Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The current macro - level is in a relatively vacuum period, A - shares lack a clear upward main line, market trading volume remains low, and the stock index continues to fluctuate, accumulating momentum for the next round of upward movement. Meanwhile, with policy support and abundant macro - liquidity, there is still strong support below the stock index [1]. Summary by Related Catalogs Macro Finance - **Treasury Bonds**: Asset shortage and weak economy are beneficial to bond futures, but the central bank has recently warned of interest - rate risks, suppressing the upward space, showing an oscillating trend [1]. - **Copper**: The tight pattern of US dollar liquidity has eased, market risk appetite has recovered, and copper prices have stopped falling [1]. - **Aluminum**: Recently, the industrial - side driving force is limited, and the macro - level benefits have been digested, so aluminum prices are oscillating [1]. - **Alumina**: With still a small profit in production, domestic alumina production capacity is continuously released, and both production and inventory are increasing, putting pressure on the spot price. Recently, attention should be paid to the cost support [1]. - **Zinc**: The US government shutdown has reached the longest historical record, and market risk - aversion sentiment has increased. The LME zinc inventory has been continuously decreasing, and the short - squeeze movement has driven zinc prices higher. However, considering the domestic oversupply, caution is needed when chasing high prices [1]. Non - ferrous Metals - **Nickel**: The better - than - expected US ADP data has alleviated concerns about the US economic recession, but the expectation of the Fed's interest - rate cut has been suppressed, and market risk appetite has fluctuated. Indonesia has recently restricted the approval of nickel - related smelting projects again, but the approved projects are not affected. In the fourth quarter, attention should be paid to the approval of nickel - ore quotas in 2026. Nickel prices may oscillate in the short term, and high inventory pressure should be watched out for. It is recommended to trade within a short - term range, and the long - term surplus pattern of primary nickel will continue [1]. - **Stainless Steel**: The better - than - expected US ADP data has alleviated concerns about the US economic recession, but the expectation of the Fed's interest - rate cut has been suppressed, and market risk appetite has fluctuated. Indonesia has restricted the approval of nickel - related smelting projects again, but the approved projects are not affected. In the fourth quarter, attention should be paid to the progress of the approval of Indonesian nickel - ore quotas, and the premium at the ore end is currently stable. The price of raw - material ferronickel has weakened slightly, the social inventory of stainless steel has decreased slightly, and the steel mills' production plan for October is stable. Macro - sentiment is fluctuating, steel mills have recently lifted price limits, and stainless - steel futures are oscillating at the bottom. It is recommended to trade short - term and look for opportunities to sell on rallies [1]. - **Tin**: Recently, the positive macro - sentiment has been digested. Considering that the raw - material end of tin has not recovered and the new - quality demand is expected to be good, it is still recommended to pay attention to the opportunity of going long on dips in the long - term [1]. Precious Metals and New Energy - **Precious Metals (Gold and Silver)**: Judges of the high - court generally question the legitimacy of tariffs, increasing market uncertainty and supporting precious - metal prices. However, the resilience of US economic data has disrupted the interest - rate cut expectation. Precious metals are expected to oscillate within a range in the short term [1]. - **Industrial Silicon**: The production capacity in the northwest is continuously resuming, the start - up in the southwest is weaker than in previous years, and the impact of the dry season is weakened [1]. - **Polysilicon**: In the long - term, there is an expectation of production - capacity reduction. In the fourth quarter, the terminal installation will increase marginally. The anti - involution policy has not been implemented for a long time, and market sentiment has faded [1]. - **Lithium Carbonate**: The traditional peak season for new - energy vehicles is approaching, the energy - storage demand is strong, but the hedging pressure is large [1]. Ferrous Metals - **Rebar**: There are concerns about the potential weakening of industrial demand in the off - season. After the macro - sentiment is realized, attention should be paid to the upward pressure. It is advisable to participate in the out - of - the - money accumulative put option strategy [1]. - **Hot - Rolled Coil**: The off - season effect of the industry is not obvious, but the industrial structure is still loose. Similarly, attention should be paid to the upward pressure on prices after the macro - sentiment is realized [1]. - **Iron Ore**: Near - month production is restricted, but the commodity