Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [4]. Core Viewpoints - The current coal price adjustment has been ongoing for nearly four years since the historical peak in Q4 2021, with prices generally returning to pre-increase levels. The market is well 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%. The decline in exports is attributed to the shutdown of Australian coking coal production, which has led to rising prices [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. In April alone, exports were 26.53 million tons, down 3.7% year-on-year and 12.3% month-on-month [2]. Price Trends - As of May 16, 2025, coal prices showed mixed trends: Newcastle coal (6000K) was priced at $99.0 per ton (up 0.1%), while European ARA coal was at $94.5 per ton (down 2.6%) [3][35]. The report indicates that the coal price adjustment is nearing its end, with potential for recovery as production cuts may occur due to high overseas mining costs [3]. Recommended Stocks - The report recommends several coal companies, including China Shenhua (601088.SH), Shaanxi Coal (601225.SH), and China Qinfa (00866.HK), all rated as "Buy." Other recommended stocks include China Coal Energy (601898.SH) and Xinjie Energy (601918.SH) [7]. Market Outlook - The report suggests that the coal industry is at a critical stage of price exploration, with the potential for a rebound as the market adjusts to production cuts and changing demand dynamics [3].

编辑同志： 2016年前，有人多次把煤渣随意倾倒在我们村东头的耕地里。2016年后，虽然没有再倒煤渣了，但原来 的煤渣一直没完全清除，仍留在地里，共有十多处。我们担心这些煤渣不仅影响庄稼生长，还会污染土 壤和地下水。希望有关部门尽早清理废弃煤渣，还我们一个良好的生态环境。 河南洛阳市新安县正村镇白墙村村民 但来人不由分说，夜里把地里的小麦推平，倒上一车煤渣。"我发现时，庄稼已经被毁了，没办法，只 好以每亩每年1000元的价格签订了耕地租用协议。之后他们又来倒过几次煤渣。"赵丽指着一个煤渣坑 对记者说，这是当年煤渣集中堆放地之一，"那年有两家洗煤厂和村民签了协议，共占地37.2亩。" 记者看到，有的煤渣堆上面长着杂草，有的覆了一层土，种着一些农作物，但生长态势不是很好。据赵 丽介绍，后来镇里组织人手把煤渣铺平，在上面覆了土，以便种植农作物，但她的地"覆土太薄，庄稼 营养不够，也不抗旱，种过小麦、花生、油菜，种啥啥不行"。现在地里种的是油菜苗，不少苗发黄打 蔫。 沿着运煤公路往西北走，记者发现了另一处煤渣倾倒地。 图② 村民反映，随意倾倒煤渣影响庄稼收成，还可能造成地下水和土壤污染 按照来信提供的信息，记者近日来 ...

