Core Viewpoint - Shanxi Coking Coal's stock price has shown fluctuations with a recent increase of 2.05%, while the company has experienced a year-to-date decline of 6.98% in stock price [1] Company Overview - Shanxi Coking Coal Energy Group Co., Ltd. was established on April 26, 1999, and listed on July 26, 2000. The company is primarily engaged in coal production, washing, processing, sales, and power generation [2] - The revenue composition of Shanxi Coking Coal includes coal (57.58%), coke and tar (23.18%), electricity and heat (17.42%), other income (1.67%), and cement clinker (0.15%) [2] - The company belongs to the coal mining sector, specifically focusing on coking coal, and is associated with various concept sectors including Shanxi state-owned assets and power coal [2] Financial Performance - For the first half of 2025, Shanxi Coking Coal reported an operating income of 18.053 billion yuan, a year-on-year decrease of 16.30%, and a net profit attributable to shareholders of 1.014 billion yuan, down 48.44% year-on-year [2] - The company has distributed a total of 23.815 billion yuan in dividends since its A-share listing, with 12.603 billion yuan distributed in the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders of Shanxi Coking Coal increased to 170,200, with an average of 27,261 circulating shares per person, a decrease of 5.40% from the previous period [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 79.5034 million shares, and various ETFs such as Huatai-PB CSI 300 ETF and Guotai CSI Coal ETF, which have increased their holdings [3]

Core Viewpoint - The report from Shenwan Hongyuan indicates that China's coal production is increasing, but coal imports are declining, with expectations of limited production growth in Q4 2025 due to stricter regulations [1][2]. Supply Side - National raw coal production from January to August 2025 reached 3.165 billion tons, a year-on-year increase of 2.8% [1]. - Coal imports from January to September 2025 totaled 350 million tons, a year-on-year decrease of 11.1% [1]. Price Trends - In Q3 2025, the average spot price for 5500 kcal thermal coal was approximately 673 RMB/ton, down 20.66% year-on-year from 848 RMB/ton in Q3 2024, but up 6.75% from 630 RMB/ton in Q2 2025 [2]. - The average price for Shanxi coking coal at the Jing Tang port in Q3 2025 was 1564 RMB/ton, down 17.23% year-on-year but up 19.09% from Q2 2025 [2]. Company Performance - Companies exceeding performance expectations include China Shenhua (EPS 1.97, YOY -15.01%), Shaanxi Coal (EPS 1.29, YOY -21.46%), and Shanxi Coal International (EPS 0.64, YOY -38.99%) [3]. - Companies meeting expectations include China Coal Energy (EPS 0.89, YOY -18.92%) and Yanzhou Coal Mining (EPS 0.70, YOY -48.67%) [4]. - Shaanxi Black Cat underperformed with an EPS of -0.32, YOY -3.82% due to pressure on coking coal prices [4]. Recommended Stocks - Key recommendations include undervalued elastic stocks such as Shanxi Coal (000983.SZ) and Huabei Mining (600985.SH) [5]. - Stable high-dividend stocks recommended include China Shenhua (601088.SH) and Shaanxi Coal (601225.SH) [5]. - Additional focus on elastic stocks in thermal coal such as Jinkong Coal Industry (601001.SH) and Huayang Co. (600348.SH) [5].

Investment Rating - The report maintains an "Overweight" rating for the coal industry, indicating a positive outlook for the sector's performance relative to the overall market [32]. Core Insights - Domestic raw coal production increased by 2.8% year-on-year to 3.165 billion tons from January to August 2025, while coal imports fell by 11.1% year-on-year to 35 million tons from January to September 2025 [4][18]. - In Q3 2025, both thermal coal and coking coal prices rebounded, with the average price of 5500 kcal thermal coal at ports rising to approximately 673 CNY/ton, a 6.75% increase from Q2 2025, despite a 20.66% decrease year-on-year [4][23]. - Key companies in the coal sector are expected to report varying performance in their Q3 2025 earnings, with China Shenhua and Shaanxi Coal achieving better-than-expected results, while Shanxi Coking Coal and Huai Bei Mining are projected to meet expectations [4][25]. Supply and Demand Dynamics - The supply of coal remains tight due to production capacity checks, while demand is robust, leading to a rebound in coal prices during Q3 2025 [4][23]. - The report highlights that major coal-producing regions like Shanxi and Shaanxi have shown production increases, while Inner Mongolia experienced a slight decline [10][18]. Price Trends - The report details significant price fluctuations in coal types, with thermal coal prices showing a rebound in Q3 2025 compared to Q2 2025, while coking coal prices also saw increases due to supply constraints [21][24]. - The average price of Shanxi's main coking coal at the port was reported at 1564 CNY/ton, reflecting a 19.09% increase from Q2 2025, despite a year-on-year decrease [24]. Company Performance Forecast - The report provides earnings forecasts for key coal companies, indicating that China Shenhua is expected to report an EPS of 1.97 CNY, while companies like Shaanxi Coal and Shanxi Coking Coal are projected to have EPS of 1.29 CNY and 0.25 CNY, respectively [25]. - The report identifies companies with strong earnings potential, recommending investments in undervalued stocks such as Shanxi Coking Coal and Huai Bei Mining, while also suggesting stable dividend-paying stocks like China Shenhua and Shaanxi Coal [4][25].

