Core Viewpoint - Yanzhou Coal Mining Company (兖矿能源) has officially terminated the Implementation Agreement and Share Subscription Agreement with Highland Resources due to unmet conditions by the deadline, a decision made after careful consideration that will not adversely affect its current operations or development [1] Group 1: Agreement Termination - The company issued a written notice to Highland Resources to terminate both the Implementation Agreement and Share Subscription Agreement [1] - The termination was based on the failure to meet all the preconditions stipulated in the agreements by the final deadline [1] - The decision to terminate the agreements aligns with the terms set forth in the agreements and is deemed prudent by the company [1] Group 2: Impact on Operations - The termination of the agreements will not impact the company's existing production and operational activities [1] - There are no adverse effects anticipated on the company's development or on the interests of shareholders, particularly minority shareholders [1] Group 3: Future Plans - The company plans to proceed with the development of the Canadian potash mining project based on market principles, focusing on maintaining overall corporate interests [1]

Core Viewpoint - Yancoal Energy has terminated the Implementation Agreement and Share Subscription Agreement with Highland Resources due to unmet conditions by the deadline, a decision made after careful consideration that will not adversely affect the company's operations or shareholder interests [1] Group 1 - The company issued a written notice to Highland Resources, leading to the immediate termination of both agreements [1] - The termination aligns with the provisions of the agreements and is deemed a prudent decision by the company [1] - The company asserts that this decision will not impact its existing production and operational activities [1] Group 2 - The company emphasizes that the termination will not harm the interests of the company or its shareholders, particularly minority shareholders [1] - Moving forward, the company plans to advance the Canadian potash mining project based on market principles [1]

Core Viewpoint - Yancoal Energy has terminated the Implementation Agreement and Share Subscription Agreement with Highland Resources due to unmet conditions precedent, a decision made after careful consideration, which will not adversely affect the company's current operations or development [1] Group 1 - The termination of the agreements was communicated through a written notice, effective immediately upon issuance [1] - The decision aligns with the terms of the agreements and is aimed at protecting the overall interests of the company [1] - The company reassures that there is no harm to the interests of shareholders, particularly minority shareholders [1] Group 2 - Moving forward, Yancoal Energy plans to promote the subsequent work of the Canadian potash mining project based on market principles [1] - The company will provide updates on the progress of this project through future announcements [1]

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) 關於終止併購HIGHFIELD RESOURCES LIMITED的公告 茲提述本公司日期為2024年9月23日的公告（「該公告」），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》。除另有界定者外，本公告所用詞彙與該公告所界定者具有相同 涵義。 近日，因《實施協議》和《股份認購協議》約定的先決條件未能在最後截止日當日或之前全部滿 足或被豁免，本公司向高地資源發出了終止《實施協議》和《股份認購協議》的書面通知。書面 通知發出後，《實施協議》和《股份認購協議》立即終止。 終止《實施協議》和《股份認購協議》系本公司審慎研究後作出的決定，符合《實施協議》和 《股份認購協議》的約定，不會影響本公司現有生產經營活動，也不會 ...

Market Overview - The Hong Kong stock market opened lower but rebounded, with the Hang Seng Index closing up 0.22% at 26,446.56 points and a total turnover of HKD 290.2 billion [1] - The Hang Seng China Enterprises Index rose 0.21% to 9,384.76 points, while the Hang Seng Tech Index increased by 0.91% to 6,043.61 points [1] Blue Chip Performance - WuXi Biologics (02269) led blue-chip stocks, rising 6.47% to HKD 38.84, contributing 13.66 points to the Hang Seng Index [2] - Other notable blue-chip performers included Li Auto-W (02015) up 4.56% and Nongfu Spring (09633) up 4.11% [2] Sector Highlights - The large technology stocks mostly rose, with Alibaba up over 2% and Kuaishou up 1% [3] - The lithium battery sector saw significant gains, with CATL (03750) surging 7% to a new high [3] - The pharmaceutical sector also performed well, with Jiangsu Hengrui Medicine (02617) skyrocketing 115% [3] Policy and Industry Developments - The National Development and Reform Commission and the National Energy Administration announced a plan to achieve a new energy storage capacity of over 180 million kilowatts by 2027, with an investment of approximately RMB 250 billion [4] - The Ministry of Industry and Information Technology released a plan for the automotive industry aiming for 32.3 million vehicle sales in 2025, with a focus on new energy vehicles [6] Stock Movements - Jiangsu Hengrui Medicine (02617) experienced a dramatic increase of 115.58%, reaching HKD 415 [8] - Lion Group (02562) surged 25.34% to HKD 19.24 after announcing a binding investment agreement in AI and blockchain [9] - Shanghai Fudan (01385) faced pressure, dropping 3.77% to HKD 37.82, following its inclusion in the U.S. entity list [11]