sentiment is good, and there is still an upward opportunity for far - month contracts [1]. - **Sulfur**: The direct demand is good, and there is cost support, but the supply is high, inventory is accumulating, and the sector is under pressure, with limited price rebound space [1]. - **Coke and Coking Coal**: Coking coal is struggling near the previous high, repeatedly testing the support. The high point of the coke futures price has included the expectation of five rounds of price increases, but the actual three - round price increase has been delayed, and the game is intense. Based on the tight supply, coke and coking coal are relatively strong, but considering the weakening of steel prices and the potential weakening of steel demand in November, the futures prices of coke and coking coal are likely to return to the oscillating range after a false breakout. In the short - term, it is advisable to wait and see, and in the long - term, it is still advisable to go long at low prices. Industrial customers can consider selling hedging [1]. Agricultural Products - **Palm Oil**: In the short term, palm oil still faces the dual pressures of seasonal production increase and weak exports. However, starting from November, Malaysia enters the traditional production - reduction cycle. If export data improve significantly, it may trigger a staged rebound [1]. - **Soybean Oil**: According to the China - US negotiation agreement, China will purchase 12 million tons of US soybeans in the next two months, which may bring a loose expectation for soybean oil in the fourth quarter, and the rebound momentum is insufficient. The actual impact needs to be observed [1]. - **Rapeseed Oil**: The meeting between Chinese and Canadian leaders has brought the expectation of Sino - Canadian relaxation, and the bumper harvest of Canadian rapeseed has put pressure on the futures price [1]. - **Cotton**: Although the production capacity in Xinjiang is expanding, the production capacity in the inland may decrease marginally. At the same time, due to the thinning of spinning profits in Xinjiang, the operating rate may also be affected. The contradiction between the expansion of Xinjiang's production capacity and the reduction of spinning profits makes the cotton demand in the new year highly uncertain. The current futures price has fully priced in the selling pressure of new crops, and the downward space is limited, but under the background of a record - high production of new crops, the basis and futures price may continue to be under pressure [1]. - **Sugar**: Typhoons before and after the National Day have had an adverse impact on the sugar - cane harvest and production in South China. There is a seasonal upward impetus for sugar prices in the short term. In the medium - term, considering the good growth of sugar cane this year, the rebound space after the new - sugar listing is expected to be limited [1]. - **Soybeans and Soybean Meal**: The domestic soybean purchase and crushing profit is poor, and the domestic futures price is undervalued. With the expectation of China's purchase of US soybeans, the import cost of US soybeans is expected to rise, and the domestic futures price is expected to rebound in the short term to repair the crushing profit. However, the current loose supply of domestic soybean - meal spot and the expected loose global soybean supply in the long - term limit the rebound height [1]. - **Paper Pulp**: The current trading logic of paper pulp is related to the trading of old warehouse receipts for the November contract. With weak downstream demand, the futures price is under great pressure. It is recommended to conduct a reverse spread between the November and January contracts [1]. - **Log**: 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. It is recommended to wait and see [1]. - **Live Pigs**: In the past half - month, the spot price has risen alternately in the north and south due to secondary fattening, frozen - product storage, and reluctance to sell, which has postponed the production capacity. There is still pressure on the November slaughter. In the short term, the futures price is at the same level as the spot price, and the futures price will follow the spot price to stabilize and then weaken [1]. Energy and Chemicals - **Crude Oil**: OPEC+ plans to continue a small - scale production increase in December, the short - term geopolitical speculation has cooled down, and the suspension of some China - US trade - tariff policies has eased market sentiment [1]. - **Fuel Oil**: Similar to crude oil, the short - term supply - demand contradiction is not prominent, and it follows the trend of crude oil. The demand for the 14th Five - Year Plan construction rush is likely to be falsified, and the supply of Venezuelan crude oil is sufficient. The profit of asphalt is high [1]. - **Natural Rubber**: There is strong support from raw - material costs, the mid - stream inventory is continuously decreasing, and the commodity - market atmosphere is positive [1]. - **BR Rubber**: The decline of crude - oil prices has reduced the cost support of butadiene, and the supply of synthetic rubber is loose. High - production and high - inventory