Report Industry Investment Rating - Not provided in the content Core Viewpoints - Downstream steel mills' hot metal production is falling, leading to a slowdown in coal and coke demand. Steel mills' coke production has changed little, with a slight increase in daily average coke output, a decline in inventory, and a decrease in available days. The profitability of coking enterprises in the middle - stream has improved due to the weakening of coking coal prices, but production remains poor with a month - on - month decrease in coke output. Upstream mines have accelerated production, increasing coking coal output. Overall, coking profits have rebounded significantly month - on - month. The demand side has limited support, while the supply side has a marginal increase. After continuous adjustments of coking coal and coke, attention should be paid to the previous low support, and the futures prices are expected to show a volatile trend [1][5][6]. Summary by Directory 1. Transaction Data | Contract | Closing Price | Change | Change Rate (%) | Total Trading Volume (lots) | Total Open Interest (lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3057 | 4 | 0.13 | 6165476 | 2619983 | Yuan/ton | | SHFE Hot - Rolled Coil | 3270 | 14 | 0.43 | 1916372 | 1152598 | Yuan/ton | | DCE Iron Ore | 785.5 | 13.0 | 1.68 | 1401911 | 477486 | Yuan/ton | | DCE Coking Coal | 1103.0 | - 89.0 | - 7.47 | 5157690 | 912017 | Yuan/ton | | DCE Coke | 1614.5 | - 55.0 | - 3.29 | 114086 | 49628 | Yuan/ton | [3] 2. Market Review - Last week, coking coal and coke futures were weak. The mine start - up rate increased month - on - month, with continuous increases in coking coal production and supply. Downstream coking enterprises had high coking coal inventories and reduced purchasing willingness. Steel mills' hot metal was in a downward cycle, with limited demand support, leading to a weakening of futures prices [5]. - Downstream: Steel mills' hot metal production decreased, and the demand for coal and coke slowed down. The daily average coke output increased slightly, inventory declined, and available days decreased. The profitability rate of steel mills last week was 82.19%, a decrease of 0.62 percentage points month - on - month and an increase of 0.26 percentage points year - on - year. The daily average hot metal output was 236.28 tons, a decrease of 0.60 tons month - on - month and an increase of 0.48 tons year - on - year. The daily average coke output was 46.22 (month - on - month + 0.05) tons, with a capacity utilization rate of 85.23% (+0.09). Coke inventory was 622.34 (- 0.06) tons, and the available days of coke were 11.05 (- 0.01) days [5]. - Middle - stream: The profitability of coking enterprises improved due to the weakening of coking coal prices, but production remained poor with a month - on - month decrease in coke output. The national average profit per ton of coke was 19 (month - on - month + 53) Yuan/ton. Last week, the capacity utilization rate was 71.71% (+0.07%), and the daily average coke output was 62.67 (- 0.33) tons [6]. - Upstream: Mine production accelerated, and coking coal output increased. The utilization rate of the approved production capacity of 523 coking coal mine samples was 86.9%, a month - on - month increase of 0.7%. The daily average output of raw coal was 193.4 tons, a month - on - month increase of 1.5 tons. Raw coal inventory was 434.5 tons, a month - on - month decrease of 0.1 tons. The daily average output of clean coal was 75.8 tons, a month - on - month increase of 0.1 tons, and clean coal inventory was 185.9 tons [6]. 3. Industry News - In October, the total social electricity consumption was 857.2 billion kWh, a year - on - year increase of 10.4%, the first single - month increase of over 10% this year [15]. - The third round and fifth batch of central ecological and environmental protection inspections have been fully launched, targeting Beijing, Tianjin, Hebei, and several central enterprises, with an on - site inspection period of one month [15]. - Vice - Premier He Lifeng emphasized promoting the improvement of foreign trade quality and efficiency, improving the high - standard logistics system, supporting the high - quality development of the manufacturing industry, and building a unified national market during his research in Hubei and Hunan [15]. 4. Related Charts - The report provides multiple charts, including the basis trend of coke, the futures and monthly spread trend of steel, the daily average output of independent coking plants and steel mills, capacity utilization rates, daily average hot metal output, various inventory charts, and ton - coke profit charts [9][10][11]

