1. Report Industry Investment Rating - The investment rating for the utilities industry is "Bullish" [2] 2. Core Viewpoints of the Report - The power sector is expected to see improved profitability and value re - evaluation after multiple rounds of power supply - demand contradictions. Coal - fired power's peak - shaving value is prominent, electricity prices may rise slightly, and the cost of coal - fired power enterprises is controllable. The performance of power operators is likely to improve significantly. For the natural gas sector, with the decline in upstream gas prices and the recovery of domestic consumption, the urban gas business can achieve stable gross margins and high growth in sales volume. Traders with low - cost long - term contract gas sources and receiving terminal assets may increase profits [5][98] 3. Summary by Relevant Catalogs 3.1 This Week's Market Performance - As of January 23rd, the utilities sector rose 2.3%, outperforming the market (CSI 300 fell 0.6% to 4,702.50). The top three industries in terms of gains and losses were building materials (9.2%), petroleum and petrochemicals (7.7%), and steel (7.3%), while the bottom three were banks (-2.7%), communications (-2.1%), and non - bank finance (-1.5%) [12] - The power sector rose 1.72%, and the gas sector rose 7.21%. Among sub - industries, thermal power generation rose 2.71%, hydropower generation fell 0.89%, nuclear power generation rose 0.33%, thermal services rose 2.09%, comprehensive power services rose 4.56%, photovoltaic power generation rose 7.21%, and wind power generation rose 2.82% [14] - In the power sector, the top three gainers were Nanwang Energy (16.26%), Shanghai Electric Power (11.95%), and Zhongmin Energy (7.76%); the bottom three were Yangtze Power (-1.96%), Huaneng Power International (-1.47%), and Huaneng Hydropower (-0.87%). In the gas sector, the top three gainers were Zhongtai Co., Ltd. (23.02%), Jiufeng Energy (14.70%), and Furan Energy (13.15%); the bottom three were Shuifa Gas (0.00%), ENN Energy (1.45%), and Dazhong Public Utilities (2.26%) [17] 3.2 Power Industry Data Tracking 3.2.1 Thermal Coal Prices - In January, the annual long - term contract price of Qinhuangdao Port thermal coal (Q5500) was 684 yuan/ton, a month - on - month decrease of 10 yuan/ton. As of January 23rd, the market price of Shanxi - produced thermal coal (Q5500) at Qinhuangdao Port was 686 yuan/ton, a week - on - week decrease of 11 yuan/ton [23] - As of January 23rd, the pit - mouth price of Shaanxi Yulin thermal lump coal (Q6000) was 770 yuan/ton, a week - on - week decrease of 15 yuan/ton; the pit - mouth price (tax - included) of Datong南郊 coking coal (Q5500) was 626.08 yuan/ton, a week - on - week decrease of 1.82 yuan/ton; the wagon - loading price of Inner Mongolia Dongsheng large - sized clean coal (Q5500) was 564 yuan/ton, a week - on - week decrease of 5 yuan/ton [23] - As of January 22nd, the FOB spot price of Newcastle NEWC 5500 kcal thermal coal was 73.55 US dollars/ton, a week - on - week increase of 0.05 US dollars/ton; the ARA 6000 kcal thermal coal spot price was 101.5 US dollars/ton, a week - on - week increase of 4.80 US dollars/ton; the Richards Bay thermal coal FOB spot price was 80 US dollars/ton, a week - on - week increase of 3.95 US dollars/ton. As of January 23rd, the Newcastle NEWC index price was 108.4 US dollars/ton, a week - on - week increase of 1.2 US dollars/ton. The ex - warehouse price of Indonesian coal (Q5500) at Guangzhou Port was 731.9 yuan/ton, a week - on - week decrease of 3.81 yuan/ton; the ex - warehouse price of Australian coal (Q5500) at Guangzhou Port was 737.15 yuan/ton, a week - on - week decrease of 3.36 yuan/ton [26] 3.2.2 Thermal Coal Inventory and Power Plant Daily Consumption - As of January 23rd, the coal inventory at Qinhuangdao Port was 582 tons, a week - on - week increase of 32 tons [30] - As of January 22nd, the coal inventory of 17 inland provinces was 9,010.4 tons, a week - on - week decrease of 290.3 tons (3.12%); the daily consumption of power plants in 17 inland provinces was 445.9 tons, a week - on - week increase of 33.7 tons/day (8.18%); the available days