Investment Rating - The report maintains an investment rating of "Leading the Market - A" [6] Core Insights - The fusion energy industry is experiencing a "race-like development" with significant capital influx, as it is viewed as a long-term solution for clean and stable energy [1] - Approximately 50 private fusion companies globally have raised over $9 billion, with several projects aiming for grid connection by around 2035 [1] - The commercial vision of fusion energy is driving intense competition among governments and enterprises in technology, capital, and policy [1] Summary by Sections 1. Fusion Energy Development - The fusion energy sector is transitioning from scientific research to engineering validation and industrial promotion, with notable advancements in both domestic and international projects [1][2] - In the U.S., Commonwealth Fusion Systems (CFS) has partnered with Google to optimize fusion control and has established the largest fusion power purchase agreement globally [1] - Helion Energy plans to construct the world's first fusion power plant, aiming to supply 50 MW to Microsoft's data center by 2028 [1] 2. Market Performance - The report notes that from July 19 to August 1, the Shanghai Composite Index rose by 0.72%, while the public utilities index fell by 2.34% [3] 3. Industry Dynamics - China's fusion energy industry is driven by a collaboration between state-owned enterprises and private companies, forming a multi-faceted research and development ecosystem [2] - The "national team" focuses on large Tokamak devices, while private enterprises are accelerating commercialization through modular and miniaturized technologies [2] 4. Investment Portfolio and Recommendations - The report suggests focusing on key players in the thermal power sector, such as Sheneng Co., Zhejiang Energy, and Anhui Energy, which are expected to perform well despite slight coal price increases [13] - In the green energy sector, it recommends quality operators like Fuzhou Energy and Zhongmin Energy, as well as virtual power plants like Hekang New Energy and Guoneng Rixin [13] - For gas companies, it highlights the importance of monitoring domestic gas pricing policies and suggests focusing on national gas companies like China Gas and upstream-downstream integrated firms like Jiufeng Energy and Xin'ao Co. [13] 5. Pricing Trends - In August 2025, the average transaction price for electricity in Jiangsu was 393.8 RMB/MWh, up 0.72% from the benchmark price, while in Guangdong, it was 372.32 RMB/MWh, down 17.81% [11] - The average price of thermal coal in the Bohai Rim region was reported at 665 RMB/ton, with coal inventories at key power plants increasing slightly [11] 6. Future Outlook - The report anticipates that by 2050, China will achieve commercial fusion power stations, with significant advancements expected in the 2030s [44][46]

Group 1 - The company announced the election of new board members, Mr. Zhang Weiyi and Mr. Peng Song, during the first extraordinary shareholders' meeting of 2025, with their terms lasting until the end of the 11th board's tenure [1] - In the fiscal year 2024, the company's revenue composition is as follows: 78.79% from the power generation sector, 18.41% from the coal sector, 1.45% from the transportation sector, 0.94% from waste treatment, and 0.22% from construction services [1] Group 2 - A warning was issued by a German executive regarding the dangers of free autonomous driving services, indicating that such practices could lead to disastrous consequences for the entire industry [1]

