Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The current port coal price inventory is at a high level, with downstream heating demand having been released early. Coupled with the pressure from renewable energy sources, coal prices are expected to maintain a fluctuating trend [2] - The report emphasizes the importance of insurance capital inflow, with premium income showing positive growth concentrated towards leading insurance companies. The ongoing scarcity of fixed-income assets and high dividend assets suggests a shift towards equity allocation, particularly favoring resource stocks [3][36] Summary by Sections Industry Overview - During the week of November 24 to November 28, the port thermal coal spot price decreased by 18 CNY/ton, closing at 816 CNY/ton. The average daily inflow to the four ports in the Bohai Rim was 2.056 million tons, an increase of 0.97 million tons or 0.47% from the previous week. The supply from production areas remained stable, with an increase in port supply [1][11] - The average daily outflow from the four ports in the Bohai Rim was 1.99 million tons, an increase of 210,000 tons or 11.9% from the previous week. The total inventory at the ports rose to 26.611 million tons, an increase of 680,000 tons or 2.61% [1][28][32] Price Trends - The price of thermal coal at production sites showed mixed trends: as of November 28, the price for 5500 kcal thermal coal in Datong decreased by 46 CNY/ton to 654 CNY/ton, while the price for 6000 kcal thermal block coal in Yanzhou increased by 20 CNY/ton to 1150 CNY/ton [17] - The Bohai Rim thermal coal price index remained stable at 698 CNY/ton, while the Qinhuangdao port price index also held steady at 710 CNY/ton [20] Recommendations - The report recommends focusing on elastic thermal coal stocks, particularly those with low valuations, such as Haohua Energy and Guanghui Energy [3][36]

敬请广大投资者注意投资风险。 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。 北京昊华能源股份有限公司（以下简称"公司"）委托信用评 级机构大公国际资信评估有限公司（以下简称"大公国际"）对公 司主体信用状况进行了评级。 大公国际通过对公司主体信用状况进行分析和评估，向公司 出具了《2025 年度信用评级报告》，评定公司主体信用等级为 AAA， 评级展望为稳定，有效期为 2025 年 11 月 10 日至 2026 年 11 月 9 日。 证券代码：601101 证券简称：昊华能源 公告编号：2025-034 北京昊华能源股份有限公司 关于主体信用评级的公告 特此公告。 北京昊华能源股份有限公司 2025 年 11 月 24 日 ...

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The coal sector has seen a decline, underperforming the CSI 300 index by 1.9 percentage points, with a weekly drop of 5.67% as of November 21, 2025 [2] - Short-term coal consumption is low, leading to an increase in social inventory, but it remains below last year's levels. There is a need to ensure supply while releasing production safely [5][29] - The report anticipates a gradual balance in supply and demand in the fourth quarter, with coal prices expected to rise steadily, targeting 850 CNY/ton [5][29] Summary by Sections Coal Market Performance - As of November 21, 2025, the average daily coal sales from monitored enterprises were 7.53 million tons, a week-on-week increase of 1.2% but a year-on-year decrease of 2.7% [2] - The total coal inventory (including port storage) was 24.61 million tons, up 1.3% week-on-week but down 19% year-on-year [2][6] Price Trends - The price index for thermal coal (Q5500K) was stable at 698 CNY/ton, while the imported thermal coal price index was 944 CNY/ton, also unchanged [3] - The price of coking coal at major ports showed a decline, with the main coking coal price at 1,790 CNY/ton, down 2.2% week-on-week [4] Investment Recommendations - The report suggests prioritizing investments in high-dividend thermal coal companies, specifically mentioning China Shenhua, Shaanxi Coal, and others [5][29] - Focus on coking coal companies such as Huabei Mining and Shanxi Coking Coal, as well as coking companies with improved profits like Jinneng Technology and others [5][29]

