Investment Rating - The report maintains a "Buy" rating for the coal sector, with specific recommendations for various companies based on their performance and market conditions [3][4]. Core Insights - Coal prices continue to rise, with short-term momentum potentially slowing down as the market prepares for peak demand season. The primary driver of the recent price increase is supply contraction due to production checks, leading to an unexpected rebound in October electricity coal demand [1][7]. - The report anticipates that coal prices may exceed 900 RMB/ton by the end of the year, driven by seasonal demand and ongoing supply constraints [1][7]. - The focus on safety inspections and production checks is expected to further tighten supply, enhancing the upward price momentum as winter approaches [1][7]. Summary by Sections Industry Investment Rating - The coal sector is rated positively, with specific companies highlighted for their strong performance and potential for growth [3][4]. Market Dynamics - The report notes that the coal price has been rising, with a slight slowdown in momentum observed in the latter half of the week. The increase is attributed to supply reductions from production checks and a seasonal uptick in demand as temperatures drop [1][7]. - The report highlights that from July 2025, the monthly year-on-year decline in national raw coal production has been 3.8%, 3.2%, and 1.8%, indicating a tightening supply situation [1][7]. Company Recommendations - Recommended companies include: 1. High spot price elasticity stocks: Lu'an Huanneng, Yanzhou Coal Mining 2. Stable performance and growth stocks: Jinkong Coal Industry, Huayang Co., Ltd. 3. Companies with recovery in production: Shanxi Coal International 4. Industry leaders with stable performance: China Shenhua, China Coal Energy, Shaanxi Coal and Chemical Industry [2][11]. Price Trends - As of October 17, coal prices at Qinhuangdao Port for Q5500 thermal coal reached 768 RMB/ton, reflecting a week-on-week increase of 28 RMB/ton. Prices in various production areas also showed upward trends [8][10]. Supply and Demand Analysis - The report indicates that supply disruptions are intensifying, particularly in the coking coal market, with production declines due to environmental checks and operational adjustments in several regions [2][10]. - The report also notes that the average daily coal consumption in power plants has shown fluctuations, with a recent increase in demand as winter approaches [9][10]. Company Performance - The report provides insights into the performance of key companies, with notable increases in production and sales for several firms, while others have faced declines in revenue and profit margins [37][44]. Conclusion - The coal sector is positioned for potential growth, driven by supply constraints and seasonal demand increases, with specific companies recommended for investment based on their market positioning and performance metrics [2][11].

Group 1 - The stock price of Shanxi Coal International (600546) closed at 11.06 yuan on October 24, 2025, up 0.91% from the previous week's 10.96 yuan [1] - The highest intraday price reached 11.6 yuan on October 20, 2025, while the lowest intraday price was 10.71 yuan on October 24, 2025 [1] - The current total market capitalization of Shanxi Coal International is 21.926 billion yuan, ranking 14th out of 30 in the coal mining sector and 859th out of 5160 in the A-share market [1] Group 2 - Shanxi Coal International announced on October 23, 2025, that its controlling shareholder, Shanxi Coal Import and Export Group Co., Ltd. (referred to as "Shanxi Coal Group"), has released part of its pledged shares [2] - Shanxi Coal Group holds 1,148,006,282 shares, accounting for 57.91% of the total share capital, with 280,000,000 shares released from pledge, representing 24.39% of its holdings and 14.12% of the total share capital [2] - Following the release of the pledge on October 22, 2025, Shanxi Coal Group has no remaining pledged shares, and there are no plans for subsequent pledges [2][3]

Investment Rating - The report maintains an "Overweight" rating for the coal industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Views - The coal price continues to strengthen, with a marginal improvement in supply and demand dynamics, leading to an optimistic outlook for the future [1][8]. - The report highlights that the coal supply is expected to contract due to various factors, including increased safety inspections and government policies aimed at reducing overproduction [7][8]. - As winter approaches, the demand for electricity coal is anticipated to rise, further supporting coal prices [8]. Summary by Sections 1. Industry Overview - The coal industry comprises 37 listed companies with a total market capitalization of approximately 1,982.12 billion yuan [2]. - The report notes a significant increase in coal prices, with the port price for thermal coal exceeding 770 yuan/ton [7]. 2. Supply and Demand Dynamics - The report indicates that domestic coal supply is expected to contract, with coal imports showing a downward trend [7]. - Recent data shows that coal consumption in 25 provinces has increased, with a daily consumption of 5.335 million tons, reflecting a year-on-year increase of 6.94% [8]. 3. Company Performance and Recommendations - Key companies such as China Shenhua, Yancoal Energy, and Shanxi Coking Coal are highlighted as having strong performance and growth potential [5][13]. - The report recommends focusing on high-elasticity stocks like Yancoal Energy, Shanxi Coal International, and Jin控 Coal Industry, which are expected to benefit from the improving coal price environment [8][13]. 4. Price Tracking - The report tracks coal prices, noting that the price of thermal coal at the port has increased by 22 yuan/ton week-on-week [8]. - The average daily production of thermal coal from sample mines is reported at 5.479 million tons, showing a week-on-week decrease of 0.78% [8]. 5. Future Outlook - The report suggests that the coal sector is entering a new upward cycle, with improving fundamentals and potential for price increases due to seasonal demand [8][9]. - The upcoming quarterly reports from major coal companies are expected to confirm the industry's recovery and upward trend in profitability [8].

