Group 1 - Hubei Yihua has received acceptance from the Shenzhen Stock Exchange for its application to issue convertible bonds to unspecified objects [1] - Tongye Technology plans to acquire 91.69% of Beijing Silingke Semiconductor Technology Co., Ltd. for a total price of 561 million yuan [2] - Heng Rui Medicine has signed an exclusive licensing agreement with Hansoh Pharmaceutical, which includes a payment of 30 million yuan and potential milestone payments up to 190 million yuan [3] Group 2 - Jun Da Co. announced that its strategic cooperation framework agreement with Shangyi Optoelectronics will not significantly impact its current operating performance [4] - Jinchuan Group's wholly-owned subsidiary is jointly investing in a venture capital partnership to invest in Shanghai Gesi Information Technology Co., Ltd. [5] - Baili Tianheng plans to apply for the registration of debt financing tools not exceeding 10 billion yuan [6] Group 3 - Yuanda Environmental Protection announced the resignation of its chairman Chen Bin due to work changes [7] - Aerospace Development reported that its subsidiary's revenue accounted for less than 1% of the total revenue in the first three quarters of 2025 [8] - ST Huluwawa and its chairman Liu Jingping are under investigation by the China Securities Regulatory Commission for information disclosure violations [10] Group 4 - Jia Mei Packaging confirmed that it has no plans for significant changes to its main business or for a reverse merger in the next 36 months [11] - Wangfujing has won the bid for the duty-free project at Beijing Capital International Airport, with a guaranteed operating fee of 113 million yuan for the first year [12] - Siwei Liekong has suspended trading due to potential changes in control [13] Group 5 - Zhongchao Holdings announced a tax payment and late fee totaling 8.2881 million yuan [14] - Yongshuntai plans to conduct foreign exchange derivative trading with a total amount not exceeding 1.7 billion yuan in 2026 [15] - Guojin Securities has been approved to publicly issue company bonds not exceeding 25 billion yuan [16] Group 6 - Jincheng Pharmaceutical's subsidiaries are required to pay a total of 21.5968 million yuan in taxes and late fees [17] - China Shenhua's subsidiary has successfully completed the trial operation of its power generation unit [19] - Yijing Optoelectronics has received a hearing notice regarding the inability to advance its photovoltaic project [20] Group 7 - Jiga Development has received debt waivers totaling 378 million yuan from its controlling shareholder and related parties [21] - ST Lutong plans to apply to the Shenzhen Stock Exchange to revoke other risk warnings after a shareholder repaid funds [22] - Xin'ao Co. is progressing with the privatization of Xin'ao Energy and has completed significant asset restructuring foreign exchange registration [23]

Group 1: Market Policies and Regulations - The Shanghai and Shenzhen Stock Exchanges announced a series of fee reduction measures for 2026, with an estimated total reduction exceeding 1.9 billion yuan, including approximately 1.113 billion yuan from the Shanghai Stock Exchange and over 800 million yuan from the Shenzhen Stock Exchange [1] - The National Financial Work Conference confirmed the continuation of "national subsidies" in 2026, focusing on boosting consumption and supporting the replacement of consumer goods [1] - The People's Bank of China aims to significantly increase the scale and proportion of various medium- and long-term funds invested in A-shares, promoting a healthy cycle between capital market stability and high-quality economic development [1] Group 2: Industry Developments - The Ministry of Industry and Information Technology established a standardization committee for humanoid robots and embodied intelligence, which will focus on developing industry standards in key technology areas [2] - Wall Street's first GPU company, Birun Technology, has set its Hong Kong IPO price range at HKD 17.00 to 19.60 per share, with plans to list on January 2, 2026 [3] - The National Investment UBS Silver LOF has reduced the A-class regular investment limit back to 100 yuan and announced a suspension of C-class share subscriptions to protect the interests of existing fund holders [4] Group 3: Market Trends and Performance - The A-share