会议强调，做好明年经济工作，必须把握"五个必须"的规律性认识，贯彻稳中求进、提质增效的政策取 向，实事求是制定发展目标。目标设定兼顾质的提升与量的增长，突出转型成效与新质生产力发展趋 势，统筹绿色低碳、质量效益与民生改善，为调结构、防风险、促改革预留空间。同时鼓励各地因地制 宜确定目标，形成全省同向发力、竞相发展的生动局面。 岁末年初，三晋大地涌动奋进热潮。山西省委经济工作会议在太原召开，全面总结2025年经济成效，研 判当前形势，部署2026年重点任务。作为"十五五"规划开局之年的关键会议，大会立足山西资源型经济 转型试验区战略定位，紧扣深化能源革命、促进中部地区崛起等使命，为全省高质量发展把脉定向，凝 聚起3500万三晋儿女攻坚克难的强大合力。 会议指出，2025年是山西"十四五"收官与"十五五"谋划承前启后的关键一年。全省坚定不移推动高质量 发展、深化全方位转型，经济顶压前行、向新向优，呈现总体平稳、稳中有进的良好态势。产业转型势 头强劲，能源革命纵深推进，新质生产力稳步发展，内需潜力有效释放，改革开放持续深化，城乡融合 步伐加快，美丽山西建设成效显著，民生福祉不断增进，全年主要目标任务基本完成，中国式 ...

自主研发的"煤海蛟龙"掘进装备取得技术突破、大型露天矿智能电铲等实现行业领跑，攻克煤与煤层气 共采等关键技术……"十四五"时期，山西省级研发投入约50亿元，建成80余家省级以上能源科技创新平 台，产出一批高价值科技创新成果，支撑能源产业"向智""向新""向绿"发展。 2025年7月，习近平总书记在山西考察时指出："建设国家资源型经济转型综合配套改革试验区是党中央 交给山西的一项战略任务，要进一步统一思想，保持定力，坚定有序推进转型发展。重点要抓好能源转 型、产业升级和适度多元发展。"2022年1月，习近平总书记赴山西看望慰问基层干部群众时强调："要 夯实国内能源生产基础，保障煤炭供应安全，统筹抓好煤炭清洁低碳发展、多元化利用、综合储运这篇 大文章，加快绿色低碳技术攻关，持续推动产业结构优化升级。" 深入贯彻落实习近平总书记重要指示精神，山西立足全局，持续夯实能源安全基石、构建新型能源体 系、培育壮大新兴产业，转型发展迈出新步伐。 技术创新，夯实能源安全基石。 山西焦煤山煤国际河曲旧县露天煤业有限公司，26组挖掘设备同时作业。依托全覆盖的5G网络与万兆 工业环网，煤矿实现多个生产环节无人化作业，日产煤炭约3万吨 ...

山西博物院"天下晋商"展：协同庆票号 ◎记者 武斌 截至9月末，山西社会融资存量规模达7.0万亿元，同比增长8.1%；全省金融机构本外币各项贷款余额 4.9万亿元，同比增长6.7%；普惠小微贷款余额5340.6亿元，同比增长21.5%……一组组数据，成为山西 金融系统坚定不移服务实体经济、推动高质量发展的有力见证。 "十四五"以来，山西省委金融办持续深化金融供给侧结构性改革、推动金融创新和优化金融生态，做细 做实金融"五篇大文章"，努力构建起一个与高质量发展要求相匹配的现代金融服务体系，为山西经济高 质量转型发展注入强劲动力。 精准滴灌，赋能实体经济向"新"向"智" 不用传统抵押，仅凭企业技术专利就可获得上千万元的贷款。这是近期发生在山西转型综改示范区内某 国家级专精特新"小巨人"企业的一幕，不仅解决了企业生产线扩能的资金难题，也让企业摆脱了因融资 期限短、成本高陷入的困境。 "十四五"期间，山西金融管理系统持续深化金融供给侧结构性改革，推动金融创新，优化金融生态，引 导金融资源进一步向科技创新、绿色转型、普惠小微等关键领域聚集，多措并举做好"五篇大文章"。 前三季度，山西社会融资规模增量为4719.3亿元， ...