Group 1 - The coal mining sector experienced a decline at the beginning of trading on November 24, with Antai Group falling over 4% [2] - Other companies in the sector, including Dayou Energy, Baotailong, Jinkong Coal Industry, and Meijin Energy, also saw declines [2]

Investment Rating - The report maintains a positive outlook on the coal industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [40]. Core Insights - The report highlights that the supply of coal is tightening, with expectations for coal prices to rise after adjustments due to seasonal demand and regulatory pressures [3][5]. - It emphasizes the importance of monitoring coal prices, which have shown stability with slight increases in certain categories, particularly thermal coal [10][14]. - The report suggests that the demand for thermal coal is expected to rebound during the winter heating season, which will likely support price increases [3][10]. Summary by Sections Recent Industry Policies and Developments - The National Development and Reform Commission has issued guidelines for long-term coal supply contracts for 2026, emphasizing the need for power companies to secure contracts based on actual coal demand [9]. - A new joint venture in Xinjiang aims to focus on green development in the coal chemical sector, indicating a shift towards sustainable practices [5][9]. Price Trends - As of November 21, thermal coal prices at major production sites have remained stable, with slight increases noted in specific regions [10][11]. - The report indicates that international coal prices have also shown stability, with some fluctuations depending on the region [11][14]. Supply and Demand Dynamics - The report notes an increase in daily coal inflow to the Bohai Rim ports, while outflow has decreased, indicating a tightening supply situation [22]. - Coal inventories at major ports have risen, suggesting a potential buildup ahead of increased winter demand [22]. Shipping Costs - Domestic shipping costs have decreased, while international shipping rates have seen slight increases, reflecting varying market conditions [30]. Company Valuations - The report provides a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalizations, and earnings projections, indicating a range of investment opportunities [34].

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The report indicates that the coal industry is at the beginning of a new upward cycle, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal stocks on dips [12][13] - The report highlights a tight supply situation, with coal prices stabilizing at a new platform, and emphasizes the high profitability, cash flow, and dividend yield of quality coal companies [12][13] - The report suggests that the coal sector is undervalued and has potential for valuation enhancement, with a focus on high dividend yields and cyclical elasticity [12][13] Summary by Sections Coal Price Tracking - As of November 22, the market price for Qinhuangdao port thermal coal (Q5500) is 827 RMB/ton, unchanged from the previous week [28] - The price for thermal coal from Shanxi at the pit head is 780 RMB/ton, up by 15 RMB/ton week-on-week [28] - International thermal coal prices have seen slight increases, with Newcastle thermal coal at 86.5 USD/ton, up by 1.5 USD/ton [28] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.5%, an increase of 0.3 percentage points week-on-week [46] - Daily coal consumption in 17 inland provinces has increased by 14.7 thousand tons/day, a rise of 4.37% week-on-week [12] - The report notes that the daily coal consumption in 8 coastal provinces has also risen by 7.5 thousand tons/day, up by 4.18% week-on-week [12] Coal Inventory Situation - Coal inventories in coastal provinces increased by 25.5 thousand tons week-on-week, while inland provinces saw an increase of 89.1 thousand tons [12] - The report indicates a decrease in available days of coal supply in both coastal and inland regions [12] Company Performance - The report emphasizes the strong performance of companies like China Shenhua, Shaanxi Coal and Chemical Industry, and others, which are expected to maintain stable operations and robust earnings [13] - It also highlights companies with higher elasticity such as Yanzhou Coal Mining Company and others, suggesting they are worth monitoring [13]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The coal mining industry is expected to maintain a stable and slightly strong price trend due to seasonal demand increases and supply constraints [7][75] - The overall supply and demand for coal remain balanced, with port coal prices holding steady [14][73] - The report highlights the resilience of leading coal companies, which exhibit strong cash flow and profitability characteristics [7][75] Summary by Sections 1. Thermal Coal - As of November 21, the price of thermal coal at northern ports is 834 CNY/ton, remaining stable week-on-week [14][15] - Production capacity utilization in the Sanxi region increased by 0.14 percentage points to 89.93% as of November 19, indicating stable supply [21][73] - Electricity consumption in October reached 857.2 billion kWh, a year-on-year increase of 10.4%, driven by low base effects and seasonal heating demand [14][73] 2. Coking Coal - The price of main coking coal at the Jing Tang port decreased to 1780 CNY/ton, down 80 CNY/ton week-on-week [39][40] - Coking coal production capacity utilization increased by 0.07 percentage points to 84.3% during the week of November 12-19, indicating a slight recovery in supply [39][74] - The average crossing volume at the Ganqimaodu port remains high, with a seven-day average of 1,339 vehicles [39][74] 3. Coke - The report notes that coking enterprises have completed four rounds of price increases, improving profit margins [52][75] - The production capacity utilization of coking enterprises increased slightly by 0.04 percentage points to 74.21% [52][75] - The average profit per ton of coke increased to approximately 19 CNY/ton, reflecting improved profitability in the sector [56] 4. Anthracite - The price of anthracite coal remains stable, with the small block price at 930 CNY/ton as of November 21 [68][75] 5. Key Companies and Profit Forecasts - Key companies to focus on include China Shenhua, Shaanxi Coal and Energy, and Yanzhou Coal Mining, all of which are rated as "Buy" [9][75] - The report emphasizes the strong financial health and growth potential of leading coal companies, suggesting a favorable investment environment [7][75]

