Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is the early stage of a new upward cycle in the coal economy, driven by both fundamental and policy factors, making it an opportune time to invest in the coal sector during price corrections [11][12] - The supply side is tightening due to a decrease in coal mine capacity utilization rates, while demand is increasing, particularly in inland provinces [11][12] - The coal price has established a new support level, and high-quality coal companies are characterized by strong profitability, cash flow, return on equity (ROE), and dividends [11][12] Summary by Sections Coal Price Tracking - As of August 2, the market price for Qinhuangdao port thermal coal (Q5500) is 655 CNY/ton, up 10 CNY/ton week-on-week [3][28] - The price for coking coal at Jingtang port remains stable at 1650 CNY/ton [30] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 90.9%, down 3.1 percentage points week-on-week [11][45] - Daily coal consumption in inland provinces increased by 44.4 thousand tons/day (+13.05%) [11][46] - The daily coal consumption in coastal provinces rose by 1.0 thousand tons/day (+0.45%) [11][46] Inventory Situation - As of July 31, coal inventory in inland provinces decreased by 1.20% week-on-week, while daily consumption increased [46] - Coastal provinces saw a 1.08% decrease in coal inventory week-on-week [46] Company Performance - The coal sector is characterized by high performance, cash flow, and dividends, with a focus on companies like China Shenhua, Shaanxi Coal and Energy, and others [12][13]

Investment Rating - The coal industry is rated as "stronger than the market" [7] Core Views - The coal prices have shown a continuous upward trend due to increased daily consumption and reduced inventory as the peak season approaches [5] - The global coal shipment volume to China reached 5.524 million tons, an increase of 1.096 million tons, while the coal arrival volume was 6.376 million tons, up by 1.31 million tons year-on-year [5] - The coal supply elasticity is limited due to strict capacity control under carbon neutrality policies and increasing mining difficulties, leading to a potential new normal of underproduction [5] Summary by Sections 1. Weekly Market Review - The coal index dropped by 4.67%, underperforming the Shanghai and Shenzhen 300 index by 2.92 percentage points [15] - Year-to-date, the coal index has decreased by 10.35%, while the Shanghai and Shenzhen 300 index has increased by 3.05% [15] 2. Thermal Coal 2.1 Key Indicators Overview - As of August 1, the Qinhuangdao 5500K thermal coal price was 663 CNY/ton, up by 1.5% week-on-week [3][30] - The average daily output of 462 sample mines was 5.474 million tons, down by 3.32% week-on-week [42] 2.2 Annual Long-term Price - The long-term price for Qinhuangdao thermal coal (Q5500) was 668 CNY/ton, a month-on-month increase of 0.3% [28] 2.3 Spot Prices - The domestic price for Qinhuangdao 5500K thermal coal increased by 10 CNY/ton week-on-week [30] - The price for Inner Mongolia's 5500K coal rose by 25.5 CNY/ton, while Shanxi's price increased by 32 CNY/ton [30] 2.4 Supply and Demand 2.4.1 Supply - The operating rate of coal mines in Shanxi, Shaanxi, and Inner Mongolia was 80.2%, down by 1.3 percentage points week-on-week [40] - The average daily output of thermal coal from 462 sample mines decreased by 3.32% week-on-week [42] 2.4.2 Demand - The daily consumption of the six major power plants increased slightly to 87.7 million tons, up by 0.63% week-on-week [46] - The inventory of these power plants decreased to 1,394.3 million tons, down by 0.26% week-on-week [46] 2.4.3 Inventory Management - The total inventory index for thermal coal was 192 points, down by 1.8% week-on-week [56] - The inventory at Qinhuangdao port dropped significantly to 535 million tons, down by 8.23% week-on-week [66] 3. Coking Coal 3.1 Key Indicators Overview - The price for coking coal at Jing Tang port remained stable at 1,680 CNY/ton [80] - The average daily output of coking coal from 523 sample mines was 77.7 million tons [80] 3.2 Spot Prices - The price for Shanxi's coking coal increased by 30 CNY/ton week-on-week, while prices in Henan and Anhui remained unchanged [81]

证券日报网讯 7月30日晚间，甘肃能化发布公告称，近日，公司下属甘肃靖煤能源有限公司收到《白银 市人民政府关于甘肃靖煤能源有限公司王家山煤矿分公司王家山煤矿一号井恢复生产的批复》，根据复 产验收专家组意见，王家山煤矿分公司王家山煤矿一号井满足安全生产条件，具备复产条件，同意恢复 生产。 （编辑 姚尧） ...

