Market Overview - The Shanghai Composite Index fell by 0.18% on September 23, with five industries experiencing gains, led by the banking and coal sectors, which rose by 1.52% and 1.11% respectively [1] - The coal industry saw a net inflow of 3.99 million yuan, with 21 out of 37 stocks in the sector rising [1] Coal Industry Performance - The coal sector had a total of 37 stocks, with 21 gaining and 16 declining in value [1] - Notable stocks with significant net inflows included Yongtai Energy, which saw a net inflow of 138 million yuan, followed by Jinkong Coal and Shaanxi Coal with inflows of 56.18 million yuan and 53.05 million yuan respectively [1] - Stocks with the highest net outflows included China Shenhua, Shanxi Coking Coal, and Zhongmei Energy, with outflows of 61.97 million yuan, 44.94 million yuan, and 43.26 million yuan respectively [1] Key Stocks in Coal Sector - Yongtai Energy: Increased by 6.17% with a turnover rate of 11.97% and a main capital flow of 137.97 million yuan [1] - Jinkong Coal: Increased by 3.97% with a turnover rate of 3.42% and a main capital flow of 56.18 million yuan [1] - Shaanxi Coal: Increased by 0.93% with a turnover rate of 0.55% and a main capital flow of 53.05 million yuan [1] - Other notable stocks include Anyuan Coal and Yanzhou Coal, which saw increases of 6.96% and 2.53% respectively [1]

关于 山西焦煤能源集团股份有限公司 取消监事会和监事的 临时受托管理事务报告 债券简称：22 焦能 01 债券代码：149765.SZ 债券受托管理人 2025 年 9 月 重要声明 一、 重大事项 根据发行人披露的《山西焦煤能源集团股份有限公司第九届董事会第十四次 会议决议公告》《山西焦煤能源集团股份有限公司2025年第二次临时股东大会决 议公告》，发行人发生的重大事项如下： 发行人根据《公司法》《上市公司章程指引》及相关法律法规的规定，结合 公司实际情况，修订了《公司章程》。本次《公司章程》修订经股东大会审议通 过，发行人将不再设置监事会和监事，由董事会审计委员会行使《公司法》规定 的监事会的职权，发行人《监事会议事规则》等与监事会有关的制度条款相应废 止。 二、 影响分析和应对措施 截至本报告出具日，上述重大事项未对发行人的偿债能力产生重大不利影响， 预计对发行人上述存续债券还本付息不会构成重大不利影响。 中信建投证券作为上述存续债券的受托管理人，为充分保障债券投资人的利 益，履行债券受托管理人职责，在获悉相关事项后，及时与发行人进行了沟通， 根据《公司债券受托管理人执业行为准则》的有关规定出具本临时受 ...

Group 1 - The core index, the CSI Dividend Low Volatility 100 Index, experienced a decline of 0.62% as of September 23, 2025, with mixed performance among constituent stocks [2] - Notable gainers included Nanjing Bank, which rose by 4.11%, while Yuyuan Inc. led the declines with a drop of 3.68% [2] - The CSI Dividend Low Volatility 100 ETF (159307) decreased by 0.48%, with a latest price of 1.04 yuan, but showed a cumulative increase of 2.29% over the past three months [2] Group 2 - The People's Bank of China highlighted significant achievements in the financial sector, including comprehensive deepening of financial system reforms and modernization of financial governance [3] - The financial services quality, efficiency, and inclusiveness have significantly improved, with a focus on orderly resolution of financial risks [3] - According to Dongfang Securities, the market is currently in a short-term adjustment phase but maintains a medium-term upward trend, with potential focus on high-end manufacturing and low-cycle dividend opportunities [3] Group 3 - The CSI Dividend Low Volatility 100 ETF has seen continuous net inflows over the past nine days, totaling 119 million yuan, with a peak single-day inflow of 26.66 million yuan [5] - The index tracks 100 stocks characterized by good liquidity, continuous dividends, high dividend yields, and low volatility, reflecting the overall performance of such securities [5] - As of August 29, 2025, the top ten weighted stocks in the index accounted for 20.4% of the total index weight, including companies like Shanxi Coking Coal and Sinopec [5]

Group 1 - The China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.17% as of September 23, 2025, with Nanjing Bank (601009) leading the gains at 4.30% [1] - The People's Bank of China announced on September 19 that it would adjust the 14-day reverse repurchase operations to a fixed quantity and interest rate bidding, which aims to enhance liquidity management [1] - Analysts from Galaxy Securities believe this adjustment will improve the pricing mechanism of interest rates and enhance liquidity management efficiency, giving larger state-owned banks a competitive edge over smaller banks [1][2] Group 2 - The China Securities State-Owned Enterprises Dividend Index consists of 100 listed companies selected for their high and stable cash dividend yields, reflecting the overall performance of high-dividend state-owned enterprises [2] - As of August 29, 2025, the top ten weighted stocks in the index accounted for 16.84% of the total index, including companies like COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [2] - The National State-Owned Enterprises Dividend ETF (159515) closely tracks the performance of the index, providing investors with exposure to high-dividend state-owned enterprises [2]

