Core Viewpoint - The coking coal sector experienced a significant increase of 2.85% on November 3, with Antai Group leading the gains, reflecting positive market sentiment in the industry [1] Market Performance - The Shanghai Composite Index closed at 3976.52, up 0.55% - The Shenzhen Component Index closed at 13404.06, up 0.19% [1] Coking Coal Sector Stocks - Antai Group (600408) closed at 3.42, up 9.97% with a trading volume of 1,002,300 shares and a transaction value of 3.38 billion yuan - Shaanxi Black Cat (601015) closed at 4.45, up 4.71% with a trading volume of 1,107,200 shares and a transaction value of 246.94 million yuan - Baotailong (601011) closed at 3.96, up 4.21% with a trading volume of 1,989,100 shares and a transaction value of 781 million yuan - Yunmei Energy (600792) closed at 4.57, up 3.16% with a trading volume of 597,200 shares and a transaction value of 2.75 billion yuan - Meijin Energy (000723) closed at 5.33, up 1.72% with a trading volume of 1,697,300 shares and a transaction value of 897 million yuan - Shanxi Coking (600740) closed at 4.34, up 1.64% with a trading volume of 525,500 shares and a transaction value of 227 million yuan - Yunwei Co. (600725) closed at 3.73, up 0.54% with a trading volume of 245,000 shares and a transaction value of 90.99 million yuan [1] Capital Flow Analysis - The coking coal sector saw a net inflow of 332 million yuan from main funds, while retail funds experienced a net outflow of 200 million yuan - The main funds' net inflow and outflow for key stocks are as follows: - Antai Group: 26.97 million yuan net inflow, 51.34% of total - Meijin Energy: 65.24 million yuan net inflow, 8.89% of total - Shaanxi Black Cat: 31.83 million yuan net inflow, 7.42% of total - Baotailong: 30.80 million yuan net inflow, 4.85% of total - Yunmei Energy: 27.97 million yuan net inflow, 11.89% of total - Shanxi Coking: 7.88 million yuan net inflow, 4.63% of total - Yunwei Co.: 174,700 yuan net inflow, 0.24% of total [2]

Core Viewpoint - The coking coal sector experienced a decline of 0.36% on October 31, with Antai Group leading the losses. The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1]. Group 1: Market Performance - The coking coal sector's stocks showed mixed performance, with Yunwei Co. rising by 1.64% to a closing price of 3.71, while Antai Group fell by 2.81% to 3.11 [1]. - The trading volume for Yunwei Co. was 225,000 shares, with a transaction value of approximately 82.65 million yuan, while Antai Group had a trading volume of 1.38 million shares [1]. Group 2: Capital Flow - The coking coal sector saw a net outflow of 154 million yuan from main funds, while retail investors contributed a net inflow of 105 million yuan [1]. - Individual stocks within the sector experienced varied capital flows, with Yunwei Co. having a net inflow of 749,100 yuan from main funds, while Antai Group faced a net outflow of 17.39 million yuan [2].