were 20.2 days, a decrease of 2.4 days compared to last week [32] - As of January 22nd, the coal inventory of 8 coastal provinces was 3,299.4 tons, a week - on - week decrease of 49.5 tons (1.48%); the daily consumption of power plants in 8 coastal provinces was 241.7 tons, a week - on - week increase of 23.9 tons/day (10.97%); the available days were 13.7 days, a decrease of 1.7 days compared to last week [32] 3.2.3 Hydropower Inflow Situation - As of January 23rd, the Three Gorges outbound flow was 9,180 cubic meters per second, a year - on - year increase of 13.05%, and flat week - on - week [45] 3.2.4 Key Power Market Transaction Electricity Prices - In the Guangdong day - ahead spot market, as of January 16th, the weekly average price was 349.15 yuan/MWh, a week - on - week increase of 10.85% and a year - on - year decrease of 6.2%. In the real - time spot market, the weekly average price was 291.58 yuan/MWh, a week - on - week decrease of 0.83% and a year - on - year decrease of 22.2% [52] - In the Shanxi day - ahead spot market, as of January 22nd, the weekly average price was 377.70 yuan/MWh, a week - on - week increase of 253.77% and a year - on - year increase of 15.9%. In the real - time spot market, the weekly average price was 385.26 yuan/MWh, a week - on - week increase of 194.3% and a year - on - year increase of 7.5% [59] - In the Shandong day - ahead spot market, as of January 18th, the weekly average price was 221.85 yuan/MWh, a week - on - week increase of 9.59% and a year - on - year decrease of 15.4%. In the real - time spot market, the weekly average price was 275.45 yuan/MWh, a week - on - week increase of 50.11% and a year - on - year increase of 11.9% [60] 3.3 Natural Gas Industry Data Tracking 3.3.1 Domestic and International Natural Gas Prices - As of January 23rd, the national index of LNG ex - factory prices at the Shanghai Oil and Gas Trading Center was 3,992 yuan/ton (about 2.85 yuan/cubic meter), a year - on - year decrease of 7.44% and a month - on - month increase of 3.72%. In November 2025, the average import price of domestic LNG was 490.97 US dollars/ton (about 2.48 yuan/cubic meter), a year - on - year decrease of 17.25% and a month - on - month increase of 2.80%. As of January 23rd, the CIF price of imported LNG in China was 11.32 US dollars/million British thermal units (about 2.93 yuan/cubic meter), a year - on - year decrease of 19.80% and a month - on - month increase of 9.58% [58] - As of January 21st, the European TTF spot price was 13.79 US dollars/million British thermal units, a year - on - year decrease of 10.3% and a week - on - week increase of 21.0%; the US HH spot price was 4.98 US dollars/million British thermal units, a year - on - year increase of 12.9% and a week - on - week increase of 68.8%; the Chinese DES spot price was 10.6 US dollars/million British thermal units, a year - on - year decrease of 22.6% and a week - on - week increase of 6.5% [61] 3.3.2 EU Natural Gas Supply, Demand, and Inventory - In the third week of 2026, the EU's natural gas supply was 6.34 billion cubic meters, a year - on - year increase of 14.8% and a week - on - week increase of 4.6%. Among them, LNG supply was 3.21 billion cubic meters, a week - on - week increase of 12.6%, accounting for 50.6% of the natural gas supply; imported pipeline gas was 3.13 billion cubic meters, a year - on - year increase of 4.2% and a week - on - week decrease of 2.6%. From January to March 2026, the EU's cumulative natural gas supply was 18.28 billion cubic meters, a year - on - year increase of 11.2% [65] - In the fourth week of 2026, the EU's natural gas inventory was 54.489 billion cubic meters, a year - on - year decrease of 14.60% and a week - on - week decrease of 4.45%. As of January 21st, 2026, the EU's natural gas inventory level was 47.6% [73] - In the third week of 2026, the EU's estimated natural gas consumption was 11.82 billion cubic meters, a week - on - week increase of 0.8% and a year - on - year increase of 6.2%. From January to March 2026, the EU's estimated cumulative natural gas consumption was 33.49 billion cubic meters, a year - on - year increase of 13.4% [75] 