Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [4][6]. Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, with revenue at 21.1 billion yuan, down 20.82% year-on-year, and net profit at 1.554 billion yuan, down 44.45% year-on-year [1]. - In Q3 2025, the company experienced a year-on-year revenue decline of 21.83% and a net profit drop of 63.96% [1][3]. - The company’s coal production and sales volumes decreased, with a notable increase in the proportion of coking coal [2][3]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a coal production of 13.82 million tons, a year-on-year decrease of 6.62% and a quarter-on-quarter decrease of 8.23% [3]. - The average selling price of coal was 526.77 yuan per ton, down 15.62% year-on-year, while the cost per ton increased by 20.42% quarter-on-quarter to 359.01 yuan [3]. - The overall gross profit from coal operations was 2.068 billion yuan, down 36.14% year-on-year [3]. Production and Sales - From Q1 to Q3 2025, the company produced 42.45 million tons of raw coal, a slight decrease of 0.05% year-on-year, with coking coal production increasing by 8.67% [2]. - The total sales volume of commercial coal was 37.58 million tons, down 1.29% year-on-year, with coking coal sales increasing by 9.34% [2]. Profit Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 2.218 billion, 3.016 billion, and 3.506 billion yuan, respectively, with corresponding EPS of 0.74, 1.01, and 1.17 yuan per share [4][5]. - The projected PE ratios for 2025, 2026, and 2027 are 20, 15, and 13 times, respectively, based on the closing price on October 30, 2025 [4][5].

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Insights - The company's revenue for the first three quarters of 2025 reached 2.97 billion yuan, a year-on-year increase of 0.20%, while the net profit attributable to shareholders decreased by 7.53% to 815 million yuan [1]. - The decline in net profit for Q3 2025 was attributed to reduced other income and increased financial expenses, with Q3 revenue at 932 million yuan, down 8.00% year-on-year [2]. - The average LNG market price in Q3 2025 was 4,222 yuan per ton, a decrease of 13.94% year-on-year, which may have impacted the company's performance [3]. - The company is actively advancing exploration and production in multiple new blocks, including the Akemom gas field and the Zijin Mountain block, aiming to enhance production capacity [4]. Financial Forecasts - The company is expected to achieve net profits of 1.19 billion yuan in 2025, 1.30 billion yuan in 2026, and 1.57 billion yuan in 2027, with corresponding EPS of 2.81 yuan, 3.06 yuan, and 3.71 yuan per share [5][6]. - The projected PE ratios for 2025, 2026, and 2027 are 11, 10, and 8 times, respectively [5][6].

Investment Rating - The report maintains a "Cautious Recommendation" rating for Yongtai Energy [1] Core Views - In Q3 2025, the company's revenue was 7.052 billion yuan, a year-on-year decrease of 10.31%, but a quarter-on-quarter increase of 40.05%. The net profit attributable to the parent company was 72 million yuan, down 73.78% year-on-year and 3.87% quarter-on-quarter [1] - The coal business experienced profit decline due to price impacts, with raw coal production reaching 4.4179 million tons, a year-on-year increase of 12.02% and a quarter-on-quarter increase of 10.4%. The average selling price of coal was 372.13 yuan/ton, down 36.09% year-on-year but up 7.81% quarter-on-quarter [1][2] - The power generation volume in Q3 2025 reached a record high, with a quarter-on-quarter increase of 63.83%, benefiting from reasonable thermal coal prices [2] - The Haizetan project is expected to start trial mining in July 2026, with production expected to reach full capacity in Q1 2027, indicating strong future growth potential [2] - The company's energy storage business has made significant technological breakthroughs, potentially reducing costs and improving thermal stability [3] Financial Summary - For the first three quarters of 2025, the total revenue was 17.728 billion yuan, a year-on-year decrease of 20.77%, and the net profit attributable to the parent company was 198 million yuan, down 86.48% year-on-year [5] - The forecast for 2025-2027 indicates a net profit of 291 million yuan in 2025, 559 million yuan in 2026, and 1.134 billion yuan in 2027, with corresponding EPS of 0.01, 0.03, and 0.05 yuan per share [3][4] - The PE ratio is projected to decrease from 124 in 2025 to 32 in 2027, indicating improving valuation over time [4][8]

