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]

Group 1 - The stock price of Shanxi Coal International (600546) closed at 11.06 yuan on October 24, 2025, up 0.91% from the previous week's 10.96 yuan [1] - The highest intraday price reached 11.6 yuan on October 20, 2025, while the lowest intraday price was 10.71 yuan on October 24, 2025 [1] - The current total market capitalization of Shanxi Coal International is 21.926 billion yuan, ranking 14th out of 30 in the coal mining sector and 859th out of 5160 in the A-share market [1] Group 2 - Shanxi Coal International announced on October 23, 2025, that its controlling shareholder, Shanxi Coal Import and Export Group Co., Ltd. (referred to as "Shanxi Coal Group"), has released part of its pledged shares [2] - Shanxi Coal Group holds 1,148,006,282 shares, accounting for 57.91% of the total share capital, with 280,000,000 shares released from pledge, representing 24.39% of its holdings and 14.12% of the total share capital [2] - Following the release of the pledge on October 22, 2025, Shanxi Coal Group has no remaining pledged shares, and there are no plans for subsequent pledges [2][3]

信用利差压缩向中长端传导 二永债重回震荡格局 —— 信用利差周度跟踪 20251025 [[Table_R Table_Report eportTTime ime]] 2025 年 10 月 25 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 歌声ue 证券研究报告 债券研究 [Table_ReportType] 专题报告 | ] [Table_A 李一爽 uthor固定收益首席分析师 | | --- | | 执业编号：S1500520050002 | | 联系电话：+86 18817583889 | | 邮 箱： liyishuang@cindasc.com | 朱金保 固定收益分析师 执业编号：S1500524080002 联系电话：+86 15850662789 联系电话：+86 15850662789 邮 箱： zhujinbao@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号金隅 大厦B 座 邮编：100031 3信用利差压缩向中长端传导 二永债重回震荡格局 [Table ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10][11] Core Views - The company's performance in Q3 2025 showed significant growth in coal and electricity sales, leading to a notable increase in overall performance compared to previous quarters [2][6] - The company is expected to achieve a coal-electricity integration by 2026, enhancing both growth potential and stability in earnings [10][11] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenue of 9.01 billion yuan, 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 [5][10] - In Q3 2025, the company achieved revenue of 3.199 billion yuan, a slight year-on-year decrease of 0.16%, but a quarter-on-quarter increase of 10.3% [5][10] - The net profit for Q3 2025 was 555 million yuan, down 14.2% year-on-year but up 43.1% quarter-on-quarter [5][10] Coal Business - In the first three quarters of 2025, the company's coal production and sales increased by 5.7% and 5.0% year-on-year, respectively, while the average coal price decreased by 7% to 523 yuan per ton [6][10] - In Q3 2025, coal sales volume and price both increased, with sales volume at 5.035 million tons (up 4.2% quarter-on-quarter) and average price at 513 yuan per ton (up 3.0% quarter-on-quarter) [6][10] Power Generation Business - The company reported a 28.2% year-on-year increase in power generation for the first three quarters of 2025, totaling 11.03 billion kWh, although the average selling price of electricity decreased by 8.45% to 0.37 yuan per kWh [6][10] - In Q3 2025, power generation reached 4.37 billion kWh, a significant quarter-on-quarter increase of 43.4% [6][10] Future Outlook - The company is projected to have revenues of 12.175 billion yuan in 2025, with a year-on-year decrease of 4%, and net profits of 2.041 billion yuan, down 15% [10][11] - The company is expected to achieve a return on equity (ROE) of 12% in 2025, with a price-to-earnings (P/E) ratio of 9.01 [10][11]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company's coal and electricity businesses have shown a sequential recovery, with performance slightly exceeding expectations. For the first three quarters of 2025, the company reported operating revenue of 9.01 billion yuan, a year-on-year decrease of 1.95%, and a net profit attributable to the parent company of 1.477 billion yuan, down 19.06% year-on-year. In Q3 2025, operating revenue was 3.199 billion yuan, a year-on-year decrease of 0.16% but a sequential increase of 10.25%. The net profit for Q3 was 555 million yuan, down 14.24% year-on-year but up 43.12% sequentially [1][4]. Summary by Sections Coal Business - The coal business has seen price increases and cost reductions, leading to sequential growth in performance [2]. - In Q3 2025, the company achieved coal production of 5.61 million tons, a year-on-year increase of 7.9%, and coal sales of 5.03 million tons, up 7.5% year-on-year [8]. Electricity Business - The electricity segment has experienced significant growth in sales volume, with the first phase of the Lixin wind power project expected to be connected to the grid by the end of 2025 [3]. - In Q3 2025, the company generated 4.365 billion kWh of electricity, a year-on-year increase of 9.3% and a sequential increase of 43.4% [8]. Integrated Coal and Power Operations - The company continues to advance its coal-electricity integration strategy, with several power plants already in operation and new projects under construction. This integration is expected to enhance profitability and risk resilience [4]. - The company forecasts net profits attributable to the parent company of 2.4 billion yuan, 2.43 billion yuan, and 2.6 billion yuan for 2025-2027, with corresponding P/E ratios of 7.7X, 7.6X, and 7.1X [4][9].