Core Viewpoint - The acquisition of 100% equity in Baiyinhu Coal by Electric Power Investment Energy (002128.SZ) for a total price of 11.149 billion yuan marks a significant asset transfer within the state-owned enterprise system, despite the target company facing substantial financial and operational risks [1][6]. Financial Overview - Baiyinhu Coal's total assets and net assets are 25.2 billion yuan and 8.327 billion yuan, respectively, which represent approximately 46% and 22% of Electric Power Investment Energy's corresponding figures [4]. - In the first half of 2025, Baiyinhu Coal's revenue and net profit were 5.552 billion yuan and 0.762 billion yuan, accounting for about 38.38% and 27.34% of Electric Power Investment Energy's figures [4]. Transaction Details - The acquisition is structured as a combination of share issuance (86%) and cash payment (14%), effectively making it a "zero cash" acquisition for the listed company [8]. - The core assets acquired include the Baiyinhu No. 2 open-pit coal mine and the Baiyinhu Aluminum Electric Company, which will enhance Electric Power Investment Energy's coal and aluminum production capacities significantly [5][9]. Strategic Implications - This transaction is part of a broader strategy by the State Power Investment Group to optimize its asset allocation and enhance the operational focus of its listed platforms [8]. - The acquisition is expected to increase Electric Power Investment Energy's annual net profit by approximately 1.867 billion yuan [5]. Operational Risks - Baiyinhu Coal has a total debt of 16.9 billion yuan, with a debt-to-asset ratio of 67%, raising concerns about its cash flow and financial stability [12]. - The company faces significant depreciation risks due to high fixed assets valued at 14.176 billion yuan, which could impact future profitability [14]. - Baiyinhu Coal's reliance on related party transactions is concerning, with nearly 65% of its top five customers being affiliated entities [17]. Performance Commitments - The performance commitments for the core assets are deemed achievable, with projected profits exceeding the required thresholds for the coming years [10]. - Baiyinhu Coal's aluminum segment is expected to exceed its performance commitments, indicating a potentially stable revenue stream [10]. Regulatory and Compliance Issues - Baiyinhu Coal has faced multiple administrative penalties related to environmental and safety compliance, which could pose operational risks [15][16]. - The company has a significant amount of receivables, including over 1.2 billion yuan in other receivables, raising concerns about the collectability of these amounts [18].