3.3.3 Domestic Natural Gas Supply and Demand - In November 2025, the apparent domestic natural gas consumption was 36.28 billion cubic meters, a year - on - year increase of 4.1%. From January to November 2025, the cumulative apparent domestic natural gas consumption was 388 billion cubic meters, a cumulative year - on - year decrease of 0.1% [78] - In December 2025, the domestic natural gas production was 22.98 billion cubic meters, a year - on - year increase of 5.4%. The LNG import volume was 8.48 million tons, a year - on - year increase of 18.8% and a month - on - month increase of 22.2%. The PNG import volume was 4.97 million tons, a year - on - year increase of 12.7% and a month - on - month decrease of 0.8%. From January to December 2025, the cumulative domestic natural gas production was 261.89 billion cubic meters, a cumulative year - on - year increase of 6.3%. The cumulative LNG import volume was 68.43 million tons, a cumulative year - on - year decrease of 10.7%. The cumulative PNG import volume was 59.43 million tons, a cumulative year - on - year increase of 8.0% [79] 3.4 This Week's Industry News 3.4.1 Power Industry - Related News - In December 2025, the power generation of above - scale industrial enterprises was 858.6 billion kWh, a year - on - year increase of 0.1%. From January to December 2025, it was 9,715.9 billion kWh, a year - on - year increase of 2.2%. In December 2025, the decline of thermal power narrowed, and the growth rates of hydropower, nuclear power, wind power, and solar power generation slowed down [87] - Facing the severe test of winter power supply, the national energy system took multiple measures to ensure stable supply. After winter 2026, the national electricity load increased rapidly, exceeding 1.4 billion kilowatts for the first time on January 20th, reaching 1.417 billion kilowatts and setting three consecutive winter records. The daily electricity consumption also exceeded 30 billion kWh for the first time in winter, reaching 30.47 billion kWh on January 19th [87] 3.4.2 Natural Gas Industry - Related News - From January to December 2025, the natural gas production of above - scale industrial enterprises was 261.9 billion cubic meters, a year - on - year increase of 6.2%. In December, the production was 23 billion cubic meters, a year - on - year increase of 5.1% [88] 3.5 This Week's Important Announcements - Shenergy Co., Ltd.: In 2025, the power generation of its controlled power plants was 57.654 billion kWh, a year - on - year decrease of 1.7%. The on - grid electricity was 55.376 billion kWh, with an average on - grid electricity price of 0.494 yuan/kWh (tax - included). In the fourth quarter of 2025, it added 2.0672 million kilowatts of controlled installed capacity. As of the end of 2025, its controlled installed capacity was 20.6611 million kilowatts, a year - on - year increase of 15.1% [89] - Shanghai Electric Power Co., Ltd.: From January to December 2025, its combined power generation was 78.232 billion kWh, a year - on - year increase of 1.41%. The on - grid electricity was 74.979 billion kWh, a year - on - year increase of 1.49%. The average on - grid electricity price was 0.58 yuan/kWh. As of the end of December 2025, its controlled installed capacity was 26.3213 million kilowatts, and clean energy accounted for 62.59% of the installed capacity [90] - Hubei Energy Group Co., Ltd.: As of the end of 2025, its total assets were 100.081 billion yuan, a year - on - year increase of 1.83%. The attributable net profit was 1.896 billion yuan, a year - on - year increase of 4.51% [91] - SDIC Power Holdings Co., Ltd.: From October to December 2025, the power generation of its controlled enterprises was 33.142 billion kWh, and the on - grid electricity was 32.229 billion kWh, a year - on - year decrease of 14.22% and 14.43% respectively. From January to December 2025, the power generation was 158.093 billion kWh, and the on - grid electricity was 154.209 billion kWh, a year - on - year decrease of 8.12% and 8.06% respectively. In the fourth quarter, it added 2.1471 million kilowatts of controlled installed capacity. As of the end of the fourth quarter, its installed controlled capacity was 46.8956 million kilowatts [92] - Guanghui Energy Co., Ltd.: It is estimated that the attributable net profit in 2025 will be between 1.32 billion yuan and 1.47 billion yuan, a year - on - year decrease of 50.03% - 55.13% [93] - Furan Energy Group Co., Ltd.: In 2025, its natural gas supply was 4.931 billion cubic meters, and its operating revenue was 33.754 billion yuan, a year - on -

