Market Overview - On November 21, the Xinjiang state-owned enterprise reform sector fell by 3.41% compared to the previous trading day, with Baodi Mining leading the decline [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Notable stock movements included: - Beixin Road and Bridge (002307) rose by 9.92% to a closing price of 5.21, with a trading volume of 1.6997 million shares and a turnover of 862 million yuan [1] - Baodi Mining (601121) fell by 9.92% to a closing price of 66.9, with a trading volume of 386,900 shares and a turnover of 278 million yuan [2] - Other significant declines included: - Zhun Oil Co. (002207) down 8.29% to 7.96 [2] - Guanyi Co. (600251) down 5.56% to 8.67 [2] Capital Flow Analysis - The Xinjiang state-owned enterprise reform sector experienced a net outflow of 31.4271 million yuan from main funds, while retail investors saw a net inflow of 13.9266 million yuan [2][3] - Key capital flows for selected stocks included: - Beixin Road and Bridge had a main fund net inflow of 2.61 million yuan, but retail funds saw a net outflow of 1.44 million yuan [3] - Zhongtai Chemical (002092) had a main fund net inflow of 550.65 thousand yuan, while retail funds experienced a net outflow of 2.52974 million yuan [3]

Core Viewpoint - Xinjiang Tianye announced a joint venture with Xinjiang Tianchi Energy to leverage their respective strengths and resources in Xinjiang for coal chemical projects [1] Group 1: Joint Venture Details - The joint venture will be established with Xinjiang Tianye holding a 51% stake and Tianchi Energy holding a 49% stake [1] - The joint venture aims to focus on coal-to-new materials and explore sustainable development in modern coal chemistry [1] Group 2: Project Objectives - The joint venture will apply for new coal chemical projects in the Zhunguo National Coal Chemical Base [1] - The company intends to introduce advanced clean production technologies to reduce energy consumption and pollutant emissions [1] Group 3: Responsibilities and Contributions - Xinjiang Tianye will handle the necessary approvals, registrations, and daily management of the joint venture [1] - Tianchi Energy will provide necessary materials and prioritize coal supply for the joint venture under equal conditions [1]

证券研究报 告 新疆周报（20251110-20251116） 推荐（维持） 新疆天业拟与天池能源设立合资公司 行业研究 基础化工 2025 年 11 月 17 日 华创证券研究所 证券分析师：杨晖 邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 证券分析师：陈俊新 邮箱：chenjunxin@hcyjs.com 执业编号：S0360525040001 行业基本数据 相关研究报告 《新疆周报（20251027-20251102）：国家能源 集团哈密煤制油配套 1500 万吨煤矿项目获批》 2025-11-03 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 ❑ 本周新疆指数 131.19，环比+1.29%；新疆煤化工投资指数 129.74，环比- 0.48%；新疆国企改革指数 133.26，环比+2.30%。本周涨幅前三：合金投资 （000633.SZ）上涨+20.85%，中基健康（000972.SZ）上涨+13.03%，ST 天山 （300313.SZ）上涨+11.87%。本周跌幅前三：东华科技（002140.SZ）下跌- 5.61%，特变电工（ ...

Core Viewpoint - Xinjiang Tianye and Tianchi Energy have established a joint venture to explore new opportunities in the coal chemical industry, leveraging their respective strengths and resources in Xinjiang [1][2] Group 1: Joint Venture Formation - The joint venture will be 51% owned by Xinjiang Tianye and 49% by Tianchi Energy, focusing on coal chemical projects [1] - The partnership aims to promote the early-stage work of coal chemical projects in the region [1] Group 2: Resource and Production Capacity - Tianchi Energy holds exploration rights for four coal mines in Xinjiang, with a total proven coal reserve of 12.6 billion tons and an approved production capacity of 74 million tons per year [1] - The company has initiated a coal-to-natural gas project with a capacity of 20 billion cubic meters per year, which commenced construction at the end of September [1] Group 3: Market Demand and Future Outlook - China's natural gas consumption is projected to reach 426 billion cubic meters in 2024, with imports accounting for 181.7 billion cubic meters [2] - By 2030, natural gas consumption is expected to grow to approximately 550 to 600 billion cubic meters, indicating a strong market for coal-to-gas projects as domestic alternatives to imported gas [1][2] Group 4: Strategic Importance - The establishment of the joint venture aligns with Xinjiang Tianye's strategic development goals and is seen as a significant step for the company's future growth [2] - The joint venture will focus on sustainable development in coal chemical production by adopting advanced clean production technologies and optimizing processes to reduce energy consumption and emissions [2]

