甘肃能化（000552.SZ）9月8日在投资者互动平台表示，公司下属刘化化工不生产三甲基硅硫烷，生产 过程中会产出中间产品硫化氢，最后转化成硫磺产品。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司有没有硫化氢或三甲基硅硫烷这些制造固 态电池的相关产品呢？ ...

Group 1: Market Performance - The coal mining sector increased by 0.03% compared to the previous trading day, with Electric Power Investment leading the gains [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Group 2: Individual Stock Performance - Electric Power Investment (002128) closed at 21.37, up 1.38% with a trading volume of 162,300 shares [1] - Yongtai Energy (600157) closed at 1.49, up 1.36% with a trading volume of 9.64 million shares [1] - China Shenhua (601088) closed at 38.16, up 0.69% with a trading volume of 425,700 shares [1] - Jinko Energy (601001) closed at 12.96, down 2.56% with a trading volume of 226,400 shares [2] Group 3: Capital Flow Analysis - The coal mining sector experienced a net outflow of 420 million yuan from main funds, while retail investors saw a net inflow of 314 million yuan [2] - The main funds showed a negative net flow in several stocks, including Yongtai Energy and Pingmei Shenhua [3] - Retail investors contributed positively to stocks like Gansu Energy and New Dazhou A, indicating varied investor sentiment across the sector [3]

Group 1 - Gansu Jingmei Energy Co., Ltd. was fined 289,520 yuan and had 2,632 square meters of unauthorized construction confiscated by the Baiyin City Natural Resources Bureau [1] - Gansu Jingmei Energy Co., Ltd. is a wholly-owned subsidiary of Gansu Energy Chemical Co., Ltd., which is a significant power coal production and supply base in Gansu Province [1] - The company has total assets of 23.09 billion yuan and employs 13,691 staff, with 13 secondary units and 12 subsidiaries [1]

Overview of Guarantees - Gansu Energy Chemical Co., Ltd. has provided guarantees for its subsidiaries as approved in various board and shareholder meetings throughout 2023 [2][3] - The company has recently increased the credit limits for its wholly-owned subsidiary, Yao Coal Group, to provide guarantees for its subsidiaries [2] Details of Guarantees - Gansu Jing Coal Energy Co., Ltd. has signed a joint liability guarantee contract with Bank of Lanzhou for financing of 110 million yuan for its subsidiary Liuhua Chemical, with an actual guarantee amount of 12.01509 million yuan [4] - The same subsidiary has also provided a guarantee of 14 million yuan for Liuhua Chemical through a contract with Industrial and Commercial Bank of China, with the actual guarantee amount being 12.01509 million yuan [4] - Gansu Jing Coal has provided a guarantee of 20 million yuan for its subsidiary Coal One, with the actual guarantee amount being 2 million yuan [5] - A guarantee of 160 million yuan has been provided for subsidiary Qingyang Power Company, with an actual guarantee amount of 1.53311 million yuan [6] - Yao Coal Group has provided guarantees totaling 76 million yuan and 44 million yuan for its subsidiary New District Thermal Power, with an actual guarantee amount of 24.4 million yuan [8] Cumulative Guarantee Amounts - As of the date of the announcement, the total external guarantee balance provided by the company and its subsidiaries is 381.90369 million yuan, which accounts for 22.62% of the company's most recent audited net assets [8]