Core Viewpoint - China's coal and lignite imports and exports have significantly decreased in August 2025, indicating a downward trend in the coal market [1] Import Summary - In August 2025, China imported 42.74 million tons of coal and lignite, a year-on-year decrease of 6.7% [1] - The import value for the same period was $2.807 billion, reflecting a substantial year-on-year decline of 35.7% [1] Export Summary - China's coal and lignite exports in August 2025 amounted to 530,000 tons, which is a significant year-on-year decrease of 45.5% [1] - The export value for this period was $7.1 million, showing a dramatic year-on-year decline of 60.9% [1]

Group 1 - Southern Media reported a net profit of 850 million yuan for the first three quarters, a year-on-year increase of 60.73% [1] - China Shipbuilding Special Gas achieved a net profit of 245 million yuan, up 3.98% year-on-year [1] - Taihe Intelligent's net profit increased by 46.28% year-on-year, reaching approximately 28.78 million yuan [2] Group 2 - Oriental Cable's net profit decreased by 1.95% year-on-year, totaling 914 million yuan [2][3] - Wanliyang reported a net profit of 341 million yuan, a year-on-year increase of 32.58% [4] - Xiamen Tungsten's net profit grew by 27.05% year-on-year, reaching 1.78 billion yuan [5] Group 3 - Shapuaisi received a drug registration certificate for its hydrochloride obucaine eye drops [6] - Yinfeng Storage's net profit fell by 41.19% year-on-year, totaling approximately 6.24 million yuan [8] - Quartz Co. reported a net profit decline of 56.81%, amounting to 135 million yuan [9] Group 4 - Haya Pharmaceutical's net profit decreased by 35.35% year-on-year, totaling 329 million yuan [10][11] - Xinjiang Torch achieved a net profit of 158 million yuan, a year-on-year increase of 20.49% [12][13] - Xue Tian Salt Industry's net profit plummeted by 90.37%, resulting in a loss of approximately 3.78 million yuan [14] Group 5 - Qisheng Technology's net profit decreased by 2.74% year-on-year, totaling 147 million yuan [16] - Xinjiang Tianye's net profit fell by 28.79%, amounting to approximately 718,000 yuan [18] - Kailong Co. reported a net profit increase of 20.64%, reaching 135 million yuan [20] Group 6 - Electric Media's net profit surged by 116.61% year-on-year, totaling approximately 132 million yuan [21][22] - Zinc Industry's net profit skyrocketed by 1110.26%, reaching 514.2 million yuan [23][24] - Guorui Technology's net profit increased by 1.15%, totaling approximately 37.3 million yuan [25] Group 7 - AVIC High-Tech's net profit decreased by 11.59%, amounting to 806 million yuan [26] - Glinda's net profit fell by 16.81%, totaling approximately 9229.24 million yuan [27] - Baodi Mining's net profit decreased by 32%, totaling approximately 1.16 billion yuan [29] Group 8 - Hangzhou Steel reported a net profit of 101 million yuan, turning from loss to profit [31] - Xiangshan Co. received acceptance for its application to issue shares to specific targets [33] - Electric Investment Energy's net profit decreased by 6.4%, totaling approximately 4.12 billion yuan [50][51] Group 9 - Deshi Co. reported a net profit increase of 50.13%, reaching approximately 50.5 million yuan [52][53] - Huagong Technology's net profit increased by 40.92%, totaling approximately 1.32 billion yuan [54] - Huitian Technology's net profit increased by 50.99%, reaching approximately 6.77 billion yuan [55]

Core Insights - The coal mining sector experienced a decline of 0.48% on October 24, with Liaoning Energy leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Coal Mining Sector Performance - Notable gainers included: - Xindazhou A (000571) with a closing price of 5.89, up 1.90% on a trading volume of 283,300 shares and a transaction value of 166 million yuan [1] - Shanmei International (600546) closed at 11.06, up 1.28% with a trading volume of 618,800 shares and a transaction value of 671 million yuan [1] - China Shenhua (601088) closed at 42.50, up 0.66% with a trading volume of 274,300 shares and a transaction value of 1.163 billion yuan [1] - Major decliners included: - Liaoning Energy (600758) closed at 4.28, down 9.51% with a trading volume of 1,205,100 shares and a transaction value of 529 million yuan [2] - Zhengzhou Coal Electricity (600121) closed at 5.12, down 8.57% with a trading volume of 1,753,800 shares and a transaction value of 911 million yuan [2] - Dayou Energy (600403) closed at 9.06, down 6.31% with a trading volume of 2,138,200 shares and a transaction value of 1.951 billion yuan [2] Capital Flow Analysis - The coal mining sector saw a net outflow of 1.244 billion yuan from major funds, while retail investors contributed a net inflow of 855 million yuan [2] - Notable capital flows included: - JinKong Coal Industry (601001) with a net inflow of 26.2343 million yuan from major funds, but a net outflow of 35.886 million yuan from retail investors [3] - Shanghai Energy (600508) had a net inflow of 18.8938 million yuan from major funds, with a net outflow of 24.8892 million yuan from retail investors [3] - Liaoning Energy (600758) experienced a net inflow of 12.1569 million yuan from major funds, but a significant net outflow of 83.95 million yuan from retail investors [3]

