证券日报网讯2月4日，甘肃能化（000552）在互动平台回答投资者提问时表示，截至2026年1月30日， 公司股东户数为60596户。 ...

Group 1 - The article highlights a significant reduction in coal production quotas by the Indonesian government, which aims to boost coal prices by decreasing export volumes by 40% to 70% for major miners by 2025 [5] - Additionally, the Indonesian government plans to impose an export surcharge, which may further weaken the profitability of the coal industry [5] Group 2 - The article lists several companies involved in coal mining, coal chemical, and coal-electricity integration, including China Shenhua, Zhengzhou Coal Electricity, and Yanzhou Coal Mining [8][9]

2月4日，甘肃能化涨5%，截至发稿，报2.52元/股，成交2.29亿元，换手率2.48%，总市值134.87亿元。 国泰中证煤炭ETF（515220）基金经理为吴中昊。 资料显示，甘肃能化股份有限公司位于甘肃省兰州市城关区红星巷125号，成立日期1996年12月28日， 上市日期1994年1月6日，公司主营业务涉及煤炭开采与销售,热力及电力供应业务。主营业务收入构成 为：煤炭业务56.76%，电力19.60%，工程业务8.36%，化工业务7.64%，其他业务4.75%，机械产品 2.89%。 从甘肃能化十大流通股东角度 数据显示，国泰基金旗下1只基金位居甘肃能化十大流通股东。国泰中证煤炭ETF（515220）三季度增 持5172.94万股，持有股数8497.92万股，占流通股的比例为2.28%。根据测算，今日浮盈赚取约1019.75 万元。 国泰中证煤炭ETF（515220）成立日期2020年1月20日，最新规模86.4亿。今年以来收益3.8%，同类排 名2815/5562；近一年收益4.99%，同类排名4080/4285；成立以来收益149.32%。 截至发稿，吴中昊累计任职时间4年9天，现任基金资产总规模 ...

Group 1 - The coal mining sector experienced a decline of 0.19% on February 3, with Haohua Energy leading the drop [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Key stocks in the coal mining sector showed varied performance, with Jiangte Equipment rising by 6.93% and China Shenhua falling by 1.52% [2] Group 2 - The coal mining sector saw a net outflow of 400 million yuan from major funds, while retail investors contributed a net inflow of 301 million yuan [2] - Major funds showed a mixed trend, with Shaanxi Coal and Chemical Industries receiving a net inflow of 42.73 million yuan, while Jiangte Equipment faced a net outflow of 52.98 million yuan [3] - Retail investors favored stocks like SuNeng Co., which had a net inflow of 357.83 million yuan, despite overall sector challenges [3]

关于变更持续督导独立财务顾问主办人的公告 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。 | | | 中信证券股份有限公司（以下简称"中信证券"）为甘肃能化股份有限公司 （以下简称"公司"）2022年度发行股份购买资产并募集配套资金暨关联交易（以 下简称"本次重组"）的独立财务顾问。截至目前，本次重组已实施完毕，法定 持续督导期至2023年12月31日止。鉴于本次重组部分承诺尚未完成，配套募集资 金亦尚未使用完毕，中信证券需要对相关事宜继续履行持续督导义务。 甘肃能化股份有限公司 甘肃能化股份有限公司董事会 2026年2月3日 近日，公司收到中信证券《关于变更独立财务顾问主办人的函》，本次重组 的持续督导独立财务顾问主办人之一许子晶先生因个人工作变动原因离职，中信 证券委派冯照桢先生担任本次重组的独立财务顾问主办人，继续履行持续督导职 责。本次变更后，中信证券担任公司本次重组的持续督导期间的独立财务顾问主 办人为邓俊先生和冯照桢先生。 ...

