Group 1 - The Energy ETF (159930) opened with a gain of 0.59%, priced at 1.369 yuan [1] - Major holdings in the Energy ETF include China Shenhua, which rose by 10.01%, while China Petroleum fell by 0.12% [1] - The ETF's performance benchmark is the CSI Energy Index, managed by Huatai-PineBridge Fund Management Co., Ltd., with a return of 36.12% since its inception on August 23, 2013, and a return of 4.40% over the past month [1] Group 2 - Other notable stock movements include China Petrochemical rising by 0.18%, Shaanxi Coal and Chemical Industry increasing by 1.07%, and Yanzhou Coal Mining up by 1.00% [1] - The ETF also saw gains from Jereh Oilfield Services (0.96%), China Coal Energy (1.15%), Shanxi Coking Coal (0.14%), and Meijin Energy (1.31%) [1]

Core Viewpoint - Yanzhou Coal Mining Company Limited (兖矿能源) has signed an "Implementation Agreement" and "Equity Subscription Agreement" with Highfield Resources Limited, indicating a strategic investment move to acquire new shares through asset injection and cash subscription [1] Group 1 - The agreement with Highfield Resources is set to be executed on September 23, 2024, highlighting a future commitment to the partnership [1] - Highfield Resources has entered into a non-binding memorandum of understanding with Qinghai Salt Lake Industry Co., Ltd. and EMR Capital, which involves a cash subscription of approximately $300 million to become the largest shareholder of Highfield Resources [1] - Qinghai Salt Lake has notified Yanzhou Coal Mining that it will not proceed with the subscription transaction outlined in the memorandum of understanding [1]

格隆汇8月18日丨兖矿能源(01171.HK)发布公告，有关公司与高地资源正式签署《实施协议》及《股份 认购协议》，以及高地资源、青海盐湖、公司以及EMR Capital订立LOI。近日，公司收到青海盐湖通 知，彼等决定不进行LOI项下拟进行的青海盐湖认购交易。 本文作者可以追加内容哦 ! 公司与相关各方签署合作意向书及相关意见，是基于合作意愿签署的框架性、意向性的文件，各方并未 就青海盐湖认购交易签署正式合作协议文件。青海盐湖终止推进合作意向书项下交易不会对公司财务状 况和生产经营产生不利影响，不存在损害公司和中小股东利益的情形。追加内容 ...

格隆汇8月18日丨兖矿能源(01171.HK)发布公告，有关公司与高地资源正式签署《实施协议》及《股份 认购协议》，以及高地资源、青海盐湖、公司以及EMR Capital订立LOI。近日，公司收到青海盐湖通 知，彼等决定不进行LOI项下拟进行的青海盐湖认购交易。 公司与相关各方签署合作意向书及相关意见，是基于合作意愿签署的框架性、意向性的文件，各方并未 就青海盐湖认购交易签署正式合作协议文件。青海盐湖终止推进合作意向书项下交易不会对公司财务状 况和生产经营产生不利影响，不存在损害公司和中小股东利益的情形。 ...

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。 近日，本公司收到青海鹽湖通知，彼等決定不進行LOI項下擬進行的青海鹽湖認購交易。 本公司與相關各方簽署合作意向書及相關意見，是基於合作意願簽署的框架性、意向性的文件， 各方並未就青海鹽湖認購交易簽署正式合作協議文件。青海鹽湖終止推進合作意向書項下交易不 會對公司財務狀況和生產經營產生不利影響，不存在損害公司和中小股東利益的情形。 (在中華人民共和國註冊成立的股份有限公司) (股份代碼: 01171) 關於併購HIGHFIELD RESOURCES LIMITED的最新資料 本公告乃由兗礦能源集團股份有限公司（「本公司」）自願作出。 茲提述本公司日期為2024年9月23日及2025年5月12日的公告（「該等公告」），內容有關本公司 與高地資源正式簽署《實施協議》及《股份認購協議》，以及高地資源、青海鹽湖、本公司以及 EMR Capital訂立LOI。除另有界定者外，本公告所用詞彙與該等公告所界定者具有相同涵 ...

