Core Viewpoint - Liaoning Energy's stock price has shown a year-to-date increase of 28.23%, despite a recent decline of 4.59% over the last five trading days, indicating volatility in its performance [2]. Financial Performance - As of June 30, 2025, Liaoning Energy reported a revenue of 2.41 billion yuan, a year-on-year decrease of 9.30%, while the net profit attributable to shareholders was 14.22 million yuan, reflecting a year-on-year growth of 23.53% [3]. - The company has distributed a total of 425 million yuan in dividends since its A-share listing, with 148 million yuan distributed over the last three years [4]. Stock Market Activity - On October 27, 2023, Liaoning Energy's stock price rose by 2.10% to 4.37 yuan per share, with a trading volume of 158 million yuan and a turnover rate of 2.81%, resulting in a total market capitalization of 5.78 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on March 20, 2023, where it recorded a net buy of -5.50 million yuan [2]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Liaoning Energy was 47,800, a decrease of 4.73% from the previous period, with an average of 27,647 circulating shares per shareholder, an increase of 4.97% [3]. - The top ten circulating shareholders include notable entities such as Guotai Junan CSI Coal ETF and Hong Kong Central Clearing Limited, with changes in their holdings compared to the previous period [4].

沪指 10 年新高，金银大跌，周期怎么看？20251026 摘要 TikTok 电商增速预计达 30%，极兔前三季度件量增速超 65%，拉美电 商渗透率仅 15%，潜力巨大，中国电商积极布局。嘉友蒙煤市场价维持 高位，非洲业务利润贡献显著，预计三四季度利润逐季改善。 航空公司受益于票价和客座率改善，以及飞机交付受限和替换周期，油 价下降和汇率升值也构成利好。推荐关注华夏航空、东航、南航、国航 等标的。 快递行业估值具吸引力，圆通和申通明年 PE 或为 9 倍和 8~9 倍，反内 卷趋势持续，推荐关注圆通和申通。 几内亚西芒杜铁矿投产将显著改善散货供需关系，运距较长导致 Capesize 船存在缺口，中美贸易谈判等事件性因素也可能催化干散货 行情，推荐招商轮船和海通发展。 六氟磷酸锂价格大幅上涨，接近翻倍，吨毛利显著改善，行业开工率提 升，库存下降，需求拉动明显，电解液价格亦上涨，看好六氟磷酸锂和 电解液盈利修复，推荐新宙邦。 Q&A 近期沪指创十年新高，周期板块的表现如何？ 上证指数直逼 4,000 点，进入牛市状态。交运板块沿着几条主线展开分析。首 先是出海业务，推荐极兔和嘉友两只股票。极兔在东南亚快递市场 ...

金秋时节，全国会展业迎来年度收官高潮。步入11月，各类大型展会将在多地密集登场，聚焦产业 升级与国际合作，奏响经济活力新乐章。下周全国将举办哪些重要展会？中国经济网带你"展"望！ 一周展会速览 第二十一届中国国际采矿展 2025海博会 第26届中国国际教育年会 2025世界制药原料展览会 2025亚洲物流展 2025电子半导体产业创新发展大会 2025西部半导体展 2025中国海洋经济博览会(海博会)以"数智深蓝 共创未来"为主题，计划展览面积40000平方米，汇 聚250家全球行业龙头企业、吸引超过50,000名专业观众，并重磅推出10余场高端峰会与论坛活动，全 面构建一个集展示、交流、交易于一体的海洋经济交流合作平台，助力海洋产业协同创新、互利共赢。 第26届中国国际教育年会 时间：10月29日至31日 地点：国家会议中心 第26届中国国际教育年会以"以教育见世界"为主题，新西兰担任主宾国。计划举办40场专业论坛， 议题覆盖高等教育、职业教育、基础教育等领域，并发布多份国际教育研究报告。 第二十一届中国国际煤炭采矿技术交流及设备展览会 时间：10月28日至31日 地点：北京中国国际展览中心(顺义馆)、首都 ...

