Core Viewpoint - The company plans to issue up to 8 billion yuan in convertible bonds to fund a coal-to-natural gas project, which is an extension of its main business and aims to enhance profitability and resource utilization [1][2]. Group 1: Project Details - The coal-to-natural gas project has a total investment of 17.039 billion yuan and is expected to produce 20 billion Nm3 of natural gas per year [1]. - The main raw material, coal, will be sourced from the company's own coal mines, allowing for direct transportation and conversion, which is expected to increase the added value of the coal business [1]. Group 2: Financial Implications - The issuance of convertible bonds may dilute immediate returns for investors, as the growth in profits from the raised funds may not cover the interest payments on the bonds before the conversion occurs [1]. - After the bond issuance and before conversion, if the profit growth does not match the interest obligations, the company's after-tax profits may decline [1]. Group 3: Risk Management - The company has a clause for downward adjustment of the conversion price, which could further dilute existing shareholders if triggered [2]. - To mitigate these risks, the company plans to enhance governance, improve operational performance, accelerate project implementation, and refine profit distribution policies [2].

焦炭日报 研究中心黑色团队 2025/8/19 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1481.33 | 0.00 | 54.61 | 273.06 | -17.31% 高炉开工率 | 90.22 | | 0.13 | -0.67 | 3.68% | | 河北准一湿熄 | 1725.00 | 0.00 | 75.00 | 295.00 | -14.81% 铁水日均产量 | 240.66 | | 0.34 | -1.78 | 5.20% | | 山东准一干熄 | 1660.00 | 0.00 | 55.00 | 275.00 | -19.61% 盘面05 | 1820.5 | 3.00 | -42.00 | 219.50 | -6.04% | | 江苏准一干熄 | 1700.00 | 0.00 | 55.00 | 275.00 | -19.24% 盘面09 | 1645.5 ...

Group 1 - Since late July, coking coal futures prices have maintained a high-level fluctuation pattern due to improved long-term fundamentals in the coal market and a 90-day extension of tariff exemptions between China and the U.S., which alleviated export pressures [1] - The sixth round of price increases for coking coal was implemented on August 14, with prices at 1520 RMB/ton for wet quenching coke and 1460 RMB/ton for ex-factory prices, leading to improved profitability for most coking enterprises [2] - As of August 15, the total inventory of coking coal decreased to 8.8742 million tons, reflecting a continuous trend of inventory reduction across various segments of the industry [3] Group 2 - Current policies, particularly the "anti-involution" policy, are expected to support coking coal prices by suppressing disorderly competition and enhancing supply quality, contributing to a generally optimistic market outlook [4] - Despite a slight increase in supply, demand remains stable, with the average daily production of coking coal and steel maintaining resilience, indicating a balanced supply-demand dynamic [3][4] - The overall macroeconomic environment is optimistic, which, combined with stable supply and demand fundamentals, is expected to drive coking coal futures to continue high-level operations [4]

河南日报客户端记者 赵珊珊 "142万元退税，不仅是宝贵的现金流，更是国家对企业绿色低碳循环发展路径的肯定。"近日，河南金 马能源股份有限公司财务负责人庞吏义收到资源综合利用增值税退税税款后，倍感振奋。在当前氢能技 术研发投入巨大的起步阶段，这笔"真金白银"为企业扩大绿色生产规模注入了强劲信心。 据了解，为有效服务企业绿色技改、循环发展，济源税务部门专门组建"绿色转型服务专班"，主动下沉 重点企业，深入调研、把脉问需，"一对一"梳理政策，定制"绿色税惠政策清单"，清单精准涵盖环保节 能及安全生产专用设备投资额抵免、研发费用加计扣除、水资源税减免等多项针对性政策。 此外，济源税务部门还积极探索跨部门协同机制，与水利、财政等部门建立信息共享平台，动态跟踪企 业用水等关键数据，为符合条件的企业高效享受水资源税减征等联动优惠政策提供支撑。 税惠"活水"有效缓解了企业转型的资金压力，浇灌出累累"硕果"。 在济源钢铁（集团）有限公司，得益于量身定制的高新技术企业税收优惠等政策支持，企业将每年节省 的超千万元资金持续投入研发，成功突破"超高纯净度电渣钢锭技术"，显著提升了产品竞争力。 河南豫光金铅集团有限责任公司今年上半年 ...