Core Viewpoint - Gansu Energy Chemical (000552.SZ) announced the approval for the resumption of production at the Wangjiashan Coal Mine following a water burst incident that led to a temporary shutdown [1] Group 1: Company Updates - Gansu Energy Chemical's subsidiary, Gansu Jingmei Energy Co., Ltd., experienced a water burst accident at the Wangjiashan Coal Mine on May 19, 2025, resulting in a production halt [1] - The company has received a government approval letter confirming that the Wangjiashan Coal Mine meets safety production conditions and is allowed to resume operations [1]

Core Viewpoint - Gansu Energy Chemical (000552.SZ) announced the approval for the resumption of production at its Wangjiashan Coal Mine following a water burst incident that halted operations in May 2025 [1] Group 1: Incident Overview - On May 19, 2025, a water burst accident occurred at the No. 1 well of the Wangjiashan Coal Mine, operated by Gansu Jingmei Energy Co., leading to a suspension of production [1] - The company has now received a government approval for the resumption of operations at the mine [1] Group 2: Government Approval - The approval was issued by the Baiyin Municipal Government, confirming that the Wangjiashan Coal Mine meets safety production conditions and is ready to resume operations [1] - The decision was based on the recommendations from a production resumption inspection expert group [1]

人民财讯7月30日电，甘肃能化（000552）7月30日晚间公告，近日，公司下属靖煤公司收到《白银市人 民政府关于甘肃靖煤能源有限公司王家山煤矿分公司王家山煤矿一号井恢复生产的批复》，根据复产验 收专家组意见，王家山煤矿分公司王家山煤矿一号井满足安全生产条件，具备复产条件，同意恢复生 产。 ...

Group 1 - Gansu Energy Chemical (000552.SZ) announced the approval for the resumption of production at the Wangjiashan Coal Mine No. 1 well by the Baiyin Municipal Government [1] - The approval is based on the expert group's assessment that the mine meets safety production conditions and is ready to resume operations [1]

关于收到下属王家山煤矿一号井复产批复的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导性陈述或重大 遗漏负连带责任。 2025 年 5 月 19 日，甘肃能化股份有限公司（以下简称"公司"）下属甘肃 靖煤能源有限公司（以下简称"靖煤公司"）王家山煤矿分公司一号井二 204 工作面突发透水事故并停产，具体内容详见公司 2025 年 5 月 21 日刊登于《证券 时报》《上海证券报》以及巨潮资讯网的《关于下属王家山煤矿一号井发生透水 事故的公告》（2025-43）。近日，靖煤公司收到《白银市人民政府关于甘肃靖 煤能源有限公司王家山煤矿分公司王家山煤矿一号井恢复生产的批复》（市政函 〔2025〕34 号），根据复产验收专家组意见，王家山煤矿分公司王家山煤矿一 号井满足安全生产条件，具备复产条件，同意恢复生产。 公司将督促王家山煤矿分公司一号井严格落实安全风险分级管控和隐患排 查治理双重预防工作机制，有效提升矿井安全基础保障能力，着力提高安全管理 水平，按照批复文件要求尽快组织矿井全面恢复生产。 | 证券代码：000552 | 证券简称：甘肃能化 | 公告编号：2025-64 | | ...

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, supported by both fundamental and policy factors, making it an opportune time to invest in the coal sector [11][12] - The report highlights a tightening supply side due to government policies aimed at curbing overproduction, which is expected to support a rebound in coal prices [3][11] - The underlying investment logic of coal capacity shortages remains unchanged, with a balanced short-term supply-demand situation and a medium to long-term gap still anticipated [11][12] Summary by Sections Coal Price Tracking - As of July 26, the market price for Qinhuangdao port thermal coal (Q5500) is 645 CNY/ton, an increase of 11 CNY/ton week-on-week [30] - The price for coking coal at Jing Tang port is reported at 1650 CNY/ton, up 230 CNY/ton week-on-week [32] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 94%, down 0.6 percentage points week-on-week, while the utilization rate for coking coal mines is 86.9%, up 0.8 percentage points [11][42] - Daily coal consumption in inland provinces has decreased by 51,000 tons/day (-13.04%) and in coastal provinces by 19,600 tons/day (-8.1%) [11][42] Inventory Situation - Coal inventory in coastal provinces increased by 429,000 tons week-on-week, while inland provinces saw a slight increase of 85,000 tons [11] Company Performance - The coal sector has shown strong performance, with the coal mining sector rising by 8.00% this week, outperforming the broader market [15][17] - Key companies to focus on include China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy, which are noted for their stable operations and solid performance [12][13]

甘肃能化股份有限公司 2025 年面向专业投资者公开发行公 司债券（第一期）（品种一）在深圳证券交易所上市的公告 根据深圳证券交易所债券上市的有关规定，甘肃能化股份有限公司 2025 年面向专业投 资者公开发行公司债券（第一期）（品种一）符合深圳证券交易所债券上市条件，将于 2025 年 7 月 24 日起在深圳证券交易所上市，并面向专业投资者交易，交易方式包括匹配成交、 点击成交、询价成交、竞买成交和协商成交。债券相关要素如下： 1 | 债券名称 | 甘肃能化股份有限公司 2025 年面向专业投资者公开发行公司债券 | | --- | --- | | | （第一期）（品种一） | | 债券简称 | 25 甘能 01 | | 债券代码 | 524356.SZ | | 信用评级 | 发行人最新主体评级 AAA，本期债券无评级 | | 评级机构 | 中证鹏元资信评估股份有限公司 | | 发行总额（亿元） | 5.00 | | 债券期限 | 3 年 | | 票面年利率（％） | 2.00 | | 利率形式 | 固定利率 | | 付息频率 | 每年一次 | | 发行日 | 2025 年 7 月 11 日至 2025 ...