Core Viewpoint - Coal stocks are experiencing an upward trend, driven by the onset of the heating season and strengthened safety regulations, which are expected to support coal prices in a fluctuating upward trajectory [1] Group 1: Market Performance - Major coal stocks such as Yanzhou Coal Mining (01171) rose by 5.62% to HKD 11.67, China Qinfa (00866) increased by 4.79% to HKD 3.06, China Coal Energy (01898) gained 3.2% to HKD 11.3, and China Shenhua (01088) went up by 2.47% to HKD 41.46 [1] - Port coal prices have remained above RMB 770 per ton, marking a mid-year high [1] Group 2: Price Outlook - According to Zhongtai Securities, coal prices are expected to maintain a fluctuating upward trend in November due to the heating season and comprehensive safety production assessments [1] - The report highlights that the coal sector has seen a significant cumulative decline this year, leading to low institutional holdings and a healthy chip structure, indicating that trading is not crowded [1] Group 3: Demand and Supply Dynamics - The constraints on coal supply due to "anti-involution" expectations and the release of demand from the "peak winter" expectations are contributing to a stable increase in coal prices [1] - The improvement in supply and demand dynamics is expected to catalyze further strengthening of coal prices, particularly with the non-electric coal entering its peak season [1] Group 4: Company Performance - The third-quarter reports from listed companies indicate a sequential improvement in the performance of thermal coal enterprises, confirming a bottoming out and upward trend in the industry [1] - Coking coal enterprises are experiencing lagging improvements in profitability due to long-term pricing mechanisms, but the overall upward trend remains intact [1] - The company continues to see investment opportunities in the new coal upcycle [1]

Group 1 - The coal stocks in the Hong Kong market experienced a collective surge, with notable increases in smaller coal companies such as Feishang Non-Smoking Coal, which saw a price increase of 108.33% [1][2] - Major coal companies also reported gains, including Yanzhou Coal Mining Company which rose over 5%, and China Qinfa Group which increased by 4.8% [1][2] - The recent extreme cold weather in northern China, with temperatures dropping to historical lows, has triggered the seasonal demand for coal, marking the beginning of the peak consumption period [1] Group 2 - The coal market faced a generally loose supply and insufficient demand in the first half of 2025, leading to a downward trend in coal prices [1] - However, the current seasonal demand and policy-driven supply reductions may create a shift in the supply-demand balance, potentially providing an opportunity for the coal sector to recover from its low valuation [1]

Core Viewpoint - China Qinfa's stock has increased by over 6%, reaching HKD 3.1, with a trading volume of HKD 9.1163 million, following the announcement of progress in coal mining development in Indonesia [1] Group 1: Company Developments - On November 3, China Qinfa announced that its wholly-owned subsidiary PT Trisula Sumber Energi (TSE) provided an update on coal mining development in South Kalimantan, Indonesia [1] - The TSE coal mine is located in the northern part of Kotabaru County, covering an area of 168 square kilometers, and is currently in the pre-operational planning stage, with construction expected to begin in Q1 2026 [1] Group 2: Financial Performance - In the first half of 2025, China Qinfa's Indonesian operations achieved a profit of CNY 24 million, an increase of CNY 6.7 million year-on-year, indicating improved profitability [1] - The company holds mining rights for five major mining areas in Indonesia, including SDE, TSE, SME, VSE, and IMJ, with the SDE mining area having a planned production capacity of 30 million tons [1] Group 3: Future Outlook - Given the development experience from the SDE mining area and advantages in resources, approvals, costs, and operational models, the company has significant growth potential and is expected to become a benchmark for overseas projects [1]

Group 1 - As of November 3, China Qinfa (00866.HK) increased by 5.48% [1] - Yanzhou Coal Mining (01171.HK) rose by 3.66% [1] - China Coal Energy (01898.HK) saw an increase of 1.64% [1]

Core Viewpoint - The company announces the latest development progress of its wholly-owned subsidiary PT Trisula Sumber Energi (TSE) in coal mining in South Kalimantan, Indonesia, highlighting the project's potential and timeline for construction [1] Group 1: Project Details - TSE coal mine is located in North Kotabaru, South Kalimantan, covering an area of 168 square kilometers, including parts of Kelumpang Hulu and Kelumpang Barat [1] - The mining business license (No. 03/1/IUP/PMA/2024) is valid for ten years until May 14, 2034, with a possibility of a ten-year extension [1] - Currently, the TSE coal mine is in the pre-operational planning stage and construction activities are expected to commence in the first quarter of 2026 [1] Group 2: Resource Estimates - The coal quality at TSE ranges from 4,990 to 6,056 kcal/kg, which is superior to the existing SDE coal mine's level of approximately 4,500 kcal/kg [1] - As of September 30, 2025, the estimated coal reserves at TSE are 379 million tons, with total estimated coal resources (proven + controlled) of 897 million tons [1]

