Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The coal sector has shown resilience, with a slight increase in prices and a positive outlook for the second half of the year, suggesting a potential balance between supply and demand [6][23] - The report highlights the importance of positioning in high-dividend coal companies and those undergoing turnaround in coking coal and coke sectors [6][23] Summary by Sections Market Performance - As of September 5, 2025, the CITIC coal industry index rose by 0.1%, outperforming the CSI 300 index, which fell by 0.81%, resulting in a 0.91 percentage point advantage [2] - The highest weekly stock price increase was seen in Yunmei Energy, with a rise of 4.03% [2] Supply and Demand Data - Average daily coal sales for monitored enterprises were 6.67 million tons, a week-on-week increase of 0.9% but a year-on-year decrease of 1.9% [2] - The average daily coal production was 6.64 million tons, showing a week-on-week decrease of 0.1% and a year-on-year decrease of 1.7% [2] - Total coal inventory (including port storage) was 25.85 million tons, down 0.7% week-on-week and down 9.1% year-on-year [2] Price Trends - The price index for thermal coal (Q5500K) was 676 CNY/ton, reflecting a week-on-week increase of 0.75% [3] - The average price for coking coal at Jing Tang Port was 1550 CNY/ton, down 4.9% week-on-week [4] - The report notes fluctuations in prices across various coal types, with some showing declines while others have remained stable [4][5] Investment Recommendations - The report suggests that coal prices are expected to rebound in September, with long-term contract prices for different grades of coal being 674, 613, and 551 CNY/ton respectively [6][23] - Recommended companies for investment include major thermal coal firms such as China Shenhua, Shaanxi Coal, and others, as well as coking coal companies like Huabei Mining and Shanxi Coking Coal [6][23]

Investment Rating - The report maintains a "Buy" rating for the coal mining sector, indicating a positive outlook for the industry moving forward [5]. Core Insights - The report emphasizes that the coal industry is experiencing a reversal rather than a rebound, with expectations for profitability to improve as coal prices have likely reached their lowest point [12][10]. - The report highlights that coal prices have begun to stabilize and recover, particularly in the context of both thermal and coking coal [15][19]. Summary by Sections Market Overview - As of September 1, 2025, the spot price for Q5500 thermal coal is reported at 695 CNY/ton, down 73 CNY/ton from the beginning of the year but up 77 CNY/ton from the lowest price in June [19]. - The average spot price for Q5500 thermal coal in Q2 2025 was 642 CNY/ton, reflecting a year-on-year decline of 211 CNY/ton (24.7%) and a quarter-on-quarter decline of 91 CNY/ton (12.5%) [19]. - Coking coal prices have also shown resilience, with the price for low-sulfur coking coal reported at 1480 CNY/ton, up 100 CNY/ton from the start of the year [23]. Performance Overview - The report notes that the coal sector has underperformed compared to the broader market, with the CSI 300 index rising by 16.37% from April 1 to September 1, 2025, while the coal index only increased by 8.99% [2][29]. - Among 26 sampled coal companies, 19 saw their stock prices rise, while 7 experienced declines during the same period [2]. Fund Holdings - As of Q2 2025, active funds held 0.43% of their portfolios in the coal sector, a slight decrease from Q1, while passive funds held 0.71%, also down from the previous quarter [3][34]. - The combined holding of both active and passive funds in the coal sector is 0.55%, reflecting a decline of 0.06 percentage points from Q1 2025 [3]. Financial Performance - The report indicates that coal companies' profits have been under pressure due to declining coal prices, with a total profit decline of 5.4% to 113.7% among the sampled companies [3][12]. - Notably, companies like Electric Power Energy and Kailuan achieved profit growth despite the overall downward trend in the sector [3]. Operational Insights - Coal companies are focusing on increasing production, improving quality, and reducing costs to mitigate the impact of falling prices [4][12]. - The total coal production for the sampled companies in H1 2025 was 586 million tons, a year-on-year increase of 4.5% [12]. Investment Recommendations - The report recommends stocks with strong earnings elasticity such as Lu'an Energy, Yanzhou Coal, and Jinkong Coal, while also highlighting key state-owned enterprises like China Shenhua and China Coal Energy for potential investment [10][11].

