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]

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 ordinary mixed coal (4500 kcal) is 557.4 yuan per ton, reflecting a year-on-year decline of 12.74% and a month-on-month decrease of 1.26% [1] - The highest recorded price in the past five years for the same period was in August 2022, reaching 943.8 yuan per ton [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 - The market price of Shanxi Dahu (5000 kcal) coal was reported at 625.3 RMB/ton in late August 2025, reflecting a year-on-year decline of 15.36% and a month-on-month decrease of 0.67% [1] - The peak price for the same coal type was recorded in late August 2022, reaching 1070 RMB/ton, indicating significant price volatility over the past five years [1]

Group 1 - The core viewpoint of the article highlights the growth in China's coal production, with a reported output of 400 million tons in May 2025, reflecting a year-on-year increase of 4.2% [1] - From January to May 2025, China's cumulative coal production reached 1.99 billion tons, marking a cumulative growth of 6% [1] Group 2 - The article lists key listed companies in the coal industry, including China Shenhua (601088), Zhongmei Energy (601898), Shanxi Coking Coal (000983), and others [1] - The data is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, which specializes in industry research and consulting services [1]

Group 1 - The coal mining sector increased by 2.02% on September 19, with Huayang Co. leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] - Notable performers in the coal mining sector included: - Biaozhan Service (600348) with a closing price of 7.60, up 7.80% - Lu'an Huaneng (6691099) at 15.00, up 5.63% - Jinko Coal Industry (601001) at 14.30, up 5.54% [1] Group 2 - The coal mining sector experienced a net outflow of 355 million yuan from institutional investors, while retail investors saw a net inflow of 320 million yuan [2] - Key stocks with significant capital flows included: - Shanxi Coking Coal (000983) with a net inflow of 127 million yuan from institutional investors - Biaozhan Co. (600348) with a net inflow of 106 million yuan from institutional investors [3] - The overall trading volume for the coal mining sector was substantial, with various companies reporting significant transaction amounts [2][3]

Report Overview - Report Title: China's Raw Coal Production and Provincial Production Data Monthly Report [2] - Report Date: September 19, 2025 [4] - Researcher: Hou Jian, Ji Xiaoyun [4] Industry Investment Rating - Not provided Core View - The decline in raw coal production has narrowed. In August, the raw coal output of industrial enterprises above the designated size was 390 million tons, a year-on-year decrease of 3.2%, and the decline was 0.6 percentage points narrower than that in July. From January to August, the raw coal output of industrial enterprises above the designated size was 3.17 billion tons, a year-on-year increase of 2.8%. The monthly output of raw coal in five provinces, including Shanxi, Inner Mongolia, Shaanxi, Xinjiang, and Guizhou, varied month-on-month and year-on-year, but their combined share of the national total remained at 85% [4]. Summary by Relevant Catalog National Raw Coal Production - In August 2025, the national raw coal output was 39.05 million tons, a month-on-month increase of 2.5% and a year-on-year decrease of 3.2%. From January to August, the cumulative output was 3.17 billion tons, a year-on-year increase of 2.8% [4][6] Provincial Raw Coal Production - **Shanxi Province**: In August, the raw coal output was 10.771 million tons, a month-on-month increase of 0.67% and a year-on-year decrease of 6.7% [4][6] - **Inner Mongolia Autonomous Region**: In August, the raw coal output was 9.979 million tons, a month-on-month increase of 3.56% and a year-on-year increase of 0.3% [4][7] - **Shaanxi Province**: In August, the raw coal output was 6.639 million tons, a month-on-month decrease of 0.49% and a year-on-year increase of 1.1% [4][7] - **Xinjiang Uygur Autonomous Region**: In August, the raw coal output was 4.22 million tons, a month-on-month increase of 14.51% and a year-on-year decrease of 10.5% [4][7] - **Guizhou Province**: In August, the raw coal output was 1.216 million tons, a month-on-month decrease of 1.43% and a year-on-year decrease of 3.7% [4][7]