Report Summary 1. Investment Ratings The report does not explicitly provide an overall industry investment rating. However, it offers specific trading suggestions for different sectors and varieties: - **Financial Sector** - **Equity Index Futures**: Try to lightly sell put options at the support level or construct a bull call spread for follow - up upside potential [3]. - **Treasury Bond Futures**: Go long on pullbacks for the unilateral strategy and pay attention to the positive arbitrage strategy for the cash - futures strategy [3]. - **Precious Metals**: For gold, there is pressure for a further decline; for silver, it is in a volatile consolidation. Trading suggestions are based on price trends [3]. - **Black Metals Sector** - **Steel**: Reduce long positions appropriately and hold the long - coking coal and short - hot - rolled coil arbitrage [3]. - **Iron Ore**: Close long positions and observe, and consider the 1 - 5 positive arbitrage [3]. - **Coking Coal and Coke**: Go long on pullbacks and hold the long - coking coal and short - coke arbitrage [3]. - **Non - ferrous Metals Sector** - **Copper**: Pay attention to the support around 87,000 [3]. - **Tin**: Adopt a low - buying strategy on pullbacks [3]. - **Energy and Chemical Sector** - **Crude Oil**: Go short in the short term [3]. - **Urea, PX, PTA, etc.**: Adopt different strategies such as reducing long positions, short - selling on rallies, and spread trading according to different varieties [3]. - **Agricultural Products Sector** - **Soybeans**: Hold long positions in the 2601 contract [3]. - **Palm Oil**: The main contract may test the support at 8,800 yuan [3]. - **Sugar**: It is in a bottom - oscillating state around 5,400 [3]. - **Cotton**: It is in a range - bound and upward - trending state, paying attention to the pressure around 13,800 [3]. - **Special and New Energy Sectors** - **Glass**: Look for short - term long opportunities based on the spot market [3]. - **Carbonate Lithium**: It is in a relatively strong state, with the main contract reference range of 83,000 - 87,000 [3]. 2. Core Views - **Market Environment**: Key factors such as the meeting between Chinese and US leaders, the release of the 15th Five - Year Plan draft, and the clarification of bond - fund redemption fees have an impact on the market. Risk - preference - enhancing factors are gradually materializing, and uncertainties in the market are decreasing [3]. - **Sector - specific Views** - **Financial Sector**: Stock index futures are affected by market sentiment and policy expectations; treasury bond futures are on an upward trend as negative factors are gradually digested; precious metals are affected by geopolitical and trade factors [3]. - **Black Metals Sector**: Supply and demand factors such as production, transportation, and inventory levels affect the price trends of steel, iron ore, coking coal, and coke [3]. - **Non - ferrous Metals Sector**: Prices are affected by factors such as macro - environment, supply - demand relationship, and technical levels [3]. - **Energy and Chemical Sector**: Supply - demand expectations, cost support, and inventory levels are the main factors affecting prices [3]. - **Agricultural Products Sector**: Factors such as procurement, supply pressure, and seasonal characteristics affect the price trends of various agricultural products [3]. - **Special and New Energy Sectors**: Macro - events and fundamental factors affect the price trends of glass, rubber, and new - energy products [3]. 3. Summary by Related Catalogs - **Financial Sector** - **Equity Index Futures**: After the meeting between Chinese and US leaders and the release of the 15th Five - Year Plan draft, the market has a short - term pullback after reaching a high. It is recommended to try light - selling put options or constructing a bull call spread [3]. - **Treasury Bond Futures**: As negative factors such as bond - fund redemption fees and central - bank bond - buying uncertainties are gradually digested, the bond market sentiment is improving. It is recommended to go long on pullbacks and consider the positive arbitrage strategy [3]. - **Precious Metals**: Gold is under pressure to decline due to factors such as the meeting between Chinese and US leaders and geopolitical concerns; silver is in a volatile consolidation [3]. - **Black Metals Sector** - **Steel**: The increase in apparent demand and the alleviation of inventory pressure lead to suggestions of reducing long positions and holding arbitrage positions [3]. - **Iron Ore**: The decline in shipping and arrivals, the increase in port inventory, and the sharp drop in molten - iron production lead to suggestions of closing long positions and considering arbitrage [3]. - **Coking Coal and Coke**: The strength of coking - coal prices and the cost support provided by coking coal lead to suggestions of going long on pullbacks and holding arbitrage positions [3]. - **Non - ferrous Metals Sector** - **Copper**: After the realization of positive expectations, the price is in a high - level oscillation. Pay attention to the support level [3]. - **Tin**: Affected by the Fed's interest - rate outlook, it is recommended to buy on pullbacks [3]. - **Energy and Chemical Sector** - **Crude Oil**: Although the macro - sentiment has eased and inventory has decreased, the increase in OPEC production limits the rebound height. It is recommended to go short in the short term [3]. - **Urea, PX, PTA, etc.**: Due to weak supply - demand expectations and limited cost support, different trading strategies are recommended for different varieties [3]. - **Agricultural Products Sector** - **Soybeans**: Supported by China's increased confidence in purchasing US soybeans, hold long positions [3]. - **Palm Oil**: The main contract may test the support level [3]. - **Sugar**: It is in a bottom - oscillating state due to abundant overseas supply [3]. - **Cotton**: With the solidification of new - cotton costs, it is in a range - bound and upward - trending state [3]. - **Special and New Energy Sectors** - **Glass**: Affected by macro - events, pay attention to short - term long opportunities based on the spot market [3]. - **Carbonate Lithium**: With the upward shift of the price center and the realization of demand benefits, it is in a relatively strong state [3].

