Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Viewpoints - The strategic restructuring plan between Pingmei Group and Henan Energy Group reflects ongoing regional asset reorganization in the coal industry, aiming to reduce homogeneous competition and lower costs, while enhancing resource reserves and development momentum [3][4] - The coal mining industry is characterized by high asset quality, strong cash flow, and significant dividend yields, making it an attractive investment opportunity [7] Summary by Sections Recent Trends - The coal mining sector has shown a mixed performance over the past year, with a 1.0% decline over the last month, a 6.8% increase over three months, and a 9.5% decrease over twelve months [2] Key Companies and Financials - Henan Energy Group reported approximately 63.8 billion CNY in revenue and a net profit of 0.81 million CNY for the first half of 2025, with total assets of 258.6 billion CNY and a debt ratio of 83% [3] - Pingmei Group reported approximately 78.8 billion CNY in revenue and a net profit of 2.4 billion CNY for the first half of 2025, with total assets of 263.8 billion CNY and a debt ratio of 68.8% [3] Coal Price Trends - As of September 26, 2025, the port price for thermal coal was 701 CNY/ton, reflecting a slight decrease of 3 CNY/ton week-on-week, while pithead prices in Shanxi, Inner Mongolia, and Shaanxi increased by 19.00, 13.00, and 3.00 CNY/ton respectively [4][15] - The average price for main coking coal at the port was 1,750 CNY/ton, with a week-on-week increase of 80 CNY/ton [39][40] Supply and Demand Dynamics - The capacity utilization rate in the Sanxi region increased by 1.12 percentage points to 90.94% as of September 24, 2025, indicating a recovery in production [21] - The daily coal consumption at coastal and inland power plants decreased by 18.6 and 35.1 thousand tons respectively, reflecting a seasonal decline in demand [23][33] Investment Opportunities - Recommended stocks include China Shenhua, Shaanxi Coal, Yanzhou Coal, and others, with a focus on companies exhibiting strong cash flow and high dividend yields [7][9]

Group 1: Industrial Profit Growth - In August, the profit of industrial enterprises above designated size increased by 20.4% year-on-year, a significant rise of 21.9 percentage points compared to July[6] - The profit margin for industrial enterprises in August was approximately 5.82%, showing a year-on-year growth of 17.5%, which is a major support for the substantial profit increase[6] - The PPI (Producer Price Index) in August decreased by 2.9% year-on-year, with the decline narrowing by 0.7 percentage points compared to July, indicating marginal improvement in price pressure[6] Group 2: Factors Influencing Profitability - The low base effect is a significant reason for the substantial growth in industrial profits in August, with the PPI tail effect improving from -1.4% to -0.7%[4] - The profit margin for industrial enterprises is expected to further decline in September, indicating a seasonal downturn despite the low base effect providing short-term support[4] - The "anti-involution" policy and the upcoming National Day holiday have positively impacted certain industries, such as coal mining and non-ferrous metallurgy, suggesting initial effectiveness of the policy[4] Group 3: Risks and Challenges - Risks include the possibility that domestic policy measures may not be as effective as anticipated, and international geopolitical changes could exceed expectations[14] - There may be measurement errors in calculating the profit margins of industrial enterprises, which could affect the accuracy of the data[14] - If terminal demand does not improve significantly, midstream processing and manufacturing enterprises may face profit pressures, while industries benefiting from external demand and "anti-involution" may see increased concentration and cost transmission capabilities[4]

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 in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [11][12] - The supply side is constrained, with the sample coal mine capacity utilization rates for thermal coal at 93.8% (+0.5 percentage points) and coking coal at 86.46% (+1.81 percentage points) [11][46] - Demand has shown a decrease in daily consumption in inland and coastal provinces, with inland provinces down by 37.80 thousand tons/day (-11.14%) and coastal provinces down by 12.50 thousand tons/day (-5.61%) [11][47] - The report anticipates that coal prices will continue to strengthen due to rigid supply constraints, seasonal demand increases, and maintenance impacts on transportation lines [11][12] Summary by Sections 1. Coal Price Tracking - As of September 27, the market price for thermal coal (Q5500) at Qinhuangdao Port is 703 RMB/ton, up by 4 RMB/ton [29] - The price for coking coal at Jingtang Port is 1710 RMB/ton, an increase of 100 RMB/ton [31] 2. Supply and Demand Tracking - The capacity utilization rate for thermal coal mines is reported at 93.8%, while for coking coal it is 86.46% [46] - Daily coal consumption in inland provinces has decreased, while coal inventories have increased [47] 3. Industry Performance - The coal sector has shown a decline of 1.44% this week, underperforming compared to the broader market [14][17] - The report highlights that the coal sector remains characterized by high performance, cash flow, and dividends, indicating a strong investment opportunity [12][14] 4. Future Outlook - The report suggests that the coal sector is likely to experience a tightening supply-demand balance over the next 3-5 years, with high barriers to entry and strong cash flow characteristics for quality coal companies [12][11] - Investors are encouraged to focus on companies with stable operations and strong performance, such as China Shenhua, Shaanxi Coal, and others [12]

