Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - Coal prices have rebounded significantly, with the central price level continuing to rise. Domestic power plants have increased daily coal consumption, leading to further price increases for both coking coal and thermal coal. The report emphasizes that the industry is supported by both policy and fundamental factors, maintaining a "Positive" rating for the coal sector [6][41]. Summary by Sections Coal Market Performance - The coal sector outperformed the CSI 300 index, with a weekly increase of 8% compared to a 1.69% rise in the index, resulting in a 6.31 percentage point outperformance. A total of 37 stocks in the sector saw price increases, with Lu'an Huanneng showing the highest weekly gain of 31.22% [2]. Key Data on Coal Sales and Inventory - The average daily coal sales for monitored enterprises from July 18 to July 24, 2025, were 7.14 million tons, a week-on-week decrease of 2.4% but a year-on-year increase of 3.4%. The total coal inventory (including port storage) was 30.55 million tons, down 2.3% week-on-week but up 20.5% year-on-year [2][8]. Thermal Coal Industry Chain - As of July 25, 2025, the price index for thermal coal (Q5500K) in the Bohai Rim was 664 CNY/ton, reflecting a week-on-week increase of 0.15%. The inventory at Qinhuangdao port was 5.85 million tons, with a week-on-week increase of 70,000 tons [3]. Coking Coal Industry Chain - The main coking coal price at Jingtang Port was 1,650 CNY/ton, up 16.2% week-on-week. The inventory at Jingtang Port decreased by 11.16% week-on-week, while the total inventory at independent coking plants increased by 56.27% [4]. Coal Chemical Industry Chain - The price of Yanquan anthracite coal remained stable at 820 CNY/ton. The methanol market price in East China rose to 2,476.14 CNY/ton, an increase of 100.91 CNY/ton week-on-week [5]. Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies and coking coal companies undergoing turnaround. Key companies to watch include China Shenhua, Shaanxi Coal and Chemical Industry, and Huainan Mining for thermal coal, and Huai Bei Mining and Shanxi Coking Coal for coking coal [6][41].

| 证券代码：603113 | 证券简称：金能科技 | 公告编号：2025-070 | | --- | --- | --- | | 债券代码：113545 | 债券简称：金能转债 | | 金能科技股份有限公司 关于向下修正"金能转债"转股价格的公告 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个别及连带责任。 特别提示： 1、截至 2025 年 7 月 25 日，金能科技股份有限公司（以下简称"公司"） 股票已出现在任意连续三十个交易日中至少有十五个交易日的收盘价低于当期 转股价格 80%的情形，触发"金能转债"转股价格向下修正条款。 2、公司于 2025 年 7 月 25 日召开了第五届董事会第十五次会议，审议通过 了《关于向下修正"金能转债"转股价格的议案》，公司董事会提议本次行使"金 能转债"的转股价格向下修正的权利。 3、本次向下修正"金能转债"转股价格尚需提交公司股东会审议。 一、可转换公司债券基本情况 （一）可转换公司债券发行上市情况 1、可转换公司债券发行情况 经中国证券监督管理委员会《关于核准金能科技股份有限公司公开发 ...

| 证券代码：603113 | 证券简称：金能科技 | 公告编号：2025-071 | | --- | --- | --- | | 债券代码:113545 | 债券简称：金能转债 | | 金能科技股份有限公司 关于召开2025年第三次临时股东会的通知 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： 一、 召开会议的基本情况 (一) 股东会类型和届次 股东会召开日期：2025年8月11日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 8 月 11 日 至2025 年 8 月 11 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互 联网投票平台的 ...

| 证券代码：603113 | 证券简称：金能科技 | 公告编号：2025-069 | | --- | --- | --- | | 债券代码：113545 | 债券简称：金能转债 | | 金能科技股份有限公司 为保障公司持续健康发展，公司董事会提议向下修正"金能转债"的转股价 格并提交公司股东会审议，同时提请股东会授权董事会根据《募集说明书》中相 关条款办理本次向下修正转股价格相关事宜，包括本次修正后的转股价格、生效 日期以及其他必要事项，并全权办理相关手续，授权有效期自股东会审议通过之 日起至修正相关工作完成之日止。 具体内容详见公司同日披露在上海证券交易所网站（www.sse.com.cn）及指 定媒体的《金能科技股份有限公司关于向下修正"金能转债"转股价格的公告》 第五届董事会第十五次会议决议公告 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个别及连带责任。 重要内容提示： 一、董事会会议召开情况 金能科技股份有限公司（以下简称"公司"）第五届董事会第十五次会议于 2025 年 7 月 25 日以现场结合通讯表决方式召开。本次应 ...

