Investment Rating - The report maintains a "Buy" rating for key coal companies such as China Shenhua, Shaanxi Coal and Energy, and Yancoal Australia, while recommending "Hold" for Pingmei Shenma Energy [8]. Core Insights - The coal market is experiencing a seasonal price increase, with domestic thermal coal prices rising by 25 CNY/ton and coking coal prices by 120 CNY/ton, driven by geopolitical tensions and increased demand from the coal chemical sector [1][5]. - The report emphasizes the potential for coal prices to reach the 1000 CNY/ton mark as supply constraints and high demand continue to support price increases [1][5]. - The ongoing geopolitical conflicts, particularly the US-Iran tensions, are expected to further elevate energy prices and reshape global trade dynamics, benefiting domestic coal producers [2][9]. Industry Trends - **Thermal Coal**: The demand for chemical coal is improving, and daily consumption is increasing year-on-year, leading to further price increases. As of March 27, 2026, the price of thermal coal at northern ports reached 762 CNY/ton, up 25 CNY/ton from the previous week [29][35]. - **Coking Coal**: Coking coal prices are also on the rise due to low inventory levels at production sites and increased purchasing activity from downstream industries. The price of low-sulfur coking coal reached 1570 CNY/ton, reflecting a 120 CNY/ton increase week-on-week [36][39]. - **Market Dynamics**: The report notes that while prices are increasing, there is a growing fear of high prices among traders, which may lead to reduced trading activity at northern ports. However, the overall demand from coal chemical sectors and some recovery in steel production is providing support for prices [13][32]. Key Companies to Watch - The report highlights several companies positioned to benefit from the current market conditions, including: - China Shenhua [8] - Shaanxi Coal and Energy [8] - Yancoal Australia [9] - Pingmei Shenma Energy [8] - Other notable mentions include Keda Control and China Qinfa [9].

证券代码：920932 证券简称：科达自控 公告编号：2026-018 山西科达自控股份有限公司 关于召开 2026 年第二次临时股东会通知公告（提供网络投票） 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、会议召开基本情况 （一）股东会届次 本次会议为 2026 年第二次临时股东会。 （二）召集人 本次股东会的召集人为董事会。 召开本次会议的议案已于 2026 年 3 月 25 日经公司第五届董事会第八次会议 审议通过。 本次会议的召开符合《公司法》《公司章程》《股东会议事规则》的规定。 （四）会议召开方式 本次会议采用现场投票和网络投票相结合方式召开。 公司股东应选择现场投票或网络投票表决方式的一种方式，如果同一表决 权出现重复投票表决的，以第一次投票表决结果为准。 （五）会议召开日期和时间 1、现场会议召开时间：2026 年 4 月 9 日 15:30。 2、网络投票起止时间：2026 年 4 月 8 日 15:00—2026 年 4 月 9 日 15:00。 登记在册的股东可通过中国证券登 ...

证券代码：920932 证券简称：科达自控 公告编号：2026-015 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2026 年 3 月 25 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：现场结合通讯方式 4.发出董事会会议通知的时间和方式：2026 年 3 月 20 日以电子邮件方式发 出 5.会议主持人：董事长付国军先生 山西科达自控股份有限公司 第五届董事会第八次会议决议公告 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。 会议应出席董事 9 人，出席和授权出席董事 9 人。 二、议案审议情况 （一）审议通过《关于提名付磊先生为公司第五届董事会非独立董事候选人的议 案》 1.议案内容： 因公司内部工作调整，常青先生于近日申请辞去董事、审计委员会委员职 务。为满足公司战略发展需要，进一步推进干部年轻化、知识化建设，根据《公 司法》及《公司章程》的有关规定，拟提名付磊先生为第五届董事会非独立董 事候选人，任 ...

