终止《实施协议》和《股份认购协议》系本公司审慎研究后作出的决定，符合《实施协议》和《股份认 购协议》的约定，不会影响本公司现有生产经营活动，也不会对本公司的发展造成不利影响，不存在损 害本公司及全体股东，特别是中小股东利益的情形。 下一步，本公司将从维护本公司整体利益出发，按照市场化塬则推动加拿大钾矿开发项目后续工作。 智通财经APP讯，兖矿能源(01171)发布公告，有关本公司与高地资源正式签署《实施协议》及《股份认 购协议》的相关事宜。近日，因《实施协议》和《股份认购协议》约定的先决条件未能在最后截止日当 日或之前全部满足或被豁免，本公司向高地资源发出了终止《实施协议》和《股份认购协议》的书面通 知。书面通知发出后，《实施协议》和《股份认购协议》立即终止。 ...

Core Viewpoint - Yancoal Energy has terminated the Implementation Agreement and Share Subscription Agreement with Highland Resources due to unmet conditions precedent, a decision made after careful consideration, which will not adversely affect the company's current operations or development [1] Group 1 - The termination of the agreements was communicated through a written notice, effective immediately upon issuance [1] - The decision aligns with the terms of the agreements and is aimed at protecting the overall interests of the company [1] - The company reassures that there is no harm to the interests of shareholders, particularly minority shareholders [1] Group 2 - Moving forward, Yancoal Energy plans to promote the subsequent work of the Canadian potash mining project based on market principles [1] - The company will provide updates on the progress of this project through future announcements [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。 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) 關於終止併購HIGHFIELD RESOURCES LIMITED的公告 茲提述本公司日期為2024年9月23日的公告（「該公告」），內容有關本公司與高地資源正式簽署 《實施協議》及《股份認購協議》。除另有界定者外，本公告所用詞彙與該公告所界定者具有相同 涵義。 近日，因《實施協議》和《股份認購協議》約定的先決條件未能在最後截止日當日或之前全部滿 足或被豁免，本公司向高地資源發出了終止《實施協議》和《股份認購協議》的書面通知。書面 通知發出後，《實施協議》和《股份認購協議》立即終止。 終止《實施協議》和《股份認購協議》系本公司審慎研究後作出的決定，符合《實施協議》和 《股份認購協議》的約定，不會影響本公司現有生產經營活動，也不會 ...

Group 1 - The coal mining sector increased by 1.29% on September 15, with Electric Power Investment leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] - Key stocks in the coal mining sector showed significant price increases, with Electric Power Investment rising by 4.04% to a closing price of 23.16 [1] Group 2 - The coal mining sector experienced a net inflow of 323 million yuan from main funds, while retail investors saw a net outflow of 250 million yuan [2] - Major stocks like Shanxi Coking Coal and Shaanxi Coal and Chemical Industries had notable net inflows from main funds, indicating strong institutional interest [3] - The overall trading volume in the coal mining sector was substantial, with Shanxi Coking Coal achieving a transaction amount of 1.054 billion yuan [1][2]

Investment Rating - The report rates the coal industry as "Overweight" [4]. Core Viewpoints - Coal prices are expected to peak, with pressure remaining in the first half of 2026 but easing compared to the same period in 2025. Demand for electricity coal, combined with the elasticity of coal prices, is likely to lead to prices exceeding 800 RMB/ton in the second half of 2026 [2]. - The report recommends core companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy, while continuing to recommend Yanzhou Coal Mining and Jincheng Anthracite Mining [4]. Summary by Sections Demand and Supply Analysis - In July, national electricity consumption increased by 8.6% year-on-year, and thermal power generation rose by 4.3%, indicating a significant improvement in the supply-demand balance [4]. - Raw coal production in July was 380 million tons, a decrease of 40 million tons month-on-month, primarily due to extreme weather in Inner Mongolia and Shaanxi [4]. - For the second half of the year, production is expected to decline slightly due to "overproduction checks," with total production projected at 2.35 to 2.4 billion tons, maintaining year-on-year stability [4]. Price Trends - As of September 12, 2025, the price of Q5500 coal at Huanghua Port was 688 RMB/ton, down 3 RMB/ton (-0.4%) from the previous week [7]. - The price of Q5000 coal at Huanghua Port was 595 RMB/ton, down 8 RMB/ton (-1.3%) from the previous week [10]. - The report notes that domestic coal prices are stabilizing while imports continue to decline, leading to an overall downward trend in supply [4]. Focus on Coking Coal - As of September 12, 2025, the price of main coking coal at Jingtang Port was 1550 RMB/ton, unchanged from the previous week [35]. - The average price of metallurgical coke at major domestic ports was 1653 RMB/ton, down 43 RMB/ton (-2.5%) from the previous week [60]. Inventory and Production Rates - As of September 12, 2025, coking coal inventory at three major ports totaled 2.646 million tons, a decrease of 1.6% from the previous week [51]. - The operating rate of coking enterprises with production over 200 million tons was 79.18%, showing a slight increase [4]. Long-term Contracts - The annual long-term contract price for Q5500 coal at Northern Ports was 674 RMB/ton, up 6 RMB/ton (0.9%) month-on-month [33]. - The report indicates that long-term contract prices for coking coal remained stable compared to the previous week [69].