Investment Rating - The report rates the coal industry as "Overweight," indicating a positive outlook for the sector [3]. Core Insights - The report highlights that after the pre-holiday demand fulfillment, coal prices are expected to stabilize and rise during the peak season [3]. - It notes that the supply side remains stable due to the impact of capacity verification documents, while demand has seen a slight decline as downstream power plants stock up ahead of maintenance [3]. - The report emphasizes the expected rebound in demand during the winter heating season, which is likely to drive up thermal coal prices [3]. Summary by Sections Recent Industry Policies and Dynamics - A special rectification action plan for coal mining dewatering has been initiated in Shaanxi Province to enhance supervision and management capabilities [9]. - The report mentions a significant coal-to-natural gas project in Xinjiang, expected to be completed by the end of 2026 [5]. Price Trends - As of September 26, 2025, the prices for various grades of thermal coal have shown slight declines, while coking coal prices have varied, with some grades experiencing increases [3][10][13]. - The report indicates that the average daily consumption of coal has slightly decreased, while power plant inventories have increased [4]. Supply and Demand Dynamics - The average daily coal inflow to the Bohai Rim ports has decreased slightly, while the outflow has also seen a reduction [21]. - The report notes an increase in coal inventories at the Bohai Rim ports, with a total of 22.82 million tons as of September 26, 2025 [21]. International Oil Prices - Brent crude oil prices have risen, impacting the coal market dynamics, with the price reaching $70.13 per barrel as of September 26, 2025 [17]. Shipping Costs - Domestic coastal shipping costs have decreased, with the average freight rate reported at 31.59 yuan per ton [28]. Company Valuation - The report provides a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalizations, and earnings projections [33].

—— 信用利差周度跟踪 20250926 利率调整中信用利差大幅走高 二永债升幅较普信债更大 歌声ue 证券研究报告 3利率调整中信用利差大幅走高 二永债升幅较普信债更大 [[Table_R Table_Report eportTTime ime]] 2025 年 9 月 27 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 债券研究 [Table_ReportType] 专题报告 | ] [Table_A 李一爽 uthor固定收益首席分析师 | | --- | | 执业编号：S1500520050002 | | 联系电话：+86 18817583889 | | 邮 箱： liyishuang@cindasc.com | 朱金保 固定收益分析师 执业编号：S1500524080002 联系电话：+86 15850662789 联系电话：+86 15850662789 邮 箱： zhujinbao@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号金隅 大厦B 座 邮编：100031 [ ...

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) is focusing on stabilizing electricity and coal prices, preventing "involution-style" vicious competition, and enhancing the foundation for high-quality development of state-owned enterprises [1] - Central enterprises have shown resilience in facing various risks and challenges this year, with steady improvement in value creation and operational efficiency [1] - SASAC will optimize the regular communication mechanism for economic operations of state-owned enterprises and actively coordinate to address practical issues raised by enterprises [1] Group 2 - Zhang Yuzhuo emphasized the need for state-owned enterprises to align their thoughts and actions with the central government's economic judgments and decisions, maintaining strategic focus [2] - Enterprises are encouraged to enhance operational efficiency by optimizing investment structures and focusing on key areas such as industrial chain strengthening, infrastructure construction, and energy resource security [2] - There is a strong emphasis on resisting "involution-style" competition and promoting differentiated development and brand competition to foster a healthy and sustainable industry ecosystem [2]

证券之星消息，9月26日煤炭开采板块较上一交易日下跌0.39%，江钨装备领跌。当日上证指数报收于 3828.11，下跌0.65%。深证成指报收于13209.0，下跌1.76%。煤炭开采板块个股涨跌见下表： 从资金流向上来看，当日煤炭开采板块主力资金净流出2.26亿元，游资资金净流出4790.24万元，散户资 金净流入2.74亿元。煤炭开采板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601225 | XD陕西煤 | - 9933.32万 | 9.08% | -1735.69万 | -1.59% | -8197.64万 | -7.49% | | 600403 | 大有能源 | 4398.37万 | 52.19% | -2314.37万 | -27.46% | -2084.00万 | -24.73% | | 601088 | 中国神华 | 2588.29万 | 3.10% | -2691.12 ...

