Group 1 - Antai Group's stock increased by 5.08% to 4.14 CNY per share, with a trading volume of 2.21 billion CNY and a turnover rate of 5.48%, resulting in a total market capitalization of 4.168 billion CNY [1] - Antai Group, established on July 29, 1993, and listed on February 12, 2003, is primarily engaged in the production and sales of coke and its by-products, with revenue composition as follows: 73.03% from section steel, 18.65% from coke processing and chemical products, 2.92% from electricity processing, 2.05% from scrap steel, and 1.68% from other sources [1] Group 2 - Noan Fund's Noan Multi-Strategy Mixed A (320016) is among the top ten circulating shareholders of Antai Group, having increased its holdings by 749,900 shares to a total of 5.5685 million shares, representing 0.55% of circulating shares, with an estimated floating profit of approximately 1.1137 million CNY [2] - Noan Multi-Strategy Mixed A (320016) was established on August 9, 2011, with a latest scale of 2.12 billion CNY, achieving a year-to-date return of 9.82% (ranking 2241 out of 8864), a one-year return of 82.48% (ranking 480 out of 8126), and a cumulative return of 262.4% since inception [2] Group 3 - The fund manager of Noan Multi-Strategy Mixed A (320016) is Kong Xianzheng, who has been in the position for 5 years and 64 days, managing a total fund size of 6.675 billion CNY, with the best fund return during his tenure being 105.65% and the worst being -16.74% [3]

Core Viewpoint - The report highlights the growth trends in China's coke industry, projecting a steady increase in production and emphasizing the importance of strategic investment in this sector [1]. Industry Overview - According to the National Bureau of Statistics, China's coke production in December 2025 is expected to reach 40 million tons, reflecting a year-on-year growth of 1.9% [1]. - The cumulative coke production in China for the year 2025 is projected to be 500 million tons, with a cumulative growth rate of 2.9% [1]. Companies Involved - Listed companies in the coke industry include International Industry (000159), Meijin Energy (000723), Blue Flame Holdings (000968), Shanxi Coking Coal (000983), Changchun Gas (600333), Antai Group (600408), and Yunwei Co., Ltd. (600725) [1]. Research Report - The report titled "Investment Strategy Analysis and Development Prospects of China's Coke Industry from 2026 to 2032" was published by Zhiyan Consulting, a leading industry consulting firm in China [1].

Market Overview - The three major A-share indices opened lower on January 27, with the Shanghai Composite Index closing at 4139.9 points, up 0.18% [2] - The ChiNext Index rose by 0.71% to 3342.6 points, while the Sci-Tech 50 Index increased by 1.51% to 1555.98 points [2] Trading Activity - A total of 1928 stocks rose, while 3450 stocks fell, with 91 stocks remaining flat [3] - The total trading volume was 28.949 billion yuan, a decrease of 3.533 billion yuan from the previous trading day [3] Sector Performance - Semiconductor stocks saw significant gains, with over 20 stocks hitting the daily limit or rising more than 10% [5] - Gold stocks also performed well, with several stocks reaching the daily limit or increasing by over 10% [5] - Coal and basic metal sectors experienced notable declines, with major coal stocks dropping over 4% [6] Market Sentiment and Predictions - Financial analysts suggest that the A-share market may continue to experience fluctuations in the short term due to increased overseas uncertainties and pressure at previous high levels [7] - The current market is viewed as a short-term adjustment risk, with expectations for continued upward movement in the medium term [7] - Long-term perspectives indicate that the current market trend is still in its mid-stage, with potential for a "slow bull" market to continue [8][9] Investment Recommendations - Analysts recommend focusing on sectors such as technology, particularly AI and robotics, as well as industries benefiting from price increases like chemicals and non-ferrous metals [8][9] - Short-term investment opportunities are suggested in power equipment and photovoltaic sectors, which are supported by market demand and policies [10]

Market Overview - The coke sector experienced a slight decline of 0.03% on January 26, with Antai Group leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Individual Stock Performance - Yunnan Coal Energy (600792) closed at 4.22, up 1.20% with a trading volume of 277,600 shares [1] - Yunwei Co. (600725) closed at 4.68, up 1.08% with a trading volume of 360,100 shares [1] - Shaanxi Black Cat (601015) closed at 4.04, up 1.00% with a trading volume of 547,600 shares [1] - Shanxi Coking Coal (600740) closed at 4.14, up 0.98% with a trading volume of 128,100 shares [1] - Meijin Energy (000723) closed at 4.95, down 0.60% with a trading volume of 773,200 shares [1] - Baotailong (601011) closed at 3.44, down 1.43% with a trading volume of 678,900 shares [1] - Antai Group (600408) closed at 4.07, down 2.16% with a trading volume of 599,800 shares [1] Capital Flow Analysis - The coke sector saw a net outflow of 47.89 million yuan from main funds, while retail investors contributed a net inflow of 52.84 million yuan [1] - The detailed capital flow for individual stocks shows that Yunnan Coal Energy had a main fund net inflow of 17.49 million yuan, while Antai Group experienced a net outflow of 25.50 million yuan [2] - Meijin Energy had a significant retail net inflow of 13.79 million yuan, indicating strong interest from individual investors [2]

证券日报网讯 1月23日，安泰集团发布公告称，公司近日收到公司副总经理范云强先生的书面辞职报 告。范云强先生因工作调整原因，申请辞去公司副总经理职务，辞职后不在公司及公司控股子公司担任 其他职务。公司于2026年1月23日召开了第十二届董事会二○二六年第一次临时会议，审议通过了《关 于补充聘任公司高级管理人员的议案》，公司董事会同意聘任刘海涛先生担任公司副总经理，任期至公 司第十二届董事会任期届满之日。 （文章来源：证券日报） ...