market is experiencing a bullish trend, with indices rising for eight consecutive days, indicating a potential for further gains [7] - The total box office for the 2025 Chinese film New Year season has surpassed 5 billion yuan, marking the highest figure for the same period in nearly eight years [8] - The battery recycling industry is expected to see new policies aimed at improving the efficiency of production capacity and addressing the mismatch between battery supply and recycling capacity [9]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the coal industry [6]. Core Insights - The coal pricing policy in China has shifted from administrative price stabilization to market-oriented flexible regulation from 2022 to 2025, with a focus on optimizing supply structure and enhancing cost support [1][17]. - The complete cost of coal enterprises in major production areas provides a bottom support for port prices, with the support level estimated at approximately 574 RMB/ton for Shanxi and Shaanxi regions [2][30]. - The coal industry is expected to maintain its role as a cornerstone of China's energy system, with supply constraints and gradual energy structure transformation supporting a high price level for coal [11]. Summary by Sections 1. Special Research - The shift in coal pricing policy aims to stabilize energy supply while ensuring reasonable profits for coal and electricity sectors [1]. - The complete cost structure of coal enterprises includes production costs, period expenses, and taxes, with a focus on maintaining energy security and sustainable development [21]. 2. Market Review - The Shanghai Composite Index rose by 1.91% from December 13 to December 26, while the coal index fell by 0.35%, underperforming the overall market [3][32]. 3. Market Information Tracking - As of December 24, 2025, the average price of thermal coal in the Bohai Rim was reported at 695 RMB/ton, reflecting a decrease of 8 RMB/ton from December 10, 2025 [4]. - The price of coking coal at Jing Tang Port was reported at 1740 RMB/ton, an increase of 110 RMB/ton from December 12, 2025 [9]. 4. Industry Dynamics - The National Development and Reform Commission has issued guidelines to enhance the clean and efficient utilization of coal, encouraging upgrades and improvements in coal projects [10]. - The 2026 National Energy Work Conference emphasized the importance of policy support in addressing development challenges within the energy sector [10]. 5. Investment Portfolio and Recommendations - The report suggests focusing on companies with high long-term contract ratios for stable profits, such as China Shenhua, Shaanxi Coal, and China Coal Energy [11]. - It also highlights cyclical stocks like Yanzhou Coal and Jinkong Coal, as well as integrated coal and power companies like Xinji Energy and Huaihe Energy as potential investment opportunities [11].

Major Events - Fenglong Co., Ltd. announced that after the change of control, the company will continue to focus on its original business, with no plans for significant adjustments or asset restructuring in the next 12 months [1] - The company aims to optimize management and resource allocation to enhance operational and profitability capabilities, although uncertainties remain regarding future business cooperation [1] Financial Transactions - Tongyi Technology plans to pay 561 million yuan to acquire 91.69% of Beijing Silin Technology Co., Ltd. through a cash transaction [9] - Hengrui Medicine signed an exclusive licensing agreement with Hansoh Pharmaceutical for the SHR6508 project, which includes an upfront payment of 30 million yuan and potential milestone payments up to 190 million yuan [2] Operational Updates - Yijing Optoelectronics received a hearing notice from the Quanjiao Economic Development Zone regarding potential administrative decisions due to failure to fulfill prior agreements related to a solar project [3] - China Shenhua's subsidiary successfully completed a 168-hour trial run of its new power generation unit, which will enhance regional power supply stability [5][6] Strategic Developments - Kingfisher Co., Ltd. won a bid for the duty-free project at Beijing Capital International Airport, which could enhance its market presence, although the project is still subject to contract finalization [10] - Jun Da Co., Ltd. stated