Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The coal sector has shown resilience, outperforming the CSI 300 index by 0.14 percentage points despite a weekly decline of 2.05% [2] - Key coal mines reported a slight decrease in average daily sales but a year-on-year increase, indicating stable demand [2] - The recent surge in coking coal futures is driven by downstream restocking expectations and geopolitical tensions, suggesting a potential price rebound [6][28] Summary by Sections Supply Side - Average daily coal sales from monitored enterprises were 7.54 million tons, a week-on-week decrease of 0.5% but a year-on-year increase of 5.1% [2] - The total coal inventory (including port stocks) was 24.53 million tons, down 2% week-on-week and down 31.1% year-on-year [2][7] Demand Side - Power and chemical industries have seen cumulative coal consumption increase by 1% and 9.3% year-on-year, respectively [2] - The average daily coal consumption in the chemical sector was reported at 8.29 million tons, reflecting a year-on-year increase of 9.3% [26] Price Side - The price of thermal coal (Q5500K) was reported at 687 RMB/ton, a week-on-week decrease of 0.29% [3] - Coking coal prices at major ports have shown mixed trends, with some ports experiencing price increases [4] - The futures settlement price for coking coal was 1,162 RMB/ton, down 1.4% week-on-week [4] Sentiment Side - The sentiment in the coal market remains optimistic due to expected price increases driven by supply constraints and rising demand from the steel sector [6][28] - The overall market sentiment is supported by high steel prices and the suspension of coal exports from Russia [28]

Core Viewpoints - The coal prices have stabilized and are on the rise, with demand for thermal power and cement showing positive year-on-year growth in the first two months of 2026 [1][73] Market Dynamics - Thermal coal prices have seen slight increases, with the CCI5500 thermal coal index reported at 736 RMB/ton, remaining stable week-on-week [10][74] - In the production areas, prices for thermal coal have generally increased, with Shanxi region prices rising by 8 RMB/ton and Northern Shaanxi by 10-17 RMB/ton [10] - The utilization rate of sample thermal coal mines is at 89.7%, up by 0.9 percentage points week-on-week, indicating a recovery in production [20] - The inventory of thermal coal at major ports has increased by 2.4% week-on-week, reaching 6,564,000 tons [20] Industry Perspective - The coal industry is expected to shift from a loose supply-demand balance to a tighter one in 2026, with domestic production growth significantly declining and international supply from Indonesia also expected to decrease [4] - The geopolitical situation is anticipated to further support global energy prices and coal demand, with the coal industry’s price-to-earnings ratio (TTM) at 19.6 times and price-to-book ratio at 1.83 times as of March 20 [4] - Key companies in the sector include Yanzhou Coal Mining, China Shenhua Energy, and Shaanxi Coal and Chemical Industry, which are expected to benefit from rising energy prices [4] Focus on Key Companies - China Shenhua Energy (601088.SH) has a target price of 46.85 RMB/share with a current price of 49.55 RMB, rated as "Buy" [5] - Shaanxi Coal and Chemical Industry (601225.SH) has a target price of 26.63 RMB/share with a current price of 27.16 RMB, also rated as "Buy" [5] - Yanzhou Coal Mining (600188.SH) has a target price of 16.79 RMB/share with a current price of 21.06 RMB, rated as "Buy" [5]

Core Viewpoint - Zhang Guoxiu has resigned from the position of Vice President of China Coal Energy Co., Ltd. due to personal reasons, effective immediately upon submission of his resignation report to the board of directors. This resignation will not adversely affect the company's daily operations [2][5]. Group 1: Resignation Details - The board of directors received Zhang Guoxiu's written resignation report on March 20, 2026, requesting to resign from his position as Vice President for personal reasons [4]. - Zhang Guoxiu's resignation is effective from the date the resignation report is delivered to the board, and he will not hold any position in the company thereafter [5]. - His original term was set to last until the appointment of a new senior management team by the next board meeting [4]. Group 2: Impact on the Company - The resignation of Zhang Guoxiu will not have any negative impact on the company's daily production and operations, as stated in the company's articles of association [5].

