| 证券代码：000723 | 证券简称：美锦能源 | 公告编号：2026-017 | | --- | --- | --- | | 债券代码：127061 | 债券简称：美锦转债 | | 山西美锦能源股份有限公司 关于2026年第一季度可转债转股情况公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 特别提示： 3、转股价格：5.26元/股 4、转股期限：2022年10月26日至2028年4月19日 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第15号——可转换公司债券》等有关规定，山西美锦能源股份有限公司（以 下简称"公司"）现将2026年第一季度可转换公司债券转股及公司股份变动情况 公告如下： 经中国证券监督管理委员会"证监许可〔2022〕374 号"文核准，公司于 2022 年 4 月 20 日公开发行了 35,900,000 张可转换公司债券，每张面值 100 元，发行 总额 359,000.00 万元，初始转股价格为 13.21 元/股，期限为自发行之日起 6 年。 2、可转债上市情况 经深圳证券交易所（以下简称"深交所 ...

Core Viewpoint - The coal sector has emerged as a leading investment opportunity in 2023, driven by geopolitical tensions in the Middle East that threaten global oil and gas supply chains, highlighting coal's strategic value as an alternative energy source [3][12]. Group 1: Market Performance - The coal sector has achieved a remarkable 23.1% increase in value this year, making it the top-performing sector among 31 industries tracked by Shenwan Hongyuan [4][3]. - Since the escalation of conflicts, coal prices have risen by 8.7%, reflecting the market's heightened focus on energy security [3][4]. Group 2: Price Dynamics and Comparisons - The current price of thermal coal is approximately 730 RMB per ton, with potential for further increases if oil and gas prices remain high, suggesting a theoretical coal price close to 1000 RMB per ton based on current oil and gas price ratios [7][10]. - The oil-coal price ratio has increased from 2.0 to 2.3, indicating a shift in market dynamics favoring coal as a more competitive energy source [6][10]. Group 3: Subsector Analysis - The coal sector can be divided into three sub-industries: thermal coal, coking coal, and coke, each exhibiting different market behaviors [8]. - Thermal coal is currently under pressure due to seasonal demand fluctuations, while coking coal faces challenges from increased supply without significant demand improvements [11][12]. Group 4: Investment Opportunities - The Guotai Coal ETF (515220.SH) has shown impressive performance, with a net value increase of 198% since its inception in January 2020, and a year-to-date increase of over 24% [15][19]. - The top ten holdings in the ETF include major coal companies, with significant price increases observed in stocks like Yanzhou Coal and China Shenhua Energy [19][20]. Group 5: Future Outlook - The ongoing geopolitical tensions are expected to sustain upward momentum in the coal sector, particularly benefiting coal chemical industries and thermal coal, while coking coal remains a mixed opportunity [12][24]. - Long-term pricing will depend on the fundamental supply-demand balance within the industry, as well as the recovery of corporate profitability [24].

| 证券代码:000723 | | --- | | 债券代码:127061 | 证券代码：000723 证券简称：美锦能源 公告编号：2026-016 债券代码：127061 债券简称：美锦转债 山西美锦能源股份有限公司 关于共同发起设立股权投资基金的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 风险提示： 1、本次对外投资的产业基金筹备过程中存在可能因合伙人未能缴足认缴资 金等原因，导致基金未能足额募集的风险，实际募集及各方缴付出资情况存在不 确定性。 2、投资基金具有投资周期长、流动性较低等特点，公司作为基金的有限合 伙人承担的风险敞口以投资额为限，本次投资无保本及最低收益的承诺。本次投 资基金在投资过程中将受行业周期、监管政策、宏观经济、投资标的经营管理等 多种因素的影响，可能出现无法实现预期收益、出现亏损或不能及时有效退出风 险。 一、基本情况 山西美锦能源股份有限公司（以下简称"公司""出让方"）与宁波联创永 浚私募基金管理有限公司（以下简称"普通合伙人"）、宁波市商毅软件有限公 司（以下简称"受让方""宁波商毅"）、上海佳妮佳瑞企业管理 ...

