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 for the coal economy, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [11][12] - The coal price is expected to stabilize at a new level, supported by a slowdown in coal production growth, particularly in high-cost regions like Xinjiang, and a decrease in coal imports [11][12] - The coal sector is characterized by high profitability, cash flow, return on equity (ROE) between 10-20%, and dividend yields exceeding 5%, indicating strong core asset attributes [11][12] Summary by Sections 1. Coal Price Trends - As of May 24, the market price for Qinhuangdao port thermal coal (Q5500) is 613 RMB/ton, down 5 RMB/ton week-on-week [3][30] - The price for coking coal at Jing Tang port is 1320 RMB/ton, down 30 RMB/ton week-on-week [3][32] - International thermal coal prices show a mixed trend, with Newcastle thermal coal at 68.0 USD/ton, down 1.0 USD/ton week-on-week [3][30] 2. Supply and Demand Dynamics - The utilization rate of thermal coal mines increased to 97.1%, while coking coal mine utilization decreased to 86.3% [11][12] - Daily coal consumption in coastal provinces rose by 7.10 thousand tons/day (+3.93%) and in inland provinces by 6.00 thousand tons/day (+1.93%) [11][12] - The April coal production in China was 390 million tons, reflecting a 5 million ton decrease from March, indicating a contraction in supply [11][12] 3. Investment Strategy - The report emphasizes the importance of investing in high-quality coal companies with stable operations and strong performance, such as China Shenhua, Shaanxi Coal, and others [12][13] - The coal sector is expected to maintain high performance and cash flow, with a favorable outlook for the next 3-5 years due to ongoing supply constraints [12][13] 4. Market Performance - The coal sector saw a 0.98% increase this week, outperforming the broader market, which saw a 0.18% decline [15][18] - The thermal coal segment rose by 1.62%, while the coking coal segment experienced a slight decline [15][18]

Core Viewpoint - Five listed companies have recently exposed environmental risks, highlighting the increasing importance of environmental responsibility in corporate operations [11][12][14]. Group 1: Environmental Violations and Penalties - Yanzhou Coal Mining Company was fined 550,000 yuan for discharging untreated mine water into a scenic area [16]. - China Coal Energy Company was penalized 240,000 yuan for exceeding sulfur dioxide emissions [18]. - Guangxi Construction Group, a subsidiary of Greenland Holdings, was fined 100,000 yuan for failing to operate electronic transfer slips during construction waste disposal [17]. Group 2: Impact on Investors - The five companies involved have a total of 680,400 shareholders, indicating potential investment risks due to their environmental violations [15]. - The increasing focus on ESG (Environmental, Social, and Governance) principles among investors emphasizes the need for companies to demonstrate sustainable development capabilities [18]. Group 3: Regulatory Framework and Transparency - The environmental information disclosure has improved due to regulatory developments, ensuring public access to environmental data [19]. - The establishment of laws and regulations supports the public's right to obtain environmental information and participate in environmental protection [19].

兖矿能源集团股份有限公司 2024 年度股东周年大会会议材料 二○二五年五月三十日 兖矿能源集团股份有限公司 2024 年度股东周年大会议程 会议时间：2025 年 5 月 30 日 会议主席：公司董事长 李伟 会议议程： 一、会议说明 二、宣读议案 1.关于审议批准公司《2024 年度董事会工作报告》的议案； 2.关于审议批准公司《2024 年度监事会工作报告》的议案； 3.关于审议批准公司《2024 年度财务报告》的议案； 4.关于审议批准公司《2024 年度利润分配方案》的议案； — 1 — 会议地点：山东省邹城市凫山南路 949 号公司总部 召 集 人：公司董事会 12.关于修改《公司章程》及相关议事规则的议案； 13.关于给予公司董事会增发本公司股份一般性授权的议案； 5.关于续买公司董事、监事、高级职员责任保险的议案； 6.关于审议批准公司董事、监事 2025 年度酬金的议案； 7.关于续聘 2025 年度外部审计机构及其酬金安排的议案； 8.关于向子公司提供融资担保和授权兖煤澳洲及其子公司 向兖矿能源澳洲附属公司提供日常经营担保的议案； 9.关于授权公司开展境内外融资业务的议案； 10.关于以协 ...

印尼禁止煤炭出口，国内煤炭市场或将紧张，国内煤价将提前止跌企稳。 投资建议。当前煤炭价格已经处于预期底部，估值明显偏低，伴随动力煤长协基准提升、焦煤长协价预 计维持高位，资源优质企业具备长期价值，转型企业具备成长空间，板块估值提升开启，1）当前首 推：中国神华、靖远煤电、电投能源、兖矿能源、中国旭阳集团；2）推荐：陕西煤业、淮北矿业、中 煤能源、山西焦煤、潞安环能、兰花科创、盘江股份、平煤股份。 1）事件：根据12月31日印尼政府新规，2022年1月禁止煤炭出口。 2）本次印尼限制煤炭出口，我们认为核心原因在于印尼煤炭产量不及预期，且国内消费量增加，导致 煤炭供不应求。印尼矿产能源部公布最新统计数据显示，截至12月17日印尼煤炭开采量达5.81亿吨，完 成年度产量目标的93%，全年产量预计略低于6.25亿吨目标， 2022 年煤炭产量目标提高到 6.37 ~6.64 亿 吨，但由于国内需求提升，出口潜力将有下降。 3）中国2020年/2021年1-11月进口煤及褐煤30399/29232万吨，其中来自印尼13783/17822万吨，占进口 45%/61%、占国内产量3.6%/4.9%，印尼煤供应对国内影响巨大 ...