Investment Rating - The report maintains a positive outlook on the coal industry, indicating a "Look Favorably" rating due to expected price increases in coal [1]. Core Insights - The report highlights a tight supply situation and strong pre-holiday inventory demand, predicting that coal prices will continue to rise [1][3]. - The average daily coal inflow to the Bohai Rim ports increased by 10.27% week-on-week, while the average daily outflow also saw a rise of 14.21% [3][22]. - The report emphasizes the expected price increases for thermal coal and coking coal, driven by seasonal demand and supply constraints [3][10]. Summary by Sections Recent Industry Policies and Dynamics - The report notes significant coal resource discoveries in Anhui province, which are crucial for strategic reserves [9]. - The report mentions the successful launch of a coal-to-natural gas project in Xinjiang, expected to be operational by 2027 [5]. Price Movements - As of September 19, thermal coal prices at Qinhuangdao port showed increases, with Q4500, Q5000, and Q5500 grades rising by 23, 27, and 24 CNY/ton respectively [3][10]. - Coking coal prices remained stable, with prices reported at 1510 CNY/ton for low-sulfur coking coal in Shanxi [3][13]. Inventory and Supply - Bohai Rim port coal inventory decreased by 0.89% week-on-week, totaling 22.5 million tons [3][22]. - The report indicates that the overall supply from production areas remains tight due to capacity checks, affecting recovery rates [3][10]. Shipping Costs - Domestic coastal shipping costs increased by 19.91% week-on-week, averaging 35.53 CNY/ton [3][31]. - International shipping rates showed mixed trends, with Indonesian coal prices slightly decreasing [3][31]. Company Valuations - The report provides a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalizations, and earnings projections [3][36]. - Notable companies include China Shenhua, Shaanxi Coal, and Yanzhou Coal, with varying price-to-earnings (PE) ratios indicating their market performance [3][36].