Group 1 - The core point of the article is the resignation of Zhang Guoxiu, the Vice President of China Coal Energy, due to personal reasons, effective March 20, 2026 [1] Group 2 - The announcement was made public on March 20, indicating a formal communication from the company's board of directors [1] - The resignation highlights potential changes in the company's leadership structure [1] - The reason for the resignation is stated as personal reasons, which may impact investor sentiment [1]

Core Viewpoint - China Coal Energy (01898.HK) announced the resignation of Vice President Zhang Guoxiu, effective immediately upon the board's receipt of the resignation letter, due to personal reasons. The resignation is not expected to adversely affect the company's daily operations [1] Group 1 - The resignation of Vice President Zhang Guoxiu was formally submitted to the board on March 20, 2026 [1] - The company stated that the resignation will not have a negative impact on its daily production and operations [1]

Core Viewpoint - China Coal Energy (01898.HK) announced the resignation of Vice President Zhang Guoxiu due to personal reasons, effective immediately upon the board's receipt of the resignation letter, with no adverse impact on the company's daily operations [1] Group 1 - The resignation of Zhang Guoxiu was formally submitted to the board on March 20, 2026 [1] - The company confirmed that the resignation will not negatively affect its daily production and operations [1]

Core Viewpoint - China Coal Energy (01898) announced the resignation of its Vice President Zhang Guoxiu, effective immediately upon the board's receipt of the resignation letter, due to personal reasons [1] Group 1 - The resignation was formally submitted to the board on March 20, 2026 [1]

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。 承董事會命 中國中煤能源股份有限公司 董事長、執行董事 王樹東 中國 北京 2026 年 3 月 20 日 於本公告刊發日期，本公司的執行董事為王樹東、高士崗和廖華軍；非執行董事為徐倩； 獨立非執行董事為景奉儒、詹豔景和黃江天。 * 僅供識別 ( 于中華人民共和國註冊成立的股份有限公司 ) (股份代號：01898) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而發表。 以下為中國中煤能源股份有限公司於上海證券交易所網站刊發之《中國中煤能源股 份有限公司關於副總裁離任的公告》。 中国中煤能源股份有限公司 关于副总裁离任的公告 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。 重要内容提示： 本公告全文已于本公告日刊登于上海证券交易所网站、香港联合交易所有 限公司网站、本公司网站、中国证券报、上海 ...

证券代码：601898 证券简称：中煤能源 公告编号：2026-007 中国中煤能源股份有限公司 关于副总裁离任的公告 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。 二、离任对公司的影响 根据《公司章程》等有关规定，张国秀的辞职自辞职报告送达董事会之日起 生效，其辞任不会对公司的日常生产经营产生不利影响。 特此公告。 中国中煤能源股份有限公司 2026 年 3 月 20 日 重要内容提示： 本公告全文已于本公告日刊登于上海证券交易所网站、香港联合交易所有 限公司网站、本公司网站、中国证券报、上海证券报、证券时报和证券日 报。 2026 年 3 月 20 日，本公司董事会收到公司副总裁张国秀的书面辞职报告， 因个人原因请求辞去公司副总裁职务。具体情况如下： 一、提前离任的基本情况 | 姓名 | 离任职务 | | 离任时间 | | | 原定任期到期日 | 离任 | 是否继续在上 市公司及其控 | 是否存在未 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Group 1 - Company Zhongmei Energy (SH 601898) announced on March 20 that Vice President Zhang Guoxiu submitted a resignation letter due to personal reasons, effective immediately upon receipt by the board [1] - The resignation of Zhang Guoxiu is not expected to adversely affect the company's daily operations [1] Group 2 - There is a growing trend among top universities, such as Fudan and Shanghai Jiao Tong, to establish aerospace colleges, indicating a surge in interest in aerospace education [1] - Companies are reporting a shortage of talent in the aerospace sector, making graduates from these new programs highly sought after [1]