Investment Rating - The report maintains a positive outlook on the coal industry, indicating a "Look Favorably" rating due to expected price increases driven by seasonal demand and stricter safety regulations [1]. Core Insights - The report highlights that as of January 4, 2026, the spot prices for thermal coal at Qinhuangdao port have increased, with Q4500, Q5000, and Q5500 grades priced at 505, 593, and 682 RMB/ton respectively, reflecting week-on-week increases of 18, 14, and 6 RMB/ton [1]. - Supply-side constraints are noted, with a decrease in daily coal inflow to the Bohai Rim ports, down to 1.3888 million tons, a reduction of 116,300 tons week-on-week [1]. - Demand is supported by ongoing cold weather, leading to improved daily consumption, which has risen to 1.6768 million tons, an increase of 85,600 tons week-on-week [1]. - The report anticipates that the combination of high consumption levels and reduced production from high-cost mines will support thermal coal prices moving forward [1]. - For coking coal, prices remain stable, with Shanxi Anze low-sulfur coking coal priced at 1600 RMB/ton as of January 4, 2026 [1]. Summary by Sections Recent Industry Policies and Dynamics - The report discusses the implementation of a "benchmark price + floating price" mechanism for long-term contracts for thermal coal, with prices set at 540, 483, and 453 RMB/ton for different regions [7]. - It also mentions increased regulatory scrutiny on safety measures in coal mining, particularly during the winter heating season [7]. Price Trends - The report notes that the average daily consumption of coal has increased by 3.94% week-on-week, while the inventory of major power generation groups has decreased by 11.8% [3]. - The Bohai Rim coal inventory has decreased to 27.127 million tons, down 191,500 tons week-on-week, indicating a 6.59% drop [20]. International Oil Prices - Brent crude oil prices have increased slightly to 60.75 USD/barrel, reflecting a 0.18% rise week-on-week [15]. - The report highlights the relationship between international oil prices and coal prices, noting a rise in the ratio of international oil prices to international coal prices [15]. Company Valuation - The report provides a valuation table for key companies in the coal sector, including China Shenhua, Shaanxi Coal, and Yanzhou Coal, with various earnings per share (EPS) and price-to-earnings (PE) ratios forecasted for the coming years [32].

Core Viewpoint - Ordos has been recognized as a national model city for the construction of a law-based government, reflecting its achievements in legal governance and modernization of urban management [1] Group 1: Legal Governance Achievements - The establishment of a "one-stop" conflict resolution mechanism has improved efficiency, allowing citizens to resolve disputes with minimal bureaucratic hurdles [1] - Ordos has implemented various policies to enhance the integration of social governance, including the issuance of guidelines for a "one-stop" conflict resolution system and the management of comprehensive governance centers [1][4] - The city has created a multi-faceted dispute resolution mechanism that effectively connects mediation, arbitration, petitioning, and litigation processes [1] Group 2: Specialized Judicial Initiatives - Ordos has formed 15 specialized judicial panels to address various types of disputes, including land, finance, and environmental issues, leading to significant case resolutions [2] - The establishment of the first mining court in the region has resolved 141 land-related disputes, while other regions have also reported high numbers of resolved cases [2] Group 3: Public Legal Education and Services - Targeted legal education initiatives have been developed for different demographics, including leaders, youth, and entrepreneurs, enhancing legal awareness and compliance [3] - Innovative public legal education methods, such as integrating legal knowledge into cultural performances, have been employed to engage the community effectively [2][3] - The city has established a comprehensive public legal service network, including 1,162 mediation organizations, handling over 15,000 cases annually [4]