Group 1 - The company Gansu Energy Chemical Co., Ltd. has provided guarantees for its subsidiaries, including a total of 381,903.69 million yuan in guarantees, which accounts for 22.62% of the company's latest audited net assets [3][4] - Recent meetings of the company's board and shareholders have approved various guarantee agreements, including those for subsidiaries such as Liuhua Chemical and New District Thermal Power [2][3] - Specific guarantees include 11,000 million yuan and 140,000 million yuan for Liuhua Chemical, 2,000 million yuan for Coal One Company, and 160,000 million yuan for Qinyang Power Company [2][3] Group 2 - The company has not provided guarantees for entities outside the consolidated financial statements and has no overdue guarantees or guarantees involved in litigation [3]

| | | 甘肃能化股份有限公司 经 2023 年 11 月 20 日公司第十届董事会第二十九次会议、第十届监事会 第十九次会议，2023 年 12 月 6 日 2023 年第五次临时股东大会审议，通过《关 于全资子公司窑煤集团为下属企业提供担保并增加综合授信额度的议案》，详 见公司于 2023 年 11 月 21 日、12 月 7 日披露于《证券时报》《上海证券报》 以及巨潮资讯网上的《关于全资子公司窑煤集团为下属企业提供担保并增加综 合授信额度的公告》（2023-90）、《2023 年第五次临时股东大会决议公告》 （2023-97）。 经 2025 年 4 月 27 日公司第十届董事会第四十六次会议、5 月 20 日 2024 年年度股东大会审议，通过《关于公司及下属企业之间提供担保的议案》，详 见公司于 2025 年 4 月 29 日、5 月 21 日披露于《证券时报》《上海证券报》 以及巨潮资讯网上的《关于公司及下属企业之间提供担保的公告》（2025-32）、 《2024 年年度股东大会决议公告》（2025-42）。 二、担保的进展情况及协议主要内容 1.靖煤公司为刘化化工提供担保 全资子公司甘肃靖煤 ...

甘肃能化 20250827 摘要 受煤炭价格和销量下滑影响，公司上半年营收大幅下降并出现亏损。煤 炭销量减少 177 万吨，综合售价同比下降约 80 元/吨，电力业务发电量 和综合电价上升，化工板块一期气化器项目试运行不顺，尿素产量仅 5.34 万吨。 公司积极应对亏损，采取降本增效措施，包括控制固定资产投资、优化 生产流程等。同时，加快在建项目建设，如新区热电站（预计 2025 年 9-10 月投产）、新徐电厂（计划年内开工）和庆阳电厂（进展顺利）， 以应对下游产业采购成本降低。 煤炭业务方面，景泰煤业白岩子矿井作为储备产能，不再释放 180 万吨 产量。红沙梁露天矿按 200 万吨开采，井工矿仍在建设中。加强非电民 用户市场开发以应对新能源替代，但售价仍下降。 井工矿项目因软岩支护技术问题放缓建设节奏，计划 2028 年底前完成 并贡献产量。非生产类配套设施投资放缓，如地面装煤、封装选用等， 以及与主业关联度不大的环境治理和维修项目。 Q&A 能否简要介绍一下甘肃能化在 2025 年上半年的整体经营情况？ 2025 年上半年，甘肃能化的生产经营情况与全国煤炭行业的整体走势基本一 致。由于年初根据市场分析调 ...

Group 1 - The core viewpoint of the news is the successful installation of the ammonia synthesis tower, a key component of the second phase of the Jingyuan Coal Power Clean and Efficient Gasification Project, which highlights the manufacturing capabilities of Lu'an Chemical Machinery [1] - The ammonia synthesis tower has a diameter of 2.42 meters and a height of 27.627 meters, indicating its complexity and significance in the gasification project [1] - Lu'an Chemical Machinery organized personnel to address key challenges and optimized production resources to ensure timely delivery of the equipment, implementing a 24-hour shift system to maintain continuous operations [1] Group 2 - The total investment for the Jingyuan Coal Power Clean and Efficient Gasification Project is 5.425 billion yuan, located in the Gansu Baiyin High-tech Industrial Park, covering an area of 839 acres [2] - The project primarily uses Jingyuan coal as raw material and employs technologies such as pulverized coal pressurized gasification, isothermal conversion, and Claus sulfur recovery to produce various products including ammonia, methanol, urea, melamine, and urea ammonium nitrate solution [2] - The project also aims to provide high-quality hydrogen and carbon monoxide to other chemical enterprises in the Yindong Industrial Park, promoting the development of a circular economy in the area [2]

