Core Insights - The China Securities State-Owned Enterprises Dividend Index has shown a slight increase of 0.15% as of November 25, 2025, with notable gains in constituent stocks such as Fujian Expressway, which rose by 9.97% [1] - The National Enterprise Dividend ETF (159515) has also increased by 0.26%, indicating a positive trend in dividend-focused investments [1] - Market sentiment is under pressure due to a lack of performance policies and fluctuating expectations regarding the Federal Reserve's interest rate decisions, leading to a focus on dividend assets [1] Market Performance - The National Enterprise Dividend ETF recorded a turnover rate of 0.06% with a transaction volume of 27,200 yuan, and an average daily transaction volume of 3.54 million yuan over the past week [1] - The overall industry prosperity index continued to decline in October, but at a slower rate, with essential consumption, midstream manufacturing, and large financial sectors showing the most improvement [1] Investment Strategy - The dividend strategy is highlighted as a foundational investment approach, focusing on high dividend yields and stable cash flows from quality enterprises, which can provide continuous cash flow and long-term compounding potential [1] - A balanced investment approach is recommended, incorporating growth, cyclical, and dividend assets to identify opportunities with improving industry conditions and relatively low valuations [1] Index Composition - The China Securities State-Owned Enterprises Dividend Index comprises 100 listed companies selected for their high and stable cash dividend yields, reflecting the overall performance of high-dividend securities among state-owned enterprises [2] - As of October 31, 2025, the top ten weighted stocks in the index accounted for 17.08% of the total index weight, including companies like COSCO Shipping Holdings and Agricultural Bank of China [2]

11月24日的资金流向数据方面，主力资金净流出548.93万元，占总成交额2.28%，游资资金净流入 207.29万元，占总成交额0.86%，散户资金净流入341.64万元，占总成交额1.42%。 近5日资金流向一览见下表： 证券之星消息，截至2025年11月24日收盘，山煤国际(600546)报收于10.38元，上涨0.19%，换手率 1.18%，成交量23.36万手，成交额2.41亿元。 | | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净点比 散户净流入 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-11-24 | 10.38 | 0.19% | -548.93万 | -2.28% | 207.29万 | 0.86% | 341.64万 | 1.42% | | 2025-11-21 | 10.36 | -4.16% | -1662.88万 | -4.87% | 1844.11万 | 5.40% | -181.23万 | -0.53% | | 2025-11-20 | 10. ...

截至11月24日收盘，山煤国际自11月14日以来，累计跌幅超11%。 业绩上，公司呈现大幅下滑趋势，今年前三季度累计营业收入153.32亿元，同比减少30.2%；归母净利润10.46亿元，同比 降幅达49.74%。从单季来看，公司营收已连续12个季度同比下滑，归母净利润已连续10个季度同比下滑。 从经营上看，虽然前三季度公司煤炭产量和销量同比实现增长，但在煤价整体呈下降趋势下，公司前三季度煤炭生产业务 收入同比下降20.72%。煤炭贸易业务受创严重，业务收入同比下降46.93%，销售均价也同步承压，整体陷入量价齐跌的困 境。 ...

Group 1 - The core viewpoint of the article highlights the trends in China's coal industry, particularly focusing on the production statistics and future development forecasts [1] - In September 2025, China's raw coal production was reported at 410 million tons, reflecting a year-on-year decrease of 1.8% [1] - From January to September 2025, the cumulative raw coal production in China reached 3.57 billion tons, showing a cumulative growth of 2% [1] Group 2 - The article lists key listed companies in the coal sector, including China Shenhua (601088), Zhongmei Energy (601898), Shanxi Coking Coal (000983), and others [1] - The report referenced is the "China Coal Industry Panorama Research and Future Development Trend Assessment Report (2026 Edition)" published by Zhiyan Consulting [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports and customized services [1]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The report indicates a slight adjustment towards market-oriented policies in the long-term coal supply contracts for 2026 compared to 2025, with both quantity and price aspects moving closer to market mechanisms [2][7] - The signing volume for coal enterprises is set to be no less than 75% of their own resource volume, while for power generation enterprises, the minimum signing volume should be at least 80% of the demand [2] - The fulfillment rates have been relaxed slightly, with monthly fulfillment remaining at no less than 80%, quarterly fulfillment now being generally no less than 90%, and annual fulfillment also generally no less than 90% [2] - The pricing mechanism for long-term contracts may begin to reference indices, with a monthly adjustment mechanism established for the pricing of coal from production areas [3][4] - The report emphasizes that the coal mining industry continues to show a long-term upward price trend driven by factors such as rising labor costs, increased safety and environmental investments, and higher taxation by local governments [8] Summary by Sections Policy Changes - The 2026 policy document indicates that contracts for coal from production areas must align with reasonable price ranges and establish a monthly adjustment mechanism through negotiation between supply and demand enterprises [3] - The pricing for long-term contracts for coal remains unchanged, with a base price set at current levels [4] Market Performance - As of November 19, 2025, the coal mining sector has shown a performance of 2.3% over one month, 11.3% over three months, and 0.2% over twelve months, compared to the Shanghai and Shenzhen 300 index which recorded 1.6%, 8.6%, and 15.4% respectively [5] Investment Recommendations - The report suggests focusing on robust companies such as China Shenhua, Shaanxi Coal, and others, highlighting their strong cash flow and high asset quality [8] - Specific recommendations include: - Steady stocks: China Shenhua, Shaanxi Coal, and others - Stocks with greater elasticity in thermal coal: Yanzhou Coal, Jinko Energy, and others - Stocks with greater elasticity in coking coal: Huaibei Mining, Pingdingshan Coal, and others [8] Earnings Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for key companies, indicating a positive outlook for several coal enterprises [10]