Report Industry Investment Ratings - Not provided in the content Core Views of the Report - With the gradual alleviation of unfavorable factors from trade frictions, stock indices may return to an upward channel. Even if short - term macro uncertainties increase, the adjustment space of stock indices is expected to be limited due to policy support and abundant macro - liquidity. It is advisable to go long on stock indices when opportunities arise [1] - Asset shortage and weak economy are beneficial to bond futures, but the central bank's short - term warning on interest - rate risks suppresses the upward space [1] - The initial consensus between China and the US has improved market risk appetite, suppressing precious - metal prices. However, the upcoming Fed rate cut and the ongoing US government shutdown will still support the gold price. Short - term gold prices are expected to fluctuate [1] - The significant decline in the London lease rate has led to the shock adjustment of silver [1] - The recent improvement in macro sentiment and the limited industrial - side drive have led to the slightly stronger and volatile operation of aluminum prices [1] - In the context of continued production profits, domestic alumina production capacity is continuously released, with both production and inventory increasing. The weak fundamentals are pressuring the spot price, and recent attention should be paid to cost support [1] - The recent strengthening of the LME zinc 0 - 3 spread has increased the risk of a short squeeze, strengthening the expectation of zinc exports and driving up the domestic zinc price. Short - term Shanghai zinc is expected to maintain high - level volatility [1] - The alleviation of Sino - US trade frictions has lifted market risk appetite. Attention should be paid to the progress of the Sino - US high - level meeting in South Korea at the end of the month. The Fed rate cut will boost the non - ferrous sector. The implementation of Indonesia's RKAB new policy requires attention to the quota approval in 2026 in the fourth quarter, and be vigilant against mine - end disturbances [1] - The alleviation of Sino - US trade frictions has increased market risk appetite. Attention should be paid to the progress of the Sino - US high - level meeting in South Korea at the end of the month. The stainless - steel futures are expected to rebound in the short term, and short - term operations are recommended, waiting for opportunities to sell on rallies in the medium and long term [1] - The improvement in macro sentiment and the rebound of the semiconductor sector have led to the short - term strong and volatile operation of tin prices under the influence of macro sentiment. Medium - and long - term, opportunities to go long on dips are recommended [1] - The Southwest's industrial - silicon production is weaker than in previous years, and the impact of the dry season is weakened. Polysilicon production is expected to decline in November, and the market sentiment has faded due to the long - term non - implementation of the anti - involution policy [1] - The traditional peak season for new energy vehicles is approaching, and the energy - storage demand is strong. Although the supply - side production schedule has increased, the overall demand is large [1] - The industrial drive of rebar and hot - rolled coils is unclear, and their futures valuations are low. Directional trading is not recommended [1] - Near - month iron ore is restricted by production cuts, but the commodity sentiment is good, and there is still an upward opportunity for far - month contracts [1] - The direct demand for ferromanganese - silicon is good, but the supply is high, and the inventory is at a high level, so the price is under pressure and fluctuating [1] - The supply and demand of glass are supported, and short - term sentiment is dominant. The price decline is limited, and the price fluctuation is strengthening [1] - Following glass, the supply of soda - ash is in excess, and the price is under pressure [1] - Supported by supply - side positive news and strong fundamentals, coking coal is challenging the previous high of the "anti - involution" trade, but the inconsistency of supply and demand among black - sector varieties may not have changed, and there are signs of stagflation in thermal coal in recent days. Whether coking - coal futures can break through successfully is highly uncertain, and it is advisable to wait and see [1] - Similar to coking coal, the coke futures are at a premium. Industrial customers can consider selling some spot on rallies [1] - Indonesia's expected implementation of B50 next year provides support. Currently, the high inventory in Malaysia in September and the expected inventory accumulation in October are pressuring the palm - oil futures. It is advisable to wait and see for the production - area's production cut and inventory reduction cycle [1] - With the upcoming Sino - US leaders' meeting, the negotiation result may bring new guidance. Currently, with the expected reduction of raw - material supply in the fourth quarter and the oil mills' expected reduction of operating rates to support prices, the expected inventory reduction of soybean oil supports the futures. With multiple factors intertwined and a lack of new drivers, it is advisable to wait and see [1] - The expected improvement in Sino - Canadian relations is pressuring the rapeseed - oil futures. Domestic rapeseed