Investment Rating - The report maintains a "Buy" rating for the coal industry, recommending specific companies based on their performance and market conditions [7][8]. Core Insights - The coal market experienced a decline in prices during the first half of 2025, with an average price of 675.7 CNY/ton for thermal coal, a year-on-year decrease of 22.8% [3][14]. - A rebound in coal prices is anticipated in the second half of 2025 due to increased demand and supply constraints, potentially returning to levels seen in Q3 2024 [4][29]. - The report highlights a significant reduction in production from both domestic and international sources, with a year-on-year decrease in coal production from major exporting countries [18][24]. Market Review - In H1 2025, thermal coal prices continued to decline, with Q2 prices hitting a low of 631.6 CNY/ton, down 25.6% year-on-year [3][14]. - The average price of coking coal also saw a significant drop, with the main coking coal price at 1377.67 CNY/ton, down 38.79% year-on-year [3][14]. Industry Outlook - The report forecasts a price recovery driven by supply reductions and seasonal demand increases, with expectations for prices to return to Q3 2024 levels [4][29]. - Supply-side constraints are expected to persist, with an estimated annual reduction of 230 million tons due to stricter production regulations [24][25]. - Non-electric demand, particularly from the coal chemical sector, is projected to grow, providing additional support for coal prices [29][30]. Fund Holdings - In Q2 2025, most listed companies in the coal sector saw an increase in fund holdings compared to Q1, with notable increases for companies like Huabei Mining and Xinjie Energy [5][34]. Half-Year Report Summary - The coal sector's total revenue in H1 2025 decreased by 18.8% year-on-year, with the thermal coal sub-sector experiencing a 16.6% decline [36][37]. - The net profit attributable to shareholders fell by 32% year-on-year, with the coking coal sub-sector facing the steepest decline of 60.1% [38].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark within the next six months [21]. Core Views - The company reported a revenue of 5.97 billion yuan for the first half of 2025, a year-on-year decrease of 19.2%, with a net profit attributable to shareholders of 880 million yuan, down 39.0% year-on-year. In Q2 2025, revenue was 3.54 billion yuan, showing a quarter-on-quarter decrease of 4.8% but an increase of 46.1% year-on-year. The net profit for Q2 was 360 million yuan, reflecting a quarter-on-quarter decline of 44.5% and a year-on-year decrease of 29.0% [2][4]. Summary by Sections Financial Performance - In H1 2025, coal revenue was 5.61 billion yuan, down 21.7% year-on-year, with operating costs of 3.47 billion yuan, a decrease of 10.7% year-on-year, resulting in a gross profit of 2.14 billion yuan, down 34.7% year-on-year. In Q2 2025, revenue was 3.37 billion yuan, with a quarter-on-quarter decrease of 6.8% but a year-on-year increase of 50.1%. Operating costs rose by 33.2% quarter-on-quarter to 1.98 billion yuan, leading to a gross profit of 1.38 billion yuan, which increased by 83.5% quarter-on-quarter [4][6]. Production and Sales - The company produced 17.22 million tons of raw coal in H1 2025, a year-on-year increase of 1.7%, while the sales volume of commercial coal was 13.29 million tons, down 8.0% year-on-year. The average selling price per ton of coal was 422 yuan, down 14.8% year-on-year, with a cost of 261 yuan per ton, down 2.9% year-on-year, resulting in a gross profit of 161 yuan per ton, down 29.0% year-on-year [4][5]. Tax and Investment Income - In Q2 2025, the company incurred tax and additional charges of 360 million yuan, a quarter-on-quarter increase of 63.6%. Investment income was negative 50 million yuan, a decline of 1.2 billion yuan year-on-year, primarily due to reduced profitability from the associated company [6]. Financial Structure and Dividend Policy - The company's debt-to-asset ratio decreased to 26.2% in H1 2025, down 2.7 percentage points from the end of 2024. A cash dividend of 0.755 yuan per share is proposed, totaling 1.26 billion yuan, with a payout ratio increased to 45% [6][7]. Earnings Forecast - The report adjusts the profit forecast for the company, predicting net profits of 1.86 billion yuan, 2.16 billion yuan, and 2.32 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.11 yuan, 1.29 yuan, and 1.39 yuan per share [7].

Market Overview - The Shanghai Composite Index is at 3757.36 points, with a decline of 1.47% and total A-share trading volume of 20349.66 billion yuan [1] - As of now, 73 A-shares have surpassed their annual line, with notable stocks showing significant deviation rates [1] Notable Stocks - Stocks with the highest deviation rates include: - Aibulu (301259) with a deviation rate of 8.09% and a price increase of 10.22% [1] - Gongxiao Daji (000564) with a deviation rate of 8.06% and a price increase of 8.56% [1] - Shenglong Co. (603178) with a deviation rate of 6.11% and a price increase of 10.02% [1] - Other stocks with lower deviation rates that have just crossed the annual line include: - Weiguang Biological, Changjiang Electric Power, and Yunnan Tourism [1] Deviation Rate Rankings - The top stocks by deviation rate on September 4 include: - Aibulu (301259): Latest price 47.35 yuan, annual line 43.81 yuan [1] - Gongxiao Daji (000564): Latest price 2.79 yuan, annual line 2.58 yuan [1] - Shenglong Co. (603178): Latest price 20.54 yuan, annual line 19.36 yuan [1] - Additional stocks with notable performance include: - Wufangzhai (603237) with a deviation rate of 4.78% [1] - Yuanzhu Co. (603886) with a deviation rate of 3.50% [1]