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector assets [11][12] - The underlying investment logic of coal supply shortages remains unchanged, with a short-term balance in supply and demand but a medium to long-term gap still anticipated [11][12] - The coal price is expected to stabilize and rise, with historical patterns suggesting a potential turning point in consumption by late May as the summer electricity demand season approaches [3][11] Summary by Sections Coal Price Tracking - As of May 16, the market price for Qinhuangdao port thermal coal (Q5500) is 618 CNY/ton, down 17 CNY/ton week-on-week [29] - The international thermal coal FOB price for Newcastle (NEWC5500) is 69.3 USD/ton, down 0.3 USD/ton week-on-week [29] - The price for coking coal at Jing Tang port is 1350 CNY/ton, down 30 CNY/ton week-on-week [31] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 96.1%, down 0.3 percentage points week-on-week [3][47] - The daily coal consumption in inland provinces decreased by 1.20 million tons/day (-0.39%), while coastal provinces saw an increase of 7.10 million tons/day (+4.09%) [3][48] - The chemical industry’s coal consumption decreased by 22.31 thousand tons/day (-3.11%) [11] Inventory Situation - As of May 15, coal inventory in inland provinces increased by 337 thousand tons, while coastal provinces saw a decrease of 26 thousand tons [48] - The available days of coal in inland provinces increased by 0.20 days, while it decreased by 0.80 days in coastal provinces [48] Company Performance - The coal sector has shown resilience, with a 1.65% increase in the coal sector index, outperforming the broader market [14] - Key companies to focus on include China Shenhua, Shaanxi Coal and Chemical Industry, and others with stable operations and strong performance [12][13]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Long - term credit bonds adjusted with interest rates, while short - term credit bond spreads significantly compressed. This week, affected by the easing of Sino - US trade tariff policies, market interest rates fluctuated upward. Credit bond trends were differentiated, with long - end yields adjusting with interest rates and medium - short - end yields falling. Credit spreads of various types of credit bonds compressed, with short - term varieties having a larger decline [2][5]. - Urban investment bond spreads declined. Spreads of urban investment bonds generally decreased this week, with different levels of decline for platforms of different external subject ratings and in different regions and administrative levels [2][9]. - Industrial bond spreads generally declined, and the spreads of mixed - ownership real estate bonds significantly compressed. Central and local state - owned real estate bond spreads decreased, mixed - ownership real estate bond spreads dropped significantly, and private real - estate bond spreads slightly increased. Spreads of coal, chemical, and steel bonds also declined [2][19]. - Secondary and perpetual bond spreads were generally stable, and their overall performance was weaker than that of ordinary credit bonds. Most yields of secondary and perpetual bonds followed the interest rate upward, with only some weakly - qualified varieties slightly falling [2][29]. - Industrial perpetual excess spreads were basically flat, and urban investment perpetual excess spreads slightly declined [2][32]. Summary by Directory 1. Long - term credit bonds adjusted with interest rates, short - term credit bond spreads significantly compressed - Market interest rates fluctuated upward. 1Y, 3Y, 5Y, 7Y, and 10Y maturity China Development Bank bond yields increased by 3BP, 3BP, 6BP, 6BP, and 5BP respectively [2][5]. - Credit bond trends were differentiated. 1Y maturity credit bond yields of all grades decreased by 3 - 6BP, 3Y maturity yields decreased by 0 - 2BP, 5Y maturity yields increased by 1 - 2BP, and 7Y and 10Y maturity yields increased by 2 - 3BP [2][5]. - Credit spreads compressed. 1Y maturity credit bond spreads of all grades decreased by 6 - 9BP, 3Y, 5Y, and 7Y maturity spreads decreased by 3 - 5BP, and 10Y maturity spreads decreased by 2BP. Rating spreads and term spreads were differentiated [2][5]. 2. Urban investment bond spreads declined - Spreads of different rating platforms declined. AAA - rated platform credit spreads decreased by 7BP, while AA+ and AA - rated platform spreads decreased by 8BP [2][9]. - Regional spreads showed different declines. In different provinces, spreads of AAA - rated platforms mostly decreased by 6 - 8BP, AA+ - rated platforms mostly decreased by 7 - 9BP, and AA - rated platforms mostly decreased by 6 - 8BP. Different regions had different decline amplitudes [9][11][12]. - Spreads of different administrative levels declined. Provincial, municipal, and district - county - level platform credit spreads decreased by 7BP, 7BP, and 8BP respectively [2][15]. 3. Industrial bond spreads generally declined, mixed - ownership real estate bond spreads significantly compressed - Real estate bond spreads varied. Central and local state - owned real estate bond spreads decreased by 6 - 7BP, mixed - ownership real estate bond spreads decreased by 104BP, and private real - estate bond spreads increased by 4BP. Spreads of some real - estate companies like Longfor and Vanke also changed [2][19]. - Spreads of other industrial bonds declined. Spreads of coal, chemical, and steel bonds decreased, with coal and chemical bonds decreasing by 7BP and steel bonds decreasing by 8BP [2][19]. 4. Secondary and perpetual bond spreads were generally stable, overall performance was weaker than that of ordinary credit bonds - Yields and spreads of different terms and grades changed. 1Y maturity secondary capital bonds and AA+ and above perpetual bonds' yields increased by 2 - 3BP, with spreads decreasing by 0 - 1BP; AA - rated perpetual bond yields decreased by 1BP, with spreads decreasing by 4BP. Similar changes occurred in 3Y and 5Y maturity bonds [2][29]. 5. Industrial perpetual excess spreads were basically flat, urban investment perpetual excess spreads slightly declined - Industrial perpetual excess spreads were stable. The AAA3Y excess spread was 11.71BP, at the 20.54% quantile since 2015, and the AAA5Y excess spread was 9.22BP, at the 9.54% quantile [2][32]. - Urban investment perpetual excess spreads declined slightly. The AAA3Y urban investment perpetual bond excess spread decreased by 0.03BP to 7.25BP, at the 3.45% quantile; the AAA5Y excess spread decreased by 0.89BP to 10.56BP, at the 9.68% quantile [2][32]. 6. Credit Spread Database Compilation Instructions - Market credit spreads and related excess spreads were calculated based on ChinaBond medium - short - term notes and perpetual bonds data, with historical quantiles starting from the beginning of 2015. Credit spreads of urban investment and industrial bonds were compiled and statistically analyzed by the R & D center of Cinda Securities, also with historical quantiles starting from 2015 [38]. - Calculation methods were provided for industrial and urban investment individual bond credit spreads, bank secondary capital bond/perpetual bond excess spreads, and industrial/urban investment perpetual bond excess spreads [38][39]. - Sample selection criteria were given, including selecting medium - term notes and public corporate bonds, excluding guaranteed and perpetual bonds, and removing bonds with remaining maturities below 0.5 years or above 5 years. Different rating types were used for different bond types [40].

