Market Overview - On September 30, the coal mining sector rose by 0.05% compared to the previous trading day, with Panjiang Coal and Electricity leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Individual Stock Performance - Panjiang Coal and Electricity (600395) closed at 5.39, up 2.47% with a trading volume of 305,100 shares and a turnover of 163 million yuan [1] - Jiangxi Tungsten Industry Equipment (600397) closed at 6.96, up 1.31% with a trading volume of 260,700 shares and a turnover of 181 million yuan [1] - Huai Bei Mining (600985) closed at 12.33, up 1.07% with a trading volume of 223,000 shares and a turnover of 274 million yuan [1] - China Shenhua Energy (601088) closed at 38.50, up 0.39% with a trading volume of 238,900 shares and a turnover of 916 million yuan [1] Capital Flow Analysis - The coal mining sector experienced a net outflow of 140 million yuan from institutional investors and a net outflow of 115 million yuan from speculative funds, while retail investors saw a net inflow of 256 million yuan [2] - The capital flow for individual stocks shows that Shaanxi Coal and Chemical Industry (601225) had a net inflow of 47.94 million yuan from institutional investors, while it faced a net outflow of 90.76 million yuan from speculative funds [3] - China Shenhua Energy (601088) had a net inflow of 15.19 million yuan from institutional investors, but a net outflow of 36.79 million yuan from speculative funds [3]

Core Viewpoint - Jiangsu Xukang Energy Co., Ltd. (referred to as "Sunan Co., 600925.SH") has made significant progress in its Uralai 2×1000MW high-efficiency ultra-supercritical coal-fired power generation project, with the 1 unit (1000MW) successfully completing 168 hours of full-load trial operation and officially entering commercial operation on September 24, 2025 [1] Group 1: Project Progress - The Uralai project is part of the "Mengdian Song Su" project, which is a key component of China's "West-to-East Power Transmission" strategy, converting Inner Mongolia's energy advantages into economic benefits while meeting Jiangsu's growing electricity demand [1][2] - The newly operational unit has been included in the fourth batch of major technological equipment in the energy sector announced by the National Energy Administration, featuring innovative combustion technology for stable, efficient, and clean burning of high-moisture, low-calorific lignite [2] Group 2: Market Impact - The commercial operation of the new unit is expected to enhance Jiangsu's energy security and strengthen Sunan Co.'s strategic position in the regional energy security system, potentially opening new profit avenues for the company [2] - The lignite unit offers significant advantages in fuel cost control compared to bituminous coal units, and it has achieved notable optimization in key economic and technical indicators such as unit construction cost, power generation coal consumption, and operational efficiency [2] Group 3: Business Development - Sunan Co. has been advancing its coal, thermal power, and new energy businesses simultaneously, with recent approvals for expanding coal production capacity and multiple new energy projects, including solar and storage initiatives, now operational [3] - The company aims to continue optimizing its industrial layout centered on coal, coal power, and new energy, while increasing the proportion of green energy to contribute to the development of a new energy system and support regional economic growth [3]

Core Viewpoint - The company, Suneng Co., announced that its investment project, the Uralgai 2×1000MW high-efficiency ultra-supercritical coal-fired power generation unit 1 (1000MW), has successfully completed a 168-hour full-load trial operation and is now officially in commercial operation as of September 24, 2025 [2] Group 1 - The Uralgai project consists of two 1000MW units, indicating a significant capacity for power generation [2] - The successful completion of the trial operation marks a critical milestone for the company, enhancing its operational capabilities in the energy sector [2] - The commercial operation of the unit is expected to contribute positively to the company's revenue and market position in the coal-fired power generation industry [2]

证券代码：600925 证券简称：苏能股份 公告编号：2025-041 江苏徐矿能源股份有限公司 关于募投项目乌拉盖#1 机组（1000MW） 投产的公告 该项目#1 机组（1000MW）投产后，公司在役电力装机规模将进一步扩大， 对优化产业结构、提升可持续发展能力与核心竞争力具有重要意义。 三、风险提示 由于上述项目达到设计产能尚需一定时间且未来宏观经济、市场变化尚存在 1 不确定性，敬请广大投资者谨慎决策，注意投资风险。 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。 一、项目基本情况 江苏徐矿能源股份有限公司（以下简称"公司"）募投项目——乌拉盖 2× 1000MW 高效超超临界燃煤发电机组工程项目的#1 机组（1000MW）已于 2025 年 9 月 24 日顺利完成 168 小时满负荷试运行，正式投入商业运营。 乌拉盖2×1000MW高效超超临界燃煤发电机组建设运营主体为公司全资子 公司苏能（锡林郭勒）发电有限公司，项目位于内蒙古自治区锡林郭勒盟乌拉盖 管理区，是"蒙电送苏"工程——"锡盟～泰州"±800KV 特高压 ...