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The report indicates that the negative impact from the mid-year report has been fully absorbed, and the fundamentals of the coal industry remain upward [1] - The coal sector has underperformed the CSI 300 index, with a decline of 0.74% compared to a 1.09% increase in the index, resulting in a relative underperformance of 1.83 percentage points [2] - Key monitored enterprises reported an average daily coal sales volume of 7.31 million tons, which is a week-on-week increase of 2.8% and a year-on-year increase of 4.7% [2] - The report highlights a decrease in coal inventory by 4% week-on-week, while year-on-year inventory has increased by 19.8% [2] Summary by Sections Coal Market Performance - The coal sector saw 6 stocks rise and 31 stocks fall during the week, with ST Dazhou showing the highest increase of 4.89% [2] - The average daily sales of thermal coal increased by 3.2% week-on-week, while coking coal sales rose by 1.9% [2] Price Trends - As of July 18, 2025, the price index for thermal coal (Q5500K) in the Bohai Rim was 663 RMB/ton, reflecting a week-on-week increase of 0.15% [3] - The price of coking coal at Jing Tang Port was 1420 RMB/ton, with a week-on-week increase of 8.4% [4] Investment Recommendations - The report suggests that social inventory continues to decline, and current demand remains promising, with domestic power plants showing a significant increase in daily coal consumption [6] - The report recommends focusing on high-dividend thermal coal companies and coking coal companies that are experiencing turnaround potential, such as China Shenhua, Shaanxi Coal, and others [6]

| 证券代码：603113 | 证券简称：金能科技 | 公告编号：2025-068 | | --- | --- | --- | | 债券代码：113545 | 债券简称：金能转债 | | 金能科技股份有限公司 关于"金能转债"预计触发转股价格向下修正条件的提示性公告 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个别及连带责任。 重要内容提示： 1、证券代码：603113，证券简称：金能科技 2025 年 7 月 5 日至 2025 年 7 月 18 日，公司股票已有 10 个交易日的收盘价 低于当期转股价格的 80%，预计将触发转股价格向下修正条件。若触发条件（任 意连续三十个交易日中至少有十五个交易日的收盘价低于当期转股价格的 80%）， 公司将按照《金能科技股份有限公司公开发行 A 股可转换公司债券募集说明书》 的约定及时履行后续审议程序和信息披露义务。敬请广大投资者注意投资风险。 一、可转换公司债券基本情况 （一）可转换公司债券发行上市情况 经中国证券监督管理委员会《关于核准金能科技股份有限公司公开发行可转 换公司债券的批复》（ ...

Group 1 - The article discusses the recent market performance, indicating that the Shanghai Composite Index has stabilized around 3500 points, driven by policy expectations and potential government stimulus measures [1][2] - Analysts from Citigroup predict that the upcoming Politburo meeting will not revise the budget or increase government bond quotas, but will focus on implementing existing policies to support consumption and the real estate sector [1][2] - The article highlights that the real estate market has shown signs of recovery, with a potential for further gains in the coming weeks, based on historical trends of policy-driven market movements [3][5] Group 2 - The banking sector is expected to see an increase in dividend yields due to upcoming dividend distributions, which could enhance the attractiveness of bank stocks [7] - The article notes that the insurance sector is adjusting its investment strategies to favor high-dividend assets, which may impact the overall market dynamics [7] - The article mentions that the real estate index has risen by 9.69% since June 23, indicating a positive trend relative to the Shanghai Composite Index [3][5] Group 3 - The article outlines the upcoming key events in the financial calendar, including the Politburo meeting and FOMC meetings, which are expected to influence market sentiment and policy direction [2] - It emphasizes the importance of monitoring economic indicators and policy announcements as they could significantly impact market performance in the second half of the year [2][10] - The article suggests that sectors such as renewable energy, construction materials, and industrial metals are likely to benefit from current market trends and policy support [15][18]

