Market Overview - The chemical raw materials sector experienced a decline of 1.62% on October 13, with Satellite Chemical leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Stock Performance - Notable gainers in the chemical raw materials sector included: - *ST Asia Pacific: Closed at 12.55, up 5.02% with a trading volume of 285,800 shares and a turnover of 339 million yuan - Huarong Chemical: Closed at 11.71, up 4.27% with a trading volume of 217,400 shares and a turnover of 251 million yuan - Xutian Salt Industry: Closed at 6.13, up 4.07% with a trading volume of 389,000 shares and a turnover of 233 million yuan [1] - Conversely, significant decliners included: - Satellite Chemical: Closed at 18.84, down 4.61% with a trading volume of 672,900 shares and a turnover of 1.257 billion yuan - Luxi Chemical: Closed at 14.10, down 4.02% with a trading volume of 313,800 shares and a turnover of 441 million yuan - Baofeng Energy: Closed at 17.60, down 3.40% with a trading volume of 675,500 shares and a turnover of 1.191 billion yuan [2] Capital Flow - The chemical raw materials sector saw a net outflow of 467 million yuan from institutional investors, while retail investors experienced a net inflow of 486 million yuan [2] - Detailed capital flow for selected stocks showed: - Zhongke Titanium White: Net inflow of 64.89 million yuan from institutional investors, with a net outflow of 90.82 million yuan from retail investors [3] - Proposal Co.: Net inflow of 38.51 million yuan from institutional investors, with a net outflow of 10.74 million yuan from retail investors [3]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The coal sector has shown a rise, outperforming the CSI 300 index by 4.81 percentage points, with a weekly increase of 4.3% as of October 10, 2025 [2] - The report anticipates that winter coal prices could reach 800 RMB/ton, with expectations of price increases during the heating season [6][25] - The supply-demand balance is expected to gradually improve in the fourth quarter, leading to a steady rise in coal prices [6][25] Supply Side Summary - Key monitored enterprises reported an average daily coal sales volume of 6.55 million tons from October 3 to October 9, 2025, a week-on-week decrease of 13% and a year-on-year decrease of 13.6% [2] - The average daily coal production from key monitored enterprises was 6.74 million tons, with a week-on-week decrease of 100% [2] - Total coal inventory (including port storage) reached 25.36 million tons, with a week-on-week increase of 4.4% and a year-on-year decrease of 9% [2][23] Demand Side Summary - Cumulative coal consumption in the power and chemical industries has decreased by 2.9% and increased by 15.4% year-on-year, respectively [2] - Iron and steel production has seen a year-on-year increase of 1.4% [2] Price Summary - The price of thermal coal (Q5500K) in the Bohai Rim was 677 RMB/ton, with a week-on-week increase of 0.15% [3] - The price of coking coal at major ports remained stable, while the price of metallurgical coke increased by 3.18% [4] - The report indicates that coal prices are expected to rise, particularly during the heating season [6][25] Sentiment Summary - The report highlights that the current coal asset dividends are reasonable, with a positive fundamental outlook [6][25] - The report suggests focusing on flexible thermal coal companies and coking coal companies undergoing turnaround [6][25]

证券代码：603113 证券简称：金能科技 公告编号：2025-093 金能科技股份有限公司 关于为全资子公司提供担保的进展公告 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。 重要内容提示： 担保对象及基本情况 | | | 被担保人名称 | 金能化学（青岛）有限公司（以下 简称"金能化学青岛"） | | --- | --- | --- | --- | | | | 本次担保金额 | 59,057.51 万元 | | 担 保 象一 | 对 | 实际为其提供的担保余额 | 483,274.11 万元 | | | | 是否在前期预计额度内 | 是 □否 □不适用：_________ | | | | 本次担保是否有反担保 | 是 ☑否 □不适用：_________ | | 担 保 | 对 | 被担保人名称 | 金狮国际贸易（青岛）有限公司（以 下简称"金狮国贸青岛"） | | | | 本次担保金额 | 36,582.62 万元 | | 象二 | | 实际为其提供的担保余额 | 48,582.62 万元 | | | | 是否在前期预 ...

