Core Viewpoint - Yanzhou Coal Mining Company Limited proposes to spin off its subsidiary, Kason Technology, for listing on the National Equities Exchange and Quotations, focusing on the development, production, and sales of industrial lubricants and greases [1] Financial Summary - As of June 30, 2025, Kason Technology has total assets of 3.555 billion yuan, total liabilities of 1.492 billion yuan, and net assets of 2.063 billion yuan [1] - For the first half of 2025, Kason Technology reported revenue of 1.535 billion yuan and a net profit of 43.5512 million yuan [1] Corporate Structure - After the proposed spin-off, Kason Technology will continue to be a controlled subsidiary of Yanzhou Coal Mining Company Limited [1]

Group 1 - The core viewpoint of the article is that Yanzhou Coal Mining Company Limited plans to spin off its subsidiary, Kason Technology Co., Ltd., and list it on the National Equities Exchange and Quotations (NEEQ) system, also known as the New Third Board [1] - Kason Technology is primarily engaged in the research, production, and sales of various industrial lubricants and greases [1] - The proposed spin-off, if successful, is expected to enhance Kason Technology's focus on its core lubricant business while leveraging its advantages in industrial lubricants and online oil monitoring technology [1] Group 2 - The spin-off aims to promote technological research and development in online oil monitoring and related hardware and software manufacturing [1] - This initiative is anticipated to drive innovation and improve the efficiency of results conversion, contributing to the development of the group's high-end equipment manufacturing sector [1] - The overall goal is to continuously expand the group's industrial scale through this strategic move [1]

Core Viewpoint - Yanzhou Coal Mining Company Limited plans to spin off its subsidiary, Kason Technology Co., Ltd., and list it on the National Equities Exchange and Quotations (NEEQ) to enhance its operational focus and market presence [1][2]. Group 1: Reasons and Benefits for Spin-off - The successful spin-off will allow Kason Technology to broaden its financing channels, increase investment in the industrial lubrication sector, and strengthen its market competitiveness, thereby enhancing the profitability and overall competitiveness of the high-end equipment manufacturing segment [2]. - The spin-off is expected to provide Kason Technology with greater market exposure and media attention, improving its brand image and credibility among customers, suppliers, and partners, which can attract talent and enhance its creditworthiness with financial institutions [2]. - During the spin-off process, Kason Technology will improve its financial systems, information disclosure mechanisms, and internal control systems, which will enhance management standards, financial transparency, and operational efficiency [2]. Group 2: Post Spin-off Implications - After the spin-off, the NEEQ will provide a market price reference for Kason Technology, allowing for a more accurate reflection of its value and enabling the capital market to reasonably evaluate the group's various business segments [3]. - The parent company will maintain control over Kason Technology and continue to consolidate its financial statements, ensuring that it benefits from Kason Technology's future business development and growth [3].

Core Viewpoint - Yanzhou Coal Mining Company Limited plans to spin off its subsidiary, Kason Technology Co., Ltd., and list it on the National Equities Exchange and Quotations (NEEQ) system, aiming to enhance its operational efficiency and market presence in the industrial lubricants sector [1] Group 1 - The proposed spin-off is expected to broaden Kason Technology's financing channels, allowing for increased investment in the industrial lubricants sector, thereby strengthening market competitiveness and expanding its product range [2] - The spin-off will enhance Kason Technology's market exposure and brand image, attracting talent and improving creditworthiness with financial institutions, which may facilitate easier access to loans and credit [2] - Kason Technology will improve its financial systems and internal controls in compliance with regulatory requirements during the spin-off process, leading to better management standards and operational efficiency [2] Group 2 - Post-spin-off, the NEEQ will provide a market price reference for Kason Technology, allowing for a more accurate reflection of its value and enabling better valuation of the group's various business segments [3] - The company will maintain control over Kason Technology after the spin-off, continuing to consolidate its financial statements, thus benefiting from Kason Technology's future growth and development [3]

