Core Viewpoint - Xinjiang is emerging as a significant energy province in China, with substantial investments planned for oil, gas, coal, and renewable energy development, positioning it as a key player in the national energy landscape [2][24][29]. Group 1: Energy Resources - Xinjiang occupies about one-sixth of China's land area and is rich in energy resources, including coal, oil, and natural gas [3][4]. - The coal reserves in Xinjiang are the largest in the country, with a predicted reserve of 2.19 trillion tons, accounting for 40.6% of the national total [5][6]. - Coal production in Xinjiang has increased significantly from 190 million tons in 2018 to 413 million tons in 2023, with a target of over 460 million tons by 2025 [7][11]. - Xinjiang ranks first in the country for oil and gas production, with a total output of 66.06 million tons in 2023 [13][20]. Group 2: Investment and Development - A consortium of 25 state-owned enterprises plans to invest over 930 billion yuan in Xinjiang's energy sector by 2028 [29][28]. - The region is set to become a national energy resource strategic support base, with eight major industrial clusters being developed around oil, gas, coal, and renewable energy [24][27]. Group 3: Infrastructure and Transportation - Significant improvements in transportation infrastructure have facilitated the export of coal and electricity from Xinjiang, with coal exports reaching 100 million tons in 2023 [33][35]. - The development of high-capacity power transmission lines has enabled Xinjiang to export electricity to 20 provinces, contributing to the economic growth of both Xinjiang and the receiving regions [38][40]. Group 4: Renewable Energy - Xinjiang has become a leader in renewable energy, with over 50% of its total installed capacity coming from renewable sources as of mid-2024 [19][41]. - The region's solar and wind energy resources are among the best in the country, driving the growth of the renewable energy industry and creating job opportunities for local communities [43][45].

Investment Rating - The report maintains a "Recommended" rating for Shanxi Coking Coal (000983.SZ) based on expected internal and external growth, as well as a high cash dividend ratio [4][6]. Core Views - The company reported a revenue of 18.053 billion yuan for the first half of 2025, 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 [1]. - In Q2 2025, the company achieved a revenue of 9.028 billion yuan, a slight increase of 0.02% quarter-on-quarter, but the net profit dropped by 67.26% year-on-year and 51.15% quarter-on-quarter [1]. - The gross profit margin for coal business decreased to 47.55%, down 6.69 percentage points year-on-year, while the power and heat business saw an increase in gross profit margin to 8.44%, up 7.66 percentage points year-on-year [1]. Summary by Sections Financial Performance - The total sales gross margin for the first half of 2025 was 30%, a decrease of 1.22 percentage points year-on-year [1]. - The company plans to distribute a cash dividend of 0.36 yuan per 10 shares, representing 20.16% of the net profit for the first half of 2025, resulting in a dividend yield of 0.5% based on the closing price on August 27, 2025 [2]. Development Potential - The company obtained a mineral resource exploration license for the Lvliang Xing County block, which has coal reserves of 95.2775 million tons and bauxite reserves of 5.56123 million tons. The planned production capacity is 8 million tons per year [3]. - The development of the Xing County block is expected to enhance the company's sustainable development capabilities in the coal business and inject new competitive advantages for high-end industrial upgrades [3]. Profit Forecast - The forecasted net profits for 2025, 2026, and 2027 are 2.122 billion yuan, 2.852 billion yuan, and 3.057 billion yuan, respectively, with corresponding EPS of 0.37 yuan, 0.50 yuan, and 0.54 yuan [4][5]. - The PE ratios for the same years are projected to be 19, 14, and 13 times, respectively [4].

Core Viewpoint - The potential return of Exxon Mobil to Russia's Sakhalin oil and gas projects indicates a significant shift in U.S.-Russia relations, contingent on the resolution of the Ukraine conflict and U.S. sanctions [1][3][5] Group 1: Exxon Mobil's Engagement with Russia - Exxon Mobil executives have held secret talks with Russia's state-owned energy company regarding the possibility of returning to the Sakhalin project, which they exited in 2022 due to the Ukraine conflict [1][2] - The Sakhalin project, initiated in 1995, is a major investment for Exxon, where it holds a 30% stake and leads operations alongside partners like Rosneft and SODECO [2][4] - The discussions have gained momentum following meetings between U.S. and Russian officials, with Exxon seeking support from the U.S. government for a potential return [3][4] Group 2: Implications for Russia and Exxon Mobil - For the Kremlin, attracting Exxon back would be a significant victory, as it seeks Western investment to stabilize its economy amid ongoing sanctions [3][5] - The return of Exxon could depend on favorable terms from Russia, including compensation for losses incurred during its exit, as well as the lifting of certain sanctions [4][5] - The energy landscape in Russia has changed, with European buyers reducing dependence on Russian oil, while India and China have increased their purchases, complicating Exxon's potential re-entry [5]

