Core Viewpoint - The report from Zheshang Securities indicates that coal prices are experiencing a strong upward trend, with expectations for further increases in the fourth quarter, driven by supply constraints and rising demand from power plants [1] Group 1: Coal Market Overview - As of November 6, 2025, the average daily coal sales from key monitored enterprises reached 7.25 million tons, a week-on-week increase of 0.6% and a year-on-year increase of 0.1% [1] - The average daily coal production from key monitored enterprises was 7.37 million tons, a week-on-week increase of 2.5% but a year-on-year decrease of 0.4% [1] - Total coal inventory (including port storage) stood at 23.8 million tons, a week-on-week increase of 3.8% and a year-on-year decrease of 19.9% [1] Group 2: Price Trends - The price of thermal coal (Q5500K) in the Bohai Rim region was 694 CNY/ton as of November 7, 2025, reflecting a week-on-week increase of 1.31% [2] - The price of coking coal at Jingtang Port was 1800 CNY/ton, with a week-on-week increase of 3.4% [3] - The price of anthracite coal in Yangquan remained stable at 930 CNY/ton [4] Group 3: Supply and Demand Dynamics - The report anticipates a supply-demand gap to widen, with an expected increase in coal consumption of approximately 50 million tons due to heating needs, potentially leading to localized coal shortages [1] - The cumulative coal sales from key monitored enterprises this year reached 215.6 million tons, a year-on-year decrease of 2.4% [1] Group 4: Investment Recommendations - The report suggests focusing on flexible thermal coal companies such as China Shenhua (601088), Shaanxi Coal and Chemical Industry (601225), and others, as well as coking coal companies like Huaibei Mining (600985) and Shanxi Coking Coal (000983) [5][6]

Core Insights - The China Securities State-Owned Enterprises Dividend Index (000824) has shown a positive performance with a 0.54% increase as of November 10, 2025, with notable gains in constituent stocks such as Luxi Chemical (000830) up by 9.99% and Shaanxi鼓动力 (601369) up by 2.90% [1] - The National State-Owned Enterprises Dividend ETF (159515) has also increased by 0.25%, indicating a favorable market sentiment towards dividend-paying stocks [1] - Analysts suggest that the fourth quarter may see increased policy measures aimed at stabilizing growth and promoting consumption, which could benefit stable dividend-paying companies [1] Market Performance - The National State-Owned Enterprises Dividend ETF recorded a turnover rate of 1.26% with a transaction volume of 568,400 yuan, and an average daily transaction volume of 4.0748 million yuan over the past month [1] - The top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index account for 17.08% of the index, with China COSCO Shipping (601919) being the largest component [2] Investment Strategy - The current market environment, characterized by high historical index levels and profit-taking pressures, suggests that dividend stocks may offer better value during periods of market volatility [1] - The index comprises 100 listed companies selected for their high cash dividend yields and stable dividend distributions, reflecting the overall performance of high-dividend securities among state-owned enterprises [1]

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [1] Core Viewpoints - The current market for thermal coal is stable, with port prices holding steady at 770 RMB/ton. The supply side shows an increase in daily average inflow to 1.9057 million tons, up 11.79% week-on-week, while daily average outflow rose to 2.0233 million tons, an increase of 18.40% [1][2] - As the northern regions enter the heating season, electricity consumption is expected to rise, while southern regions see a decline in power load. With sufficient inventory, coal prices are anticipated to remain volatile [2] - The report suggests focusing on resource stocks, particularly recommending companies like Haohua Energy and Guanghui Energy due to their low valuations and elasticity in thermal coal production [3][37] Summary by Sections 1. Market Review - The Shanghai Composite Index closed at 3,954.79 points, down 1.05% week-on-week, while the coal sector index fell by 0.78% to 2,943.60 points [11] 2. Thermal Coal Prices - The price of thermal coal at Qinhuangdao port remained stable at 770 RMB/ton. Prices for different grades of thermal coal varied, with some regions experiencing price increases [17][19] 3. Inventory and Shipping - The inventory at the four ports in the Bohai Rim decreased to 23.169 million tons, down 3.34% week-on-week. The number of anchored vessels increased to 109, reflecting a 17.00% rise [32][27] 4. International Prices - International thermal coal prices showed slight increases, with the Newcastle coal price index rising by 0.59 USD/ton to 103.74 USD/ton [19] 5. Recommendations - The report emphasizes the importance of monitoring insurance capital inflows and suggests a preference for resource stocks in the current market environment [37]