Core Viewpoint - Shanxi Province is transforming its economy from a coal-dependent model to a diversified industrial system, leveraging capital markets as a core engine for this transition [3][5]. Group 1: Economic Performance and Capital Market Development - The total number of listed companies in Shanxi reached 41, with a total market capitalization of 839.23 billion yuan, and a profit increase of 91.84% during the "14th Five-Year Plan" period [5]. - Revenue for listed companies in Shanxi grew from 322.27 billion yuan to 561.43 billion yuan, marking a 74.21% increase. Notably, Taiyuan Iron and Steel's revenue surpassed 100 billion yuan, while Shanxi Fenjiu's revenue rose from 13.99 billion yuan in 2020 to 36.01 billion yuan in 2024 [5]. - Shanxi Coal and Chemical Industry Group raised 4.4 billion yuan through equity financing, marking the largest equity refinancing project in the coal sector in nearly a decade [6]. Group 2: Corporate Actions and Mergers - The acquisition of 51% of HaiTu Technology by Keda Control for 209 million yuan marked the largest cash acquisition since the establishment of the Beijing Stock Exchange [8]. - Traditional companies like Northern Copper and Shanxi Expressway are revitalizing through mergers and acquisitions, with Northern Copper's total assets increasing from 1.256 billion yuan in 2020 to 19.471 billion yuan by Q3 2025, a growth of over 14 times [8][9]. Group 3: Market Environment and Regulatory Support - The Shanxi Securities Regulatory Bureau has effectively cleared out inactive private fund managers, with a 23.88% cancellation rate since 2021, contributing to a healthier market environment [11]. - The bond market in Shanxi has maintained a "zero default" record, fostering a stable credit environment for market development [11]. Group 4: Emerging Enterprises and Innovation - Shanxi has seen a rise in "specialized, sophisticated, and innovative" enterprises, with 81.82% of the companies in the pipeline fitting this category. The Shanxi Equity Trading Center has launched a specialized board for these enterprises [14]. - Jinbo Bio, a leading technology firm, set records for the highest issuance price and first-day stock price increase upon its listing on the Beijing Stock Exchange [14]. Group 5: Future Outlook - The Shanxi Securities Regulatory Bureau aims to support high-quality enterprises in the region, focusing on sectors like new energy and materials, and enhancing the overall service capabilities of local securities firms [15].

Core Insights - Shanxi Province is transitioning from a coal-dominated economy to a diversified industrial system, leveraging capital markets as a key driver for industrial upgrades during the "14th Five-Year Plan" period [1] - The province aims to integrate capital markets with industrial economy to establish itself as a new energy base and a benchmark for high-quality development in Central China during the "15th Five-Year Plan" [1] Capital Market Support - The total number of listed companies in Shanxi reached 41, with a total market capitalization of 839.23 billion yuan, and a profit increase of 91.84% during the "14th Five-Year Plan" [2] - Revenue for listed companies grew from 322.27 billion yuan to 561.43 billion yuan, a 74.21% increase, with notable performances from Taiyuan Iron and Steel and Shanxi Fenjiu [2] - Successful capital structure optimization and strategic transformation were achieved through equity financing and bond issuance, enhancing the proportion of strategic emerging industries [2] Mergers and Acquisitions - Shanxi Coking Coal became the first company to conduct equity financing under the new registration system, raising 4.4 billion yuan, marking the largest equity refinancing project in the coal sector in nearly a decade [3] - The province's traditional industries are undergoing transformation through mergers and acquisitions, with companies like Northern Copper and Huazhong Chemical successfully restructuring to enhance their market positions [4][5] Market Environment Optimization - The Shanxi Securities Regulatory Bureau has been actively improving the market environment, successfully deregistering 16 inactive private fund managers since 2021, which accounts for 23.88% of the total [6] - The bond market in Shanxi has maintained a "zero default" record, contributing to a stable credit environment for market development [6] Emerging Forces - Shanxi has seen the emergence of innovative companies, with Jinbo Bio becoming the first to achieve the highest issuance price and stock price increase on the North Exchange [8] - The province's equity trading center has attracted nearly 30% of "specialized, refined, distinctive, and innovative" enterprises to showcase their capabilities [8] Future Outlook - The Shanxi Securities Regulatory Bureau plans to enhance support for high-quality enterprises, particularly in emerging industries like new energy and materials, during the "15th Five-Year Plan" [9]

