Core Viewpoint - Baosteel Co., Ltd. experienced a decline in stock price, with a drop of 2.37% on November 21, 2023, closing at 2.47 CNY per share, amidst significant trading activity and net outflow of funds [1] Financial Performance - For the period from January to September 2025, Baosteel reported operating revenue of 48.08 billion CNY, a year-on-year decrease of 3.58%, while net profit attributable to shareholders increased by 145.03% to 233 million CNY [2] - The company has cumulatively distributed 4.487 billion CNY in dividends since its A-share listing, with 90.577 million CNY distributed over the past three years [3] Stock Market Activity - Baosteel's stock has increased by 32.94% year-to-date, but has seen a decline of 6.79% over the last five trading days, 6.08% over the last 20 days, and 7.84% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on July 30, where it recorded a net purchase of 374 million CNY [1] Shareholder Structure - As of September 30, 2025, Baosteel had 914,300 shareholders, a decrease of 1.96% from the previous period, with an average of 34,323 circulating shares per shareholder, an increase of 2.00% [2] - Major shareholders include China Securities Finance Corporation, holding 767 million shares, and Hong Kong Central Clearing Limited, which reduced its holdings by 574 million shares [3]

在台泥句容矿的示范效应下，希迪智驾不断收获大量订单，公司研发的"元矿山"自动驾驶解决方案已经 遍布全国20余个矿山，覆盖煤矿、金属矿、砂石骨料矿等多个品类。 总部位于长沙的希迪智驾，作为国内最早同时研发自动驾驶和V2X技术的企业之一，已积累在矿山、园 区等封闭场景多个高复杂度工况的技术解法，并通过完整的自研体系不断演进算法、优化架构、推进量 产、高效交付，为长期发展奠定了扎实的根基。 不久前《湖南省贯彻落实国务院"人工智能+"行动的实施方案》公布的同时，同步公布"人工智能+"十大 重点企业、十大示范场景等关键名单，凭借在智能网联汽车领域的深厚技术积累与卓越应用实践，希迪 智驾获得两项荣誉：成功入选"湖南省'人工智能+'十大重点企业"，公司核心成果"商用车封闭场景L4级 自动驾驶解决方案"更在众多参评项目中脱颖而出，获评"湖南省'人工智能+'十大示范场景"，以双重认 可彰显行业标杆实力。 "台泥句容矿的成功，不仅是一份关于'技术赋能'的满分答卷，更是一个'生态共赢'的全新起点。它雄辩 地证明，智慧矿山的未来图景已然铺开。"希迪智驾相关负责人表示，公司将这份经过实践淬炼的中国 方案赋能于更多矿山，共同开启安全、高 ...

Core Insights - Shandong Gold's stock price has increased by 60.26% year-to-date, but has seen a decline of 2.14% in the last five trading days and 3.14% in the last twenty days [2] - The company reported a revenue of 83.783 billion yuan for the period from January to September 2025, representing a year-on-year growth of 25.04%, while net profit attributable to shareholders increased by 91.51% to 3.956 billion yuan [2] Financial Performance - As of September 30, 2025, Shandong Gold's total market capitalization is 164.805 billion yuan, with a trading volume of 8.22 billion yuan and a turnover rate of 0.63% [1] - The company has distributed a total of 5.678 billion yuan in dividends since its A-share listing, with 2.765 billion yuan distributed in the last three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders has increased by 12.55% to 102,800, with an average of 0 shares per shareholder [2] - Notable shareholders include Hong Kong Central Clearing Limited, which holds 113 million shares as the fourth largest shareholder, and China Securities Finance Corporation, which remains unchanged with 109 million shares [3]

证券日报网讯尤洛卡（300099）11月19日在互动平台回答投资者提问时表示，2023年，公司将发展方向 聚焦于智慧矿山领域。"尤洛卡"作为在该领域具备较高市场知名度和品牌认可度的名称，能够更准确地 建立公司证券简称与核心业务之间的关联，也能更清晰地传递出公司的经营重心与产业布局，有助于资 本市场和投资者形成更准确的认知，从而进一步提升公司品牌形象与价值。相比之下，"精准信息"已难 以精确涵盖公司当前的战略方向与业务内容。 ...

