Investment Rating - The industry investment rating is maintained at "Accumulate" [1] Core Views - The coal mining industry is experiencing weak supply and demand, leading to a downward trend in coal prices. The current port coal price is at 785 RMB/ton, down 31 RMB/ton from the previous week. The average daily coal inflow to the four ports in the Bohai Rim is 1.95 million tons, a decrease of 105,100 tons or 5.11% week-on-week. The average daily coal outflow is 1.73 million tons, down 260,000 tons or 13.05% week-on-week. The inventory at the ports has increased by 1 million tons to 27.614 million tons, an increase of 3.77% [1][2][31] Summary by Sections 1. Market Review - The Shanghai Composite Index closed at 3,902.81 points, down 0.29% week-on-week. The coal sector index closed at 2,887.25 points, up 0.37% week-on-week, with a trading volume of 55.814 billion RMB, an increase of 25.76% [10] 2. Coal Prices - The price of thermal coal at the production site has shown a slight decline. As of December 5, the price of 5500 kcal thermal coal in Datong is 635 RMB/ton, down 19 RMB/ton. The price of 6000 kcal thermal coal in Yanzhou is 1,010 RMB/ton, down 140 RMB/ton. The port price of thermal coal is 785 RMB/ton, down 31 RMB/ton [16][19] 3. Inventory and Shipping - The average daily coal inflow and outflow at the Bohai Rim ports have both decreased. The average daily inflow is 1.95 million tons, and the outflow is 1.73 million tons. The number of anchored vessels has decreased to 75, down 24 vessels or 24% week-on-week. The coal inventory at the ports has increased to 27.614 million tons [26][31] 4. Recommendations - The report suggests focusing on insurance capital inflows and recommends resource stocks, particularly thermal coal stocks like Haohua Energy and Guanghui Energy, which are considered undervalued [2][36]

潞安环能12月5日公告称，因达法定退休年龄，董事长王志清于2025年12月5日申请辞去公司第八届董事 会董事、董事长等职务，辞职后不在公司任职，且未持有公司股票。其辞职不会影响公司正常运行，报 告自送达董事会起生效。鉴于新任董事长选举需法定程序，经全体董事推举，董事韩玉明代为履行董事 长等职责，期限至选举产生新任董事长止。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不對因本公佈全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 ZHONGZHENG INTERNATIONAL COMPANY LIMITED 中證國際有限公司 （於百慕達註冊成立之有限公司） （股份代號：943） 煤礦開採業務之最新資料 及 有關勘探及評估資產保留意見之補充公佈 茲提述中證國際有限公司（「本公司」）於二零二五年九月二十九日刊發之截至二零 二五年六月三十日止年度之年報（「二零二五年年報」）。除另有界定者外，本公佈 所採用之詞彙與二零二五年年報所界定者具有相同涵義。 本公佈旨在向股東及潛在投資者提供本集團煤礦開採業務近期發展的最新資料， 並就二零二五年年報中涉及勘探及評估資產的保留意見提供補充資料。除另有界 定者外，本公佈所採用之詞彙與二零二五年年報所界定者具有相同涵義。 緒言 誠如二零二五年年報所披露，本集團正與前承包商PT Nusantara Energi Thermal（「前 承包商」）協商恢復印尼PT Bara煤礦的生產，並考慮替代方案，包括聘 ...

Group 1 - The coal mining sector increased by 0.12% on December 5, with Electric Power Investment leading the gains [1] - The Shanghai Composite Index closed at 3902.81, up 0.7%, while the Shenzhen Component Index closed at 13147.68, up 1.08% [1] - Electric Power Investment's stock price rose by 6.96% to 28.60, with a trading volume of 283,200 shares and a transaction value of 796 million [1] Group 2 - The coal mining sector experienced a net outflow of 30.73 million from institutional investors, while retail investors saw a net inflow of 22.3 million [2] - Major stocks in the coal mining sector showed varied performance, with some stocks like Daya Energy and China Shenhua experiencing declines of 1.81% and 0.53% respectively [2] - The trading volume and transaction values for various coal mining stocks were significant, with Daya Energy recording a transaction value of 649 million [2] Group 3 - Individual stock performance showed that Yongtai Energy had a net inflow of 14.216 million from institutional investors, while retail investors had a net outflow of 6.71 million [3] - New Dazhou A and Jiangtong Equipment also had mixed net inflows and outflows from different investor types [3] - The data indicates a trend of institutional investors pulling back while retail investors are more active in the coal mining sector [3]

