Core Viewpoint - Huabei Mining's stock has experienced a decline of 14.56% this year, with significant net outflows of capital and a decrease in both revenue and net profit for the year 2025 [1][2]. Group 1: Stock Performance - On December 22, Huabei Mining's stock fell by 2.07%, trading at 11.38 yuan per share, with a total market capitalization of 30.649 billion yuan [1]. - The stock has seen a trading volume of 1.55 billion yuan, with a turnover rate of 0.50% [1]. - Year-to-date, the stock has decreased by 14.56%, with recent declines of 0.78% over the last five trading days, 8.59% over the last 20 days, and 10.25% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Huabei Mining reported a revenue of 31.841 billion yuan, a year-on-year decrease of 43.81%, and a net profit attributable to shareholders of 1.07 billion yuan, down 74.14% year-on-year [2]. - Cumulative cash dividends since the A-share listing amount to 13.156 billion yuan, with 7.318 billion yuan distributed over the last three years [3]. Group 3: Shareholder Information - As of December 10, 2025, the number of Huabei Mining shareholders increased to 43,400, a rise of 15.58%, while the average circulating shares per person decreased by 13.48% to 62,055 shares [2]. - The second-largest circulating shareholder is Guotai Zhongxin Coal ETF, holding 42.6809 million shares, marking a new entry [3]. - Hong Kong Central Clearing Limited is the fourth-largest shareholder, with an increase of 2.1386 million shares, totaling 30.5931 million shares [3].

来源：格隆汇APP 格隆汇12月22日｜港股上午盘三大指数集体上涨，恒生科技指数涨势相对较强，午间收涨0.89%，恒生 指数、国企指数分别上涨0.2%及0.27%。大型科技股走势分化，百度、阿里巴巴上涨，小米跌超2%，腾 讯飘绿；金银价格再创新高！黄金白银股集体上涨，国家大基金三期布局IC载板领域，半导体芯片股强 势，龙头中芯国际涨超7%。另外，生物医药股、家电股、煤炭股走势低迷。印象大红袍上市首日午间 收跌25%破发，明基医院暴跌43%同样破发。(格隆汇) | 名称 | 最新价 | 涨跌幅 | | --- | --- | --- | | 恒生指数 | 25742.24 | +0.20% | | 800000 | | | | 国企指数 | 8925.39 | +0.27% | | 800100 | | | | 恒生科技指数 | 5528.05 | +0.89% | | 800700 | | | ...

Investment Rating - The industry investment rating is "Buy" for several companies including China Coal Energy, China Shenhua, and Jinneng Holding Coal Industry [3][8]. Core Viewpoints - Australia's electricity demand is projected to double by 2050, necessitating a twofold increase in coal power capacity to ensure supply during the transition period. Total electricity demand is expected to rise from 205 billion kWh to 389 billion kWh by the fiscal year 2049-50, with significant contributions from high-energy industries such as industrial electrification and data centers [2][3]. - Current coal power capacity in Australia has decreased from approximately 30,000 MW to about 21,000 MW, with aging units averaging over 40 years of operation. Non-scheduled outages are expected to reach 7% of total operating time from 2027 to 2035, indicating a critical need for coal power to maintain grid stability during the transition to renewable energy [3][8]. Summary by Sections Industry Overview - The report highlights a significant decline in Australia's coal power capacity and the urgent need for expansion to meet future electricity demands. The transition to renewable energy sources is progressing but faces substantial gaps in implementation [2][3][8]. Key Companies - Recommended companies include: - Yancoal Australia (Buy) - Jinneng Holding Coal Industry (Buy) - China Coal Energy (Buy) - China Shenhua (Buy) - Shaanxi Coal and Chemical Industry (Buy) - Huainan Mining (Buy) - China Qinfa (Buy) [3][8]. Price Trends - Coal prices have shown mixed trends, with Newcastle coal prices at $105 per ton, down by $2.75 per ton (-2.55%), while European ARA coal prices increased slightly to $96.21 per ton, up by $0.64 per ton (+0.67%) [1][3][36].