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [4] Core Views - The report emphasizes that the underlying logic for the recent rise in coal prices is due to supply constraints caused by increased safety inspections and production restrictions. It predicts that coal prices will continue to rise, especially if demand exceeds expectations, such as during a cold winter [2][7] - The report highlights that the domestic coal production has been declining year-on-year for three consecutive months from July to September, and this trend is expected to continue into October [2][11] - The report notes that the current low inventory levels compared to the previous year will reduce price suppression, allowing for greater price elasticity if demand increases [2][7] Summary by Sections Industry Trends - The report indicates that the coal mining index increased by 1.46% but underperformed compared to the CSI 300 index, which rose by 3.24% [2][74] - It mentions that the price of thermal coal has stabilized after a rapid increase, with the current price at 770 RMB/ton, up by 31 RMB/ton week-on-week [2][34] - The report also states that the supply of coking coal remains tight, with prices reaching new highs due to strong demand from downstream industries [11][52] Key Areas of Analysis - For thermal coal, the report identifies ongoing supply disruptions and low port inventories as factors that make prices likely to rise [12][15] - In the coking coal segment, the report notes that prices have surged due to strong purchasing sentiment from downstream users, with some prices increasing by 30-100 RMB/ton since October [11][52] - The report highlights that the overall supply-demand balance in the coal industry remains stable, with expectations for further price increases as production constraints persist [2][11] Investment Strategy - The report recommends several key stocks in the coal sector, including China Shenhua, Shaanxi Coal and Chemical Industry, and others, all rated as "Buy" [10] - It emphasizes the importance of monitoring the supply situation and potential demand recovery in the coal market, particularly in relation to the real estate sector [11][56]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [5] Core Viewpoints - The coal mining industry is experiencing significant supply tightening due to stricter safety regulations, with port prices for thermal coal reaching a new high of 770 RMB/ton as of October 24, 2025, reflecting a week-on-week increase of 22 RMB/ton [5][14] - The report anticipates that the ongoing policies to curb overproduction will continue to constrain supply, combined with low upstream inventories and high pit prices, which are expected to support coal prices in a strong upward trend as winter demand approaches [7][71] Summary by Sections Thermal Coal - The supply of thermal coal is tightening, with port prices increasing; as of October 24, 2025, the price at northern ports is 770 RMB/ton, up 22 RMB/ton week-on-week [14][15] - Production capacity utilization in the Sanxi region decreased by 2.54 percentage points to 88.21% as of October 22, 2025, primarily due to stricter safety inspections and equipment maintenance [20][71] - Demand from coastal and inland power plants shows mixed trends, with coastal power plant daily consumption decreasing by 27.3 thousand tons while inland consumption increased by 42.0 thousand tons [23][71] Coking Coal - Coking coal supply is tightening, with production capacity utilization dropping by 1.40 percentage points to 84.4% due to increased safety inspections and maintenance in Shanxi and Inner Mongolia [40][72] - The price of main coking coal at the port reached 1,760 RMB/ton as of October 24, 2025, reflecting a week-on-week increase of 50 RMB/ton [41][72] - Coking coal inventories at production enterprises decreased by 10.97 thousand tons, indicating a tightening supply situation [48][72] Coke - The supply of coke is tightening, with production rates at independent coking plants decreasing; the average profit per ton of coke is currently negative, indicating financial pressure on some enterprises [51][72] - The average daily iron output decreased by 1.04 million tons to 239.85 million tons, affecting demand for coke [59][72] - The report suggests that the coke market is expected to maintain a stable price trend, influenced by iron output and macroeconomic factors [72] Key Companies and Investment Logic - The report highlights several key companies in the coal mining sector, including China Shenhua, Shaanxi Coal, and Yanzhou Coal, recommending a focus on their strong cash flow and high dividend yields [7][9] - The report emphasizes the investment value of coal stocks due to their high dividend yields and stable cash flows, particularly in the context of macroeconomic uncertainties [7][72]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance showed significant improvement compared to the previous quarter, highlighting the resilience of its integrated operations [1] - The company is expected to maintain continuous positive growth in the second half of the year, leading to an upward revision of profit forecasts for 2025-2027 [1] - The company plans to acquire assets from its controlling shareholder, which will enhance its integrated operations and competitive edge [3] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of CNY 213.15 billion, a year-on-year decrease of 16.6% [1] - The net profit attributable to shareholders was CNY 39.05 billion, down 10.0% year-on-year, while the net profit excluding non-recurring items was CNY 38.70 billion, down 15.9% year-on-year [1] - In