Core Viewpoint - On December 4th, brokerage firms provided target prices for listed companies, with notable increases in target prices for companies in the coal mining, gaming, and military electronics sectors, specifically Huaihe Energy, Giant Network, and Zhimingda, with target price increases of 46.67%, 44.12%, and 37.65% respectively [1][2]. Group 1: Target Price Increases - Huaihe Energy (600575) received a target price of 5.28 yuan, with a target price increase of 46.67% from Huatai Securities [2]. - Giant Network (002558) has a target price of 57.00 yuan, reflecting a 44.12% increase from CITIC Securities [2]. - Zhimingda (688636) was assigned a target price of 48.00 yuan, indicating a 37.65% increase from CITIC Securities [2]. - Other companies with significant target price increases include Zhend Medical (603301) at 37.21%, Wanfu Biology (300482) at 35.14%, and Yongxin Optical (603297) at 32.22% [2]. Group 2: Brokerage Recommendations - A total of 17 listed companies received brokerage recommendations on December 4th, with notable mentions including Great Wall Motors, Yutong Bus, Jereh, and BYD, each receiving recommendations from two brokerage firms [2][4]. - Great Wall Motors (601633) closed at 21.80 yuan with two brokerage recommendations in the passenger vehicle sector [4]. - Yutong Bus (600066) closed at 33.11 yuan, also receiving two recommendations in the commercial vehicle sector [4]. - Jereh (002353) closed at 66.69 yuan and received two recommendations in the specialized equipment sector [4]. - BYD (002594) closed at 95.24 yuan, with two recommendations in the passenger vehicle sector [4]. Group 3: First Coverage - On December 4th, three companies received initial coverage from brokerages: Cankin Technology, Kaiter Co., and Haidar [5]. - Cankin Technology (688182) was rated "Outperform Industry" by China International Capital Corporation in the communication equipment sector [5]. - Kaiter Co. (920978) received a "Buy" rating from Tianfeng Securities in the automotive parts sector [5]. - Haidar (920699) was rated "Hold" by Dongwu Securities in the home appliance parts sector [5].

Group 1 - The core announcement is about the financial support of up to 3.8 billion RMB from the controlling shareholder, Inner Mongolia Ordos Cashmere Group Co., Ltd., to Inner Mongolia Ordos Resources Co., Ltd. and its subsidiaries for the year 2026 [2][6] - The loan will have a term determined by actual needs and an interest rate not exceeding the market loan quotation rate, with no collateral or guarantees required from the company or its subsidiaries [2][6] - The board of directors approved the proposal on December 3, 2025, during the 11th meeting of the 10th board session [3][49] Group 2 - The financial support constitutes a related party transaction, but it is exempt from the usual disclosure requirements as it meets the criteria set by the Shanghai Stock Exchange [4] - The transaction is within the board's approval authority and does not require shareholder meeting approval [4][49] - The financial support is expected to meet the company's funding needs and will not affect its normal operations or independence [6][42] Group 3 - The company reported that the actual amount of daily related party transactions with affiliates from January to October 2025 was approximately 1.37 billion RMB [19] - For 2026, the company anticipates daily related party transactions with affiliates to total no more than 2.37 billion RMB [21] - The related party transactions are deemed necessary for the company's normal operations and are conducted on a fair and voluntary basis [11][42]

Investment Rating - The report indicates a "downgrade" for the coal mining sector, suggesting it is "weaker than the market" [5]. Core Insights - The coking coal and coke markets are weakening, transitioning into an off-peak season, with coking coal prices declining, providing room for downstream coke price reductions. Steel mills are cautious in their procurement, focusing on inventory consumption. Following the completion of the fourth round of price increases, major steel mills have initiated the first round of price reductions for coke, expected to take effect on December 1 [1][2]. - The thermal coal market is also weakening, characterized by a "weak demand and increased supply" scenario, leading to downward pressure on prices. Supply remains stable, but price support is loosening, with high inventory levels at ports and cautious procurement behavior from consumers [1][2]. Summary by Sections Coking Coal - Prices for coking coal have decreased, with the low-sulfur coking coal price at 1400 RMB/ton, down 3% week-on-week. The total coking coal inventory at sampled coking plants is 10.1 million tons, also down 3% and at a historically low level [3][4]. Coke - The closing price for coke at ports is 1670 RMB/ton, unchanged from the previous week. The total inventory of coke across coking plants, steel mills, and ports is 9.01 million tons, down 1% [4]. Thermal Coal - The average price index for thermal coal in the Bohai Rim is 698 RMB/ton, stable compared to last week. Newcastle thermal coal price is 112.9 USD/ton, down 1%. The supply from 17 inland provinces is 3.51 million tons, up 2%, while the supply from eight coastal provinces is 2.11 million tons, up 10%. Inland coal inventory stands at 102 million tons, up 1%, and coastal inventory is 3.454 million tons, up 3% [4][2].