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [1] Core Viewpoints - The current port coal prices are stable, with the spot price for thermal coal at 834 RMB/ton as of November 21, 2025, showing no change from the previous week [1] - Supply side: The average daily inflow to the four ports in the Bohai Rim region is 2.0463 million tons, an increase of 69,300 tons or 3.50% from the previous week [1] - Demand side: The average daily outflow from the same ports is 1.78 million tons, a decrease of 94,400 tons or 5.04% from the previous week, indicating limited demand release [1] - The total inventory at the Bohai Rim ports has increased to 25.933 million tons, up by 1.64 million tons or 6.74% from the previous week [1] - The report suggests that coal prices are expected to maintain a volatile trend due to the heating season in northern regions and increasing electricity consumption in southern regions [1] Summary by Sections 1. Weekly Market Review - The Shanghai Composite Index closed at 3,834.89 points, down 3.45% from the previous week, while the coal sector index fell by 7.12% [10] - The total transaction amount for the coal sector was 82.296 billion RMB, an increase of 2.08% from the previous week [10] 2. Domestic Coal Prices - Domestic thermal coal prices have shown slight increases, with specific prices reported as follows: - Datong South Suburb 5500 kcal thermal coal at 700 RMB/ton, up 15 RMB/ton [16] - Inner Mongolia Chifeng 4000 kcal thermal coal at 430 RMB/ton, unchanged [16] - Yanzhou 6000 kcal thermal coal at 1,130 RMB/ton, up 10 RMB/ton [16] - The Bohai Rim thermal coal price index remains stable at 698 RMB/ton [18] 3. Inventory and Shipping - The average daily inflow of coal to the Bohai Rim ports increased, while the outflow decreased, indicating a buildup in inventory [26][30] - The average daily number of anchored vessels in the Bohai Rim ports decreased to 123, down 10% from the previous week [30] - The average shipping cost on domestic routes fell to 47.27 RMB/ton, a decrease of 8.25% [33] 4. Recommendations - The report emphasizes the importance of monitoring insurance capital inflows and suggests focusing on resource stocks, particularly recommending companies like Haohua Energy and Guanghui Energy as elastic targets [35]

"以前这就是座'火焰山'。"阳泉市生态环境局矿区分局局长刘晋岳指着山沟对记者说，在煤炭开采过程 中会产生煤矸石，堆积后形成煤矸山。煤矸石内部持续发热、易自燃复燃，燃烧后产生硫化氢、二氧化 硫等有害气体。 自启用以来，狮脑山排矸场长期存在超高超限排放问题，对周边群众生命财产安全造成威胁。去年8 月，山西省委在巡视中指出相关问题。根据省委巡视反馈情况，阳泉市委市政府随后出台整改方案，并 明确由市生态环境局牵头统筹相关责任部门进行问题整改。立足职能职责，阳泉市纪委监委开展生态环 境突出问题监督，加强督促检查，推动问题整改到位。 "火焰山"披绿装展新颜 位于阳泉市矿区的狮脑山，曾是百团大战第一阶段主战场之一。现在，这里是一处集爱国主义教育与森 林景观于一体的综合性森林公园。在森林公园背面，面向桃河一侧的山沟，则是华阳集团二矿排矸场所 在地。 在市纪委监委的统一部署下，驻市应急管理局纪检监察组聚焦提升煤基固废综合利用效率、推进堆存场 所生态恢复治理、整治煤炭开采生态破坏及安全隐患等核心整改目标，通过精准监督、全程监督，推动 矿区党委政府、行业部门和企业切实扛起生态环境保护责任，确保整改工作有力有效。 "在整改初期，相关 ...

Core Viewpoint - Huaihe Energy is undergoing a significant asset restructuring by acquiring 89.30% of Huaihe Energy Power Group from its controlling shareholder, Huainan Mining, through a combination of share issuance and cash payment, which is expected to enhance the company's profitability and energy business concentration [2][3][4]. Company Announcements - On November 21, 2025, Huaihe Energy received approval from the China Securities Regulatory Commission (CSRC) to issue 3,280,531,105 shares to purchase 89.30% of Huaihe Energy Power Group [2][4]. - The transaction price for the acquisition is set at 1,169,412.85 million yuan, constituting a major asset restructuring and related party transaction [2][4]. - The third quarter net profit attributable to the parent company for the power group was approximately 3.49 million yuan (unaudited) [4]. - The restructuring report will be disclosed on November 22, 2025, with updates on the decision-making process and approval status compared to the previous draft [4]. Financial Assessment - The asset valuation for the transaction is based on an asset-based approach, with a total assessed value of 13.095 billion yuan [3][4]. - The transaction is expected to enhance the company's profitability and improve the concentration of its energy business [3].

—— 信用利差周度跟踪 20251122 [[Table_R Table_Report eportTTime ime]] 2025 年 11 月 22 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 利率平稳信用窄幅波动 民企地产利差继续抬升 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 3利率平稳信用窄幅波动 民企地产利差继续抬升 [Table_ReportDate] 2 ...