Report Information - Report Type: Coke and Coking Coal Daily Review [1] - Date: August 1, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] 1. Market Performance Summary 1.1 Futures Contracts Performance - On July 31, the main contract 2509 of coke futures significantly declined, erasing the gains from the previous two trading days or since July 22. The main contract 2509 of coking coal futures oscillated downward and hit the daily limit in the afternoon, erasing all gains since July 23. The closing price of J2509 was 1601 yuan/ton, down 4.93%, with a trading volume of 42,135 lots and a position volume of 28,705 lots, a decrease of 653 lots. The closing price of JM2509 was 1045.5 yuan/ton, down 7.97%, with a trading volume of 987,871 lots and a position volume of 284,647 lots, a decrease of 23,096 lots [5]. 1.2 Black - Series Futures Position - The position data of the top 20 long and short positions in black - series futures on July 31 showed different changes in various contracts. For example, in the RB2510 contract, the top 20 long positions decreased by 174,240 lots, and the top 20 short positions decreased by 122,370 lots, with a long - short difference of - 51,870 lots and a deviation of - 4.51% [6]. 2. Spot Market and Technical Analysis 2.1 Spot Market Prices - On July 31, the quasi - first - grade metallurgical coke flat - price index in Rizhao Port, Qingdao Port, and Tianjin Port was 1420 yuan/ton, with no change. The low - sulfur main coking coal aggregate price in different regions had different performances, with the price in Lvliang increasing by 80 yuan/ton [8]. 2.2 Technical Indicators - On July 31, the daily KDJ indicators of the 2509 contracts of coke and coking coal both declined. The daily MACD red bars of the 2509 contracts of coke and coking coal narrowed for 4 consecutive trading days, and the daily MACD of the coke 2509 contract was nearly a death cross [8]. 3. Market Outlook 3.1 Coke Market - The coke production of independent coking plants has been rising for two consecutive weeks, reaching a new low since early April. The coke production of steel mills has slightly increased from the low point since late February. The coke inventories of ports and steel mills are hovering at low levels since early March and late December last year respectively, while the coking plant inventory has declined for 7 consecutive weeks, reaching a new low since early January. The profit per ton of coke has been in the red for 10 consecutive weeks, and the third round of coke spot price increases was implemented on July 25 [10]. 3.2 Coking Coal Market - From January to June, China's coking coal imports still maintained a large year - on - year decline of - 7.4%. In the past 6 weeks, the raw coal and clean coal inventories of coal washing plants have significantly declined, with decreases of 13.0% and 30.2% respectively. The inventory of independent coking plants has been rising significantly for 5 consecutive weeks, reaching a new high since early February. The port inventory has returned to the previous low - level range, and the steel mill inventory has increased for 2 consecutive weeks. With the continuous increase in steel mill inventory, coking plants have actively and significantly replenished their stocks, and the coking coal spot price has generally increased by 130 - 280 yuan/ton compared with late June [10]. 3.3 Overall Outlook - Checking coal mine production is beneficial for stabilizing coal supply and effectively managing the low - price and disorderly competition in the coal industry. The supply - demand expectation in the coal market has changed from oversupply before June to a contraction in domestic supply. After the recent significant rebound and subsequent decline in coke and coking coal futures prices, in the short term, their prices may follow steel futures. Attention should be paid to the changes in the supply - demand relationship in the coke market after the implementation of the third round of coke spot price increases and the increase or decrease in coking plants' coking coal inventory. If the demand weakens after the third round of coke price increases or the coking plants' coking coal inventory starts to decline significantly, the future market for coking products may not be optimistic. If the demand remains good or even increases after the third round of price increases, or the coking plants' coking coal inventory remains stable or continues to be replenished, there is still a possibility of a further increase in the future market for coking products [11]. 4. Industry News 4.1 Government Policies and Market Conditions - In June 2025, the national issuance of new bonds was 628.1 billion yuan, including 101 billion yuan of general bonds and 527.1 billion yuan of special bonds. The issuance of refinancing bonds was 547.2 billion yuan, including 267.4 billion yuan of general bonds and 279.8 billion yuan of special bonds. As of the end of June 2025, the national local government debt balance was 51.9503 trillion yuan [12]. - The deputy director of the General Affairs Department of the National Energy Administration, Zhang Xing, stated on July 31 that since this year, the coal market in China has been generally balanced with a slight oversupply. Since July, the daily scheduled coal production has remained above 12 million tons. Currently, the coal inventory of national unified - dispatch power plants exceeds 200 million tons, which can be used for 30 days. The National Energy Administration will guide coal - producing provinces and enterprises to continue to organize production, scientifically formulate production plans, and ensure coal supply [12][13]. - In the first half of 2025, the national power market operated smoothly, with the scale of market - traded electricity and the number of market players continuing to grow steadily. The total market - traded electricity of all power trading centers was 2.95 trillion kWh, a year - on - year increase of 4.8%. As of the end of June, the number of national power market business entities was 973,000, a year - on - year increase of 23.8% [13]. - In the first half of this year, China's energy infrastructure construction maintained a good momentum. The investment in key energy projects under construction and planned to start this year exceeded 1.5 trillion yuan, a year - on - year increase of 21.6%. The investment growth rates in the eastern, central, and western regions all exceeded 20%, and private enterprise investment maintained rapid growth [13]. 4.2 Company Announcements - In the first half of 2025, China Energy Investment Corporation completed coal production and sales of 374 million tons, power generation of 580.6 billion kWh, railway freight volume of 276 million tons, and chemical product output of 13.55 million tons [13]. - In the second quarter of 2025, Jiantou Energy completed power generation of 11.615 billion kWh, a year - on - year increase of 0.67%, and completed on - grid electricity of 10.764 billion kWh, a year - on - year increase of 1%. The company expects its operating performance in the first half of 2025 to increase significantly year - on - year [13]. - Gansu Energy Chemical Industry's Wangjiashan Coal Mine No. 1 Well has been approved to resume production [14]. - Wanneng Electric Power's coal procurement cost in the second quarter decreased more significantly year - on - year compared with the first quarter. The company's total installed capacity exceeds 17 million kilowatts, and it is currently not considering absorbing and merging its affiliated power plants, while its new energy projects are progressing as expected [14]. - In the first half of 2025, Pingdingshan Tianan Coal Mining Co., Ltd. produced 14.5297 million tons of raw coal, a year - on - year increase of 2.26%. The sales volume of commercial coal was 11.7369 million tons, a year - on - year decrease of 12.98% [14]. 4.3 International Market Forecast - The International Energy Agency (IEA) predicts that global electricity demand will increase by 3.3% and 3.7% in 2025 and 2026 respectively, more than twice the growth rate of total energy demand in the same period [14]. 5. Data Overview - The report provides various data charts, including the spot price index of metallurgical coke in major markets, the aggregate price of main coking coal in major markets, the production and capacity utilization rate of coking plants and steel mills, national average daily pig iron production, coke inventories of ports/steel mills/coking plants, independent coking plant's profit per ton of coke, production and operating rate of coal washing plants, raw coal and clean coal inventories of coal washing plants, coking coal inventories of ports/coking plants/steel mills, and the basis between Rizhao Port's quasi - first - grade coke and the September contract, as well as the basis between Linfen's low - sulfur main coking coal and the September contract [15][17][21][29][30][33]