证券代码：920932 证券简称：科达自控 公告编号：2026-014 山西科达自控股份有限公司 股东减持股份结果公告 本公司及董事会全体成员及相关股东保证公告内容不存在虚假记载、误导性 陈述或重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 | 股东名称 | 股东身份 | 持股数量 | 持股比例 | 当前持股股份来源 | | --- | --- | --- | --- | --- | | | | （股） | （%） | | | 李惠勇 | 控股股东、 | 13,709,314 | 13.0131% | 上市前取得（含权益 | | | 实控人的一 | | | 分派转增股） | | | 致行动人 | | | | | 陈浩 | 控股股东、 | 2,031,366 | 1.9282% | 上市前取得（含权益 | | | 实控人的一 | | | 分派转增股）、股权 | | | 致行动人 | | | 激励 | | 季金荣 | 控股股东、 | 676,851 | 0.6425% | 上市前取得（含权益 | | | 实控人的一 | | | 分派转增股）、股权 | | | 致行动人 | | | 激励 | | 段克非 ...

证券代码：920932 证券简称：科达自控 公告编号：2026-016 山西科达自控股份有限公司董事变动公告 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、董事任命的基本情况 山西科达自控股份有限公司于 2026 年 3 月 25 日召开了第五届董事会第八次会议， 审议通过了《关于提名付磊先生为公司第五届董事会非独立董事候选人的议案》，表决 结果为同意 9 票，反对 0 票，弃权 0 票。 二、董事离任的基本情况 本公司常青先生，因内部工作调整，自 2026 年 3 月 25 日起不再担任董事、审计委 员会委员。该人员持有公司股份 526,207 股，占公司股本的 0.4995%，不是失信联合惩 戒对象，离任后继续担任企管部负责人及控股子公司董事长职务，不存在未履行完毕的 公开承诺。 三、合规性说明及影响 （一）人员变动的合规性说明 上述人员变动未导致公司董事会成员人数低于法定最低人数，未导致董事会中兼任 高级管理人员的董事和由职工代表担任的董事人数超过公司董事总数的二分之一，未导 致董事会或者其专 ...

证券代码：920932 证券简称：科达自控 公告编号：2026-017 主任委员：王东升先生 调整后的审计委员会成员：王东升先生、杨少华先生、王鹏文先生 主任委员：王东升先生 二、本次调整对公司的影响 山西科达自控股份有限公司 关于调整第五届董事会审计委员会委员的公告 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。 山西科达自控股份有限公司（以下简称"公司"）于 2026 年 3 月 25 日召开 公司第五届董事会第八次会议，审议通过了《关于改选第五届董事会审计委员会 委员的议案》，现将有关情况公告如下： 一、关于调整第五届董事会审计委员会委员的基本情况 因公司内部工作调整，常青先生于近日申请辞去董事、审计委员会委员职务。 为保障审计委员会正常运行，满足公司战略发展需要，进一步推进干部年轻化、 知识化建设，改选王鹏文先生为董事会审计委员会委员，任期自本次董事会审议 通过之日起至第五届董事会任职届满之日止。 调整前的审计委员会成员：王东升先生、杨少华先生、常青先生 董事会 2026 年 3 月 25 日 ...

证券代码：920932 证券简称：科达自控 公告编号：2026-013 山西科达自控股份有限公司 关于变更项目合伙人及签字注册会计师的公告 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。 山西科达自控股份有限公司（以下简称"公司"）于 2025 年 12 月 11 日召 开第五届董事会第六次会议、2025 年 12 月 30 日召开 2025 年第四次临时股东 会，审议通过《关于拟续聘大华会计师事务所（特殊普通合伙）为山西科达自控 股份有限公司 2025 年年度审计机构的议案》，同意续聘大华会计师事务所（特殊 普通合伙）为公司 2025 年度审计机构。 （一）基本信息 项目合伙人：左丽志女士，2004 年 10 月成为注册会计师，2020 年 10 月开 始从事上市公司审计，2017 年 5 月开始在大华所执业，2021 年开始为公司提供 审计服务；近三年签署上市公司审计报告 2 家。 项目签字注册会计师：陈晓强先生，拥有注册会计师执业资质，自 2020 年 9 月起至今在大华会所从事审计工作，2021 ...

