截至6月30日，兖矿能源股东户数14.78万，较上期增加1.14%；人均流通股0股，较上期增加0.00%。 2025年1月-6月，兖矿能源实现营业收入593.49亿元，同比减少17.93%；归母净利润46.52亿元，同比减 少38.53%。 分红方面，兖矿能源A股上市后累计派现868.46亿元。近三年，累计派现423.77亿元。 机构持仓方面，截止2025年6月30日，兖矿能源十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股1.10亿股，相比上期增加1701.67万股。华泰柏瑞沪深300ETF（510300）位居第四大流通 股东，持股3195.70万股，相比上期增加264.12万股。国泰中证煤炭ETF（515220）位居第五大流通股 东，持股2778.41万股，相比上期增加601.41万股。华泰柏瑞上证红利ETF（510880）位居第六大流通股 东，持股2643.46万股，相比上期减少541.78万股。易方达沪深300ETF（510310）位居第七大流通股 东，持股2271.72万股，相比上期增加220.54万股。华夏沪深300ETF（510330）位居第九大流通股东， 持股1665.83万股， ...

Summary of Coal Industry Conference Call Industry Overview - The coal industry is experiencing a new cycle with multiple favorable catalysts leading to prices exceeding expectations. The latest data shows coking coal port prices rising to 1,710 RMB, indicating strong demand post-National Day holiday, contrary to earlier predictions of a demand drop [1][2]. Key Points and Arguments - **Coal Price Trends**: Recent significant price increases have been observed, with Qinhuangdao 5,500 kcal thermal coal prices rising by 39 RMB this week, marking the largest weekly increase this year. Coking coal prices at ports have increased by 80 RMB [2]. - **Inventory Levels**: As of October 16, power plant inventories across 25 provinces are approximately 130 million tons, down 1.5% year-on-year. The inventory at Bohai Rim ports has also decreased, but the overall inventory situation is neutral to optimistic due to the upcoming heating season [4]. - **Import and Supply Dynamics**: September coal imports fell by 3.3% year-on-year, with a cumulative decline of 11.1% over the first nine months. The fourth quarter is expected to see lower import volumes compared to the previous year, indicating potential supply tightness [6][7]. - **Challenges in Supply**: The fourth quarter faces challenges such as increased safety inspections and adverse weather conditions, which may tighten supply further [9]. - **Demand Factors**: Industrial electricity demand remains strong due to companies rushing to meet deadlines ahead of new tariffs on Chinese goods. Non-electric coal demand, particularly from the steel industry, is also robust [10]. Additional Important Insights - **Global Energy Market Impact**: Despite a decline in Brent and WTI crude oil prices, coal futures in Europe have risen, indicating a supportive trend for the domestic market [5]. - **Hydropower Performance**: Hydropower has shown improvement since September, but is expected to decline as it enters a dry season, reducing its impact on thermal power [8]. - **Investment Recommendations**: Investors are advised to increase positions in coal stocks, shifting focus from leading blue-chip stocks to more elastic stocks. Key companies to watch include Yanzhou Coal Mining Company and Lu'an Environmental Energy [12][13]. Specific Company Recommendations - **Thermal Coal**: Recommended companies include Yanzhou Coal Mining Company, Shanxi Coal International Energy Group, Jincheng Anthracite Mining Group, and Shaanxi Coal and Chemical Industry. Yanzhou is highlighted for its strong performance in both A and H shares and its growth potential from new mining projects [13][15]. - **Coking Coal**: Lu'an Environmental Energy is recommended for its significant earnings elasticity in coking coal, along with Pingmei Shenma Group, Huaibei Mining, and Shanxi Coking Coal, which have high growth potential [14]. Conclusion - The coal market is poised for a strong performance in the coming months, driven by robust demand and tightening supply. Investors are encouraged to capitalize on this opportunity by focusing on companies with strong fundamentals and growth potential.