is still in short supply, and the rapeseed - oil inventory is continuously decreasing from a high level. It is advisable to wait and see for unilateral trading [1] - The expansion of Xinjiang's cotton - spinning capacity and the reduction of spinning profits have led to great uncertainty in the new - year's cotton demand. The current futures price has fully priced in the selling pressure of new crops, and the downside space is limited, but the new - crop basis and futures price may continue to be under pressure due to the record - high production [1] - Typhoons around the National Day have had an adverse impact on sugar - cane harvesting and production in South China. There is seasonal upward momentum for sugar prices in the short term, but the expected supply increase after the new - sugar listing will limit the rebound space [1] - The corn inventory in the north and south ports is low, and the short - term supply from production areas has decreased, so the price in the north port is firm. The futures and spot prices are expected to face selling pressure later, and the futures price is expected to fluctuate and bottom out, but the expected high enthusiasm of traders to build inventories will limit the downside space [1] - Under the expectation of Sino - US negotiations, the US futures market has risen strongly. With high policy uncertainty, domestic short - selling funds have reduced positions to avoid risks. The domestic purchase - ship profit is still poor, and the domestic futures valuation is low. The futures price is expected to continue to rebound in the short term, and attention should be paid to Sino - US policies and South American weather [1] - The trading logic of pulp is related to the old - warehouse receipts of the November contract. With weak downstream demand, the futures price is under pressure, and a November - January reverse spread is recommended [1] - The fundamentals of logs have declined, but the spot price is firm. After a sharp decline in the futures price, the risk - return ratio of short - selling is low, and it is advisable to wait and see [1] - The live - hog spot price has stabilized recently due to secondary fattening and increased slaughter volume with the cooling weather. Although the futures price is at a premium to the spot price, changes in the slaughter volume and weight need to be awaited, and the short - term price is expected to fluctuate [1] - OPEC+ may continue to maintain a small - scale production increase in November, short - term geopolitical speculation has cooled down, and the US attitude towards tariffs on China has softened [1] - The short - term supply - demand contradiction of fuel oil is not prominent and follows crude oil. The expected "14th Five - Year Plan" rush - work demand is likely to be falsified, and the supply of Marey crude oil is sufficient [1] - The raw - material cost of natural rubber provides strong support, the mid - stream inventory is continuously decreasing, and the commodity - market atmosphere is positive [1] - The decline in crude oil prices has weakened the cost support of butadiene for synthetic rubber. The supply of synthetic rubber is abundant, and the high - level production and inventory have not been the main constraints, and the mainstream supply price has been continuously reduced [1] - The news of the PTA industry's planned "anti - involution" policy has pushed up the PTA price. Overseas device failures and the decline in the operating rate of some domestic reforming devices, as well as the rotation inspection of large domestic PTA devices, have led to a decline in PTA production [1] - The decline in crude oil prices has led to a decline in ethylene - glycol prices, while the rise in coal prices has slightly strengthened the cost support of domestic ethylene - glycol. The "Golden September and Silver October" of the polyester industry is coming to an end, and there has been no significant decline in domestic demand [1] - The news of the PTA industry's planned "anti - involution" policy has pushed up the PTA price, and the basis of short - fiber has strengthened. The short - fiber price continues to closely follow the cost [1] - The Asian benzene price remains weak, the operating rates of STDP and reforming devices have declined, the arbitrage window from Northeast Asia to the US remains closed, the profit of domestic styrene has decreased, the styrene device maintenance has gradually increased, and the crude - oil price has continued to decline [1] - The export sentiment of urea has eased, and the domestic demand is insufficient, so the upside space is limited, but there is support from the anti - involution policy and the cost side [1] - The center of the crude - oil market price has slightly declined, the maintenance intensity has weakened, the downstream demand has slowly increased, and the PE price is fluctuating slightly stronger [1] - The maintenance support for PP is limited, the downstream improvement is less