中国神华能源股份有限公司（"公司"）第六届监事会第六次会议于2025年6月10 日以电子邮件及无纸化办公系统方式向全体监事发送了会议通知、议程、议案等会议材 料，并于2025年6月20日在北京歌华开元大酒店以现场方式召开。会议应出席监事3人， 亲自出席监事2人，袁锐监事因公请假，委托唐超雄出席并代为投票。会议由监事会主 席唐超雄召集并主持。公司董事会秘书和高级管理人员列席会议。会议的召开符合《中 华人民共和国公司法》及相关法律法规、上市地上市规则和《中国神华能源股份有限公 司章程》的规定。 经充分讨论及审议，会议通过《关于取消监事会并修订〈中国神华能源股份有限公 司章程〉的议案》。 同意以特别决议案形式，由公司董事会审议同意后，提请公司股东大会审议取消公 司监事会、变更经营范围及按照《中国神华能源股份有限公司章程修正案》修改《中国 神华能源股份有限公司章程》。 表决情况：有权表决票3票，同意3票、反对0票、弃权0票，通过。 证券代码：601088 证券简称：中国神华 公告编号：临2025-032 中国神华能源股份有限公司 关于第六届监事会第六次会议决议的公告 中国神华能源股份有限公司监事会及全体监事保证本公告 ...

证券代码：601088 证券简称：中国神华 公告编号：临 2025-030 中国神华能源股份有限公司 关于第六届董事会第十次会议决议的公告 中国神华能源股份有限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。 中国神华能源股份有限公司（"公司"或"中国神华"）第六届董事会第十 次会议于 2025 年 6 月 6 日以电子邮件或无纸化办公系统方式向全体董事和监事 发送了会议通知，于 2025 年 6 月 10 日发送了议程、议案等会议材料，并于 2025 年 6 月 20 日在北京歌华开元大酒店以现场方式召开。会议应出席董事 7 人，亲 自出席董事 6 人，委托出席董事 1 人。非执行董事李新华因公请假，委托非执行 董事康凤伟代为出席会议并投票。会议由执行董事张长岩召集并主持。董事会秘 书宋静刚参加会议，部分监事和高级管理人员列席会议。会议的召开符合《中华 人民共和国公司法》及相关法律法规、上市地上市规则和《中国神华能源股份有 限公司章程》的规定。 本次会议审议并通过以下议案： （一）《关于取消监事会并修订〈中国神华能源股份有限公 ...

股票代码股票名称持仓占比持仓股数（股）持仓市值（元）00941中国移动11.04%683.45万5.29亿00857 中国石油股份10.43%8601.40万4.99亿01919中远海控10.25%4345.05万4.91亿00883中国海洋石油 10.01%2803.50万4.79亿01088中国神华8.89%1461.70万4.26亿00386中国石油化工股份8.21%1.04亿3.93亿 00728中国电信5.39%4786.80万2.58亿00762中国联通3.65%2179.60万1.75亿01898中煤能源2.38%1560.20 万1.14亿03968招商银行2.33%263.40万1.12亿 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 转自：新浪基金∞工作室 流动性方面，截止6月18日，港股央企红利50ETF（520990）近20个交易日累计成交金额14.55亿元，日 均成交金额7273.15万元。 港股央企红利50ETF（520990）现任基金经理为 ...

Investment Rating - The industry investment rating is "Positive" and maintained [9]. Core Insights - The report highlights a seasonal improvement in thermal coal demand due to rising temperatures and electricity consumption, with expectations for price recovery in the future [2][25]. - The report notes a significant decrease in coal imports, attributed to high domestic coal prices and increased port inventories [12][15]. Supply Summary - Domestic coal production in May reached 40.328 million tons, a year-on-year increase of 4.2% and a month-on-month increase of 3.6% [6][15]. - Coal imports in May were 36.04 million tons, down 17.75% year-on-year and 4.7% month-on-month, with cumulative imports from January to May at 18.867 million tons, a decrease of 7.9% year-on-year [15][23]. Demand Summary - In May, thermal power generation increased by 1.2% year-on-year, reaching 737.8 billion kWh, with a month-on-month increase of 2.7% [25][27]. - Non-electric coal demand, particularly in the cement sector, saw a decline, with May production at 16.5 million tons, down 8.1% year-on-year [29][34]. Future Outlook - For thermal coal, there is potential for price recovery due to inventory depletion and seasonal demand increases, with a focus on upcoming weather conditions and renewable energy output [2][25]. - For coking coal, the report anticipates a seasonal decline in iron and steel demand, which may limit upward price movements, although there is potential for a rebound if inflation expectations improve or policy stimulus occurs [2][35]. Marginal Allocation Recommendations - Recommended stocks include leading companies with stable profits such as China Coal Energy, China Shenhua Energy, and Shaanxi Coal and Chemical Industry [12][35].

