal, and Yancoal [7][81] - The focus is on companies that exhibit characteristics of high profitability, cash flow, and dividend yields, which are attractive in the current market environment [7][81]