金十数据5月17日讯，记者获悉，全球首个百台无人电动矿卡集群"华能睿驰"，在内蒙古伊敏露天矿正 式投入编组运营。这标志着全球首个露天矿生产，实现5G-A网络下的"车-云-网"规模化协同。据了解， 该项目由中国华能、徐工集团、华为、国网智慧车联网有限公司等共同打造。为实现车云协同，伊敏矿 区部署5G-A网络，是全球首个5G-A露天矿，可满足500Mbps大上行与20毫秒低时延，将支持超过300辆 无人驾驶矿卡实现24小时不间断生产。 （科创板日报） 全球首个5G-A露天矿落地内蒙古 "车-云-网"规模化协同 ...

Investment Rating - The report maintains a positive outlook on the coal industry, particularly focusing on energy security and industrial transformation [2]. Core Insights - Xinjiang has abundant coal reserves, high resource quality, and low extraction costs, indicating significant future growth potential. The predicted coal resource in Xinjiang is 2.19 trillion tons, accounting for 39% of the national total, with confirmed coal resources of 450 billion tons [5][26]. - The coal production and consumption in Xinjiang are expected to increase significantly, with production projected to reach 900-1,000 million tons by 2030, and external transportation expected to be around 250 million tons [6][37]. - The development of coal chemical projects in Xinjiang is anticipated to peak between 2025 and 2030, with approximately 10 coal-to-gas projects planned, totaling a capacity of about 34 billion cubic meters per year [6][40]. Summary by Sections 1. Xinjiang Coal Supply Base Construction - The focus of new coal production capacity is shifting to Xinjiang due to the depletion of coal resources in other regions. Xinjiang's coal production accounted for approximately 11.8% of the national total in early 2025 [13][37]. - The report highlights the importance of Xinjiang's coal in the national energy supply system, with production ratios steadily increasing [13][37]. 2. Quality and Potential of Xinjiang Coal Resources - Xinjiang's coal resources are characterized by rich reserves and favorable mining conditions, with a significant portion of the coal being of high quality suitable for both power generation and chemical use [26][30]. - The report details the distribution of coal resources across various coalfields in Xinjiang, emphasizing the high-quality coal types available [26][27]. 3. Supply and Demand Dynamics in Xinjiang - The coal production in Xinjiang is expected to grow rapidly, with a forecast of 540 million tons in 2024, marking a year-on-year increase of 17.5% [37][39]. - The demand for coal, particularly in the power and chemical sectors, is projected to remain strong, with over 70% of coal consumption attributed to these industries [40][41]. 4. Importance of Coal Transportation - The report outlines the strategic significance of coal transportation from Xinjiang as part of the national energy security framework, with ongoing improvements in transportation infrastructure [49][56]. - The main railway routes for coal transportation are being developed to enhance the capacity for coal exports from Xinjiang [56]. 5. Investment Opportunities - The report suggests focusing on companies with growth potential in Xinjiang, such as TBEA, Hubei Yihua, and Yanzhou Coal Mining [6][40].

大有能源公告，2025年5月15日，公司全资子公司孟津 煤矿16时30分左右发生一起事故，造成1人死 亡。事故发生在二2-11040采煤工作面下安全出口附近，初步查明是由于采煤机割煤期间碰到钻杆，钻 杆弹射砸伤一名工人，受伤工人于17时30分左右升井救治，20时左右在医院确认死亡，具体原因有待进 一步调查。按照有关规定，矿井在此期间停止除通风、排水、瓦斯检查外的一切作业活动。鉴于目前尚 无法确定孟津煤矿恢复生产的具体时间，对公司造成的影响暂无法预测。 ...