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the coal industry [1][13]. Core Viewpoints - The 2026 medium- and long-term coal supply contract plan aligns with expectations, with a slight relaxation in performance requirements. The plan continues the mechanism established in the 2022 contracts, which was a significant adjustment from the previous five-year mechanism [1][2]. - The pricing mechanism for coal contracts has been adjusted to include a monthly price adjustment mechanism for production area contracts, while the port benchmark price remains unchanged at 675 RMB/ton [3][10]. - The report suggests that with the implementation of "anti-involution" policies, the expected increase in domestic coal supply is limited, leading to a recovery in coal prices and improved performance in long-term contracts [3][6]. Summary by Sections Contract Signing Requirements - For power companies, the signing demand should not be less than 80% of the required amount, with 80% of these contracts under key regulatory oversight. For coal companies, the task volume should not be less than 75% of their own resource volume [2][10]. Pricing Mechanism - The production area contracts will now have a monthly price adjustment mechanism, with the benchmark price set based on the reasonable price range for coal production in Shanxi, Shaanxi, and Inner Mongolia. The floating price will be determined by various indices [3][10]. Performance Supervision - The contract performance requirements have been relaxed, with monthly performance rates required to be no less than 80%, and quarterly and annual rates should generally not be less than 90%. There is an emphasis on increasing performance during peak seasons [3][10]. Investment Recommendations - The report highlights several companies with significant recovery potential, including Jin控煤业, 华阳股份, 山煤国际, 兖矿能源, 陕西煤业, 中煤能源, and 中国神华 [6].

Summary of Shanxi Coal International Conference Call Company Overview - **Company**: Shanxi Coal International - **Date**: October 2025 Key Points Industry and Sales Performance - October sales were impacted by the off-peak season, leading to a significant decline in thermal coal sales, while metallurgical coal sales remained stable, ensuring no issues for annual sales [2][3] - Overall prices saw a slight increase compared to September, with good cost control expected to keep annual costs below 300 RMB/ton, a decrease of 5%-10% year-on-year [2][3] - Inventory has been decreasing since the peak in July 2025, currently around 1.56 million tons, with manageable year-end inventory pressure expected to remain between 200,000 to 300,000 tons [2][5] Pricing Mechanism - The company employs a pricing mechanism based on a benchmark price plus a floating price, with some products reaching price ceilings and executing long-term contracts [2][6] - For 2026, there may be adjustments to long-term contract pricing to align more closely with market conditions, potentially moving to a benchmark price rather than a range [2][7] Production and Supply - Production in October 2025 was around 2.6 million tons, with a full-year production target of 30-35 million tons, which is expected to be met [3][4] - The company has announced the purchase of over 2 million tons of capacity indicators to supplement procedures for the Changchun Xin and Hanjiawa mining areas, which will not affect existing capacity [2][10] - The complexity of capacity increase procedures in Shanxi province may impact future supply if not completed by year-end [2][11] Market Regulations and Taxation - There are rumors that the National Development and Reform Commission (NDRC) may guide state-owned enterprises to control coal prices below 850 RMB/ton, but the company has not received any formal guidance yet [2][12] - The company faced high tax burdens in Q3 due to increased resource taxes and local tax authority demands for back payments, but pressure is expected to ease in Q4 [2][13][14] Future Price Outlook - The coal supply-demand relationship is expected to improve in 2026, but the intensity of supply-side reforms may weaken [2][15] - Coal prices are projected to fluctuate between 700 to 800 RMB/ton, with potential risks of price drops during the off-peak season [2][16] Specific Coal Types - The price trends for coking coal and premium coking coal have diverged, with premium coking coal prices rising significantly while coking coal prices have remained relatively stable [2][18] Supply Assurance - The company aims for a total sales target of 25-26 million tons in 2025, with a supply assurance target of 16-17 million tons, of which approximately 13-14 million tons have been completed [2][17] General Market Sentiment - The recent supply assurance meetings are primarily aimed at addressing winter heating demands, with no strict requirements set for achieving the 1.3 billion ton target, indicating limited marginal impact on overall production plans [2][19]