Group 1 - Coal stocks saw significant gains in the afternoon, with Yanzhou Coal Mining (600188) up 5.81% at HKD 9.83, China Qinfeng (00866) up 3.79% at HKD 3.01, China Shenhua (601088) up 2.42% at HKD 38.02, and China Coal Energy (601898) up 1.06% at HKD 9.57 [1] - On September 15, the domestic coking coal futures market experienced a strong upward trend, with both coking coal and coke futures rising over 5% [1] - A coal mine in Luliang, Shanxi Province, was reported to have suspended operations on September 14, with an uncertain timeline for resumption and a certified production capacity of 1.2 million tons [1] Group 2 - Zheshang Securities (601878) noted that the seasonal expectations in September are suppressing coal prices, with spot prices gradually approaching long-term contracts, indicating a potential bottoming out and rebound in coal prices [1] - As coal prices align more closely with long-term contracts (with low calorific value discounts), downstream purchasing enthusiasm is expected to increase [1] - Looking ahead to the fourth quarter, supply and demand are anticipated to gradually balance, leading to a steady rise in coal prices, maintaining a "positive" outlook for the industry [1]

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，相比上期增加277.34万股。嘉实沪深300ETF（159919）位居第十大流通股东，持股 1435.74万股，相比上期增加144.69万股。 责任编辑：小浪快报 资料显示，兖矿能源集团股份有限公司位于山东省邹城市凫山南路949号，成立日期1 ...

Core Viewpoint - The coal supply-demand fundamentals are expected to improve due to the "check overproduction" policy leading to reduced output and the anticipated recovery in non-electric coal demand during the "golden September and silver October" peak season, providing upward price elasticity for both types of coal [1][3]. Group 1: Coal Price Dynamics - Thermal coal is categorized as a policy coal type, with expectations for prices to rebound to long-term contract prices, recently surpassing the second target price of around 700 CNY per ton [2]. - The current adjustment in prices is attributed to the seasonal transition from summer to autumn, which has weakened coal consumption, but the upcoming peak season is expected to drive prices up again, particularly in the chemical sector [2][3]. - Coking coal prices are more influenced by supply-demand fundamentals, with target prices based on the ratio of coking coal to thermal coal prices, indicating potential target prices of 1608 CNY, 1680 CNY, 1800 CNY, and 2064 CNY for different levels of market performance [2]. Group 2: Investment Opportunities - The coal sector exhibits dual attributes of cyclical elasticity and stable dividends, with many coal companies maintaining high dividend yields despite overall profit pressures [3]. - Six listed coal companies have announced interim dividend plans totaling 24.13 billion CNY, reflecting a strong commitment to shareholder returns [3]. - Key coal stocks benefiting from these trends include: - Cycle logic: Jin控煤业, 兖矿能源, 平煤股份, 淮北矿业, 潞安环能 - Dividend logic: 中国神华, 中煤能源, 陕西煤业 - Diversified aluminum elasticity: 神火股份, 电投能源 - Growth logic: 新集能源, 广汇能源 [3].

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Views - The report indicates that coal prices have rebounded at the long-term contract benchmark of 675 CNY/ton, with a stable layout in the coal sector [1][13] - The report highlights that the current prices for thermal coal and coking coal have reached a turning point, with expectations for further price recovery [4][13] - The report emphasizes the dual logic of cyclical elasticity and stable dividends in coal stocks, suggesting that the current low holdings in coal provide a good opportunity for investment [5][14] Summary by Sections Investment Logic - Thermal coal is categorized as a policy coal type, with prices expected to rebound to the long-term contract price, currently above the second target price of around 700 CNY [4][13] - The report predicts that the thermal coal price will reach the third target price of approximately 750 CNY in 2025, with a potential peak at around 860 CNY [4][13] - Coking coal prices are more influenced by supply and demand dynamics, with target prices set at 1608 CNY, 1680 CNY, 1800 CNY, and 2064 CNY corresponding to thermal coal price targets [4][13] Investment Recommendations - The report outlines four main lines for selecting coal stocks: 1. Cyclical logic: Companies like Jinko Coal and Yanzhou Coal 2. Dividend logic: Companies like China Shenhua and China Coal Energy 3. Diversified aluminum elasticity: Companies like Shenhua Energy and Electric Power Investment 4. Growth logic: Companies like Xinji Energy and Guanghui Energy [5][14] Market Performance - The coal index experienced a slight increase of 0.33%, underperforming the CSI 300 index by 1.05 percentage points [8][28] - The average PE ratio for the coal sector is 13.17, ranking it among the lowest in the A-share market, while the PB ratio is 1.23 [28]

Group 1 - The core viewpoint is that the fundamental reason for the frequent global power shortages is the rapid growth in global electricity demand, while the supply side's structural bottlenecks have not been effectively resolved. Traditional energy generation, represented by coal power, will remain a stabilizing force in the global electricity system in the medium to long term [1][3] - Global electricity demand is expected to grow at a rate of 4.4% in 2024, significantly outpacing the global GDP growth of 2.9%. This growth is driven by three deep-seated factors: deep electrification in the industrial sector, rapid expansion of data centers driven by artificial intelligence, and increased extreme weather events due to global climate change [1][2] - The supply side of the electricity market faces structural bottlenecks, with renewable energy sources like wind and solar power unable to provide stable support for electricity demand due to their intermittent nature. Issues such as aging grid infrastructure and weak regional dispatch capabilities further exacerbate the disconnect between electricity generation and availability [2][3] Group 2 - Traditional energy generation, particularly coal power, is being reconsidered as a necessary stabilizing force to address the growing electricity supply gap. The U.S. is expected to restart coal power generation in 2025, marking a significant shift in energy development strategies among developed countries [3] - The demand for coal resources remains high in developing countries, while developed countries are also adjusting their energy strategies, indicating that the peak pressure for coal phase-out may have passed [3]