7月31日，皖能电力召开临时股东会，审议通过了董事会换届选举议案。会议选举张为义、彭松为公司 第十一届董事会新任董事，接替因退休离职的原董事。两位新董事均来自公司控股股东安徽省能源集团 有限公司。 皖能电力是安徽省属电力企业，主要从事电力生产、销售及相关业务。公司业务涵盖火力发电、新能源 发电等领域，是安徽省重要的能源供应企业。2025年一季度，公司实现营业收入64.20亿元，净利润4.44 亿元。 当日主力资金净流出4119.78万元，占流通市值的0.26%。 皖能电力7月31日股价收于7.12元，较前一交易日下跌2.20%。当日成交量为396953手，成交金额达2.84 亿元。公司总市值为161.40亿元，市盈率为9.10倍。 风险提示：股市有风险，投资需谨慎。 ...

- Model Name: ETF Premium and Discount Rate Model; Model Construction Idea: The model calculates the premium and discount rates of ETFs to reflect investor sentiment; Model Construction Process: The premium and discount rates are calculated using the formula: $ \text{Discount Rate} = \frac{\text{Total Transaction Amount of Block Trade}}{\text{Total Market Value of Shares Traded on the Day}} - 1 $ [23][26][27] - Model Name: Margin Trading Balance Model; Model Construction Idea: The model measures the balance of margin trading to reflect market activity; Model Construction Process: The balance of margin trading is calculated by summing the financing balance and the securities lending balance. The proportion of margin trading balance to the market's total circulating market value and the proportion of margin trading transactions to the market's total transaction amount are also calculated [19][22][24] - Model Name: Stock Index Futures Basis Model; Model Construction Idea: The model calculates the annualized basis rate of stock index futures to reflect market expectations; Model Construction Process: The annualized basis rate is calculated using the formula: $ \text{Annualized Basis Rate} = \frac{\text{Basis}}{\text{Index Price}} \times \left( \frac{250}{\text{Remaining Trading Days of the Contract}} \right) $ [28][29][31] - Factor Name: Sealing Rate; Factor Construction Idea: The factor measures the proportion of stocks that hit the highest price and closed at the highest price; Factor Construction Process: The sealing rate is calculated using the formula: $ \text{Sealing Rate} = \frac{\text{Number of Stocks with Highest Price and Closed at Highest Price}}{\text{Number of Stocks with Highest Price}} $ [16] - Factor Name: Consecutive Sealing Rate; Factor Construction Idea: The factor measures the proportion of stocks that closed at the highest price for two consecutive days; Factor Construction Process: The consecutive sealing rate is calculated using the formula: $ \text{Consecutive Sealing Rate} = \frac{\text{Number of Stocks Closed at Highest Price for Two Consecutive Days}}{\text{Number of Stocks Closed at Highest Price Yesterday}} $ [16] Model Backtest Results - ETF Premium and Discount Rate Model, Premium Rate: 1.77% (New Energy Vehicle Battery ETF), Discount Rate: 0.95% (CSI 2000 ETF) [23][25] - Margin Trading Balance Model, Margin Trading Balance: 19847 billion yuan, Financing Balance: 19706 billion yuan, Securities Lending Balance: 142 billion yuan, Margin Trading Balance to Circulating Market Value Ratio: 2.3%, Margin Trading Transactions to Market Transaction Amount Ratio: 10.4% [19][21][22] - Stock Index Futures Basis Model, Annualized Basis Rate: 0.25% (SSE 50), -3.17% (CSI 300), -11.41% (CSI 500), -12.84% (CSI 1000) [28][29][31] Factor Backtest Results - Sealing Rate, 59% [16] - Consecutive Sealing Rate, 25% [16]