Core Viewpoint - Shandong Gold has experienced a stock price decline of 2.02% on November 18, with a current price of 34.41 CNY per share, despite a year-to-date increase of 54.26% [1] Financial Performance - For the period from January to September 2025, Shandong Gold achieved operating revenue of 83.783 billion CNY, representing a year-on-year growth of 25.04%, and a net profit attributable to shareholders of 3.956 billion CNY, which is a 91.51% increase compared to the previous year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Shandong Gold increased by 12.55% to 102,800, with an average of 0 circulating shares per shareholder [2] - The company has distributed a total of 5.678 billion CNY in dividends since its A-share listing, with 2.765 billion CNY distributed in the last three years [3] Stock Market Activity - On November 18, the main funds saw a net outflow of 92.6687 million CNY, with significant selling pressure observed [1] - The top ten circulating shareholders include new entrants such as Hong Kong Central Clearing Limited and the Gold Stock ETF, indicating changes in institutional holdings [3]

Core Insights - Boreton, known as the "first stock of zero-carbon mining robots," is set to launch its autonomous electric mining truck on November 21, marking a significant advancement in mining automation and the transition to a "truly unmanned" era [1][2]. Group 1: Product Features and Innovations - The new autonomous mining truck is designed from the ground up for unmanned operation, featuring a structure and algorithms specifically tailored for intelligent driving, rather than being a modified traditional vehicle [2][3]. - The removal of the driver's cabin signifies Boreton's comprehensive understanding of "unmanned" technology, enhancing the vehicle's perception capabilities, performance, and safety [2][3]. - Boreton's self-developed E2E intelligent driving system utilizes multi-dimensional perception, path planning, and a multimodal smart mining model to achieve superior efficiency and safety in autonomous operations [2][4]. Group 2: Strategic Vision and Market Positioning - Boreton emphasizes practical and long-term approaches in its development, ensuring that autonomous driving integrates seamlessly into mining operations rather than forcing mines to adapt to new technologies [3][4]. - The company aims to provide a comprehensive solution for smart and zero-carbon mining, moving beyond just vehicle manufacturing to include energy management and intelligent scheduling [4][5]. - Boreton's collaboration with Huawei to develop a photovoltaic and energy storage microgrid addresses the critical issue of stable power supply for electric mining trucks, showcasing its technical advantages in the field [5][6]. Group 3: Industry Implications - The introduction of Boreton's autonomous mining truck represents a shift from traditional equipment upgrades to a more integrated approach that optimizes the entire mining production model, indicating a competitive landscape focused on energy systems rather than just equipment [6]. - The launch event on November 21 is not merely a product release but a pivotal moment for the entire smart and zero-carbon mining sector, reflecting the industry's growing expectations for innovation and efficiency [6].

Core Viewpoint - Shandong Gold has experienced a decline in stock price recently, despite a significant year-to-date increase, indicating potential volatility in the market [1][2]. Financial Performance - For the period from January to September 2025, Shandong Gold achieved operating revenue of 83.783 billion yuan, representing a year-on-year growth of 25.04% [2]. - The net profit attributable to shareholders for the same period was 3.956 billion yuan, showing a substantial increase of 91.51% year-on-year [2]. Stock Market Activity - As of November 17, Shandong Gold's stock price was 35.11 yuan per share, with a market capitalization of 161.855 billion yuan [1]. - The stock has seen a year-to-date increase of 57.39%, but has declined by 3.57% over the last five trading days and 7.03% over the last twenty days [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 102,800, reflecting a growth of 12.55% [2]. - The company has distributed a total of 5.678 billion yuan in dividends since its A-share listing, with 2.765 billion yuan distributed in the last three years [3]. Major Shareholders - Hong Kong Central Clearing Limited is the fourth largest circulating shareholder, holding 113 million shares as a new shareholder [3]. - China Securities Finance Corporation is the fifth largest circulating shareholder, maintaining its holding of 109 million shares [3].

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [4] Core Views - The adjustment in coal prices is a normal digestion of previous rapid increases, with the core logic of rising coal prices (supply constraints) remaining unchanged [1][2] - In the context of limited supply, the initiation of demand (whether speculative or real) will lead to rising coal prices, with expectations for coal prices to peak at the end of the year, potentially exceeding market expectations [2] - The continuous rise in coal prices suggests that stock prices should not be a concern, and a more proactive approach is recommended, focusing on leading companies with absolute valuation advantages [2] Summary by Sections Market Review - The CITIC Coal Index was at 3991.33 points, down 0.78%, outperforming the CSI 300 Index by 0.3 percentage points, ranking 22nd among CITIC sectors [1] Supply and Demand Analysis - In October, China's raw coal production fell by 2.3% year-on-year, with a further decline in the rate compared to September [2] - The coal import volume in October decreased month-on-month, reaching a near three-month low, with international coal supply, especially from Indonesia, facing bottlenecks [2] - The upcoming cold wave is expected to increase daily coal consumption at power plants, potentially driving coal prices higher [2][7] Price Trends - As of November 14, the price of thermal coal at North Port was reported at 831 CNY/ton, an increase of 22 CNY/ton week-on-week, marking a new high for the year [6][39] - The report indicates that coal prices are likely to continue rising due to supply constraints, with demand determining the slope and final height of price increases [2][39] Key Investment Targets - The report recommends several stocks with "Buy" ratings, including China Shenhua, Shaanxi Coal, and Xinji Energy, among others, highlighting their strong performance and favorable valuations [11][12]