Investment Rating - The industry rating is "Positive" [1] Core Views - Social inventory has decreased for the first time, and summer demand is expected to remain strong. Domestic power plants are increasing daily coal consumption, leading to rising coal prices. Policies to control production and improve quality are being emphasized, supporting the fundamentals of both coking coal and thermal coal [6][29] - The report highlights that the overall level of social inventory is stable, with a significant increase in daily consumption expected due to hot weather and ongoing replenishment needs at power plants. The coking coal sector may see marginal improvements in performance due to potential declines in capacity utilization driven by environmental factors [6][29] Summary by Sections Coal Sector Performance - The coal sector saw a weekly increase of 0.71%, underperforming the CSI 300 index, which rose by 0.82%. A total of 34 stocks in the sector increased in price, while 3 declined. Meijin Energy had the highest weekly increase at 10.8% [2] - Key monitored enterprises reported an average daily coal sales volume of 7.21 million tons from July 4 to July 10, 2025, a week-on-week increase of 3.7% and a year-on-year increase of 2.8% [2] Price Trends - As of July 11, 2025, the price of thermal coal (Q5500K) in the Bohai Rim was 662 CNY/ton, a week-on-week decrease of 0.3%. The price index for imported thermal coal rose by 1.21% to 750 CNY/ton [3] - The price of coking coal at Jingtang Port was 1310 CNY/ton, up 4.8% week-on-week, while the price of metallurgical coke remained stable at 1320 CNY/ton [4] Supply and Demand Dynamics - The cumulative coal sales volume for key monitored enterprises was 131.73 million tons as of July 10, 2025, a year-on-year decrease of 3.8%. The demand from the power and chemical industries showed a year-on-year decrease of 3% and an increase of 16.6%, respectively [2][28] - The report indicates that the daily coal consumption in the power sector is expected to rise significantly, with the total social inventory of coal at 32.86 million tons, a week-on-week decrease of 2.6% [2][28] Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies and coking coal companies that may experience a turnaround. Key companies to watch include China Shenhua, Shaanxi Coal and Chemical Industry, and Meijin Energy among others [6][29]

证券代码：603113 证券简称：金能科技 公告编号：2025-067 债券代码：113545 债券简称：金能转债 金能科技股份有限公司 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个别及连带责任。 重要内容提示： ? 业绩预告的适用情形： 实现盈利，且净利润与上年同期相比上升 50%以上。 ? 业绩预告的主要财务数据： 属于母公司所有者的净利润 2,400 万元到 2,800 万元，与上年同期（法定披露数 据）相比，将增加 6,703.35 万元到 7,103.35 万元，同比增加 155.77%到 165.07%。 润-3,700 万元到-3,000 万元，与上年同期（法定披露数据）相比，将增加 3,037.48 万元到 3,737.48 万元，同比增加 45.08%到 55.47%。 一、本期业绩预告情况 （一）业绩预告期间 （二）业绩预告情况 经财务部门初步测算，预计 2025 年半年度实现归属于母公司所有者的净利 润 2,400 万元到 2,800 万元，与上年同期（法定披露数据）相比，将增加 6,703.35 万元到 7, ...

| 证券代码：603113 | 证券简称：金能科技 | 公告编号：2025-067 | | --- | --- | --- | | 债券代码：113545 | 债券简称：金能转债 | | 金能科技股份有限公司 2025 年半年度业绩预告 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个别及连带责任。 重要内容提示： 业绩预告的适用情形： 实现盈利，且净利润与上年同期相比上升 50%以上。 业绩预告的主要财务数据： 1、金能科技股份有限公司（以下简称"公司"）预计 2025 年半年度实现归 属于母公司所有者的净利润 2,400 万元到 2,800 万元，与上年同期（法定披露数 据）相比，将增加 6,703.35 万元到 7,103.35 万元，同比增加 155.77%到 165.07%。 2、预计 2025 年半年度实现归属于母公司所有者的扣除非经常性损益的净利 润-3,700 万元到-3,000 万元，与上年同期（法定披露数据）相比，将增加 3,037.48 万元到 3,737.48 万元，同比增加 45.08%到 55.47%。 一、 ...