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints - Sudan and South Sudan are both under - developed countries. Sudan has a weak industrial base with agriculture as the main economic pillar, while South Sudan has almost no large - scale industrial production and depends entirely on imports for industrial products and daily necessities [2]. - The two countries are rich in natural resources. As of early 2024, the combined proven crude oil reserves are estimated at 5 billion barrels, and the combined proven natural gas reserves are estimated at 3 trillion cubic feet. After South Sudan's independence in 2011, 75% of the original Sudan's oil reserves were allocated to the south, leading to a significant reduction in Sudan's oil production [2]. - Sudan is currently in an armed conflict with the Rapid Support Forces, and South Sudan has intense domestic political struggles with the political transition period extended several times [1]. 3. Summary by Directory 3.1 National Overview 3.1.1 Geographical Location - Sudan is located in northeastern Africa, on the western coast of the Red Sea, bordering Egypt to the north, Libya, Chad, and the Central African Republic to the west, South Sudan to the south, and Ethiopia and Eritrea to the east [8]. - South Sudan is an inland country in northeastern Africa, bordering Ethiopia to the east, Kenya, Uganda, and the Democratic Republic of the Congo to the south, the Central African Republic to the west, and Sudan to the north [8]. 3.1.2 Economic Overview - **Sudan**: In 2024, the population was about 49.4 million. It is one of the least developed countries in the world. The economy was once boosted by oil exports but was severely affected by South Sudan's independence in 2011 and the armed conflict in 2023. In 2024, the GDP was 29.7 billion US dollars, and the per - capita GDP was only 594 US dollars. The main economic pillar is agriculture, and it also has some industries such as oil, textile, and sugar - making. The total foreign trade volume in 2024 was 8.04 billion US dollars [12][13]. - **South Sudan**: In 2024, the population was about 15.9 million. It is also a least - developed country, with the economy highly dependent on oil, accounting for about 90% of government fiscal revenue. In 2024, the GDP was about 5.27 billion US dollars, a year - on - year decrease of 26.7%, and the per - capita GDP was about 331 US dollars. It has almost no large - scale industrial production and depends on imports [14]. 3.1.3 Historical Politics - **Sudan**: It has a long history. It was part of ancient Egypt from 2800 BC to 1000 BC. After a series of historical changes, it became independent in 1956. Since 2023, it has been in an armed conflict between the Sudanese Armed Forces and the Rapid Support Forces [15][16]. - **South Sudan**: It became independent in 2011. Since 2013, there have been armed conflicts between the government and the opposition, and the political transition period has been extended several times [16]. 3.2 Oil and Other Liquids - As of early 2024, the combined proven crude oil reserves of Sudan and South Sudan were estimated at 5 billion barrels, unchanged from the previous year. The main producing areas are the Muglad Basin and the Melut Basin, and they produce three types of crude oil blends: Dar, Nile, and Fula [17]. - In 2023, Sudan's average daily production of liquid fuels was about 70,000 barrels, and South Sudan's was about 149,000 barrels. Sudan's production has been decreasing due to insufficient upstream exploration, while South Sudan's has grown relatively steadily [20]. - Sudan has 3 refineries and 3 topping units, but most are shut down. South Sudan's Bentiu refinery started commercial operation in 2021, and it plans to build more refineries [23]. 3.3 Natural Gas - As of early 2024, the combined proven natural gas reserves of Sudan and South Sudan were estimated at 3 trillion cubic feet, unchanged from the previous year. Neither country produces or consumes natural gas [24]. 3.4 Coal - Sudan and South Sudan do not produce or consume coal [25]. 3.5 Electricity 3.5.1 Sudan - In 2021, the total installed capacity was 4.5 GW, with about half from fossil fuels, about 43% from hydropower, and the rest from renewable energy. In 2020, the total power generation was 16.6 billion kWh, with 60% from hydropower [26]. - The power transmission and distribution network mainly serves major power - consuming centers like Khartoum and is concentrated in the more densely populated eastern region. Only about 62% of the population had access to electricity in 2021, with a higher urban access rate (84%) than rural (49%) [26]. - The government is committed to diversifying the power mix and has prioritized investment in thermal power in recent years [26]. 3.5.2 South Sudan - In 2021, the total installed capacity was 0.12 GW, almost entirely from fossil fuels, and the total power generation was 600 million kWh, also almost entirely from fossil fuels. Only about 8% of the population had access to electricity in 2021 [29]. - In June 2023, Uganda and South Sudan signed an agreement allowing South Sudan to import electricity from Uganda, and they are conducting a feasibility study on an inter - connected transmission line [30]. 3.6 Energy Trade 3.6.1 Oil and Other Liquids - The main export products of Sudan and South Sudan are Nile and Dar crude oil blends, which are sold to the Asian market. The average daily export volume of crude oil from 2014 - 2023 was about 145,000 barrels, and it decreased due to the decline in total production. In 2023, the export volume was about 125,000 barrels per day, with the UAE being the largest destination country [31][36]. 3.6.2 Natural Gas and Coal - Sudan and South Sudan do not participate in natural gas or coal trade and have no relevant imports or exports [38][39].