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [5]. Core Viewpoints - The Asian metallurgical coal market is expected to continue its recovery in Q3 2025, supported by post-monsoon inventory replenishment in India and potential rebounds in the Chinese domestic market [2]. - Despite supply pressures from adverse weather and safety issues in Australian mining, the overall outlook for the metallurgical coal market remains positive [2]. Summary by Sections Industry Overview - Global energy prices have shown mixed trends, with Brent crude oil futures at $67.73 per barrel, up by $1.88 (+2.85%) from the previous week, while WTI crude oil futures increased by $0.86 (+1.37%) to $63.66 per barrel [1]. - Natural gas prices in Northeast Asia rose to $11.705 per million British thermal units, an increase of $0.847 (+7.80%) [1]. Coal Price Trends - European ARA port coal prices increased by $3.0 to $101.8 per ton (+3.1%), while Newcastle port coal prices rose slightly by $0.2 to $112.3 per ton (+0.2%) [1]. - The IPE South African Richards Bay coal futures settled at $89.7 per ton, down by $0.5 (-0.4%) [1]. Investment Recommendations - Key recommendations include major coal enterprises such as China Coal Energy (H+A) and China Shenhua (H+A), with a focus on companies showing potential for turnaround like China Qinfa [3]. - High-performing stocks include Shaanxi Coal and Electricity, China Energy Investment, and Huai Bei Mining, while companies like Yancoal and Jinkong Coal are noted for their flexibility and potential for growth [3]. Market Dynamics - The report highlights a significant trend where China is transitioning from a coal importer to an exporter, driven by a surplus in the domestic market [8]. - The forecast for Q3 2025 anticipates that the price of high-quality low-volatile hard coking coal will average $178 per ton, with expectations of $181 per ton in the second half of 2025 [8].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report indicates that thermal coal prices are rebounding, aiming for a target of 750 CNY per ton, with a current price of 704 CNY per ton as of August 22, 2025, reflecting a 15.6% increase from the lowest price of 609 CNY per ton earlier this year [4][5] - The report emphasizes that both thermal coal and coking coal prices have reached a turning point, with expectations for further price recovery [5][13] Summary by Sections Thermal Coal Market - As of August 22, 2025, the Qinhuangdao Q5500 thermal coal price is 704 CNY/ton, with a 15.6% increase from the year's lowest price of 609 CNY/ton [4] - The operating rate of 442 coal mines in Shanxi, Shaanxi, and Inner Mongolia is 81.7%, indicating a relatively low supply level [4] - Port inventories have decreased by 29.82% from the highest level of 3,316.3 million tons earlier this year to 2,327.4 million tons [4] - The daily consumption of coal remains high during the summer, with the methanol operating rate at 80.65%, reflecting strong demand [4] Coking Coal Market - The price of coking coal at the Jing Tang Port is 1,610 CNY/ton, rebounding from a low of 1,230 CNY/ton in early July, with a significant increase of 61.61% in futures prices [4][5] - The report notes a tightening supply expectation due to regulatory measures on overproduction in coal mines [5] Investment Logic - The report suggests that the current thermal coal price has surpassed the second target price of around 700 CNY, with expectations to reach the third target price of 750 CNY, which is the breakeven point for coal and power generation companies [5][13] - Coking coal prices are expected to be influenced more by supply and demand fundamentals, with target prices set based on the ratio of coking coal to thermal coal prices [5][13] Investment Recommendations - The report identifies four main investment lines in the coal sector: 1. Cycle logic: Companies like Jinko Coal and Yancoal 2. Dividend logic: Companies like China Shenhua and China Coal Energy 3. Diversified aluminum elasticity: Companies like Shenhua Holdings and Electric Power Investment 4. Growth logic: Companies like Xinji Energy and Guanghui Energy [6][14]