证券代码：603113 证券简称：金能科技 公告编号：2025-094 金能科技股份有限公司 可转债转股结果暨股份变动公告 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： 累计转股情况：截至 2025 年 9 月 30 日，累计共有 514,720,000 元"金 能转债"已转换成公司股票，累计转股数为 47,903,076 股，占可转债转股前公 司已发行股份总额的 7.087%。 未转股可转债情况：截至 2025 年 9 月 30 日，尚未转股的可转债金额为 955,278,000 元，占可转债发行总量的 63.6852%。 本季度转股情况：自 2025 年 7 月 1 日至 2025 年 9 月 30 日期间，"金能 转债"转股金额为 1,158,000 元，因转股形成的股份数量为 154,246 股，占"金 能转债"转股前公司已发行股份总额的 0.0228%。 一、可转债发行上市概况 （一）可转债发行情况 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行可转 换公司债券的批复》（证监许 ...

Core Points - The announcement details the maturity and redemption of "Jineng Convertible Bonds" by Jineng Technology Co., Ltd. [1] - The bonds will be redeemed at 110% of their face value, including the last interest payment, amounting to 110 RMB per bond [3][8] - The trading of the bonds will cease on October 9, 2025, with the last trading day being September 30, 2025 [4][10] Summary by Sections Redemption Plan - The company will redeem all unconverted convertible bonds at a price of 110 RMB per bond within five trading days after maturity [3][8] - The redemption amount includes the last interest payment [3] Trading Suspension - "Jineng Convertible Bonds" will stop trading on October 9, 2025, with the last trading day being September 30, 2025 [4][10] - Holders can still convert the bonds into company stock from October 9 to October 13, 2025, at a conversion price of 7.39 RMB per share [6] Important Dates - Maturity and redemption registration date is October 13, 2025 [7] - Payment of the redemption amount will occur on October 14, 2025 [8] - The bonds will be delisted from the Shanghai Stock Exchange on October 14, 2025 [10] Taxation Information - Individual investors are subject to a 20% withholding tax on the interest income from the bonds [11] - Non-resident enterprises may be exempt from certain taxes on bond interest income until December 31, 2025 [12]

Group 1 - The company Jineng Technology announced that its convertible bonds, referred to as "Jineng Convertible Bonds," will cease trading on October 9, 2025 [2] - The bonds will be delisted from the Shanghai Stock Exchange starting October 14, 2025 [2]

证券代码：603113 证券简称：金能科技 公告编号：2025-092 金能科技股份有限公司 关于"金能转债"到期兑付暨摘牌的公告 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。 重要内容提示： 证券停复牌情况：适用 因重要公告,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 期间 | | | | 113545 | 金能转债 | 可转债债券停 | 2025/10/9 | | | | | | | 牌 | | | | | 可转债到期日和兑付登记日：2025年10月13日 兑付本息金额：110元/张（含税及最后一期利息） 自2025年10月9日至2025年10月13日，"金能转债"持有人仍可以依据约定的 条件将"金能转债"转换为公司股票。 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》（证监许可【20 ...

Company Overview - Jineng Technology Co., Ltd. is located in Qihe County, Shandong Province, established on November 18, 2004, and listed on May 11, 2017. The company specializes in petrochemicals, fine chemicals, and coal chemicals [1] - The main business revenue composition includes: olefin products 54.71%, carbon black products 27.30%, coal tar products 13.63%, other products 2.19%, and fine chemical products 2.17% [1] Stock Performance - As of September 25, Jineng Technology's stock price decreased by 2.03%, trading at 6.74 CNY per share, with a total market capitalization of 5.715 billion CNY [1] - Year-to-date, the stock price has increased by 27.77%, but it has seen a decline of 0.59% over the last five trading days, 10.91% over the last 20 days, and 4.33% over the last 60 days [1] Financial Performance - For the period from January to June 2025, Jineng Technology achieved operating revenue of 8.547 billion CNY, representing a year-on-year growth of 24.13%. The net profit attributable to shareholders was 26.4349 million CNY, showing a significant increase of 161.43% year-on-year [2] - Since its A-share listing, the company has distributed a total of 1.434 billion CNY in dividends, with 482 million CNY distributed over the past three years [2] Shareholder Information - As of September 19, the number of shareholders for Jineng Technology was 32,200, a slight decrease of 0.03% from the previous period. The average circulating shares per person increased by 0.03% to 26,342 shares [2] - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, holding 12.334 million shares, an increase of 2.7071 million shares from the previous period [2]