have not suppressed the price, and the mainstream supply price has been continuously reduced [1]. - **PTA**: Gasoline profit and low benzene price support PX. The gasoline cracking price has risen above $15, prompting refineries to increase gasoline production and reduce the feed of aromatic - hydrocarbon units. Overseas device failures and the decline of the operating load of some domestic reforming units, as well as the rotation inspection of large domestic PTA devices, have led to a decline in domestic PTA production [1]. - **Ethylene Glycol**: The decline of crude - oil prices has led to a decline in ethylene - glycol prices, while the rise of 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 the domestic demand has not significantly declined [1]. - **Short - Fiber**: Gasoline profit and low benzene price support PX. The rebound of PTA prices has strengthened the basis of short - fiber. Short - fiber prices continue to fluctuate closely with costs [1]. - **Styrene**: The Asian benzene price is still weak, the operating rates of STDP and reforming units have declined, the arbitrage window from Northeast Asia to the US is still closed, the profit of domestic styrene has decreased, the number of styrene - device overhauls has gradually increased, and crude - oil prices have continued to fall [1]. - **Urea**: The export sentiment has eased slightly, and the limited domestic demand restricts the upward space. There is support from anti - involution and cost - end factors [1]. - **PE**: Under high - supply, the inventory pressure is large, the intensity of overhauls has weakened, and the downstream demand is slowly increasing, but the peak season is not prosperous [1]. - **PP**: The support from overhauls is limited, and the new - device production has increased the supply pressure. The downstream improvement is less than expected, and the futures price has returned to the fundamentals, showing a weak - oscillating trend [1]. - **PVC**: The overhauls have decreased compared with the previous period, and the new production capacity has been released, increasing the supply pressure. The rise of coal prices has strengthened the cost support of PVC [1]. - **Caustic Soda**: Many alumina projects in Guangxi are planned to be put into production, the subsequent concentration of overhauls will decrease, the high - concentration caustic soda is at a negative premium, the absolute price is low, and the near - month warehouse receipts are limited, so there is a risk of short - squeeze [1]. - **LPG**: The international oil - gas fundamentals are continuously loose, the CP/FEI prices have weakened, the valuation of the domestic LPG futures price has been repaired, and the domestic spot fundamentals are stable due to short - term cooling and chemical rigid demand [1]. Others - **Container Shipping (European Route)**: The positive macro - sentiment has been gradually digested, the expectation of price increases in the peak season has been priced in advance, and the shipping capacity supply in November is relatively loose [1].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露第十 三号—化工》有关规定和披露要求，云南煤业能源股份有限公司（以下简称公司） 2025 年前三季度主要经营数据如下： | 主要 | 经营指标 | 单位 | 2025 年 1-9 月 | 2024 年 1-9 月 | 本期比上年同 | | --- | --- | --- | --- | --- | --- | | 产品 | | | | | 期增减（%） | | 焦炭 | 产量 | 吨 | 1,941,810.12 | 1,702,753.83 | 14.04 | | | 销量 | 吨 | 1,936,630.78 | 1,711,983.42 | 13.12 | | | 收入 | 元 | 3,104,732,395.49 | 4,285,483,628.55 | -27.55 | | | 成本 | 元 | 3,128,090,664.50 | 4,335,784,584.80 | -27.85 | | | 毛利 | ...

Group 1 - The company reported a total production of 1,234,651.63 tons for the first half of 2025, representing a 6.74% increase compared to the same period in 2024 [1] - The total sales volume reached 1,213,749.76 tons, which is a 3.76% increase year-on-year [1] - Revenue from main products decreased significantly to 2,038,955,416.88 yuan, down 31.78% from 2,988,739,216.54 yuan in the first half of 2024 [1] Group 2 - The average selling price of coke fell to 1,679.88 yuan per ton, a decrease of 34.25% compared to 2,555.05 yuan per ton in the previous year [1] - The cost of coke production decreased by 32.61% to 2,064,126,715.86 yuan from 3,062,895,515.30 yuan [1] - The gross profit for coke improved to -25,171,298.98 yuan, a 66.06% increase in profit margin compared to -74,156,298.76 yuan in the same period last year [1] Group 3 - The company reported a procurement volume of 1,720,200 tons of washed coal, which is a 6.28% increase from 1,618,500 tons in the first half of 2024 [2] - The average purchase price of washed coal decreased by 34.49% to 1,244.11 yuan per ton from 1,899.02 yuan per ton [2] - The total procurement amount for washed coal was 214,014,750 yuan, down 30.37% from the previous year [2]

证券代码：600792 证券简称：云煤能源 公告编号：2025-041 云南煤业能源股份有限公司 关于2025年上半年度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露第 十三号—化工》有关规定和披露要求，云南煤业能源股份有限公司（以下简称公 司）2025 年上半年度主要经营数据如下： 主要 产品 经营指标 单位 2025 年 1-6 月 2024 年 1-6 月 本期比上年 同期增减（%） 焦炭 产量 吨 1,234,651.63 1,156,697.53 6.74 销量 吨 1,213,749.76 1,169,739.06 3.76 收入 元 2,038,955,416.88 2,988,739,216.54 -31.78 成本 元 2,064,126,715.86 3,062,895,515.30 -32.61 毛利 元 -25,171,298.98 -74,156,298.76 66.06 平均售价（不 含税） 元/吨 1,679. ...