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [3][4]. Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, primarily due to a drop in both volume and price in the coal business [1]. - In Q3 2025, the company managed to turn a profit compared to the previous quarter, aided by a decrease in expense ratios [1]. - The company is in the process of divesting loss-making assets in its power generation segment, which is expected to enhance future profitability [3]. - The report anticipates a marginal improvement in performance for Q4 2025, driven by a rebound in coking coal prices [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 3.782 billion yuan, a year-on-year decrease of 30.1%, and a net profit of -100 million yuan, compared to a profit of 945 million yuan in the same period of 2024 [1]. - In Q3 2025, the company reported a revenue of 1.404 billion yuan, with a quarter-on-quarter decrease of 7.3% but a year-on-year increase of 17.2%. The net profit for Q3 was 29 million yuan, showing a year-on-year decline of 84.2% but a quarter-on-quarter profit turnaround [1]. Coal Production and Sales - For the first three quarters of 2025, the company produced 7.247 million tons of raw coal, a decrease of 0.6% year-on-year, and sold 5.449 million tons of commodity coal, down 4.2% year-on-year. The average selling price per ton of coal was 653.9 yuan, down 27.4% year-on-year [2]. - In Q3 2025, raw coal production was 2.479 million tons, with a quarter-on-quarter increase of 5.4%. Commodity coal production reached 1.966 million tons, up 10.1% quarter-on-quarter, and sales volume was 2.073 million tons, up 14.7% quarter-on-quarter [2]. Power Business Restructuring - The company plans to shut down low-efficiency thermal power units and dissolve certain subsidiaries due to ongoing losses and increasing carbon compliance costs. This restructuring is expected to improve the profitability of its power business [3]. - The company’s 50%-owned Qianyingzi Power Plant has recently connected a new 1000MW unit to the grid, which is projected to significantly enhance future earnings [3]. Earnings Forecast - The report forecasts the company's net profit for 2025 to be 111 million yuan, with expected earnings per share (EPS) of 0.09 yuan. For 2026 and 2027, net profits are projected to be 273 million yuan (EPS of 0.23 yuan) and 427 million yuan (EPS of 0.36 yuan), respectively [4].

Market Overview - On October 24, A-shares saw a collective rise in the three major indices, with the Shanghai Composite Index reaching a nearly ten-year high, up 0.42% [3][4]. - The Shenzhen Component Index increased by 1.3%, the ChiNext Index rose by 2.09%, and the STAR Market 50 Index surged by 2.98% [4]. - The total market turnover reached 1.24 trillion yuan, showing a significant increase compared to the previous day, with over 2900 stocks rising [4]. Sector Performance - The technology sector, particularly memory chips, commercial aerospace, satellite internet, and semiconductors, led the gains in the morning session [4][9]. - Conversely, sectors such as ice and snow tourism, coal mining, oil and gas extraction, real estate, liquor, and steel experienced pullbacks [4][5]. Notable Stocks - In the Hong Kong market, the Hang Seng Index rose by 0.59%, with notable gains in semiconductor stocks like Hua Hong Semiconductor, which surged nearly 12% [6][7]. - The A-share electronic sector saw significant increases, with stocks like Purun Co., Kexiang Co., and Shengyi Technology hitting the daily limit of 20% [9][10]. Coal Sector - The coal sector faced a notable decline, with companies like Antai Group and Yunmei Energy hitting the daily limit down, and others like Shaanxi Black Cat and Liaoning Energy experiencing significant drops [14][15]. - Daya Energy, which previously had a strong performance, saw a sharp decline of nearly 8% in early trading [15]. Future Industry Outlook - The National Development and Reform Commission emphasized the importance of nurturing emerging industries and future industries, projecting that the "three new" economy will account for over 18% of GDP by 2024 [11][12]. - Strategic emerging industries such as new energy, new materials, and aerospace are expected to create several trillion-yuan markets, with a focus on advanced technologies like quantum science and bio-manufacturing [12]. - Reports indicate that major suppliers like Samsung and SK Hynix plan to raise prices of DRAM and NAND flash memory by up to 30% by Q4 2025, signaling a shift towards a "super cycle" in the memory chip industry [12].