Report Industry Investment Rating - The document does not provide the report industry investment rating [1][2] Core Views - With the improvement of the China-Europe Railway Express control system, the completion of the capacity expansion and upgrading of cross-border railway lines in Heilongjiang, and the stabilization of the overseas political situation, Heilongjiang's import and export trade will be further enhanced, supporting the long-term stable development of the provincial economy [3][9] - In the A-share market sentiment continues to warm up and the domestic economic improvement trend is more clear, listed companies in Heilongjiang Province are expected to maintain good performance [3][20] - As China's economic structure transformation deepens, the consumer market demand is expected to continue to improve [34] Summary by Directory 1. Heilongjiang Current News Tracking - As of October 24, 2025, the import volume of Tongjiang Railway Port reached 517 million tons, setting a new high for the same period. The port has taken measures to improve customs clearance and transportation efficiency, and the ongoing upgrade projects are expected to increase the cargo throughput by 40% and enrich the categories of imported and exported goods [3][9] - The 27th Harbin Ice and Snow World is upcoming, with the largest area in history, more ice and snow sculptures, diverse technological elements, and expanded entertainment and performance projects. The standard adult ticket price remains at 328 yuan, and the pre-sale tickets are on sale [10] - Since the 14th Five-Year Plan, Heilongjiang Province has made breakthroughs in scientific and technological research, with 16 billion yuan invested in key R & D programs. In the future, it will strengthen organized scientific research to support the construction of a modern industrial system [11][12] 2. Financial Market Data Tracking - Since October, the Korea Composite Index and the Nikkei 225 have led in returns, while the ChiNext Index and the Hang Seng Index in China have declined. Among industries, coal, banking, and power equipment have performed well, while media, automotive, and computer sectors have adjusted [13][14] - From October 20 to 24, the Shanghai Composite Index stood above 3900 points again, with most sectors rising. The communication and electronics sectors were the most prominent [17] - Since October, the Heilongjiang sector index has risen by 3.81%, with 29 listed companies achieving positive returns and 10 declining in the statistical period. Some companies like Baotailong had significant increases [3][18][20] 3. Domestic Macroeconomic Data Operation - In September, China's industrial added value above designated size increased by 6.5% year-on-year and 0.64% month-on-month. Different industries and economic types showed varying degrees of growth, indicating an overall improvement in business conditions [22][23] - In the first three quarters of 2025, the national fixed - asset investment (excluding rural households) decreased by 0.5% year-on-year, with different trends in different industries [29] - In September, the total retail sales of consumer goods were 4.1971 trillion yuan, a year-on-year increase of 3.0%. From January to September, the cumulative total was 36.5877 trillion yuan, with a year-on-year increase of 4.5%, showing the activation of market vitality and the release of consumption potential [32]

Report Summary 1. Industry Investment Rating There is no information provided regarding the industry investment rating in the given reports. 2. Core Viewpoints - For the steel industry, in the long - term, steel prices' upward logic remains unchanged under the increasingly loose macro - environment. However, in the short - term, the actual demand for steel is still weak and unlikely to improve substantially. Attention should be paid to the impact of Sino - US talks and overseas macro - environment changes on market sentiment [2]. - For the iron ore market, the price is expected to fluctuate. Although the supply is increasing and the demand is weakening with the decline of iron - making water production, the positive signals from Sino - US economic and trade consultations and the expected interest - rate cut by the Federal Reserve have an impact on the market [5]. - For the black metal sector, the outlook is not pessimistic. It is considered more cost - effective to look for rebound opportunities after price corrections rather than short - selling. The downward momentum of the black metal sector has significantly weakened after nearly four years of decline [10]. - For industrial silicon, the supply pressure persists, and the demand support is weakening. The price is expected to fluctuate with market sentiment in the short - term, and the cost provides some support [14]. - For polysilicon, the supply pressure may be marginally relieved, and the supply - demand pattern may improve. The price is affected by policy expectations and industry news, and attention should be paid to the actual implementation [16]. - For glass, the futures price rebounded due to short - position exits, and the market's bearish sentiment eased. Attention should be paid to macro - policy trends and the operation of production lines in the Shahe area [19]. - For soda ash, the price is expected to continue narrow - range fluctuations in the short - term due to the combination of cost support and high inventory [21]. 