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, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [10][11] - The coal supply is expected to tighten due to domestic supply constraints and Indonesia's reduction in coal production targets, which will support a stable recovery in coal prices throughout the year [10][11] - The investment logic of coal capacity shortages remains unchanged, with a short-term supply-demand balance and a long-term gap still present [10][11] - High-quality coal companies are characterized by high profitability, cash flow, return on equity (ROE) of 10-15%, and dividend yields exceeding 5% [10][11] - The coal sector is considered undervalued, with overall valuation expected to improve, and public funds currently underweight in coal holdings [10][11] Summary by Sections 1. Coal Prices - As of January 31, the market price for Qinhuangdao port thermal coal (Q5500) is 691 CNY/ton, up 5 CNY/ton week-on-week [3][29] - The international thermal coal offshore price for Newcastle NEWC5500 is 74.5 USD/ton, up 0.7 USD/ton week-on-week [3][29] - The price for coking coal at Jing Tang port remains stable at 1780 CNY/ton [31] 2. Coal Supply and Demand - The capacity utilization rate for sample thermal coal mines is 88.3%, down 1.3 percentage points week-on-week [10][49] - Daily coal consumption in inland provinces decreased by 8.30 thousand tons/day (-1.8%) [50] - Daily coal consumption in coastal provinces decreased by 7.70 thousand tons/day (-3.3%) [50] 3. Industry Performance - The coal sector saw a 3.98% increase this week, outperforming the broader market [13][16] - The thermal coal segment rose by 4.07%, while the coking coal segment increased by 3.92% [16] 4. Future Outlook - The coal supply bottleneck is expected to persist, necessitating new high-quality capacity planning to meet medium to long-term energy demands [11] - The coal sector is characterized by high performance, cash flow, and dividends, with a favorable long-term outlook due to macroeconomic improvements and regulatory changes [11]

Investment Rating - The industry investment rating is maintained as "Increase" [5] Core Insights - The report highlights an increase in coal auction listings in Mongolia for 2025, with a total of 40.8832 million tons listed, up by 14.272 million tons. However, the transaction volume is slightly lower than in 2024, at 21.792 million tons, down by 0.576 million tons [2] - The report emphasizes the performance of specific companies, recommending investments in China Coal Energy (H+A), Yanzhou Coal Mining (H+A), China Shenhua Energy (H+A), and Shaanxi Coal and Chemical Industry. It also highlights companies focusing on smart mining, such as Keda Control, and those undergoing turnaround, like China Qinfa [3][7] - The report notes that the core port for coal transactions remains Ganqimaodu, contributing 83% of the total transaction volume [2] Summary by Sections Energy Prices Overview - As of January 30, 2026, Brent crude oil futures settled at $70.69 per barrel, up by $4.81 (7.3%) from the previous week. WTI crude oil futures settled at $65.21 per barrel, up by $4.14 (6.78%) [1] - Natural gas prices showed mixed trends, with Northeast Asia LNG spot prices at $11.68 per million British thermal units, down by $0.13 (-1.11%). The Dutch TTF gas futures settled at €40.65 per megawatt-hour, up by €1.28 (3.24%) [1] - Coal prices increased, with European ARA port coal prices at $101.50 per ton, up by $3.00 (3.05%), and Newcastle port coal prices at $116.75 per ton, up by $5.25 (4.71%) [1] Auction Performance - The report indicates that ETT led the auction with a transaction of 12.5696 million tons, followed by small TT and ER with 5.3632 million tons and 3.1296 million tons, respectively. The report also notes that coking coal transactions totaled 13.6192 million tons, down by 3.0656 million tons, while thermal coal transactions increased by 3.584 million tons to 8.1728 million tons [6] Key Stocks - The report provides a detailed table of recommended stocks, including: - China Coal Energy (601898.SH) with an EPS forecast of 1.21 for 2025 and a PE ratio of 11.32 - China Shenhua Energy (601088.SH) with an EPS forecast of 2.56 for 2025 and a PE ratio of 16.38 - Yanzhou Coal Mining (600188.SH) with an EPS forecast of 0.99 for 2025 and a PE ratio of 14.86 [7]