than expected, and the futures price is returning to fundamentals and fluctuating weakly [1] - The PVC futures price is returning to fundamentals, the maintenance has decreased compared with the previous period, the supply pressure is large, and there are many near - month warehouse receipts, so the futures price is fluctuating weakly [1] - There are many planned alumina projects in Guangxi, the subsequent maintenance concentration will decline, and the warehouse - receipt digestion is difficult, with the high - concentration caustic - soda price in an inverted state [1] - The international oil and gas fundamentals are continuously loose, the CP/FEI prices are weakening, the PG futures price has repaired its valuation, but the C3/C4 spot prices are still under pressure, and the domestic fundamentals are continuously loose [1] - The container - shipping European line is gradually entering the contract - changing rhythm. The freight rate is approaching the full - cost line, and it is expected to stop falling and stabilize [1] Summaries by Relevant Catalogs Stock Indices - With the alleviation of trade - friction factors and policy support, stock indices may rise, and it is advisable to go long on dips [1] Bonds - Asset shortage and weak economy are beneficial to bond futures, but short - term interest - rate risks suppress the upward space [1] Precious Metals - Gold is affected by both market - sentiment suppression and fundamental support, and short - term gold prices are expected to fluctuate. Silver is adjusting due to the decline in the London lease rate [1] Non - Ferrous Metals - Copper prices are expected to remain strong, aluminum prices are fluctuating slightly stronger, alumina fundamentals are weak, zinc prices are expected to remain high and volatile, and nickel prices are affected by supply and macro factors. The industry is also affected by Sino - US relations and Indonesian policies [1] Black Metals - Rebar and hot - rolled coils lack clear industrial drive, iron - ore near - month contracts are restricted by production cuts, ferromanganese - silicon is under supply - side pressure, glass is supported by supply and demand, soda - ash follows glass, coking coal and coke face uncertainties in supply - demand consistency [1] Agricultural Products - Palm oil, soybean oil, and rapeseed oil are affected by international policies, inventory, and Sino - foreign relations. Cotton demand is uncertain, sugar has short - term seasonal support, and corn prices are affected by inventory and supply - demand expectations [1] Energy and Chemicals - Crude oil, fuel oil, natural rubber, synthetic rubber, PTA, ethylene - glycol, short - fiber, benzene, urea, PE, PP, PVC, alumina, and SLPG are affected by factors such as supply - demand, policies, and raw - material prices [1] Others - Container - shipping European - line freight rates are expected to stop falling and stabilize, pulp trading is related to old warehouse receipts, logs' spot price is firm, live - hog prices are expected to fluctuate, and the market sentiment of various commodities is affected by Sino - US relations and international policies [1]

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [3][5]. Core Views - The company reported a net loss of 17.38 million yuan for the first three quarters of 2025, compared to a net profit of 35.19 million yuan in the same period last year, indicating a significant decline in performance [1]. - The company's coal production increased by 8.74% year-on-year to 7.5186 million tons in the first three quarters of 2025, but the average selling price per ton of coal decreased by 20.33% to 660.6 yuan, leading to a decline in profitability [1][3]. - The company's electricity generation surged by 139.56% year-on-year to 9.3483 billion kWh in the first three quarters of 2025, although the average on-grid electricity price fell by 1.29% [3]. Summary by Sections Financial Performance - For Q3 2025, the company reported a net loss of 12.29 million yuan, compared to a loss of 0.21 million yuan in Q3 2024, indicating a worsening financial situation [1][2]. - The total revenue for the first three quarters of 2025 was 7.23 billion yuan, a year-on-year increase of 12.11% [1]. - The average selling price of coal in Q3 2025 was 685.14 yuan per ton, a year-on-year increase of 11.84% [2]. Production and Sales - In Q3 2025, coal production was 2.3649 million tons, down 3.21% year-on-year and down 20.48% quarter-on-quarter [2]. - The external sales volume of coal in Q3 2025 was 1.9004 million tons, a decrease of 22.71% year-on-year and 15.86% quarter-on-quarter [2]. Future Outlook - The company is expected to have net profits of 0.11 billion yuan, 1.13 billion yuan, and 1.81 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.01 yuan, 0.05 yuan, and 0.08 yuan [3][5]. - The report suggests that the company's integrated coal and electricity business model is gradually forming, enhancing its risk resistance capabilities [3].

Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Views - The company is expanding its resource pool by planning to invest in a coal-to-gas project, which is expected to enhance its competitive edge and profitability [4]. - The company's three main businesses are developing rapidly, and the synergy among them is significant, leading to increasing competitive barriers [4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 15.608 billion yuan, a year-on-year decrease of 8.45%. The net profit attributable to shareholders was 1.241 billion yuan, down 19.13% year-on-year, and the net profit after deducting non-recurring gains and losses was 1.154 billion yuan, a decline of 4.44% [1]. - In Q3 2025, the company reported operating revenue of 5.180 billion yuan, a year-on-year decrease of 10.39%, and a net profit of 380 million yuan, down 11.29% year-on-year [2]. Business Segments - LNG operations are stable, with a domestic average ex-factory price of 4,222 yuan/ton in Q3 2025, down 13.94% year-on-year. Despite a decrease in LNG spot trading volume, terminal user sales remained stable [3]. - The LPG segment is expected to see increased volume due to the completion of maintenance at the Guangzhou Huakai receiving station and the end of extreme weather impacts [3]. Future Outlook - The company plans to invest up to 3.455 billion yuan in a coal-to-natural gas project in Xinjiang, which is projected to produce 4 billion cubic meters of gas annually, with an expected annual profit of approximately 1.477 billion yuan and an internal rate of return of 8.2% [4]. - The forecasted net profits for 2025, 2026, and 2027 are 1.730 billion yuan, 1.989 billion yuan, and 2.271 billion yuan, respectively, with corresponding EPS of 2.49 yuan, 2.86 yuan, and 3.27 yuan [4][6].

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [4][6]. Core Views - The company's performance in Q3 2025 met expectations, with significant improvement in coal business profitability on a quarter-over-quarter basis [1]. - The company experienced a decline in revenue and net profit year-over-year, with total revenue of 6.307 billion yuan, down 7.8%, and net profit attributable to shareholders of 554 million yuan, down 50.5% [1]. - The report anticipates a recovery in profitability in Q4 2025 due to the seasonal increase in coal demand [4]. Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 1.912 billion yuan, a decrease of 9.4% quarter-over-quarter but an increase of 2.9% year-over-year. Net profit was 106 million yuan, down 59.3% quarter-over-quarter and 38.3% year-over-year [1]. - For the first three quarters of 2025, coal production and sales were 13.96 million tons and 13.95 million tons, respectively, both down approximately 0.6% year-over-year [2]. Coal Business - The average selling price of coal in Q3 2025 was 268.8 yuan per ton, down 36.4% quarter-over-quarter and 19.8% year-over-year. The cost per ton was 143.8 yuan, down 35.1% quarter-over-quarter and 35.6% year-over-year, leading to a coal business gross margin of 46.5%, which improved by 13.2 percentage points quarter-over-quarter [2]. Methanol Business - Methanol production and sales in the first three quarters of 2025 were 388,000 tons and 381,000 tons, respectively, showing increases of 16.7% and 24.5% year-over-year. The gross margin for methanol business improved to 12.6% in Q3 2025, recovering from a loss [3]. Railway Business - The railway business saw a decrease in transport volume in Q3 2025, with a gross margin of 65.8%, down 5.3 percentage points quarter-over-quarter due to lower transport prices and increased costs [4]. Profit Forecast - The report forecasts net profits for 2025, 2026, and 2027 to be 654 million yuan, 937 million yuan, and 1.077 billion yuan, respectively, with corresponding EPS of 0.45 yuan, 0.65 yuan, and 0.75 yuan per share [5][10].

