Core Viewpoints - The coal industry is expected to transition from a loose supply-demand balance to a tighter one in 2026, driven by limited domestic production growth and declining export expectations from Indonesia, alongside improved demand prospects [5][80] - Geopolitical tensions are anticipated to support energy prices and coal demand, leading to potential profitability and valuation elasticity in the coal sector [5][80] Market Dynamics - Domestic port coal prices have slightly declined, while international coal prices remain strong. The CCI5500 index for thermal coal is reported at 736 RMB/ton, down 14 RMB/ton week-on-week [5][11] - Domestic production prices for thermal coal have generally decreased, with significant drops in Shanxi and Inner Mongolia regions [11] - The coal mining capacity utilization rate has increased to 84.1%, indicating a recovery in production levels [20] Industry Insights - The coal industry index has risen by 5.4% this week, outperforming the CSI 300 index by 5.2 percentage points. Year-to-date, the coal index has increased by 26.5% [80] - The demand for thermal coal is expected to be supported by chemical coal needs due to geopolitical tensions, despite a seasonal decline in demand as temperatures rise [81] - The focus on energy security and the transition to cleaner energy sources is emphasized in the recently released 14th Five-Year Plan, which aims to enhance coal production capacity and improve energy efficiency [83][84] Key Companies - Leading companies with strong price elasticity and value include Yanzhou Coal Mining Company, China Coal Energy, Shaanxi Coal and Chemical Industry, and China Shenhua Energy [5] - Companies positioned for thermal coal elasticity include Jinko Energy, China Power Investment Corporation, and Yancoal Australia [5] - High-growth companies identified include Baofeng Energy, Huayang Co., and Xinjie Energy [5]

Investment Rating - The report maintains a "Positive" investment rating for the coal and fuel consumption industry [10] Core Insights - The report highlights that the recent domestic coal prices have not reflected the upward pressure from overseas oil and gas prices, indicating a significant potential for price increases in the domestic coal market if oil and gas prices remain high [6][7] - The reasonable domestic thermal coal prices are estimated to be around 1010 CNY/ton and 966 CNY/ton based on the oil-coal and gas-coal ratios, averaging 988 CNY/ton, which is 36% higher than the latest domestic coal price of 729 CNY/ton [2][17] Summary by Sections Market Performance - The coal index (Yangtze) increased by 5.14%, outperforming the CSI 300 index by 4.95 percentage points, ranking 1st among 32 industries [6][30] - As of March 13, the Qinhuangdao thermal coal market price was 729 CNY/ton, down 14 CNY/ton week-on-week [6][30] Price Dynamics - Brent crude oil prices rose by 11% week-on-week to 103 USD/barrel, while IPE natural gas prices decreased by 4% week-on-week but increased by 30% year-on-year [7] - The report notes that the coal price has shown a week-on-week decline of 2% to 729 CNY/ton, despite a year-on-year increase of 7% [7] Supply and Demand Analysis - The report indicates that the daily coal consumption in 25 provinces was 499.9 million tons, a decrease of 12.3% week-on-week and 5.3% year-on-year [31] - The coal supply in the same provinces was 491.8 million tons, an increase of 4.4% week-on-week [51] Investment Recommendations - The report suggests focusing on coal sector investment opportunities due to the resource inflation and geopolitical conflicts driving an energy crisis [8] - Recommended stocks include Yanzhou Coal Mining Company (H+A), China Shenhua Energy (H+A), and Huayang Co., among others [8]

Core Viewpoint - Morgan Stanley has identified resilient "winners" in the current rising oil price environment, specifically focusing on Hong Kong stocks, all of which are rated as "overweight" [1] Group 1: Company Targets - China Petroleum & Chemical Corporation (00857) has a target price set at HKD 13 [1] - China Hongqiao Group Limited (01378) has a target price set at HKD 40 [1] - Aluminum Corporation of China Limited (601600) (02600) has a target price set at HKD 16 [1] - Yanzhou Coal Mining Company Limited (600188) (01171) has a target price set at HKD 12 [1]

Core Viewpoint - Morgan Stanley has identified resilient "winners" in the current oil price rally, specifically focusing on Hong Kong stocks, all of which are rated as "overweight" [1] Group 1: Company Ratings and Target Prices - China Petroleum & Chemical Corporation (00857) has a target price set at HKD 13 [1] - China Hongqiao Group Limited (01378) has a target price set at HKD 40 [1] - Aluminum Corporation of China Limited (02600) has a target price set at HKD 16 [1] - Yanzhou Coal Mining Company Limited (01171) has a target price set at HKD 12 [1]

