Group 1 - The core viewpoint of the article highlights the distinct circular economy models of Jineng Technology and Antai Group, emphasizing their different approaches to the coking industry [1] - Jineng Technology utilizes coal as raw material, focusing on coking as a foundation and gas as a carrier, creating a unique circular economy chain that integrates both raw materials and energy [1] - Antai Group combines various industries such as coal washing, coking, chemicals, special steel, and slag powder into a cohesive circular economy model, showcasing a different industrial integration strategy [1]

证券日报网讯 金能科技11月20日在互动平台回答投资者提问时表示，公司自成立以来，无论市场如何 风云变幻，始终聚焦主营业务，坚持专业化发展，放大循环经济效益；通过采取贸易多元化、产品高端 化、销售国际化等举措，加大PP高端牌号的研发，加大国际市场的开发力度；从产品研发、技术改 造、绩效深化、设备提升、技能培训等入手，扎实做好公司业务。同时，注重投资回报，加大分红力 度，加强市场沟通等。未来，公司将通过不断提升自身发展质量提升内在价值，以需求为导向，持续优 化信息披露，加强联系，在价值创造、价值实现和价值传递等方面统筹开展工作，推动公司估值提升， 积极回报股东。 （编辑 任世碧） ...

（编辑 任世碧） 证券日报网讯 金能科技11月20日在互动平台回答投资者提问时表示，公司经过多年发展，已成为资源 综合利用型、经济循环式的综合性化工企业，业务涉及石油化工、煤化工、精细化工三大板块，主要产 品有丙烯、聚丙烯、炭黑、焦炭、山梨酸（钾）、对甲基苯酚等。 ...

（文章来源：证券日报） 证券日报网讯金能科技11月19日在互动平台回答投资者提问时表示，公司股价波动受市场环境、宏观经 济、投资者情绪和预期等综合因素的影响，具有不确定性。 ...

（文章来源：每日经济新闻） 金能科技（603113.SH）11月19日在投资者互动平台表示，公司业务不同于卫星化学，公司以丙烷为原 料生产聚丙烯，卫星化学以乙烷为原料生产聚乙烯。 每经AI快讯，有投资者在投资者互动平台提问：同为乙烷下游企业，为何卫星化学比公司业绩优秀？ 公司为何没能体现循环经济的优势？ ...

Core Viewpoint - Jineng Technology's stock has experienced fluctuations, with a recent decline of 2.01% and a total market value of 5.371 billion yuan, reflecting mixed investor sentiment and market performance [1][2]. Group 1: Stock Performance - As of November 18, Jineng Technology's stock price is 6.33 yuan per share, with a trading volume of 18.7944 million yuan and a turnover rate of 0.35% [1]. - Year-to-date, the stock has increased by 20.00%, but has seen a decline of 0.63% over the last five trading days, 4.09% over the last twenty days, and 18.16% over the last sixty days [1]. Group 2: Financial Performance - For the period from January to September 2025, Jineng Technology reported a revenue of 12.693 billion yuan, representing a year-on-year growth of 4.47% [2]. - The company recorded a net profit attributable to shareholders of -78.2302 million yuan, a significant decrease of 141.22% compared to the previous year [2]. Group 3: Shareholder and Institutional Holdings - As of October 31, the number of shareholders for Jineng Technology is 32,600, an increase of 0.70% from the previous period, while the average circulating shares per person decreased by 0.70% to 25,989 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 10.4669 million shares, a decrease of 1.867 million shares from the previous period [2]. Group 4: Business Overview - Jineng Technology, established in November 2004 and listed in May 2017, operates in the petrochemical, fine chemical, and coal chemical sectors [1]. - The company's main revenue sources include olefin products (54.71%), carbon black products (27.30%), coal tar products (13.63%), and other products (2.19%) [1].

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 is that Jineng Technology's stock has shown a mixed performance, with a year-to-date increase of 24.93% but a recent decline over the past 60 days of 13.91% [1] - As of November 14, Jineng Technology's stock price was 6.59 CNY per share, with a market capitalization of 5.592 billion CNY and a trading volume of 22.95 million CNY [1] - The company operates in the petrochemical, fine chemical, and coal chemical sectors, with its main revenue sources being olefin products (54.71%), carbon black products (27.30%), and coal tar products (13.63%) [1] Group 2 - As of October 31, the number of shareholders for Jineng Technology increased to 32,600, while the average circulating shares per person decreased to 25,989 shares [2] - For the period from January to September 2025, Jineng Technology reported a revenue of 12.693 billion CNY, reflecting a year-on-year growth of 4.47%, but a net profit attributable to shareholders of -78.23 million CNY, a decrease of 141.22% [2] - The company has distributed a total of 1.434 billion CNY in dividends since its A-share listing, with 482 million CNY distributed over the past three years [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]

Core Viewpoint - Jineng Technology (603113) announced that as of the disclosure date, the total guarantee contract balance provided among its subsidiaries amounts to RMB 10.27 billion, with an actual used guarantee balance of RMB 5.94 billion, indicating no overdue guarantees [1]. Group 1 - The total guarantee contract balance among subsidiaries is RMB 10.27 billion [1] - The actual used guarantee balance is RMB 5.94 billion, which includes the current guarantee [1] - There are no overdue guarantees reported [1]