Core Insights - The coal industry is experiencing a slight increase in coking coal prices while thermal coal inventories continue to decline, indicating a potential stabilization in prices moving forward [7][85][87]. Market Dynamics - Thermal coal prices have shown a slight decrease, with the CCI5500 thermal coal index reported at 691 RMB/ton, down 11 RMB/ton week-on-week [13][86]. - The production capacity utilization rate for thermal coal mines is at 89.8%, reflecting a 1.2 percentage point increase week-on-week [23]. - Inventory levels at major ports have decreased, with a reported 6.939 million tons, down 2.4% week-on-week [23][30]. Industry Outlook - The coal industry is expected to see a significant improvement in profitability in 2026, with a projected total profit of 2.97 billion RMB in 2025, down 47% year-on-year [7][87]. - The supply side is anticipated to experience a substantial decrease in growth rates compared to previous years, with coal prices expected to gradually rise [7][87]. - The long-term contracts for coal supply in 2026 are expected to remain stable, with stricter safety regulations likely to limit production [88][89]. Key Companies - Notable companies with stable profit distributions include China Shenhua, Yanzhou Coal, and Shaanxi Coal, which are expected to benefit from the anticipated demand recovery and supply constraints [7][87]. - Companies with high elasticity benefiting from improved demand expectations include Huabei Mining and Shanxi Coking Coal [7][87]. - Long-term growth companies identified include Huayang Co., New Energy, and Baofeng Energy, which are expected to show significant growth potential [7][87].

Investment Rating - The report maintains a "Buy" rating for the coal industry, recommending several companies based on their performance and market conditions [2][3]. Core Insights - The coal prices are expected to stabilize and rebound due to tightening supply and ongoing replenishment demand, despite current weak market conditions [11]. - In 2025, domestic raw coal production is projected to reach 4.83 billion tons, an increase of 7.28 million tons (+1.2%) year-on-year, while total imports are expected to decline by 9.6% to 490 million tons [11]. - The report suggests that coal prices may return to a seasonal fluctuation range of 750-1000 RMB/ton, as supply constraints and regulatory normalization take effect [11]. - Investment recommendations focus on companies with high spot market exposure and strong balance sheets, particularly those in Shanxi province, which has completed overproduction governance [11][16]. Company Performance Predictions - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for key companies, all rated as "Recommended": - Jinko Coal Industry: EPS of 1.68 RMB, PE of 9 for 2024 [2] - Shanxi Coal International: EPS of 1.14 RMB, PE of 9 for 2024 [2] - Lu'an Environmental Energy: EPS of 0.82 RMB, PE of 16 for 2024 [2] - Huayang Co.: EPS of 0.62 RMB, PE of 15 for 2024 [2] - Yancoal Energy: EPS of 1.44 RMB, PE of 10 for 2024 [2] - China Shenhua: EPS of 2.95 RMB, PE of 14 for 2024 [2] - Shaanxi Coal and Chemical Industry: EPS of 2.31 RMB, PE of 9 for 2024 [2] - China Coal Energy: EPS of 1.46 RMB, PE of 9 for 2024 [2] - CGN Mining: EPS of 0.04 HKD, PE of 96 for 2024 [2] - Xinji Energy: EPS of 0.92 RMB, PE of 8 for 2024 [2] - Huaibei Mining: EPS of 1.80 RMB, PE of 7 for 2024 [2] - Lanhua Sci-Tech: EPS of 0.49 RMB, PE of 13 for 2024 [2] Market Dynamics - The coal sector has shown a weekly increase of 1.4%, outperforming the broader market indices [18][21]. - The report notes that the focus on high dividend yields and stable earnings among leading companies enhances their defensive value amid uncertain international conditions [12].

