Investment Rating - The report maintains a rating of "Buy" for the coal mining sector [5] Core Views - The report emphasizes three key viewpoints regarding the coal market dynamics and investment strategies [4][9] - It highlights that the recent price adjustments are a normal digestion of previous rapid increases, and the core logic of rising coal prices due to supply constraints remains unchanged [4] - The report anticipates that as demand (whether speculative or real) activates, coal prices will rise, with expectations for prices to peak at the end of the year, potentially exceeding market expectations [4] Summary by Sections Production - In October, the raw coal production decreased by 2.3% year-on-year, with an output of 410 million tons, maintaining the same level as September [15][8] - For the first ten months of 2025, the cumulative production reached 3.97 billion tons, reflecting a growth of 1.5% year-on-year [15] - The forecast for 2025 suggests that the total thermal coal production may reach approximately 3.88 billion tons, with a growth rate narrowing to around 1.4% [15] Imports - In October, coal imports fell by 9.75% year-on-year, totaling 41.73 million tons, which is a decrease of 4.51 million tons compared to the same month last year [21][8] - For the first ten months of 2025, total coal imports amounted to 38.76 million tons, down 11% year-on-year [21] - The report predicts that the annual thermal coal import level may decline to around 38 million tons, a decrease of 6.4% year-on-year [21] Demand - In October, the industrial power generation increased by 7.9% year-on-year, with a total of 800.2 billion kWh generated [24][8] - The industrial thermal power generation saw a year-on-year increase of 7.3%, reversing a decline of 5.4% in September [24] - Conversely, crude steel production in October dropped by 12.07% year-on-year, amounting to 72 million tons, with the decline accelerating compared to September [37][8] Investment Recommendations - The report recommends focusing on high-performing stocks, particularly in the coal sector, including China Shenhua, China Coal Energy, and Yancoal [45][9] - It suggests a shift towards second-tier stocks as coal prices continue to rise, emphasizing the importance of selecting stocks based on performance and valuation [9]

证券代码：600397 证券简称：江钨装备 公告编号：2025-085 江西江钨稀贵装备股份有限公司 2025年第四次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 11 月 14 日 (二)股东大会召开的地点：江西省南昌市南昌高新技术产业开发区火炬大街 188 号公司 10 楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 484 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 435,482,634 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 43.9899 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长熊旭晴先生因工作原因不能主持本 2、 议案名称：关于修订《公司股 ...

江西豫章律师事务所 关于江西江钨稀贵装备股份有限公司 2025 年第四次临时股东大会的 法律意见书 豫章股字[2025]第 004 号 中国 · 江西 · 南昌 江西省南昌市红谷滩区世贸路 138 号宏创发展中心 11 楼 邮编 330038 电 话 （ Tel ） : （ 0791 ） -86617668 传 真 （Fax）： （ 0791） -86631116 二〇二五年十一月 江西豫章律师事务所 股东大会法律意见书 关于江西江钨稀贵装备股份有限公司 2025 年第四次临时股东大会的 法 律 意 见 书 一、本次股东大会的召集和召开程序 1.2025年10月29日,公司召开第九届董事会第五次会议,审议通过了《关 于修订<公司章程>的议案》《关于修订<公司股东大会议事规则>的议案》《关于 公司 2025 年半年度报告及其摘要的议案》《关于修订〈公司董事会议事规则〉的 议案》《关于调整公司 2025 年日常关联交易预计的议案》《关于公司 2025 年度 财务报告及内部控制审计费用调整的议案》《关于审议公司 2025 年第三季度报 告的议案》《关于提请召开公司 2025 年第四次临时股东大会的议案》。 豫章股字 ...

中信证券股份有限公司（以下简称"中信证券"或"财务顾问"）接受委托， 担任江西钨业控股集团有限公司（以下简称"江钨控股"或"收购人"）免于发 出要约收购安源煤业集团股份有限公司（已更名为江西江钨稀贵装备股份有限公 司，简称"江钨装备"或"上市公司"、"公司"）之收购人财务顾问。依照《中 华人民共和国证券法》《上市公司收购管理办法》《上市公司并购重组财务顾问业 务管理办法》等有关规定，中信证券作为本次收购的财务顾问，持续督导期自上 市公司公告收购报告书之日起至收购完成后的 12 个月止（即从 2025 年 1 月 9 日 至相关股权完成过户后的 12 个月止）。 免于发出要约收购江西江钨稀贵装备股份有限公司之 2025 年第三季度持续督导意见 中信证券股份有限公司 关于江西钨业控股集团有限公司 2025 年 10 月 29 日，江钨装备披露了《江西江钨稀贵装备股份有限公司 2025 年第三季度报告》（以下简称"2025 年第三季度报告"）。通过日常沟通，并结合 2025 年第三季度报告，本财务顾问出具《中信证券股份有限公司关于江西钨业 控股集团有限公司免于发出要约收购江西江钨稀贵装备股份有限公司之 2025 年 ...

