近日，甘肃能化股份有限公司（以下简称"公司"）下属全资二级子公司甘 能化（兰州新区）热电有限公司负责建设的甘肃能化兰州新区热电项目一号机组 顺利完成 168 小时满负荷试运行，机组运行稳定，设备性能可靠，各项技术指标 均达到设计要求，进入商业运营模式。 甘肃能化兰州新区热电项目位于兰州新区秦川园区，项目规划建设 2× 350MW 超临界空冷燃煤发电供热机组，两机一塔，同步建设脱硫脱硝装置，配套 建设 330KV 配电装置、输煤铁路专用线、管状带式输送机、灰场等，设计年发电 33.02 亿度，年供热量 1362.41 万吉焦。 目前，甘肃能化兰州新区热电项目二号机组建设稳步推进，该项目全部投运 后可支撑兰州中部电网用电负荷、保障电网运行安全，进一步延长加粗公司循环 经济产业链，促进煤电一体化发展。 特此公告。 | 证券代码：000552 | 证券简称：甘肃能化 | 公告编号：2025-87 | | --- | --- | --- | | 债券代码：127027 | 债券简称：能化转债 | | 甘肃能化股份有限公司 关于新区热电一号机组通过 168 小时试运行的公告 本公司及董事会全体成员保证公告内容的真实、准确 ...

格隆汇12月8日丨甘肃能化(000552.SZ)公布，下属全资二级子公司甘能化（兰州新区）热电有限公司负 责建设的甘肃能化兰州新区热电项目一号机组顺利完成168小时满负荷试运行，机组运行稳定，设备性 能可靠，各项技术指标均达到设计要求，进入商业运营模式。甘肃能化兰州新区热电项目位于兰州新区 秦川园区，项目规划建设2×350MW超临界空冷燃煤发电供热机组，两机一塔，同步建设脱硫脱硝装 置，配套建设330KV配电装置、输煤铁路专用线、管状带式输送机、灰场等，设计年发电33.02亿度， 年供热量1362.41万吉焦。目前，甘肃能化兰州新区热电项目二号机组建设稳步推进，该项目全部投运 后可支撑兰州中部电网用电负荷、保障电网运行安全，进一步延长加粗公司循环经济产业链，促进煤电 一体化发展。 ...

格隆汇12月8日丨甘肃能化(000552.SZ)公布，下属全资二级子公司甘能化（兰州新区）热电有限公司负 责建设的甘肃能化兰州新区热电项目一号机组顺利完成168小时满负荷试运行，机组运行稳定，设备性 能可靠，各项技术指标均达到设计要求，进入商业运营模式。甘肃能化兰州新区热电项目位于兰州新区 秦川园区，项目规划建设2×350MW超临界空冷燃煤发电供热机组，两机一塔，同步建设脱硫脱硝装 置，配套建设330KV配电装置、输煤铁路专用线、管状带式输送机、灰场等，设计年发电33.02亿度， 年供热量1362.41万吉焦。目前，甘肃能化兰州新区热电项目二号机组建设稳步推进，该项目全部投运 后可支撑兰州中部电网用电负荷、保障电网运行安全，进一步延长加粗公司循环经济产业链，促进煤电 一体化发展。 ...

人民财讯12月8日电，甘肃能化（000552）12月8日公告，近日，公司下属全资二级子公司甘能化(兰州 新区)热电有限公司负责建设的甘肃能化兰州新区热电项目一号机组顺利完成168小时满负荷试运行，机 组运行稳定，设备性能可靠，各项技术指标均达到设计要求，进入商业运营模式。目前，甘肃能化兰州 新区热电项目二号机组建设稳步推进，该项目全部投运后可支撑兰州中部电网用电负荷、保障电网运行 安全，进一步延长加粗公司循环经济产业链，促进煤电一体化发展。 ...

Investment Rating - The report maintains an "Increase" rating for the coal mining industry [4] Core Viewpoints - Indonesia plans to impose a coal export tax starting in 2026 to increase national revenue, which has faced strong opposition from the coal mining association [2][8] - The report recommends companies with strong earnings elasticity such as Yancoal Energy, Jinkong Coal Industry, and focuses on Keda Automation in the smart mining sector [2] - Key companies to watch include major state-owned enterprises like China Coal Energy and China Shenhua, as well as turnaround candidates like China Qinfa [2] Summary by Sections Industry Overview - Global energy prices have shown mixed trends, with Brent crude oil futures at $63.75 per barrel (+0.87%) and WTI at $60.08 per barrel (+2.61%) as of December 5, 2025 [1] - Coal prices have seen slight adjustments, with Newcastle coal at $109.5 per ton (-1.44%) and South African Richards Bay coal at $90.8 per ton (+5.13%) [1][36] Key Companies and Recommendations - Recommended stocks include: - China Coal Energy: Buy with EPS estimates of 1.46, 1.21, 1.29, and 1.39 for 2024A to 2027E [7] - China Shenhua: Buy with EPS estimates of 2.95, 2.56, 2.71, and 2.86 for 2024A to 2027E [7] - Jinkong Coal Industry: Buy with EPS estimates of 1.68, 1.23, 1.47, and 1.62 for 2024A to 2027E [7] - Yancoal Energy: Buy with EPS estimates of 1.44, 0.99, 1.18, and 1.37 for 2024A to 2027E [7] - China Qinfa: Buy with EPS estimates of 0.20, 0.06, 0.27, and 0.47 for 2024A to 2027E [7] Market Trends - The coal industry is facing challenges due to the proposed export tax, which may impact its competitiveness in the global market [2][8] - The report highlights the importance of monitoring coal demand and pricing trends as the industry navigates these changes [2][36]