內幕消息 建議分拆卡松科技於全國中小企業股份轉讓系統掛牌 兗礦能源集團股份有限公司（「本公司」，連同其附屬公司，統稱「本集團」）根據香港聯合交易所有限公司（「香 港聯交所」）證券上市規則（「香港上市規則」）第13.09(2)條以及香港法例第571章證券及期貨條例第XIVA部項下 內幕消息條文（定義見香港上市規則條文）刊發本公告。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，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告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失 承擔任何責任。 兗礦能源集團股份有限公司 YANKUANG ENERGY GROUP COMPANY LIMITED* （在中華人民共和國註冊成立的股份有限公司） （股份代碼：01171） 本公司董事會（「董事會」）欣然宣佈，本公司擬將控股附屬公司卡松科技股份有限公司（「卡松科技」）分拆並於 全國中小企業股份轉讓系統（「全國中小企業股份轉讓系統」，即「新三板」）掛牌（「建議分拆」）。卡松科技已於 2025年9月22日向全國中小企業股份轉讓系統有限責任公司（「全國中小企業股份轉讓系統有限責任公司」 ...

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [4] Core Viewpoints - The coal supply is expected to significantly improve the supply-demand balance due to ongoing production checks and a reduction in coal output [5][39] - In August 2025, the national raw coal production was 39,049.7 million tons, a year-on-year decrease of 3.2%, marking two consecutive months of negative growth [5][11] - The policy of "checking overproduction" has accelerated the contraction of supply, leading to a notable shift in production trends [5][39] - The domestic coal price has been under pressure, with northern port prices remaining at or below 650 yuan/ton, impacting the operations of coal companies in key production areas [7][41] - The coal industry is expected to enter a new phase of supply-demand rebalancing driven by policy changes, with a potential price floor at 700 yuan/ton [7][41] Summary by Sections Coal Production - In August 2025, coal production in Shanxi decreased by 6.7% year-on-year, while Inner Mongolia and Shaanxi saw slight increases of 0.3% and 1.1%, respectively [5][11] - The production checks initiated by the National Energy Administration have significantly influenced the supply contraction process [5][41] Coal Imports - In August 2025, coal imports were 42.74 million tons, a year-on-year decrease of 6.7%, continuing a six-month trend of declining imports [6][19] - The cumulative coal imports from January to August 2025 were 29,994 million tons, down 12.2% year-on-year [6][19] Investment Recommendations - Recommended stocks include high-dividend and stable performance coal companies such as China Coal Energy, China Shenhua Energy, and Shaanxi Coal and Chemical Industry [7][41] - Attention is also suggested for companies with high dividends and elasticity, such as Yanzhou Coal Mining Company [7][41]