Investment Rating - The report suggests a positive outlook for the coal industry, indicating potential investment opportunities in high-quality core stocks [5][6]. Core Views - The report emphasizes that stabilizing coal prices is crucial for reversing the Producer Price Index (PPI) decline, with a noted correlation between coal prices and PPI [5]. - It highlights that the coal industry may still be in a "golden era" due to energy transformation demands and strict production capacity controls under carbon neutrality policies [5]. - The report anticipates that coal prices will experience fluctuations but trend upwards, with a focus on quality stocks as primary investment targets [5]. Summary by Sections Thermal Coal - As of October 24, 2025, the Qinhuangdao 5500K thermal coal price is 770 CNY/ton, up 2.9% week-on-week [3][28]. - Daily average production from 462 sample mines is 5.479 million tons, down 4.3% week-on-week and 5.7% year-on-year [3][36]. - The report notes a significant drop in daily consumption at power plants, with a slight decrease in inventory levels [3][36]. Coking Coal - The price of main coking coal at Jingtang Port is 1,760 CNY/ton, reflecting a week-on-week increase of 2.9% [4][65]. - Daily average production from 523 sample mines is 761,000 tons, down 2.3% week-on-week [4][64]. - The report indicates a slight decrease in coking coal inventory levels across various regions [4][64]. Investment Recommendations - The report recommends focusing on companies with strong resource endowments and stable operating performance, such as China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical [6]. - It also suggests looking at companies with production growth potential that can benefit from the coal price cycle, including Yanzhou Coal Mining, Huayang Co., and Gansu Energy [6]. - Companies with global resource scarcity attributes and those involved in coal-electricity integration models are highlighted as potential investment targets [6].

Group 1 - Shanxi Coal Import and Export Group Co., Ltd. (referred to as "Shan Coal Group") holds 1,148,006,282 shares of Shan Coal International Energy Group Co., Ltd. (referred to as "the Company"), accounting for 57.91% of the total share capital of the Company [1] - Shan Coal Group has released the pledge of 280,000,000 shares, resulting in a total pledge of 0 shares after the release [1] - The release of the pledged shares is related to the completion of the repayment and delisting of the first phase of the privately placed exchangeable bonds issued by Shan Coal Group to professional investors [2] Group 2 - The pledged shares were transferred to Shan Coal Group's own securities account after the release [2] - There are currently no plans for subsequent pledges of the released shares, and any future changes will be communicated in a timely manner [2]

Core Viewpoint - The recent "overproduction check" policy in the coal industry has led to a significant supply-side contraction, which is expected to stabilize and potentially increase coal prices in the long term [1][6]. Group 1: Supply-Side Policy Impact - The "overproduction check" initiated by the National Energy Administration on July 10, 2025, has resulted in a notable decrease in domestic raw coal production, with year-on-year declines of -3.8% and -3.2% in July and August respectively [1]. - The cumulative supply-demand surplus has decreased sharply from 96.29 million tons in the first half of the year to 14.96 million tons by the end of August 2025 [1]. - The price of Qinhuangdao 5500 kcal thermal coal increased from 621 CNY/ton on June 30, 2025, to 699 CNY/ton by September 30, 2025, marking a cumulative increase of 12.6% in Q3 [1]. Group 2: Price Trends and Performance - The average price of Qinhuangdao 5500 kcal thermal coal in Q3 2025 was reported at 672 CNY/ton, reflecting a quarter-on-quarter increase of 6.5% [2]. - The long-term contract price for thermal coal showed a slight decline of -0.7% in Q3, but this is not expected to have a significant negative impact due to the recovery of contract fulfillment rates [2]. - The price of coking coal saw a substantial increase, with the average price for main coking coal at Jing Tang Port reaching 1562 CNY/ton, up 18.8% quarter-on-quarter [2]. Group 3: Production and Cost Management - The overall production of listed coal companies remains within approved capacity limits, with minor overproduction expected to have limited impact on performance [3]. - Cost control has become a key strategy for coal companies in response to declining prices, with significant reductions in labor, material, and safety production costs observed in Q2 2025 [4]. - As coal prices rebound in Q3, it is anticipated that companies will maintain their cost levels rather than pursue further reductions [4]. Group 4: Seasonal Demand and Future Outlook - Despite September typically being a low-demand season for coal, the supply-side contraction is expected to keep prices stable, with a slight increase of 0.1% in September [6]. - The winter season is projected to see stronger demand for heating coal, which, combined with ongoing supply-side policies, may lead to a tighter coal supply and sustained high prices [6]. Group 5: Investment Recommendations - Companies to watch include stable large-scale thermal coal producers such as China Shenhua (601088), China Coal Energy (601898), and Shaanxi Coal and Chemical Industry (601225) [7]. - High-elasticity coal companies like Yanzhou Coal Mining (600188) and Jincheng Anthracite Mining (601001) are also recommended for potential investment [7]. - Quality coking coal companies such as Huaibei Mining (600985) and Pingdingshan Tianan Coal (601666) are highlighted as attractive investment opportunities [7].