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Group 1: Report Information - Report Title: Coke Daily Report [1] - Report Date: August 14, 2025 [1] - Research Team: Black Team of the Research Center [1] Group 2: Industry Investment Rating - No industry investment rating is provided in the report. Group 3: Core View - No core view is provided in the report. Group 4: Key Data Summary Coke Prices - The latest prices of different types of coke in various regions are as follows: Shanxi quasi - first wet quenching is 1426.72, Hebei quasi - first wet quenching is 1650.00, Shandong quasi - first dry quenching is 1605.00, Jiangsu quasi - first dry quenching is 1645.00, and Inner Mongolia secondary is 1130.00. There is no daily change in these prices [2]. Production and Utilization Rates - The blast furnace开工率 is 90.09%, with a weekly decrease of 0.15 and a monthly increase of 0.19. The iron water daily average output is 240.32, with a weekly decrease of 0.39 and a monthly increase of 0.51. The coking capacity utilization rate is 73.48%, with a weekly decrease of 0.13 and a monthly increase of 0.28. The coke daily average output is 51.78, with a weekly decrease of 0.39 and a monthly decrease of 1.81 [2]. Inventory - Coking plant inventory is 44.63, with a weekly decrease of 1.89 and a monthly decrease of 14.95. Port inventory is 218.15, with a weekly increase of 3.05 and a monthly increase of 18.07. Steel mill inventory is 619.28, with a weekly decrease of 7.41 and a monthly decrease of 18.52. Steel mill inventory days are 10.91, with a weekly decrease of 0.26 and a monthly decrease of 0.73 [2]. Futures Market - The latest prices of different futures contracts are: Disk 05 is 1865.5, Disk 09 is 1708, and Disk 01 is 1784. The 05 - 09 spread is - 81.50, the 09 - 01 spread is 157.50, and the 01 - 05 spread is - 76.00 [2].

Group 1: Report Information - Report title: Coke Daily Report [1] - Report date: August 12, 2025 [1] - Research team: Black Team of the Research Center [1] Group 2: Industry Investment Rating - Not provided Group 3: Core Viewpoints - Not provided Group 4: Price Information - Prices of different types of coke (such as Shanxi quasi - first wet quenching, Hebei quasi - first wet quenching) have week - on - week and month - on - month increases, but year - on - year decreases. For example, Shanxi quasi - first wet quenching is currently 1426.72, with a week - on - week increase of 54.61 and a year - on - year decrease of 22.64% [2] - Futures prices of different contracts (such as 05, 09, 01) also show certain changes, with both week - on - week and month - on - month increases but year - on - year decreases. For example, the 05 contract price is 1818.5, with a day - on - day increase of 6.50 and a year - on - year decrease of 13.98% [2] Group 5: Production and Inventory Information - The blast furnace operating rate is 90.09, with a week - on - week decrease of 0.15 and a year - on - year increase of 1.37% [2] - The average daily hot metal output is 240.32, with a week - on - week decrease of 0.39 and a year - on - year increase of 3.72% [2] - Coke production shows a week - on - week and month - on - month decrease. The daily coke output is 51.78, with a week - on - week decrease of 0.39 and a month - on - month decrease of 1.81, and a year - on - year decrease of 3.47% [2] - Coking plant inventory is 44.63, with a week - on - week decrease of 1.89 and a month - on - month decrease of 14.95, but a year - on - year increase of 1.39% [2] - Port inventory is 218.15, with a week - on - week increase of 3.05 and a month - on - month increase of 18.07, and a year - on - year increase of 15.29% [2] - Steel mill inventory is 619.28, with a week - on - week decrease of 7.41 and a month - on - month decrease of 18.52, but a year - on - year increase of 15.49% [2] - Steel mill inventory days are 10.91, with a week - on - week decrease of 0.26 and a month - on - month decrease of 0.73, but a year - on - year increase of 2.92% [2] - Coking capacity utilization rate is 73.48, with a week - on - week decrease of 0.13 and a month - on - month increase of 0.28, and a year - on - year increase of 0.34% [2] Group 6: Basis and Spread Information - The 05 basis is - 101.60, with a day - on - day decrease of 6.50 and a week - on - week decrease of 59.00 [2] - The 09 basis is 56.40, with a day - on - day decrease of 12.00 and a week - on - week decrease of 47.50 [2] - The 01 basis is - 17.10, with a day - on - day decrease of 4.50 and a week - on - week decrease of 53.50 [2] - The 5 - 9 spread is - 84.50, with a day - on - day decrease of 2.00 and a week - on - week decrease of 5.50 [2] - The 9 - 1 spread is 158.00, with a day - on - day decrease of 5.50 and a week - on - week increase of 11.50 [2] - The 1 - 5 spread is - 73.50, with a day - on - day increase of 7.50 and a week - on - week decrease of 6.00 [2]