Investment Rating - The report maintains a positive outlook on the coal industry, suggesting an "Overweight" rating, indicating that the industry is expected to outperform the overall market [22]. Core Insights - The coal industry is anticipated to see a recovery in prices and profits in the second half of 2025, driven by seasonal demand and improved market conditions [1]. - Domestic raw coal production is projected to grow slightly by 1.2% year-on-year in 2025, while coal imports are expected to decline by 9.6% [2][11]. - The fourth quarter of 2025 is expected to witness a significant rebound in both thermal coal and coking coal prices, with thermal coal prices rising approximately 13.9% quarter-on-quarter [2][15]. Summary by Sections Supply and Demand Dynamics - Domestic raw coal production for 2025 is estimated at 4.832 billion tons, reflecting a year-on-year increase of 1.2%. Monthly production figures for October, November, and December are projected at 407 million, 427 million, and 437 million tons, respectively, with slight declines in growth rates [5]. - Coal imports for 2025 are expected to total 490 million tons, a decrease of 9.6% compared to the previous year, with notable monthly fluctuations in the last quarter [11]. Price Trends - In Q4 2025, the average spot price for thermal coal at Qinhuangdao port is projected to be around 767 RMB/ton, down 6.99% year-on-year but up 13.9% from Q3 2025 [14][15]. - Coking coal prices are also expected to rise, with the average price for Shanxi's main coking coal reaching 1,727 RMB/ton, marking a 0.8% increase year-on-year and a 10.44% increase from Q3 2025 [15]. Company Performance Forecasts - Key companies in the coal sector are expected to report varying performance in Q4 2025. China Shenhua is projected to achieve a net profit of 14.129 billion RMB, a year-on-year increase of 12.16% [16]. - Other companies such as TBEA and Erdos are also expected to show significant profit growth, while companies like Shaanxi Coal and Energy may see declines due to price pressures [16]. Valuation Metrics - The report includes a valuation table for key coal companies, indicating their expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 and beyond, providing insights into their market positioning [17].

北京市嘉源律师事务所 关于中煤新集能源股份有限公司 2026 年第一次临时股东会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 原宿师事务院 A YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG *州 GUANGZHOU · 西安 XI'AN · 武汉 WUHAN · 长沙 CHANG 致:中煤新集能源股份有限公司 北京市嘉源律师事务所 关于中煤新集能源股份有限公司 2026 年第一次临时股东会的 法律意见书 嘉源(2026)-04-033 北京市嘉源律师事务所(以下简称"本所")接受中煤新集能源股份有限公 司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称"《公 司法》")《上市公司股东会规则》(以下简称"《股东会规则》")等现行有 效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以及《中 煤新集能源股份有限公司章程》(以下简称"《公司章程》")的有关规定,指 派本所律师对公司2026年第一次临时股东会(以下简称"本次股东会")进行见 证,并依法出具本法律 ...

证券代码：601918 证券简称：新集能源 公告编号：2026-010 中煤新集能源股份有限公司 2026年第一次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东会召开的时间：2026 年 1 月 22 日 (二) 股东会召开的地点：安徽省淮南市山南民惠街公司办公园 区 1 号楼 2 层会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持 有股份情况： | 1、出席会议的股东和代理人人数 | 947 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,247,466,875 | | 3、出席会议的股东所持有表决权股份数占公司有 | 48.1546 | | 表决权股份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会 议主持情况等。 1、 议案名称：关于《公司 2025 年特别分红预案》的议案 审议结果：通过 表决情况： | 股东 | 同意 ...