（文章来源：证券日报） 证券日报网讯 7月31日晚间，皖能电力发布公告称，公司2025年第一次临时股东会于2025年7月31日召 开，审议通过了《关于选举公司第十一届董事会董事的议案》。 ...

证券日报网讯7月31日晚间，皖能电力（000543）发布公告称，公司第十一届董事会第十次会议审议通 过，同意提名张为义先生、彭松先生为公司第十一届董事会董事候选人。 ...

证券代码：000543 证券简称：皖能电力 公告编号：2025-42 安徽省皖能股份有限公司 关于变更董事的公告 特此公告。 安徽省皖能股份有限公司董事会 二〇二五年八月一日 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。 安徽省皖能股份有限公司（以下简称"公司"）于 2025 年 7 月 14 日在巨 潮资讯网上发布了《关于董事辞职的公告》（公告编号：2025-36），因到龄退 休，米成先生、陶国军先生申请辞去公司第十一届董事会董事及董事会专业委员 会职务。经公司控股股东安徽省能源集团有限公司推荐，公司第十一届董事会第 十次会议审议通过，同意提名张为义先生、彭松先生为公司第十一届董事会董事 候选人。 公司于 2025 年 7 月 31 日召开了 2025 年第一次临时股东会审议通过《关于 选举公司第十一届董事会董事的议案》，张为义先生、彭松先生正式担任公司董 事，任期自股东会选举产生之日起，至公司第十一届董事会任期届满之日止。 新任董事简历详见附件。 附件： 张为义，男，1965 年 10 月出生，本科学历，工程学士学位，高级工程师。 现任安徽省能源集团有限 ...

证券代码：000543 证券简称：皖能电力 公告编号：2025-41 安徽省皖能股份有限公司 2025 年第一次临时股东会决议公告 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.本次股东会未出现否决提案的情形。 2.本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1.召开时间： （1）现场会议时间：2025 年 7 月 31 日（星期四）14:50。 2.现场会议召开地点：安徽省合肥市马鞍山路 76 号能源大厦三楼会议室。 3.召开方式：现场投票与网络投票相结合的方式。 4.召集人：公司董事会。 5.主持人：公司董事长李明先生。 6.会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司章程 等规定。 （二）会议出席情况 1.出席的股东情况 出席本次股东会具有表决权的股东及股东代表（或授权代表）共 222 人，代 表公司有表决权的股份总数 1,413,816,910 股，占公司股份总数的 62.3689%。 其中：出席本次股东会现场会议的股东及股东代表（或授权代表）共计 2 人，代 表公司有表决 ...

国浩律师（合肥）事务所 关于安徽省皖能股份有限公司 2025 年第一次临时股东会 法律意见书 根据《中华人民共和国公司法》（下称"《公司法》"）、《中华人 民共和国证券法》（下称"《证券法》"）、《上市公司股东会规则》、 《深圳证券交易所上市公司股东会网络投票实施细则（2025 年修订）》和 《安徽省皖能股份有限公司章程》（下称"《公司章程》"）的有关规定， 国浩律师（合肥）事务所接受安徽省皖能股份有限公司（下称"公司"） 的委托，指派本所王飞、方俊华律师出席公司 2025 年第一次临时股东会（下 称"本次股东会"），并对本次股东会相关事项进行见证，出具法律意见 书。 本所同意将本法律意见书作为本次股东会的公告文件，随公司其他文 件一并报送有关主管部门审查并予以公告。 本所根据《证券法》的要求，按照律师行业公认的业务标准、道德规 范和勤勉尽责精神对本次股东会相关事项进行了见证，现对本次股东会的 召集、召开及其他相关事项发表如下意见： 一、关于本次股东会的召集、召开程序 （一）经核查，公司董事会于 2025 年 7 月 14 日以公告方式在深圳证 券 交 易 所 （ http://www.szse.cn/ ） ...