Group 1 - The core viewpoint is that coal companies are expected to report strong earnings growth for 2021, with profit growth rates of 514%, -125% (turning profitable), 475%, and 62% for various companies, indicating a significant improvement in profitability despite a drop in coal prices due to regulatory measures [1] - The coal price has rebounded significantly, with Qinhuangdao Q5500 thermal coal prices exceeding 1000 yuan/ton, reflecting a 30% increase from the bottom, driven by export restrictions from Indonesia and mandatory inventory replenishment by power plants [1] - The overall economic growth is expected to stabilize, enhancing demand support, which will benefit coal as a primary energy source, alongside a recovery in the coal-coke-steel industry chain [1] Group 2 - High dividends are anticipated to continue, leading to a long-term increase in coal sector valuations, as companies are expected to disclose new shareholder return plans after March 2022 [2] - The capital expenditure in the coal industry has peaked, and with the trend towards "carbon neutrality," capital spending is expected to decline, optimizing the relationship between capital expenditure, cash flow, financials, profits, and dividends [2] - The coal sector is currently at a valuation bottom, with undervalued stocks, and companies with high dividends and those transitioning to green energy are expected to see valuation increases [2]

Core Viewpoint - The coal prices have significantly increased since the beginning of the year, and the National Development and Reform Commission (NDRC) has intervened to stabilize supply and prices, indicating that coal prices will operate at the upper limit of a reasonable range. The focus for coal stock investments should shift towards high dividends and transformation opportunities throughout the year [1]. Investment Highlights - Since the beginning of the year, coal prices have continued to rise, supported by fundamentals. The spot price of Qinhuangdao (Q5500) coal increased from 790 RMB/ton at the beginning of January to 1070 RMB/ton by the end of January. The rise is attributed to the rapid decline in port coal prices and the inversion of pit coal prices, leading to decreased enthusiasm among traders to pull coal to ports and low port inventories. The sentiment was further catalyzed by Indonesia's announcement to restrict coal exports. Demand has exceeded expectations due to strong electricity consumption and power plant restocking, with economic growth policies expected to further strengthen demand, providing effective support for coal prices [2]. - The NDRC has taken measures to consolidate supply and price stability, indicating that coal prices will operate at the upper limit of a reasonable range. A meeting held on February 9 emphasized that coal companies should resume normal production and supply, strictly implement supply and price stabilization policies, and regulate pricing behavior. It is believed that the rise in coal prices may pause, but there is no risk of a rapid short-term decline due to factors such as increased demand for coal and electricity from a cold spring and economic growth, as well as the increase in Indonesia's benchmark coal price to 188.4 USD/ton, which translates to a domestic cost of over 1237 RMB/ton, exceeding domestic coal prices, limiting the increase in imported coal supply [2]. Investment Strategy - In 2022, investments in coal stocks should not overly focus on coal prices but rather seek alpha opportunities, as high dividends and transformation present greater potential for increases. Following the volatility in the coal market in 2021, the government has sufficient means to maintain price stability. The significant rise in prices leading to high earnings elasticity is unlikely to occur in 2022. However, the government shows tolerance for relatively high coal prices, which are expected to fluctuate at high levels. The long-term contract prices have significantly increased year-on-year, leading to an elevation in corporate profit levels. Value discovery will be the main theme for coal stock investments in 2022. The long-term contract price for Qinhuangdao Q5500 coal in February 2022 was 725 RMB/ton, and under the new mechanism, high long-term contract prices are expected to be maintained, leading to sustainable optimization in capital expenditure, cash flow, finance, profit, and dividends. New dividend plans are anticipated following the disclosure of annual reports by coal companies in March 2022. Additionally, the government encourages the construction of photovoltaic projects to address mining subsidence, suggesting that some coal companies may leverage local resources to acquire green energy projects, accelerating transformation [3]. Investment Recommendations - The coal sector is currently at a projected bottom, with valuations significantly low. With the increase in benchmark long-term contract prices for thermal coal and expected high prices for coking coal, high-quality resource companies possess long-term value, while transformation companies have growth potential. The sector is set to see valuation increases. The main investment themes for the year include high dividends, green energy transformation, and growth-oriented coal chemical projects. Recommended companies include China Shenhua, Jingyuan Coal Electricity, Energy Investment, Yanzhou Coal, China Xuyang Group, and Baofeng Energy. Additionally, high-quality resource companies recommended are Shaanxi Coal and Chemical Industry, Huaibei Mining, China Coal Energy, Shanxi Coking Coal, Lu'an Environmental Energy, Lanhua Sci-Tech, Panjiang Coal and Electricity, and Pingdingshan Coal [4].

