Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The report indicates that the coal economy is at the beginning of a new upward cycle, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [3][13] - The report highlights that coal prices have shown signs of stabilization, and there is an expectation for price increases due to seasonal demand and supply constraints [5][13] - The report emphasizes the continued investment logic of coal capacity shortages, with a short-term balance and a long-term gap in supply [13][14] Summary by Sections Coal Price Tracking - As of September 19, the market price for Qinhuangdao port thermal coal (Q5500) is 699 CNY/ton, an increase of 21 CNY/ton week-on-week [4][31] - The price for coking coal at Jingtang port is 1610 CNY/ton, up 60 CNY/ton week-on-week [4][33] - International thermal coal prices have also seen fluctuations, with Newcastle thermal coal at 69.6 USD/ton, a week-on-week increase of 0.4 USD/ton [4][31] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.7%, an increase of 2.4 percentage points week-on-week [4][48] - Daily coal consumption in inland provinces has increased by 4.10 thousand tons/day (+1.22%) [5][13] - The report notes that the supply side is still constrained by policies, and the demand is expected to rise as winter heating needs begin [5][13] Industry Performance - The coal sector has shown a weekly increase of 3.59%, outperforming the broader market [16] - The report identifies key companies to focus on, including China Shenhua, Shaanxi Coal, and others, highlighting their stable operations and strong performance [14][16]

格隆汇9月15日丨甘肃能化(000552.SZ)公布，收到甘肃省能源局《煤矿建设项目竣工验收备案回执》， 靖煤集团景泰煤业有限公司（简称"景泰煤业"）白岩子矿井及选煤厂已完成单项工程质量认证和消防设 施、水土保持设施、职业病防护设施、环境保护设施、安全设施等方面专项验收，并通过项目综合竣工 验收。景泰煤业为公司下属控股子公司，主要负责白岩子煤矿及洗煤厂项目建设，矿井设计生产能力90 万吨/年,根据详查报告，矿井煤炭资源量9075.8万吨（气煤资源量为4736.3万吨；1/3焦煤资源量为 4339.5万吨）。 ...

公告显示，景泰煤业为公司下属控股子公司，主要负责白岩子煤矿及洗煤厂项目建设，矿井设计生产能 力90万吨/年,根据详查报告，矿井煤炭资源量9075.8万吨(气煤资源量为4736.3万吨;1/3焦煤资源量为 4339.5万吨)。 甘肃能化（000552）(000552.SZ)公告，公司收到甘肃省能源局《煤矿建设项目竣工验收备案回执》， 靖煤集团景泰煤业有限公司(简称"景泰煤业")白岩子矿井及选煤厂已完成单项工程质量认证和消防设 施、水土保持设施、职业病防护设施、环境保护设施、安全设施等方面专项验收，并通过项目综合竣工 验收。 ...

Core Viewpoint - Gansu Energy Chemical (000552.SZ) has received the completion acceptance record from the Gansu Provincial Energy Bureau for its subsidiary, Jingtai Coal Industry Co., Ltd., indicating successful completion of various project certifications and acceptance [1] Company Summary - Jingtai Coal Industry is a subsidiary of Gansu Energy Chemical, responsible for the construction of the Baiyanzi coal mine and washing plant project [1] - The designed production capacity of the Baiyanzi coal mine is 900,000 tons per year [1] - The coal resource amount of the mine is reported to be 90.758 million tons, including 47.363 million tons of gas coal and 43.395 million tons of coking coal [1]

甘肃能化公告，近日，收到甘肃省能源局《煤矿建设项目竣工验收备案回执》，靖煤集团景泰煤业有限 公司白岩子矿井及选煤厂已完成单项工程质量认证和消防设施、水土保持设施、职业病防护设施、环境 保护设施、安全设施等方面专项验收，并通过项目综合竣工验收。景泰煤业为公司下属控股子公司，主 要负责白岩子煤矿及洗煤厂项目建设，矿井设计生产能力90万吨/年，根据详查报告，矿井煤炭资源量 9075.8万吨（气煤资源量为4736.3万吨；1/3焦煤资源量为4339.5万吨）。 ...

| 证券代码：000552 | 证券简称：甘肃能化 | 公告编号：2025-71 | | --- | --- | --- | | 债券代码：127027 | 债券简称：能化转债 | | 甘肃能化股份有限公司 关于下属景泰煤业白岩子矿井及选煤厂项目完成竣工验收备案 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。 近日，甘肃能化股份有限公司（以下简称"公司"）收到甘肃省能源局《煤矿建 设项目竣工验收备案回执》，靖煤集团景泰煤业有限公司（以下简称"景泰煤业"） 白岩子矿井及选煤厂已完成单项工程质量认证和消防设施、水土保持设施、职业病防 护设施、环境保护设施、安全设施等方面专项验收，并通过项目综合竣工验收。 景泰煤业为公司下属控股子公司，主要负责白岩子煤矿及洗煤厂项目建设，矿井 设计生产能力 90 万吨/年,根据详查报告，矿井煤炭资源量 9075.8 万吨（气煤资源量 为 4736.3 万吨；1/3 焦煤资源量为 4339.5 万吨）。 特此公告。 甘肃能化股份有限公司董事会 2025 年 9 月 16 日 ...

