Group 1 - The company has implemented an active, continuous, and stable profit distribution policy since its restructuring and listing, having distributed cash dividends for 17 consecutive years [1] - The company has conducted a total of 18 cash dividend distributions, with a cumulative distribution amount reaching 3.2 billion (including share repurchase amount of 150 million) [1]

Group 1: Power Business Overview - The company operates several power plants, including Baiyin Thermal Power and New District Thermal Power, with both having 2×350MW supercritical coal-fired units [2] - New District Thermal Power's units successfully completed 168 hours of full-load trial operation and have entered commercial operation [2] - In 2025, Baiyin Thermal Power achieved profitability due to decreased coal prices and increased thermal prices, which is expected to enhance overall revenue and profitability in the power sector [2][3] Group 2: Coal Business Overview - The company has 11 coal production mines with an approved annual capacity of 23.14 million tons, including 1.8 million tons/year of reserve capacity [4] - Coal products mainly include coking coal and thermal coal, with specific mines producing high-quality environmentally friendly coal [4] - In 2025, the coal market faced a downturn, leading to decreased sales volume and prices, prompting the company to strengthen market connections and adjust sales strategies [5] Group 3: Internal Coal Consumption and Cost Management - Internal coal consumption for power and chemical projects is projected to be nearly 12 million tons/year, subject to variations based on coal quality and sourcing [6] - The company is focusing on cost reduction through intelligent mining practices and enhanced budget management, despite higher costs from deep mining operations [6] Group 4: Chemical Business Overview - The clean and efficient gasification project by Liu Chemical has successfully produced qualified products, with ongoing construction for the second phase [7] - The project utilizes coal as raw material to produce various chemical products, with production volumes adjustable based on market demand [7] Group 5: Project Financing - The company is actively securing funding for coal, power, and chemical projects through traditional bank loans and capital market financing, alongside attracting strategic investors [8] - Strong relationships with local banks and favorable credit policies have facilitated smooth financing channels [9]

Group 1: Coal Business Overview - The company operates 11 coal production mines with an annual production capacity of 23.14 million tons, including a reserve capacity of 1.8 million tons per year [2] - Main coal products include coking coal and thermal coal, with specific mines producing high-quality environmentally friendly coal [3] - Continuous efforts to improve coal quality through enhanced washing processes and optimized production strategies [3] Group 2: Power Generation Business - The company operates several power plants, including Baiyin Thermal Power and New District Thermal Power, with the latter's units entering commercial operation in early 2026 [4] - The Baiyin Thermal Power plant achieved profitability in 2025 due to falling coal prices and rising heat prices [4] - Ongoing construction of new power projects, including a 2×660MW coal power project in Qingyang, with a planned annual output of 7 billion kWh [4] Group 3: Chemical Business Development - The clean and efficient gasification project is progressing, with the first phase producing qualified products and the second phase under construction [5] - The project utilizes coal as raw material to produce various chemical products, with production volumes adjustable based on market demand [5] - The company is addressing potential competition with its controlling shareholder's chemical enterprise through active communication [5] Group 4: Profit Distribution Policy - The company has implemented a stable profit distribution policy, with 18 cash dividends totaling 3.2 billion yuan since its restructuring [5] - A shareholder return plan for 2025-2027 has been announced, emphasizing a commitment to reasonable cash dividends [5] Group 5: Convertible Bond Situation - The company has 1.946 billion yuan in outstanding convertible bonds, set to mature on December 9, 2026 [5] - The purpose of issuing convertible bonds is to fund project construction and adjust the capital structure [5]

Group 1: Coal Prices - Qinhuangdao port thermal coal (Q5500) price increased to 692 CNY/ton, up 1 CNY/ton week-on-week as of February 7 [1] - Datong thermal coal price (Q5500) decreased to 567 CNY/ton, down 1 CNY/ton week-on-week as of February 5 [1] - International thermal coal prices: Newcastle NEWC5500 at 76.3 USD/ton, up 1.5 USD/ton week-on-week; ARA6000 at 101.6 USD/ton, down 1.5 USD/ton [1] Group 2: Coking Coal Prices - Beijing Tangshan port coking coal price decreased to 1700 CNY/ton, down 80 CNY/ton week-on-week as of February 5 [2] - Linfen coking coal price decreased to 1570 CNY/ton, down 80 CNY/ton week-on-week as of February 6 [2] - Australian hard coking coal price at 265.6 USD/ton, up 1.5 USD/ton week-on-week as of February 5 [2] Group 3: Production and Consumption - Sample thermal coal mine capacity utilization at 87.5%, down 0.8 percentage points week-on-week; coking coal mine utilization at 86.67%, down 2.5 percentage points [2] - Coastal provinces' coal consumption decreased by 16.3 million tons/day, down 7.22% week-on-week as of February 4 [3] - Inland provinces' coal consumption decreased by 81.8 million tons/day, down 18.1% week-on-week as of February 4 [3] Group 4: Market Outlook - Current coal market is at the beginning of a new upward cycle, with fundamental and policy support [4] - Indonesian government reduced coal production quotas by 40% to 70% compared to 2025 levels, impacting global coal supply [4] - Domestic coal supply is expected to remain constrained, with potential for price recovery due to demand resilience [5] Group 5: Investment Recommendations - Coal sector remains attractive due to high performance, cash flow, and dividends; recommended to focus on quality coal companies [6] - Suggested companies include China Shenhua, Shaanxi Coal, and Yancoal Australia among others [6] - Emphasis on the importance of coal assets as they are undervalued and have high potential for appreciation [5]

