Core Viewpoint - The stock of Jinko Coal Industry has shown a slight increase of 2.05% as of January 5, with a current price of 13.42 CNY per share and a total market capitalization of 22.461 billion CNY [1] Group 1: Stock Performance - As of January 5, Jinko Coal's stock price increased by 2.05% year-to-date, with a 1.13% increase over the last five trading days, an 8.21% decrease over the last 20 days, and a 6.74% decrease over the last 60 days [1] - The trading volume reached 1.81 billion CNY with a turnover rate of 0.82% [1] Group 2: Financial Performance - For the period from January to September 2025, Jinko Coal reported a revenue of 9.325 billion CNY, representing a year-on-year decrease of 16.99%, and a net profit attributable to shareholders of 1.277 billion CNY, down 40.65% year-on-year [2] - Since its A-share listing, Jinko Coal has distributed a total of 6.083 billion CNY in dividends, with 3.640 billion CNY distributed over the last three years [2] Group 3: Shareholder Information - As of December 17, the number of shareholders for Jinko Coal was 49,000, a decrease of 7.55% from the previous period, while the average circulating shares per person increased by 8.16% to 34,157 shares [2] - The second-largest circulating shareholder is the Guotai Zhongzheng Coal ETF, holding 33.2232 million shares, an increase of 20.2405 million shares from the previous period [2]

革新施工工艺，工序协同"顺而优" 山东能源鲁西矿业新巨龙公司紧扣掘进提效、正规循环工作要求，立足安全生产实际精准施策，从劳动 组织、施工工艺、装备保障三大维度系统发力，使掘进作业效率稳步攀升、生产接续科学顺畅，为矿井 安全稳定高质量发展筑牢根基。 优化劳动组织，人力配置"精而强" "以前多部门集中入井检查，经常打断掘进作业节奏，现在检查频次和准入都有了明确规范，作业连贯 性大大提高。"开拓工区王班长深有感触地说。 为克服防冲限员和人力短缺影响，该公司打破传统人力资源管理模式，以"精简高效、权责明晰"为核心 重构掘进相关岗位。一方面，统一规范防冲限员区检查标准，建立严格准入机制，有效避免生产干扰； 另一方面，大力推进智能化替代，实现皮带"一键启停 + 远程监控"，成功取消专职值守岗位1人，让科 技为人力"松绑"。 他们还搭建了"一站式"物料运输体系，依托单轨吊集中配送，彻底告别人工搬运的低效模式，让人力资 源向核心生产环节聚焦，实现"减人不减产、提质又提效"。 稳定可靠的装备是掘进提效和正规循环的重要保障。该公司加大装备升级投入，全面推广煤矿用深孔钻 车等高效卸压设备，由专业小组负责操作，既提升了卸压施工效率和 ...

Investment Rating - The report maintains a positive outlook on the coal industry, indicating a "Look Favorably" rating due to expected price increases driven by seasonal demand and stricter safety regulations [1]. Core Insights - The report highlights that as of January 4, 2026, the spot prices for thermal coal at Qinhuangdao port have increased, with Q4500, Q5000, and Q5500 grades priced at 505, 593, and 682 RMB/ton respectively, reflecting week-on-week increases of 18, 14, and 6 RMB/ton [1]. - Supply-side constraints are noted, with a decrease in daily coal inflow to the Bohai Rim ports, down to 1.3888 million tons, a reduction of 116,300 tons week-on-week [1]. - Demand is supported by ongoing cold weather, leading to improved daily consumption, which has risen to 1.6768 million tons, an increase of 85,600 tons week-on-week [1]. - The report anticipates that the combination of high consumption levels and reduced production from high-cost mines will support thermal coal prices moving forward [1]. - For coking coal, prices remain stable, with Shanxi Anze low-sulfur coking coal priced at 1600 RMB/ton as of January 4, 2026 [1]. Summary by Sections Recent Industry Policies and Dynamics - The report discusses the implementation of a "benchmark price + floating price" mechanism for long-term contracts for thermal coal, with prices set at 540, 483, and 453 RMB/ton for different regions [7]. - It also mentions increased regulatory scrutiny on safety measures in coal mining, particularly during the winter heating season [7]. Price Trends - The report notes that the average daily consumption of coal has increased by 3.94% week-on-week, while the inventory of major power generation groups has decreased by 11.8% [3]. - The Bohai Rim coal inventory has decreased to 27.127 million tons, down 191,500 tons week-on-week, indicating a 6.59% drop [20]. International Oil Prices - Brent crude oil prices have increased slightly to 60.75 USD/barrel, reflecting a 0.18% rise week-on-week [15]. - The report highlights the relationship between international oil prices and coal prices, noting a rise in the ratio of international oil prices to international coal prices [15]. Company Valuation - The report provides a valuation table for key companies in the coal sector, including China Shenhua, Shaanxi Coal, and Yanzhou Coal, with various earnings per share (EPS) and price-to-earnings (PE) ratios forecasted for the coming years [32].