Investment Rating - The report maintains a "Positive" investment rating for the power industry, consistent with the previous rating [2]. Core Insights - The power industry is entering a new phase characterized by rational investment, market-oriented power generation, and spot pricing for electricity [2][3]. - The report highlights a significant cooling in new energy investments, while thermal power is expected to reach its investment peak by 2026 [5][17]. - The introduction of the "1502" document is expected to shift the electricity pricing model towards a more flexible, market-driven approach, enhancing the role of spot trading [3][29]. Summary by Sections 1. Power Industry Investment and Capacity Situation - Investment in new energy has notably decreased, while thermal power investment continues to grow. The peak for thermal power investment is anticipated in 2026 [5][17]. - Monthly capacity additions show a stark contrast before and after the "531" policy, with thermal power gradually approaching its production peak [5][10]. 2. New Trends in Electricity Reform for 2026 - Market-oriented power generation is gaining traction, with competitive bidding results for new energy projects being favorable. Nuclear power is also increasing its market entry ratio [3][29]. - The "1502" document has loosened the previous pricing model, significantly increasing the weight of spot trading in electricity transactions [3][29]. 3. Analysis of the Second Half of Electricity Reform - New energy capacity additions are expected to slow significantly, while thermal power generation is projected to see substantial growth. The report estimates an increase in thermal power generation from a decline of 37.8 billion kWh in 2025 to an increase of 135.6 billion kWh in 2026, representing a growth rate of 2.20% [3][10]. - The annual long-term contract price decline is more significant than expected, creating potential profit opportunities for thermal power in the spot market [3][10]. 4. Investment Recommendations - The report suggests that the challenges faced by thermal power may reverse, with a focus on high-quality leading companies and integrated coal-power operators. The expected stabilization of coal prices and significant growth in thermal power generation are key factors for this turnaround [3][10][29]. - Recommended companies include major state-owned enterprises in the power sector and integrated coal-power operators, which are expected to show resilience and high dividend attributes [3][10].

Summary of New Jin Energy Conference Call Company Overview - New Jin Energy reported a total electricity sales volume of 13.4 billion kWh in 2025, with an average selling price of 0.3766 yuan per kWh and a unit cost of 0.3483 yuan per kWh, resulting in total revenue of 12.3 billion yuan, total profit of 3.1 billion yuan, and net profit attributable to shareholders of 2.1 billion yuan, with earnings per share of 0.8 yuan [2][4] Financial Performance - As of the end of 2025, New Jin Energy had total assets of 52.7 billion yuan, total liabilities of 33.4 billion yuan, and a debt-to-asset ratio of 63%, with equity attributable to shareholders amounting to 16.9 billion yuan [2][4] - The company produced 22.16 million tons of raw coal and sold 19.69 million tons of commercial coal in 2025, with an average price of 532 yuan per ton and a unit cost of 409 yuan per ton [3] Cost Management - New Jin Energy has implemented standard cost management, achieving a reduction in total cost to 409 yuan per ton in 2025, down by 23 yuan year-on-year. The planned total mining cost for 2026 is 448 yuan per ton, but actual costs are expected to be below 430 yuan [2][5] Resource and Production Capacity - The company has coal reserves of 1.016 billion tons, with 883.6 million tons remaining. Current production capacity is 23.5 million tons, with a planned capacity of 39.5 million tons, leaving a gap of 16 million tons [2][6] - There are no immediate plans to increase production, as the company will determine mining progress based on the "15th Five-Year Plan" and requires government approval [6][7] Regulatory and Policy Impact - The Yangcun coal mine has been under construction suspension due to de-capacity policies since 2016, with over 2 billion yuan invested. The company is actively seeking to remove the mine from the de-capacity list and resume construction, pending approval from the National Energy Administration and the National Development and Reform Commission [8] Sales Strategy - For 2026, the expected commercial coal production is between 18.5 million and 19 million tons, with adjustments