Investment Rating - The report rates the coal industry as "Overweight" [4]. Core Viewpoints - Coal prices are expected to peak, with pressure remaining in the first half of 2026 but easing compared to the same period in 2025. Demand for electricity coal, combined with the elasticity of coal prices, is likely to lead to prices exceeding 800 RMB/ton in the second half of 2026 [2]. - The report recommends core companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy, while continuing to recommend Yanzhou Coal Mining and Jincheng Anthracite Mining [4]. Summary by Sections Demand and Supply Analysis - In July, national electricity consumption increased by 8.6% year-on-year, and thermal power generation rose by 4.3%, indicating a significant improvement in the supply-demand balance [4]. - Raw coal production in July was 380 million tons, a decrease of 40 million tons month-on-month, primarily due to extreme weather in Inner Mongolia and Shaanxi [4]. - For the second half of the year, production is expected to decline slightly due to "overproduction checks," with total production projected at 2.35 to 2.4 billion tons, maintaining year-on-year stability [4]. Price Trends - As of September 12, 2025, the price of Q5500 coal at Huanghua Port was 688 RMB/ton, down 3 RMB/ton (-0.4%) from the previous week [7]. - The price of Q5000 coal at Huanghua Port was 595 RMB/ton, down 8 RMB/ton (-1.3%) from the previous week [10]. - The report notes that domestic coal prices are stabilizing while imports continue to decline, leading to an overall downward trend in supply [4]. Focus on Coking Coal - As of September 12, 2025, the price of main coking coal at Jingtang Port was 1550 RMB/ton, unchanged from the previous week [35]. - The average price of metallurgical coke at major domestic ports was 1653 RMB/ton, down 43 RMB/ton (-2.5%) from the previous week [60]. Inventory and Production Rates - As of September 12, 2025, coking coal inventory at three major ports totaled 2.646 million tons, a decrease of 1.6% from the previous week [51]. - The operating rate of coking enterprises with production over 200 million tons was 79.18%, showing a slight increase [4]. Long-term Contracts - The annual long-term contract price for Q5500 coal at Northern Ports was 674 RMB/ton, up 6 RMB/ton (0.9%) month-on-month [33]. - The report indicates that long-term contract prices for coking coal remained stable compared to the previous week [69].

Group 1 - Coal stocks experienced significant gains in the afternoon, with Yanzhou Coal Mining (01171) up 5.81% to HKD 9.83, China Qinfa (00866) up 3.79% to HKD 3.01, China Shenhua (01088) up 2.42% to HKD 38.02, and China Coal Energy (01898) up 1.06% to HKD 9.57 [1] - On September 15, the domestic coking coal futures market saw a strong upward trend, with both coking coal and coke futures rising over 5% during the session [1] - A coal mine in Luliang, Shanxi Province, was reported to have suspended production on September 14, with an uncertain timeline for resumption and a certified capacity of 1.2 million tons [1] Group 2 - According to Zheshang Securities, the expectation of a seasonal downturn in September is suppressing coal prices, with spot prices gradually approaching long-term contracts, indicating a potential bottoming out and rebound in coal prices [1] - As coal prices align more closely with long-term contracts (with low calorific value discounts), downstream purchasing activity is expected to increase [1] - Looking ahead to the fourth quarter, supply and demand are anticipated to gradually balance, leading to a steady rise in coal prices, maintaining an "optimistic" rating for the industry [1]