2025 年 5 月，本公司煤炭销售量同比下降的主要原因，是下游煤炭需求偏 弱、受煤炭销售结算进度影响；航运货运量、周转量同比下降的主要原因，是业 务结构调整、航线结构变化；聚乙烯、聚丙烯销售量同比增长的主要原因，是上 年同期煤制烯烃生产设备按计划检修导致基数较低。 证券代码：601088 证券简称：中国神华 公告编号：临 2025-028 中国神华能源股份有限公司 2025 年 5 月份主要运营数据公告 中国神华能源股份有限公司（"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。 | 运营指标 | 单位 | 2025 | 年 | 2024 | 年 | 同比变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （重述后） | | （%） | | | | | 月 5 | 累计 | 月 5 | 累计 | 月 5 | 累计 | | （一）煤炭 | | | | | | | | | 1. 商品煤产量 | 百万吨 | 28.0 | 137.8 | 28.4 ...

Investment Rating - The report maintains a "Recommended" rating for the coal industry, suggesting a positive outlook based on current market conditions [2]. Core Viewpoints - The escalation of tensions in the Middle East has led to a significant increase in international crude oil prices, with Brent crude futures rising by 12.85% to $78.27 per barrel [4]. - During the peak summer demand period, coal consumption in coastal provinces is expected to rise significantly, with daily consumption projected to exceed 2 million tons by late June [4]. - Coal prices in China have shown signs of stabilization, with the price of 5500 kcal thermal coal at Qinhuangdao port remaining steady at 609 yuan per ton as of June 13 [4]. - The report highlights that the coal supply may decrease in June due to safety production measures and environmental inspections, which could further support price stabilization [4]. - The report suggests focusing on leading coal companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining, as well as coking coal leaders like Huaibei Mining and Shanxi Coking Coal [4]. Summary by Sections - **Market Conditions**: The report notes that the coal market is experiencing improved supply-demand dynamics, with a decrease in port inventories and cautious production attitudes among coal mines [4]. - **Price Trends**: Domestic coal prices are stabilizing due to improved market conditions and seasonal demand, with only a slight decrease observed in early June [4]. - **Investment Recommendations**: The report recommends investing in key players in the coal sector, indicating a favorable outlook for these companies amid rising oil prices and seasonal demand [4].

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [10] Core Viewpoints - The report discusses the potential impact of rising oil prices on coal prices and the coal sector, suggesting that geopolitical conflicts can lead to synchronized price increases for oil and coal, but this requires substantial and sustained effects on oil supply and demand [2][7] - The current coal prices are expected to remain stable, influenced by seasonal factors such as the rainy season affecting power plant inventory replenishment and a reduction in production from some small private coal mines [6][18] - Historical analysis indicates that past geopolitical conflicts have not consistently led to increases in coal prices, emphasizing the need for sustained oil supply disruptions for a similar effect on coal [8][9] Summary by Sections Weekly Tracking Summary - The coal index (Yangtze) decreased by 0.40%, underperforming the CSI 300 index by 0.15 percentage points, ranking 16th out of 32 industries [18] - As of June 13, the market price for Qinhuangdao power coal was 609 RMB/ton, unchanged from the previous week [6][18] Supply and Demand Situation - The daily coal consumption across 25 provinces was 4.756 million tons, a decrease of 2.0% week-on-week and 6.7% year-on-year [34] - The total coal inventory in power plants was 119 million tons, with an available days supply of 24.9 days, reflecting a slight increase [34] Price Situation - The report notes that the price of main coking coal at Jingtang Port was 1230 RMB/ton, down 40 RMB/ton from the previous week [6][18] - The report highlights that the international coal prices have shown fluctuations, with Australian 5500 kcal FOB prices at 68.25 USD/ton, down 0.8 USD/ton week-on-week [18][36] Company Performance - The report identifies top-performing coal companies for the week, including Anyuan Coal Industry (up 11.33%) and Yunnan Coal Energy (up 9.82%) [28][31] - Conversely, companies like Dayou Energy and Pingmei Shenma Coal fell by 4.15% and 3.67%, respectively [28][31] Investment Recommendations - The report recommends marginal allocation to leading companies with stable profits such as China Coal Energy and Shenhua Energy, as well as growth-oriented companies like Electric Power Investment Energy and New Energy [9]

供给收缩渐显，静待需求驱动 [Table_ReportTime] 2025 年 6 月 15 日 证券研究报告 行业研究-周报 [Table_ReportType] 行业周报 | [Table_StockAndRank] 煤炭开采 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 左前明：能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 李睿：煤炭行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 供给收缩渐显，静待需求驱动 [Table_ReportDate] 2025 年 6 月 15 日 本期内容提要: [Table_Summary] ...