Q3 alone, the company reported operating revenue of CNY 75.04 billion, a year-on-year decrease of 13.1% but an increase of 9.5% compared to the previous quarter [1] Coal and Power Business Insights - The coal business showed stabilization in volume and price, with a total coal production of 250.9 million tons for the first three quarters, a slight decrease of 0.4% year-on-year [2] - The average selling price of coal was CNY 487 per ton, down 13.7% year-on-year, while the unit production cost for self-produced coal decreased by 7.5% to CNY 173.2 per ton [2] - The power segment experienced a decline in sales volume but improved profitability, with a gross profit of CNY 12.50 billion, an increase of 11.3% year-on-year [2] Strategic Developments - The company plans to purchase equity stakes in 13 companies from its controlling shareholder, which will address competition issues and strengthen its integrated operations [3] - Key projects are being accelerated, with significant production capacity expected to come online by 2028 and 2029 [3] - The company has committed to a minimum cash dividend payout ratio of 65% from 2025 to 2027, reflecting its focus on shareholder returns [3] Financial Projections - The projected net profit for 2025-2027 is CNY 52.00 billion, CNY 54.56 billion, and CNY 56.03 billion respectively, with corresponding EPS of CNY 2.62, CNY 2.75, and CNY 2.82 [4] - The company's P/E ratios for the same period are expected to be 16.2, 15.5, and 15.1 times [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance showed significant improvement on a quarter-on-quarter basis, with a focus on the growth potential of coal-electricity integration [4] - The company achieved a revenue of 9.01 billion yuan in the first three quarters of 2025, a year-on-year decrease of 1.95%, and a net profit attributable to shareholders of 1.477 billion yuan, down 19.06% year-on-year [4] - Q3 revenue reached 3.199 billion yuan, up 10.25% quarter-on-quarter, with a net profit of 555.6 million yuan, an increase of 43.12% quarter-on-quarter [4] - The company is expected to benefit from rising coal and electricity prices in the second half of the year, leading to an upward revision of profit forecasts for 2025-2027 [4] Summary by Sections Financial Performance - In Q3, the company experienced a significant improvement in performance, with a notable increase in both revenue and net profit compared to the previous quarter [4] - The company’s coal production slightly decreased due to planned maintenance, but sales performance was strong due to inventory sales, and prices improved due to a recovery in market coal prices [5] - The electricity business saw a significant rebound in generation and sales due to high temperatures in Anhui, with improved market electricity prices contributing to better profitability [5] Coal-Electricity Integration - The company is actively pursuing coal-electricity integration, with a total production capacity of 23.5 million tons per year across five production mines as of September 2025 [6] - Ongoing projects, including the Shangrao Power Plant and Chuzhou Power Plant, are progressing as planned, with expected increases in installed capacity and operational synergies [6] Dividend Outlook - The company plans to increase its cash dividend per share to 0.16 yuan for the 2024 fiscal year, with a dividend payout ratio of 17.3% [6] - Management anticipates improving dividend ratios as capital expenditure peaks and cash flow improves following the commissioning of new power plants [6] Financial Projections - The company is projected to achieve net profits of 2.107 billion yuan, 2.297 billion yuan, and 2.457 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.81 yuan, 0.89 yuan, and 0.95 yuan [7] - The P/E ratios for the upcoming years are estimated at 8.7, 8.0, and 7.5 times, indicating potential valuation improvement [7]

Investment Rating - The report maintains a "Buy" rating for the coal mining industry, indicating a positive outlook for the sector [4]. Core Insights - The U.S. coal energy agenda is accelerating, with Republican lawmakers proposing a "Coal Week" to bolster coal production and keep aging coal-fired power plants operational. This aligns with federal efforts to revitalize the coal industry, including plans to open 13 million acres of federal land for coal leasing and allocate approximately $625 million for restarting or modernizing coal power units [2][3]. - Competitive coal mining rights auctions are being held in Alabama, Montana, and Utah, serving as indicators of industry demand. However, early auction activities show mixed interest, with some land receiving minimal bids [3]. - The report highlights several key companies for investment, including Yancoal Energy, Jinneng Holding, and China Shenhua Energy, among others, emphasizing their performance resilience and potential for growth [6]. Summary by Sections Coal Prices - Coal prices have seen slight adjustments, with Newcastle port coal priced at $110.65 per ton, down by $0.8 from the previous week, and European ARA port coal at $96 per ton, down by $1.77 [31]. Market Trends - The report notes a marginal increase in coal power demand, indicating a potential recovery in the coal sector as energy needs shift [34]. Key Companies - Recommended stocks include: - China Qinfa (Buy) with projected EPS of 0.20 in 2024 - Jiangxi Tungsten (Buy) with projected EPS of -0.28 in 2024 - China Shenhua (Buy) with projected EPS of 2.95 in 2024 - Jinneng Holding (Buy) with projected EPS of 1.68 in 2024 - Yancoal Energy (Buy) with projected EPS of 1.44 in 2024 [6].