Core Viewpoint - The Energy ETF (159930) opened with a decline of 2.27%, indicating a negative market sentiment towards energy stocks [1] Group 1: ETF Performance - The Energy ETF (159930) opened at 1.333 yuan, reflecting a drop in value [1] - Since its establishment on August 23, 2013, the fund has achieved a return of 37.76% [1] - The fund's performance over the past month shows a return of 3.11% [1] Group 2: Major Holdings Performance - Major holdings in the Energy ETF experienced declines, including: - China Shenhua down 0.78% - China Petroleum down 1.69% - China Petrochemical down 1.30% - Shaanxi Coal and Chemical Industry down 1.79% - China National Offshore Oil Corporation down 1.64% - Yanzhou Coal Mining down 2.28% - Jereh Group down 3.94% - China Coal Energy down 1.68% - Shanxi Coking Coal down 2.60% - Meijin Energy down 2.82% [1] Group 3: Management Information - The Energy ETF is managed by Huatai-PineBridge Fund Management Co., Ltd. [1] - The fund managers are Dong Jin and Sun Hao [1]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal price at ports has rebounded due to supply constraints, with the northern port's thermal coal price reaching 709 RMB/ton on October 11, an increase of 8 RMB/ton compared to September 28 [3][15] - The supply side has tightened due to rainfall and maintenance, while demand remains resilient, particularly in the chemical sector and electricity consumption [15][73] - The report highlights the investment value of coal companies, emphasizing their strong cash flow and high dividend yields, suggesting a focus on low-priced coal stocks [6][73] Summary by Sections Thermal Coal - The supply side has tightened, with the capacity utilization rate in the Sanxi region decreasing by 0.24 percentage points to 90.44% as of October 8 [21] - The daily consumption of coastal and inland power plants has increased by 17.7 thousand tons and 69.2 thousand tons respectively [23] - The inventory at coastal and inland power plants reached 127.668 million tons as of October 9, a year-on-year increase of 0.611 million tons [15][29] Coking Coal - The capacity utilization rate for coking coal mines decreased by 1.94 percentage points to 83.77% during the holiday period [40] - The price of main coking coal at the port was 1,630 RMB/ton as of October 11, down 120 RMB/ton from September 28 [41] - The average profit per ton of coking coal has turned positive, indicating improved profitability in the sector [55] Focus Companies - Key companies to watch include China Shenhua, Shaanxi Coal, and Yancoal, all of which are recommended for investment due to their strong fundamentals and market positions [6][73]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The coal sector has shown a rise, outperforming the CSI 300 index by 4.81 percentage points, with a weekly increase of 4.3% as of October 10, 2025 [2] - The report anticipates that winter coal prices could reach 800 RMB/ton, with expectations of price increases during the heating season [6][25] - The supply-demand balance is expected to gradually improve in the fourth quarter, leading to a steady rise in coal prices [6][25] Supply Side Summary - Key monitored enterprises reported an average daily coal sales volume of 6.55 million tons from October 3 to October 9, 2025, a week-on-week decrease of 13% and a year-on-year decrease of 13.6% [2] - The average daily coal production from key monitored enterprises was 6.74 million tons, with a week-on-week decrease of 100% [2] - Total coal inventory (including port storage) reached 25.36 million tons, with a week-on-week increase of 4.4% and a year-on-year decrease of 9% [2][23] Demand Side Summary - Cumulative coal consumption in the power and chemical industries has decreased by 2.9% and increased by 15.4% year-on-year, respectively [2] - Iron and steel production has seen a year-on-year increase of 1.4% [2] Price Summary - The price of thermal coal (Q5500K) in the Bohai Rim was 677 RMB/ton, with a week-on-week increase of 0.15% [3] - The price of coking coal at major ports remained stable, while the price of metallurgical coke increased by 3.18% [4] - The report indicates that coal prices are expected to rise, particularly during the heating season [6][25] Sentiment Summary - The report highlights that the current coal asset dividends are reasonable, with a positive fundamental outlook [6][25] - The report suggests focusing on flexible thermal coal companies and coking coal companies undergoing turnaround [6][25]