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9]. Core Insights - The recent surge in thermal coal prices is attributed to unexpected demand due to climate anomalies and tightened supply from production checks. The report suggests that similar conditions to previous price spikes could lead to further price increases in Q4 2025 [2][6][7]. - The coal index (Yangtze) increased by 4.14% this week, outperforming the CSI 300 index by 6.37 percentage points, ranking 2nd out of 32 industries [6][15]. - As of October 17, the market price for thermal coal at Qinhuangdao was 748 RMB/ton, up 43 RMB/ton week-on-week, while coking coal prices at Jingtang Port rose to 1710 RMB/ton, an increase of 80 RMB/ton [6][15][44]. Summary by Sections Recent Trends - The report highlights that the thermal coal price has seen a significant increase due to early winter conditions and tight supply. The price is expected to continue to rise in Q4 due to these factors [6][16]. - The daily coal consumption across 25 provinces was 5.188 million tons, a decrease of 5.4% week-on-week but an increase of 0.8% year-on-year [16][36]. Price Movements - The report notes that the thermal coal price has increased by 6.10% recently, with significant price movements observed in the past five years during similar conditions [7][44]. - The report also discusses the historical context of price increases, identifying key periods where prices surged due to supply constraints and demand spikes [7]. Investment Recommendations - The report recommends focusing on coal stocks that have shown signs of bottom reversal and possess defensive characteristics, particularly in light of the ongoing trade tensions [7]. - Specific companies highlighted for their potential include Yanzhou Coal Mining, China Shenhua Energy, and Shanxi Coal International Energy [7][28].

——煤炭行业周报（10月第2周） 证券研究报告 大寒潮+严安全，旺季积极布局 1.煤炭板块收涨，跑赢沪深300指数：截止2025年10月17日，本周中信煤炭行业收涨4.27%，沪深300指数下跌2.22%，跑赢沪深300指数6.49个百分点。全板块整周28只股价上涨，7只 下跌，2只持平。大有能源涨幅最高，整周涨幅为53.13%。 2.重点煤矿周度数据：中国煤炭运销协会数据，2025年10月10日-2025年10月16日，重点监测企业煤炭日均销量为705万吨，周环比增加7.7%，年同比减少5.7%。其中，动力煤周日均 销量较上周增加8.4%，炼焦煤销量较上周增加8.1%，无烟煤销量较上周增加1.3%。截至2025年10月16日，重点监测企业煤炭日均产量为691万吨，周环比增加2.5%，年同比减少6.1%； 重点监测企业煤炭库存总量（含港存）2436万吨，周环比减少3.9%，年同比减少11.3%。今年以来，供给端，重点监测企业煤炭累计销量200342.8万吨，同比减少2.6%；其中动力煤、 焦煤、无烟煤累计销量分别同比-3.6%、-2.8%、6.2%。需求端，电力、化工行业累计耗煤分别同比减少2.7%、增加15 ...

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [11][12] - The coal market is expected to maintain a slightly tight supply-demand balance, with coal prices trending upwards, potentially exceeding early-year highs [11][12] - The underlying investment logic of coal capacity shortages remains unchanged, with a confirmed price bottom and an upward trend in the price center [11][12] Summary by Sections 1. Coal Price Trends - As of October 18, the market price for Qinhuangdao port thermal coal (Q5500) is 740 CNY/ton, up 34 CNY/ton week-on-week [11][30] - The price for coking coal at Jing Tang port is 1690 CNY/ton, an increase of 30 CNY/ton [11][32] - International thermal coal prices have also seen increases, with Newcastle thermal coal at 72.8 USD/ton, up 1.8 USD/ton [11][30] 2. Supply and Demand Dynamics - The capacity utilization rate for thermal coal mines is 91.7%, down 0.1 percentage points week-on-week, while coking coal mine utilization increased to 87.33%, up 5.4 percentage points [11][47] - Daily coal consumption in inland provinces decreased by 31.20 thousand tons/day, while coastal provinces saw an increase of 1.40 thousand tons/day [11][48] 3. Investment Recommendations - Focus on stable and high-performing companies such as China Shenhua, Shaanxi Coal, and China Coal Energy, as well as those with significant upside potential like Yanzhou Coal and Electric Power Energy [12] - The coal sector is characterized by high performance, cash flow, and dividends, with a favorable long-term outlook [12] 4. Market Performance - The coal sector has outperformed the broader market, with a weekly increase of 4.27%, while the Shanghai Composite Index fell by 2.22% [14][17] - The thermal coal segment rose by 6.55%, indicating strong market interest [17]