Investment Rating - The industry investment rating is "Maintain Buy" [5] Core Views - India's coking coal imports increased by 6% quarter-on-quarter in Q2 FY2026, reflecting growth in the steel industry's capacity and output [2] - Future months are expected to see increased coking coal import demand due to replenishment needs post-monsoon [3] - Key investment recommendations include companies with strong performance elasticity such as Yancoal Energy, Jinkong Coal Industry, and those focused on smart mining like Keda Automation [3] Summary by Sections Coal Mining - In Q2 FY2026, India imported 16.9 million tons of coking coal, up from 16 million tons in Q1, with Australia being the largest supplier at 9.7 million tons, a 14.1% increase [2] - Coking coal prices at major ports showed slight increases, with Newcastle port at $112.7 per ton (+1.85%) and European ARA ports at $97.15 per ton (+1.20%) [1][35] Key Stocks - Recommended stocks include: - China Qinfa (00866.HK) - Buy, EPS forecast for 2026E is 0.27 [7] - Jiangxi Tungsten (600397.SH) - Buy, EPS forecast for 2026E is 0.03 [7] - China Shenhua (601088.SH) - Buy, EPS forecast for 2026E is 2.71 [7] - Jinkong Coal Industry (601001.SH) - Buy, EPS forecast for 2026E is 1.47 [7] - Yancoal Energy (600188.SH) - Buy, EPS forecast for 2026E is 1.18 [7] - Zhongmei Energy (601898.SH) - Buy, EPS forecast for 2026E is 1.29 [7] - Shaanxi Coal (601225.SH) - Buy, EPS forecast for 2026E is 1.86 [7] Market Trends - The report indicates a marginal increase in coal demand, with a focus on the recovery of coal power generation as seasonal demand begins to rise [37]

Core Viewpoint - Haohua Energy is a significant player in the domestic coal production and sales industry, with a competitive edge in both thermal coal and coal chemical sectors [1] Group 1: Business Performance - In Q3 2025, Haohua Energy achieved a revenue of 6.307 billion yuan, ranking 12th in the industry, significantly lower than the top player, China Shenhua, which reported 213.151 billion yuan [2] - The net profit for the same period was 0.695 billion yuan, placing the company 10th in the industry, again trailing behind China Shenhua's 46.922 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Haohua Energy's debt-to-asset ratio was 46.36%, a decrease from 48.76% year-on-year, and below the industry average of 49.56%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 32.53%, down from 48.01% year-on-year but still above the industry average of 23.03%, reflecting a competitive profitability position [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 0.01% to 36,800, while the average number of circulating A-shares held per shareholder decreased by 0.01% to 39,100 [5] - Notable changes among the top ten circulating shareholders include a decrease in holdings by Hong Kong Central Clearing Limited and an increase by Guotai CSI Coal ETF [5] Group 4: Management Compensation - The chairman, Xue Lingguang, received a salary of 1.5449 million yuan in 2024, an increase of 153,600 yuan from 2023 [4] Group 5: Future Outlook - According to Open Source Securities, Haohua Energy is rated "Buy," with projected net profits for 2025-2027 at 1.0 billion, 1.47 billion, and 1.58 billion yuan, respectively [6] - Key business highlights include the profitability of the chemical business, stable income from coal logistics, and the gradual release of production capacity from new mines [6]

Group 1: Market Overview - The report highlights the recent performance of the Shanghai Composite Index and the ChiNext Index, showing a significant decline over the past year, with the Shanghai Composite down by 32% and the ChiNext down by 16% [1][2] Group 2: Industry Insights - The report discusses the strong performance of the power equipment and non-bank financial sectors, with power equipment showing a rise of 4.79% and non-bank financials increasing by 2.08% in the latest trading session [1] - Conversely, the banking sector experienced a decline of 1.98%, indicating a challenging environment for traditional financial institutions [2] Group 3: Investment Strategies - The report emphasizes a dual-driven strategy focusing on technology and PPI trading, suggesting that AI and self-controlled technology will lead the market, supported by stable dividends and sectors like gold and military [6] - The recommended industry sectors for November include social services, non-bank financials, and public utilities, indicating a diversified approach to investment [7] Group 4: Company-Specific Updates - Celestica reported a strong Q3 performance with revenues of $3.19 billion, a 28% year-over-year increase, and raised its full-year revenue guidance to $12.2 billion, reflecting confidence in the AI infrastructure market [20] - Tesla plans to launch its Optimus V3 robot by Q1 2026, with a production capacity of 1 million units per year, showcasing advancements in robotics and AI [29][30] - The report notes that the food and beverage sector, particularly companies like Hai Tian Wei Ye, has shown steady revenue growth of 2.5% and profit growth of 3.4% in Q3 2025, highlighting resilience in challenging market conditions [51]