3. Summary by Category Steel - **Market Quotes** - The closing price of the rebar main contract was 3133 yuan/ton, up 42 yuan/ton (1.358%) from the previous trading day. The registered warehouse receipts decreased by 1221 tons to 124,540 tons, and the main contract's open interest decreased by 36,350 lots to 1.894 million lots. The Tianjin and Shanghai aggregated prices increased by 30 yuan/ton and 20 yuan/ton respectively [1]. - The closing price of the hot - rolled coil main contract was 3345 yuan/ton, up 40 yuan/ton (1.210%) from the previous trading day. The registered warehouse receipts increased by 3402 tons to 104,773 tons, and the main contract's open interest decreased by 12,738 lots to 1.461 million lots. The Lecong and Shanghai aggregated prices increased by 30 yuan/ton and 20 yuan/ton respectively [1]. - **Strategic Views** - Macroscopically, real - estate investment will shift from "scale expansion" to "quality improvement", and the new construction area is unlikely to increase significantly. Fundamentally, rebar's supply and demand both increased, and inventory continued to decline; the output of hot - rolled coils decreased slightly, demand improved marginally, and inventory reduction accelerated [2]. Iron Ore - **Market Quotes** - The main contract of iron ore (I2601) closed at 804.50 yuan/ton, up 1.51% (+12.00). The open interest decreased by 6094 lots to 542,900 lots, and the weighted open interest was 916,500 lots. The spot price of PB powder at Qingdao Port was 805 yuan/wet ton, with a basis of 52.06 yuan/ton and a basis rate of 6.08% [4]. - **Strategic Views** - The supply of iron ore is increasing, with the overseas shipment volume at a high level. The demand is weakening as the daily average iron - making water production has dropped below 240,000 tons. The port inventory is increasing, and the price is under pressure. However, positive macro - signals may affect the market [5]. Ferrosilicon and Manganese Silicon - **Market Quotes** - On October 29, affected by the market atmosphere and other factors, the price of ferrosilicon and manganese silicon rebounded. The main contract of manganese silicon (SM601) closed up 1.07% at 5852 yuan/ton, and the Tianjin spot price was 5720 yuan/ton, with a basis of 58 yuan/ton. The main contract of ferrosilicon (SF601) closed up 0.54% at 5594 yuan/ton, and the Tianjin spot price was 5650 yuan/ton, with a basis of 56 yuan/ton [8]. - **Strategic Views** - The supply of ferrosilicon and manganese silicon may be restricted in the future. Currently, steel mills are facing difficulties due to high supply and low demand, and there is a risk of "negative feedback". The outlook for the black metal sector is not pessimistic, and it is more cost - effective to look for rebound opportunities. Manganese silicon and ferrosilicon are likely to follow the black metal sector's trend [9][10]. Industrial Silicon and Polysilicon - **Market Quotes** - The main contract of industrial silicon (SI2601) closed at 9170 yuan/ton, up 2.40% (+215). The weighted open interest decreased by 693 lots to 432,693 lots. The spot price of 553 non - oxygen - permeable industrial silicon in East China was 9300 yuan/ton, with a basis of 130 yuan/ton for the main contract [12]. - The main contract of polysilicon (PS2601) closed at 54,990 yuan/ton, up 1.17% (+635). The weighted open interest decreased by 5722 lots to 250,114 lots. The average price of N - type granular silicon was 50.5 yuan/kg, and the average price of N - type dense material decreased by 0.5 yuan/kg to 51 yuan/kg [15]. - **Strategic Views** - For industrial silicon, the supply pressure persists, and the demand support is weakening. The price is expected to fluctuate with market sentiment in the short - term, and the cost provides some support [14]. - For polysilicon, the supply pressure may be marginally relieved, and the supply - demand pattern may improve. The price is affected by policy expectations and industry news, and attention should be paid to the actual implementation [16]. Glass and Soda Ash - **Market Quotes** - The glass main contract closed at 1113 yuan/ton on Wednesday, up 1.64% (+18). The inventory of float glass sample enterprises increased by 233.74 million cases (3.64%) to 66.613 million cases. The top 20 long - position holders reduced 4570 long positions, and the top 20 short - position holders reduced 19,408 short positions [18]. - The soda ash main contract closed at 1239 yuan/ton on Wednesday, down 0.56% (-7). The inventory of soda ash sample enterprises increased by 0.16 million tons (3.64%) to 1.7021 million tons, with the heavy - soda inventory decreasing by 0.62 million tons and the light - soda inventory increasing by 0.78 million tons. The top 20 long - position holders reduced 6034 long positions, and the top 20 short - position holders reduced 36,087 short positions [20]. - **Strategic Views** - The glass futures price rebounded due to short - position exits, and the market's bearish sentiment eased. Attention should be paid to macro - policy trends and the operation of production lines in the Shahe area [19]. - The soda ash price is expected to continue narrow - range fluctuations in the short - term due to the combination of cost support and high inventory [21].