江西江钨稀贵装备股份有限公司 Jiangxi Tungsten Rare And Precious Equipment Co., Ltd. 2025年第四次临时股东大会会议资料 二〇二五年十一月 1 江西江钨稀贵装备股份有限公司 2025年第四次临时股东大会议程 现场会议时间：2025 年 11 月 14 日（星期五）14:00； 网络投票时间：2025 年 11 月 14 日。 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东 大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网投 票平台的投票时间为股东大会召开当日的 9:15-15:00。 现场会议地点：江西省南昌市南昌高新技术产业开发区火炬大街 188 号公司 10 楼 会议室。 会议主持人：公司董事长。 会议议程： 一、大会开始，主持人介绍本次股东大会现场会议的出席情况； 会议主持人 二、宣读江钨装备 2025 年第四次临时股东大会会议须知； 会议主持人 三、宣读、审议议案： 1、审议《关于修订<公司章程>的议案》； 会议主持人 6、审议《关于公司 2025 年度财务报告及内部 ...

Core Insights - The coal prices have significantly increased in the second half of the year, driven by supply-side policies and rising winter heating demand, leading to an improvement in the industry's fundamentals [1][2]. Price Trends - In the second half of the year, coal prices have cumulatively risen over 20%, with specific prices reported as follows: Qinhuangdao port Q4500 at 588 CNY/ton, Q5000 at 678 CNY/ton, and Q5500 at 770 CNY/ton, reflecting increases of 21.24%, 23.27%, and 23.99% respectively since July [2]. - The latest price for coking coal in North China reached 1581.25 CNY/ton, marking a 12.44% increase since mid-September [2]. Supply Dynamics - The primary driver of the recent coal price increase is a contraction in supply, initiated by the National Energy Administration's policy to check overproduction in the coal industry [2]. - A total of 22 central safety production assessment teams will conduct annual inspections across 31 provinces and regions starting November 2025 [2]. Demand Factors - As winter approaches, coal demand for heating and electricity is expected to rise, particularly in northern regions where centralized heating is being activated [3]. - The International Energy Agency (IEA) projects a modest recovery in global coal demand, with a 0.2% year-on-year increase expected in 2025, primarily driven by the electricity sector [3]. Industry Outlook - The coal industry is anticipated to enter a new upward cycle due to ongoing policy support for transformation and upgrades, as evidenced by the Henan provincial government's action plan for the coal sector [4]. - The plan includes optimizing resource allocation, enhancing equipment technology, and increasing the share of intelligent coal mines to 65% [4]. Financial Performance - The third-quarter profits of coal companies have rebounded significantly, with a total net profit of 299.42 billion CNY reported by 37 listed coal companies, reflecting a 22.83% quarter-on-quarter increase [5]. - Companies such as Shanxi Coking Coal and Sunan Co. reported a turnaround in profitability, while over 60% of companies showed improved earnings [5]. Dividend Trends - The coal sector has shown a growing willingness to distribute dividends, with 15 companies having a dividend yield exceeding 3%, representing over 40% of the total [5]. - Jizhong Energy leads with a dividend yield of 9.74%, followed by Pingmei Shenma and Hengyuan Coal Power at 6.67% and 6.53% respectively [5]. Company Highlights - Jizhong Energy reported the highest quarter-on-quarter profit growth of 102.69%, achieving a net profit of 0.59 billion CNY [6]. - The company has a long-standing commitment to cash dividends, having distributed a total of 190.15 billion CNY since its listing [6].

Investment Rating - The industry investment rating is "Maintain Buy" [5] Core Views - India's coking coal imports increased by 6% quarter-on-quarter in Q2 FY2026, reflecting growth in the steel industry's capacity and output [2] - Future months are expected to see increased coking coal import demand due to replenishment needs post-monsoon [3] - Key investment recommendations include companies with strong performance elasticity such as Yancoal Energy, Jinkong Coal Industry, and those focused on smart mining like Keda Automation [3] Summary by Sections Coal Mining - In Q2 FY2026, India imported 16.9 million tons of coking coal, up from 16 million tons in Q1, with Australia being the largest supplier at 9.7 million tons, a 14.1% increase [2] - Coking coal prices at major ports showed slight increases, with Newcastle port at $112.7 per ton (+1.85%) and European ARA ports at $97.15 per ton (+1.20%) [1][35] Key Stocks - Recommended stocks include: - China Qinfa (00866.HK) - Buy, EPS forecast for 2026E is 0.27 [7] - Jiangxi Tungsten (600397.SH) - Buy, EPS forecast for 2026E is 0.03 [7] - China Shenhua (601088.SH) - Buy, EPS forecast for 2026E is 2.71 [7] - Jinkong Coal Industry (601001.SH) - Buy, EPS forecast for 2026E is 1.47 [7] - Yancoal Energy (600188.SH) - Buy, EPS forecast for 2026E is 1.18 [7] - Zhongmei Energy (601898.SH) - Buy, EPS forecast for 2026E is 1.29 [7] - Shaanxi Coal (601225.SH) - Buy, EPS forecast for 2026E is 1.86 [7] Market Trends - The report indicates a marginal increase in coal demand, with a focus on the recovery of coal power generation as seasonal demand begins to rise [37]