1. Report Date - The report is dated August 11, 2025 [1] 2. Price and Inventory Data 2.1 Coke Prices - The prices of different types of coke (such as Shanxi quasi - first wet - quenched, Hebei quasi - first wet - quenched, etc.) have shown various changes over different time periods. For example, Shanxi quasi - first wet - quenched coke is priced at 1426.72, with a weekly change of 54.61 and a monthly change of 273.06, and a year - on - year decrease of 22.64% [2] 2.2 Inventory Data - Coking plant inventory is 44.63, with a weekly decrease of 1.89 and a monthly decrease of 14.95, and a year - on - year increase of 1.39% - Port inventory is 218.15, with a weekly increase of 3.05 and a monthly increase of 18.07, and a year - on - year increase of 15.29% - Steel mill inventory is 619.28, with a weekly decrease of 7.41 and a monthly decrease of 18.52, and a year - on - year increase of 15.49% [2] 3. Production - related Data 3.1 Production Capacity Utilization - The coking production capacity utilization rate is 73.48, with a weekly decrease of 0.13 and a monthly increase of 0.28, and a year - on - year increase of 0.34% - The blast furnace start - up rate is 90.09, with a weekly decrease of 0.15 and a monthly increase of 0.19, and a year - on - year increase of 1.37% [2] 3.2 Output - The daily average coke output is 51.78, with a weekly decrease of 0.39 and a monthly decrease of 1.81, and a year - on - year decrease of 3.47% - The daily average iron water output is 240.32, with a weekly decrease of 0.39 and a monthly increase of 0.51, and a year - on - year increase of 3.72% [2] 4. Futures - related Data 4.1 Futures Prices - The price of futures contract 05 is 1812, with a daily decrease of 7.00, a weekly increase of 104.50, a monthly increase of 272.00, and a year - on - year decrease of 15.33% - The price of futures contract 09 is 1648.5, with a daily decrease of 9.50, a weekly increase of 64.00, a monthly increase of 170.50, and a year - on - year decrease of 17.68% - The price of futures contract 01 is 1729.5, with a daily decrease of 6.00, a weekly increase of 88.50, a monthly increase of 222.00, and a year - on - year decrease of 17.68% [2] 4.2 Basis and Spread - The 05 basis is - 95.10, with a daily increase of 7.00, a weekly decrease of 104.50, a monthly increase of 26.99, and a year - on - year decrease of 104.85 - The 09 basis is 68.40, with a daily increase of 9.50, a weekly decrease of 64.00, a monthly increase of 128.49, and a year - on - year decrease of 78.85 - The 01 basis is - 12.60, with a daily increase of 6.00, a weekly decrease of 88.50, a monthly increase of 76.99, and a year - on - year decrease of 61.35 - The 5 - 9 spread is - 82.50, with a daily increase of 1.00, a weekly decrease of 16.00, a monthly decrease of 50.00, and a year - on - year decrease of 43.50 - The 9 - 1 spread is 163.50, with a daily increase of 2.50, a weekly increase of 40.50, a monthly increase of 101.50, and a year - on - year increase of 26.00 - The 1 - 5 spread is - 81.00, with a daily decrease of 3.50, a weekly decrease of 24.50, a monthly decrease of 51.50, and a year - on - year increase of 17.50 [2] 5. Historical Price Charts - The report includes historical price charts of coke in different regions (such as Linfen, Lvliang, Rizhao Port, etc.) from 2021 to 2025, showing the price trends of coke over the years [3][4][5]

Group 1 - The core point of the article is the change in the shareholding structure of Shanxi Meijin Energy Co., Ltd. due to the inheritance of shares following the death of a major shareholder [1][2] - The shareholding structure change involves the transfer of shares from Gao Fan'e to her children, resulting in a new distribution of ownership among them [1][2] - The actual controller of the company remains unchanged despite the internal shareholding adjustments, ensuring the company's independence and operational stability [2] Group 2 - Before the change, Yao Junliang held 25% of Meijin Group's shares, while other heirs held 12.5% each [1] - After the change, Yao Junliang's share increased to 27%, Yao Junhua's to 15%, and the other heirs now hold 14.5% each [1] - The registration procedures for the shareholding structure change have been completed as of the announcement date [1]

Group 1 - The company has completed and commenced continuous production of its 1000 tons/year starch-based capacitor carbon industrialization project (Phase I), which is the first of its kind in the country [1] - This project addresses critical technological challenges and fills a domestic gap in the market, attracting significant attention from users and society [1] - The demand for capacitor carbon, a key electrode material in energy storage devices, is rapidly increasing, and the company's supercapacitor carbon has entered mass production with ideal test results and quality meeting international advanced standards [1] Group 2 - The company is actively pursuing market development and has begun sending samples to target customers for testing, with sales contracts to be signed progressively upon customer confirmation [1] - Some products have already been sold, and both capacity release and market development are proceeding as planned [1]