Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The coal sector has seen a rise, but it underperformed compared to the CSI 300 index, with a weekly increase of 0.77% against the CSI 300's 1.28% [2] - Inventory levels are increasing due to supply policies, while coal prices are declining rapidly. Despite increased production, supply constraints are expected to persist, leading to potential coal shortages in certain regions [6][32] - The report anticipates a rise in the coal price center in the fourth quarter, with current coal asset dividends being reasonable [6][32] Summary by Sections Coal Market Performance - As of December 5, 2025, the coal sector's performance was 0.77% up, lagging behind the CSI 300 index by 0.51 percentage points. A total of 21 stocks rose, while 14 fell, with New Dazhou A showing the highest increase of 14.98% [2] Key Data on Coal Sales and Inventory - The average daily coal sales for monitored enterprises from November 28 to December 4, 2025, were 6.98 million tons, down 5% week-on-week and down 9.5% year-on-year. Total coal inventory was 24.67 million tons, a decrease of 0.3% week-on-week and 20.5% year-on-year [2][30] Price Trends in Coal Types - As of December 5, 2025, the price of thermal coal (Q5500K) was 706 CNY/ton, up 1.15% week-on-week, while the price of imported thermal coal fell by 4.69% to 874 CNY/ton. Prices for coking coal and anthracite also showed declines [3][4] Investment Recommendations - The report suggests prioritizing investments in high-dividend thermal coal companies such as China Shenhua, Shaanxi Coal, and others. For coking coal, companies like Huaibei Mining and Shanxi Coking Coal are recommended. Additionally, companies with improved profits in the coking sector are highlighted [6][32]

Core Viewpoint - Shanxi Meijin Energy Co., Ltd. has announced the third reminder regarding the repurchase of its convertible bonds, "Meijin Convertible Bonds," due to the termination of certain fundraising investment projects and the decision to permanently supplement remaining funds into working capital [3][4][5]. Summary by Sections Repurchase Terms - The repurchase price is set at 100.986 CNY per bond (including interest and tax) [2][8]. - The repurchase application period is from December 1, 2025, to December 5, 2025 [2]. - The funds will be credited to the issuer on December 10, 2025, with the payment to investors on December 12, 2025 [2][11]. Reasons for Repurchase Clause Activation - The board meeting on November 7, 2025, and the subsequent shareholder meeting on November 25, 2025, approved the termination of the hydrogen fuel cell project, leading to the activation of the repurchase clause [3][4][5]. - Remaining funds of 179.1783 million CNY (including investment income) will be permanently supplemented into working capital [3]. Repurchase Rights - Holders of "Meijin Convertible Bonds" have the right to choose whether to exercise the repurchase option, which is not mandatory [2][9]. - The repurchase rights are valid only during the specified application period, and failure to apply will result in the loss of this right [5][11]. Interest Calculation - The interest for the repurchase is calculated at 1.60% for the current period, resulting in an additional interest of 0.986 CNY per bond [6][7]. - The total repurchase price, including interest, is therefore 100.986 CNY per bond [8]. Trading During Repurchase Period - "Meijin Convertible Bonds" will continue to trade during the repurchase period but will be suspended from conversion [12][15]. - If bondholders submit multiple requests (trading, transfer, repurchase), they will be processed in the order of trading, repurchase, and transfer [12]. Resumption of Conversion - The conversion of "Meijin Convertible Bonds" will resume on December 8, 2025, after the repurchase application period ends [14][16].

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 ...