Investment Rating - The report maintains an "Overweight" rating for the coal industry [2][5]. Core Views - The supply-demand situation is improving, leading to a stable and slightly rising trend in coal prices. The report anticipates that coal prices will maintain a strong oscillating trend in late October 2025 [7][8]. - The demand side is supported by higher temperatures leading to increased coal consumption, particularly in coastal and inland provinces. The average daily coal consumption reached 5.486 million tons as of October 9, 2025, a week-on-week increase of 18.82% and a year-on-year increase of 8.29% [7][8]. - On the supply side, there are expectations of tighter supply due to regulatory measures against overproduction and adverse weather conditions affecting coal production and transportation [7][8]. Summary by Sections 1. Industry Overview - The coal industry consists of 37 listed companies with a total market capitalization of 185.34 billion yuan and a circulating market capitalization of 181.40 billion yuan [2]. 2. Price Tracking - The report indicates that the price of thermal coal at the Qinhuangdao port was 710 yuan per ton as of October 10, 2025, reflecting a week-on-week increase of 5 yuan per ton [8]. - The average daily production of thermal coal from 462 sample mines was 5.529 million tons, a week-on-week decrease of 0.23% and a year-on-year decrease of 3.42% [8]. 3. Inventory Tracking - The report notes that the Daqin line has begun its autumn maintenance, which will reduce daily transport capacity and may lead to further inventory depletion at ports [8]. 4. Downstream Performance - The steel market is entering a traditional peak season, which is expected to improve the demand for coking coal. The average daily pig iron production has remained above 2.4 million tons [7][8]. 5. Company Performance - Key companies recommended for investment include Yanzhou Coal Mining Company, Shanxi Coal and Chemical Industry Group, and others, which are expected to benefit from the improving coal price environment [8][12].

Core Viewpoint - The coal supply is expected to contract due to the upcoming safety production inspections, which may lead to an increase in coal prices as demand rises in November [2][3]. Group 1: Safety Inspections and Supply Impact - In November, 22 safety inspection teams will enter 31 provinces and regions to conduct annual assessments, focusing on major safety issues and illegal activities in production [2]. - The inspections may lead to rectifications of safety hazards related to overproduction in the coal sector, further tightening coal supply [2][3]. - Since July 2025, the monthly coal output has seen a year-on-year decline of over 3%, with expectations of further reductions due to the inspections [2]. Group 2: Demand and Price Outlook - The coal price has rebounded during the off-season, stabilizing above 700 yuan/ton by the end of September, primarily due to supply contraction [3]. - As the heating season begins in mid-November, the demand for coal is expected to increase, particularly from non-electric sectors like coal chemical industries, which may support coal prices [3]. - The anticipated supply reduction is expected to end the seasonal price decline early, with projections suggesting coal prices could exceed 900 yuan/ton by year-end [3]. Group 3: Investment Recommendations - The sector is expected to benefit from improved supply-demand dynamics and rising coal prices, with a focus on companies with high spot market exposure [3]. - Recommended investment targets include: 1. Companies with high spot market elasticity, such as Lu'an Environmental Energy [3]. 2. Stable and growth-oriented companies like Jincheng Anthracite Mining and Huayang Co., Ltd. [3]. 3. Companies with recovery in production, such as Shanxi Coal International [3]. 4. Industry leaders with stable performance, including China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical Industry [3].