Investment Rating - The report maintains an "Overweight" rating for the coal industry [2][5]. Core Views - The supply-demand situation is improving, leading to a stable and slightly rising trend in coal prices. The report anticipates that coal prices will maintain a strong oscillating trend in late October 2025 [7][8]. - The demand side is supported by higher temperatures leading to increased coal consumption, particularly in coastal and inland provinces. The average daily coal consumption reached 5.486 million tons as of October 9, 2025, a week-on-week increase of 18.82% and a year-on-year increase of 8.29% [7][8]. - On the supply side, there are expectations of tighter supply due to regulatory measures against overproduction and adverse weather conditions affecting coal production and transportation [7][8]. Summary by Sections 1. Industry Overview - The coal industry consists of 37 listed companies with a total market capitalization of 185.34 billion yuan and a circulating market capitalization of 181.40 billion yuan [2]. 2. Price Tracking - The report indicates that the price of thermal coal at the Qinhuangdao port was 710 yuan per ton as of October 10, 2025, reflecting a week-on-week increase of 5 yuan per ton [8]. - The average daily production of thermal coal from 462 sample mines was 5.529 million tons, a week-on-week decrease of 0.23% and a year-on-year decrease of 3.42% [8]. 3. Inventory Tracking - The report notes that the Daqin line has begun its autumn maintenance, which will reduce daily transport capacity and may lead to further inventory depletion at ports [8]. 4. Downstream Performance - The steel market is entering a traditional peak season, which is expected to improve the demand for coking coal. The average daily pig iron production has remained above 2.4 million tons [7][8]. 5. Company Performance - Key companies recommended for investment include Yanzhou Coal Mining Company, Shanxi Coal and Chemical Industry Group, and others, which are expected to benefit from the improving coal price environment [8][12].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600403 | 大有能源 | 3.92 | -3.45% | 43.75万 | 1.71亿 | | 600925 | 示能股份 | 4.85 | 0.83% | 11.10万 | 5360.38万 | | 600395 | 盘江股份 | 5.45 | 1.11% | 26.17万 | 1.41亿 | | 600575 | 淮河能源 | 3.41 | 1.49% | 1 30.21万 | 1.03亿 | | 600123 | 兰化科创 | 6.67 | 1.68% | 21.11万 | 1.40亿 | | 000937 | 莫中能源 | 5.99 | 1.70% | 21.20万 | 1.26亿 | | 603071 | 物产环能 | 13.95 | 1.82% | 3.44万 | 4757.97万 | | 600971 | 恒源煤电 | 6.89 | 1.92% | 13.43万 | 9177.44万 | | 601225 | 陕西煤业 | 4 ...

Core Viewpoint - The coal industry in the first half of 2025 (25H1) experienced a significant decline in profits, with total profits amounting to 149.2 billion yuan, a year-on-year decrease of 52.9% [1][3] Group 1: Profit and Revenue Trends - In 25H1, the coal industry's total profit was 149.2 billion yuan, down 52.9% year-on-year, with profits for Q1 and Q2 at 80.4 billion yuan and 68.8 billion yuan respectively, reflecting declines of 47.4% and 58.1% [1][3] - The average net profit per ton of coal in 25H1 decreased by 30%, with Q2 net profit for the sector declining by 14% quarter-on-quarter, indicating that Q2 may represent the lowest point for the year [3][4] - The number and proportion of loss-making companies in the coal industry continued to rise, reaching a loss ratio of 56% by June 2025, an increase of 13.6 percentage points compared to the end of 2024 [1] Group 2: Capital Expenditure and Debt Levels - Capital expenditure in the coal industry slowed down in 25H1, but listed companies still saw a 47% year-on-year increase, with total capital expenditure reaching 84 billion yuan [2] - The industry's total debt reached a record high of 4.8 trillion yuan, while the asset-liability ratio remained stable at around 60% [2] Group 3: Cost and Expense Management - The average cost per ton of coal decreased, with a reduction of 19.5% and 4.2% in average costs for 25H1, leading to a significant drop in net profit per ton [3][4] - The average return on equity (ROE) for sample companies in 25H1 was only 1.9%, down from 5.4% in 24H1, indicating increased profitability pressure [4] Group 4: Market Outlook and Recommendations - The coal market has shown signs of recovery since July 2025, with significant price increases for major coal companies, suggesting potential for improved performance in the second half of the year [3][4] - Investment recommendations include focusing on companies that are expected to benefit from the stabilization of coal prices and those with strong performance resilience, such as China Shenhua and China Coal Energy [5]

10月9日，山西焦煤盘中上涨2.01%，截至13:24，报7.09元/股，成交3.12亿元，换手率0.96%，总市值 402.51亿元。 资金流向方面，主力资金净流入225.74万元，特大单买入3419.20万元，占比10.96%，卖出3480.99万 元，占比11.16%；大单买入6429.29万元，占比20.61%，卖出6141.76万元，占比19.69%。 山西焦煤今年以来股价跌11.60%，近5个交易日跌2.07%，近20日涨5.35%，近60日涨8.24%。 资料显示，山西焦煤能源集团股份有限公司位于山西省太原市小店区长风街115号，成立日期1999年4月 26日，上市日期2000年7月26日，公司主营业务涉及煤炭的生产、洗选加工、销售及发供电,矿山开发设 计施工、矿用及电力器材生产经营等。主营业务收入构成为：煤炭57.58%，焦炭、焦油23.18%，电力 热力17.42%，其他收入1.67%，水泥熟料等0.15%。 山西焦煤所属申万行业为：煤炭-煤炭开采-焦煤。所属概念板块包括：动力煤、山西国资、中盘、煤化 工、融资融券等。 截至9月19日，山西焦煤股东户数17.02万，较上期增加5.71%；人均 ...