Investment Rating - The industry investment rating is maintained as "Increase" [4] Core Viewpoints - Indonesia's coal export volume is expected to decrease by 20-30 million tons in 2025 compared to 2024 [2] - The report highlights the performance resilience of companies such as Yancoal Energy, Jinko Coal, and focuses on Keda Automation, which specializes in smart mining [3] - The report emphasizes the importance of performance in stock valuation, recommending companies like Shaanxi Coal, Electric Power Energy, and Huai Bei Mining [3] Summary by Sections Coal Mining - Indonesia's coal export volume for 2024 reached 566 million tons, a year-on-year increase of 8.57%, marking a historical high [3] - As of September 2025, Indonesia's coal production decreased by 7.47% year-on-year to 584 million tons, with coal exports down by 7.3% to 380 million tons [3] Price Trends - As of November 7, 2025, coal prices at various ports showed the following changes: - European ARA port coal price (6000K) at $99.15 per ton, up by $3.4 per ton (+3.55%) - Newcastle port coal price (6000K) at $113.7 per ton, up by $1 per ton (+0.89%) - IPE South African Richards Bay coal futures price at $86.9 per ton, up by $5.15 per ton (+4.57%) [30][32] Key Stocks - Recommended stocks include: - China Coal Energy (Buy) with EPS estimates of 1.46 for 2024A and a PE ratio of 9.40 - China Shenhua (Buy) with EPS estimates of 2.95 for 2024A and a PE ratio of 14.40 - Jinko Coal (Buy) with EPS estimates of 1.68 for 2024A and a PE ratio of 9.00 - Electric Power Energy (Buy) with EPS estimates of 2.38 for 2024A and a PE ratio of 8.70 - Yancoal Energy (Buy) with EPS estimates of 1.44 for 2024A and a PE ratio of 10.20 [6]

Core Viewpoint - Lingong Heavy Machinery Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to raise capital for its growth and expansion in the mining and aerial work equipment sectors [1][3]. Company Overview - Lingong Heavy Machinery is a leading global enterprise in mining and aerial work equipment, focusing on providing intelligent, efficient, and green solutions through innovation and technology [3]. - The company has achieved over RMB 10 billion in annual revenue within ten years of establishment and is recognized for pioneering hybrid non-road dump trucks and electric mining excavators in China [3][4]. Market Position - According to Frost & Sullivan, Lingong Heavy Machinery ranks third among domestic companies in the global mining transportation equipment and excavator market based on 2024 revenue [5]. - The company holds the first position in the global non-road wide-body dump truck sector and ranks fifth in the global aerial work equipment market among domestic firms [5]. - In the field of new energy mining transportation equipment, it ranks first among domestic companies, and it is fourth in the global market for unmanned mining transportation equipment [6]. Financial Performance - The company reported revenues of RMB 10.53 billion, RMB 9.90 billion, RMB 12.03 billion, and RMB 5.53 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively [7]. - Profit figures for the same periods were approximately RMB 0.95 billion, RMB 0.97 billion, RMB 1.00 billion, and RMB 0.63 billion, indicating a profit increase despite a revenue decline in the first half of 2025 [7][11]. Revenue Breakdown - The revenue from mining equipment increased from 54.4% in the first half of 2024 to 63.8% in the first half of 2025, although its growth rate was only 0.6% [9]. - The aerial work equipment segment saw a significant decline of 57%, contributing to the overall revenue drop in the first half of 2025 [9][12]. - Material handling machinery revenue grew by 208%, but its absolute contribution remained limited at RMB 1.58 billion [9]. Revenue Trends - The company experienced a revenue decline of 6% in 2023, followed by a rebound of 21.5% in 2024, but faced another decline of 14.2% in the first half of 2025 [11][12]. - The fluctuations in revenue indicate potential instability in the company's financial performance [12].