that its strategic cooperation with Shangyi Optoelectronics will not significantly impact current operating performance due to the preliminary nature of the agreement [4] Revenue Insights - Aerospace Development reported a revenue of 1.697 billion yuan for the first three quarters of 2025, with a significant contribution from ship deliveries, while its satellite operations accounted for less than 1% of total revenue [7]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Insights - The coal mining industry is experiencing a tightening in production, with an increase in daily consumption at power plants and a narrowing decline in port coal prices [1][71] - The overall supply-demand situation shows slight improvement, but port inventories remain high, and transaction atmosphere has not significantly improved [71][14] - The report highlights the long-term upward trend in coal prices driven by factors such as rising labor costs, increased safety and environmental investments, and higher taxation by local governments [7][73] Summary by Sections 1. Thermal Coal - As of December 26, the price of thermal coal at northern ports is 672 RMB/ton, a week-on-week decrease of 31 RMB/ton, with the decline narrowing compared to the previous week [14][15] - Production capacity utilization in the Sanxi region decreased by 3.46 percentage points to 84.84% as of December 24, mainly due to mines completing or nearing their annual production tasks [21][71] - Daily consumption at six major power plants increased by 56,000 tons week-on-week, reaching 856,000 tons [23][71] 2. Coking Coal - The production capacity utilization rate for coking coal decreased by 0.36 percentage points to 82.6% from December 17 to December 24, due to ongoing production cuts [5][72] - The average customs clearance volume at the Ganqimaodu port increased by 75 trucks week-on-week, indicating stable import levels [42][72] - The price of main coking coal at ports remains stable at 1,740 RMB/ton as of December 26 [40][72] 3. Coke - The coke market is operating weakly, with the third round of price reductions implemented recently, leading to a short-term price adjustment [47][72] - The production capacity utilization rate for coke enterprises slightly increased by 0.03 percentage points to 74.35% [47][72] - The average profit per ton of coke has decreased to -18 RMB/ton, a week-on-week decline of 34 RMB/ton [53][72] 4. Investment Opportunities - The report suggests focusing on stable investment targets such as China Shenhua, Shaanxi Coal, and Yanzhou Coal, which exhibit strong cash flow and high asset quality [7][73] - The coal mining sector is viewed as a high-dividend, cash-generating investment opportunity, especially in light of recent government support for state-owned enterprises [7][73]

Core Viewpoint - China Shenhua (01088) announced the successful completion of the 4th unit of the Beihai Phase II expansion project, which has now entered commercial operation after a 168-hour trial run [1] Group 1: Project Details - The Beihai Phase II project consists of two 1 million kilowatt ultra-supercritical once-through coal-fired generating units, both of which are now operational [1] - The trial operation period showed stable performance of the units, with environmental indicators being excellent [1] Group 2: Environmental Standards - Emission concentrations of smoke, sulfur dioxide, and nitrogen oxides are significantly below ultra-low emission standards, reaching levels comparable to gas-fired power generation units [1] Group 3: Regional Impact - With the commissioning of Beihai Phase II, Beihai Power has become the largest supportive and adjustable power source in the region, providing strong support for the safety and stability of the regional power grid and the construction of a new power system [1]