Group 1 - The report highlights that the wealth management market in China has seen a significant increase in scale, reaching a new high despite valuation rectification pressures, with a third-quarter increase of 1.46 trillion yuan, which is 620 billion yuan more than the same period last year [5] - The report indicates that the financial institutions' deposit growth has slowed down, with a total increase of 4.76 trillion yuan in deposits in the third quarter, which is a decrease of 400 billion yuan year-on-year [5] - The wealth management and bond fund scales have shown a year-on-year decrease in the second half of the year, while deposits have started to recover [5] Group 2 - The report discusses the growth potential of the pool cleaning robot industry, which has a current market size of 2.5 billion USD and is expected to grow to 4.21 billion USD by 2029, with a CAGR of 11.1% from 2024 to 2029 [6] - The company is positioned as a leading player in the pool cleaning robot market, holding a 9.2% market share and ranking third globally, with the top five manufacturers accounting for approximately 74.9% of the market [6] - The report emphasizes the company's competitive advantages, including strong R&D capabilities, comprehensive product offerings, and a robust multi-channel sales strategy [6] Group 3 - The report notes that the company has experienced a slowdown in revenue growth, with a 2025 year-to-date revenue of 1.76 billion yuan, reflecting an 18.7% increase year-on-year, while net profit has decreased by 29% [11] - The company is expected to face continued pressure on profitability due to significant investments in new product molds [11] - The report projects net profits for the company to be 121 million yuan, 145 million yuan, and 171 million yuan for 2025, 2026, and 2027, respectively, indicating a decline in 2025 followed by growth in subsequent years [11] Group 4 - The report indicates that the company has achieved a significant increase in revenue and net profit, with a third-quarter revenue of 19.68 billion yuan, representing a 129.19% year-on-year growth [31] - The new game "杖剑传说" has contributed significantly to the company's revenue growth, with total revenue from this game reaching 11.66 billion yuan in the first three quarters of 2025 [31] - The report highlights the company's strong performance in overseas markets, with a 59.46% year-on-year increase in overseas revenue [33]

Investment Rating - The investment rating for Jiang Tung Equipment is "Buy" [3] Core Views - The company is expected to turn a profit in Q4 2025, with tungsten prices reaching historical highs, leading to a potential revaluation of its value [1] - The company completed a significant asset swap, divesting its core coal business and acquiring a 57% stake in Jinhuan Magnetic Separation, which is projected to contribute positively to net profits from 2025 to 2027 [1][2] - The tungsten market is experiencing a price surge due to supply constraints, with domestic tungsten concentrate prices reaching 288,000 CNY per standard ton, a 101.4% increase from the beginning of the year [1] Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 730 million CNY, a year-on-year decrease of 51.52%, and a net loss of 16.9 million CNY, which is an improvement from a net loss of 80.98 million CNY in the same period last year [1] - The company expects to achieve net profits of -260 million CNY, 25 million CNY, and 29 million CNY from 2025 to 2027, respectively [2] Business Developments - The asset swap completed in August 2025 involved the divestment of Jiangxi Coal Industry's 100% equity and the acquisition of a stake in Jinhuan Magnetic Separation, which is expected to generate a minimum net profit of 54.69 million CNY, 55.47 million CNY, and 56.26 million CNY from 2025 to 2027 [1][2] - The company holds 496,600 tons of tungsten resources, primarily black tungsten, with an estimated annual revenue of approximately 2.17 billion CNY from tungsten concentrate sales [2] Market Outlook - The tungsten business is estimated to contribute a net profit of approximately 750 million CNY annually, with the overall value of the tungsten assets projected to be between 19.1 billion CNY and 20.6 billion CNY [2] - The tantalum, niobium, and lithium business is also expected to have a market value of around 10 billion CNY, based on current pricing trends [2]

江西江钨稀贵装备股份有限公司 2025 年第三季度报告 证券代码：600397 证券简称：江钨装备 公告编号：2025-082 江西江钨稀贵装备股份有限公司 2025 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | | | 本报告期 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 比上年同 | 年初至报告期末 | 末比上年同期 | | | | 期增减变 | | 增减变动幅度 | | | | 动幅度(%) | | (%) | | 营业收入 | 520,717,736.15 | -59.14 | 2, ...