Group 1 - The report highlights the tightening of safety regulations in the coal industry, which is expected to lead to a recovery in the performance of flexible stocks due to rising coal prices during the peak season [2][4][21] - In September, significant events included the strict enforcement of safety regulations in coal-producing areas and the release of a consultation draft for coking coal options [5][6] - The report notes that the domestic coal production growth rate is slowing, with a focus on the supply side and the impact of safety inspections on production capacity [10][28] Group 2 - Demand for coal is strong ahead of maintenance on the Daqin railway, with high iron and steel production during the "golden September and silver October" period [4][21] - The coal supply-demand balance indicates a potential increase in coal prices as the market adjusts to seasonal demand fluctuations [22][20] - The report anticipates that the seasonal adjustment of railway freight rates will enhance the economic viability of coal production areas and increase price volatility [16][14] Group 3 - The report provides a detailed analysis of coal production and sales trends, indicating that coal production in major regions like Shanxi and Inner Mongolia is stabilizing, while overall production is concentrated among a few large companies [33][41] - The coal import volume has decreased significantly, with a notable decline in imports from Indonesia and Mongolia, reflecting broader market trends [46][47] - The report emphasizes the importance of monitoring coal prices and production levels, particularly in light of recent regulatory changes and market dynamics [39][42]

Core Viewpoint - Yancoal Energy is a leading coal company in North China, with significant coal bases in Shandong, Shaanxi, Mongolia, and Australia, and is the only major coal enterprise in China with substantial overseas resources [1] Group 1: Capacity Growth - The company plans to increase coal production capacity to 300 million tons per year by 2030, as outlined in its development strategy [1] - Capacity growth will primarily be achieved through asset injections and the construction of new mines, with asset injections being the largest contributor [1][2] Group 2: Recent Acquisitions - As of September 30, 2023, the company acquired 51% stakes in both Luxi Mining and Xinjiang Energy Chemical, with plans to acquire 51% of Northwest Mining by July 2025 [2] - By September 2025, the company is expected to have a total coal production capacity of 340 million tons, with 280 million tons currently in production and 63 million tons under construction [2] Group 3: Upcoming Production Contributions - The Wanfeng Coal Mine is set to contribute 1.8 million tons of coking coal by December 2024, and the first phase of the Yancoal Qicaiwan No. 4 Coal Mine will add 10 million tons of thermal coal by July 2025 [2] - Additional mines under construction include Liu Sangadan (10 million tons), Galutu (8 million tons), and Hohhot No. 1 (7 million tons), among others [2] Group 4: Market Dynamics - The National Energy Administration's directive to halt overproduction in coal mines is expected to stabilize coal prices, with 30% of inspected mines in Inner Mongolia exceeding production limits [3] - The company maintains a high dividend policy, committing to a payout ratio of no less than 60% from 2023 to 2025, with a projected dividend of 0.18 yuan per share in 2025 [3] - The company's current low PE valuation in the Hong Kong market, combined with a high dividend yield, presents an attractive investment opportunity [3]

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* ( 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 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 2025 年 10 月 30 日（星期四）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 9 月 30 日止三個月之未經審計第 三季度業績（按照中國會計准則編制）。 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 2025年10月16日 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 ...

格隆汇10月16日丨兖矿能源(01171.HK)公布，董事会将于2025年10月30日(星期四)于公司总部举行董事 会会议，籍以审议并公布(其中包括)公司及其附属公司截至2025年9月30日止三个月之未经审计第三季 度业绩(按照中国会计准则编制)。 来源：格隆汇APP ...

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 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 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 2025 年 10 月 30 日（星期四）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 9 月 30 日止三個月之未經審計第 三季度業績（按照中國會計准則編制）。 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 2025年10月16日 ...