Core Viewpoint - Baotailong is a leading enterprise in China, integrating coal, chemicals, new energy, and new materials, with a comprehensive industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Baotailong reported revenue of 479 million yuan, ranking 6th in the industry, with the top competitor, Meijin Energy, at 12.975 billion yuan [2] - The company achieved a net profit of 14.5 million yuan, ranking 1st in the industry, while the industry average was a loss of 307 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Baotailong's debt-to-asset ratio was 47.03%, lower than the industry average of 52.57%, indicating good solvency [3] - The gross profit margin for Q3 2025 was 8.06%, significantly higher than the industry average of -0.09%, showing improved profitability [3] Group 3: Executive Compensation - The chairman, Jiao Qiang, received a salary of 467,400 yuan in 2024, a decrease of 226,900 yuan from 2023 [4] - The president, Qin Huai, earned 470,500 yuan in 2024, down by 227,700 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 10.86% to 83,100 [5] - The average number of circulating A-shares held per shareholder increased by 12.18% to 23,100 [5]

Core Viewpoint - Meijin Energy is a leading independent producer of coking coal and coke in China, with a complete industrial chain from coal to hydrogen fuel cells, and has reported strong revenue but negative net profit in recent quarters [1][2]. Group 1: Business Performance - In Q3 2025, Meijin Energy achieved a revenue of 12.975 billion yuan, ranking first among seven companies in the industry, significantly higher than the industry average of 4.868 billion yuan and the median of 3.956 billion yuan [2]. - The main business composition includes coking products and by-products generating 8.035 billion yuan, accounting for 97.45% of total revenue, while new energy vehicles and operations contributed 211 million yuan, making up 2.55% [2]. - The net profit for the same period was -807 million yuan, ranking sixth in the industry, with the industry leader Baotailong reporting a net profit of 14.5 million yuan [2]. Group 2: Financial Ratios - As of Q3 2025, Meijin Energy's debt-to-asset ratio was 65.32%, higher than the previous year's 63.00% and above the industry average of 52.57% [3]. - The gross profit margin for Q3 2025 was 5.10%, an increase from 4.57% in the previous year and above the industry average of -0.09% [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 5.91% to 234,000, while the average number of circulating A-shares held per shareholder increased by 6.29% to 18,800 [5]. - The top ten circulating shareholders saw changes, with Hong Kong Central Clearing Limited becoming the sixth largest shareholder, increasing its holdings by 2.5793 million shares [5]. Group 4: Future Outlook - The company is expected to see a significant increase in net profit from -652 million yuan in 2025 to 410 million yuan in 2027, with projected growth rates of +43.0%, +121.6%, and +190.6% respectively [5]. - Key business highlights include a substantial increase in coking coal production, steady progress in hydrogen energy business, and plans for H-share listing to improve equity and reduce debt [5].

