商務部迴應中美關稅談判進展：雙方經貿團隊將商定具體安排並儘快推動實施。（新華社）

Guojin Securities research note said Q5500 coal price holds at 830 yuan/ton, up 217 yuan YoY; Shanxi safety regulators may further push short-term coal prices higher and the central level of provincial power prices has moved up in some provinces, supporting expectation of a bottom reversal. Q1 thermal‑power results showed resilience; market‑based trading and capacity payments have offset downside from long‑term contracts. The report is constructive on Q2, expecting the earnings trough to be confirmed then improve sequentially; improved hydrology in the flood season should lift both volumes and prices, and dividend yields highlight allocation value. Compute‑power and power integration is extending from isolated points to regional scale; under an energy‑security logic manufacturing reshoring should expand demand. The security value of coal and power assets opens valuation space. Leading companies have a solid dividend base, combining offensive and defensive characteristics, and have entered an allocation window.

South Africa repo rate 7.00% as of May 28; consensus 7.00%; prior 6.75%.