Group 1 - The company announced a guarantee of 98 million yuan for its wholly-owned subsidiary, Shanxi Antai Steel Co., Ltd, with no prior guarantee balance [1] - The total external guarantee amount provided by the company and its subsidiaries is 4 billion yuan, which exceeds 100% of the company's latest audited net assets [1][4] - The guarantee is part of a broader business cooperation agreement, ensuring the performance of contracts between the subsidiary and creditors [1][3] Group 2 - The company held a shareholders' meeting on June 27, 2025, to approve the guarantee within the authorized limit, eliminating the need for further board or shareholder meetings [2] - Shanxi Antai Steel Co., Ltd, established on May 28, 2015, is a wholly-owned subsidiary of the company, with a registered capital of 500 million yuan and a focus on producing and selling H-beams and steel [3] - The financial indicators for Shanxi Antai Steel Co., Ltd show total assets of approximately 1.67 billion yuan and a net profit of -28.55 million yuan [3]

证券代码：600792 证券简称：云煤能源 公告编号：2025-026 云南煤业能源股份有限公司 | | 消耗量 | 万吨 | 79.84 | | | 81.39 | -1.90 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 采购金额 | 万元 | 103,673.81 | | | 161,963.37 | -35.99 | | 主要原材料 洗精煤 | 经营指标 采购量 平均单价 （不含税） | 单位 万吨 元/吨 | 2025 年 78.70 1,317.26 | 1-3 | 月 | 2024 年 1-3 月 79.67 2,032.93 | 本期比上年同期 增减（%） -1.21 -35.20 | 三、数据来源及风险提示 以上经营数据信息来源于公司报告期内财务数据，未经审计，仅为投资者及 时了解公司生产经营概况之用，敬请广大投资者理性投资，注意投资风险。 特此公告。 一、主要产品的产量、销量及收入实现情况： | 主要产品 | 经营指标 | 单位 | 2025 年 1-3 月 | 2024 年 1-3 月 | 本期比上年 | | --- | ...

Core Viewpoint - The company, Shanxi Coking Coal, is facing significant operational pressure due to weak demand in the downstream steel industry and declining prices in the coking coal market, leading to a substantial drop in profits for the coking industry overall [5][9]. Company Overview - Shanxi Coking Coal primarily engages in the production and sale of coke and related chemical products, with metallurgical coke as the main product and various chemical by-products [5]. - The company has reported a decrease in production and sales across several key products, including a 2.73% decline in coke production to 2.8291 million tons and a 14.20% drop in operating revenue to CNY 750.68 million [9]. Financial Performance - For the reporting period, the company achieved an operating profit of CNY 24.33 million, down 80.84% year-on-year, and a net profit attributable to shareholders of CNY 26.31 million, a decrease of 79.37% [9]. - The proposed profit distribution plan for 2024 includes a cash dividend of CNY 0.2 per 10 shares, totaling CNY 51.24 million, which represents 19.48% of the net profit attributable to shareholders [4][74]. Market Conditions - The coking market is characterized by weak demand and falling prices, with the overall profit levels in the coking industry experiencing a significant decline due to insufficient cost support from upstream materials and increasing environmental compliance costs [5][9]. - The company is expected to maintain a certain level of liquidity to ensure stable operations amid these challenging market conditions [77]. Governance and Compliance - The company’s board and supervisory committee have confirmed the accuracy and completeness of the annual report, ensuring compliance with relevant laws and regulations [1][11]. - The company has engaged Lianda Accounting Firm to provide a standard unqualified audit report for the financial statements [3]. Future Outlook - The company plans to continue investing in facility upgrades and environmental compliance to enhance operational efficiency and competitiveness in the market [78][81]. - The board has proposed a "valuation enhancement plan" in response to the stock price being below the net asset value per share for 12 consecutive months [59].

证券代码：600792 证券简称：云煤能源 公告编号：2025-022 云南煤业能源股份有限公司 关于2024年度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露第 十三号—化工》有关规定和披露要求，云南煤业能源股份有限公司（以下简称 公司）2024 年度主要经营数据如下： | | 成本 | 元 | 53,307.08 | 62,605.30 | -14.85 | | --- | --- | --- | --- | --- | --- | | | 毛利 | 元 | 0.00 | 0.00 | —— | | | 平均售价（不含 | 元/吨 | 97.45 | 76.51 | 27.37 | | | 税） 产量 | 吨 | 78,421.51 | 84,127.74 | -6.78 | | | 销量 | 吨 | 79,065.75 | 82,614.28 | -4.30 | | | 收入 | 元 | 277,841,545.03 | 304,88 ...