Group 1 - The resignation of non-independent director Cao Xinfeng was reported on November 14, 2025, due to work adjustments, and his resignation took effect immediately upon delivery to the board [2][3] - The company received a resolution from the labor union on the same day, electing Li Jinying as the employee director of the ninth board of directors [2][4] - Cao Xinfeng's departure will not affect the board's normal operation or the company's daily business, as he has completed the necessary handover and does not hold any company shares [3][4] Group 2 - The company plans to establish a joint venture named Xinjiang Tiantian United New Materials Co., Ltd., with a registered capital of 50 million yuan, where the company will contribute 25.5 million yuan for a 51% stake [8][9] - The joint venture aims to focus on modern coal chemical green low-carbon technologies and will be based in the coal chemical project in the Quanzhong National Coal Chemical Base [10][24] - The investment has been approved by the company's board and does not require shareholder approval, as it does not meet the threshold for such a requirement [11][24] Group 3 - The joint venture will be governed by a board consisting of five members, with three appointed by the company and two by Tianchi Energy, ensuring a balanced representation [14] - The company will utilize its chemical production management experience to oversee the joint venture's operations and ensure compliance with relevant regulations [19] - The joint venture is expected to contribute positively to the company's strategic development and long-term operational goals [24]

Core Viewpoint - Xinjiang Tianye (600075) announced the election of Li Jinying as the employee director of the company's ninth board of directors [1] Company Summary - Xinjiang Tianye has made a significant governance change by electing a new employee director, which may impact the company's decision-making processes and employee representation [1]

Group 1: China Construction - The total new contracts signed by China Construction from January to October reached 3.61 trillion yuan, representing a year-on-year increase of 1% [1] Group 2: Changyuan Power - Changyuan Power's subsidiary received approval for the 100MW wind power project in Songzi, Hubei [2] Group 3: China Metallurgical Group - China Metallurgical Group reported a total new contract amount of 845.07 billion yuan from January to October, a decrease of 11.8% year-on-year, while overseas contracts increased by 7.3% to 71.16 billion yuan [4] Group 4: Shapuaisi - Shapuaisi received approval for clinical trials of deoxycorticosterone ketone solution, intended for use during cataract surgery [5] Group 5: Jianfeng Group - Jianfeng Group's subsidiary received approval for clinical trials of a new drug for treating advanced non-squamous non-small cell lung cancer [7] Group 6: Chongqing Steel - Chongqing Steel announced the resignation of its president Meng Wenwang due to work adjustments [8] Group 7: Tianma Technology - Tianma Technology reported an output of approximately 1732.99 tons of eel in October, with a total output of about 15218.73 tons from January to October [10] Group 8: Qingyuan Co. - Qingyuan Co.'s controlling shareholder reduced holdings of convertible bonds by 685,400 units, accounting for 13.71% of the total issuance [11] Group 9: Spring Airlines - Spring Airlines reported a passenger turnover of 506,200.49 million kilometers in October, a year-on-year increase of 20.06% [12] Group 10: China Merchants Port - China Merchants Port reported a total container volume of 17.1714 million TEUs from January to October, a year-on-year increase of 5.1% [13] Group 11: Yangdian Technology - Yangdian Technology announced a change in control following a share transfer [15] Group 12: Wanfu Biology - Wanfu Biology decided to postpone the implementation of its Knowledge City production base project [16] Group 13: Iwu Biology - Iwu Biology terminated the research project for a specific drug, which will reduce its 2025 net profit by approximately 333.79 million yuan [17] Group 14: Hainan Rubber - Hainan Rubber received an insurance payout of 22.9241 million yuan due to revenue loss from rubber price fluctuations [19] Group 15: Xinjiang Tianye - Xinjiang Tianye plans to establish a joint venture with Tianchi Energy to develop coal chemical projects [20] Group 16: China Coal Energy - China Coal Energy's executive director and president Zhao Rongzhe resigned due to reaching retirement age [22] Group 17: Huading Co. - Huading Co. received approval for a stock issuance to specific investors from the Shanghai Stock Exchange [24] Group 18: Zhongmu Co. - Zhongmu Co. decided to waive its right of first refusal for a 4.04% stake in a subsidiary [25] Group 19: Tianlong Co. - Tianlong Co. reported that its subsidiary's stock issuance was approved by the Beijing Stock Exchange [26] Group 20: Hualan Co. - Hualan Co.'s subsidiary plans to invest 20 million yuan in a biotechnology company [27] Group 21: Haichen Pharmaceutical - Haichen Pharmaceutical received a drug registration certificate for a new injection [28] Group 22: Aier Eye Hospital - Aier Eye Hospital plans to invest 300 million yuan in wealth management products [29] Group 23: Xiamen Engineering Machinery - Xiamen Engineering Machinery announced a planned share reduction by a major shareholder [30] Group 24: Guotai Group - Guotai Group successfully acquired 100% of a mining technology company for 110.1 million yuan [31] Group 25: Wanfeng Aowei - Wanfeng Aowei reached a settlement regarding an arbitration matter with a subsidiary [32] Group 26: Taihe Technology - Taihe Technology is undergoing technical upgrades for its ethylene carbonate project [33] Group 27: Renhe Pharmaceutical - Renhe Pharmaceutical's controlling shareholder plans to reduce holdings by 0.21% [34] Group 28: Changshu Bank - Changshu Bank's second-largest shareholder increased its stake to 3.98% [35] Group 29: Overseas Chinese Town A - Overseas Chinese Town A reported a 57% decrease in contract sales in October [36] Group 30: Canadian Solar - Canadian Solar's controlling shareholder expects total revenue of 1.3 to 1.5 billion USD in Q4 2025 [38] Group 31: Zhonggong Education - Zhonggong Education's controlling shareholder's shares will be auctioned due to a loan dispute [40] Group 32: Aikexibo - Aikexibo's shareholders plan to reduce their holdings by up to 3% [42] Group 33: Wanhua Chemical - Wanhua Chemical's shareholder plans to reduce holdings by up to 0.5% [44] Group 34: Jujie Microfiber - Jujie Microfiber's controlling shareholder plans to reduce holdings by up to 2% [45] Group 35: Wangsu Technology - Wangsu Technology's shareholder plans to reduce holdings by up to 1% [46] Group 36: Tianli Lithium Energy - Tianli Lithium Energy received a patent for lithium-ion battery materials [47] Group 37: Heshun Electric - Heshun Electric won a 40 million yuan project for energy storage services [49] Group 38: Changchun High-tech - Changchun High-tech's subsidiary received FDA approval for a clinical trial of a new drug [51] Group 39: Dongrui Co. - Dongrui Co. received an additional export quota for live pigs to Hong Kong [52] Group 40: Zhongwei Co. - Zhongwei Co. set the H-share issuance price at 34 HKD per share [53] Group 41: Fospower Technology - Fospower Technology plans to invest in a lithium sulfide project with partners [54]