Investment Rating - The report maintains a positive outlook on the coal industry, suggesting a "Buy" rating for specific companies based on their stable dividends and growth potential [1]. Core Insights - The coal market is experiencing fluctuations in prices, with thermal coal prices expected to stabilize due to high demand driven by cold weather and reduced production from high-cost mines [1]. - The report highlights the impact of recent accidents in coal mines, which may lead to increased safety regulations and potential supply constraints [1]. - The report emphasizes the importance of seasonal demand, particularly in winter, which is expected to support coal prices in the near term [1]. Summary by Sections 1. Recent Industry Policies and Dynamics - The National Development and Reform Commission and the National Energy Administration have issued new rules for the long-term electricity market, aiming to adapt to changes in the energy landscape [6]. - Yulin plans to accelerate the construction of energy innovation demonstration zones, with new coal mines and increased production capacity [6]. - A new coal transportation corridor in Xinjiang has been launched, enhancing coal transport efficiency [6]. 2. Price Trends of Thermal and Coking Coal - As of December 26, thermal coal prices have shown a slight decline, with specific prices reported for various regions [7]. - The report notes that the price index for thermal coal in the Bohai Rim region has decreased, indicating a trend of price stabilization [7][10]. 3. International Oil Price Movements - Brent crude oil prices have increased slightly, which may influence coal prices due to the relationship between oil and coal markets [13]. - The report indicates a rising ratio of international oil prices to coal prices, suggesting potential implications for coal demand and pricing strategies [13]. 4. Port Inventory Trends - Coal inventory levels at Bohai Rim ports have increased, with a noted rise in daily coal outflows, indicating a dynamic supply-demand balance [18]. - The report highlights the importance of monitoring port inventories as they can signal future price movements in the coal market [18]. 5. Coastal Shipping Costs - Domestic coastal shipping costs have decreased, which may affect the overall cost structure for coal transportation [26]. - International shipping rates have also shown a downward trend, potentially impacting import dynamics for coal [26]. 6. Valuation of Key Companies - The report provides a detailed valuation table for key coal companies, indicating their stock prices, market capitalizations, and projected earnings [30]. - Companies such as China Shenhua and Shaanxi Coal are highlighted for their strong dividend yields and stable earnings forecasts [30].

Investment Rating - The report maintains a positive outlook on the coal industry, rating it as "Overweight" [1]. Core Insights - The report highlights that cold air impacts are still present, and with cost support, supply is expected to tighten, leading to a stabilization of coal prices. The demand side is supported by increased consumption due to cold weather, while supply may decrease as some coal mines reduce production after meeting annual targets [1][3]. - The report provides specific price data for thermal coal and coking coal, indicating a slight decline in prices but a stable outlook due to seasonal demand and supply constraints [1][8]. - The report emphasizes the importance of safety regulations and monitoring, especially with recent mining accidents, which may further tighten supply [1][3]. Summary by Sections Recent Industry Policies and Developments - The National Development and Reform Commission and the National Energy Administration issued new rules for the electricity market to adapt to changes in the energy system and market participants [7]. - New coal transportation infrastructure in Xinjiang aims to enhance efficiency and support green energy initiatives [7]. Price Trends - As of December 26, 2025, thermal coal prices at Qinhuangdao port were reported at 486, 576, and 672 CNY/ton for different grades, showing a week-on-week decline [1][8]. - Coking coal prices remained stable, with specific prices reported for various regions [1][11]. Supply and Demand Dynamics - Daily coal consumption has increased, while power plant inventories have decreased, indicating a tightening supply situation [3][20]. - The report notes that the average daily coal inflow to the Bohai Rim ports decreased, while outflow increased, leading to a rise in port inventories [20]. International Oil Prices - Brent crude oil prices increased slightly, which may influence coal pricing dynamics [15]. Company Valuation - The report includes a valuation table for key companies in the coal sector, providing insights into their market performance and earnings projections [32].