Investment Rating - The report maintains a "Recommended" rating for the coking industry, indicating a positive outlook for investment opportunities in this sector [2]. Core Insights - The profitability of the coking industry is increasingly determined by the output ratio of by-products, as the main product, coke, has been experiencing low profits. By-products such as coal tar, methanol, and pure benzene are crucial for enhancing profitability [6][12]. - The coking by-products are expected to see significant profit elasticity driven by rising oil prices and supply constraints. For instance, methanol supply may face substantial reductions due to geopolitical tensions, particularly involving Iran, which could lead to increased prices [20][27]. - The coking industry is currently in a weak supply-demand balance, with profits having reached a bottom. The report anticipates that future coke prices will fluctuate in line with coking coal prices, with no significant cost pressures in the by-product processing segment [39][50]. Summary by Sections 1. By-Product Output Ratio as a Profit Differentiator - The coking industry primarily produces coke, with by-products including coal tar, methanol, and pure benzene. The output ratios for these by-products are approximately 8% for coal tar, 6% for methanol, and 4% for pure benzene per ton of coke produced [9][12]. 2. By-Products: Profit Elasticity Driven by Oil Prices and Supply Constraints - Methanol supply is expected to be significantly impacted by geopolitical events, particularly in the Middle East, which could lead to a price increase that is more elastic than oil prices. The report highlights that methanol's price elasticity may exceed that of oil due to supply disruptions [20][27][28]. - Coal tar and benzene prices are also closely linked to oil prices, with coal tar being a significant alternative to crude oil products [33]. 3. Coke: Weak Supply-Demand Balance and Profit Bottoming - The report notes that the coking industry is entering a phase of strict total control over production capacity, with a projected increase in domestic coking capacity of approximately 10.28 million tons in 2026, significantly lower than previous years [43][44]. - The domestic coke production for the first two months of 2026 was 82.55 million tons, showing a year-on-year growth of 0.8%, indicating a stable demand environment despite challenges in the real estate sector [44][45]. 4. Investment Recommendations - The report suggests focusing on companies with strong cost advantages and high by-product revenue ratios, such as China Xuyang Group, Shanxi Coking, and Shaanxi Black Cat, which are expected to benefit from rising chemical prices and improved profitability [53][54].

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The coal sector has shown resilience, outperforming the CSI 300 index by 0.14 percentage points despite a weekly decline of 2.05% [2] - Key coal mines reported a slight decrease in average daily sales but a year-on-year increase, indicating stable demand [2] - The recent surge in coking coal futures is driven by downstream restocking expectations and geopolitical tensions, suggesting a potential price rebound [6][28] Summary by Sections Supply Side - Average daily coal sales from monitored enterprises were 7.54 million tons, a week-on-week decrease of 0.5% but a year-on-year increase of 5.1% [2] - The total coal inventory (including port stocks) was 24.53 million tons, down 2% week-on-week and down 31.1% year-on-year [2][7] Demand Side - Power and chemical industries have seen cumulative coal consumption increase by 1% and 9.3% year-on-year, respectively [2] - The average daily coal consumption in the chemical sector was reported at 8.29 million tons, reflecting a year-on-year increase of 9.3% [26] Price Side - The price of thermal coal (Q5500K) was reported at 687 RMB/ton, a week-on-week decrease of 0.29% [3] - Coking coal prices at major ports have shown mixed trends, with some ports experiencing price increases [4] - The futures settlement price for coking coal was 1,162 RMB/ton, down 1.4% week-on-week [4] Sentiment Side - The sentiment in the coal market remains optimistic due to expected price increases driven by supply constraints and rising demand from the steel sector [6][28] - The overall market sentiment is supported by high steel prices and the suspension of coal exports from Russia [28]

Market Overview - On March 18, A-shares saw all three major indices rise, with the Shanghai Composite Index up 0.32%, Shenzhen Component Index up 1.05%, ChiNext Index up 2.02%, and the STAR Market Index up 1.77%. Over 3,500 stocks experienced gains [3][4]. Sector Performance - The computing power leasing sector performed strongly, with companies such as Langke Technology, Pingzhi Information, Yunsai Zhili, and Zhongbei Communication hitting the daily limit [5]. - The coal sector faced adjustments, with Zhengzhou Coal Electricity dropping over 5%, and Meijin Energy, Shanxi Black Cat, and Yunmei Energy falling over 3% [7][8]. Stock Highlights - Notable gainers included: - Langke Technology (+20.00%) - Pingzhi Information (+19.99%) - Dongfang Guoxin (+16.36%) - Jingyuan Environmental Protection (+15.26%) [6]. - Conversely, significant decliners included: - Zhengzhou Coal Electricity (-5.93%) - Meijin Energy (-3.97%) - Shanxi Black Cat (-3.91%) [8]. Trading Volume - The total trading volume in the Shanghai and Shenzhen markets reached 2.05 trillion yuan, a decrease of 161.8 billion yuan compared to the previous trading day [8]. Capital Flow - Main capital inflows were observed in the electronics, communications, and computer sectors, while there were outflows from non-bank financials, basic chemicals, and banking sectors [10]. - Specific stocks with net inflows included: - Xinyi Sheng (+4.405 billion yuan) - Jinfeng Technology (+3.644 billion yuan) - Jinkai New Energy (+2.278 billion yuan) [11]. - Stocks with net outflows included: - Cambrian Technology (-1.495 billion yuan) - Ningde Times (-1.036 billion yuan) - Guosheng Technology (-571 million yuan) [12]. Institutional Insights - Huaxi Securities noted that the demand for AI electricity is continuously increasing, accelerating the demand for agents [14]. - CITIC Securities projected that "green fuels" and "coordinated electricity" could drive nearly 465 GW of wind turbine demand by 2030 [15]. - Huatai Securities indicated that the oil and chemical supply is continuously optimizing, with industry prosperity expected to rise in 2026 [16].