Core Viewpoint - Shanxi Province is transitioning from a coal-dependent economy to a diversified and green economy, emphasizing the need for industrial transformation while leveraging its existing coal resources [2][6][12]. Group 1: Economic Transition - Shanxi has historically relied on coal, leading to a "one coal dominates" economic structure, which has limited its future development [2]. - The provincial leadership emphasizes a balanced approach to utilize coal advantages while fostering new economic drivers, advocating for a gradual and orderly industrial transformation [2][12]. - The province aims to achieve a "green transformation" by revaluing coal and developing new energy sources, marking a significant shift in its economic strategy [6][7]. Group 2: Industrial Innovation - Lüliang City is implementing green transformation practices, such as the "one input, two reductions" model for coke oven gas and VOCs governance, enhancing traditional industries' sustainability [7]. - The integration of coal chemical resources with emerging sectors like synthetic biology is being pursued in cities like Taiyuan and Jinzhong, creating a replicable model for a circular economy [9]. - Jinzhong's enterprises are exploring hydrogen production from coke oven gas, contributing to a comprehensive hydrogen energy industry chain [9]. Group 3: Agricultural and Rural Development - The industrial transformation is positively impacting agriculture, with initiatives like the "dry farming + agritourism" model in Jinzhong, showcasing a successful integration of industrial technology into rural revitalization [10]. - The development of organic farming and the utilization of industrial by-products as agricultural fertilizers are examples of resource recycling in rural areas [10]. Group 4: Business Environment and Investment - The improvement of the business environment in cities like Taiyuan is facilitating investment, with streamlined administrative processes enhancing service efficiency for enterprises [12]. - The integration of cultural and tourism sectors with traditional industries, such as the expansion of the Fenjiu project in Lüliang, is creating new employment opportunities and driving urban development [12].

Core Insights - The "2025 Smokeless Coal Industry Conference and Supply-Demand Connection Meeting" was held in Jincheng, focusing on the smokeless coal industry, its clean and efficient utilization, and downstream applications [1][14] Industry Overview - Jincheng's smokeless coal is expected to enter a peak platform period during the 14th Five-Year Plan, with prices seeking balance between supply-demand and cost support, making it difficult to reach previous high levels [3] - The chemical industry will be a core demand driver, while the power sector will continue to play a stabilizing role, and the metallurgy sector faces structural contraction [3] - The industry aims to promote green mining, strengthen coal-electricity synergy, and expand high-value paths such as carbon-based new materials [3] Market Predictions - The coal market in 2025 is anticipated to show a "low in the front and high in the back" trend, with a general downward price movement in the first half due to a loose supply-demand situation, followed by a tightening supply in the second half [12] - The overall supply is expected to remain stable, with a gradual reshaping of the supply-demand structure [3][12] Technological Innovations - The application of axial flux motors in industrial fields is highlighted, showcasing significant advantages such as a 50% reduction in size and weight, and a 17%-32% overall energy saving rate [8] - The integration of "motor + system" energy-saving solutions is driving the industrial sector towards intelligent and low-carbon transformation [8] Application in Metallurgy - Smokeless coal plays a crucial role in iron-making processes due to its low sulfur, low ash, high fixed carbon, and high calorific value [10] - It is primarily used in three key areas: blast furnace injection, sintering, and coking, contributing to cost reduction and improved operational stability [10] Policy and Strategic Direction - The conference aligns with the directive to promote the coal industry from low-end to high-end and from primary fuel to high-value products, indicating a strategic shift towards high-quality development [14][15] - The industry is positioned to face new challenges and opportunities through collaboration and innovation, with smokeless coal being essential in various sectors including power, metallurgy, and emerging fields [15]

Core Viewpoint - During the "14th Five-Year Plan" period, Jinzhong City has achieved significant progress in transforming its economy, focusing on high-quality development through industrial structure optimization, traditional industry upgrades, new momentum cultivation, and energy reforms [1][3]. Industrial Structure Optimization - Jinzhong City aims to build a modern industrial system characterized by high-end, intelligent, and green development, with a focus on professional and integrated service industry expansion [3]. - By 2024, the contribution of the three major industries to the city's GDP is projected to be 6.3:42.8:51, with the industrial sector's share increasing by 2.3 percentage points compared to 2020 [3]. Traditional Industry Upgrades - The city is leveraging its resource endowments to accelerate the digital transformation of coal mining and eliminate outdated coking capacities, transitioning from traditional manufacturing to advanced intelligent manufacturing [3]. - By 2024, advanced capacities in coal and coking industries are expected to reach 98% and 100%, respectively [4]. - The annual growth rates for industries such as casting, steel, and glass have been 13.5%, 12.7%, and 8.5%, respectively, outpacing the average growth rate of regulated industries [4]. New Momentum Cultivation - Jinzhong City is fostering new production capacities in emerging industries such as new energy vehicles and new materials [4]. - A total of 244,000 new energy vehicles have been produced, accounting for 78.3% of the province's total, establishing the longest and most comprehensive industrial chain in the province [4]. - The new materials industry, primarily based on carbon materials, has seen an annual growth rate of 15.8%, becoming the largest and most robust strategic emerging industry in the city [4]. Energy Reform - The city is actively promoting a green and low-carbon energy transition, with rapid development in photovoltaic and wind energy sectors, and a burgeoning energy storage industry [4]. - By the end of 2024, the total installed capacity of renewable and clean energy is expected to reach 7.85 million kilowatts, making up 57% of the total installed capacity, an increase of 26.5 percentage points from the end of 2021 [4]. Overall Assessment - The "14th Five-Year Plan" period has seen simultaneous improvements in the quality and efficiency of Jinzhong City's transformation, significantly enhancing industrial resilience and vitality, laying a solid foundation for comprehensive high-quality development [4].