Core Viewpoint - The company has successfully completed the trial operation of its 1000MW coal-fired power generation unit, marking a significant milestone in its investment project and enhancing its operational capacity in the energy sector [2] Group 1: Project Details - The 1 unit (1000MW) of the Ulagai 2×1000MW high-efficiency ultra-supercritical coal-fired power generation project has completed a 168-hour full-load trial operation and is now officially in commercial operation [2] - The project is managed by the company's wholly-owned subsidiary, SuNeng (Xilin Gol) Power Co., Ltd., and is located in the Ulagai Management Area of Xilin Gol League, Inner Mongolia [2] - This project is part of the "Mengdian Song Su" initiative, serving as a supporting power source for the ±800KV UHVDC transmission line from Xilin Gol to Taizhou [2] Group 2: Strategic Importance - The project has been recognized in the fourth batch of major technological equipment in the energy sector by the National Energy Administration, filling a gap in China's million-level lignite power generation units [2] - The commissioning of the 1 unit will expand the company's operational power generation capacity, which is significant for optimizing the industrial structure and enhancing sustainable development capabilities and core competitiveness [2]

Core Viewpoint - The company, Suneng Co., Ltd. (stock code: 600925), has successfully completed the 168-hour full-load trial operation of its 1 unit (1000MW) for the Ulagai 2×1000MW high-efficiency ultra-supercritical coal-fired power generation project, officially commencing commercial operations on September 24 [1]. Group 1 - The 1 unit of the Ulagai project has a capacity of 1000MW [1]. - The project is part of the company's fundraising investment initiatives [1]. - The successful trial operation marks a significant milestone for the company in enhancing its operational capabilities [1].

格隆汇9月24日丨苏能股份(600925.SH)公布，公司募投项目——乌拉盖2×1000MW高效超超临界燃煤发 电机组工程项目的#1机组（1000MW）已于2025年9月24日顺利完成168小时满负荷试运行，正式投入商 业运营。该项目#1机组（1000MW）投产后，公司在役电力装机规模将进一步扩大，对优化产业结构、 提升可持续发展能力与核心竞争力具有重要意义。 ...

Core Viewpoint - The company announced that its Uralage 2×1000MW high-efficiency ultra-supercritical coal-fired power generation project has successfully completed a 168-hour full-load trial operation for its 1 unit (1000MW) and has officially commenced commercial operation [1] Group 1: Project Details - The project is constructed and operated by the company's wholly-owned subsidiary, Suneng (Xilin Gol) Power Co., Ltd., located in the Uralage Management Area of Xilin Gol League, Inner Mongolia Autonomous Region [1] - This project serves as a supporting power source for the "Mengdian Send Su" project and will supply power to the Jiangsu market upon commissioning [1] Group 2: Impact on Company - The commissioning of the 1 unit will further expand the company's operational power generation capacity [1] - The project is significant for optimizing the industrial structure and enhancing the company's sustainable development capabilities and core competitiveness [1]

Core Viewpoint - SuNeng Co., Ltd. has successfully completed the full-load trial operation of its 1000MW Unit 1 of the Ulagai 2×1000MW high-efficiency ultra-supercritical coal-fired power generation project, marking its official commercial operation on September 24, 2025 [1] Group 1: Project Details - The Ulagai project is operated by SuNeng (Xilin Gol) Power Co., Ltd., a wholly-owned subsidiary of the company [1] - The project is located in the Ulagai Management Area of Xilin Gol League, Inner Mongolia, and serves as a supporting power source for the "Mengdian Send Su" project, specifically the ±800KV UHVDC transmission line from Xilin Gol to Taizhou [1] - The project has been recognized in the fourth batch of major technological equipment in the energy sector by the National Energy Administration, filling a gap in China's million-level lignite power generation units [1] Group 2: Impact on Company - The commissioning of Unit 1 will further expand the company's operational power generation capacity [1] - This project is significant for optimizing the company's industrial structure and enhancing its sustainable development capabilities and core competitiveness [1]

Core Viewpoint - The company has successfully completed the full-load trial operation of its 1000MW Unit 1 of the Ulagai 2×1000MW high-efficiency ultra-supercritical coal-fired power generation project, marking its official commercial operation as of September 24, 2025 [1] Group 1: Project Details - The Ulagai project is managed by the company's wholly-owned subsidiary, Suneng (Xilin Gol) Power Co., Ltd., located in the Ulagai Management Area of Xilin Gol League, Inner Mongolia [1] - This project is part of the "Mengdian Song Su" initiative, specifically the "Xil League - Taizhou" ±800KV ultra-high voltage direct current transmission line, and will serve the Jiangsu market upon commissioning [1] - The project has been recognized in the fourth batch of major technological equipment in the energy sector by the National Energy Administration, filling a gap in China's million-level lignite power generation units [1] Group 2: Impact on Company - With the commissioning of Unit 1, the company's operational power generation capacity will further expand, which is significant for optimizing its industrial structure and enhancing its sustainable development capabilities and core competitiveness [1]