Core Viewpoint - On February 9, a total of 9 listed companies had their restricted shares unlocked, with a total market value of approximately 21.1 billion yuan [1] Summary by Category Restricted Share Unlocking Details - Gansu Energy Chemical (000552) had 1.623 billion shares unlocked, categorized as newly issued A-share corporate placements [1] - Zhongya Co., Ltd. (300512) had 356,600 shares unlocked, categorized as equity incentive restricted circulation [1] - Gongda Keya (301197) had 36.447 million shares unlocked, categorized as extended restricted lock-up period circulation [1] - Weihede (301318) had 38.345 million shares unlocked, categorized as extended restricted lock-up period circulation [1] - Aled (301419) had 55.2 million shares unlocked, categorized as pre-issue share restricted circulation [1] - Hunan YN (301358) had 374 million shares unlocked, categorized as pre-issue share restricted circulation [1] - Hualan Group (301027) had 516,600 shares unlocked, categorized as equity incentive restricted circulation [1] - Shanghai Hejing (688584) had 2.6478 million shares unlocked [1] - Chengdu Huamei (688709) had 3.824 million shares unlocked [1]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that coal prices are expected to recover gradually to a reasonable price level of around 750 CNY/ton, influenced by supply constraints and increasing demand due to seasonal factors [3][5] - The report highlights that the price of thermal coal has reached a turning point, with a projected upward trajectory supported by policy adjustments and market dynamics [5][14] - The focus on both cyclical recovery and dividend stability presents a dual investment logic for coal stocks, suggesting that now is an opportune time for investment [6][15] Summary by Sections Investment Logic - Thermal coal prices are expected to rise through a four-step process: repairing central and local long-term contracts, reaching the coal-electricity profit-sharing line, and potentially exceeding the breakeven point for power plants, estimated at 860 CNY [5][14] - Coking coal prices are more influenced by supply-demand fundamentals, with target prices based on the ratio of coking coal to thermal coal prices [5][14] Key Market Indicators - As of February 6, the price of Qinhuangdao Q5500 thermal coal was 695 CNY/ton, reflecting a slight increase of 3 CNY from the previous week [3][20] - The report notes a decrease in the production rate of coal mines, with the operating rate for 442 coal mines in Shanxi, Shaanxi, and Inner Mongolia at 82.7% [20][21] Investment Recommendations - The report suggests four main lines for selecting coal stocks: 1. Cyclical logic: companies like Jinko Coal and Yanzhou Coal 2. Dividend logic: China Shenhua and Zhongmei Energy 3. Diversified aluminum elasticity: Shenhuo Co. and Electric Power Investment 4. Growth logic: Xinjie Energy and Guanghui Energy [6][15] Company Performance - The coal index experienced a slight decline of 0.62%, outperforming the CSI 300 index by 0.71 percentage points [8][24] - Major coal companies showed varied performance, with some experiencing significant gains while others faced declines [24][26]

