Core Viewpoint - The coal sector has shown strong performance recently, with significant price increases expected in the fourth quarter due to supply constraints and rising demand driven by early winter conditions [1] Industry Summary - The coal sector experienced a strong rally on the 5th, with companies like Antai Group and Dayou Energy hitting their daily price limits, and others like Shaanxi Black Cat and Yunmei Energy also showing notable gains [1] - Since the third quarter, domestic coal production growth has gradually slowed due to safety regulations and overproduction checks, with these constraints expected to persist into the fourth quarter [1] - Demand has increased due to accelerated cooling in northern regions and early winter stockpiling, with expectations of further replenishment needs as the winter season extends [1] Price Expectations - CITIC Securities forecasts that the average price of port thermal coal in the fourth quarter may rise by over 15% quarter-on-quarter, potentially exceeding 850 yuan per ton [1] - Coking coal prices are also expected to remain high, with a projected quarter-on-quarter increase of nearly 200 yuan per ton [1] - If the enforcement of overproduction checks strengthens, coal prices may exceed expectations [1] Investment Recommendations - In the context of improving policies, coal prices, and earnings expectations, the coal sector is anticipated to have a sustained rebound in the fourth quarter [1] - Companies that are "defensive and offensive" leaders in thermal coal should be monitored, along with undervalued firms that exhibit good earnings elasticity [1]

Core Viewpoint - Yunnan Coal Industry Energy Co., Ltd. plans to provide a total guarantee of 60 million yuan for its wholly-owned subsidiary, Shizong Coal Coking Chemical Co., Ltd., to support its operations and maintain stable coal supply relationships with suppliers [2][9][11]. Summary by Sections Guarantee Details - The company intends to provide a joint liability guarantee of 30 million yuan for each of the two contracts signed by Shizong Company with Guizhou Bangda Trading Co., Ltd. and Guizhou Jiutai Bangda Energy Development Co., Ltd., totaling 60 million yuan [2][4]. - The guarantee is aimed at ensuring the fulfillment of the 2025 coal sales framework contracts and their supplementary agreements [2][4]. Internal Decision-Making Process - The decision to provide the guarantee was approved during the third temporary meeting of the tenth board of directors held on November 3, 2025, with unanimous support from all directors [3][18]. - Due to Shizong Company's asset-liability ratio exceeding 70%, the guarantee requires further approval from the company's shareholders' meeting [3][12]. Basic Information of the Guaranteed Party - The guaranteed party is Shizong Coal Coking Chemical Co., Ltd., which is a wholly-owned subsidiary of Yunnan Coal Industry Energy Co., Ltd. [3][9]. Guarantee Agreement Main Content - The creditors are Guizhou Bangda Trading Co., Ltd. and Guizhou Jiutai Bangda Energy Development Co., Ltd., while the debtor is Shizong Coal Coking Chemical Co., Ltd. [4]. - The guarantee covers all coal payments, penalties, and reasonable expenses incurred by the creditors to realize their claims [7]. Necessity and Reasonableness of the Guarantee - The board of directors believes that the guarantee is necessary and reasonable to support the production and operational needs of Shizong Company, ensuring a stable supply relationship with its suppliers [8][9]. Cumulative Guarantee Situation - As of the announcement date, the total external guarantee balance of the company and its subsidiaries is 316.97 million yuan, accounting for 10.48% of the latest audited net assets attributable to the parent company [11].

Core Viewpoint - Yunmei Energy announced that as of now, the company and its controlling subsidiaries do not have any overdue guarantees [2] Group 1 - The company has confirmed the absence of overdue guarantees, indicating a stable financial position [2]

Company Summary - Yunmei Energy (SH 600792) held an extraordinary board meeting on November 3, 2025, via telecommunication to review documents including guarantees for its wholly-owned subsidiaries [1] - For the fiscal year 2024, Yunmei Energy's revenue composition is as follows: coal coking accounts for 95.94%, equipment manufacturing for 2.87%, other businesses for 1.09%, and engineering construction for 0.1% [1] - As of the report date, Yunmei Energy has a market capitalization of 5.2 billion yuan [1] Industry Summary - A significant increase in overseas orders has been reported, with a surge of 246%, covering over 50 countries and regions [1] - Entrepreneurs have raised concerns about some companies selling at a loss, warning of potential vicious competition extending to overseas markets [1]

Core Viewpoint - The coking coal sector experienced a slight increase of 0.44% on November 4, with Antai Group leading the gains, while the overall Shanghai Composite Index fell by 0.41% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3960.19, down 0.41% [1] - The Shenzhen Component Index closed at 13175.22, down 1.71% [1] - Antai Group's stock price rose by 9.94% to 3.76, with a trading volume of 2.7557 million shares and a transaction value of 1.022 billion [1] - Other notable stocks included Yunmei Energy, which increased by 2.84% to 4.70, and Yunwei Co., which rose by 1.34% to 3.78 [1] Group 2: Capital Flow - The coking coal sector saw a net inflow of 920,900 yuan from main funds, while retail funds had a net inflow of 3,356,210 yuan [1] - However, speculative funds experienced a net outflow of 3,448,300 yuan [1] - Antai Group had a significant main fund net inflow of 99,563,400 yuan, while it faced a net outflow of 84,517,400 yuan from speculative funds [2] - In contrast, Meijin Energy had a net inflow of 4,389,700 yuan from speculative funds but a net outflow of 3,673,600 yuan from retail investors [2]