Core Viewpoint - Jinko Coal Industry's stock price has experienced a decline of 2.01% on December 22, with a current price of 13.68 CNY per share and a total market capitalization of 22.896 billion CNY. The company has seen a year-to-date stock price increase of 5.92%, but a recent decline over the past five days of 5.33% [1] Group 1: Financial Performance - For the period from January to September 2025, Jinko Coal Industry reported a revenue of 9.325 billion CNY, representing a year-on-year decrease of 16.99%. The net profit attributable to shareholders was 1.277 billion CNY, down 40.65% compared to the previous year [2] - Since its A-share listing, Jinko Coal Industry has distributed a total of 6.083 billion CNY in dividends, with 3.640 billion CNY distributed over the last three years [3] Group 2: Shareholder and Market Activity - As of November 20, 2025, the number of shareholders for Jinko Coal Industry was 53,000, a decrease of 8.62% from the previous period. The average number of circulating shares per person increased by 9.43% to 31,579 shares [2] - The top ten circulating shareholders include notable entities such as Guotai Junan CSI Coal ETF, which holds 33.2232 million shares, an increase of 20.2405 million shares from the previous period. Other significant shareholders have seen changes in their holdings, with some reducing their positions [3]

Core Viewpoint - The coal industry is currently in the early stages of a new upward cycle, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector at lower prices [5] Price Trends - The price of thermal coal at Qinhuangdao Port (Q5500) is reported at 711 RMB/ton, a decrease of 42 RMB/ton week-on-week [2] - The price of coking coal at Jingtang Port is 1700 RMB/ton, an increase of 50 RMB/ton week-on-week [3] - International thermal coal prices have also seen declines, with Newcastle NEWC5500 at 75.0 USD/ton, down 2.0 USD/ton week-on-week [2] Supply and Demand Dynamics - The utilization rate of thermal coal mines is at 90.4%, down 2.1 percentage points week-on-week, while the utilization rate for coking coal mines is at 86.62%, up 1.3 percentage points [3] - Daily coal consumption in inland provinces has decreased by 16.60 thousand tons/day (-4.23%), while consumption in coastal provinces has increased by 4.70 thousand tons/day (+2.35%) [5] - Chemical coal consumption has increased by 2.58 thousand tons/day (+0.35%) [4] Inventory and Utilization Rates - Coastal provinces have seen a decrease in coal inventory by 21.80 thousand tons, a 0.63% drop week-on-week, while inland provinces' inventory has decreased by 64.20 thousand tons, a 0.64% drop [4] - The clinker utilization rate in the cement industry is reported at 37.7%, down 1.3 percentage points week-on-week [4] Investment Strategy - The coal sector is characterized by high performance, cash flow, and dividends, with a strong long-term outlook due to supply constraints and rising costs [7] - The current market conditions present a high investment value in coal assets, with a focus on companies with stable operations and strong earnings [6][7] - Recommended companies include China Shenhua, Shaanxi Coal, and Yanzhou Coal, among others, highlighting their strong fundamentals and growth potential [7]

Core Viewpoint - The stock of Electric Power Investment Energy has shown a significant increase in price and trading activity, indicating positive market sentiment and potential growth opportunities for the company [1][2]. Group 1: Stock Performance - As of December 22, Electric Power Investment Energy's stock price rose by 2.02% to 27.82 CNY per share, with a total market capitalization of 62.36 billion CNY [1]. - The stock has increased by 48.14% year-to-date, with a 0.61% rise over the last five trading days, 6.55% over the last 20 days, and 25.48% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Electric Power Investment Energy reported a revenue of 22.40 billion CNY, reflecting a year-on-year growth of 2.72%, while the net profit attributable to shareholders decreased by 6.40% to 4.12 billion CNY [2]. - The company has distributed a total of 11.81 billion CNY in dividends since its A-share listing, with 4.55 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Electric Power Investment Energy decreased by 11.29% to 27,100, while the average number of circulating shares per person increased by 12.72% to 82,831 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 47.24 million shares, an increase of 18.51 million shares compared to the previous period [3]. Group 4: Business Overview - Electric Power Investment Energy, established on December 18, 2001, and listed on April 18, 2007, is primarily engaged in the production, processing, and sales of coal products, thermal power, and electrolytic aluminum [1]. - The company's revenue composition includes aluminum products (55.11%), coal products (30.29%), power products (13.02%), and others (1.59%) [1].

记者从黑龙江省鸡西市滴道区人民政府获悉，今天4时30分许，黑龙江丰源矿业有限公司大通沟煤矿发 生透水事故，5人被困。事故发生后，鸡西市立即成立联合救援指挥部，开展紧急救援。目前，抢险救 援工作正在进行中。 ...