Report Industry Investment Rating - The investment rating for the coal mining industry is "Bullish" [2] Report's Core View - Currently at the beginning of a new upward cycle in the coal economy, with fundamental and policy factors in resonance, it's a good time to allocate coal stocks on dips. The coal supply bottleneck is expected to last until the 15th Five - Year Plan. With the westward shift of coal layout and rising costs, coal prices are likely to remain high. The coal sector is a high - performance, high - cash, and high - dividend asset, and the team continues to be bullish on the coal sector and suggests investors focus on the allocation opportunities at the current stage [3][11][12] Summary by Directory I. This Week's Core View and Key Focus - **Core View**: In the current coal economic cycle, supply is tightening due to policies like "over - production inspection", and demand is expected to pick up with the "peak winter" approaching. Coal prices are expected to rise in a volatile manner. The underlying investment logic of coal capacity shortage remains unchanged, and coal stocks are of high cost - effectiveness. Suggest investors allocate on dips [3][11] - **Investment Suggestions**: Focus on stable companies like China Shenhua, Shaanxi Coal Industry; oversold and high - elasticity companies like Yankuang Energy; and high - quality coking coal companies like Lu'an Environmental Energy. Also, pay attention to Huayang Co., Ltd., Yankuang Australia, etc. [3][12] - **Key Focus**: In the first three quarters, the national raw coal output was 3.57 billion tons, a 2.0% year - on - year increase. In September, the electricity consumption increased by 4.5% year - on - year. Australia's coal exports in the first three quarters of 2025 are expected to decline by 5.3% year - on - year [13] II. This Week's Performance of Coal Sector and Individual Stocks - The coal sector rose 1.46% this week, underperforming the broader market. The CSI 300 rose 3.24% to 4660.68. The top three performing sectors were communication, electronics, and machinery [14] - The thermal coal, coking coal, and coke sectors rose 1.68%, 0.89%, and 1.08% respectively [16] - The top three gainers in the coal mining and washing sector were Shanghai Energy (5.65%), Xinji Energy (4.72%), and Pingdingshan Tianan Coal Mining Co., Ltd. (3.83%) [19] III. Coal Price Tracking - **Coal Price Index**: As of October 24, the comprehensive transaction price of CCTD Qinhuangdao thermal coal (Q5500) was 691.0 yuan/ton, up 6.0 yuan/ton week - on - week. The comprehensive average price index of Bohai Rim thermal coal (Q5500K) was 684.0 yuan/ton, up 4.0 yuan/ton week - on - week. The annual long - term contract price of CCTD Qinhuangdao thermal coal (Q5500) was 676.0 yuan/ton, up 2.0 yuan/ton month - on - month [24] - **Thermal Coal Price**: At Qinhuangdao Port, the market price of Shanxi - produced thermal coal (Q5500) was 768 yuan/ton on October 25, up 28 yuan/ton week - on - week. In production areas, prices in Shaanxi, Inner Mongolia, and Datong also increased. Internationally, some prices rose while others fell [30] - **Coking Coal Price**: At ports like Jingtang Port and Lianyungang, and in production areas like Linfen and Yanzhou, coking coal prices increased. The CIF price of Australian Peak Downs hard coking coal in China also rose [32] - **Anthracite and Pulverized Coal Price**: The car - loading price of Jiaozuo anthracite and the car - loading prices of pulverized coal in Changzhi and Yangquan increased [40] IV. Coal Supply and Demand Tracking - **Coal Mine Capacity Utilization**: As of October 24, the capacity utilization rate of sample thermal coal mines was 91%, down 0.7 percentage points week - on - week, and that of sample coking coal mines was 85.06%, down 2.3 percentage points week - on - week [45] - **Import Coal Price Difference**: As of October 24, the price difference of 5000 - kcal and 4000 - kcal thermal coal between domestic and international markets decreased [43] - **Coal - fired Power Consumption and Inventory**: Inland 17 provinces saw an increase in daily coal consumption and inventory, while coastal 8 provinces saw a decrease in daily consumption and an increase in inventory [46] - **Downstream Metallurgical Demand**: The Myspic composite steel price index rose, the price of Tangshan - produced primary metallurgical coke remained flat, the blast furnace operating rate increased, the average profit per ton of coke for independent