Core Viewpoint - Chitianhua (600227.SH) is struggling in a loss-making situation due to the dual impact of industry cyclical downturn and internal transformation failures, with no signs of recovery in sight. The latest financial report indicates a decline in revenue and an expansion of net profit losses [1][9]. Group 1: Financial Performance - In the first three quarters of 2025, Chitianhua reported a revenue of 1.569 billion yuan, a year-on-year decrease of 7.96%, and a net profit attributable to shareholders of -152 million yuan, a decline of 340.46% [2][10]. - The third quarter performance was particularly poor, with revenue of 439 million yuan, down 31.10% year-on-year, and a net profit of -104 million yuan, a staggering decline of 4960.36% [2][10]. - The company's gross margin fell by 2.41 percentage points to 8.9%, while the net margin dropped by 7.69 percentage points to -9.72% [3][11]. Group 2: Operational Challenges - The revenue decline was primarily due to maintenance shutdowns at its subsidiary Tongzi Chemical, leading to reduced production and sales [3][11]. - The increase in coal production and operating costs, along with inventory write-downs, contributed to the profit decline [3][11]. - Despite the losses, the operating cash flow remained positive, largely due to a 67.27% decrease in accounts receivable [3][12]. Group 3: Business Segments - Chitianhua's main business has evolved from a single chemical enterprise to a diversified group across chemicals, healthcare, and coal [5][13]. - The chemical segment, still the largest revenue source, saw mixed performance with urea sales down 8% to 447,600 tons and a 17.92% drop in average selling price to 1,686.07 yuan per ton, resulting in a revenue decline of 24.51% [6][14]. - The coal business, initiated through an asset swap in September 2023, reported a significant increase in coal production but incurred a gross loss of 58.34 million yuan due to high production costs and low market prices [7][15]. Group 4: Future Outlook and Risks - The coal asset acquisition was made at a high premium, with a valuation increase of 419.47%, but the acquired assets were already in a loss-making state [8][15]. - Performance commitments for the coal assets are unlikely to be met, raising concerns about future profitability [8][16]. - The healthcare segment, operated by Daqin Hospital, has not shown significant improvement and remains in a loss position due to high fixed costs [8][16].

Core Viewpoint - Huabei Mining's stock price has experienced a significant decline this year, with a drop of 11.79% year-to-date and a 4.08% decrease over the last five trading days, indicating potential challenges in the company's performance and market perception [1][2]. Company Overview - Huabei Mining Co., Ltd. is located at 276 Renmin Middle Road, Huaibei City, Anhui Province, established on March 18, 1999, and listed on April 28, 2004. The company engages in the sale of civil explosive products and blasting engineering services, coal mining, washing, processing, and sales, as well as the production and sales of coal chemical products [1]. - The main business revenue composition includes: commodity trading (39.15%), coal products (26.23%), coal chemical products (20.81%), engineering and labor services (3.55%), blending business (2.55%), electricity sales (1.99%), others (1.96%), blasting engineering services (1.23%), mining business (1.21%), civil explosive product sales (0.81%), and transportation services (0.51%) [1]. Financial Performance - As of November 28, 2025, Huabei Mining reported a revenue of 31.925 billion yuan, a year-on-year decrease of 43.78%, and a net profit attributable to shareholders of 1.07 billion yuan, down 74.14% year-on-year [2]. - The company has distributed a total of 13.156 billion yuan in dividends since its A-share listing, with 7.318 billion yuan distributed over the last three years [3]. Shareholder Information - As of November 28, 2025, the number of Huabei Mining shareholders increased to 37,500, with an average of 71,724 circulating shares per person, a decrease of 2.04% from the previous period [2]. - Major shareholders include Guotai Zhongxin Coal ETF (515220) as the second-largest shareholder with 42.6809 million shares, and Hong Kong Central Clearing Limited as the fourth-largest shareholder with 30.5931 million shares, both showing increases in holdings [3].

Core Insights - Shaanxi Coal Industry conducted a block trade on December 3, with a transaction volume of 311,000 shares and a transaction value of 7.0348 million yuan, at a price of 22.62 yuan per share [2][3] - The closing price of Shaanxi Coal Industry on the same day was 22.62 yuan, reflecting a decrease of 0.88%, with a daily turnover rate of 0.22% and a total transaction amount of 479 million yuan [2] - The net inflow of main funds for the day was 10.2845 million yuan, and the stock has seen a cumulative increase of 0.62% over the past five days, with a total net inflow of 4.9422 million yuan [2] Trading Data Summary - The block trade details include a transaction volume of 31.10 million shares, a transaction amount of 703.48 million yuan, and a transaction price of 22.62 yuan, with no premium over the closing price [3] - Both the buyer and seller in the block trade were from Guotai Junan Securities Co., Ltd. headquarters [3] Financing Information - The latest financing balance for Shaanxi Coal Industry is 639 million yuan, with an increase of 5.8931 million yuan over the past five days, representing a growth rate of 0.93% [3] - Shaanxi Coal Industry was established on December 23, 2008, with a registered capital of 969.5 million yuan [3]