云南煤业能源股份有限公司 关于为全资子公司提供担保的公告 证券代码：600792 证券简称：云煤能源 公告编号：2025-057 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： 担保对象及基本情况 | | 被担保人名称 本次担保金额 | 师宗煤焦化工有限公司 6,000 万元 | | --- | --- | --- | | 担保对象 | 实际为其提供的担保余额（含本 次担保） | 29,797.25 万元 | | | 是否在前期预计额度内 | □是 □否 不适用：本次担保事 项属于临时性担保事项，年初未预计 | | | 本次担保是否有反担保 | □是 否 □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股子公 | 31,696.75 | | 司对外担保余额（万元，含本次担保） | | | 对外担保余额占上市公司最近一期经 | 10.48 | | 审计净资产的比例（%） | | | 特别风险提示（如有请勾 ...

重要内容提示： 证券代码：600792 证券简称：云煤能源 公告编号：2025-058 云南煤业能源股份有限公司 关于召开2025年第五次临时股东会的通知 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。 股东会召开日期：2025年11月21日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 一、召开会议的基本情况 (一)股东会类型和届次 2025年第五次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 21 日 14 点 00 分 召开地点：云南省昆明市安宁市草铺镇安宁产业园区云南煤业能源股份有限 公司 315 会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 11 月 21 日 至2025 年 11 月 21 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 ...

云南煤业能源股份有限公司 Yunnan Coal & Energy Co.,Ltd 2025 年第五次临时股东会 云煤能源 2025 年第五次临时股东会会议资料 关于《为全资子公司提供担保》的议案。 1 会 议 资 料 股 票 代 码 ： 600792 股 票 简 称 ： 云 煤 能 源 召开时间：2025 年 11 月 21 日 董事会办公室编制 云煤能源 2025 年第五次临时股东会会议资料 会 议 议 程 一、宣布现场股东会参加人数及所代表股份数； 二、推选监票人、计票人、唱票人； 三、审议议案 ： 四、与会股东及授权代理人对审议事项讨论、提问，公司有关人员答疑； 五、股东会议案书面记名投票表决； 六、公布现场表决结果； 七、合并会议现场表决及网络投票表决结果； 八、公布合并表决结果； 九、宣读本次股东会决议； 十、与会董事签署股东会决议，全体与会人员签署会议记录； 十一、律师宣读法律意见； 十二、主持人宣布会议结束。 云煤能源 2025 年第五次临时股东会会议资料 议案： 关于《为全资子公司提供担保》的议案 各位股东及股东代表： 一、担保情况概述 为支持云南煤业能源股份有限公司（以下简称公司）全资子公 ...

证券代码：600792 证券简称：云煤能源 公告编号：2025-056 云南煤业能源股份有限公司 ●公司全体董事出席了本次会议。 ●本次董事会议案均获通过，无反对票、弃权票。 一、董事会会议召开情况 云南煤业能源股份有限公司（以下简称公司）第十届董事会第三次临时会议 于2025年11月3日上午以通讯表决方式召开，会议通知及材料于2025年10月30日 以电子邮件方式传送给董事会全体董事，本公司实有董事7人，实际参加表决的 董事7人，收回有效表决票7张。本次会议的召集及召开程序符合《公司法》《公 司章程》的有关规定。 二、董事会会议审议情况 1.以 7 票赞成，0 票反对，0 票弃权审议通过关于《为全资子公司提供担保》 的议案。 本次为全资子公司师宗煤焦化工有限公司（以下简称师宗公司）提供担保， 是为了满足其生产经营和业务需要，维护师宗公司与其供应商稳定的供煤关系。 公司对其能保持良好控制，及时掌握其资信状况，本次担保具有必要性和合理性， 不存在损害公司及全体股东利益尤其是中小股东利益的情形，会议同意公司为师 宗公司与贵州邦达商贸有限公司、贵州久泰邦达能源开发有限公司各自签订的 《2025 年煤炭买卖框架合同》 ...

Core Viewpoint - Yunmei Energy (600792) announced a plan to provide a total of 60 million yuan in joint liability guarantees for its wholly-owned subsidiary Shizong Coal Coking Chemical Co., Ltd. to support its production operations and maintain stable coal supply relationships with two suppliers [1] Group 1: Company Actions - The company will sign a coal sales framework contract and supplementary agreements with Guizhou Bangda Trading Co., Ltd. and Guizhou Jiutai Bangda Energy Development Co., Ltd. [1] - The guarantees amount to 30 million yuan each for the two suppliers, totaling 60 million yuan [1] - This decision has been approved by the company's 10th Board of Directors at its third temporary meeting and will be submitted for shareholder approval [1] Group 2: Financial Implications - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to 316.9675 million yuan, including this new guarantee [1] - The total guarantees represent 10.48% of the company's most recent audited net assets [1] - There are no overdue guarantees reported by the company [1]