coking enterprises decreased, the profit per ton of steel for blast furnaces increased, the iron - scrap price difference increased, and the scrap consumption ratio of pure blast furnace enterprises increased [64][65] - **Downstream Chemical and Building Materials Demand**: The prices of urea in some regions changed, the national methanol price index fell, the national ethylene glycol price index rose, the national acetic acid price index fell, the national synthetic ammonia price index rose, the national cement price index fell, the weekly coal consumption in the chemical industry decreased, the cement clinker capacity utilization rate increased, and the float glass operating rate remained flat [68][72][74] V. Coal Inventory Situation - **Thermal Coal Inventory**: Qinhuangdao Port's coal inventory increased, the inventory of 55 ports' thermal coal decreased, and the inventory of sample mines' thermal coal decreased [88] - **Coking Coal Inventory**: The production area's coking coal inventory decreased, the port's coking coal inventory increased, the coking enterprises' coking coal inventory increased, and the steel mills' coking coal inventory decreased [89] - **Coke Inventory**: The coking enterprises' coke inventory decreased, the port's coke inventory increased, and the steel mills' coke inventory decreased [91] VI. Coal Transportation Situation - **International and Domestic Coal Transportation**: As of October 24, the Baltic Dry Index (BDI) was 1991.0 points, down 78.0 points week - on - week. The average daily coal shipment volume of the Datong - Qinhuangdao Railway this week was 100.2 tons, up 0.18 tons week - on - week [104] - **Cargo - to - Ship Ratio of Four Major Ports in the Bohai Rim**: As of October 24, the inventory of four major ports in the Bohai Rim was 1430.9 tons, down 22.10 tons week - on - week, the number of anchored ships was 100, up 8 week - on - week, and the cargo - to - ship ratio was 14.3, down 1.48 week - on - week [102] VII. Weather Situation - As of October 24, the Three Gorges outflow was 11900 cubic meters per second, up 19.36% week - on - week. In the next 10 days, there will be significant precipitation in many regions, and some areas will experience more precipitation than usual. In the long - term, there will also be precipitation in some regions, and the temperature in some areas will be higher or lower than normal [109] VIII. Valuation Table and Key Announcements of Listed Companies - **Valuation Table**: The table shows the closing prices, net profits attributable to the parent company, EPS, and PE ratios of multiple listed coal companies from 2024 to 2027 [110] - **Key Announcements**: This week, companies such as Huaihe Energy, Shanxi Coking Coal, and China Shenhua made announcements regarding asset acquisitions, share pledge releases, profit distributions, and project commissioning [111][113][114]

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [1] Core Viewpoints - The rapid drop in temperature has led to an increase in port coal prices, with the current price at 770 RMB/ton, up by 22 RMB/ton week-on-week [1] - Supply remains stable, with an average daily inflow of 1.7047 million tons to the four ports in the Bohai Rim, a week-on-week increase of 14.74% [1][29] - Demand has also increased, with an average daily outflow of 1.7089 million tons, reflecting a week-on-week rise of 1.18% [1][29] - The overall port coal price remains firm due to increased demand following the drop in temperature, leading to market replenishment [2] Summary by Sections 1. Weekly Market Review - The Shanghai Composite Index rose by 2.24% to 3,950.31 points, while the coal sector index fell by 1.61% to 2,950.22 points [11] - The total transaction amount for the coal sector was 110.523 billion RMB, an increase of 17.26% week-on-week [11] 2. Domestic Coal Prices - Domestic coal prices have shown a steady increase, with the price for 5500 kcal coal in Datong rising by 21 RMB/ton to 651 RMB/ton [18] - The port price for 5500 kcal coal at Qinhuangdao has also increased by 22 RMB/ton to 770 RMB/ton [18] 3. Inventory and Shipping - The inventory at the Bohai Rim ports increased by 0.71% week-on-week, reaching 23.969 million tons [34] - The average shipping cost for domestic routes rose by 7.70% to 46.37 RMB/ton [36] 4. Recommendations - The report suggests focusing on resource stocks, particularly recommending Haohua Energy and Guanghui Energy as elastic targets due to their low valuations [39]