Core Viewpoint - Antai Group (600408.SH) is expected to report a net loss of approximately 290 million yuan for the fiscal year 2025, indicating a reduction in losses compared to the previous year [1] Financial Performance - The projected net profit attributable to the parent company for 2025 is estimated at -290 million yuan, with a non-recurring profit and loss adjusted net profit of approximately -286 million yuan [1] - Despite the anticipated losses, the company has made progress in reducing its losses year-on-year [1] Market Conditions - The overall industry remains in a state of oversupply, with no fundamental changes in the market dynamics [1] - The prices of key products such as tar, crude benzene, and H-shaped steel have continued to decline due to market fluctuations, putting pressure on product gross margins [1] Strategic Initiatives - In response to the challenging market environment, the company is actively implementing cost reduction and efficiency improvement measures, as well as innovating its business model to enhance operational performance [1]

山西安泰集团股份有限公司 章 程 二○二五年十二月十五日 1 山西安泰集团股份有限公司 章 程 目 录 第四章 股东和股东会 第五章 董事和董事会 第七章 财务会计制度、利润分配和审计 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第一节 第一股东的一般规定 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第一节 董事的一般规定 第二节 董事会 第三节 独立董事 第四节 董事会专门委员会 第六章 高级管理人员 第八章 通知与公告 第一节 通知 第二节 公告 第九章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十章 修改章程 第十一章 附则 3 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第一章 总则 第一条 为维护山西安泰集团股份有限公司（以下称"公司"）、股东、职工 和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》 （以下简称《公司法》）、《中华 ...

| 拟修订条款 | 规范后条款 | | --- | --- | | 第十三条 经依法登记，公司的经营范围是：生 | 第十三条 经依法登记，公司的经营范围是： | | 产、销售焦炭、焦炭副产品、热轧 H 型钢、电力、 | 一般项目：炼焦；煤炭及制品销售；钢压延加工； | | 矿渣细粉、碳素制品、化工产品（国家限制品外）； | 金属材料销售；金属废料和碎屑加工处理；再生资源 | | 煤炭洗选；石灰石开采、加工；石料、石粉及白 | 销售；石墨及碳素制品制造；石墨及碳素制品销售； | | 云石轻烧、加工、经营；道路普通货物运输，货 | 化工产品生产（不含许可类化工产品）；化工产品销售 | | 物运输代理服务，仓储服务，装卸搬运服务；新 | （不含许可类化工产品）；煤炭洗选；建筑用石加工； | | 产品开发；批发零售矿产品（除国家专控品）、化 | 非金属矿及制品销售；国内货物运输代理；软件开发； | | 工原料（除易燃易爆易腐蚀危险品）、普通机械、 | 新材料技术研发；工业设计服务；机械设备研发； | | 汽车（除小轿车）、日杂百货、农副产品（除国家 | 机械设备销售；汽车销售；日用品批发；日用百货 | | 专控品）； ...

关于公司高级管理人员辞任及补充聘任的公告 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。 一、高级管理人员辞任情况 山西安泰集团股份有限公司（以下简称"公司"）近日收到公司副总经理 范云强先生的书面辞职报告。范云强先生因工作调整原因，申请辞去公司副总经理 职务，辞职后不在公司及公司控股子公司担任其他职务。 (一) 辞任的基本情况 | 姓名 | 辞任职务 | 辞任时间 | | 原定任期 | | 辞任 | 是否继续在上市 公司及其控股子 | 具体职务 | 是否存在未 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 到期日 | | 原因 | 公司任职 | （如适用） | 公开承诺 | | 范云强 | 副总经理 | 2026 年 1 | 月 | 2028 | 年6 月 | 工作 | 否 | / | 否 | | | | 21 日 | | 27 | 日 | 调整 | | | | (二) 辞任对公司的影响 证券代码：600408 ...

格隆汇1月23日｜安泰集团公告称，预计2025年度归属于母公司所有者的净利润为-29,000万元左右，扣 非净利润为-28,600万元左右。2024年，公司归母净利润为-33,496.14万元，扣非净利润为-35,076.06万 元，2025年亏损同比减少。主要因行业供大于求，公司主要产品价格下行、毛利率降低。不过，公司采 取举措推进经营改善实现减亏。业绩未经审计，且受关联方担保预计负债变动影响，具体以年报为准。 ...