Core Viewpoint - The sudden resignation of Meng Jun, the chairman of Shanmei International, highlights ongoing leadership instability within the company, which is facing significant operational challenges due to declining coal prices and market conditions [1][3]. Group 1: Leadership Changes - Meng Jun resigned from all positions within Shanmei International, including chairman and various committee roles, due to "work changes" [1]. - Fu Zhonghua has been elected as the new representative director and legal representative of the company, while Han Tao has been appointed as the deputy general manager [11]. - Meng Jun's tenure lasted only about two years, having been appointed in May 2023, following the resignation of previous chairman Wang Weimin [3]. Group 2: Company Background - Shanmei International, established in November 2009, is a state-controlled A-share listed company under Shanxi Coking Coal Group, with a registered capital of 1.982 billion yuan [2][5]. - The company primarily engages in new energy development, coal and coke industry investment, and logistics services [2]. Group 3: Financial Performance - In the first half of 2025, Shanmei International reported revenue of 9.66 billion yuan, a year-on-year decline of 31.28%, and a net profit of 655 million yuan, down 49.25% [5][6]. - The decline in revenue is attributed to falling coal prices and a decrease in coal sales, despite an increase in raw coal production [6]. Group 4: Industry Challenges - The coal industry is facing severe challenges, with Shanmei International's production increasing by 15.86% to 17.82 million tons, while sales decreased by 13.19% to 10.35 million tons [6]. - The company anticipates a "mainly fluctuating, limited rebound" in the coal market for the second half of the year, indicating ongoing weakness in demand [6]. Group 5: Regional Economic Context - Shanxi Province, heavily reliant on coal, is experiencing economic difficulties, with a GDP growth rate of only 2.3% in 2024, ranking last among China's provinces [7]. - The province is aware of its over-reliance on coal and is actively seeking to diversify its economy, as indicated by the frequent mention of "transformation" in government reports [8]. Group 6: Talent and Human Resource Issues - Shanxi faces significant challenges in attracting and retaining high-level talent, with a notable outflow of graduates from local universities [9][10]. - The province aims to implement strategies to attract and retain skilled professionals to support economic transformation and development [10].

Investment Rating - The report maintains a "Buy" rating for the coal sector, with specific recommendations for several companies based on their performance and market conditions [4]. Core Insights - The upcoming safety production assessments are expected to lead to a contraction in coal supply, which may support a rebound in coal prices. Since July 2025, the monthly coal output has seen a year-on-year decline of over 3%, and the anticipated inspections may further tighten supply [1][2]. - The coal price has shown signs of recovery, stabilizing above 700 RMB/ton by the end of September 2025. The report predicts that by the end of the year, coal prices could exceed 900 RMB/ton due to supply constraints and increased demand from the coal chemical sector [2]. - The report highlights several investment opportunities within the sector, particularly focusing on companies with high spot market exposure and those expected to benefit from supply-demand dynamics [2]. Summary by Sections Supply and Demand Dynamics - The safety inspections scheduled for November 2025 are likely to impact coal supply negatively, reinforcing expectations of reduced output. This is particularly relevant as the country transitions into the heating season, which typically sees increased demand [1][2]. - The report notes that the coal chemical sector is poised to benefit from the seasonal demand increase, providing additional support for coal prices [2]. Company Recommendations - The report recommends specific companies based on their market positioning and expected performance: 1. **High Spot Market Exposure**: Lu'an Huanneng (潞安环能) is highlighted for its significant elasticity in response to price changes. 2. **Stable Growth Companies**: Jin控煤业 (晋控煤业) and Huayang Co., Ltd. (华阳股份) are recommended for their robust performance. 3. **Recovery in Production**: Shanmei International (山煤国际) is noted for its potential production recovery. 4. **Industry Leaders**: China Shenhua (中国神华), Zhongmei Energy (中煤能源), and Shaanxi Coal (陕西煤业) are recognized for their stable earnings [2][4].

山煤国际（600546） 山煤国际能源集团股份有限公司 2025 年第三次临时股东会会议资料 山煤国际能源集团股份有限公司 2025 年第三次临时股东会 会议资料 2025 年 10 月 1 山煤国际（600546） 山煤国际能源集团股份有限公司 2025 年第三次临时股东会会议资料 山煤国际能源集团股份有限公司 五、会议方式：现场投票和网络投票相结合的方式 六、会议出席人： 2025 年第三次临时股东会议程 （2025 年 10 月 17 日） 一、会议时间：2025 年 10 月 17 日（星期五）下午 15：00 二、会议地点：太原市小店区晋阳街 162 号三层会议室 三、会议召集人：公司董事会 四、会议主持人：公司董事、总经理付中华先生 2．公司董事及高级管理人员。 3．公司聘请的律师。 1．截至 2025 年 10 月 10 日（星期五）下午交易结束后，在中国证券登记结 算有限责任公司上海分公司登记在册的本公司股东均有权参加会议。因故不能参 加会议的股东可以书面委托代理人出席会议（该代理人不必是公司股东），或在网 络投票时间内参加网络投票。 4．本次会议工作人员。 七、会议内容： （一）宣布会议出席 ...