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - A V-shaped reversal in coal prices is anticipated, with winter prices expected to reach 800 CNY/ton. The long-term contracts are supporting spot prices, and policy-driven sentiment is leading to significant price increases. The long-term contract prices for September are 674, 613, and 551 CNY/ton for 5500, 5000, and 4500 kcal respectively, with the CCI index showing slight variations [6][26] - The coal market is expected to see a balance between supply and demand gradually, with prices steadily rising. The report maintains a "Positive" rating for the industry and suggests focusing on flexible thermal coal companies and those in turnaround situations in coking coal and coke sectors [6][26] Summary by Sections Coal Sector Performance - The coal sector outperformed the CSI 300 index, with a weekly increase of 3.59% as of September 19, 2025, while the index fell by 0.44%, resulting in a 4.03 percentage point outperformance. A total of 24 stocks in the sector rose, with Yongtai Energy showing the highest increase of 13.42% [2] - Key monitored enterprises reported an average daily coal sales volume of 7.22 million tons for the week of September 12-18, 2025, a week-on-week increase of 5.3%. The average daily production was 7.18 million tons, also up 4.8% week-on-week and 4.4% year-on-year [2][24] Price Trends - As of September 19, 2025, the price of thermal coal (Q5500K) in the Bohai Rim was 676 CNY/ton, a week-on-week increase of 0.15%. The import price index for thermal coal was 812 CNY/ton, up 4.5% week-on-week. Prices at various ports and production areas also showed increases [3] - The price of coking coal at Jingtang Port was 1610 CNY/ton, up 3.9% week-on-week, while the futures settlement price for coking coal was 1216 CNY/ton, reflecting a 6.9% increase [4] Supply and Demand Dynamics - The total coal inventory monitored was 25.54 million tons as of September 18, 2025, a decrease of 1% week-on-week and 6% year-on-year. The cumulative sales volume of key monitored enterprises was 180.46 million tons, down 2.4% year-on-year [2][24] - The report indicates that the demand from the power and chemical industries has varied, with coal consumption in the power sector down 2.9% year-on-year, while the chemical sector saw an increase of 16% [2][24] Investment Recommendations - The report recommends focusing on companies in the thermal coal sector such as China Shenhua, Shaanxi Coal and Chemical Industry, and others, as well as coking coal companies like Huabei Mining and Shanxi Coking Coal. It also highlights companies in the coke sector that are expected to see profit improvements [6][26]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - Coal prices have rebounded above 700 RMB, with a current price of 704 RMB/ton, reflecting a week-on-week increase of 24 RMB/ton (3.53%) [3][4] - The demand for non-electric coal is expected to be a highlight in the upcoming months, particularly during the "golden September and silver October" period [4] - The report predicts that the current rebound in coal prices is at a turning point, with potential further increases expected as the market stabilizes [4][5] Summary by Sections Investment Logic - The prices of thermal coal and coking coal are at a turning point, with thermal coal prices expected to recover to long-term contract prices, currently above the second target price of around 700 RMB [4][13] - Future expectations indicate that thermal coal prices could reach a third target price of approximately 750 RMB, with a potential peak at around 860 RMB [4][13] Market Performance - The coal index increased by 3.51% this week, outperforming the CSI 300 index by 3.96 percentage points [8][25] - The average PE ratio for the coal sector is 13.59, and the PB ratio is 1.28, ranking low among all A-share industries [25][31] Coal Price Indicators - As of September 19, the Qinhuangdao Q5500 thermal coal price is 704 RMB/ton, with a week-on-week increase of 24 RMB [20] - The price of coking coal at the Jingtang port has risen to 1670 RMB/ton, reflecting a significant increase from earlier months [21][23] Investment Recommendations - The report suggests a dual logic for investment in coal stocks, focusing on both cyclical recovery and stable dividends, with specific stocks recommended for investment [5][14] - Key stocks identified for investment include: - Cyclical logic: Jinko Coal Industry, Yanzhou Coal Mining - Dividend logic: China Shenhua, Zhongmei Energy - Diversified aluminum elasticity: Shenhua Holdings, Electric Power Investment Energy - Growth logic: Xinjie Energy, Guanghui Energy [5][14][15]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The report indicates that the coal economy is at the beginning of a new upward cycle, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [3][13] - The report highlights that coal prices have shown signs of stabilization, and there is an expectation for price increases due to seasonal demand and supply constraints [5][13] - The report emphasizes the continued investment logic of coal capacity shortages, with a short-term balance and a long-term gap in supply [13][14] Summary by Sections Coal Price Tracking - As of September 19, the market price for Qinhuangdao port thermal coal (Q5500) is 699 CNY/ton, an increase of 21 CNY/ton week-on-week [4][31] - The price for coking coal at Jingtang port is 1610 CNY/ton, up 60 CNY/ton week-on-week [4][33] - International thermal coal prices have also seen fluctuations, with Newcastle thermal coal at 69.6 USD/ton, a week-on-week increase of 0.4 USD/ton [4][31] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.7%, an increase of 2.4 percentage points week-on-week [4][48] - Daily coal consumption in inland provinces has increased by 4.10 thousand tons/day (+1.22%) [5][13] - The report notes that the supply side is still constrained by policies, and the demand is expected to rise as winter heating needs begin [5][13] Industry Performance - The coal sector has shown a weekly increase of 3.59%, outperforming the broader market [16] - The report identifies key companies to focus on, including China Shenhua, Shaanxi Coal, and others, highlighting their stable operations and strong performance [14][16]

Group 1 - The coal mining sector increased by 2.02% on September 19, with Huayang Co. leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] - Notable performers in the coal mining sector included: - Biaozhan Service (600348) with a closing price of 7.60, up 7.80% - Lu'an Huaneng (6691099) at 15.00, up 5.63% - Jinko Coal Industry (601001) at 14.30, up 5.54% [1] Group 2 - The coal mining sector experienced a net outflow of 355 million yuan from institutional investors, while retail investors saw a net inflow of 320 million yuan [2] - Key stocks with significant capital flows included: - Shanxi Coking Coal (000983) with a net inflow of 127 million yuan from institutional investors - Biaozhan Co. (600348) with a net inflow of 106 million yuan from institutional investors [3] - The overall trading volume for the coal mining sector was substantial, with various companies reporting significant transaction amounts [2][3]

9月19日，山西焦煤盘中上涨2.07%，截至11:29，报7.39元/股，成交3.41亿元，换手率1.01%，总市值 419.54亿元。 资金流向方面，主力资金净流入2420.65万元，特大单买入4320.33万元，占比12.69%，卖出2329.65万 元，占比6.84%；大单买入8005.70万元，占比23.51%，卖出7575.72万元，占比22.25%。 山西焦煤今年以来股价跌7.86%，近5个交易日涨6.33%，近20日涨1.23%，近60日涨18.24%。 今年以来山西焦煤已经1次登上龙虎榜，最近一次登上龙虎榜为7月22日，当日龙虎榜净买入1.02亿元； 买入总计2.78亿元 ，占总成交额比13.66%；卖出总计1.76亿元 ，占总成交额比8.64%。 截至8月29日，山西焦煤股东户数16.10万，较上期减少2.08%；人均流通股28816股，较上期增加 2.13%。2025年1月-6月，山西焦煤实现营业收入180.53亿元，同比减少16.30%；归母净利润10.14亿元， 同比减少48.44%。 分红方面，山西焦煤A股上市后累计派现238.15亿元。近三年，累计派现126.03亿元。 机构持仓方 ...