Core Viewpoint - Gansu Energy Chemical has experienced fluctuations in stock price and significant changes in financial performance, indicating potential investment opportunities and risks in the coal and energy sector [1][2]. Company Performance - As of September 12, Gansu Energy Chemical's stock price increased by 2.02% to 2.53 CNY per share, with a trading volume of 1.01 billion CNY and a market capitalization of 13.54 billion CNY [1]. - Year-to-date, the company's stock price has decreased by 5.67%, but it has seen a 2.43% increase over the last five trading days and a 7.11% increase over the last 60 days [2]. - For the first half of 2025, Gansu Energy Chemical reported a revenue of 3.718 billion CNY, a year-on-year decrease of 33.91%, and a net profit attributable to shareholders of -182 million CNY, a decrease of 120.30% [2]. Business Segmentation - The company's main business segments include coal mining and sales (56.76% of revenue), electricity supply (19.60%), engineering (8.36%), chemical products (7.64%), other businesses (4.75%), and machinery products (2.89%) [2]. - Gansu Energy Chemical is classified under the coal mining sector, specifically in the sub-sector of thermal coal [2]. Shareholder Information - As of June 30, 2025, Gansu Energy Chemical had 61,700 shareholders, with an average of 60,350 circulating shares per shareholder, reflecting a slight decrease in the number of shareholders and a slight increase in circulating shares [2]. - The company has distributed a total of 3.08 billion CNY in dividends since its A-share listing, with 1.545 billion CNY distributed over the last three years [3]. - Major shareholders include Guotai Zhongxin Coal ETF, which increased its holdings by 6.95 million shares, and Hong Kong Central Clearing Limited, which increased its holdings by 1.449 million shares [3].

Group 1 - The core viewpoint of the article highlights the growth in China's industrial export value, with a reported value of 12,468.8 billion yuan in April 2025, reflecting a year-on-year increase of 0.9% [1] - Cumulative industrial export value from January to April 2025 reached 48,793.3 billion yuan, showing a cumulative year-on-year growth of 5.1% [1] - The article references a report by Zhiyan Consulting, which provides a deep assessment of the industrial cloud market in China from 2025 to 2031, indicating potential investment opportunities [1] Group 2 - The listed companies include Gansu Energy (000552), New Dazhou A (000571), Jizhong Energy (000937), and others, indicating a focus on the energy and industrial sectors [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in comprehensive industry research reports and customized services [1] - The data presented is sourced from the National Bureau of Statistics, emphasizing the reliability of the statistics used in the analysis [1]

Core Viewpoint - The company is addressing concerns regarding the fuel source for its Qinyang 2×660 MW coal power project, which is currently planned to source coal from the Jiulongchuan coal mine, rather than utilizing coal from its own mining operations. The company emphasizes that the current situation does not pose a significant competitive issue with its parent group [1]. Group 1: Project and Fuel Source - The Qinyang coal power project is located in the Longdong region and will source fuel based on economic efficiency principles once operational [1]. - The Jiulongchuan coal mine, which is under the control of the parent company, is still in the construction phase and has not yet commenced production [1]. Group 2: Competition and Strategic Decisions - The company acknowledges the potential for competition with its parent group but states that there is currently no substantial competitive conflict due to the Jiulongchuan coal mine's non-operational status [1]. - The company plans to actively communicate with its controlling shareholder to address and resolve any competitive issues once conditions allow [1].

Core Viewpoint - Gansu Energy Chemical (000552.SZ) is addressing concerns regarding its coal-fired power project in Qingyang, emphasizing that fuel procurement will follow economic efficiency principles and that there is currently no substantial competition with its controlling shareholder's coal mine, which is still under construction [1][3]. Group 1 - The Qingyang coal power project consists of two units of 660,000 kilowatts each and is located in the Longdong region [1]. - The controlling shareholder's Jiulongchuan coal mine is in the early stages of construction and has not yet commenced production, thus not causing significant competition with the company [1]. - The company plans to actively communicate with its controlling shareholder to negotiate solutions to any potential competition issues once conditions are met [1]. Group 2 - An investor raised concerns on the interactive platform about why the company is not utilizing its own coal resources for the integrated coal-power project, suggesting that using the group's coal could harm the company's interests [3]. - The investor recommended that either the Jiulongchuan coal mine's profits be injected into the listed company or that the company utilize its own coal resources to maximize profitability [3]. - The investor also inquired whether the group could inject high-quality coal resources and renewable energy assets into the listed company to address competition issues [3].