Core Viewpoint - On November 14, the A-share market experienced a collective decline across the three major indices, with the Shanghai Composite Index down by 0.97%, the Shenzhen Component Index down by 1.93%, and the ChiNext Index down by 2.82% [1] Market Performance - The total trading volume in the Shanghai and Shenzhen markets was approximately 1,958.08 billion yuan, a decrease of about 83.88 billion yuan compared to the previous trading day [1] - Out of the total stocks, 1,961 stocks rose while 3,323 stocks fell, with 89 stocks hitting the daily limit up and 9 stocks hitting the daily limit down [1] Sector Performance - The Hainan and Fujian sectors showed strength, with pharmaceutical stocks related to influenza leading in gains, while the gas and photovoltaic equipment sectors also performed well [1] - The storage chip sector underwent a correction, along with adjustments in the CPO and food and beverage sectors [1] Regional Performance - Despite the overall decline in the three major indices, the Shanxi sector demonstrated resilience, with a slight increase of 0.21% on November 14 [1] Individual Stock Performance - In the Shanxi sector, three stocks hit the daily limit up, with China New Energy and Antai Group reaching limit up around 10 AM, ultimately closing with gains of 10.11% and 10.02% respectively; Yongtai Energy also hit limit up in the afternoon, closing with a gain of 9.82% [1] - Additionally, two other stocks in the Shanxi sector rose by over 2%, with Zhendong Pharmaceutical up by 3.08% and Jinlihua Electric up by 2.80% [1] - Leading the decline was Lu Hua Technology, which fell by 4.16% compared to the previous trading day; other notable decliners included Keda Control, Jinkong Coal Industry, Huayang Co., and Northern Copper, with declines of 3.73%, 3.46%, 3.46%, and 3.31% respectively [1]

Group 1 - The report emphasizes the importance of tracking the "15th Five-Year Plan" and suggests a positive outlook, urging stakeholders to seize opportunities as they arise [6] - The macroeconomic environment is influenced by the anticipated interest rate cuts by the Federal Reserve, with expectations of three additional cuts in 2026 [6][7] - The coal industry is expected to experience upward price movements due to supply constraints and seasonal demand increases, particularly in thermal coal and coking coal [20][21] Group 2 - The C-REITs market is showing a mixed performance, with municipal water conservancy and data center sectors performing well, while other sectors are experiencing slight pullbacks [19] - The electric power sector in Guangdong is expected to see improved electricity prices due to upcoming trading mechanisms, with a focus on renewable energy sources [25] - The construction materials sector is currently facing weak fundamentals, with expectations for more supportive real estate policies to stimulate demand [27] Group 3 - The robotics sector is highlighted for its advancements in AI integration, with significant developments in training models that enhance operational efficiency [14] - The textile and apparel industry is witnessing a recovery in retail sales, with specific brands like Nike showing improved fundamentals and potential for growth [32][33] - The environmental sector is benefiting from new policies aimed at enhancing carbon trading and management, which are expected to create opportunities for companies involved in these areas [35]

Group 1 - The coal sector is regaining attention due to improved supply-demand dynamics and strong cash flow, making it a potential target for "high-low cut" funds [1] - Coal prices and indices have performed well since October, driven by supply constraints from production checks and increased coal demand due to temperature fluctuations [2] - The coal sector is currently undervalued, with a demand for price recovery, particularly for companies like Yanzhou Coal Mining and Jinneng Holding [2] Group 2 - Future coal inventory demand is expected to grow, with limited supply increases, leading to a strong coal price outlook for Q4 [3] - The coal sector is projected to see renewed market interest, particularly in coal, banking, and agriculture, as these sectors are expected to perform well in Q4 [4] - The investment value of leading coal companies is highlighted due to their high dividends and strong cash flow, with a focus on companies like China Shenhua and Shanxi Coking Coal [5] Group 3 - The target price for thermal coal has been raised to 750-800 RMB/ton due to sustained demand and supply constraints [6] - The likelihood of a "La Niña" phenomenon this winter could lead to increased natural gas prices in Europe and Asia, prompting interest in natural gas-related companies [8]