to the domestic and export sales ratio based on the construction progress of several power plants [9] Pricing and Revenue Outlook - The capacity electricity price in Anhui Province has increased by 65% to 0.03 yuan per kWh, which is expected to enhance revenue from new power plants. The average trading price for electricity in Anhui for 2026 is projected to be around 0.40 yuan per kWh [10][11] - The profitability of the Shangrao power plant is expected to be favorable due to higher market prices in Jiangxi Province compared to Anhui [12] Dividend Policy - New Jin Energy plans to gradually increase its dividend payout ratio and frequency as capital expenditures stabilize, contingent on revenue growth [13] Future Production Plans - The Liu Zhuang coal mine is expected to start producing coking coal in the second half of 2026, with initial sales of raw coking coal. The price is anticipated to be higher than thermal coal, with current prices for coking coal around 1,000 yuan per ton [14][16] Asset and Depreciation Changes - The completion of three new power plants will increase total assets to approximately 70 billion yuan, leading to higher annual depreciation expenses, which are manageable within the company's financial forecasts [17] Debt Management - New Jin Energy aims to maintain a debt-to-asset ratio below 65% through cash flow management and gradual loan repayments, while considering further financing as needed for business development [18]

Group 1 - The core viewpoint of the news is that 24 companies have released their performance reports for 2025, with significant variations in revenue and profit growth among them [1][2][3] - Poly Developments reported the highest revenue at 308.26 billion yuan, but experienced a slight decline of 1.09% year-on-year [1][3] - Among the companies, 16 reported revenue growth, with the highest increase of 37.18% from Siyuan Electric, achieving 21.21 billion yuan in revenue [1][2] Group 2 - In terms of net profit, all companies that released performance reports were profitable, with five companies exceeding 10 billion yuan in net profit [2] - CITIC Bank led with a net profit of 70.62 billion yuan, reflecting a year-on-year growth of 2.98% [2][3] - The largest net profit growth was seen in Quanyuan Spring, which reported a net profit of 0.15 billion yuan, up 147.89% year-on-year [2]

Market Performance - The public utility sector increased by 0.1% as of January 16, outperforming the broader market, with the electricity sector rising by 0.20% and the gas sector declining by 1.17% [2][8]. Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port rose by 1 CNY/ton week-on-week, reaching 697 CNY/ton as of January 16. Meanwhile, Indonesian coal prices fell by 5.71 CNY/ton to 735.71 CNY/ton, and Australian coal prices decreased by 6.53 CNY/ton to 740.51 CNY/ton [3]. - Coal inventory at Qinhuangdao Port increased by 150,000 tons week-on-week, totaling 5.5 million tons as of January 16. Inland power plants' daily coal consumption rose by 96,000 tons/day to 4.147 million tons, a week-on-week increase of 2.37% [3]. - The outflow from the Three Gorges Dam increased by 19.22% year-on-year and 23.55% week-on-week, reaching 9,180 cubic meters/second as of January 16 [4]. Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 3,854 CNY/ton as of January 15, showing a week-on-week increase of 1.29% but a year-on-year decrease of 13.53% [5]. - The European TTF spot price rose by 18.6% week-on-week to 11.4 USD/million BTU, while the US HH spot price increased by 2.8% to 2.95 USD/million BTU [5]. - Domestic natural gas consumption in November was 36.280 billion cubic meters, a year-on-year increase of 4.1%, with production at 21.880 billion cubic meters, up 5.9% year-on-year [6]. Key Industry News - The State Grid Corporation plans to invest 4 trillion CNY in fixed assets during the 14th Five-Year Plan, a 40% increase from the previous plan, focusing on green transformation and enhancing grid functionality [7]. - Multiple provinces have highlighted natural gas as a key strategic energy source in their 14th Five-Year Plans, emphasizing its role in connecting traditional and new energy systems without setting consumption caps [7]. Investment Recommendations - The electricity sector is expected to see profit improvements and value reassessment due to ongoing supply-demand tensions, with a focus on coal power companies like Guodian Power and Huaneng International [8]. - The natural gas sector is anticipated to benefit from stable margins in city gas businesses and opportunities for traders with low-cost long-term gas sources [8].