"下一步，我们将继续深化支护技术创新，通过规范系列措施，不断提升矿井支护设计水平，为矿井安 全生产和高效开采贡献一份自己的力量。"该公司技术科科长李敬忠表示。 该公司秉持差异化精准支护理念，根据煤层埋深实行区域化管理，并结合巷道用途、围岩特性及服务年 限等因素，编制完成矿井《"一矿一策"巷道支护体系》。他们在支护设计流程上严谨规范、严格把关， 设计前由总工程师组织多科室、多部门，详细进行现场调查与地质力学评估，依次进行围岩分类、参数 类比、理论计算、极限平衡校核，通过矿压观测形成报告并适时调整参数，最终形成正式设计。 在支护方面，他们采取优化锚网联结、顶板钢带参数等方式，提升支护效率。"8301轨道顺槽原先顶板 采用4.3m钢带搭接护表，我们经过研究调整优化为长度5m的钢带，进一步提升了护表整体强度。"该公 司掘进一区区长王业滨介绍说。 在内部审查阶段，该公司全面评估支护设计科学性、合理性与合规性，并将其进一步完善后提交上级单 位审批。他们还在规范实施方面，通过组织技术人员深入学习标准规范，完善作业规程，开展井下试 验，严格执行"三级质检制度"，确保支护作业高质量完成。 山东能源鲁西矿业单县能源在支护设计方面 ...

Core Viewpoint - The overall market experienced a decline on September 19, with the Shenzhen Component Index down 0.04%, the Shanghai Composite Index down 0.30%, and the ChiNext Index down 0.16% [1] Group 1: Market Performance - The Shanxi sector showed a downward trend, with an overall decline of 0.34% [1] - More stocks in the Shanxi sector fell than rose, with three stocks increasing over 5%: Huayang Co. up 7.80%, Lu'an Environmental Energy up 5.63%, and Jinkong Coal Industry up 5.54% [1] - The leading decliner in the Shanxi sector was Northern Copper, which fell 5.12%, marking a cumulative decline of 10.37% over two days [1] Group 2: Energy Sector Insights - As a major energy province, Shanxi has several listed companies involved in coal and related fields, with the energy sector performing relatively well despite the overall market decline [1] - The coal mining and processing sectors saw gains of 1.82% and 2.30%, respectively, indicating resilience against the broader market downturn [1] Group 3: Stock Movements - Luohua Technology, after a cumulative increase of over 20% in previous days, has recently seen a decline, with a total drop of 18.52%, nearing a 20% decrease [1]

Core Viewpoint - Shanghai Energy's stock has shown fluctuations with a recent increase of 2.00%, but the year-to-date performance indicates a decline of 6.06% [1] Financial Performance - For the first half of 2025, Shanghai Energy reported a revenue of 3.498 billion yuan, a year-on-year decrease of 27.94%, and a net profit attributable to shareholders of 205 million yuan, down 56.45% [2] - Cumulative cash dividends since the A-share listing amount to 3.975 billion yuan, with 1.178 billion yuan distributed over the last three years [3] Shareholder Information - As of September 10, 2025, the number of shareholders for Shanghai Energy is 34,000, a decrease of 1.45% from the previous period, with an average of 21,256 circulating shares per shareholder, an increase of 1.47% [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 6.6305 million shares, and various ETFs such as Guotai Zhongzheng Coal ETF and Southern Zhongzheng 1000 ETF, all of which have increased their holdings [3] Market Activity - As of September 19, 2025, Shanghai Energy's stock price is 12.24 yuan per share, with a market capitalization of 8.846 billion yuan and a trading volume of 49.0695 million yuan [1] - The stock has experienced a recent net inflow of 1.6804 million yuan from main funds, with significant buying activity noted [1]

Core Viewpoint - The stock of Lanhua Sci-Tech has experienced fluctuations, with a recent increase of 2.14% on September 19, 2023, despite a year-to-date decline of 20.45% [1][2]. Company Overview - Lanhua Sci-Tech, established on December 8, 1998, and listed on December 17, 1998, is located in Jin City, Shanxi Province. The company primarily engages in the production and sales of coal, briquettes, chemical products, and building materials [2]. - The revenue composition of Lanhua Sci-Tech is as follows: coal accounts for 73.82%, fertilizers 16.84%, chemicals 9.06%, and others 0.29% [2]. Financial Performance - For the first half of 2025, Lanhua Sci-Tech reported a revenue of 4.05 billion yuan, representing a year-on-year decrease of 26.05%. The net profit attributable to shareholders was 57.48 million yuan, down 89.58% compared to the previous year [2]. - The company has distributed a total of 7.166 billion yuan in dividends since its A-share listing, with 2.477 billion yuan distributed over the last three years [3]. Shareholder Structure - As of June 30, 2025, Lanhua Sci-Tech had 62,200 shareholders, an increase of 5.08% from the previous period. The average number of circulating shares per shareholder decreased by 4.83% to 23,680 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, holding 70.8424 million shares, a decrease of 7.8469 million shares from the previous period [3].