Summary of Keda Control Conference Call Company Overview - Keda Control is a high-tech enterprise located in Taiyuan, Shanxi, specializing in smart mining, smart cities, and IoT, with smart mining accounting for over 60% of its business [4][2][3]. Core Business and Products - The company’s core products in the smart mining sector include: - Intelligent explosion-proof products - Control systems - Unmanned systems for production - Integrated management platforms - 5G communication systems - AI model analysis systems - Safety information management systems - Mining robots - Video AI analysis systems [2][4]. New Energy Charging and Swapping Business - Keda Control entered the new energy charging and swapping sector in 2022, investing approximately 400-500 million CNY in self-operated projects, focusing on community two-wheeled vehicle charging and heavy truck charging [2][6]. - The company has installed over 150,000 devices across 20 provinces, serving over 7 million regular customers and 10 million registered users, positioning itself as a leader in community charging and swapping [6]. Mining Robot Development - Keda Control collaborates with Yushu Technology to develop intelligent robots addressing challenges in complex and hazardous underground environments, aiming to enhance safety and reduce labor costs [2][9]. - The market for mining robots is substantial, with each mine requiring at least 10 inspection robots priced around 1 million CNY each, indicating a significant market capacity [11][12]. Financial Performance and Market Trends - The company’s performance is closely tied to the coal industry’s health, with coal prices having bottomed out in June 2025 and showing signs of recovery [17][18]. - Increased bidding activities and project investments are expected if coal companies recover by the end of the year, potentially improving Keda Control's performance in 2026 [3][18]. Acquisition of Haitu Technology - Keda Control is acquiring Haitu Technology to reduce costs and expand its application of intelligent technology into sectors like railways, military, and chemicals [5][19]. - This acquisition is expected to create synergies between Haitu's AI visual technology and Keda's AI solutions, enhancing both companies' market positions [19]. Challenges and Future Plans - The mining robot sector faces technical challenges, including autonomous capabilities, explosion-proof design, lightweight materials, and underground positioning and communication systems [14]. - Keda Control plans to establish a research and development base and aims to conduct underground trials by the end of next year, with a focus on overcoming these challenges [10][13]. Competitive Landscape in Charging Business - The charging station business is competitive, with declining profit margins due to regulatory changes and increased quality requirements [20]. - Keda Control is focusing on community charging, which offers more stability, and is implementing strategies to enhance operational efficiency and profitability [21]. Revenue Projections - Currently, Keda Control has four robot models generating approximately 10 million CNY in revenue, with plans to separately report robot product revenues starting in 2025 [21]. - The anticipated price for the multi-legged robot is over 1 million CNY, with an expected gross margin of around 50% [22]. Conclusion - Keda Control is strategically positioned in the smart mining and new energy sectors, with significant growth potential through technological advancements and market recovery in the coal industry. The company's focus on innovation and strategic partnerships is expected to drive future performance and market expansion [2][3][19].

Core Insights - The Shanxi sector showed strong performance on October 10, with an increase of 1.23%, and nearly 80% of stocks rising, indicating enhanced market confidence and activity [1][2] - Key contributors to this performance were energy stocks, particularly coal and electricity companies like Jinlihua Electric and Jinkong Coal [1] Stock Performance - Kexin Development stood out with a peak increase of 10.04%, marking its fourth consecutive day of gains with a total rise of 15.65% [1] - Jinlihua Electric also performed well, rising 6.73% from the previous trading day, with a cumulative increase of 8.72% over two days [1] - Among the declining stocks, Jinjian Biological, Dongjie Intelligent, Huaxiang Co., Northern Copper, and Keda Automation saw declines exceeding 1%, with Dongjie Intelligent experiencing a cumulative drop of 21.66% [1] Notable Contracts - Dongjie Intelligent recently signed a contract for an intelligent three-dimensional warehouse project with Henan Jiyuan Steel Group, valued at 50 million yuan, raising questions about its potential to reverse the ongoing decline [1]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage [5]. Core Insights - The company is recognized as the "first stock of smart mining" on the Beijing Stock Exchange, focusing on industrial internet technology for smart mining, IoT+, and smart municipal services [1][16]. - The company emphasizes R&D, with a high proportion of R&D personnel and significant investment in innovation, which is crucial for long-term growth [2][10]. - The market for mining robots is projected to be a trillion-dollar opportunity, with significant demand for inspection robots in coal mines [3][10]. - The collaboration with partners like Yushu Technology and Shanxi Coking Coal Group aims to address industry pain points and lead the transformation towards "embodied intelligence" in mining [4][10]. - The company plans to acquire a 51% stake in Haitu Technology to enhance its industrial internet capabilities and AI strategy [9][10]. Summary by Sections Company Overview - Founded in November 2000, the company is headquartered in Taiyuan, Shanxi Province, and was listed on the Beijing Stock Exchange in November 2021 [1][16]. - The company has developed a range of technologies and products for smart mining, including robots that have been recognized by national authorities [1][16]. R&D Focus - In 2024, the company has 278 R&D personnel, accounting for 43.2% of total employees, with a significant increase in patent holdings [2][10]. - The R&D expenditure for 2024 is projected at 51.24 million yuan, representing 11.81% of revenue, indicating a strong commitment to innovation [2][10]. Market Potential - The demand for inspection robots in coal mines is estimated at around 400,000 units, with a conservative market value exceeding 100 billion yuan [3][10]. - The company is positioned to capitalize on the growing trend of smart mining, supported by government policies and technological advancements [27][28]. Strategic Partnerships - The collaboration with Yushu Technology and Shanxi Coking Coal Group aims to create a comprehensive solution for mining automation, addressing the challenges of deploying multifunctional robots in complex environments [4][10]. - The partnership leverages the strengths of each company to overcome technological and operational barriers in the mining sector [4][10]. Financial Projections - The company forecasts net profits of 26.05 million yuan, 71.47 million yuan, and 101.26 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios indicating potential for value re-evaluation [10][11].