Core Insights - The article discusses the recent policy direction for hydrogen energy, emphasizing the goal of large-scale application in urban areas by 2030, with hydrogen prices expected to drop below 25 yuan per kilogram, and a target of doubling the number of fuel cell vehicles to 100,000 units [4]. Group 1: Latest Policy Direction - On March 16, three ministries released a notice on hydrogen energy comprehensive application pilot projects, aiming for significant advancements in technology innovation and industry chain upgrades to support green transformation [4]. Group 2: Key Materials and Components - Upstream key materials include catalysts from companies like 贵研铂业 and 中自科技, proton exchange membranes from 泛亚微透 and 百利科技, and membrane electrodes from 雄韬股份 and 威孚高科 [8]. - Upstream core components consist of air compressors from 汉钟精机 and 吴志机电, hydrogen circulation pumps from 德尔股份 and 腾龙股份, and thermal management systems from 银轮股份 and 腾龙股份 [8]. - Midstream system integration and testing involve fuel cell system integration by 亿华通 and 潍柴动力, along with testing equipment and technical services from 科威尔 and 中国汽研 [8].

Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Insights - Due to ongoing conflicts in the Middle East, Gulf countries have had to cut oil production by at least 10 million barrels per day, leading to a potential annual need for approximately 1 billion tons of coal globally to replace oil [1][12] - The price ratio of thermal coal to crude oil is currently at a historical low, making coal a more economically viable alternative to oil and gas [2][13] - The coal industry is expected to benefit significantly from the energy crisis, with a projected increase in coal production of about 300 million tons in China to meet global oil and gas supply gaps [4][30] Summary by Sections 1. Oil Supply Reduction - The reduction of 10 million barrels per day in oil supply corresponds to a need for about 1 billion tons of coal annually, with China needing to increase coal production by approximately 300 million tons [1][12] 2. Economic Viability of Coal - The thermal coal to crude oil price ratio is at 0.35, the lowest since 2019, indicating that coal is becoming a more attractive substitute for oil and gas [2][13] 3. Pathways for Coal Substitution - **Electricity and Heating**: Coal can replace natural gas in power generation, especially when natural gas prices rise, leading to increased coal demand [3][14] - **Coal Chemical Industry**: The profit margin for coal chemical products is improving due to a widening oil-coal price gap, which reached 93.67 yuan/GJ as of March 2026, significantly higher than earlier in the year [3][22] 4. Beneficiaries of the Coal Industry - The coal industry is expected to see increased demand from power generation and chemical sectors, with a focus on companies involved in coal production, coal machinery, coal chemicals, and coal transportation [5][30] 5. Investment Recommendations - Recommended companies include major coal producers like China Shenhua, Shaanxi Coal and Chemical Industry, and coal chemical companies such as Yancoal and Lanhua Sci-Tech, as well as coal transportation firms like Datong Railway [5][30]

Core Viewpoint - The A-share market for coal stocks is experiencing a significant upward trend, driven by geopolitical conflicts that may increase international energy prices and coal substitution demand [1] Group 1: Market Performance - Coal stocks such as Lanhua Ketech reached a 10% limit up, while Yanzhou Coal, Jinkong Coal, and China Coal Energy rose over 8% [1] - Other notable performers include Lu'an Environmental Energy up over 7%, Shaanxi Coal and Kailuan Shares up over 6%, and several companies including Meijin Energy and China Shenhua up over 5% [1] Group 2: Company Specifics - Lanhua Ketech has a market capitalization of 10.8 billion with a year-to-date increase of 23.86% [2] - Yanzhou Coal has a market capitalization of 210 billion with a year-to-date increase of 59.09% [2] - Jinkong Coal has a market capitalization of 30.8 billion with a year-to-date increase of 39.77% [2] - China Coal Energy has a market capitalization of 248.7 billion with a year-to-date increase of 50.80% [2] - Lu'an Environmental Energy has a market capitalization of 45.1 billion with a year-to-date increase of 27.63% [2]

债券代码：127061 债券简称：美锦转债 证券代码：000723 证券简称：美锦能源 公告编号：2026-015 山西美锦能源股份有限公司 关于公司高级管理人员离任的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、高级管理人员离任情况 山西美锦能源股份有限公司（以下简称"公司"）董事会于近日收到公司副 总裁姚鹏先生提交的书面辞职报告，因个人原因，姚鹏先生申请辞去公司副总裁 职务，姚鹏先生辞职后，将不在公司及控股子公司担任任何职务。姚鹏先生原定 任期为2023年8月28日至2026年8月27日，根据法律法规和《公司章程》的有关规 定，姚鹏先生的辞职自送达董事会之日起生效。姚鹏先生已按照公司《董事、高 级管理人员离职管理制度》做好工作交接，其辞职不会对公司经营工作和发展造 成不利影响。 截至本公告披露日，姚鹏先生未持有公司股份，不存在股份锁定承诺情况。 姚鹏先生担任公司副总裁期间恪尽职守、勤勉尽责，为促进公司健康稳定发 展发挥了重要的积极作用。公司及公司董事会对姚鹏先生在任职期间为公司发展 所作的贡献表示衷心感谢！ 二、备查文件 1、辞职报告。 特此公 ...