Report Summary 1. Industry Investment Ratings The report doesn't provide an overall investment rating for the industry. Instead, it offers trend intensities for each commodity, which are classified as follows: | Commodity | Trend Intensity | | --- | --- | | Gold | -1 | | Silver | -1 | | Copper | 1 | | Zinc | 0 | | Lead | 0 | | Tin | 0 | | Aluminum | 0 | | Alumina | 0 | | Cast Aluminum Alloy | 0 | | Nickel | 0 | | Stainless Steel | 0 | | Lithium Carbonate | 0 | | Industrial Silicon | 1 | | Polysilicon | 1 | | Iron Ore | 0 | | Rebar | 0 | | Hot - Rolled Coil | 0 | | Ferrosilicon | 0 | | Silicomanganese | 0 | | Coke | 1 | | Coking Coal | 1 | | Log | 0 | | p - Xylene | 1 | | PTA | 1 | | MEG | 1 | | Rubber | 0 | | Synthetic Rubber | 0 | | Asphalt | 0 | | LLDPE | 0 | | PP | 0 | | Caustic Soda | -1 | | Pulp | 0 | | Glass | 0 | | Methanol | 0 | | Urea | 0 | | Soda Ash | 0 | | LPG | 0 | | Propylene | 0 | | PVC | -1 | | Fuel Oil | 1 | | Low - Sulfur Fuel Oil | 1 | | Container Freight Index (European Route) | 0 | | Staple Fiber | 1 | | Bottle Chip | 1 | | Offset Printing Paper | 0 | | Pure Benzene | 0 | | Palm Oil | 0 | | Soybean Oil | 0 | | Soybean Meal | 0 | | Soybean | 0 | | Corn | 0 | | Sugar | -1 | | Cotton | 0 | | Egg | 0 | | Live Pig | 0 | | Peanut | 0 | 2. Core Views - **Macroeconomic Factors**: The slowdown of the US core CPI in September has increased the expectation of the Fed's interest rate cuts this year. The Sino - US economic and trade consultations in Kuala Lumpur have reached a basic consensus on solving each other's concerns, which has an impact on the market sentiment and expectations of various commodities [5][9][14][157]. - **Commodity - Specific Factors**: Each commodity's market situation is affected by its own supply - demand relationship, inventory levels, production costs, and policy factors. For example, the price of copper is rising due to improved macro - sentiment and increased imports; the price of zinc is in a range - bound oscillation; the price of lead is supported by inventory reduction [2][5][10]. 3. Summary by Commodity Precious Metals - **Gold**: The easing of the Russia - Ukraine crisis has led to a decline in gold prices. The trend intensity is - 1 [2][5]. - **Silver**: It shows a volatile rebound, with a trend intensity of - 1 [2]. Base Metals - **Copper**: The price is rising due to improved macro - sentiment. Chile's state - owned copper company plans to increase the premium for European customers, and China's copper imports in September have changed. The trend intensity is 1 [2][10]. - **Zinc**: It is in a range - bound oscillation. The trend intensity is 0 [2][13]. - **Lead**: The reduction of inventory supports the price. The trend intensity is 0 [2][17]. - **Tin**: Attention should be paid to the macro - impact. The trend intensity is 0 [2][19]. - **Aluminum**: The price center is moving up. Alumina's production reduction is not continuous, and cast aluminum alloy follows the trend of electrolytic aluminum. The trend intensity of all three is 0 [2][23]. - **Nickel**: The accumulation of smelting inventory and concerns about nickel ore are in a game, resulting in a narrow - range oscillation of nickel prices. Stainless steel has limited downward potential and lacks upward drive. The trend intensity of both is 0 [2][26]. Energy and Chemicals - **Lithium Carbonate**: It shows a relatively strong oscillation, and the result of the Sino - US consultations should be noted. The trend intensity is 0 [2][29]. - **Industrial Silicon**: The reduction of warehouse receipts provides support for the bottom. The trend intensity is 1 [2][32]. - **Polysilicon**: Attention should be paid to the implementation of policies. The trend intensity is 1 [2][33]. - **Iron Ore**: It oscillates repeatedly. The trend intensity is 0 [2][36]. - **Rebar and Hot - Rolled Coil**: The apparent demand has improved month - on - month, and they are in a wide - range oscillation. The trend intensity of both is 0 [2][38]. - **Ferrosilicon