Investment Rating - The coal industry is rated as "stronger than the market" [7] Core Views - The report emphasizes that the fundamental goal is to reverse the Producer Price Index (PPI), with seasonal demand during the "peak winter" leading to a 1.3% increase in coal mining and washing prices, contributing to a 0.2% rise in PPI over three consecutive months [5][6] - The coal price is expected to stabilize due to its high correlation with PPI, with a potential low point for coal prices in 2025, influenced by policies aimed at reducing excessive competition [5] - The coal industry is undergoing a transformation driven by energy security demands, with limited supply elasticity due to strict capacity controls and increasing extraction difficulties, particularly in eastern regions [5][6] - Despite weak macroeconomic conditions affecting coal demand, the rigid supply and rising costs are expected to support coal prices, which are likely to maintain a volatile upward trend [5] Summary by Sections Coal Market Overview - As of January 30, the Qinhuangdao 5500K thermal coal price is 692 CNY/ton, up 7 CNY/ton week-on-week, with a year-on-year decline of 61 CNY/ton [3][31] - The average daily output of 462 sample coal mines is 5.329 million tons, down 81,000 tons week-on-week but up 1.77 million tons year-on-year [3][42] - The coal inventory index is slightly down to 180.4, indicating a minor decrease in coal stocks [3][53] Coking Coal - The main coking coal price at Jingtang Port is stable at 1800 CNY/ton, with a year-on-year increase of 340 CNY/ton [4][72] - The average daily output of 523 sample coking coal mines is 771,000 tons, reflecting a year-on-year increase of 64.2% [4][71] - The coking coal inventory stands at 2.672 million tons, down 7.2% week-on-week [4][71] Supply and Demand Dynamics - The daily consumption of the six major power plants has decreased to 847,000 tons, down 3.7% week-on-week but up 27.8% year-on-year [42][43] - The inventory of the six major power plants is 13.185 million tons, down 0.6% week-on-week [43][44] - The methanol and urea operating rates are at 91.2% and 88.3%, respectively, indicating a slight increase [47][48] Investment Opportunities - The report suggests focusing on companies with strong resource endowments and stable operating performance, such as China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical [6] - Companies with production growth potential benefiting from the coal price cycle, such as Yanzhou Coal Mining, Huayang Co., and Gansu Energy, are also highlighted [6] - Firms with global resource scarcity attributes, like Huaibei Mining and Shanxi Coking Coal, are recommended for investment [6]

Core Viewpoint - Gansu Energy Chemical Co., Ltd. expects a significant decline in its 2025 annual performance, projecting a net loss of approximately 190 million yuan, a shift from a profit of 1.213 billion yuan in 2024, primarily due to falling coal prices and operational inefficiencies in other business segments [1] Group 1: Financial Performance - The company anticipates a net profit loss of about 190 million yuan for 2025, compared to a profit of 1.213 billion yuan in 2024, marking a year-on-year transition from profit to loss [1] - The expected net profit loss after excluding non-recurring gains and losses is approximately 560 million yuan, down from a profit of 1.146 billion yuan in 2024 [1] - Non-recurring gains for 2025 are projected to be 370 million yuan, an increase of about 300 million yuan compared to the previous year, mainly due to increased gains from the disposal of non-current assets [1] Group 2: Operational Challenges - The decline in performance is attributed to multiple factors, including macroeconomic conditions, industry cycles, and supply-demand changes, leading to lower coal prices and reduced coal production and sales [1] - The company's electricity, chemical, and infrastructure segments have not fully realized operational efficiencies, limiting their profitability and failing to offset losses in the coal sector [1] Group 3: Tax Obligations - Gansu Energy Chemical and its 15 subsidiaries identified the need to pay back taxes totaling 33.7167 million yuan due to prior tax declaration issues, which includes 24.5258 million yuan in principal and 9.1909 million yuan in late fees [2] - The company has completed the payment of the aforementioned tax obligations, which will reduce the net profit attributable to shareholders by approximately 33.7167 million yuan for 2025 [2] Group 4: Future Strategies - In response to the challenging market environment and performance pressures, the company plans to enhance coal sales efforts, optimize sales structures, and implement cost-saving measures to improve profitability [2] - The company aims to accelerate key project construction and strategically plan production layouts to mitigate adverse external factors and lay a foundation for sustainable development [2]

Group 1: Performance Forecast - The company expects a net profit to be negative for the fiscal year 2025, covering the period from January 1, 2025, to December 31, 2025 [2] - The company has completed the acquisition of a storage and transportation company, which will be included in the consolidated financial statements, leading to retrospective adjustments for the previous year's data [2] Group 2: Communication with Auditors - The company has had preliminary discussions with Zhongxinghua Accounting Firm regarding the basis and process of the performance forecast, which the firm has recognized as appropriate and prudent [3] Group 3: Reasons for Performance Decline - The significant decline in performance is attributed to several factors: a decrease in coal prices due to macroeconomic conditions and industry cycles, leading to losses in the coal sector; and limited profitability contributions from the power, chemical, and infrastructure sectors due to market constraints [4] - The company anticipates non-recurring gains of 37 million, an increase of approximately 30 million compared to the previous year, primarily from non-current asset disposal gains [4] - The company plans to enhance coal sales efforts, optimize sales structure, and accelerate key project construction to mitigate external adverse factors and improve profitability [4] Group 4: Tax Payment Announcement - The company and its subsidiaries are required to pay a total of 33.72 million, including 24.53 million in various taxes and 9.19 million in late fees, as a result of self-inspection or audits by tax authorities [7][8] - The payment of these taxes and fees will be recorded in the 2025 financial results, with an expected reduction of 33.72 million in net profit attributable to shareholders [8]