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 for the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [11][12] - The supply side constraints are expected to support prices despite high inventory levels and mild weather conditions, with coal prices anticipated to exhibit a bottoming and oscillating trend [11][12] - The underlying investment logic of coal capacity shortages remains unchanged, with a balanced short-term supply-demand scenario and a long-term gap still present [11][12] Summary by Sections Coal Price Tracking - As of December 6, the market price for Qinhuangdao port thermal coal (Q5500) is 791 RMB/ton, down 27 RMB/ton week-on-week [30] - The international thermal coal FOB price for Newcastle (NEWC5500) is 85.5 USD/ton, down 1.8 USD/ton week-on-week [30] - The price for coking coal at Jing Tang port is 1650 RMB/ton, down 60 RMB/ton week-on-week [32] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.5%, an increase of 0.2 percentage points week-on-week [48] - The daily coal consumption in inland 17 provinces has increased by 32.10 thousand tons/day, a rise of 9.07% week-on-week [47] - The daily coal consumption in coastal 8 provinces has increased by 10.70 thousand tons/day, a rise of 5.72% week-on-week [47] Inventory Situation - The coal inventory in inland 17 provinces has decreased by 100.60 thousand tons, a decline of 0.99% week-on-week [47] - The coal inventory in coastal 8 provinces has increased by 51.10 thousand tons, an increase of 1.48% week-on-week [47] Company Performance - The coal sector has shown a positive performance with a 0.77% increase, although it underperformed compared to the broader market [14][17] - Key companies to focus on include China Shenhua, Shaanxi Coal, and Yanzhou Coal, which are noted for their stable operations and strong performance [12][13]

Group 1 - The core point of the article is that Gansu Energy Chemical (000552) reported a total of 59,255 shareholders as of November 28 [1]

证券日报网讯 12月3日，甘肃能化在互动平台回答投资者提问时表示，火电企业也有不同的行业区别， 目前，公司电力业务主要是白银热电。 （文章来源：证券日报） ...

Core Points - The company Gansu Energy Chemical Co., Ltd. will pay the fifth-year interest on its convertible bonds "Nenghua Convertible Bonds" on December 10, 2025, at a rate of 1.8% [2][11] - The interest payment for every 10 bonds (face value of 1,000 yuan) will be 18 yuan (including tax) [2][11] - The bond's interest rates are structured to increase over the years, starting from 0.4% in the first year to 2.0% in the sixth year [4][11] Summary by Sections Bond Details - The total issuance of "Nenghua Convertible Bonds" is 2.8 billion yuan (280 million) with a total of 28 million bonds [3] - The bonds were issued on December 10, 2020, and will mature on December 9, 2026 [3][4] - The initial conversion price was set at 3.33 yuan per share, with the latest conversion price at 2.93 yuan per share [4] Interest Payment Information - The interest payment period for the current cycle is from December 10, 2024, to December 9, 2025, with a total interest of 18 yuan for every 10 bonds [11] - The interest payment date is December 10, 2025, with the record date for bondholders being December 9, 2025 [12] Taxation on Interest Income - Individual bondholders will have a 20% tax withheld on the interest income, resulting in an actual payment of 14.40 yuan for every 10 bonds [11][14] - Qualified foreign institutional investors (QFII and RQFII) are exempt from income tax on the interest [11][15] - Other bondholders are responsible for their own tax payments on the interest income [11][15] Credit Rating - The bonds have maintained a credit rating of AA+ since their issuance, with a stable outlook confirmed in multiple tracking reports [7][9]

| 证券代码：000552 | 证券简称：甘肃能化 | 公告编号：2025-86 | | --- | --- | --- | | 债券代码：127027 | 债券简称：能化转债 | | 甘肃能化股份有限公司 特别提示： 1."能化转债"将于2025年12月10日按面值支付第五年利息，每10张"能化 转债"（面值1,000元）利息为18元（含税）； 2.付息债权登记日：2025年12月9日； 3.除息日：2025年12月10日； 4.付息日：2025年12月10日； 5."能化转债"票面利率：第一年0.4%、第二年0.6%、第三年1.0%、第四年 1.5%、第五年1.8%、第六年2.0%。 6."能化转债"本次付息债权登记日为2025年12月9日，凡在2025年12月9 日（含）前买入并持有本期债券的投资者享有本次派发的利息；2025年12月9日 卖出本期债券的投资者不享有本次派发的利息。在债权登记日前（包括付息债权 登记日）申请转换成公司股票的可转换公司债券，公司不再向其持有人支付本计 息年度及以后计息年度的利息。 7.下一付息期起息日：2025年12月10日。 甘肃能化股份有限公司（以下简称"公司"）于20 ...