Key Points - Hainan Huatie's shareholder Hu Danfeng has terminated the share reduction plan and plans to increase holdings in the company with an investment of no less than 30 million yuan and no more than 50 million yuan [2] - Yonghe Co. expects a net profit increase of 447.64% to 506.85% year-on-year for Q3 2025, driven by the high demand in the refrigerant industry and product optimization [3] - Delis Co. is planning a change in company control, leading to a suspension of its stock from October 9, 2025 [4] - BYD reported September 2025 sales of 396,300 new energy vehicles, a slight decrease from 419,400 units in the same month last year, while cumulative sales for the year reached 3.26 million units, up 18.64% [5] - Chipone Technology expects Q3 2025 revenue of 1.284 billion yuan, marking a historical high for the company, with a year-on-year increase of 78.77% [7] - Chipone anticipates a significant improvement in profitability for Q3 2025, with new orders expected to reach 1.593 billion yuan, a year-on-year increase of 145.80% [8] - ST Zhengping's stock will be suspended from trading starting October 9, 2025, due to unusual stock price fluctuations [2][28] - Huanxin Cement plans to repurchase shares worth between 32.25 million and 64.5 million yuan [14] - Sichuan Gold won exploration rights for a gold mine in Xinjiang for 510 million yuan, indicating strong geological potential [15]

Investment Rating - The report maintains a positive outlook on the coal industry, rating it as "Overweight" [1] Core Insights - Demand for coal is experiencing a temporary slowdown, but maintenance on the Daqin line combined with shipping costs from production areas is expected to lead to short-term price fluctuations [1] - The report highlights that while the supply side remains stable, the demand side is showing signs of recovery, particularly in the context of the upcoming winter heating season, which is likely to drive coal prices up after a period of volatility [2] Summary by Sections Recent Industry Policies and Dynamics - The report notes significant coal shipments from Xinjiang to Hebei, indicating improved logistics and reduced costs for coal transportation [8] - It also mentions the suspension of mining licenses for several companies in Indonesia due to non-compliance with operational obligations [8] Price Trends - As of September 30, 2025, the prices for various grades of thermal coal have decreased slightly, with specific prices reported for different regions [9] - The report indicates that the price index for thermal coal in the Bohai Rim region has seen a minor increase, suggesting a mixed price trend [9][10] - Coking coal prices have remained stable, with no significant changes reported in major production areas [12] Inventory and Supply Chain - The report highlights an increase in coal inventory at the Bohai Rim ports, with daily average inflows and outflows both showing growth [21] - The average daily consumption of coal by major power generation groups has slightly decreased, while their inventory levels have risen [3] Shipping Costs - Domestic coastal shipping costs have decreased, while international shipping rates have shown mixed trends, with some routes experiencing price increases [28] Company Valuation - The report provides a valuation table for key companies in the coal sector, indicating their stock prices, market capitalization, and earnings projections for the upcoming years [34]