Core Viewpoint - The steel raw materials sector experienced a decline of 0.6% on December 31, with Guangdong Mingzhu leading the losses, while the Shanghai Composite Index rose by 0.09% and the Shenzhen Component Index fell by 0.58% [1] Group 1: Market Performance - The closing prices and performance of key stocks in the steel raw materials sector showed varied results, with Hebei Steel Resources closing at 21.17, up by 0.81%, and Guangdong Mingzhu at 7.13, down by 1.52% [1] - The total trading volume for Hebei Steel Resources was 136,500 shares, with a transaction value of 290 million yuan, while Guangdong Mingzhu had a trading volume of 141,600 shares and a transaction value of 102 million yuan [1] Group 2: Capital Flow - The steel raw materials sector saw a net inflow of 60.27 million yuan from institutional investors, while retail investors experienced a net outflow of 616.35 million yuan [1] - Major stocks like Dazhong Mining had a net inflow of 44.87 million yuan from institutional investors, while Hainan Mining saw a net inflow of 37.35 million yuan [2] - Conversely, stocks like Fangda Carbon and Baodi Mining faced significant net outflows from institutional investors, amounting to 23.27 million yuan and 7.08 million yuan respectively [2]

Group 1 - The stock price of Ordos dropped by 2.00% on December 31, reaching 12.25 CNY per share, with a trading volume of 92.06 million CNY and a turnover rate of 0.38%, resulting in a total market capitalization of 34.285 billion CNY [1] - Year-to-date, Ordos's stock price has increased by 33.73%, with a 7.46% rise over the last 5 trading days, 10.76% over the last 20 days, and 20.33% over the last 60 days [2] - As of September 30, 2025, Ordos reported a total revenue of 18.2 billion CNY, a year-on-year decrease of 9.76%, and a net profit attributable to shareholders of 1.706 billion CNY, a decrease of 0.85% year-on-year [2] Group 2 - Ordos has distributed a total of 12.585 billion CNY in dividends since its A-share listing, with 5.917 billion CNY distributed over the last three years [3] - As of September 30, 2025, the number of shareholders in Ordos was 50,500, a decrease of 13.42% from the previous period, with an average of 0 circulating shares per shareholder [2] - The main business revenue composition of Ordos includes silicon iron (37.05%), PVC resin (18.59%), clothing (13.60%), caustic soda (7.78%), and other segments [2]

Core Insights - The steel raw materials sector experienced a slight increase of 0.32% on December 30, with Ordos leading the gains [1] - The Shanghai Composite Index closed at 3965.12, showing no change, while the Shenzhen Component Index rose by 0.49% to 13604.07 [1] Sector Performance - Ordos (600295) closed at 12.50, up by 4.69%, with a trading volume of 211,100 shares and a transaction value of 265 million [1] - Hebei Steel Resources (000923) increased by 1.79% to 21.00, with a trading volume of 181,500 shares and a transaction value of 379 million [1] - Dazhong Mining (001203) rose by 1.24% to 31.11, with a trading volume of 325,800 shares and a transaction value of 1 billion [1] - Other companies like Steel Titanium (000629), Fangda Carbon (600516), and Guangdong Mingzhu (600382) saw slight declines in their stock prices [1] Capital Flow - The steel raw materials sector saw a net outflow of 267 million from main funds, while retail investors contributed a net inflow of 292 million [1] - The detailed capital flow indicates that Ordos had a net inflow of over 694,100, while other companies like Jinding Mining (000655) and Guangdong Mingzhu (600382) experienced net outflows from main funds [2]

Group 1 - The core viewpoint of the news highlights a positive trend in the National Securities Free Cash Flow Index, which rose approximately 0.5%, with significant gains in constituent stocks such as Nanjing Xinbai and others [1] - The largest free cash flow ETF (159201) has attracted over 375 million yuan in the last 10 trading days, bringing its total size to 8.299 billion yuan, indicating strong capital inflow [1] - According to Xinda Securities, both internal and external uncertainties are easing, and positive factors catalyzing the year-end market rally are increasing, including rebounds in U.S. tech stocks, appreciation of the yuan, and rising prices of non-ferrous metals [1] Group 2 - The free cash flow ETF (159201) and its linked funds are closely tracking the National Securities Free Cash Flow Index, selecting stocks with positive and high cash flow after liquidity, industry, and ROE stability screening, making it suitable for long-term investment [2] - The fund management fee is set at an annual rate of 0.15%, and the custody fee at 0.05%, both of which are among the lowest in the market, maximizing benefits for investors [2]

人民财讯12月30日电，据科力远消息，12月30日，由科力远、星辰新能等大储能生态创新联合体成员共 同打造的鄂尔多斯谷山梁300MW/1200MWh独立储能电站，顺利完成"三充三放"全流程测试和验收，标 志着这座全球单体容量最大的构网型混合储能电站已正式投运。 转自：证券时报 ...

