宏观研究团队 煤炭价格回升对 PPI 环比形成支撑 宏观经济点评 何宁（分析师） 郭晓彬（分析师） hening@kysec.cn 证书编号：S0790522110002 guoxiaobin@kysec.cn 证书编号：S0790525070004 事件：11 月 CPI 同比 0.7%，预期 0.7%，前值 0.2%；PPI 同比-2.2%，预期-2.0%， 前值-2.1%。 2025 年 12 月 10 日 (1) 核心 CPI 环比连续两个月超季节性。11 月核心 CPI 环比较前值回落 0.3 个百 分点至-0.3%，继 10 月以来连续两个月在季节性以上，从具体分项来看，已公 布的 8 个实物分项中，除衣着外，其他 7 个实物分项均低于季节性，推测拉动 CPI 环比回升的分项主要来自于未公布的实物细分项。(3)服务 CPI 环比再次回 落至季节性下方。11 月服务 CPI 环比低于季节性 0.05 个百分点，再次回落至季 节性下方，在已公布的 8 个分项中，除医疗服务项高于季节性、邮递服务持平 于季节性外，其他 6 个分项均低于季节性。 相关研究报告 《出口平缓回落趋势未发生改变—宏 观经济点评》 ...

Group 1 - The core point of the article is that Fude Life Insurance Co., Ltd. has reduced its stake in China Coal Energy Co., Ltd. by selling 2.823 million shares at a price of HKD 11.67 per share, totaling approximately HKD 32.9444 million [1] - After the reduction, Fude Life Insurance's remaining shareholding is approximately 1.6424 billion shares, representing a holding percentage of 39.99% [1]

Core Viewpoint - China Shenhua Energy Co., Ltd. plans to issue A-shares and pay cash to acquire assets from China Energy Investment Corporation, which includes coal, pit coal power, and coal-to-oil and coal-to-gas chemical assets, while also raising matching funds through A-shares [1][2] Group 1: Industry and Company Overview - The industry classification for China Shenhua is "B06 Coal Mining and Washing Industry," and the target company's classification includes "B06 Coal Mining and Washing Industry," "D44 Power and Heat Production and Supply Industry," and others, which do not fall under the key supported industries for mergers and acquisitions as per the China Securities Regulatory Commission [1][2] - China Shenhua is a leading integrated energy company based on coal, operating in six major sectors: coal, electricity, coal chemicals, railways, ports, and shipping, implementing a cross-industry and cross-sector vertical integration development model [2][3] Group 2: Transaction Details - The transaction involves the issuance of A-shares and cash payment for the acquisition of assets, which is confirmed to involve the issuance of shares [4] - The transaction does not constitute a restructuring listing as there has been no change in control within the last 36 months, and the actual controller remains the State-owned Assets Supervision and Administration Commission of the State Council [3][4]

Core Insights - The report highlights the recent performance of various industries, with notable growth in the oil and petrochemical sector, while the beauty care and media sectors experienced significant declines [2][3][4] - The macroeconomic environment is influenced by the recent U.S.-China dialogue, which aims to enhance cooperation and stabilize trade relations [6][8] - The real estate market shows signs of recovery, particularly in Guangzhou, where restrictions have been lifted to stimulate housing demand [22][24] Industry Analysis Real Estate and Construction - New housing and second-hand housing transaction areas have increased month-on-month, with Guangzhou fully lifting purchase and sale restrictions [22][23] - The government is expected to maintain a supportive stance towards the real estate market, with more positive fiscal and monetary policies anticipated [22][24] Agriculture, Forestry, Animal Husbandry, and Fishery - The CPI has been declining for four consecutive months, impacting pork prices, which are expected to stabilize despite short-term pressures [28][29] - The report suggests that policies will be implemented to control pork supply and support price increases, which may affect the overall CPI [29][30] Food and Beverage - The food and beverage sector has seen a decline, with a focus on new product launches such as whiskey and the growth potential of konjac products [37][38] - The konjac segment is identified as a rapidly growing niche within the snack food market, driven by health trends [38][39] Pharmaceuticals - SYS6010 is highlighted as a promising broad-spectrum anti-tumor drug, with early clinical data showing positive results for NSCLC treatment [41][42] - The drug is in the registration phase for NSCLC in China and has received multiple designations from regulatory bodies, indicating its potential in the market [42][43] Communication and Technology - The report discusses advancements in AI and cloud computing, with significant investments from companies like Oracle and ByteDance, indicating a robust growth trajectory for the AIDC industry [46][47][49] - The domestic AI industry is expected to benefit from increased demand and technological advancements, with several companies positioned to capitalize on these trends [49]

股票简称：苏能股份 股票代码：600925 江苏徐矿能源股份有限公司 （Jiangsu Xukuang Energy Co., Ltd.） （徐州市徐州经济技术开发区软件园 E2 楼三层） 保荐机构（主承销商） （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 二〇二三年三月二十八日 1 特别提示 江苏徐矿能源股份有限公司（以下简称"苏能股份"、"本公司"、"公司"、 "发行人"）股票将于 2023 年 3 月 29 日在上海证券交易所上市。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目"跟风炒新"，应当审慎决策、理性投资。 2 第一节 重要声明与提示 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 证券交易所、其他政府机关对本公司股票上市及有关事项的意见，均不表明 对本公司的任何保证。 本公司提醒广大投资者注意，凡本上市公告书未涉及的有关内容，请投资者 查阅刊载于上海证券交易所网站（http://www.sse.com.c ...