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [1] Core Viewpoints - The current port coal prices are stable, with the spot price for thermal coal at 834 RMB/ton as of November 21, 2025, showing no change from the previous week [1] - Supply side: The average daily inflow to the four ports in the Bohai Rim region is 2.0463 million tons, an increase of 69,300 tons or 3.50% from the previous week [1] - Demand side: The average daily outflow from the same ports is 1.78 million tons, a decrease of 94,400 tons or 5.04% from the previous week, indicating limited demand release [1] - The total inventory at the Bohai Rim ports has increased to 25.933 million tons, up by 1.64 million tons or 6.74% from the previous week [1] - The report suggests that coal prices are expected to maintain a volatile trend due to the heating season in northern regions and increasing electricity consumption in southern regions [1] Summary by Sections 1. Weekly Market Review - The Shanghai Composite Index closed at 3,834.89 points, down 3.45% from the previous week, while the coal sector index fell by 7.12% [10] - The total transaction amount for the coal sector was 82.296 billion RMB, an increase of 2.08% from the previous week [10] 2. Domestic Coal Prices - Domestic thermal coal prices have shown slight increases, with specific prices reported as follows: - Datong South Suburb 5500 kcal thermal coal at 700 RMB/ton, up 15 RMB/ton [16] - Inner Mongolia Chifeng 4000 kcal thermal coal at 430 RMB/ton, unchanged [16] - Yanzhou 6000 kcal thermal coal at 1,130 RMB/ton, up 10 RMB/ton [16] - The Bohai Rim thermal coal price index remains stable at 698 RMB/ton [18] 3. Inventory and Shipping - The average daily inflow of coal to the Bohai Rim ports increased, while the outflow decreased, indicating a buildup in inventory [26][30] - The average daily number of anchored vessels in the Bohai Rim ports decreased to 123, down 10% from the previous week [30] - The average shipping cost on domestic routes fell to 47.27 RMB/ton, a decrease of 8.25% [33] 4. Recommendations - The report emphasizes the importance of monitoring insurance capital inflows and suggests focusing on resource stocks, particularly recommending companies like Haohua Energy and Guanghui Energy as elastic targets [35]

Core Viewpoint - The coal mining industry is experiencing stable supply and slight increases in both input and output volumes, with coal prices showing a fluctuating trend due to various market factors [1][2]. Supply Side - The average daily coal input at the four ports in the Bohai Rim reached 1.977 million tons, an increase of 36,300 tons or 1.87% compared to the previous week [1][2]. - Supply from production areas remains stable, with an increase in port supply [2]. Demand Side - The average daily coal output from the four ports in the Bohai Rim was 1.8744 million tons, up by 14,300 tons or 0.77% from the previous week [1][2]. - The number of anchored vessels increased to 136, representing a rise of 42 vessels or 44% compared to the previous week [1][2]. Inventory - The inventory at the four ports in the Bohai Rim stood at 24.296 million tons, which is an increase of 666,000 tons or 2.82% from the previous week [1][2]. Price Trends - The spot price of thermal coal at the ports increased by 17 yuan per ton, reaching 834 yuan per ton [2]. - The coal price is supported by supply and shipping price discrepancies, with expectations of maintaining a fluctuating trend due to seasonal demand increases in northern regions and cooling temperatures in southern regions [2]. Investment Recommendations - The company suggests focusing on resource stocks, particularly undervalued companies such as Haohua Energy and Guanghui Energy, as the market continues to favor these sectors [3].

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the price of thermal coal has surpassed the target of 800 yuan, with the current price at 834 yuan per ton as of November 14, reflecting a slight increase. The price at Guangzhou Port has reached 880 yuan, achieving the previously set target of 750 yuan for coal-electricity profit sharing. The price increase is attributed to supply contraction and a surge in demand due to the northern cold wave [3][4] - The report outlines that the price of coking coal has rebounded significantly from a low of 1230 yuan in July to 1860 yuan per ton as of November 14, with a notable increase in futures prices as well [3][4] - The investment logic suggests that both thermal and coking coal prices are at a turning point, with thermal coal prices expected to follow a four-step recovery process, ultimately reaching a balance point around 860 yuan [4][13] Summary by Sections Investment Logic - Thermal coal is categorized as a policy-driven commodity, with price recovery expected to follow a structured process involving the restoration of long-term contracts and achieving profit-sharing targets. The ideal target price for coal-electricity profit sharing is projected to be around 750 yuan for 2025, with an anticipated price range of 800-860 yuan [4][13] - Coking coal prices are more influenced by market dynamics, with target prices linked to the ratio of coking coal to thermal coal prices. The current ratio suggests target prices for coking coal at 1608 yuan, 1680 yuan, 1800 yuan, and 2064 yuan corresponding to thermal coal's price targets [4][13] Investment Recommendations - The report identifies four main investment lines in the coal sector: 1. **Cyclical Logic**: Companies like Jinko Coal and Yanzhou Coal Mining are highlighted for their potential in thermal coal. 2. **Dividend Logic**: Companies such as China Shenhua and China Coal Energy are noted for their strong dividend potential. 3. **Diversified Aluminum Elasticity**: Companies like Shenhua Holdings and Electric Power Investment are mentioned. 4. **Growth Logic**: New Energy and Guanghui Energy are recognized for their growth potential [5][14] Key Market Indicators - The coal index experienced a slight decline of 0.96%, outperforming the CSI 300 index by 0.12 percentage points. The average PE ratio for the coal sector is reported at 15.9, while the PB ratio stands at 1.42, indicating a relatively low valuation compared to other sectors [8][26][30]