Core Insights - Jineng Chemical, a subsidiary of Jineng Technology Co., Ltd., has signed a strategic cooperation agreement with Huitong New Materials Co., Ltd. for an initial order of 1,000 tons of high-performance polypropylene product EP548R [1] - Jineng Chemical possesses advanced propane dehydrogenation and polypropylene production processes, establishing long-term propane supply partnerships with global energy giants [1] - Huitong New Materials focuses on the research, production, and sales of polymer materials, providing comprehensive solutions and products for high-performance diversified new materials [1] Company Collaboration - The order signifies Huitong's recognition of Jineng Chemical's product quality and supply system, demonstrating excellent performance in mechanical properties, processing stability, and consistency [1] - Both companies aim to deepen their strategic partnership, focusing on the development of high-end new materials that meet the demands of modified plastic enterprises for high flow, high impact resistance, and low odor characteristics [1] - They plan to establish a new factory collaboration ecosystem to further expand high-end application fields and develop more high-end new materials [1]

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - A V-shaped reversal in coal prices is anticipated, with winter prices expected to reach 800 CNY/ton. The long-term contracts are supporting spot prices, and policy-driven sentiment is leading to significant price increases. The long-term contract prices for September are 674, 613, and 551 CNY/ton for 5500, 5000, and 4500 kcal respectively, with the CCI index showing slight variations [6][26] - The coal market is expected to see a balance between supply and demand gradually, with prices steadily rising. The report maintains a "Positive" rating for the industry and suggests focusing on flexible thermal coal companies and those in turnaround situations in coking coal and coke sectors [6][26] Summary by Sections Coal Sector Performance - The coal sector outperformed the CSI 300 index, with a weekly increase of 3.59% as of September 19, 2025, while the index fell by 0.44%, resulting in a 4.03 percentage point outperformance. A total of 24 stocks in the sector rose, with Yongtai Energy showing the highest increase of 13.42% [2] - Key monitored enterprises reported an average daily coal sales volume of 7.22 million tons for the week of September 12-18, 2025, a week-on-week increase of 5.3%. The average daily production was 7.18 million tons, also up 4.8% week-on-week and 4.4% year-on-year [2][24] Price Trends - As of September 19, 2025, the price of thermal coal (Q5500K) in the Bohai Rim was 676 CNY/ton, a week-on-week increase of 0.15%. The import price index for thermal coal was 812 CNY/ton, up 4.5% week-on-week. Prices at various ports and production areas also showed increases [3] - The price of coking coal at Jingtang Port was 1610 CNY/ton, up 3.9% week-on-week, while the futures settlement price for coking coal was 1216 CNY/ton, reflecting a 6.9% increase [4] Supply and Demand Dynamics - The total coal inventory monitored was 25.54 million tons as of September 18, 2025, a decrease of 1% week-on-week and 6% year-on-year. The cumulative sales volume of key monitored enterprises was 180.46 million tons, down 2.4% year-on-year [2][24] - The report indicates that the demand from the power and chemical industries has varied, with coal consumption in the power sector down 2.9% year-on-year, while the chemical sector saw an increase of 16% [2][24] Investment Recommendations - The report recommends focusing on companies in the thermal coal sector such as China Shenhua, Shaanxi Coal and Chemical Industry, and others, as well as coking coal companies like Huabei Mining and Shanxi Coking Coal. It also highlights companies in the coke sector that are expected to see profit improvements [6][26]