Group 1 - The core viewpoint of the articles highlights the increase in coal production and the expected rise in coal supply due to supportive policies, despite a seasonal decline in demand approaching the summer months [1][2][3] - In January-February, the national raw coal production reached 690 million tons, a year-on-year increase of 10.3%, with an average daily output of 11.64 million tons, which is a decrease of 770,000 tons compared to December 2021 [1] - The coal supply policy continues to be enforced, with the National Development and Reform Commission requiring a daily coal output of 12.6 million tons, indicating a gap that is expected to be closed with ongoing support [1] Group 2 - The upcoming off-peak season for thermal coal is anticipated, but high international coal prices and a significant drop in imports may lead to a non-traditional off-peak season [2] - In February, the national electricity consumption increased by 16.9% year-on-year due to lower temperatures, with coastal provinces maintaining a high daily consumption of thermal coal at 1.85 million tons [2] - The global coal price is expected to remain strong due to low capital expenditure in fossil energy and the ongoing geopolitical tensions affecting supply, which supports domestic coal prices [2] Group 3 - The focus on "stabilizing growth and promoting infrastructure" is expected to support coking coal demand, with an increase in production rates as downstream steel companies resume operations [3] - The short-term supply of coking coal is expected to remain tight due to high dependence on imports and limited domestic supply growth [3] - Investment opportunities in the coal sector are identified, emphasizing high dividends, green energy transitions, and growth in coal chemical industries, with specific companies highlighted for potential investment [3]

Group 1 - The company, Yanzhou Coal Mining Company Limited, announced a shareholders' meeting scheduled for May 30, 2025, to discuss various proposals [4][6] - A major shareholder, Shandong Energy Group Co., Ltd., which holds 52.84% of the shares, submitted two temporary proposals for consideration at the upcoming meeting [2][5] - The temporary proposals include the acquisition of a 51% stake in Northwest Mining and the signing of a continuous related party transaction agreement with the controlling shareholder [5][2] Group 2 - The meeting will take place at the company's headquarters in Zoucheng, Shandong Province, starting at 9:00 AM [6] - Shareholders can participate in the meeting through a network voting system provided by the Shanghai Stock Exchange, with specific voting times outlined [7][6] - The original agenda for the shareholders' meeting remains unchanged despite the addition of the temporary proposals [3]

股票代码：600188 股票简称：兖矿能源 编号：临 2025-038 （一）股东大会的类型和届次： 2024年度股东周年大会 （二）股东大会召开日期：2025 年 5 月 30 日 （三）股权登记日 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | A 股 | 600188 | 兖矿能源 | 2025/5/21 | 注：H 股股东参会事项参见公司发布的 H 股股东大会通知。 二、 增加临时提案的情况说明 兖矿能源集团股份有限公司 关于2024年度股东周年大会增加临时提案的公告 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、 股东大会有关情况 （一）提案人：山东能源集团有限公司 （二）提案程序说明 兖矿能源集团股份有限公司（"兖矿能源""公司"）已于2025 年 4 月 28 日 公告了股东大会召开通知，合计持有52.84%股份的股东山东能源集团有限公司， 1 在2025 年 5 月 14 日提出临时提案并书面提交股东大会召集人。股东大会召集人 按照《上 ...

Core Viewpoint - Yankuang Energy Group Company Limited has announced a conditional agreement to acquire a total of 26% equity in Northwest Mining, with a transaction value of RMB 4,748,251,438.63, and plans to inject additional capital of RMB 9,317,604,863.88 into the company [4][5][6]. Group 1: Acquisition Details - The acquisition involves purchasing equity from four sellers: Seller A (15.62%), Seller B (5.58%), Seller C (2.56%), and Seller D (2.24%) [4][5]. - The total equity value of Northwest Mining, as assessed on the valuation benchmark date, is RMB 25,262,505,533.20 [5][6]. - The payment structure for the acquisition includes an initial payment of 40% of the total price within five working days of the agreement's effectiveness [5][6]. Group 2: Capital Injection - The company will inject RMB 9,317,604,863.88 into Northwest Mining, with RMB 2,551,020,408.00 allocated to registered capital [5][6]. - The capital injection is contingent upon the completion of the necessary business registration changes within six months of the agreement's effectiveness [6][7]. Group 3: Shareholding Structure Post-Transaction - After the acquisition and capital injection, the shareholding structure of Northwest Mining will be as follows: Yankuang Energy will hold 51% and Seller A will hold 49% [5][6]. - The company is entitled to receive no less than 30% of the distributable profits from Northwest Mining starting from the year following the transaction's completion [7][8]. Group 4: Related Transactions - The company has established ongoing related transactions with Shandong Energy, including agreements for material supply, labor services, and financial services [2][3]. - These ongoing transactions are subject to approval at the upcoming annual general meeting scheduled for May 30, 2025 [2][3].