在哈尔乌素露天煤矿的广袤作业面上，穿爆作业牙轮钻机的轰鸣声与爆破的震动声犹如交响乐的前奏，既需要精准把握爆 破参数的每个音符，又要统筹协调后续工序的节奏韵律。今年，哈尔乌素露天煤矿穿爆队通过流程再造、技能淬炼、创新驱动 三把"金钥匙"，在矿山上谱写出降本增效的动人乐章。 过去，穿孔作业流程像一条沿袭已久的轨迹，大家按部就班，但效率与成本始终存在优化空间。穿爆队决心打破常规，对 流程"大刀阔斧"重塑，技术攻坚小组的成员一头扎进地质资料堆里，反复研究岩石层特性，结合爆破要求，精心优化布孔设 计。 除了一对一"传帮带"，伴随着技能竞赛的号角吹响，岗位练兵也在如火如荼地进行着。钻机操作技能比拼现场，选手们全 神贯注，精准操控钻机，力求在速度与精准度上拔得头筹；爆破参数计算竞赛里，大家争分夺秒，用最优化方案展现对知识的 娴熟掌握。竞争激发潜能，职工们的技能水平在"学-练-比"中节节攀升，爆破作业里，炸药使用量因地因时制宜，同比降低了 18.6%，亮眼数据的背后是职工从理论到实践全方位的成长赋能。 "我们根据不同区域岩石硬度、走向，结合地质条件和爆破要求，精准规划钻孔位置和角度，减少不必要的钻孔数量，提 高钻孔的有效性， ...

Market Overview - The A-share market has shown a decline across major indices, with the Shanghai Composite Index closing at 3380.82, down 0.68%, and the Shenzhen Component Index at 10186.45, down 1.62% [2][7] - The overall market sentiment is characterized by a shrinking trading volume and a mixed performance among sectors, with beauty and personal care showing resilience while technology sectors faced declines [9][10] Valuation Metrics - As of the latest data, the Shanghai Composite Index has a price-to-earnings (P/E) ratio of 11.94 and a price-to-book (P/B) ratio of 1.24, indicating relatively low valuation levels compared to historical averages [3][8] - The ChiNext Index has a significantly higher P/E ratio of 26.75, reflecting a premium valuation for growth-oriented stocks [3][8] Industry Dynamics - The beauty and personal care sector has outperformed others, driven by innovations such as the synthetic production of ergothioneine, which has garnered market interest due to its antioxidant properties [9] - The coal sector has also seen a slight uptick, benefiting from its status as a safe haven amid market volatility [9] Company Updates - Hubei Yihua announced a major asset acquisition, increasing its stake in Yichang New Investment from 35.60% to 75.00%, which will enhance its production capacity across various chemical products [30][31] - DIZHE Pharmaceutical is set to present significant clinical data at upcoming international conferences, highlighting advancements in its blood cancer treatment pipeline [33][34] Economic Indicators - The National Railway Bureau reported a steady increase in passenger and freight volumes, with April seeing a 6.0% year-on-year increase in passenger numbers, indicating robust demand in the transportation sector [29] - The agricultural machinery market's sentiment index fell to 47.9%, signaling a downturn in market conditions, which may impact related industries [23]

伊敏露天矿无人电车运维部主任刘强介绍："无人电动矿卡每块电池的蓄电量可在-30℃的低温环境中负 重90吨行驶60公里。同时，无人电动矿卡配备了移动式智能换电机器人系统，只需6分钟就能自主完成 一次电池更换，解决了高寒环境下电池全自动更换难题。" 数据显示，这批无人电动矿卡投入运行后，单车综合运输效能达到人工驾驶的120%，单台车可节约运 输费用超2400万元人民币。无人电动矿卡依托排土场光伏绿电驱动，运输环节实现零碳排放，百台矿卡 每年可替代柴油超1.5万吨，减排二氧化碳约4.8万吨。(完) （文章来源：中国新闻网） 当日在运行现场，100台无人电动矿卡同时进行作业，这些车辆借助多重传感器与高精度定位系统，实 现了在复杂环境中自如运作。同时，依托5G网络，作业人员可轻松在集控中心总控界面上，完成对无 人电动矿卡的实时监视和控制，还可以对派出车辆的行驶路径、作业任务进行统一调度，实现了全天候 不间断作业。 5月15日，内蒙古呼伦贝尔，无人电动矿卡在伊敏露天矿运行中。 中新社记者刘文华摄 中新社呼伦贝尔5月15日电 (记者张玮)百台无人电动矿山卡车(简称矿卡)15日在内蒙古自治区呼伦贝尔 市境内的伊敏露天矿正式投 ...