Group 1 - Cambrian's private placement price is set at 1195.02 yuan per share, with a total fundraising amount of 3.985 billion yuan [4] - Bee Assistant plans to raise no more than 984 million yuan for projects including cloud terminal computing power center and IoT terminal upgrades [5] - Kexing Pharmaceutical is planning to issue H-shares and list on the Hong Kong Stock Exchange [6] - Three squirrels have received approval from the China Securities Regulatory Commission for H-share issuance, with plans to issue up to 81.5483 million shares [7] - Ruiming Technology has submitted an application for H-share issuance to the Hong Kong Stock Exchange [8] Group 2 - Binhua Co. plans to invest 1.421 billion yuan in an integrated project for wind, solar, and energy storage [9] - Sains plans to invest no more than 300 million yuan in the expansion of its selection agent project [10] Group 3 - Hunan YN reports no significant changes in its internal and external operating environment [11] - Electric Power Investment has had its major asset replacement review suspended by the Shenzhen Stock Exchange due to expired financial documents [12] - Guanzhong Ecological is in the planning stage for acquiring a 51% stake in Hangzhou Actuary [13][14] Group 4 - Aima Technology's subsidiary is transferring production capacity and ceasing operations due to strategic adjustments [17] - Fosun Pharma's subsidiary has received approval for clinical trials of a new drug [18] - SAIC Group's subsidiary plans to invest 666 million yuan in the restructuring of SAIC Hongyan [19] Group 5 - Hanwei Technology plans to sell 65% of Hanwei Zhiyuan for approximately 440 million yuan [20] - Xingtong Co. has been awarded new capacity for coastal inter-provincial bulk liquid hazardous goods transportation [21][22] Group 6 - EVE Battery Investment received a cash dividend of 375 million HKD from its associate company [23] - Shanmei International's chairman has resigned due to work changes [24] - Weiye Co.'s chairman has resigned for personal reasons [25] Group 7 - Jiao Da Sino's chairman has been placed under detention [26] - Duorui Pharmaceutical is planning a change in control, leading to a stock suspension [27][28] - *ST Zhengping's stock has been suspended for investigation due to abnormal price fluctuations [29] Group 8 - Zhenray Technology's chairman has had detention measures lifted [30] - Shiming Technology's chairman has had detention measures changed to a warning [31] - Nanxin Pharmaceutical is under investigation by the CSRC for suspected violations in annual report disclosures [32] Group 9 - Daqian Ecology's shareholder plans to reduce holdings by up to 3% [33] - Rundar Medical's shareholders plan to reduce holdings by up to 2.99% [34][35] - Saili Medical's shareholder plans to reduce holdings by up to 2% [36] Group 10 - Huaxin Environmental plans to repurchase shares for 40 to 80 million yuan [37] - Tianyong Intelligent has been awarded a contract worth 58.8 million yuan for an engine assembly line project [38] - Zhongwu Drone has signed a significant contract worth 615 million yuan for drone systems [39]

Core Viewpoint - Shanmei International announced the appointment of Mr. Han Tao as the vice president of the company, effective from the date of the board meeting held on September 30, 2025, with a term aligned with the current board's tenure [2] Summary by Relevant Sections - **Appointment Announcement** - The board of directors approved the proposal to appoint Mr. Han Tao as vice president [2] - The decision was based on the nomination by the company's general manager and reviewed by the board's nomination committee [2]

Group 1 - Cambrian's private placement price is set at 1195.02 yuan per share, with a total fundraising amount of 3.985 billion yuan [2] - Bee Assistant plans to raise up to 984 million yuan for projects including cloud terminal computing power center and IoT terminal upgrades [3] - Kexing Pharmaceutical is planning to issue H-shares and list on the Hong Kong Stock Exchange [4] Group 2 - Three squirrels received approval from the China Securities Regulatory Commission for H-share issuance, planning to issue up to 81.5483 million shares [5] - Ruiming Technology has submitted an application for H-share issuance to the Hong Kong Stock Exchange [6] - Binhua Co. plans to invest 1.421 billion yuan in an integrated project for wind and solar energy [7] Group 3 - Sainz's subsidiary plans to invest up to 300 million yuan in the expansion of selection and extraction agents [8] - Hunan YN reported no significant changes in its internal and external operating environment [9] - Electric Power Investment plans to restructure assets and has received a notice from the Shenzhen Stock Exchange to suspend review [10] Group 4 - Guanzhong Ecology is in the planning stage to acquire 51% of Hangzhou Actuary [11] - Aima Technology announced the transfer and suspension of production capacity at its subsidiary in Guangdong [12] - Fosun Pharma's subsidiary received approval for clinical trials of a new drug [13] Group 5 - EVE Battery Investment received a cash dividend of 375 million HKD from its indirect associate, Simoer International [14] - Shanmei International announced a change in its board leadership due to personnel changes [15] - Weiye Co. announced the resignation of its chairman for personal reasons [16] Group 6 - Jiaoda Sinuo's chairman is under detention, and the company has appointed a new acting chairman [17] - Duorui Pharmaceutical is planning a change in control, leading to a stock suspension [18] - ST Zhengping's stock price has seen an abnormal increase, leading to a suspension for investigation [19] Group 7 - Daqian Ecology's shareholder plans to reduce its stake by up to 3% [20] - Rundat Medical's shareholders plan to collectively reduce their stake by up to 2.99% [21] - Seli Medical's shareholder plans to reduce its stake by up to 2% [22] Group 8 - Tianyong Intelligent has been awarded a contract worth 58.8 million yuan for an engine assembly line project [23] - Zhongwu Drone signed a significant contract worth 615 million yuan for drone systems [24]