证券日报网讯9月3日晚间，晋控煤业（601001）发布公告称，公司计划于2025年09月10日(星期三)16： 00-17：00举行2025年半年度业绩说明会。 ...

Core Viewpoint - The company, Jinneng Holding Shanxi Coal Industry Co., Ltd., is set to hold a half-year performance briefing on September 10, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage in Q&A sessions [1][2]. Group 1: Meeting Details - The meeting will take place on September 10, 2025, from 16:00 to 17:00 [1][2]. - It will be held at the Shanghai Stock Exchange Roadshow Center and conducted in an interactive online format [1][2]. - Investors can submit questions from September 3 to September 9, 2025, before 16:00 [2][3]. Group 2: Participants - Key participants in the meeting will include the company's General Manager, Mr. Gu Jingxuan, Secretary of the Board, Ms. Li Juping, Chief Financial Officer, Mr. Yin Jimin, and Independent Director, Mr. Gao Guijun [2]. Group 3: Investor Participation - Investors can join the performance briefing online via the Shanghai Stock Exchange Roadshow Center [2][3]. - They can also pre-submit questions through the designated section on the website or via the company's email [2][3]. Group 4: Contact Information - For further inquiries, investors can contact the company's Board Office at phone number 0352-7010476 or via email at jkmypublic@yeah.net [3]. Group 5: Additional Information - After the briefing, investors will be able to view the meeting details and main content on the Shanghai Stock Exchange Roadshow Center [3][4].

证券代码：601001 证券简称：晋控煤业 公告编号：2025-019 晋能控股山西煤业股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 03 日 （星期三） 至 09 月 09 日 （星 期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 jkmypublic@yeah.net 进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 晋能控股山西煤业股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日发布公司 2025 年半年度报告，为便于广大投资者更全面 深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 09 月 10 日（星期三） 16:00-17:00 举行 2025 年半年度业绩说明 会，就投资者关心的问题进行交流。 一、 说明会 ...

Core Viewpoint - Jin Energy Holdings Co., Ltd. has experienced a decline in stock price and financial performance, with significant net outflows of capital and a decrease in revenue and net profit year-on-year [1][2]. Financial Performance - As of January to June 2025, Jin Energy reported operating revenue of 5.965 billion yuan, a year-on-year decrease of 19.16% [2]. - The net profit attributable to shareholders for the same period was 876 million yuan, down 39.01% year-on-year [2]. - Cumulative cash dividends since the A-share listing amount to 6.083 billion yuan, with 3.640 billion yuan distributed over the past three years [2]. Stock Market Activity - On September 3, Jin Energy's stock price fell by 2.01%, trading at 12.70 yuan per share with a total market capitalization of 21.256 billion yuan [1]. - The stock has decreased by 1.66% year-to-date, with a 4.08% drop over the last five trading days and a 12.41% decline over the last 20 days [1]. - The stock has seen an increase of 11.45% over the past 60 days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Jin Energy was 58,000, with an average of 28,856 circulating shares per person [2][3]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and several mutual funds, with notable changes in shareholding among these entities [3].

Group 1: Market Performance - The coal mining sector increased by 0.03% compared to the previous trading day, with Electric Power Investment leading the gains [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Group 2: Individual Stock Performance - Electric Power Investment (002128) closed at 21.37, up 1.38% with a trading volume of 162,300 shares [1] - Yongtai Energy (600157) closed at 1.49, up 1.36% with a trading volume of 9.64 million shares [1] - China Shenhua (601088) closed at 38.16, up 0.69% with a trading volume of 425,700 shares [1] - Jinko Energy (601001) closed at 12.96, down 2.56% with a trading volume of 226,400 shares [2] Group 3: Capital Flow Analysis - The coal mining sector experienced a net outflow of 420 million yuan from main funds, while retail investors saw a net inflow of 314 million yuan [2] - The main funds showed a negative net flow in several stocks, including Yongtai Energy and Pingmei Shenhua [3] - Retail investors contributed positively to stocks like Gansu Energy and New Dazhou A, indicating varied investor sentiment across the sector [3]