水峪煤业是公司全资子公司，年核定产能400万吨，占公司核定总产能的8.18%。经初步统计，水峪煤 业本次因事故共停产15天，预计影响原煤产量约18万吨。 山西焦煤（000983）(000983.SZ)发布公告，公司所属山西汾西矿业集团水峪煤业有限责任公司("水峪煤 业")因安全事故停产。停产期间，公司认真做好煤矿整顿工作，对所查问题和隐患进行了整改，吕梁市 应急管理局和吕梁市地方煤矿安全监督管理局组织对该矿进行了复产验收，现场验收合格。近日，公司 收到吕梁市应急管理局、吕梁市地方煤矿安全监督管理局《关于对山西汾西矿业集团水峪煤业有限责任 公司恢复生产的通知》(吕应急发〔2025〕143号)，同意水峪煤业恢复生产。水峪煤业按照要求从9月12 日起恢复生产。 ...

水峪煤业是公司全资子公司，年核定产能400万吨，占公司核定总产能的8.18%。经初步统计，水峪煤 业本次因事故共停产15天，预计影响原煤产量约18万吨。 格隆汇9月12日丨山西焦煤(000983.SZ)公布，所属山西汾西矿业集团水峪煤业有限责任公司（简称"水 峪煤业"）因安全事故停产。停产期间，公司认真做好煤矿整顿工作，对所查问题和隐患进行了整改， 吕梁市应急管理局和吕梁市地方煤矿安全监督管理局组织对该矿进行了复产验收，现场验收合格。近 日，公司收到吕梁市应急管理局、吕梁市地方煤矿安全监督管理局《关于对山西汾西矿业集团水峪煤业 有限责任公司恢复生产的通知》，同意水峪煤业恢复生产。水峪煤业按照要求从9月12日起恢复生产。 ...

Group 1 - Yishitong plans to repurchase shares worth between 30 million to 55 million yuan at a price not exceeding 40.69 yuan per share, intended for employee stock ownership plans or equity incentives [1] - Guoyao Modern's subsidiary has received approval for a sodium bicarbonate injection to increase specifications and pass consistency evaluation [2] - Xinjing plans to reduce its shareholding by up to 1.2 million shares, accounting for 0.78% of the total share capital, between October 14, 2025, and January 13, 2026 [2] Group 2 - Jinfeikeda intends to apply for an additional credit limit of up to 60 million yuan from Jiangsu Financial Leasing [3] - Boshi Co. signed a project contract worth 235 million yuan with Guoneng Yulin Chemical for a three-year service period starting from October 31, 2025 [4] - Luan Energy reported a coal sales volume of 3.78 million tons in August, a decrease of 13.70% year-on-year [6] Group 3 - Shengnong Development achieved sales revenue of 1.857 billion yuan in August, a year-on-year increase of 19.11% [8] - Huading Co. plans to transfer 9.26% of its shares through public solicitation of transferees [10] - China Metallurgical Group's new contract amount from January to August decreased by 18.2% year-on-year, totaling 679.57 billion yuan [12] Group 4 - Longjing Environmental plans to invest approximately 3.99 billion yuan in the construction of a hydropower station project in the Democratic Republic of the Congo [14] - Longjing Environmental also plans to invest 2.391 billion yuan in an integrated energy station project, expected to be operational by the second quarter of 2026 [15] - Transsion Holdings has set the transfer price for its shares at 81.81 yuan per share, with a subscription rate of 1.15 times [17] Group 5 - Sinopec Oilfield Services won a bid for a natural gas pipeline project with a contract value of 858 million yuan [18] - Huaitian Thermal Power received a warning letter from the Liaoning Securities Regulatory Bureau for information disclosure violations [20] - China Nuclear Engineering signed new contracts totaling 96.633 billion yuan as of August [22] Group 6 - Shanghai Mechanical plans to publicly transfer 67% of its stake in Simic Welding Materials, with an estimated value of 291 million yuan [24] - Zhongke Environmental appointed Tang Xia as the new deputy general manager [26] - Baiyang Pharmaceutical signed a strategic cooperation agreement with Jikun Pharmaceutical for a drug project [28] Group 7 - Jinsong New Materials received a warning letter from the Zhejiang Securities Regulatory Bureau for fundraising irregularities [27] - Weitang Industrial obtained a national invention patent for a battery tray welding deformation control device [29] - Dongsoft Carrier secured two national invention patents related to energy management and voltage regulation circuits [30] Group 8 - Lian De Equipment won a bid for the BOE AMOLED production line project with a total amount of 201 million yuan [31] - Jingjiawei signed a strategic cooperation agreement with Anchaoyun to develop high-performance cloud desktop solutions [32] - Chuaning Biological received approval for a 1 billion yuan medium-term note registration [34] Group 9 - Jifeng Co. plans to reduce its shareholding by up to 2% through block trading [36] - Taihe Intelligent plans to transfer 5.79% of its shares to Sunshine New Energy Development Co., Ltd. [36] - Yangmei Chemical will change its stock name to "Luhua Technology" starting September 17, 2025 [38] Group 10 - ST Songfa's subsidiary signed contracts for the construction of four container ships, with a total value of approximately 300 to 500 million USD [40] - Green Energy Huichong plans to establish a joint venture with Xianyang Economic Development Group with a registered capital of 250 million yuan [42] - Baiyao Tai received a milestone payment of 5.4 million USD from Intas Pharmaceuticals [38]