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - A V-shaped reversal in coal prices is anticipated, with winter prices expected to reach 800 CNY/ton. The long-term contracts are supporting spot prices, and policy-driven sentiment is leading to significant price increases. The long-term contract prices for September are 674, 613, and 551 CNY/ton for 5500, 5000, and 4500 kcal respectively, with the CCI index showing slight variations [6][26] - The coal market is expected to see a balance between supply and demand gradually, with prices steadily rising. The report maintains a "Positive" rating for the industry and suggests focusing on flexible thermal coal companies and those in turnaround situations in coking coal and coke sectors [6][26] Summary by Sections Coal Sector Performance - The coal sector outperformed the CSI 300 index, with a weekly increase of 3.59% as of September 19, 2025, while the index fell by 0.44%, resulting in a 4.03 percentage point outperformance. A total of 24 stocks in the sector rose, with Yongtai Energy showing the highest increase of 13.42% [2] - Key monitored enterprises reported an average daily coal sales volume of 7.22 million tons for the week of September 12-18, 2025, a week-on-week increase of 5.3%. The average daily production was 7.18 million tons, also up 4.8% week-on-week and 4.4% year-on-year [2][24] Price Trends - As of September 19, 2025, the price of thermal coal (Q5500K) in the Bohai Rim was 676 CNY/ton, a week-on-week increase of 0.15%. The import price index for thermal coal was 812 CNY/ton, up 4.5% week-on-week. Prices at various ports and production areas also showed increases [3] - The price of coking coal at Jingtang Port was 1610 CNY/ton, up 3.9% week-on-week, while the futures settlement price for coking coal was 1216 CNY/ton, reflecting a 6.9% increase [4] Supply and Demand Dynamics - The total coal inventory monitored was 25.54 million tons as of September 18, 2025, a decrease of 1% week-on-week and 6% year-on-year. The cumulative sales volume of key monitored enterprises was 180.46 million tons, down 2.4% year-on-year [2][24] - The report indicates that the demand from the power and chemical industries has varied, with coal consumption in the power sector down 2.9% year-on-year, while the chemical sector saw an increase of 16% [2][24] Investment Recommendations - The report recommends focusing on companies in the thermal coal sector such as China Shenhua, Shaanxi Coal and Chemical Industry, and others, as well as coking coal companies like Huabei Mining and Shanxi Coking Coal. It also highlights companies in the coke sector that are expected to see profit improvements [6][26]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The report indicates that the coal economy is at the beginning of a new upward cycle, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [3][13] - The report highlights that coal prices have shown signs of stabilization, and there is an expectation for price increases due to seasonal demand and supply constraints [5][13] - The report emphasizes the continued investment logic of coal capacity shortages, with a short-term balance and a long-term gap in supply [13][14] Summary by Sections Coal Price Tracking - As of September 19, the market price for Qinhuangdao port thermal coal (Q5500) is 699 CNY/ton, an increase of 21 CNY/ton week-on-week [4][31] - The price for coking coal at Jingtang port is 1610 CNY/ton, up 60 CNY/ton week-on-week [4][33] - International thermal coal prices have also seen fluctuations, with Newcastle thermal coal at 69.6 USD/ton, a week-on-week increase of 0.4 USD/ton [4][31] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.7%, an increase of 2.4 percentage points week-on-week [4][48] - Daily coal consumption in inland provinces has increased by 4.10 thousand tons/day (+1.22%) [5][13] - The report notes that the supply side is still constrained by policies, and the demand is expected to rise as winter heating needs begin [5][13] Industry Performance - The coal sector has shown a weekly increase of 3.59%, outperforming the broader market [16] - The report identifies key companies to focus on, including China Shenhua, Shaanxi Coal, and others, highlighting their stable operations and strong performance [14][16]

煤炭板塊重點股兗州煤業（01171）近期走勢引發市場關注，股價在資源板塊輪動中尋找明確方向。截止14点32分，股價升4.91%，報10.48元，突破保力加通道底部。 從技術分析角度觀察，兗煤當前RSI指標處於68水準，接近超買區域但尚未完全進入，技術指標總結信號顯示"賣出"，顯示賣壓相對溫和。多個震盪指標呈 現分歧走勢，動量震盪指標發出買入信號，但變動率指標卻顯示賣出信號，這種技術面矛盾預示短期可能維持震盪格局。 在關鍵價位分析方面，兗煤當前第一支持位設於9.7元，第二支持位則在9.4元水準，這兩個價位將成為短期重要防守關口。上方阻力位方面，第一阻力位 10.7元與第二阻力位11.1元構成明顯壓力區間，特別是10.7元關口將成為多空雙方爭奪的焦點。從移動平均線系統觀察，MA10的9.75元高於MA30的9.46元和 MA60的9.09元，整體維持多頭排列格局，為股價提供技術支撐。 對於衍生產品投資者而言，在當前市況下，您更傾向於選擇低槓桿穩健型產品還是高槓桿進攻型產品？歡迎分享您對兗煤後市的看法與交易策略，別忘了關 注「港股窩輪Jenny」帳號，獲取更多港股衍生工具的最新分析與專業建議，助您在板塊輪動中把握投 ...

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