Investment Rating - The industry investment rating is "Positive" and maintained [9]. Core Viewpoints - The report highlights that the domestic raw coal production has turned negative year-on-year, with a significant increase in thermal power generation during the peak season. The report anticipates that the demand for thermal coal will remain resilient due to high temperatures and the upcoming "golden September and silver October" non-electric peak season, which may support continued price increases for thermal coal. The report also emphasizes the defensive allocation value of coal stocks due to their high dividend yield and low allocation in the current coal sector [2][12][25]. Supply Summary - Domestic raw coal production in July was 38.099 million tons, down 3.8% year-on-year and down 9.5% month-on-month. From January to July, the total production was 2.779 billion tons, up 3.8% year-on-year [6][15]. - The import of coal and lignite in July was 35.61 million tons, down 22.94% year-on-year but up 7.8% month-on-month. The cumulative import from January to July was 25.731 million tons, down 13.0% year-on-year [12][17]. Demand Summary - In July, thermal power generation increased by 4.3% year-on-year and 21.9% month-on-month, with total domestic power generation reaching 926.7 billion kWh, up 3.1% year-on-year and 16.4% month-on-month. The report notes that the demand for thermal coal is supported by high electricity consumption due to summer heat [25][26]. - The report indicates that the demand for non-electric coal, particularly in cement production, has decreased, with July cement output at 14.557 million tons, down 5.6% year-on-year [30][34]. Future Outlook - For thermal coal, the report expects continued upward price momentum due to sustained electricity demand driven by high temperatures and the upcoming non-electric peak season. Key factors to monitor include production checks and the sustainability of terminal demand [2][12]. - For coking coal, the report notes that supply is tight due to production controls and safety regulations, with short-term price stability expected. The report suggests that there may be opportunities for strategic allocation in coking coal following policy catalysts and the release of negative mid-term reports [2][12][35].

Investment Rating - The report maintains a "Positive" investment rating for the coal and fuel consumption industry [10]. Core Insights - Recent expectations of steel production restrictions have raised concerns about a potential decline in coking coal demand, which could suppress coking coal prices. However, historical data suggests that administrative production restrictions often lead to a rapid recovery in steel mill profits, reducing their willingness to pressure upstream material prices, resulting in a co-resonance price increase for both steel and coking coal. If steel production is reduced due to significant losses, both steel and coking coal prices tend to decline together [2][7]. - Looking ahead to 2025, steel mill profits remain favorable, and the motivation for voluntary production cuts is low. If administrative production cuts occur, there is potential for a co-resonance price increase in coking coal, leading to absolute returns in the equity sector [2][7]. Summary by Sections Recent Tracking - The coal index (Yangtze) fell by 0.81%, underperforming the CSI 300 index by 3.18 percentage points, ranking 30th out of 32 industries. As of August 15, the market price for Qinhuangdao thermal coal was 698 CNY/ton, up by 16 CNY/ton week-on-week. The price for main coking coal at Jingtang Port remained stable at 1610 CNY/ton [6][21]. - The supply of coking coal is tight due to production control measures and stricter safety regulations ahead of military parades, which may support prices in the short term [6][22]. Market Performance - The report highlights that the coal sector has seen a decline of 0.81% in the past week, with the thermal coal index down by 0.93% and the coking coal index down by 0.55% [21][27]. - The report also notes that the coal sector has increased by 4.80% over the past month and by 3.41% over the past year [29]. Investment Recommendations - The report recommends focusing on companies with strong fundamentals and potential for improvement, including: 1. Elastic stocks: Yanzhou Coal Mining Company, Jinneng Holding, Huayang Co., Lu'an Environmental Energy, Pingmei Shenma Energy, and Huaibei Mining. 2. Long-term stable profit leaders: China Coal Energy, China Shenhua Energy, and Shaanxi Coal and Chemical Industry. 3. Transition growth: Electric Power Investment [8]. Company Highlights - China Shenhua plans to acquire assets from the State Energy Group and raise funds through a share issuance [70]. - Jizhong Energy reported a 27.87% decline in revenue for the first half of 2025 [71]. - Lu'an Environmental Energy's coal production in July decreased by 9.13% year-on-year [72].