and Silicomanganese**: Affected by the resonance of the sector sentiment, they are in a wide - range oscillation. The trend intensity of both is 0 [2][42]. - **Coke and Coking Coal**: The expectations are changing repeatedly, and they are in a wide - range oscillation. The trend intensity of both is 1 [2][47]. - **Log**: It oscillates repeatedly. The trend intensity is 0 [2][49]. - **p - Xylene**: It rebounds following the oil price, and PXN should be shorted on rallies. The trend intensity is 1 [2][53]. - **PTA**: It is recommended to go long on PX and short on PTA, with a unilateral upward trend. The trend intensity is 1 [2][53]. - **MEG**: The demand expectation has improved, and it has a short - term rebound. The trend intensity is 1 [2][53]. - **Rubber**: It oscillates. The trend intensity is 0 [2][59]. - **Synthetic Rubber**: Supported by macro - sentiment, the price center is moving up. The trend intensity is 0 [2][63]. - **Asphalt**: It oscillates following the crude oil. The trend intensity is 0 [2][67]. - **LLDPE**: It mainly oscillates. The trend intensity is 0 [2][81]. - **PP**: The trend remains weak. The trend intensity is 0 [2][85]. - **Caustic Soda**: The far - month valuation is suppressed. The trend intensity is - 1 [2][89]. - **Pulp**: It oscillates. The trend intensity is 0 [2][94]. - **Glass**: The price of the original sheet is stable. The trend intensity is 0 [2][98]. - **Methanol**: It oscillates. The trend intensity is 0 [2][101]. - **Urea**: It oscillates. The trend intensity is 0 [2][106]. - **Soda Ash**: The spot market has little change. The trend intensity is 0 [2][111]. - **LPG**: The upward drive is limited, and attention should be paid to cost changes. The trend intensity is 0 [2][115]. - **Propylene**: The supply - demand is relatively loose, and it shows a short - term weak oscillation. The trend intensity is 0 [2][116]. - **PVC**: It oscillates at a low level. The trend intensity is - 1 [2][123]. - **Fuel Oil**: The upward trend continues, and it remains strong in the short term. Low - sulfur fuel oil is weaker than high - sulfur fuel oil, and the price difference between high - and low - sulfur fuels in the overseas spot market continues to shrink. The trend intensity of both is 1 [2][126]. Agricultural Products - **Container Freight Index (European Route)**: It is in an oscillatory consolidation. The trend intensity is 0 [2][128]. - **Staple Fiber**: The demand has a positive feedback, with a short - term rebound and an expanding PF - PR price difference. The trend intensity is 1 [2][138]. - **Bottle Chip**: It has a short - term rebound and an expanding PF - PR price difference. The trend intensity is 1 [2][138]. - **Offset Printing Paper**: It oscillates at a low level. The trend intensity is 0 [2][141]. - **Pure Benzene**: It mainly oscillates in the short term. The trend intensity is 0 [2][146]. - **Palm Oil**: The inventory reduction in the producing areas is slow, and attention should be paid to the lower - level support. The trend intensity is 0 [2][150]. - **Soybean Oil**: The production situation in South America is favorable, and attention should be paid to the Sino - US economic and trade relations. The trend intensity is 0 [2][150]. - **Soybean Meal**: It rebounds and oscillates, waiting for the guidance of the Sino - US economic and trade talks. The trend intensity is 0 [2][157]. - **Soybean**: It is in an adjustment oscillation. The trend intensity is 0 [2][157]. - **Corn**: It oscillates. The trend intensity is 0 [2][160]. - **Sugar**: It runs weakly. The trend intensity is - 1 [2][164]. - **Cotton**: The increase in the cost of new cotton supports the cotton futures price. The trend intensity is 0 [2][169]. - **Egg**: It oscillates and adjusts. The trend intensity is 0 [2][173]. - **Live Pig**: The spot price has short - term support. The trend intensity is 0 [2][175]. - **Peanut**: Attention should be paid to the spot market. The trend intensity is 0 [2][179].