据了解，该矿位于镇坪县上竹镇发龙村八组，始建于1998年，由于存在顶板、矿井涌水、提升运输事故 的安全风险，于2024年3月起开展整治工作。 记者26日从陕西省安康市镇坪县有关部门了解到，9月25日下午3时30分左右，镇坪县余老二湾石煤矿地 下巷道发生局部冒顶，事发时在矿井内开展复工整治工作的班组作业面人员共计8人，其中5人已安全撤 离，目前仍有3人被困，各部门正在全力实施救援。 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" from "Hold" [5] Core Viewpoints - The company is positioned as a leader in AI and coal industry, expanding its business into chemical and new energy sectors [1][3] - The market for coal intelligentization is projected to exceed 434.3 billion yuan by 2035, driven by increasing safety regulations and frequent coal mine accidents [2][49] - The company has established six major business lines, with intelligent mining and intelligent washing being the core revenue drivers [1][23] Summary by Relevant Sections Company Overview - The company, backed by state-owned Shan'neng Group, has undergone significant restructuring and now focuses on providing digital and intelligent solutions for the energy sector [16][19] - As of Q2 2025, Shan'neng Group holds a 35.20% stake in the company [1] Business Segments - The core product offerings include industrial internet platforms, intelligent mining products, intelligent washing solutions, smart power new energy solutions, and ERP implementation services [1][23] - Intelligent mining and washing accounted for 34.66% and 23.01% of total revenue in 2024, respectively [1][34] Financial Performance - The company achieved a revenue of 1.14 billion yuan in 2023, with a projected increase to 1.35 billion yuan in 2024, representing an 18.35% growth [4] - The net profit attributable to the parent company is expected to grow from 93 million yuan in 2024 to 154 million yuan by 2027, reflecting a compound annual growth rate of 20.75% [4] Market Potential - The intelligent mining market is expected to grow significantly, with the penetration rate of intelligent coal mines currently at 21.09% [2] - The company has strategic partnerships, including a core collaboration with Huawei to enhance digital solutions in the mining sector [3][49] Profitability and Growth Forecast - The company is projected to achieve net profits of 1.08 million yuan in 2025, increasing to 1.54 million yuan by 2027 [3] - The report highlights a strong growth trajectory, supported by the digital transformation trends within the energy sector [28]

Core Viewpoint - China Coal Energy Co., Ltd. has experienced a decline in stock price and financial performance in 2025, with significant net outflows of capital and a decrease in shareholder numbers [1][2][3] Financial Performance - As of June 30, 2025, China Coal Energy reported a revenue of 74.436 billion yuan, a year-on-year decrease of 19.95%, and a net profit attributable to shareholders of 7.705 billion yuan, down 21.28% year-on-year [2] - The company's stock price has dropped 4.04% year-to-date, with a 2.64% decline over the last five trading days, but a slight increase of 0.88% over the last 20 days and 3.60% over the last 60 days [2] Shareholder and Capital Flow - The total market capitalization of China Coal Energy is approximately 151.679 billion yuan, with a trading volume of 169 million yuan and a turnover rate of 0.16% [1] - As of June 30, 2025, the number of shareholders decreased by 12.08% to 95,000, with an average of 0 circulating shares per person [2] - There was a net outflow of 22.7682 million yuan in principal funds, with large orders showing a buy of 22.5229 million yuan and a sell of 41.457 million yuan [1] Business Segmentation - The company's main business segments include coal business (81.03% of revenue), coal chemical business (12.48%), and coal mining equipment manufacturing (6.24%) [2] - China Coal Energy is classified under the coal mining industry, specifically focusing on thermal coal [2] Dividend Distribution - Since its A-share listing, China Coal Energy has distributed a total of 42.873 billion yuan in dividends, with 19.185 billion yuan distributed over the last three years [3] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable changes in their holdings [3]