Group 1 - Coal stocks saw significant gains in the afternoon, with Yanzhou Coal Mining (600188) up 5.81% at HKD 9.83, China Qinfeng (00866) up 3.79% at HKD 3.01, China Shenhua (601088) up 2.42% at HKD 38.02, and China Coal Energy (601898) up 1.06% at HKD 9.57 [1] - On September 15, the domestic coking coal futures market experienced a strong upward trend, with both coking coal and coke futures rising over 5% [1] - A coal mine in Luliang, Shanxi Province, was reported to have suspended operations on September 14, with an uncertain timeline for resumption and a certified production capacity of 1.2 million tons [1] Group 2 - Zheshang Securities (601878) noted that the seasonal expectations in September are suppressing coal prices, with spot prices gradually approaching long-term contracts, indicating a potential bottoming out and rebound in coal prices [1] - As coal prices align more closely with long-term contracts (with low calorific value discounts), downstream purchasing enthusiasm is expected to increase [1] - Looking ahead to the fourth quarter, supply and demand are anticipated to gradually balance, leading to a steady rise in coal prices, maintaining a "positive" outlook for the industry [1]

Core Viewpoint - Yanzhou Coal Mining Company Limited has experienced fluctuations in stock price and financial performance, with a notable decrease in revenue and net profit year-on-year, while maintaining a significant market presence in the coal industry [1][2]. Financial Performance - As of June 30, 2025, Yanzhou Coal reported operating revenue of 59.349 billion yuan, a year-on-year decrease of 17.93% [2]. - The net profit attributable to shareholders was 4.652 billion yuan, reflecting a year-on-year decline of 38.53% [2]. - Year-to-date stock price has decreased by 1.54%, but has shown a recovery in the last 5 days (+1.67%), 20 days (+3.79%), and 60 days (+9.46%) [1]. Shareholder Information - The number of shareholders increased to 147,800, up by 1.14% compared to the previous period [2]. - The company has distributed a total of 86.846 billion yuan in dividends since its A-share listing, with 42.377 billion yuan distributed in the last three years [3]. Stock Market Activity - On September 15, 2023, Yanzhou Coal's stock price rose by 2.13% to 13.42 yuan per share, with a trading volume of 397 million yuan and a turnover rate of 0.51% [1]. - The company’s total market capitalization reached 134.703 billion yuan [1]. Major Shareholders - As of June 30, 2025, major shareholders include Hong Kong Central Clearing Limited, holding 110 million shares, and various ETFs such as Huatai-PB CSI 300 ETF and Guotai CSI Coal ETF, which have increased their holdings [3].

Core Viewpoint - The coal supply-demand fundamentals are expected to improve due to the "check overproduction" policy leading to reduced output and the anticipated recovery in non-electric coal demand during the "golden September and silver October" peak season, providing upward price elasticity for both types of coal [1][3]. Group 1: Coal Price Dynamics - Thermal coal is categorized as a policy coal type, with expectations for prices to rebound to long-term contract prices, recently surpassing the second target price of around 700 CNY per ton [2]. - The current adjustment in prices is attributed to the seasonal transition from summer to autumn, which has weakened coal consumption, but the upcoming peak season is expected to drive prices up again, particularly in the chemical sector [2][3]. - Coking coal prices are more influenced by supply-demand fundamentals, with target prices based on the ratio of coking coal to thermal coal prices, indicating potential target prices of 1608 CNY, 1680 CNY, 1800 CNY, and 2064 CNY for different levels of market performance [2]. Group 2: Investment Opportunities - The coal sector exhibits dual attributes of cyclical elasticity and stable dividends, with many coal companies maintaining high dividend yields despite overall profit pressures [3]. - Six listed coal companies have announced interim dividend plans totaling 24.13 billion CNY, reflecting a strong commitment to shareholder returns [3]. - Key coal stocks benefiting from these trends include: - Cycle logic: Jin控煤业, 兖矿能源, 平煤股份, 淮北矿业, 潞安环能 - Dividend logic: 中国神华, 中煤能源, 陕西煤业 - Diversified aluminum elasticity: 神火股份, 电投能源 - Growth logic: 新集能源, 广汇能源 [3].