Group 1 - The report highlights the cautious optimism regarding the US interest rate cuts, with expectations of two 25 basis point cuts in 2026 driven by economic data and political pressures [4] - Japan's monetary policy is expected to be cautious, with a projected increase of 1-2 times in 2026, each by 25 basis points, due to structural constraints [4] - The liquidity premium is diminishing, leading to a return to fundamental pricing for both US dollar and RMB assets, with a focus on performance verification rather than liquidity speculation [5] Group 2 - CATL has launched the world's first humanoid robot PACK production line, marking a significant milestone in the application of embodied intelligence in smart manufacturing [8] - The report notes significant financing activities in the robotics sector, including nearly 100 million yuan for Xuanji Power and several million for Zhigu Tianchu, indicating a growing investment interest [6][7] - The humanoid robot industry is expected to experience substantial growth opportunities, with a recommendation to focus on companies with core component capabilities and active involvement in humanoid robotics [12] Group 3 - The motorcycle industry has shown a year-on-year sales increase of 16% from January to November 2025, with exports growing by 21% [16] - Specific companies like Chunfeng Power and Qianjiang Motorcycle have reported mixed sales results, with electric motorcycle sales for Chunfeng increasing by 439% [17][19] - The report maintains a "recommended" rating for the motorcycle industry, citing continued export demand and market potential [21] Group 4 - The report discusses the planned IPO of Zhongwen Online to enhance its global strategy and competitiveness, aiming to expand financing channels and strengthen its overseas presence [22][23] - The overseas short drama market is projected to grow significantly, with the company’s platforms showing strong performance and market share [24][26] Group 5 - The report indicates a high growth certainty in global energy storage demand, with significant increases in orders and projects from Chinese companies in overseas markets [30] - The solar industry is experiencing price increases in silicon materials, which is expected to improve profitability in 2026 [27] - The wind power sector is also seeing robust demand, with significant tendering activity and price recovery in both onshore and offshore projects [28][29] Group 6 - The coal market is experiencing a decline in supply, with prices dropping to 703 yuan per ton, but there is an expectation of price stabilization due to reduced production and increased demand from non-electric sectors [37] - The report highlights the resilience of the coal industry, with major companies showing strong cash flow and profitability, suggesting a "recommended" rating for the sector [40]

行 业 及 产 业 煤炭/ 煤炭开采 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 严天鹏 A0230524090004 yantp@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 施佳瑜 A0230521040004 shijy@swsresearch.com 研究支持 施佳瑜 A0230521040004 shijy@swsresearch.com 联系人 施佳瑜 A0230521040004 shijy@swsresearch.com 2025 年 12 月 21 日 冷空气影响仍存，成本支撑下供给 预计收紧，预计煤价有望企稳 看好 ——煤炭行业周报（2025.12.13-2025.12.20） 本期投资提示： ⚫ 动力煤方面，截至 12 月 19 日，据中国煤炭市场网，秦皇岛港口 Q4500、Q5000、 Q5500 动力煤现货价收报 506、600、703 元/吨，均环比下跌 42 元/吨。供给端，据 中国煤炭市场网，环渤海四港区本周日均调入量 163.96 万吨，环比上周减少 17.5 万 吨，同 ...

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle for the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [11][12] - The coal market continues to exhibit weakness, with prices under pressure due to warm temperatures and persistent port inventory accumulation. The price of Qinhuangdao port Q5500 coal has decreased by over 100 yuan per ton since November 21 [3][11] - The underlying logic of supply control in the coal industry remains unchanged, and despite a short-term oversupply, the market is still in a bottoming process, with coal prices potentially nearing their bottom [11][12] Summary by Sections 1. Coal Prices - As of December 20, the market price for Qinhuangdao port Q5500 coal is 711 yuan per ton, down 42 yuan from the previous week. The price for Shanxi-produced coal at the pit in Yulin is 760 yuan per ton, down 10 yuan [3][30] - International coal prices have also seen declines, with Newcastle Q5500 coal at 75.0 USD per ton, down 2.0 USD [3][30] 2. Coal Supply and Demand - The capacity utilization rate for sample coal mines is 90.4%, down 2.1 percentage points week-on-week, while the utilization rate for coking coal mines is 86.62%, up 1.3 percentage points [3][47] - Daily coal consumption in inland provinces has decreased by 16.60 thousand tons per day, a 4.23% drop, while consumption in coastal provinces has increased by 4.70 thousand tons per day, a 2.35% rise [3][48] 3. Investment Strategy - The coal sector is characterized by high performance, cash flow, and dividends, with a long-term high barrier to entry. The report suggests focusing on companies with stable operations and strong performance, such as China Shenhua, Shaanxi Coal, and others [12][13] - The report emphasizes the importance of recognizing the cyclical nature of coal investments, with a recommendation to accumulate during price corrections due to high dividend yields and potential price rebounds [11][12] 4. Market Performance - The coal sector has shown a 0.60% increase this week, outperforming the broader market, which saw a 0.28% decline [14][17] - Specific stocks within the coal mining sector, such as Anyuan Coal and Huabei Mining, have shown notable performance increases [20][21]