Core Insights - Antai Group is one of the largest private coking enterprises in China, established in 1993 and listed on the Shanghai Stock Exchange in 2003, with a full industry chain advantage in coal, coke, electricity, and materials [1] Group 1: Financial Performance - In Q3 2025, Antai Group reported revenue of 3.784 billion yuan, ranking 5th in the industry, with the top competitor, Meijin Energy, generating 12.975 billion yuan [2] - The company's net profit for the same period was -155 million yuan, placing it 4th in the industry, with the industry average at -307 million yuan [2] - The main business composition includes 1.741 billion yuan from section steel, accounting for 73.03%, and 445 million yuan from coke processing and chemical products, making up 18.65% [2] Group 2: Financial Ratios - As of Q3 2025, Antai Group's debt-to-asset ratio was 67.54%, down from 68.70% year-on-year, which is higher than the industry average of 52.57% [3] - The gross profit margin for Q3 2025 was 0.75%, an improvement from -1.33% year-on-year, and also higher than the industry average of -0.09% [3] Group 3: Management Compensation - The chairman, Li Meng, and the general manager, Guo Quanhua, saw their salaries increase by 4,000 yuan year-on-year, with the 2024 salary for Guo at 315,900 yuan [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 2.69% to 50,300, while the average number of circulating A-shares held per account increased by 2.76% to 20,000 [5]

Core Insights - The coke sector experienced a significant increase of 4.37% on October 29, with Antai Group leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Sector Performance - Antai Group (600408) closed at 3.55, with a rise of 9.91% and a trading volume of 2.9828 million shares, totaling a transaction value of 1.041 billion [1] - Meijin Energy (000723) saw a closing price of 5.28, up 7.98%, with a trading volume of 3.9817 million shares and a transaction value of 2.102 billion [1] - Shaanxi Black Cat (601015) closed at 4.66, increasing by 3.10%, with a trading volume of 1.6032 million shares and a transaction value of 734 million [1] - Shanxi Coking Coal (600740) closed at 4.45, up 2.30%, with a trading volume of 1.0476 million shares and a transaction value of 462 million [1] - Baotailong (601011) closed at 4.02, with a slight increase of 1.01%, trading 2.5473 million shares for a total of 1.009 billion [1] - Yunnan Coal Energy (600792) closed at 4.79, up 0.84%, with a trading volume of 87580 shares and a transaction value of 417 million [1] - Yunwei Co. (600725) closed at 3.72, with a minor increase of 0.81%, trading 22770 shares for a total of 83.966 million [1] Capital Flow - The coke sector saw a net inflow of 408 million from main funds, while retail investors experienced a net outflow of 314 million [1] - Meijin Energy had a main fund net inflow of 4.05 billion, but retail investors saw a net outflow of 2.15 billion [2] - Antai Group experienced a main fund net inflow of 23.137 million, with retail investors also seeing a net outflow of 850.34 million [2] - Shanxi Coking Coal had a main fund net inflow of 18.4248 million, while retail investors faced a net outflow of 34.1216 million [2] - Shaanxi Black Cat recorded a main fund net inflow of 16.8386 million, with retail investors experiencing a net outflow of 2.44071 million [2] - Yunnan Coal Energy had a main fund net inflow of 6.0287 million, but retail investors faced a net outflow of 2.36912 million [2] - Yunwei Co. had a negligible main fund net outflow of 1.249 million, with retail investors also seeing a net outflow of 58.71 million [2] - Baotailong faced a significant main fund net outflow of 61.3759 million, while retail investors had a net outflow of 756.54 million [2]

Core Viewpoint - Meijin Energy's stock price has shown a positive trend with an 11.09% increase year-to-date, reflecting investor interest despite recent fluctuations in trading volume and net capital outflow [1][2]. Company Overview - Meijin Energy, established on January 8, 1997, and listed on May 15, 1997, is based in Taiyuan, Shanxi Province. The company primarily engages in the production and sales of coal, coke, natural gas, and hydrogen fuel cell vehicles, with 97.45% of its revenue derived from coal and coke products [1][2]. Financial Performance - For the first half of 2025, Meijin Energy reported operating revenue of 8.245 billion yuan, a year-on-year decrease of 6.46%. The net profit attributable to shareholders was -674 million yuan, showing a slight increase of 1.29% compared to the previous period [2]. - The company has cumulatively distributed 1.976 billion yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Shareholder Structure - As of June 30, 2025, Meijin Energy had 248,700 shareholders, a decrease of 5.77% from the previous period. The average number of circulating shares per shareholder increased by 6.12% to 17,679 shares [2]. - The top ten circulating shareholders include significant institutional investors, with notable increases in holdings by Guotai CSI Coal ETF and Southern CSI 500 ETF [3].