【导读】*ST荣控：无法与独立董事刘长坤取得联系 中国基金报记者 晨曦 又有A股独董失联！ 10月26日下午，*ST荣控发布《关于独立董事无法取得联系的提示性公告》。 公开信息显示，刘长坤出生于1958年6月，汉族，中共党员，高级经济师，研究生学历，美国休斯敦大学、美国西北大学高级管理人员工 商管理硕士。 刘长坤曾任山东省证券管理办公室秘书处处长、机构处处长，中国证监会济南证管办机构处处长，中国石油化工集团企业改革管理部副主 任、资本运营部副主任、资产公司副总经理及永泰集团有限公司监事会主席等职务。 2020年4月，荣丰控股董事会补选刘长坤为公司独立董事，至今已近5年半。2025年4月，荣丰控股披露的2024年度独立董事述职报告显 示，刘长坤2024年现场出席董事会会议1次、通讯出席董事会会议8次，未出现缺席情况。2024年，刘长坤自荣丰控股获得的税前报酬总 额为12万元。 公开信息显示，荣丰控股的前身荣丰地产成立于1992年，2008年通过与武汉石油实施重大资产重组上市。集团共有7家子公司，主营业务 涵盖房地产开发、物业管理、建筑安装、投资管理、贸易、医疗大健康产业等领域。 *ST荣控称，公司于2025年1 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company has demonstrated strong performance in coal and electricity sectors, with new thermal power projects expected to contribute positively in the future [4]. - The integrated coal and power business model is highlighted as a key advantage, enhancing profitability stability and driving valuation improvements [4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenue of 9.01 billion yuan, a year-on-year decrease of 1.95%, and a net profit attributable to shareholders of 1.477 billion yuan, down 19.06% year-on-year [1]. - In Q3 2025, the company achieved a net profit of 556 million yuan, marking a 14.24% year-on-year decline but a 43.12% increase from Q2 2025 [2]. - The gross profit for Q3 2025 was 1.219 billion yuan, showing an increase from Q2 2025 [2]. Coal Production and Sales - In Q3 2025, the company produced 5.61 million tons of raw coal, a year-on-year increase of 7.87%, while the sales volume of commercial coal reached 5.03 million tons, up 7.53% year-on-year [3]. - The average selling price of coal in Q3 2025 was 513 yuan per ton, a year-on-year decrease of 7.99% but a quarter-on-quarter increase of 3.00% [3]. Power Generation - The company generated 4.365 billion kWh of electricity in Q3 2025, reflecting a year-on-year increase of 9.29% and a quarter-on-quarter increase of 43.44% [3]. Project Development - Ongoing coal and power projects are progressing as planned, with new power plants expected to start operations in 2026, which will contribute to steady growth in electricity generation [4]. - The company is also investing in a wind power project in Lixin, with a total investment of approximately 668 million yuan, expected to achieve grid connection by the end of 2025 [4]. Profit Forecast - The company’s net profit forecasts for 2025, 2026, and 2027 are 2.023 billion yuan, 2.256 billion yuan, and 2.524 billion yuan, respectively, with corresponding EPS of 0.78 yuan, 0.87 yuan, and 0.97 yuan [5].