AI Industry Insights - In February 2026, China's AI model API usage surpassed the US for the first time, with 41.2 trillion tokens compared to the US's 29.4 trillion tokens[5] - The average daily usage of large models in China increased by 263% from H1 2025 to H2 2025, reaching 37 trillion tokens[12] - The demand for domestic computing power is experiencing exponential growth, driven by the rapid adoption of AI technologies[5] Market Performance - The median price change for technology growth stocks on the Beijing Stock Exchange was +0.70% from February 24 to February 27, 2026, with 63% of companies showing an increase[37] - Notable gainers included *ST Yun Chuang (+29.55%), Ke Li Co. (+21.79%), and Tonghui Information (+19.06%) during the same period[37] Valuation Metrics - The median TTM P/E ratio for the mechanical equipment sector rose from 44.0X to 50.0X, while the electronic equipment sector's median P/E increased from 60.5X to 61.0X[43][44] - The median market capitalization for electronic equipment companies increased from 22.4 billion yuan to 23.2 billion yuan[44] Sector Developments - The Beijing Stock Exchange has 28 companies in the AI+ industry chain, covering various segments such as computing power services, AI applications, and AI-powered products[31][32] - The AI computing market in China is projected to reach $25.9 billion in 2025, reflecting a year-on-year growth of 36.2%[26]

Financial Performance - The company's operating revenue for the reporting period was ¥334,001,191.97, a decrease of 22.98% compared to the same period last year [3]. - The total profit for the period was -¥59,983,192.89, representing a decline of 279.56% year-over-year [3]. - The net profit attributable to shareholders was -¥58,564,156.62, down 269.69% from the previous year [3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥61,994,154.87, a decrease of 358.43% compared to last year [3]. - The basic earnings per share were -¥0.56, compared to ¥0.46 in the same period last year, a decline of 221.74% [3]. - The weighted average return on net assets (after deducting non-recurring gains and losses) was -9.33%, compared to 3.36% in the previous year [3]. Assets and Equity - Total assets at the end of the reporting period were ¥1,619,397,785.00, an increase of 8.28% from the beginning of the period [5]. - Shareholders' equity attributable to the parent company was ¥636,801,038.14, a decrease of 8.38% from the beginning of the period [5]. Revenue Decline Factors - The decline in revenue was primarily due to the cyclical adjustment in the coal industry, leading to reduced capital expenditure and slower project implementation in the smart mining sector [6]. - Increased operating expenses and reduced other income contributed to the overall decline in profitability during the reporting period [6].

Investment Rating - The report maintains an "Overweight" rating for the coal mining sector [4] Core Insights - The coal market is currently influenced by external factors, particularly the proposed significant production cuts by Indonesia, which could lead to a global coal supply shortage and increased prices [2][13] - The report emphasizes the importance of overseas markets over domestic ones, suggesting that any "black swan" events in these markets could significantly impact coal prices [2] - The report highlights the "Overseas 3 Small Coal" concept, focusing on companies with international operations that are likely to benefit from the anticipated price increases [2][13] Summary by Sections Market Overview - The CITIC Coal Index was reported at 3868.96 points, a decrease of 0.61%, outperforming the CSI 300 Index by 0.72 percentage points [76] - The report notes that the coal market lacks imagination under current fundamental conditions, but high coal prices could enhance company valuations if unexpected events occur [1][2] Key Areas of Analysis - The report discusses the impact of Indonesia's proposed production cuts, which could reduce output by 40% to 70% compared to 2025 levels, potentially leading to a significant tightening of the global coal market [1][2] - It also mentions that the domestic coal market is expected to experience a dual weakness in supply and demand as the Chinese New Year approaches, with prices likely to stabilize [33][38] Investment Strategy - The report recommends focusing on companies with international coal sales, specifically highlighting China Qinfa (Indonesia), Power Development (South Africa), and Yancoal Australia (Australia) as key investment opportunities [2][13] - It also suggests that Yancoal Australia's parent company, Yanzhou Coal, should be closely monitored [13] Price Trends - As of February 6, 2026, the spot price for thermal coal at northern ports was reported at 697 RMB/ton, reflecting a slight increase of 2 RMB/ton week-on-week [33] - The report indicates that while the market is currently stable, the sentiment is optimistic due to the supply constraints from Indonesia, which may lead to price increases post-holiday [33][35] Focused Companies - The report recommends several companies for investment, including China Shenhua, Shaanxi Coal, and Zhongmei Energy, based on their performance and market positioning [10][13] - It also highlights the importance of companies like Keda Control and China Qinfa, which are positioned to benefit from market changes [13]