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The report indicates that the coal consumption is approaching a turning point, with a clear direction and potential for growth. The recent cold wave is expected to increase coal demand as power plants will need to procure more coal, leading to a potential rise in coal prices [6][29] - The report highlights that the average daily coal sales from monitored enterprises increased by 2.7% week-on-week but decreased by 2.4% year-on-year, indicating a mixed demand scenario [2] - The report suggests that the supply-demand balance is expected to gradually improve in the fourth quarter, with coal prices likely to rise steadily [6][29] Summary by Sections Coal Market Performance - The coal sector underperformed slightly, with a decline of 0.78% compared to a 1.08% drop in the CSI 300 index, outperforming it by 0.3 percentage points [2] - The average daily coal production from monitored enterprises was 752 million tons, a 2% increase week-on-week but a 2.2% decrease year-on-year [2] Price Trends - The price of thermal coal (Q5500K) in the Bohai Rim region was 698 RMB/ton, up 0.58% week-on-week, while the import price index for thermal coal was 944 RMB/ton, up 6.19% week-on-week [3] - Coking coal prices also saw increases, with the main coking coal price at 1830 RMB/ton, up 1.7% week-on-week [4] Inventory Levels - Total coal inventory (including port storage) was 24.3 million tons, a 2.1% increase week-on-week but a 19.5% decrease year-on-year [2][8] - The report notes that the overall coal inventory in society was 17.68 million tons, with a week-on-week increase of 374,000 tons but a year-on-year decrease of 873,000 tons [3][28] Investment Recommendations - The report recommends focusing on flexible thermal coal companies and those in turnaround situations in coking coal and coke sectors. Key companies to watch include China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining [6][29]

Group 1 - The core viewpoint of the news highlights the recent trading performance of Haohua Energy, indicating a decline in stock price and a net financing outflow on November 11, with a total trading volume of 134 million yuan [1] - As of November 11, Haohua Energy's financing balance reached 200 million yuan, accounting for 1.70% of its market capitalization, which is above the 70th percentile of the past year [1] - The company reported a significant decrease in revenue and net profit for the first nine months of 2025, with revenue at 6.307 billion yuan, down 7.85% year-on-year, and net profit at 554 million yuan, down 50.50% year-on-year [2] Group 2 - As of September 30, 2025, the number of shareholders for Haohua Energy was 36,800, showing a slight increase, while the average number of circulating shares per person decreased marginally [2] - The top ten circulating shareholders include notable entities such as Hong Kong Central Clearing Limited and Guotai CSI Coal ETF, with varying changes in their holdings compared to the previous period [3]

Core Viewpoint - Haohua Energy's stock price has shown a slight decline recently, with a year-to-date increase of 4.22%, indicating mixed market sentiment towards the company [1][2]. Financial Performance - For the period from January to September 2025, Haohua Energy reported a revenue of 6.307 billion yuan, a year-on-year decrease of 7.85%, and a net profit attributable to shareholders of 554 million yuan, down 50.50% year-on-year [2]. - The company has distributed a total of 4.351 billion yuan in dividends since its A-share listing, with 1.653 billion yuan distributed over the past three years [2]. Stock Market Activity - As of November 11, Haohua Energy's stock was trading at 8.10 yuan per share, with a market capitalization of 11.664 billion yuan [1]. - The stock experienced a net outflow of 3.2465 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Structure - As of September 30, 2025, Haohua Energy had 36,800 shareholders, with an average of 39,117 circulating shares per shareholder, a slight decrease from the previous period [2][3]. - The top ten circulating shareholders include notable entities such as Hong Kong Central Clearing Limited and various ETFs, with changes in their holdings indicating shifting investor interest [3].

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]