9月12日，中孚实业涨5.68%，截至发稿，报5.58元/股，成交1.43亿元，换手率0.64%，总市值223.64亿 元。 资料显示，河南中孚实业股份有限公司位于河南省巩义市新华路31号，成立日期1997年1月28日，上市 日期2002年6月26日，公司主营业务涉及煤炭开采、火力发电、电解铝和铝精深加工产品的生产、销售 及技术研发。主营业务收入构成为：铝加工62.62%，电解铝31.55%，煤炭2.60%，电2.38%，其他(补 充)0.44%，蒸汽0.33%，贸易0.08%。 从基金十大重仓股角度 数据显示，工银瑞信基金旗下1只基金重仓中孚实业。国证2000ETF基金（159543）二季度持有股数 5.95万股，占基金净值比例为0.57%，位居第九大重仓股。根据测算，今日浮盈赚取约1.78万元。 国证2000ETF基金（159543）成立日期2023年11月9日，最新规模4563.95万。今年以来收益32.69%，同 类排名1276/4222；近一年收益75.85%，同类排名974/3800；成立以来收益27.79%。 国证2000ETF基金（159543）基金经理为刘子豪。 截至发稿，刘子豪累计任职时间 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000571 | 新大洲A | 5.11 | -2.11% | 12.66万 | 6503.22万 | | 600985 | 淮北矿业 | 12.05 | -0.66% | 13.78万 | 1.66亿 | | 603071 | 物产环能 | 13.86 | -0.57% | 1 1.17万 | 1613.21万 | | 600397 | 安源煤业 | 7.83 | -0.38% | 1 20.74万 | 1.62亿 | | 601088 | 中国神华 | 38.15 | -0.34% | 16.25万 | 6.22亿 | | 600925 | 赤能股份 | 4.96 | -0.20% | 5.77万 | 2864.61万 | | 600575 | 淮河能源 | 3.41 | 0.00% | 20.40万 | 6938.67万 | | 000983 | 山西焦煤 | 6.94 | 0.00% | 53.95万 | 3.73亿 | | 600997 ...

Fixed Income Research - The bond market may have completed a "five-wave" cycle and is now entering an adjustment phase, with historical data suggesting that the decline from the peak could be around 30%-35% of the previous gains [1][3][30] Coal Mining Research - The fundamental reason for the frequent global electricity shortages is the rapid growth in electricity demand, while structural bottlenecks on the supply side remain unresolved. Traditional energy sources, particularly coal-fired power, will continue to be the ballast of the global electricity system in the medium to long term [5][7][8] - Global electricity demand is expected to grow at a rate of 4.4% in 2024, significantly outpacing the global GDP growth of 2.9%. This growth is driven by deep electrification in the industrial sector, rapid expansion of data centers driven by artificial intelligence, and increased extreme weather events due to global climate change [6][7] Power Equipment and New Energy Research - Solid-state batteries are identified as the next generation of high-performance batteries, with increasing demand for oxide semi-solid batteries and the potential for sulfide all-solid-state batteries to demonstrate their capabilities. Continuous advancements in the industry are expected to enhance the trend of solid-state battery markets [9][10][11] - The solid-state battery market has transitioned from being demand-driven to being driven by new technologies, with significant developments expected in various fields, including consumer batteries and electric vehicles [12][13]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6]. Core Views - The company is a quality private coal enterprise rooted in coal trading and has expanded into Indonesia, with significant growth potential [1][12]. - The termination of its Shanxi operations has alleviated past burdens, leading to an improved financial outlook [1][28]. - The Indonesian business has shown profitability improvements, with a notable increase in earnings driven by volume growth [2][17]. Summary by Sections Company Overview - Founded in 1996, the company began with coal trading and has since expanded into coal mining, acquiring various coal mines and establishing a stable ownership structure [1][11]. - The company has shifted focus to Indonesia, where it has acquired mining rights for five major coal mining areas, indicating a clear growth strategy [12][30]. Financial Performance - In the first half of 2025, the company reported a net loss of 126 million RMB, primarily due to losses from the terminated Shanxi coal business [1][17]. - The Indonesian operations generated a profit of 24 million RMB in the same period, reflecting a year-on-year increase of 67 million RMB [2][17]. - The company's balance sheet is gradually improving, with a projected reduction in the debt-to-asset ratio from 95.9% in 2024 to 59.6% [1][20]. Indonesian Operations - The company has five mining areas in Indonesia, with the SDE mine expected to reach a production capacity of 30 million tons [2][30]. - The SDE mine has a rich resource base, with an estimated recoverable reserve of approximately 900 million tons [3][32]. - The production cost at the SDE mine is significantly lower due to its coastal location and self-built transportation infrastructure [3][41]. Growth Potential - The company anticipates substantial growth in net profit from 131 million RMB in 2025 to 1.196 billion RMB in 2027, with corresponding EPS increasing from 0.05 to 0.47 RMB per share [4][50]. - The report forecasts a significant increase in revenue from 1.974 billion RMB in 2025 to 6.333 billion RMB in 2027, reflecting a compound annual growth rate of 47% [5][50]. Strategic Initiatives - The company is implementing a "light asset + strategic equity operation" model, which involves selling stakes in its projects to strategic partners to optimize capital efficiency [4][46]. - The partnership with Zhejiang Energy Group for the SDE project exemplifies this strategy, allowing for capital recovery and further investment in new resources [4][46].