兗礦能源集團股份有限公司 YANKUANG ENERGY GROUP COMPANY LIMITED* ( 在中華人民共和國註冊成立的股份有限公司 ) (股份代碼：01171) 董事會會議通知 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部 份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 於本公告日期，本公司董事為李偉先生、王九紅先生、劉健先生、劉強先生、張海 軍先生、蘇力先生及黃霄龍先生，而本公司的獨立非執行董事為朱利民先生、高井 祥先生、胡家棟先生及朱睿女士。 * 僅供識別 1 兗礦能源集團股份有限公司（「本公司」）董事會（「董事會」）謹此公佈，董事 會將於 2026 年 3 月 27 日（星期五）於本公司總部舉行董事會會議，籍以審議並公 佈（其中包括）本公司及其附屬公司截至 2025 年 12 月 31 日止年度之經審計年度業 績及建議派發末期股息（如有）。 承董事會命 兗礦能源集團股份有限公司 董事長 李偉 中國山東省鄒城市 2026年3月13日 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部 份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 兗礦能源集團股份有限公司 YANKUANG ENERGY GROUP COMPANY LIMITED* 於本公告日期，本公司董事為李偉先生、王九紅先生、劉健先生、劉強先生、張海 軍先生、蘇力先生及黃霄龍先生，而本公司的獨立非執行董事為朱利民先生、高井 祥先生、胡家棟先生及朱睿女士。 * 僅供識別 1 董事會會議通知 兗礦能源集團股份有限公司（「本公司」）董事會（「董事會」）謹此公佈，董事 會將於 2026 年 3 月 27 日（星期五）於本公司總部舉行董事會會議，籍以審議並公 佈（其中包括）本公司及其附屬公司截至 2025 年 12 月 31 日止年度之經審計年度業 績及建議派發末期股息（如有）。 承董事會命 兗礦能源集團股份有限公司 董事長 李偉 中國山東省鄒城市 2026年3月13日 ( 在中華人民共和國註冊成立的股份有限公司 ) (股份代碼：01171) ...

Summary of Yanzhou Coal Mining Company Conference Call Company Overview - **Company**: Yanzhou Coal Mining Company (兖矿能源) - **Industry**: Coal and Coal Chemical Industry Key Points Industry and Market Dynamics - The central price of coal for 2026 has been raised to **850 CNY/ton**, with potential spot prices in Q2 possibly exceeding **1,000 CNY/ton** [2][8] - The increase in coal prices is attributed to the Indonesian RKEB policy reducing exports and geopolitical factors driving global energy prices higher [2][4] - New domestic safety regulations are limiting the release of production capacity [2] Financial Projections - Yanzhou Coal's estimated net profit for 2026 is **22 billion CNY**, with coal business contributing **17.5 billion CNY** [2] - The company benefits from a market coal sales ratio exceeding **70%**, with a profit elasticity coefficient of **5**; a **1%** increase in coal prices leads to a **5%** increase in coal profits [2][14] - The coal chemical segment is entering a capacity release phase, with expected capacity increasing to **9.2 million tons** (+10%) by 2026, contributing conservatively **2.2-2.5 billion CNY** in profits [2] Dividend and Valuation - Expected dividend yields for A-shares in 2026/2027 are **6.6%/6.8%** and for H-shares **9.8%/10.2%** [2][13] - The company commits to a minimum dividend payout ratio of **60%** [2] - Current valuation shows a potential upside of **40%-60%**, with a reasonable PE range of **12-15 times** based on 2026 earnings forecasts [3][15] Price Forecast and Supply-Demand Analysis - The forecast for coal prices has been adjusted from **700-750 CNY/ton** to **800-900 CNY/ton** due to supply constraints from Indonesia and geopolitical tensions [4][5] - Domestic coal supply is expected to remain tight due to increased safety standards and a gradual exit of pre-approved production capacity [6][8] - Anticipated seasonal demand increases in Q2 2026, driven by summer coal usage and European natural gas storage needs, are expected to push prices higher [7][8] Long-term Growth and Capacity Expansion - Yanzhou Coal aims to expand coal production capacity to **300 million tons** by 2026, with significant contributions from new projects and acquisitions [11] - The company has ongoing projects that will enhance its coal chemical production capacity, targeting over **20 million tons/year** [11][12] Investment Recommendations - Yanzhou Coal is recommended as a top investment due to its dual elasticity in coal and coal chemical sectors [16] - Other recommended stocks include Guanghui Energy and China Coal Energy, with a focus on companies with strong coal price elasticity [16] Conclusion - Yanzhou Coal Mining Company is positioned for significant growth in the coal and coal chemical sectors, with favorable market conditions and robust financial projections supporting its investment appeal [2][15]

