Core Viewpoint - Anyuan Coal Industry (600397.SH) will change its stock name to "Jiang Tung Equipment" starting from September 26, 2025, while the stock code will remain the same at "600397" [1] Company Summary - The company is undergoing a rebranding process with a new name that reflects a shift in focus or strategy [1] - The change in stock name may indicate a strategic pivot or diversification in the company's operations [1] Industry Summary - The rebranding could suggest broader trends in the coal industry, where companies may be looking to adapt to changing market conditions and regulatory environments [1] - The decision to maintain the same stock code indicates continuity in the company's financial identity despite the name change [1]

Core Viewpoint - Anyuan Coal Industry (600397.SH) announced that starting from September 26, 2025, the company's stock name will change from "Anyuan Coal Industry" to "Jiang Tung Equipment," while the stock code will remain unchanged as "600397" [1] Company Summary - The company is undergoing a rebranding process, which includes a change in its stock name to better align with its future business direction [1]

格隆汇9月22日丨安源煤业(600397.SH)公布，经公司申请，并经上海证券交易所办理，自2025年9月26 日起，公司证券简称由"安源煤业"变更为"江钨装备"，证券代码保持不变，仍为"600397"。 ...

证券代码：600397 证券简称：安源煤业 公告编号：2025-076 江西江钨稀贵装备股份有限公司 证券简称变更实施公告 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： 鉴于近期公司重大资产置换暨关联交易相关的置入、置出资产已经完成交割， 为了更加全面地体现公司的经营业务实际情况，公司变更了公司名称和经营范围。 上述变更事项已完成工商登记手续，并取得萍乡市市场监督管理局换发的《营业 执照》。具体内容详见公司于 2025 年 9 月 23 日披露在上海证券交易所网站的《关 于变更公司名称、经营范围并完成工商变更登记的公告》(公告编号:2025-075)。 为使公司证券简称与变更后的公司名称和经营范围相适应，将公司证券简称变 更为"江钨装备"。本次变更公司证券简称不会对公司目前的经营业绩产生重大影 响，不会改变公司主营业务及发展战略。不存在利用变更证券简称影响公司股价、 误导投资者的情形。 变更后的股票证券简称：江钨装备， 股票证券代码"600397"保持不变 证券简称变更日期：2025 年 9 月 26 日 三 ...

关于变更公司名称、经营范围并完成工商变更登记的公 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： 变更后的公司名称：江西江钨稀贵装备股份有限公司 证券代码：600397 证券简称：安源煤业 公告编号：2025-075 江西江钨稀贵装备股份有限公司 江西江钨稀贵装备股份有限公司（曾用名：安源煤业集团股份有限公司，以下 简称"公司"）于 2025 年 8 月 21 日召开第九届董事会第四次会议，审议通过《关 于变更公司名称、变更经营范围并修改公司章程的议案》；于 2025 年 9 月 9 日召开 2025 年第三次临时股东大会，审议通过《关于变更公司名称、变更经营范围并修改 公司章程的议案》。具体请见公司于 2025 年 8 月 22 日、2025 年 9 月 10 日在上海 证券交易所网站（www.sse.com.cn）披露的《安源煤业第九届董事会第四次会议决 议公告》及《安源煤业 2025 年第三次临时股东大会决议公告》。 二、完成工商变更登记情况 近日，公司完成了上述变更公司名称、变更经营范围的工商变更登 ...

Core Viewpoint - The company, Anyuan Coal Industry, announced a change in its stock abbreviation to "Jiangxi Tungsten Equipment" to align with its new name and business scope, effective September 26, 2025. This change will not significantly impact the company's current operating performance or alter its main business and development strategy. There is no intention to mislead investors or influence stock prices through this abbreviation change [1]. Summary by Categories - **Company Name Change**: The company will change its stock abbreviation to "Jiangxi Tungsten Equipment" to reflect its new name and business scope [1]. - **Impact on Operations**: The abbreviation change is not expected to have a significant impact on the company's current operating performance [1]. - **Business Strategy**: The main business and development strategy of the company will remain unchanged despite the abbreviation change [1]. - **Investor Communication**: The company emphasizes that there is no intention to mislead investors or manipulate stock prices through this change [1].

Investment Rating - The report maintains a "Recommended" rating for the coal industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the market index [4]. Core Insights - The report highlights that coal prices have rebounded due to non-electric demand and winter stockpiling, with significant price increases observed in various coal indices as of September 19, 2025 [10][11]. - The report notes a slight recovery in the coking coal market, driven by pre-holiday stockpiling by downstream steel companies, although further price increases may be limited [10]. - The overall sentiment in the coal market remains strong, with expectations of continued price strength in the short term, despite potential constraints from rising prices affecting purchasing enthusiasm [10]. Summary by Sections 1. Investment View - As of September 19, 2025, the price indices for various coal types have shown significant weekly increases, with the Yulin 5800 index at 598.0 CNY/ton (+44.0 CNY), the Ordos 5500 index at 521.0 CNY/ton (+19.0 CNY), and the Datong 5500 index at 576.0 CNY/ton (+21.0 CNY) [10]. - The coking coal market has stabilized, with prices for major coking coal indices also showing increases, such as the Shanxi main coking coal at 1610 CNY/ton (+60 CNY) [10]. 2. Coal Sector Performance and Stock Review - The coal mining index increased by 3.77% while the broader Shanghai and Shenzhen 300 index decreased by 0.44%, indicating a relative outperformance of coal stocks [11]. - Major coal companies have shown varied performance, with significant gains for companies like Yongtai Energy (+13.42%) and Luan Environmental Energy (+13.04%) [11]. 3. Key Company Valuations - The report provides detailed valuations for key coal companies, including China Shenhua (total market value: 755.35 billion CNY, PE: 12.9), Shaanxi Coal (total market value: 200.88 billion CNY, PE: 9.0), and others, indicating a range of valuations and expected profitability [42].