| 证券代码：600075 | 证券简称：新疆天业 | 公告编号：2025-087 | | --- | --- | --- | | 债券代码：110087 | 债券简称：天业转债 | | 新疆天业股份有限公司 关于对外投资设立控股子公司的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 投资标的名称：新疆天特联合新材料有限公司（暂定名，最终以市场监管部门 核定为准） 投资金额：标的公司拟注册资本为 5,000 万元，公司以现金认缴出资 2,550 万元，占注册资本的 51%； 交易实施尚需履行的审批及其他相关程序：本次交易未达到股东会审议标准， 无需股东会审议。 其它需要提醒投资者重点关注的风险事项：本次投资设立控股子公司符合公 司战略布局，公司将以该合资公司为主体申报煤化工项目，在准东国家煤化工基地 开展煤化工项目纳规工作，该项目尚在前期工作阶段，可能存在项目审批风险，以 及可能受到宏观经济、行业政策、市场环境及经营管理等因素影响，存在一定的市 场风险、政策风险、经营风险、管理风险等，对公司当期业绩不产生 ...

| 证券代码：600075 | 证券简称：新疆天业 | 公告编号：2025-088 | | --- | --- | --- | | 债券代码：110087 | 债券简称：天业转债 | | 新疆天业股份有限公司 关于非独立董事辞职暨选举职工董事的公告 （二）离任对公司的影响 根据《公司法》《公司章程》等有关规定，曹新峰先生的辞任报告自送达董事会之日 起生效。曹新峰先生已按照公司相关规定做好交接工作，未持有公司股票，也不存在未 履行完毕的公开承诺，其离任公司第九届董事会董事职务不会导致公司董事会成员人数 低于法定人数，不会影响公司董事会的正常运作以及日常经营的正常进行。 （一）提前离任的基本情况 姓名 离任 职务 离任时间 原定任期 到期日 离任原因 是否继续在 上市公司及 其控股子公 司任职 具体职 务（如适 用） 是否存在 未履行完 毕的公开 承诺 曹新峰 董事 2025 年 11 月 14 日 2027 年3 月 18 日 工作调整 否 不适用 否 曹新峰先生在担任公司董事期间，始终恪尽职守、勤勉尽责，为公司的规范运作和 稳健发展作出了贡献，公司董事会对其在任期间为公司发展所做出的贡献表示衷心的感 谢！ 二 ...

Core Points - The company Xinjiang Tianye (600075.SH) announced the resignation of non-independent director Cao Xinfeng due to work adjustments [1] - The resignation report was received by the board on November 14, 2025, and will take effect immediately upon delivery [1]