Group 1: Metal Sector - Yun Aluminum Co. (000807.SZ) is projected to achieve a net profit of CNY 44.12 billion in 2024, increasing to CNY 75.75 billion by 2026, with a PE ratio decreasing from 25.82 to 15.04[9] - The company has a comprehensive production capacity of 305,000 tons of green aluminum and 140,000 tons of alumina, positioning it as a leader in the green aluminum sector[18] - The company's debt-to-asset ratio is expected to decrease to 23% by 2024, maintaining a strong ROE of 15.6%[24] Group 2: Construction Materials - Huaxin Cement (600801.SH) is forecasted to have a net profit of CNY 24.16 billion in 2024, growing to CNY 36.58 billion by 2026, with a PE ratio dropping from 18.60 to 12.29[9] - China National Materials (002080.SZ) is expected to see its net profit rise from CNY 8.92 billion in 2024 to CNY 25.87 billion in 2026, with a PE ratio decreasing from 68.38 to 23.57[9] Group 3: Transportation Sector - SF Holding (002352.SZ) is projected to achieve a net profit of CNY 101.70 billion in 2024, increasing to CNY 124.78 billion by 2026, with a PE ratio declining from 18.82 to 15.34[9] - The Beijing-Shanghai High-Speed Railway (601816.SH) is expected to see a slight increase in profit, with a PE ratio of 1973.38 in 2024, dropping to 1758.94 by 2026[9] Group 4: Chemical Sector - Senqcia (002984.SZ) is forecasted to have a net profit of CNY 21.86 billion in 2024, with a PE ratio of 10.03, expected to rise to CNY 21.26 billion by 2026[9] - Yara International (000893.SZ) is projected to achieve a net profit of CNY 9.50 billion in 2024, increasing to CNY 39.34 billion by 2026, with a PE ratio decreasing from 46.64 to 11.27[9]

Core Viewpoint - The transformation of coal mining operations through automation and intelligent technology has significantly improved efficiency, safety, and the working conditions of miners, leading to a more modern and professional image of the industry. Group 1: Technological Advancements - The introduction of the "one belt per roadway" transportation model has increased transportation capacity from 800 tons per hour to 1800 tons per hour, allowing for 20 hours of continuous production [2] - The power of the scraper conveyor motor has increased from 40 kW to 1400 kW, enabling remote control operations from a centralized control center [1] - The implementation of advanced monitoring systems with multiple cameras allows for real-time oversight of mining operations, enhancing safety and operational efficiency [2] Group 2: Changes in Workforce Dynamics - The educational requirements for miners have increased, with a standard of at least a college degree now expected, and even graduate students joining the workforce [3] - The shift from manual labor to intelligent mining has led to a more skilled workforce, focusing on precision and efficiency in coal extraction [3] - Miners have transitioned from being seen as "black coal faces" to "bright coal workers," reflecting the improved working conditions and professionalization of the industry [2] Group 3: Operational Efficiency - Daily raw coal production can reach up to 18,000 tons per round shift, showcasing the enhanced productivity of the mining operations [2] - Maintenance time has been reduced to 4 hours due to refined management practices, further contributing to operational efficiency [2] - The overall safety and working environment have improved, with miners experiencing less exposure to coal dust and better working conditions [2][3]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Insights - The coal mining industry is experiencing a tightening in production and shipment, with downstream power plants showing an increase in daily consumption, leading to a marginal improvement in supply-demand dynamics [2][12] - The report highlights that coal prices are expected to have support due to anticipated production reductions before the Spring Festival and potential temperature drops [12][63] - The long-term trend for coal prices is upward, driven by factors such as rising labor costs, increased safety and environmental investments, and higher taxation by local governments [5][66] Summary by Sections Thermal Coal - As of December 31, the price of thermal coal at northern ports is 678 RMB/ton, with a weekly decrease of 3 RMB/ton but a daily increase of 8 RMB/ton [12][63] - Production capacity utilization in the Sanxi region decreased by 4.85 percentage points due to increased maintenance during the New Year holiday [12][63] - The daily consumption of the six major power plants increased by 39,000 tons week-on-week [12][63] - The inventory of the six major power plants decreased by 118,000 tons to 13.375 million tons, down 276,000 tons year-on-year [12][29] Coking Coal - The production capacity utilization for coking coal decreased by 3.14 percentage points to 79.5% [3][64] - The average customs clearance volume at Ganqimaodu port decreased by 133 trucks week-on-week [3][64] - The price of main coking coal at ports remained stable at 1,740 RMB/ton as of December 31 [3][36] Coke - As of December 31, major steel mills have initiated the fourth round of price reductions for coke, indicating a weak market [3][44] - The average profit per ton of coke increased by 4 RMB/ton week-on-week [3][46] - The production rate of independent coking plants showed differentiation, with overall production rates declining slightly [3][47] Investment Opportunities - Recommended stocks include China Shenhua, Shaanxi Coal, and China Coal Energy for their stable performance and high dividends [5][66] - Other notable stocks include Yanzhou Coal, Jinkong Coal, and Huayuan Co. for their growth potential and strong cash flow [5][67]