一、事件：夏季全国煤炭交易会 中国煤炭工业协会和中国煤炭运销协会发布通知，协会定于7月10日-11日召开"2025年夏季全国煤炭交易会"，本次会议 主题为"推动资源要素高效配置，促进煤炭供需动态平衡"。 行业正在酝酿供给侧改革 国盛证券指出，本轮煤价自2021年10月见顶以来，至今已调整近4年时间，价格亦由2021年10月25日1615元/吨跌至2025 年6月5日618元/吨左右，累计跌幅高达997元/吨，其绝对水平亦跌回本轮煤价起涨前（2021年1月）。 其认为，深陷价格下行泥潭已久，市场持续探底无果，情绪亦降至底部，黎明前的黑暗尤为煎熬。但转折的契机正在 裂缝中透出微光，部分产能已陷入亏损，成本支撑逐步显现，只待政策甘霖便可破土重生。 行业层面来看，中国煤炭工业协会联合运销协会在2025年2月祭出五大应对策略，从生产、流通到进口全链条重塑行业 生态，倡议企业主动调整生产节奏，防止供大于求态势恶化；强化电煤中长期合同履约，将签约量锚定在自有资源量 的75%以上，筑牢市场"压舱石"；严控低卡劣质煤进口等措施。 夏季用电高峰即将来临 信达证券表示，当前旺季开端电厂日耗略显平淡，但随着气温逐渐升高，未来电厂日耗 ...

Group 1: Market Overview - The FTSE China A50 index component stocks showed a general decline in bank stocks while the oil industry demonstrated strength [1] Group 2: Insurance Sector - China Life Insurance, China Pacific Insurance, and Ping An Insurance reported market capitalizations of 375.90 billion, 345.08 billion, and 992.28 billion respectively, with trading volumes of 5.26 million, 15.94 million, and 4.92 million [4] - The stock performance for these companies was as follows: China Life -0.19 (-0.53%), China Pacific -0.32 (-0.58%), and Ping An +0.02 (+0.24%) [4] Group 3: Alcohol Industry - Major players in the liquor sector include Kweichow Moutai, Wuliangye, and Shanxi Fenjiu, with market capitalizations of 1795.74 billion, 209.72 billion, and 464.08 billion respectively, and trading volumes of 8.59 million, 30.41 million, and 53.76 million [4] - Stock changes were reported as follows: Kweichow Moutai -29.49 (-2.02%), Wuliangye -2.94 (-2.40%), and Shanxi Fenjiu -1.94 (-1.12%) [4] Group 4: Semiconductor Sector - Key companies include Northern Huachuang, Haiguang Information, and Cambrian Technology, with market capitalizations of 218.37 billion, 251.15 billion, and 316.16 billion respectively, and trading volumes of 13.82 million, 14.05 million, and 13.86 million [4] - Stock performance was as follows: Northern Huachuang +4.57 (+1.13%), Haiguang Information -3.18 (-0.53%), and Cambrian Technology -0.07 (-0.05%) [4] Group 5: Automotive Sector - Notable companies include BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway, with market capitalizations of 280.83 billion, 1039.06 billion, and 185.40 billion respectively, and trading volumes of 49.75 million, 4.26 million, and 2.68 million [4] - Stock changes were reported as follows: BYD -11.34 (-3.21%), Great Wall Motors -0.46 (-2.08%), and Beijing-Shanghai High-Speed Railway +0.02 (+0.35%) [4] Group 6: Oil Industry - Major companies include COSCO Shipping, Sinopec, and China National Petroleum, with market capitalizations of 252.95 billion, 721.41 billion, and 1643.53 billion respectively, and trading volumes of 7.68 million, 15.71 million, and 11.47 million [4] - Stock performance was as follows: COSCO Shipping +0.06 (+1.02%), Sinopec +0.10 (+1.13%), and China National Petroleum +0.41 (+2.58%) [4] Group 7: Coal Industry - Key players include China Shenhua, Shaanxi Coal and Chemical Industry, and CATL, with market capitalizations of 781.23 billion, 192.64 billion, and 1127.70 billion respectively, and trading volumes of 22.00 million, 6.00 million, and 4.30 million [4] - Stock changes were reported as follows: China Shenhua -2.47 (-0.99%), Shaanxi Coal +0.30 (+0.77%), and CATL +0.15 (+0.76%) [4] Group 8: Food and Beverage Sector - Companies such as CITIC Securities, Guotai Junan, and Haitian Flavoring reported market capitalizations of 390.23 billion, 322.27 billion, and 227.37 billion respectively, with trading volumes of 11.01 million, 15.22 million, and 5.98 million [5] - Stock performance was as follows: CITIC Securities -0.11 (-0.42%), Guotai Junan -0.15 (-0.81%), and Haitian Flavoring -0.40 (-0.97%) [5]