关于"美锦转债"恢复转股的公告 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。 特别提示： 5、恢复转股时间：2025年12月8日 经中国证券监督管理委员会"证监许可〔2022〕374号"文核准，山西美锦 能源股份有限公司（以下简称"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，期限6年，债券 简称"美锦转债"，债券代码"127061"，"美锦转债"自2022年10月26日起可 转换为公司股份，目前正处于转股期。 公司于2025年11月7日召开了十届四十六次董事会会议，于2025年11月25日 召开了公司2025年第四次临时股东会和"美锦转债"2025年第一次债券持有人会 议，审议通过了《关于终止部分募集资金投资项目并将剩余募集资金永久补充流 动资金的议案》。根据《山西美锦能源股份有限公司公开发行可转换公司债券募 集说明书》的约定，"美锦转债"的附加回售条款生效，公司可转换公司债券持 有人享有一次回售的权利。 债券代码：127061 债券简称：美锦转债 证券代码：000723 ...

证券代码：000723 证券简称：美锦能源 公告编号：2025-129 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"美锦转债"回售的第三次提示性公告 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： 1、回售价格：100.986元/张（含息税） 2、回售申报期：2025年12月1日至2025年12月5日 3、发行人资金到账日：2025年12月10日 4、回售款划拨日：2025年12月11日 5、投资者回售款到账日：2025年12月12日 6、回售申报期内"美锦转债"暂停转股 7、本次回售不具有强制性，"美锦转债"持有人有权选择是否进行回售 8、在回售资金发放日之前，如持有的本期债券发生司法冻结或划扣等情形， 债券持有人本次回售申报业务失效。 9、风险提示：投资者选择回售等同于以100.986元/张（含息税）卖出持有 的"美锦转债"。截至本公告之日，"美锦转债"的收盘价格高于本次回售价 格，投资者选择回售可能会带来损失，敬请投资者注意风险。 山西美锦能源股份有限公司（以下简称"公司"）于2025年11月7日召开了 十届四 ...

证券代码：000723 证券简称：美锦能源 公告编号：2025-128 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"美锦转债"回售的第二次提示性公告 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： 1、回售价格：100.986元/张（含息税） 2、回售申报期：2025年12月1日至2025年12月5日 3、发行人资金到账日：2025年12月10日 4、回售款划拨日：2025年12月11日 5、投资者回售款到账日：2025年12月12日 6、回售申报期内"美锦转债"暂停转股 7、本次回售不具有强制性，"美锦转债"持有人有权选择是否进行回售 8、在回售资金发放日之前，如持有的本期债券发生司法冻结或划扣等情形， 债券持有人本次回售申报业务失效。 9、风险提示：投资者选择回售等同于以100.986元/张（含息税）卖出持有 的"美锦转债"。截至本公告之日，"美锦转债"的收盘价格高于本次回售价 格，投资者选择回售可能会带来损失，敬请投资者注意风险。 （一）导致回售条款生效的原因 公司于2025年11月7日召开了十届四十六次董事会 ...