Summary of Key Points from Conference Call Records Industry Overview - The records focus on the coal industry and its role as a substitute energy source amid rising oil and gas prices due to the Russia-Ukraine conflict [1][2][3]. Core Insights and Arguments - During the Russia-Ukraine conflict, the increase in coal demand in Europe and the U.S. was approximately 40 million tons, representing about 3% of the global tradable thermal coal resources (1.3 billion tons) [1][2]. - In Europe, coal consumption increased by 0.8 percentage points due to rising oil and gas prices, translating to a physical demand increase of between 11 million to 23.5 million tons [1][2]. - In the U.S., the increase in coal demand was about 1.1 percentage points, corresponding to a physical demand increase of 19 million to 30 million tons [1][2]. - The potential upper limit for coal substitution demand could rise from 40 million tons to between 50 million tons and 100 million tons due to a significant increase in the proportion of coal-to-gas conversion units in Europe and the U.S. [1][3]. - A $10 per barrel increase in Brent crude oil prices results in an average price increase of approximately 100 RMB per ton for coal chemical products, significantly expanding profit margins for coal companies [1][3]. Profitability Impact on Coal Companies - The impact of a $10 increase in oil prices on profits for major coal companies is quantified as follows: - Yanzhou Coal Mining: Profit increase of approximately 650 to 700 million RMB [1][3]. - China Coal Energy: Profit increase of about 450 million RMB [1][3]. - Huaibei Mining: Profit increase of around 100 million RMB [1][4]. - Guanghui Energy (coal chemical business only): Profit increase of about 200 million RMB [1][4]. - China Xuyang Group: Profit increase of approximately 450 million RMB, similar to China Coal Energy [1][4]. - Lanhua Sci-Tech: Profit increase of about 100 million RMB, comparable to Huaibei Mining [1][4]. Additional Important Insights - The increase in coal demand during the conflict may not fully reflect the current potential demand due to the increased capacity for coal-to-gas conversion units post-2022 [3]. - The ongoing geopolitical tensions and domestic electricity shortages in the U.S. have already led to some coal-to-gas conversions prior to the conflict, indicating that the current demand may still be underrepresented [3].

Core Viewpoint - The rise in oil prices has led to a significant increase in coal stocks within the A-share market, with several companies experiencing notable gains [1] Group 1: Company Performance - Jineng Technology saw a rise of 7.29%, with a total market capitalization of 6.992 billion [2] - Yanzhou Coal Mining increased by 5.86%, with a market value of 214.1 billion [2] - Yongtai Energy and Zhongmei Energy both rose over 4%, with market capitalizations of 44.7 billion and 247.9 billion respectively [2] - Other companies such as Shanxi Coking Coal, Zhengzhou Coal Electricity, and Shaanxi Black Cat also reported gains exceeding 3% [1][2] Group 2: Year-to-Date Performance - Jineng Technology has a year-to-date increase of 34.86% [2] - Yanzhou Coal Mining has shown a year-to-date growth of 62.21% [2] - Zhongmei Energy and Electric Power Investment have year-to-date increases of 50.32% and 23.25% respectively [2] - Overall, the coal sector has demonstrated strong performance in the year-to-date metrics, indicating robust investor interest [1][2]

Group 1 - The core viewpoint of the article highlights a significant increase in coal stocks in the A-share market, driven by rising oil prices, with notable gains in several companies [1] Group 2 - Jineng Technology saw a rise of 7.29%, with a total market capitalization of 6.992 billion and a year-to-date increase of 34.86% [2] - Yanzhou Coal Mining increased by 5.86%, with a market cap of 214.1 billion and a year-to-date rise of 62.21% [2] - Yongtai Energy rose by 4.59%, with a market cap of 44.7 billion and a year-to-date increase of 30.57% [2] - China Coal Energy experienced a 4.41% increase, with a market cap of 247.9 billion and a year-to-date rise of 50.32% [2] - Electric Power Energy increased by 4.03%, with a market cap of 76.4 billion and a year-to-date rise of 23.25% [2] - Shanxi Coking Coal rose by 3.73%, with a market cap of 12.8 billion and a year-to-date increase of 32.98% [2] - Zhengzhou Coal Electricity increased by 3.85%, with a market cap of 5.909 billion and a year-to-date rise of 16.31% [2] - Shaanxi Black Cat rose by 3.83%, with a market cap of 9.967 billion and a year-to-date increase of 34.81% [2] - Shanghai Energy increased by 3.77%, with a market cap of 9.937 billion and a year-to-date rise of 16.82% [2] - Lu'an Environmental Energy rose by 3.58%, with a market cap of 45 billion and a year-to-date increase of 27.54% [2] - Huaibei Mining increased by 3.40%, with a market cap of 38.5 billion and a year-to-date rise of 28.62% [2]