Group 1 - The article discusses the resource tax reduction policies for various industries, particularly focusing on oil and gas extraction, coal mining, and shale gas [10][12][15]. - Specific tax reductions include a 20% reduction for low-yield oil and gas fields, a 30% reduction for high-sulfur natural gas and deep-water oil extraction, and a 40% reduction for heavy oil [10][11]. - The article outlines that local governments can decide on tax exemptions or reductions under certain circumstances, such as significant losses due to accidents or natural disasters [11][12]. Group 2 - The resource tax law, effective from September 1, 2020, replaces the previous interim regulations established in 1993 [12][13]. - Continued tax incentives for shale gas include a 30% reduction in resource tax until December 31, 2027, to promote natural gas supply [16][17]. - The article emphasizes the importance of maintaining proper documentation for tax exemptions and reductions, including mining licenses and production reports [19][21].

Core Viewpoint - Shanmei International (600546) experienced a decline in stock price, closing at 10.14 yuan, down 1.84% from the previous week, with a total market capitalization of 20.003 billion yuan [1] Company Announcement Summary - Shanmei International held its fourth extraordinary general meeting of shareholders on December 31, 2025, in Taiyuan, with 426 shareholders present, representing 65.7599% of the total voting shares [2][3] - The meeting approved the proposal regarding the expected daily related transactions for 2026, with 91.1247% in favor, 8.6955% against, and 0.1798% abstaining from the vote [1][3] - The legal opinion from Beijing Jindu Law Firm confirmed the legality and validity of the meeting's procedures, attendance, and voting [2]

Core Insights - The coal industry is experiencing a recovery in profits, with November electricity consumption increasing by 6.2% year-on-year [6][32] - The report maintains a "Buy" rating for the coal sector, indicating confidence in its future performance [3] Group 1: Coal Sector Review - In December, the coal sector saw a slight decline, underperforming the market by 19.4 percentage points year-to-date [6][16] - The coal sector's cumulative decline for the year is 1.7%, ranking 29th out of 30 sectors [6][16] - The sub-sectors of thermal coal, coking coal, and coke experienced declines of 3.5%, 4.5%, and 5.8% respectively in December [6][16] Group 2: Coal Market Overview - November electricity consumption grew by 6.2%, while non-electric demand remained weak, and coal imports fell by approximately 20% year-on-year [6][32] - Domestic coal prices have shown weakness in thermal coal, while coking coal prices have stabilized and slightly increased [32][40] - International coal prices for high-calorific thermal coal have remained stable, while coking coal prices have continued to rise [49] Group 3: Domestic Demand and Supply - In November, domestic raw coal production decreased by 0.5% year-on-year, with imports down by 19.9% [59] - The total raw coal production for the first eleven months of the year was 4.402 billion tons, reflecting a year-on-year increase of 1.4% [59] - The report highlights that the demand for electricity and industrial production remains a critical factor influencing coal consumption [51][52] Group 4: Key Companies and Financial Analysis - Key companies with stable profits and dividends include China Shenhua, Yancoal, and Shaanxi Coal and Chemical Industry [6][7] - Companies benefiting from positive demand expectations and supply constraints include Shanxi Coking Coal, Lu'an Environmental Energy, and Huabei Mining [6][7] - The report provides detailed financial metrics for key companies, indicating their earnings per share (EPS), price-to-earnings (PE) ratios, and return on equity (ROE) [7]

Core Viewpoint - The company has received approval for the joint trial operation of its wholly-owned subsidiary, Baoqing County Jianlong Dayan Coal Industry Co., Ltd., for a resource integration project with a designed production capacity of 300,000 tons per year, set to operate from December 20, 2025, to June 19, 2026 [1] Group 1: Project Developments - The resource integration project at Baoqing County Jianlong Dayan Coal Industry Co., Ltd. has a designed production capacity of 300,000 tons per year [1] - The company currently operates three production mines and one joint trial operation mine, totaling a production capacity of 1.8 million tons per year [1] - The total investment for the Donghui Coal Mine project is 2.816 billion yuan, with a resource reserve of 240 million tons and a construction scale of 1.8 million tons per year, which has completed all approval processes and is in the preparation stage for construction [1] Group 2: Resource and Capacity Overview - The company owns seven coal mines, all of which have obtained mining rights, with a total resource reserve of 476.1227 million tons and a total production capacity of 4.2 million tons per year [1] - The engineering progress of Baotailong No. 2 and No. 3 mines has reached 93% and 73% respectively, both expected to be completed and put into production in the near term [1]