Core Viewpoint - Shanmei International's stock price has shown a slight increase of 0.72% year-to-date, but has experienced a decline of 2.43% over the past five trading days and 0.80% over the past twenty days, indicating volatility in its recent performance [1]. Financial Performance - For the period from January to September 2025, Shanmei International reported a revenue of 15.332 billion yuan, representing a year-on-year decrease of 30.20%. The net profit attributable to shareholders was 1.046 billion yuan, down 49.74% compared to the previous year [2]. - The company has cumulatively distributed 11.570 billion yuan in dividends since its A-share listing, with 6.225 billion yuan distributed over the last three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Shanmei International was 71,900, a decrease of 12.97% from the previous period. The average number of circulating shares per shareholder increased by 14.91% to 27,566 shares [2]. - The top ten circulating shareholders include notable ETFs, with Huatai-PB SSE Dividend ETF holding 45.7224 million shares, an increase of 2.5939 million shares from the previous period, and Guotai CSI Coal ETF holding 39.2427 million shares, an increase of 23.8534 million shares [3].

Investment Rating - The report maintains a positive outlook on the coal industry, suggesting a "Buy" rating for specific stocks based on their performance relative to the market [3][29]. Core Insights - The report highlights that the coal prices are expected to rise due to supply constraints and seasonal demand, particularly in the context of winter heating needs [3][4]. - It emphasizes the impact of environmental regulations and safety inspections on coal production, which are likely to tighten supply further [3][7]. - The report identifies several companies as potential investment opportunities, including Jin控煤业, 华阳股份, and 山煤国际, based on their price elasticity and valuation [3][4]. Summary by Sections 1. Recent Industry Policies and Dynamics - The report discusses the initiation of the third round of central ecological environment protection inspections, which will affect major coal-producing regions and companies [7]. - It mentions the State Energy Administration's guidance on integrating coal with renewable energy, focusing on low-carbon transitions and new energy developments in mining areas [7]. 2. Price Trends of Coal - The report notes fluctuations in domestic coal prices, with specific increases in certain regions, such as a rise of 10 CNY/ton in Dazhou and Ordos [8]. - The overall coal price index in the Bohai Rim region has increased by 4 CNY/ton, indicating a general upward trend in coal prices [8]. 3. International Oil Prices - Brent crude oil prices have risen by 1.19% to 64.39 USD/barrel, which may influence coal prices due to the relationship between oil and coal markets [14]. 4. Port Inventory Trends - The report indicates an increase in coal inventory at the Bohai Rim ports, with a total of 24.3 million tons, reflecting a 2.56% rise week-on-week [18]. 5. Domestic and International Freight Rates - Domestic coastal shipping rates have increased slightly, with an average of 51.52 CNY/ton, while international shipping rates from Australia to China have also seen a rise [23]. 6. Key Company Valuation Table - The report provides a detailed valuation table for key companies in the coal sector, highlighting their stock prices, market capitalization, and earnings projections [28].

Core Viewpoint - As of November 17, 2025, Shanmei International (600546) closed at 11.45 yuan, reflecting a 0.53% increase, with significant net inflows from major funds and notable outflows from retail investors [1][2]. Financial Performance - For the first three quarters of 2025, Shanmei International reported a main revenue of 15.332 billion yuan, a year-on-year decrease of 30.2% - The net profit attributable to shareholders was 1.046 billion yuan, down 49.74% year-on-year - The third quarter alone saw a main revenue of 5.673 billion yuan, a decline of 28.27% year-on-year, and a net profit of 391 million yuan, down 50.53% year-on-year [3]. Market Position - Shanmei International's total market capitalization is 22.699 billion yuan, ranking 14th in the coal industry - The company has a net asset value of 20.457 billion yuan, ranking 13th, and a net profit of 1.046 billion yuan, ranking 12th in the industry - The company's price-to-earnings ratio is 16.27, significantly higher than the industry average of 6.3, indicating a relatively high valuation compared to peers [3]. Recent Fund Flow - On November 17, 2025, major funds had a net inflow of 14.2202 million yuan, accounting for 5.95% of the total transaction volume - Retail investors experienced a net outflow of 1.23919 million yuan, representing 5.19% of the total transaction volume, indicating a shift in investor sentiment [1][2]. Analyst Ratings - Over the past 90 days, 10 institutions have rated Shanmei International, with 5 buy ratings and 5 hold ratings - The average target price set by analysts is 11.69 yuan, suggesting a potential upside from the current trading price [4].