格隆汇11月3日丨中国秦发(00866.HK)公布全资附属公司PT Trisula Sumber Energi("TSE")于印度尼西亚 南加里曼丹的煤矿开发进度最新情况。TSE煤矿("TSE煤矿")位于印度尼西亚南加里曼丹省哥打巴鲁县 北部，地处梅拉图斯山脉东麓地带。该采矿特许区面积达168平方公里，涵盖Kelumpang Hulu及 Kelumpang Barat部分地区。煤矿采矿经营许可证(编号：03/1/IUP/PMA/2024)的有效期为十年，直至 2034年5月14日，并可再续期十年。 TSE煤矿目前处于营运前规划阶段，尚未开始建设工程。公司预计将于2026年第一季度展开矿场建设活 动。根据TSE煤矿的合资格人士报告及SDE煤矿("SDE煤矿")的合资格人士报告，TSE煤矿的煤炭热值一 般介乎4,990至6,056千卡╱千克，整体优于集团现有SDE煤矿约4,500千卡╱千克的水平。截至2025年9 月30日，TSE煤矿的估计煤炭储量为378.79百万公吨("百万吨")及估计煤炭资源(探明的+控制的)为 897.14百万吨。 ...

香 港 交易 及 結 算 所 有限 公 司 和 香港 聯 合 交 易 所有 限 公 司 對 本公 佈 的 內 容概 不 負 責， 對 其 準 確 性或 完 整 性 亦不 發 表 任 何 聲明 ， 並 明 確 表示 概 不 就 因本 公 佈 全部 或 任 何 部 分內 容 而 產 生或 因 依 賴 該 等內 容 而 引 致 的任 何 損 失 承擔 任何責任。 中 國 秦 發 集 團 有 限 公 司 CHINA QINFA GROUP LIMITED （ 於開曼群島註冊成立的有限公司） （股份代號︰00866） 自願公佈 TSE煤礦之煤炭資源及 儲量的最新情況 本 公 佈 由 中 國 秦 發 集 團 有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司 統 稱「 本 集 團 」）自 願 作 出 ， 旨 在 向 本 公 司 股 東 及 潛 在 投 資 者 提 供 本 集 團 最 新 業 務 更 新。 本公司欣然宣佈，全資附屬公司PT Trisula Sumber Energi（「TSE」）於印度尼 西亞南加里曼丹之煤礦開發進度最新情況。 TSE煤礦（「TSE煤礦」）位於印度尼西亞南加里曼丹省哥打巴魯縣北 ...

Group 1 - The coal sector in Hong Kong has seen a general increase, with China Shenhua reaching a new high price, rising by 6% [1] - According to Guotai Junan's research report, the coal sector has confirmed a cyclical bottom expected in Q2 2025, with a reversal in supply-demand dynamics and sufficient release of downside risks [1] - Coal prices have exceeded 770 RMB/ton since the upward trend began on September 15, showing an unexpected increase driven by multiple favorable factors [1] Group 2 - Guosen Securities reports that while coal prices declined and profits for coal companies were poor in early 2024, a rebound in coal prices is expected in the second half of 2025, leading to improved profits for coal companies [1] - The coal sector has underperformed compared to other sectors, but a clear bottom has been established, and a rebound in Q4 is anticipated [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]

Investment Rating - The report maintains a "Buy" rating for the coal mining industry, indicating a positive outlook for the sector [4]. Core Insights - The U.S. coal energy agenda is accelerating, with Republican lawmakers proposing a "Coal Week" to bolster coal production and keep aging coal-fired power plants operational. This aligns with federal efforts to revitalize the coal industry, including plans to open 13 million acres of federal land for coal leasing and allocate approximately $625 million for restarting or modernizing coal power units [2][3]. - Competitive coal mining rights auctions are being held in Alabama, Montana, and Utah, serving as indicators of industry demand. However, early auction activities show mixed interest, with some land receiving minimal bids [3]. - The report highlights several key companies for investment, including Yancoal Energy, Jinneng Holding, and China Shenhua Energy, among others, emphasizing their performance resilience and potential for growth [6]. Summary by Sections Coal Prices - Coal prices have seen slight adjustments, with Newcastle port coal priced at $110.65 per ton, down by $0.8 from the previous week, and European ARA port coal at $96 per ton, down by $1.77 [31]. Market Trends - The report notes a marginal increase in coal power demand, indicating a potential recovery in the coal sector as energy needs shift [34]. Key Companies - Recommended stocks include: - China Qinfa (Buy) with projected EPS of 0.20 in 2024 - Jiangxi Tungsten (Buy) with projected EPS of -0.28 in 2024 - China Shenhua (Buy) with projected EPS of 2.95 in 2024 - Jinneng Holding (Buy) with projected EPS of 1.68 in 2024 - Yancoal Energy (Buy) with projected EPS of 1.44 in 2024 [6].