Core Viewpoint - Shanxi Coal International (山煤国际) has announced the release of pledged shares by its controlling shareholder, Shanxi Coal Import and Export Group (山煤集团), which may positively impact the company's stock performance and investor confidence [1]. Group 1: Stock Performance - As of October 23, 2025, Shanxi Coal International's stock closed at 10.92 yuan, up 0.37% from the previous trading day [1]. - The stock opened at 10.84 yuan, reached a high of 11.3 yuan, and a low of 10.83 yuan, with a trading volume of 6.86 billion yuan and a turnover rate of 3.12% [1]. Group 2: Share Pledge Release - The announcement indicates that Shanxi Coal Group has released 280 million shares from pledge, which accounts for 24.39% of its held shares and 14.12% of the total shares of the company [1]. - Following the release, the number of pledged shares held by Shanxi Coal Group is now zero, with no further pledge plans indicated [1]. - The release of the pledged shares was due to the completion of the repayment of principal and interest for the first phase of privately placed exchangeable bonds issued in 2022 [1].

Core Points - Shanxi Coal Import and Export Group Co., Ltd. holds 1,148,006,282 shares of Shanmei International, accounting for 57.91% of the total share capital [2] - The group has released a pledge of 280,000,000 shares, resulting in zero pledged shares remaining [2]

证券代码：600546 证券简称:山煤国际 公告编号：临 2025-044 号 特此公告。 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: 山西煤炭进出口集团有限公司（以下简称"山煤集团"）持有山煤国际能 源集团股份有限公司（以下简称"公司"）股份 1,148,006,282 股,占公司总股本 的 57.91%。山煤集团本次解除质押股份 280,000,000 股，本次股份质押解除后， 山煤集团持有公司股份质押数量 0 股。 公司控股股东山煤集团在中国证券登记结算有限责任公司上海分公司开立 了"山西煤炭进出口集团有限公司-2022 年面向专业投资者非公开发行可交换公 司债券（第一期）质押专户"，为山煤集团 2022 年面向专业投资者非公开发行可 交换公司债券（第一期）（以下简称"本期可交换债券"）换股和本息偿付提供担 保。鉴于山煤集团已于 2025 年 9 月 29 日完成本期可交换债券的本息兑付及摘牌 工作，山煤集团近日向中国证券登记结算有限责任公司上海分公司申请办理质押 专户中 280,000,000 股山 ...

Investment Rating - The report upgrades the coal industry investment rating to "Leading the Market" for the fourth quarter, indicating expected performance exceeding the benchmark index by over 10% [1][37]. Core Insights - The coal price remained stable in September, with expectations for investment opportunities in the sector during the fourth quarter. The report highlights a potential recovery in coal prices and demand due to seasonal factors and policy changes [1][7]. - Domestic coal supply continues to contract, while coal imports are expected to increase as domestic production is controlled. The report suggests that if coal prices stabilize and rebound, this could further stimulate import demand [6][7]. - The report emphasizes that the fourth quarter may see better performance than the third quarter, with coal prices expected to recover due to limited supply growth and anticipated demand during the winter peak [7]. Supply and Demand Summary - Supply: From January to September 2025, the cumulative output of raw coal reached 3.57 billion tons, a year-on-year increase of 2.0%, but the growth rate is declining. In September alone, the output was 412 million tons, down 1.8% year-on-year but up 5.38% month-on-month [4]. - Demand: The terminal demand in the first nine months of 2025 was supported by manufacturing and infrastructure investments. Fixed asset investment decreased by 0.5% year-on-year, with manufacturing investment up 4.0% and infrastructure investment up 1.1%. However, real estate investment fell by 13.9% [4]. Import Data Summary - In September, coal imports increased month-on-month, but the cumulative import volume from January to September 2025 was 34.6 million tons, a year-on-year decrease of 11.1%. The September import volume was 46 million tons, down 3.34% year-on-year but up 7.64% month-on-month [5]. Price Analysis - In September, coal prices showed a stable upward trend, with different price movements across various coal types. The report notes that while prices for Shanxi premium mixed 5500 thermal coal and other types adjusted, they exhibited varying degrees of increase month-on-month [6]. Investment Recommendations - The report recommends focusing on coal sector investments in the fourth quarter, highlighting that the overall valuation of the sector is low and there is potential for a rebound. Specific companies to watch include Jin Kong Coal Industry, Shan Coal International, and Huayang Co., with a focus on elastic varieties [7].