Core Insights - The coke sector experienced a 0.93% increase on December 1, with Baotailong leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Coke Sector Performance - Baotailong (601011) closed at 3.76, up 1.90%, with a trading volume of 724,700 shares and a transaction value of 269 million yuan [1] - Meijin Energy (000723) closed at 5.18, up 1.77%, with a trading volume of 1,075,400 shares and a transaction value of 558 million yuan [1] - Yunmei Energy (600792) closed at 4.46, up 1.59%, with a trading volume of 232,400 shares and a transaction value of 103 million yuan [1] - Shaanxi Black Cat (601015) closed at 4.08, up 0.99%, with a trading volume of 302,000 shares and a transaction value of 123 million yuan [1] - Shanxi Coking Coal (600740) closed at 4.01, unchanged, with a trading volume of 208,300 shares and a transaction value of 83.43 million yuan [1] - Antai Group (600408) closed at 4.62, down 1.07%, with a trading volume of 1,384,000 shares and a transaction value of 639 million yuan [1] - Yunwei Co. (600725) closed at 3.75, down 1.32%, with a trading volume of 177,000 shares and a transaction value of 66.64 million yuan [1] Fund Flow Analysis - The coke sector saw a net outflow of 5.7185 million yuan from main funds, while retail investors contributed a net inflow of 30.1792 million yuan [1] - Baotailong experienced a net outflow of 21.5245 million yuan from main funds, with a retail net inflow of 742,170 yuan [2] - Yunwei Co. had a net inflow of 272,730 yuan from main funds, while retail investors had a net outflow of 511,540 yuan [2] - Meijin Energy saw a net outflow of 238,110 yuan from main funds, with a retail net inflow of 541,110 yuan [2] - Shaanxi Black Cat had a net outflow of 980,990 yuan from main funds, with a retail net inflow of 310,290 yuan [2] - Antai Group experienced a net outflow of 1,540,570 yuan from main funds, while retail investors had a net inflow of 3,382,610 yuan [2]

Core Insights - Taiyuan Meijin Xianwei Semiconductor Materials Co., Ltd. has been established with a registered capital of 60 million yuan [1] - The company is co-owned by Hefei Xianwei Semiconductor Materials Co., Ltd. and Shanxi Meijin Technology Co., Ltd., a wholly-owned subsidiary of Meijin Energy [1] Company Overview - The legal representative of the new company is Dong Yizhong [1] - The business scope includes manufacturing of electronic special materials, research and development of new material technologies, manufacturing of specialized chemical products (excluding hazardous chemicals), and general equipment repair [1]

Core Insights - The focus of the Shanxi coking industry is shifting towards the utilization of by-products from the coking process, particularly coke oven gas, as a growth point for the future [2][9] Industry Overview - Shanxi is a major coking province with a total coking capacity of approximately 142 million tons and an established coke oven capacity of 118 million tons [2] - In 2024, Shanxi's coke production is projected to be 92.116 million tons, accounting for 18.8% of the national total, making it the largest producer in China [2] - The domestic steel production has stabilized, with crude steel output expected to decrease from approximately 1.03 billion tons in 2021 to about 1.005 billion tons in 2024 [2] - The profitability of steel mills has declined significantly, with average production profits for hot-rolled coils dropping from around 800 RMB/ton in 2021 to less than 100 RMB/ton in 2024 [2] Financial Performance - The Shanxi coking industry is facing pressure, with an expected industrial added value growth rate decline of 0.4% in 2024, and total revenue projected at 235.6 billion RMB, a year-on-year decrease of 12.1% [2] - The industry is anticipated to incur a loss of 6.93 billion RMB in 2024, an increase in losses by 3.09 billion RMB compared to the previous year [2] By-product Utilization - The focus is on the recovery and utilization of various by-products from the coking process, such as coal tar and coke oven gas, to extend the coal chemical industry chain [2][3] - Coke oven gas has a high hydrogen content of about 60%, making it a valuable resource for hydrogen production [4] Hydrogen Production Potential - Shanxi can produce over 40 billion Nm³ of coke oven gas annually, with approximately 55% of it available for hydrogen extraction, representing a total development potential of over 13 billion Nm³ per year [5] - The cost of hydrogen production from coke oven gas is estimated to be between 10 to 12 RMB/kg, significantly lower than the local green hydrogen cost of around 20 RMB/kg [6] Industry Trends - There is a growing trend among Shanxi coking enterprises to enhance the utilization of coke oven gas for hydrogen production, with many companies actively investing in hydrogen energy projects [6][7] - The development of hydrogen energy heavy trucks has created new application scenarios for hydrogen produced from coke oven gas, with several companies already deploying hydrogen energy trucks [7][8] Future Outlook - The coking industry is expected to transition from a focus on coke production to a greater emphasis on coke oven gas, particularly as hydrogen metallurgy becomes more viable [9] - The industry is exploring various technological routes for steel production, including electric furnaces and hydrogen direct reduction, to reduce carbon emissions [9][10]