Core Viewpoint - The article discusses the performance and strategy of fund manager Huang Hai, emphasizing his continued focus on the coal industry despite recent underperformance compared to the market index [3][6][18]. Fund Performance - In 2025, Huang Hai's flagship fund, Wan Jia Xin Li Flexible Allocation Mixed Fund, reported a year-to-date return of 9.14%, lagging behind the CSI 300 index by 9 percentage points [3][7]. - Huang Hai's management scale has decreased to just over 3 billion yuan, reflecting investor dissatisfaction due to underperformance [3][6]. Industry Analysis - The coal industry faced significant challenges in early 2025 due to high inventory levels and declining prices, but began to recover in the summer with increased demand during peak electricity usage [6][7]. - By the third quarter of 2025, coal companies showed signs of recovery, with major firms like China Shenhua and New Energy showing improved net profits [7][8]. Investment Strategy - Huang Hai maintains a high concentration in coal stocks, with 73% of his fund's net value invested in this sector as of the third quarter [7][8]. - Despite criticism, Huang Hai's investment style remains consistent, focusing heavily on coal and showing little diversification [8][12]. Portfolio Adjustments - In the third quarter, Huang Hai made minor adjustments to his portfolio, reducing holdings in certain coal stocks while increasing positions in gold mining companies, which performed well [14][15]. - The top ten holdings in his flagship fund include several coal companies, with notable increases in gold stocks like Zhongjin Gold and Chifeng Gold [15][14]. Future Outlook - Huang Hai believes that traditional dividend-paying cyclical sectors, such as coal, steel, and non-ferrous metals, will not be absent in future bull markets and will provide substantial absolute returns [16][17]. - The article suggests that long-term capital will likely increase allocations to dividend-generating cyclical assets as manufacturing capacity cycles clear [17][18].

Core Viewpoint - Haohua Energy's net profit attributable to shareholders for the first three quarters of 2025 reached 554 million yuan, a year-on-year decrease of 50.5% [1] Financial Performance - In Q3 2025, the net profit attributable to shareholders was 106 million yuan, with a quarter-on-quarter decline of 59.3% and a year-on-year decline of 38.3% [1] - Coal production and sales in Q3 2025 decreased quarter-on-quarter, but a significant drop in costs led to a noticeable increase in gross profit margin [1] - Methanol sales in Q3 2025 increased quarter-on-quarter, with both gross profit margin and sales improving compared to the previous quarter [1] - The volume of railway dedicated line transport decreased quarter-on-quarter, and the decline in freight rates combined with rising costs resulted in a quarter-on-quarter decrease in gross profit margin [1] Outlook - The company's profitability declined quarter-on-quarter, but with Q4 entering the peak season for coal, a "cautious recommendation" rating is maintained [1]

Core Viewpoint - The company reported a significant decline in coal prices, leading to a substantial decrease in gross profit from self-produced coal, while the gross profit from methanol increased due to lower raw material coal prices [8]. Financial Data - The financial data for the first three quarters of 2025 is unaudited and is provided for investors to understand the company's operational status [8]. - The company has not yet executed new accounting standards or interpretations that would affect the financial statements for the year [7]. Shareholder Information - There were no changes in the top ten shareholders or significant shareholders participating in the securities lending business during the reporting period [5]. Board Meeting - The seventh board meeting was held on October 24, 2025, with all resolutions passed unanimously [14][16]. - The board approved the third quarter report and several amendments to company rules, which will be submitted for shareholder approval [18][19][27]. Management Changes - The board approved the appointment of Zhang Lisheng as the new Chief Engineer, effective immediately [26].

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [4][6]. Core Views - The company's performance in Q3 2025 met expectations, with significant improvement in coal business profitability on a quarter-over-quarter basis [1]. - The company experienced a decline in revenue and net profit year-over-year, with total revenue of 6.307 billion yuan, down 7.8%, and net profit attributable to shareholders of 554 million yuan, down 50.5% [1]. - The report anticipates a recovery in profitability in Q4 2025 due to the seasonal increase in coal demand [4]. Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 1.912 billion yuan, a decrease of 9.4% quarter-over-quarter but an increase of 2.9% year-over-year. Net profit was 106 million yuan, down 59.3% quarter-over-quarter and 38.3% year-over-year [1]. - For the first three quarters of 2025, coal production and sales were 13.96 million tons and 13.95 million tons, respectively, both down approximately 0.6% year-over-year [2]. Coal Business - The average selling price of coal in Q3 2025 was 268.8 yuan per ton, down 36.4% quarter-over-quarter and 19.8% year-over-year. The cost per ton was 143.8 yuan, down 35.1% quarter-over-quarter and 35.6% year-over-year, leading to a coal business gross margin of 46.5%, which improved by 13.2 percentage points quarter-over-quarter [2]. Methanol Business - Methanol production and sales in the first three quarters of 2025 were 388,000 tons and 381,000 tons, respectively, showing increases of 16.7% and 24.5% year-over-year. The gross margin for methanol business improved to 12.6% in Q3 2025, recovering from a loss [3]. Railway Business - The railway business saw a decrease in transport volume in Q3 2025, with a gross margin of 65.8%, down 5.3 percentage points quarter-over-quarter due to lower transport prices and increased costs [4]. Profit Forecast - The report forecasts net profits for 2025, 2026, and 2027 to be 654 million yuan, 937 million yuan, and 1.077 billion yuan, respectively, with corresponding EPS of 0.45 yuan, 0.65 yuan, and 0.75 yuan per share [5][10].