证券代码：831832 证券简称：科达自控 公告编号：2025-138 山西科达自控股份有限公司 2025 年第三次临时股东会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 9 月 29 日 2.会议召开地点：山西转型综合改革示范区太原学府园区长治路 227 号高新 国际 B 座公司会议室 3.会议召开方式：现场投票和网络投票相结合 6.召开情况合法合规的说明： 本次会议的召开符合《中华人民共和国公司法》及有关法律、法规和《公司 章程》的规定。 （二）会议出席情况 出席和授权出席本次股东会的股东共 25 人，持有表决权的股份总数 44,507,901 股，占公司有表决权股份总数的 42.5725%。 其中通过网络投票参与本次股东会的股东共 0 人，持有表决权的股份总数 0 股，占公司有表决权股份总数的 0%。 （三）公司董事、高级管理人员出席或列席股东会情况 1.公司在任董事 8 人，出席 8 人； 2.公司董事会秘书 ...

山 西 华 炬 律 师 事 务 所 关 于 山 西 科 达 自 控 股 份 有 限 公 司 2025 年 第 三 次 临 时 股 东 会 之 法律 意 见 书 太原市长风商务区长兴路1号华润大厦T4座34-35层 030000 34-35 / f, building T4, China resources building, no.1 changxing road, changfeng business district, taiyuan city. 电话/Tel：0351 -2715333\4\5\6\7\8\9 E-mail: office@huajulaw.com www.huajulaw.com 法律意见书 山西华炬律师事务所 关于山西科达自控股份有限公司 2025 年第三次临时股东会之 法律意见书 致：山西科达自控股份有限公司 根据《中华人民共和国公司法》(以下简称《公司法》)、《中华人民共和国 证券法》（以下简称《证券法》）、《山西科达自控股份有限公司章程》（以下 简称《公司章程》）、《上市公司股东会规则》（以下简称《规则》）的规定， 山西华炬律师事务所（以下简称"本所"）接受山西科达自控股份有限 ...

Core Insights - The collaboration aims to develop intelligent robots for mining, integrating autonomous navigation, multi-modal environmental perception, gas detection, and emergency response capabilities [1][2] - A joint research laboratory for specialized mining robots has been established by Shanxi Coking Coal Energy Group, Shanxi Keda Control Group, and Hangzhou Yushu Technology [1] - The partnership signifies the formation of an innovative consortium focused on technology research, pilot transformation, and practical application in mining [1][2] Technology Development - Hangzhou Yushu Technology will provide high-performance robotic bodies, while the Hangzhou AI Application Pilot Base will facilitate rapid technology transformation for harsh underground environments [2] - The consortium aims to address key issues of technology usability and effectiveness in mining operations [2] Application and Safety - Shanxi Coking Coal Energy Group will provide real underground application scenarios for testing and validation, ensuring the robots meet safety production standards [2] - Shanxi Keda Control Group will handle system integration and safety certification, focusing on compliance with coal mine safety regulations [2] Strategic Importance - The collaboration is seen as a direct response to the "Artificial Intelligence +" initiative, combining technological advantages with market needs in Shanxi [2]

山西科达自控股份有限公司 关于回购股份注销完成暨控股股东、实控人及其一致行动人 证券代码：831832 证券简称：科达自控 公告编号：2025-137 持股比例被动增加触及 1%整数倍的提示性公告 | 李更新 | 1,521,720 | 1.4107 | 1,521,720 | 1.4444 | | --- | --- | --- | --- | --- | | 高波 | 710,564 | 0.6587 | 710,564 | 0.6745 | | 季金荣 | 676,851 | 0.6275 | 676,851 | 0.6425 | | 常青 | 526,207 | 0.4878 | 526,207 | 0.4995 | | 段克非 | 306,184 | 0.2838 | 306,184 | 0.2906 | | 温晋忠 | 243,452 | 0.2257 | 243,452 | 0.2311 | | 张飚 | 147,311 | 0.1366 | 147,311 | 0.1398 | | 张志峰 | 124,618 | 0.1155 | 124,618 | 0.1183 | | 张永红 | 61,8 ...