1. Report Industry Investment Rating - The investment rating for the coal mining industry is "Bullish" [2] 2. Core Viewpoints of the Report - Currently at the beginning of a new upward cycle in the coal economy, with fundamental and policy factors in resonance, it is advisable to allocate the coal sector at low levels [2][3][11] - The underlying logic of coal supply constraints since July still exists, and there's no need to overly worry about a significant decline in coal prices. The stabilization point of coal prices is approaching [2][3][11] - The underlying investment logic of coal production capacity shortage remains unchanged. Coal prices have established a bottom and are on a new platform, high - quality coal enterprises maintain core asset attributes, and coal assets are relatively undervalued with potential for overall valuation improvement [3][11] - The coal supply bottleneck is expected to last until the "15th Five - Year Plan". The coal sector is a high - performance, high - cash, and high - dividend asset, with high certainty in the profitability and growth of high - quality coal companies [3][12] - The coal sector has a high - dividend safety margin when it adjusts downward and upward elasticity catalyzed by the expected increase in coal prices. It is recommended to focus on the current allocation opportunities in the coal sector [3][12] 3. Summary by Relevant Catalogs 3.1 This Week's Core Viewpoints and Key Concerns - **Core Viewpoints**: The coal economy is in the early stage of a new upward cycle. This week, the utilization rate of sample thermal coal and coking coal mine production capacity decreased. The daily coal consumption in inland 17 provinces and coastal 8 provinces increased, while non - power coal demand decreased. Coal prices showed a mixed trend. Although the current market is weak, after New Year's Day, the coal consumption support is expected to strengthen. The coal allocation logic remains unchanged, and it is recommended to allocate at low levels [11] - **Key Investment Recommendations**: Focus on three types of companies: those with stable operations and performance, those that have fallen sharply previously with high elasticity, and those with special and scarce global metallurgical coal resources. Also, pay attention to other related companies [12] - **Recent Key Concerns**: In November 2025, the total social electricity consumption increased by 6.2% year - on - year. From January to November 2025, US coal production increased by 4.1% year - on - year, and Russian coal production increased by 0.1% year - on - year [13] 3.2 This Week's Performance of the Coal Sector and Individual Stocks - The coal sector fell 0.89% this week, underperforming the broader market. The CSI 300 rose 1.95% to 4657.24 [14] - The thermal coal, coking coal, and coke sectors fell 1.24%, 0.81%, and 0.49% respectively [16] - The top three gainers in the coal mining and washing sector were Anyuan Coal Industry (6.42%), Huayang Co., Ltd. (5.01%), and Inner Mongolia Electric Power Investment Energy Co., Ltd. (2.75%) [19] 3.3 Coal Price Tracking - **Coal Price Index**: As of December 26, the comprehensive transaction price of CCTD Qinhuangdao thermal coal (Q5500) was 695.0 yuan/ton, down 7.0 yuan/ton week - on - week. The comprehensive average price index of Bohai Rim thermal coal (Q5500) was 695.0 yuan/ton, down 4.0 yuan/ton week - on - week. The annual long - term agreement price of CCTD Qinhuangdao thermal coal (Q5500) was 694.0 yuan/ton, up 10.0 yuan/ton month - on - month [23] - **Thermal Coal Price**: As of December 27, the market price of Qinhuangdao Port's Shanxi - produced thermal coal (Q5500) was 677 yuan/ton, down 34 yuan/ton week - on - week. At the production sites, prices in some areas rose or remained flat. International thermal coal FOB prices and some arrival prices fell [27] - **Coking Coal Price**: As of December 26, port and some production - site coking coal prices remained flat, while the arrival price of Australian Peak Downs hard coking coal in China rose 0.3 US dollars/ton week - on - week [29] - **Anthracite and Pulverized Coal Injection Price**: As of December 26, the vehicle - board price of Jiaozuo anthracite remained flat, while the vehicle - board prices of some pulverized coal injection decreased [38] 3.4 Coal Supply and Demand Tracking - **Coal Mine Capacity Utilization**: As of December 26, the capacity utilization rate of sample thermal coal mines was 86.4%, down 4.0 percentage points week - on - week, and that of sample coking coal mines was 84.21%, down 2.4 percentage points week - on - week [45] - **Import Coal Price Difference**: As of December 26, the price difference between domestic and foreign 5000 - kcal and 4000 - kcal thermal coal increased week - on - week [41] - **Coal - fired Power Daily Consumption and Inventory**: In both inland 17 provinces and coastal 8 provinces, coal inventory increased, daily consumption increased, and the number of available days decreased [46] - **Downstream Metallurgical Demand**: As of December 26, the Myspic composite steel price index fell, the price of Tangshan - produced primary metallurgical coke fell, the blast furnace operating rate decreased, the average profit per ton of coke for independent coking enterprises decreased, the profit per ton of steel for blast furnaces increased, the iron - scrap price difference decreased, and the scrap consumption ratio of pure blast furnace enterprises decreased [64][65] - **Downstream Chemical and Building Materials Demand**: As of December 26, the prices of some chemical products showed different trends, the national cement price index fell, the cement clinker capacity utilization rate decreased, the float glass operating rate decreased, and the weekly coal consumption in the chemical industry decreased [68][70] 3.5 Coal Inventory Status - **Thermal Coal Inventory**: As of December 26, the coal inventory at Qinhuangdao Port decreased, the 55 - port thermal coal inventory increased, and the production - site inventory increased [82] - **Coking Coal Inventory**: As of December 26, the production - site, port, coking enterprise, and steel mill coking coal inventories all increased [83] - **Coke Inventory**: As of December 26, the total coke inventory of coking plants decreased, the four - port total coke inventory increased, and the total coke inventory of domestic sample steel mills increased [85] 3.6 Coal Transportation Status - **International and Domestic Coal Transportation**: As of December 24, the Baltic Dry Index (BDI) fell. As of December 25, the average daily coal shipment volume on the Datong - Qinhuangdao Railway decreased week - on - week [98] - **Cargo - to - Ship Ratio at Four Major Ports in the Bohai Rim**: As of December 26, the inventory at the four major ports in the Bohai Rim decreased, the number of anchored ships remained unchanged, and the cargo - to - ship ratio decreased [96] 3.7 Weather Conditions - As of December 26, the Three Gorges outbound flow increased by 0.31% week - on - week [103] - In the next 10 days (December 28, 2025 - January 6, 2026), precipitation in some areas will be higher than normal, and after January 1, the average temperature in most parts of central and eastern China will turn 1 - 2°C lower than normal [103] - In the next 11 - 14 days (January 7 - 10, 2026), precipitation and temperature in different regions will show different trends [103] 3.8 Valuation Table and Key Announcements of Listed Companies - **Valuation Table**: The report provides the valuation data of key listed companies, including net profit attributable to the parent company, EPS, and PE from 2024A to 2027E [104] - **Key Announcements**: There are announcements from multiple companies, such as the share transfer of Jizhong Energy, the completion of the shareholding increase plan of Panjiang Co., Ltd., the acceptance of the application for asset acquisition by Inner Mongolia Electric Power Investment Energy Co., Ltd., the guarantee provided by Kailuan Co., Ltd., and the maintenance of the credit rating of Meijin Energy [105][106][107] 3.9 This Week's Key Industry News - Indonesia plans to impose a 1% - 5% export tax on coal from 2026 [109] - In November 2025, China's coal imports decreased by 19.9% year - on - year, with thermal coal imports increasing by 7.0% month - on - month and coking coal imports increasing by 1.3% month - on - month [109] - 8000 tons of high - quality Mongolian coal arrived in Gannan [109] - As of the end of November 2025, the national cumulative power generation installed capacity increased by 17.1% year - on - year [109]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之 內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示 概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引 致之任何損失承擔任何責任。 ( 在中華人民共和國註冊成立的股份有限公司 ) (股份代碼:01088) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而 做出。 关于北海二期 4 号机组通过 168 小时试运行的公告 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。 近日，中国神华能源股份有限公司（"本公司"）持股约 52%的控股子公司 国能广投北海发电有限公司（"北海电力"）二期扩建工程项目（"北海二期"） 4 号机组顺利通过 168 小时试运行，移交商业运营。至此，北海二期 2 台 100 万 千瓦超超临界一次再热燃煤发电机组全部建成投运。 试运期间，机组运行平稳，环保指标优秀，烟尘、二氧化硫、氮氧化物排放 浓度远低于超低排放标准，达到燃气发电机组排放标准。北海二期投运后，北海 电力成为所在区域最大的支撑性、调节性 ...