Core Viewpoint - The sudden resignation of Meng Jun, the chairman of Shanmei International, highlights ongoing leadership instability within the company, which is facing significant operational challenges due to declining coal prices and market conditions [1][3]. Group 1: Leadership Changes - Meng Jun resigned from all positions within Shanmei International, including chairman and various committee roles, due to "work changes" [1]. - Fu Zhonghua has been elected as the new representative director and legal representative of the company, while Han Tao has been appointed as the deputy general manager [11]. - Meng Jun's tenure lasted only about two years, having been appointed in May 2023, following the resignation of previous chairman Wang Weimin [3]. Group 2: Company Background - Shanmei International, established in November 2009, is a state-controlled A-share listed company under Shanxi Coking Coal Group, with a registered capital of 1.982 billion yuan [2][5]. - The company primarily engages in new energy development, coal and coke industry investment, and logistics services [2]. Group 3: Financial Performance - In the first half of 2025, Shanmei International reported revenue of 9.66 billion yuan, a year-on-year decline of 31.28%, and a net profit of 655 million yuan, down 49.25% [5][6]. - The decline in revenue is attributed to falling coal prices and a decrease in coal sales, despite an increase in raw coal production [6]. Group 4: Industry Challenges - The coal industry is facing severe challenges, with Shanmei International's production increasing by 15.86% to 17.82 million tons, while sales decreased by 13.19% to 10.35 million tons [6]. - The company anticipates a "mainly fluctuating, limited rebound" in the coal market for the second half of the year, indicating ongoing weakness in demand [6]. Group 5: Regional Economic Context - Shanxi Province, heavily reliant on coal, is experiencing economic difficulties, with a GDP growth rate of only 2.3% in 2024, ranking last among China's provinces [7]. - The province is aware of its over-reliance on coal and is actively seeking to diversify its economy, as indicated by the frequent mention of "transformation" in government reports [8]. Group 6: Talent and Human Resource Issues - Shanxi faces significant challenges in attracting and retaining high-level talent, with a notable outflow of graduates from local universities [9][10]. - The province aims to implement strategies to attract and retain skilled professionals to support economic transformation and development [10].

Core Viewpoint - Shanxi is transforming from a traditional energy base to a green development pioneer, focusing on low-carbon transition through the establishment of green electricity parks, which are designed to achieve local consumption and industrial upgrades [1][3][4]. Green Electricity Parks Development - In 2024, Shanxi's green electricity transaction volume is projected to reach 75.4 billion kWh, maintaining the top position in the country for two consecutive years, while the external supply of renewable energy is expected to hit a historical peak of 164.4 billion kWh [3]. - The establishment of green electricity parks is supported by national policies aimed at promoting high-quality development of renewable energy and encouraging 100% green electricity consumption in designated areas [3][6]. - Shanxi has initiated the concept of green electricity parks, aiming to convert its resource advantages into developmental strengths, thus creating a new high ground for the integration of green electricity and industry [7][8]. Policy and Innovation - A comprehensive policy framework has been established, with the Shanxi Provincial Energy Bureau releasing a work plan to promote local conversion of green electricity resources [7]. - The "one park, one policy" approach is being implemented, allowing for tailored strategies for different green electricity parks, which enhances the effectiveness of the transition from coal to green energy [10][12]. Economic and Industrial Impact - The green electricity parks are expected to attract significant investments, with planned industrial projects exceeding 100 billion yuan, thus reshaping Shanxi's economic landscape from resource output to green premium [14][17]. - The parks are designed to meet the dual demands of enterprises for green electricity and economic viability, facilitating the transfer of industries from the central and eastern regions of China [6][8]. Future Outlook - By 2030, Shanxi aims to establish a series of differentiated green electricity parks and projects, further enhancing its role as a model for resource-based economic transformation [17]. - The ongoing development of green electricity parks is anticipated to not only support local economic growth but also provide a replicable model for similar regions across the country [17].