煤炭行业今日下跌0.14%，全天主力资金净流入897.39万元，该行业所属的个股共37只，今日上涨的有 24只；下跌的有9只。以资金流向数据进行统计，该行业资金净流入的个股有15只，其中，净流入资金 超千万元的有6只，净流入资金居首的是永泰能源，今日净流入资金5992.01万元，紧随其后的是美锦能 源、中国神华，净流入资金分别为4684.39万元、2401.95万元。煤炭行业资金净流出个股中，资金净流 出超千万元的有7只，净流出资金居前的有安泰集团、山煤国际、电投能源，净流出资金分别为2781.70 万元、2723.82万元、2437.96万元。（数据宝） 沪指11月28日上涨0.34%，申万所属行业中，今日上涨的有29个，涨幅居前的行业为钢铁、农林牧渔， 涨幅分别为1.59%、1.59%。跌幅居前的行业为银行、煤炭，跌幅分别为0.83%、0.14%。煤炭行业位居 今日跌幅榜第二。 资金面上看，两市主力资金全天净流入108.40亿元，今日有19个行业主力资金净流入，电子行业主力资 金净流入规模居首，该行业今日上涨1.30%，全天净流入资金34.23亿元，其次是有色金属行业，日涨幅 为1.44%，净流入资金为3 ...

| 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：2025-127 债券代码：127061 债券简称：美锦转债 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"）与宁波联创永浚私募基金 管理有限公司、宁波市商毅软件有限公司、上海佳妮佳瑞企业管理咨询合伙企业 （有限合伙）、厉冉、重庆宗申投资有限公司、嘉兴东裕投资有限公司、安徽两 江新兴产业股权投资基金合伙企业（有限合伙）、安徽省人工智能主题投资基金 合伙企业（有限合伙）共同签署了《安徽浚安股权投资基金合伙企业（有限合伙） 有限合伙协议》，设立安徽浚安股权投资基金合伙企业（有限合伙）（以下简称 "股权投资基金"），其中，公司作为有限合伙人出资1.5亿元人民币。具体情 况详见公司在巨潮资讯 ...

Core Viewpoint - The company has signed a partnership agreement to establish an equity investment fund, contributing 150 million yuan as a limited partner [1] Group 1 - The company, along with Ningbo Lianchuang Yongjun and other parties, has established the Anhui Jun'an Equity Investment Fund Partnership (Limited Partnership) [1] - The total capital contribution from all partners amounts to 300 million yuan, with the company contributing 150 million yuan [1] - The fund has completed its business registration and private placement fund filing, and is currently progressing with its operations [1]

Core Viewpoint - The coking coal sector experienced a decline of 0.37% on November 27, with Meijin Energy leading the drop, while the Shanghai Composite Index rose by 0.29% [1] Group 1: Market Performance - The closing price of the Shanghai Composite Index was 3875.26, and the Shenzhen Component Index closed at 12875.19, down by 0.25% [1] - The coking coal sector's individual stock performance showed varied results, with Antai Group increasing by 4.54% to a closing price of 4.61, while Meijin Energy fell by 2.17% to 4.95 [1] Group 2: Trading Volume and Capital Flow - The total trading volume for the coking coal sector was significant, with Antai Group recording a volume of 1.82 million shares and a transaction value of 82.2 million yuan [1] - The coking coal sector saw a net outflow of 31.23 million yuan from main funds, while retail funds experienced a net outflow of 193,300 yuan [1] Group 3: Individual Stock Capital Flow - Baotailong had a main fund net outflow of 21.25 million yuan, while it also saw a retail net outflow of 10.88 million yuan [2] - Yunnan Coal Energy experienced a main fund net inflow of 7.99 million yuan, but a retail net outflow of 6.75 million yuan [2] - Meijin Energy faced a significant main fund net outflow of 40.39 million yuan, with retail investors contributing a net inflow of 35.38 million yuan [2]