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle for the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [11][12] - The coal supply is constrained due to cautious production following the energy bureau's output verification notice, while non-electric demand remains resilient, indicating a "not-so-dull" market even in the off-season [3][11] - The coal market is expected to maintain price stability and potentially enter a new upward trend due to supply constraints and strong non-electric demand [3][11] Summary by Sections Coal Prices - As of August 16, the market price for Qinhuangdao port thermal coal (Q5500) is 695 CNY/ton, up 17 CNY/ton week-on-week [3][29] - The international thermal coal price for Newcastle NEWC5500 is 69.5 USD/ton, an increase of 1.5 USD/ton week-on-week [3][29] - The price for coking coal at Jingtang port remains stable at 1630 CNY/ton [3][31] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 93.4%, an increase of 2.5 percentage points week-on-week, while the utilization rate for coking coal mines is 83.89%, a decrease of 2.4 percentage points [3][47] - Daily coal consumption in inland provinces has decreased by 51.60 thousand tons/day (-12.61%) and in coastal provinces by 14.20 thousand tons/day (-5.64%) [3][48] Investment Recommendations - The report suggests focusing on high-performing coal companies such as China Shenhua, Shaanxi Coal and Energy, and others, emphasizing their high cash flow, dividends, and return on equity [12][13] - The coal sector is characterized by high performance, cash flow, and dividend yields, with a recommendation to accumulate during price corrections [11][12]

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - Coal inventory has decreased year-on-year for the first time, indicating a continuous improvement in the fundamentals of the coal industry [1] - The coal sector has underperformed compared to the CSI 300 index, with a decline of 0.77% as of August 15, 2025, while the CSI 300 index rose by 2.37% [2] - Key monitored enterprises reported an average daily coal sales volume of 7.15 million tons, a week-on-week increase of 1.9% and a year-on-year increase of 5.3% [2] - The total coal inventory of key monitored enterprises was 26.18 million tons as of August 14, 2025, a week-on-week decrease of 5.9% and a year-on-year decrease of 3.1% [2] - The supply-demand balance in the coal market is improving, with significant price increases for thermal coal and potential marginal improvements in the coking coal sector due to environmental factors [6] Summary by Sections Thermal Coal Industry Chain - As of August 15, 2025, the price index for thermal coal (Q5500K) in the Bohai Rim was 670 CNY/ton, a week-on-week increase of 0.3% [3] - The average daily sales volume of thermal coal increased by 0.6% week-on-week [2] Coking Coal Industry Chain - The main coking coal price at Jingtang Port was 1,630 CNY/ton, unchanged week-on-week [4] - The inventory of coking coal at Jingtang Port decreased by 5.4% week-on-week [4] Coal Chemical Industry Chain - The price of methanol in East China was 2,354.55 CNY/ton, a week-on-week decrease of 38.86 CNY/ton [5] - The price of urea in Henan was 1,700 CNY/ton, a week-on-week decrease of 50 CNY/ton [5] Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies and coking coal companies undergoing turnaround [6] - Key companies to watch include China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining Company for thermal coal; and Huabei Mining, Shanxi Coking Coal, and Lu'an Environmental Energy for coking coal [6]

Core Viewpoint - Yancoal Energy's stock price is reported at 13.05 yuan, reflecting a slight decline of 0.02 yuan or 0.15% from the previous trading day. The company expects a net profit of 4.65 billion yuan for the first half of the year, representing a year-on-year decrease of 38% [1] Group 1: Company Overview - Yancoal Energy primarily engages in coal and coal chemical businesses, being one of the major coal producers, sellers, and traders in China and Australia [1] - The company possesses a complete coal chemical industry chain, with acetic acid production capacity ranking among the top in the country [1] Group 2: Production and Sales Performance - In the first half of the year, the company's commodity coal production increased by 6.54% year-on-year, while sales volume decreased by 4.88% [1] - Chemical product production and sales grew by 11.59% and 7.27% respectively [1] Group 3: Financial Impact - The decline in performance is primarily attributed to the downward trend in coal prices [1] - The company has completed the acquisition of a 51% stake in Northwest Mining [1]