Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Overseas, the Fed's interest rate cut was confirmed this week, with the yield curve steepening rapidly. The long - end has high volatility and strong gaming attributes, while the short - end has relatively strong supply and demand. The long - end is expected to fluctuate between 4 - 4.5%, and the short - end is likely to decline and hard to rise. Gold is still favored [2][40]. - In the equity market, AI computing power showed a tendency to spread to other technology sectors. The market is still considered a "slow bull" and short - term is more structural. In the convertible bond market, high valuations are a psychological obstacle. It is recommended to invest in the mid - low - price range for technology diffusion, more left - side cycle directions, or alpha - focused gaming points [2][41]. - The top ten high - rating, mid - low - price convertible bonds with the greatest potential for parity premium rate repair next week are Hope Convertible Bond, Jinneng Convertible Bond, Liqun Convertible Bond, Liuyao Convertible Bond, Industrial Convertible Bond, Energy - saving Convertible Bond, Jiayue Convertible Bond, Energy - chemical Convertible Bond, Qingnong Convertible Bond, and Jiangong Convertible Bond [2][41]. Summary by Directory 1. Week - on - Week Market Review 1.1 Equity Market: Overall Decline with Most Industries Falling - This week (September 15 - 19), the equity market was significantly differentiated and overall declined. The Shanghai Composite Index fell 1.30%, the Shenzhen Component Index rose 1.14%, the ChiNext Index rose 2.34%, and the CSI 300 fell 0.44%. The average daily trading volume of the two markets increased by about 196.154 billion yuan to 2.494834 trillion yuan, a week - on - week increase of 8.53% [7][9]. - Among the 31 Shenwan primary industries, 12 industries rose, with 5 industries rising more than 2%. Coal, power equipment, electronics, automobiles, and machinery had the highest increases [14]. 1.2 Convertible Bond Market: Overall Decline with Most Industries Falling - The CSI Convertible Bond Index fell 1.55%. Among the 29 Shenwan primary industries, 3 industries rose, with 1 industry rising more than 2%. Communication, national defense and military industry, and automobiles had the highest increases [15]. - The average daily trading volume of the convertible bond market was 9.0635 billion yuan, a significant increase of 364.4 million yuan, a week - on - week change of 4.19%. The top ten convertible bonds in terms of trading volume were Jingxing Convertible Bond, Jing 23 Convertible Bond, etc. [15]. - About 18.29% of individual convertible bonds rose, with 6.48% rising between 0 - 1% and 9.26% rising more than 2% [15]. - The overall market conversion premium rate increased. The average daily conversion premium rate this week was 37.17%, up 1.07 pcts from last week. There were different changes in different price and parity intervals [23]. 1.3 Comparison of Stock and Bond Market Sentiments - This week, the weighted average and median weekly returns of convertible bonds and underlying stocks were negative, and the convertible bonds had a larger weekly decline. The trading volume of both markets increased significantly, with the convertible bond trading volume having a larger increase but a lower percentile level [37]. - About 18.88% of convertible bonds rose, and about 31.65% of underlying stocks rose. About 43.85% of convertible bonds had a higher return than the underlying stocks. Overall, the trading sentiment in the underlying stock market was better this week [37]. 2. Outlook and Investment Strategy - Overseas, the Fed's interest rate cut was confirmed. The long - end has high volatility and strong gaming attributes, while the short - end has relatively strong supply and demand. The long - end is expected to fluctuate between 4 - 4.5%, and the short - end is likely to decline and hard to rise. Gold is still favored [2][40]. - In the equity market, AI computing power showed a tendency to spread to other technology sectors. The market is still considered a "slow bull" and short - term is more structural. In the convertible bond market, high valuations are a psychological obstacle. It is recommended to invest in the mid - low - price range for technology diffusion, more left - side cycle directions, or alpha - focused gaming points [2][41]. - The top ten high - rating, mid - low - price convertible bonds with the greatest potential for parity premium rate repair next week are Hope Convertible Bond, Jinneng Convertible Bond, Liqun Convertible Bond, Liuyao Convertible Bond, Industrial Convertible Bond, Energy - saving Convertible Bond, Jiayue Convertible Bond, Energy - chemical Convertible Bond, Qingnong Convertible Bond, and Jiangong Convertible Bond [2][41].

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 - Shanghai Energy's stock price closed at 12.28 yuan as of September 19, 2025, reflecting a 0.74% increase from the previous week's closing price of 12.19 yuan [1] - The highest intraday price for Shanghai Energy was 12.45 yuan on September 16, 2025, while the lowest was 12.0 yuan on September 18, 2025 [1] - The current total market capitalization of Shanghai Energy is 8.875 billion yuan, ranking 24th out of 30 in the coal mining sector and 2089th out of 5153 in the A-share market [1] Group 2 - Shanghai Datun Energy Co., Ltd. announced a cash dividend of 0.09 yuan per share (tax included), with the record date set for September 24, 2025 [2][3] - The total cash dividend distribution amounts to 65,044,620.00 yuan, based on a total share capital of 722,718,000 shares [2][3] - Individual shareholders holding shares for over one year will be exempt from personal income tax on dividend income, while QFII and Shanghai Stock Connect shareholders will have a 10% withholding tax [2][3]