Summary of Conference Call Records Industry Overview: Non-Ferrous Metals - The non-ferrous metals sector is benefiting from the global macro cycle, with U.S. interest rate cuts and Trump-era policies releasing liquidity, driving resource prices into an upward cycle [1][2] - The anticipated interest rate cuts in Q4 2025 and the increase in the U.S. debt ceiling are expected to have significant impacts on the sector [1][2] Key Insights on Gold Stocks - Gold stocks have shown high certainty in the current market, experiencing a 20% pullback despite gold price fluctuations [4] - Historical data indicates that prior to price increases, gold stocks typically see a rise in both EPS and PE [4] - The average gold price in 2025 is projected to be significantly higher than in 2024, suggesting strong performance for companies like Shandong Gold, Chifeng Jilong Gold, and Zhongjin Gold [4] Electrolytic Aluminum Sector - The supply of electrolytic aluminum is constrained, with actual new capacity in early 2025 expected to be around 500,000 to 600,000 tons, lower than the anticipated 1 million tons [5] - Global PMI recovery is expected to gradually restore demand for electrolytic aluminum, with price expectations increasing [5] - The sector's valuation is at historical lows, with mainstream stocks valued at less than 10 times earnings, indicating significant room for recovery [6] Copper Sector Outlook - The copper sector presents investment opportunities driven by financial and industrial attributes, with expectations of price increases due to U.S. interest rate cuts and improved demand from China [7][8] - Supply disruptions from global mining events are contributing to a tightening supply situation, while demand is expected to grow due to macroeconomic factors [7][8] Tungsten Market Dynamics - The rise in tungsten prices is driven by supply contraction, export controls, and its strategic importance [3][9] - China's tungsten product exports have significantly decreased, leading to shortages in overseas markets [10] - The impact of export quotas on prices is critical, with expectations of a potential price increase if the second batch of quotas is reduced [12] Companies to Watch - Recommended companies include Shandong Gold, Chifeng Jilong Gold, Zhongjin Gold, Xiamen Tungsten, China Tungsten High-Tech, and Anyuan Coal Industry, which are seen as having investment potential in the current market environment [4][14]

Core Viewpoint - The coal mining sector experienced a slight decline of 0.33% on September 12, with New Dazhou A leading the losses, while the overall market indices showed modest gains [1][2]. Group 1: Market Performance - The Shanghai Composite Index closed at 3883.69, up 0.22%, and the Shenzhen Component Index closed at 12996.38, up 0.13% [1]. - The coal mining sector's individual stock performance varied, with notable gainers including Jin Kong Coal Industry (up 3.46%) and Yongtai Energy (up 3.45%) [1]. Group 2: Stock Details - Key stocks in the coal mining sector included: - Jin Kong Coal Industry: Closing price 13.16, volume 269,300, turnover 3.49 billion [1]. - Yongtai Energy: Closing price 1.50, volume 10,248,400, turnover 1.51 billion [1]. - New Dazhou A: Closing price 5.11, down 2.11%, volume 126,600, turnover 65.03 million [2]. Group 3: Capital Flow - The coal mining sector saw a net outflow of 161 million from main funds, while retail investors contributed a net inflow of 115 million [2][3]. - Notable capital flows included: - Yongtai Energy: Main funds net inflow of 152 million, retail net outflow of 61.77 million [3]. - Shaanxi Coal Industry: Main funds net inflow of 52.84 million, retail net outflow of 40.82 million [3].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600397 | 安源煤业 | 7.72 | -2.53% | 35.91万 | 2.79亿 | | 002128 | 电投能源 | 21.94 | -2.14% | 8.30万 | 1.83亿 | | 600985 | 淮北矿业 | 12.06 | -1.95% | 14.32万 | 1.73亿 | | 000983 | 山西焦煤 | 6.89 | -1.85% | 49.47万 | 3.42亿 | | 600348 | 不相服役 | 6.97 | -1.83% | 28.05万 | 1.96 Z | | 661699 | 路安环能 | 12.96 | -1.59% | 18.15万 | 2.36亿 | | 603071 | 物产环能 | 13.76 | -1.57% | 1.78万 | 2448.61万 | | 601001 | 晋控煤业 | 12.68 | -1.55% | 12.04万 | 1.53亿 | | 601225 | 陕西煤业 | ...