Core Viewpoint - The company has successfully implemented ecological restoration and green mining practices in the Inner Mongolia region, transforming former mining areas into thriving ecosystems that benefit both the environment and local communities [1][6]. Group 1: Ecological Restoration Efforts - The company has restored over 88,600 acres of land, with a vegetation coverage rate of 90%, and has planted over 14 million trees and 18.06 million shrubs, achieving a 100% ecological restoration rate [2][5]. - The use of Mongolian almond trees, which have a germination rate exceeding 90%, highlights the effectiveness of species selection for high-altitude ecological restoration [1][2]. Group 2: Environmental and Community Benefits - Air quality in the surrounding area has improved significantly, with 93.3% of days classified as having good air quality, enhancing the quality of life for local residents [3][4]. - The ecological restoration has provided high-nutrition forage for local herders, promoting economic benefits and improving relationships between herders and the company [4][6]. Group 3: Innovative Green Mining Practices - The company has adopted a comprehensive approach to green mining, including dust control measures and the use of clean machinery, such as electric and hydrogen fuel cell vehicles, to reduce carbon emissions [5][6]. - The implementation of a closed-loop system for coal transportation and storage has minimized environmental impact, ensuring that coal operations are conducted with minimal dust and emissions [5][6].

Core Viewpoint - Lu'an Environmental Energy has experienced fluctuations in stock price and trading volume, with a notable decrease in revenue and net profit for the first half of 2025, indicating potential challenges ahead for the company [1][2]. Group 1: Stock Performance - On September 12, Lu'an Environmental Energy's stock rose by 2.37%, reaching 13.37 CNY per share, with a trading volume of 249 million CNY and a turnover rate of 0.64%, resulting in a total market capitalization of 39.995 billion CNY [1]. - Year-to-date, the stock price has decreased by 4.16%, with a slight increase of 0.60% over the last five trading days, a decline of 3.74% over the last 20 days, and a significant increase of 29.43% over the last 60 days [1]. - The company has appeared on the "龙虎榜" (a stock trading list) once this year, with the most recent appearance on July 24 [1]. Group 2: Financial Performance - For the first half of 2025, Lu'an Environmental Energy reported a revenue of 14.069 billion CNY, a year-on-year decrease of 20.31%, and a net profit attributable to shareholders of 1.348 billion CNY, down 39.44% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 25.851 billion CNY in dividends, with 14.505 billion CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of August 10, 2025, the number of shareholders for Lu'an Environmental Energy was 71,000, a decrease of 8.97% from the previous period, with an average of 42,132 circulating shares per shareholder, an increase of 9.86% [2]. - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the third-largest shareholder with 44.742 million shares, an increase of 7.126 million shares from the previous period [3].

分红方面，晋控煤业A股上市后累计派现60.83亿元。近三年，累计派现36.40亿元。 机构持仓方面，截止2025年6月30日，晋控煤业十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股2201.11万股，相比上期减少100.11万股。睿远成长价值混合A（007119）位居第四大流通 股东，持股1596.52万股，持股数量较上期不变。国泰中证煤炭ETF（515220）位居第五大流通股东， 持股1298.27万股，相比上期增加269.25万股。安信稳健增值混合A（001316）位居第六大流通股东，持 股1247.60万股，相比上期减少3.95万股。万家精选A（519185）位居第七大流通股东，持股1245.28万 股，相比上期减少144.07万股。南方中证500ETF（510500）位居第八大流通股东，持股1239.07万股， 相比上期增加173.68万股。万家宏观择时多策略A（519212）退出十大流通股东之列。 责任编辑：小浪快报 9月12日，晋控煤业盘中上涨2.04%，截至11:26，报12.98元/股，成交1.79亿元，换手率0.84%，总市值 217.25亿元。 晋控煤业所属申万行业为：煤炭 ...