Group 1 - The stock price of Shanxi Coal International (600546) increased by 3.36% this week, closing at 10.15 yuan, compared to 9.82 yuan last week [1] - The highest intraday price reached 10.21 yuan on September 16, while the lowest was 9.75 yuan on September 15 [1] - The current total market capitalization of Shanxi Coal International is 20.122 billion yuan, ranking 14th out of 30 in the coal mining sector and 934th out of 5153 in the A-share market [1] Group 2 - The second extraordinary general meeting of shareholders for Shanxi Coal International was held on September 16, 2025, in Taiyuan, with 607 shareholders and proxies present, representing 1,162,525,080 shares, or 58.6406% of the total voting shares [2] - The meeting, chaired by Chairman Meng Jun, approved the proposal to revise and cancel the supervisory board and the revision of seven company systems, with special resolutions receiving more than two-thirds approval from the voting rights of attending shareholders [2][3] - The meeting was deemed legally valid by Beijing Jindu Law Firm, confirming the legality of the convening, attendance, voting procedures, and results, with no resolutions being rejected [2]

公司报告 | 公司点评 兖矿能源（600188） 证券研究报告 盈利有望受量价双重驱动，H 股高股息属性凸显 煤炭供应频现扰动，煤价迎来筑底反弹 中央财经委员会第六次会议提出"依法依规治理企业低价无序竞争，引导 企业提升产品品质，推动落后产能有序退出等"后，国内煤炭行业供给端 频现扰动，叠加迎峰度夏期间电煤需求尚可、铁水日均产量维持较高水平 等需求支撑，自 5 月以来环渤海港库存量持续下降，截至 2025 年 9 月 16 日，环渤海港库存量 2278.5 万吨，低于 2024 年同期的 2301 万吨水平。"查 超产"政策背景下，我们认为，国内煤炭产量或难以恢复至上半年水平， 煤炭供需形势亦或难以回到此前宽松状态，煤价有望筑底反弹。 煤炭主业高成长+高现货占比销售，盈利有望受量价双重驱动 近年来公司以"内涵提升+外延扩张"双轮驱动策略释放产能、拓展资源, 下 半年随着陕蒙、新疆及澳洲矿井产能进一步释放、新收购西北矿业并表贡 献增量，2025 年全年公司商品煤产量预计达到 1.8 亿吨-1.9 亿吨，同比增 加 4000 万吨以上。目前公司在产、在建及规划矿井合计产能已达 3.2 亿吨 /年，规划"2030 ...

就业市场方面，截至2025年8月31日，就业总人数为54.19万人，较7月底减少3097人。就业下降主 要集中在教育领域，而煤炭开采、医疗卫生、物流运输、信息技术及安保调查等行业呈现增长态势。从 年龄结构看，35岁以下员工占比31.60%（17.13万人），36岁以上员工占比68.40%（37.07万人）；性别 分布显示男性雇员占55.82%（30.25万人），女性雇员占44.18%（23.94万人）。（驻波黑使馆经商处） 波黑媒体《新闻报》9月16日报道。波黑联邦税务局最新数据显示，2025年1月至8月期间共征收公 共收入59.02亿马克，同比增加6.57亿可兑换马克，增幅达12.54%。 （原标题：2025年1-8月波黑联邦公共收入同比增长12.54%） ...

Core Viewpoint - The report by Zhiyan Consulting analyzes the supply and demand dynamics of the coal mining industry in China from 2025 to 2031, highlighting market price trends and historical data [1]. Price Trends - The market price of Datong mixed coal (5800 kcal) was 739.7 RMB/ton in late August 2025, reflecting a year-on-year decline of 16.38% and a month-on-month increase of 0.86% [1]. - The highest recorded price for Datong mixed coal in the same period over the past five years was 1281.3 RMB/ton in late August 2022 [1]. Historical Data - A statistical chart detailing the price fluctuations of Datong mixed coal (5800 kcal) from 2019 to late August 2025 is referenced, indicating significant price variations over the years [1].

Core Insights - The report by Zhiyan Consulting analyzes the supply and demand dynamics of the coal mining industry in China from 2025 to 2031, highlighting market trends and potential [1] Price Trends - As of late August 2025, the market price for coking coal (first-grade metallurgical coke) is reported at 1439.3 yuan per ton, reflecting a year-on-year decrease of 10.76% and a month-on-month increase of 4.47% [1] - The highest recorded price for coking coal in the same period over the past five years was 3243.8 yuan per ton in late August 2021 [1]

Group 1 - The core viewpoint of the article highlights that the market price of coking coal (main coking coal) in late August 2025 is 1425 yuan/ton, reflecting a year-on-year decline of 12.31% and no change compared to the previous month [1] - The highest price recorded in the past five years for coking coal was 3150 yuan/ton in late August 2021, indicating significant price volatility in the market [1] Group 2 - The data source for the price changes of coking coal from 2019 to late August 2025 is the National Bureau of Statistics [2]

Core Insights - The report by Zhiyan Consulting analyzes the supply and demand dynamics of the coal mining industry in China from 2025 to 2031, highlighting market trends and potential [1] Price Trends - According to data from the National Bureau of Statistics, the market price of Shanxi premium mixed coal (5500 kcal) in late August 2025 is projected to be 701.7 yuan/ton, reflecting a year-on-year decline of 16.34% and a month-on-month increase of 0.95% [1] - The highest recorded price for Shanxi premium mixed coal in the same period over the past five years was 1196.3 yuan/ton in late August 2022 [1]