Economic Data - The People's Bank of China will release January CPI and PPI on February 11 [1] - The National Bureau of Statistics will publish the monthly report on January commodity residential sales price index on February 13 [1] - Financial data including January social financing and new RMB loans will also be released next week [1] - In the US, December retail sales month-on-month will be announced on February 10, followed by January unemployment rate and non-farm employment data on February 11 [1] Earnings Reports - The US earnings season continues with several notable companies reporting next week, including BP, Barclays, Marriott, Coca-Cola, and AstraZeneca on February 10 [2] - Other companies such as NetEase, Youdao, and Total will report on February 11, while TripAdvisor and Hyatt will report on February 12 [2] - In Hong Kong, SMIC will report earnings on February 10, followed by Budweiser APAC and NetEase Cloud Music on February 11 [2] New Stock Issuance - One new stock, Tongbao Optoelectronics, will be available for subscription on February 9, with Ai De Technology listing on the Beijing Stock Exchange on February 10 [2] - Several new stocks will list in Hong Kong, including Lanke Technology on February 9 and Aixin Yuanzhi on February 10 [2] Stock Unlocking - A total of 33 restricted stocks will be unlocked next week, with a total market value exceeding 36 billion yuan, led by Hunan YN with 24.096 billion yuan [3][10] Central Bank Operations - The central bank will have 4.055 billion yuan of reverse repos maturing next week, with specific amounts maturing each day [3][10] Government Bonds - The Ministry of Finance will issue the first phase of RMB government bonds in Hong Kong on February 11, with a scale of 14 billion yuan [13]

中国1月CPI、PPI数据将公布；1月金融数据或将公布；2025年第四季度恒生指数系列检讨结果将发布。 1月CPI、PPI数据将公布 2月11日，国家统计局将公布1月CPI、PPI数据。 财通证券预计1月CPI同比增速为0.4%。1月猪肉价格小幅上行，鲜菜价格回落，鲜果价格上行，金价大幅上升，但高基数下，预计1月CPI同比增速小幅下行 至0.4%。 PPI方面，财通证券预计1月PPI同比增速为-1.5%。1月出厂价格指数上升1.7个百分点至50.6%，主要原材料购进价格指数上升3个百分点至56.1%。 从解禁市值来看，2月9日是解禁高峰期，12家公司解禁市值合计307.41亿元，占下周解禁规模的84.71%。按2月6日收盘价计算，解禁市值居前三位的是：湖 南裕能（240.96亿元）、甘肃能化（40.08亿元）、麦澜德（27.44亿元）。从个股的解禁量看，解禁股数居前三位的是：甘肃能化（16.23亿股）、湖南裕能 （3.74亿股）、青松建化（2.26亿股）。 | | | 下周解禁个股 | | | | | --- | --- | --- | --- | --- | --- | | 个股代码 | 公司简称 | 解禁 ...

以下文章来源于数据宝 ，作者谢伊岚 数据宝 . 数据宝——证券时报智能原创新媒体，中国股市大数据新媒体领先品牌，依托证券时报财经数据库和证监会指定信息披露媒体的权威信息，让您用手机也 能从海量数据中获得有用的决策信息支持，数据是个宝，炒股少烦恼！ 下周（2月9日至13日），5股解禁市值均超10亿元。 据证券时报·数据宝统计，下周将有31股解禁，合计解禁数量为24.46亿股，按照最新收盘价计算，合计解禁市值362.93亿元。 5股解禁市值均超10亿元。其中湖南裕能解禁市值最高，下周将有3.74亿股上市流通，本次解禁主要为首发原股东限售股份，解禁市值为240.96亿元。 磷酸铁锂价格自2025年下半年以来进入上升通道。与此同时，行业龙头股湖南裕能交出了一份亮眼的2025年业绩答卷。湖南裕能预计2025年归母净利润为 11.5亿元至14亿元，同比增长93.75%至135.87%。 国泰海通、英搏尔和金山办公等个股下周解禁比例较低。 | 代码 | | | | 十三总股本比例 | | | --- | --- | --- | --- | --- | --- | | | | | (亿股) | (%) | (亿元) | | ...

Summary of Key Points Core Viewpoint - A total of 31 companies will have their restricted shares unlocked from February 9 to February 13, with a total of 2.446 billion shares being released, amounting to a market value of 36.293 billion yuan based on the closing price on February 6 [1]. Group 1: Unlocking Details - February 9 is identified as the peak day for share unlocks, with 12 companies releasing shares worth a total of 30.741 billion yuan, which constitutes 84.71% of the total unlocking scale for the week [1]. - The top three companies by market value of unlocked shares are Hunan YN (24.096 billion yuan), Gansu Energy Chemical (4.008 billion yuan), and Meilan De (2.744 billion yuan) [1]. Group 2: Unlocking Volume - The companies with the highest number of unlocked shares are Gansu Energy Chemical (1.623 billion shares), Hunan YN (374 million shares), and Qingsong Jianhua (226 million shares) [1]. Group 3: Types of Restricted Shares - The types of restricted shares being unlocked include 9 from original shareholders of the initial public offering (IPO), 8 from general equity incentives, 5 from directed placements, 5 from restricted equity incentives, 3 from strategic placements of the IPO, 2 from institutional placements of the IPO, and 1 from other types [1].