本届冰雪季活动由鄂尔多斯市文旅局、教体局、商务局及东胜区人民政府联合主办，深度融合文化、旅 游、体育、商贸四大板块。活动精心策划了"冰雪不夜天""冰雪嘉年华"等七大主题共17项特色文旅内 容，并着力打造"1+2+8"冰雪赛事矩阵，即1场冰雪那达慕、2项专业滑雪联赛以及8项雪地排球、定向 越野等大众热门赛事，有效串联起冰雪运动、民俗文化与美食体验。市区两级还联动推出一系列促消费 举措，通过票务联动、折扣优惠等方式，充分激活冬季消费市场。 近年来，鄂尔多斯市以"冰雪+"为重要抓手，积极构建"赛事引流+文旅赋能+商业助力"的可持续发展模 式，推动冰雪运动、旅游与文化深度融合发展。今冬以来，全市上下联动，策划推出了120项特色文旅 活动及多项重点赛事，配套打造10条冬季旅游主题线路和3条冰雪赛事旅游线路，有机串联"吃住行游购 娱"全产业链。通过将冰雪"冷资源"转化为产业"热动能"，不仅显著提升了冬季节庆消费活力，持续擦 亮"歌游内蒙古"及鄂尔多斯冰雪品牌，也为区域经济社会高质量发展注入了新的活力。 本次冰雪文化旅游季是鄂尔多斯市2025～2026年冬季系列文旅活动的核心组成部分。该冬季系列活动围 绕"冰雪体验、康养度 ...

Core Viewpoint - The stock of Ordos has shown a significant increase in price and trading activity, with a year-to-date rise of 30.90% and a market capitalization of 33.557 billion yuan as of December 29 [1]. Group 1: Stock Performance - On December 29, Ordos's stock price rose by 2.04% to 11.99 yuan per share, with a trading volume of 51.99 million yuan and a turnover rate of 0.22% [1]. - The stock has increased by 5.27% over the last five trading days, 9.00% over the last 20 days, and 18.01% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Ordos reported an operating income of 18.2 billion yuan, a year-on-year decrease of 9.76%, and a net profit attributable to shareholders of 1.706 billion yuan, down 0.85% year-on-year [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Ordos was 50,500, a decrease of 13.42% from the previous period [2]. - The company has distributed a total of 12.585 billion yuan in dividends since its A-share listing, with 5.917 billion yuan distributed over the last three years [3]. Group 4: Major Shareholders - As of September 30, 2025, major shareholders include Huatai-PB Shanghai Stock Exchange Dividend ETF, holding 44.2029 million shares, and Hong Kong Central Clearing Limited, holding 40.7337 million shares, both showing increases in holdings compared to the previous period [3].

据悉，康巴什区全域面积372.55平方公里，其中耕地荒地14.83平方公里。基于地理气候、空气质量及秸 秆分布等要素，方案将70.13%的耕地荒地划为禁烧区。 内蒙古日报·草原云记者：帅政 转自：草原云 12月26日，记者从内蒙古自治区生态环境厅获悉：鄂尔多斯市康巴什区近日出台《康巴什区秸秆露天焚 烧禁、限烧区域划定工作方案》，建立科学化、差异化的秸秆焚烧管控体系。方案通过精准划分10.4平 方公里禁烧区与4.43平方公里限烧区，配套动态管理机制，推动秸秆禁烧从"一刀切"向"精准治"转型， 为守护"康巴什蓝"提供制度保障。 ...