Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - A V-shaped reversal in coal prices is anticipated, with winter prices expected to reach 800 CNY/ton. The long-term contracts are supporting spot prices, and policy-driven sentiment is leading to significant price increases. The long-term contract prices for September are 674, 613, and 551 CNY/ton for 5500, 5000, and 4500 kcal respectively, with the CCI index showing slight variations [6][26] - The coal market is expected to see a balance between supply and demand gradually, with prices steadily rising. The report maintains a "Positive" rating for the industry and suggests focusing on flexible thermal coal companies and those in turnaround situations in coking coal and coke sectors [6][26] Summary by Sections Coal Sector Performance - The coal sector outperformed the CSI 300 index, with a weekly increase of 3.59% as of September 19, 2025, while the index fell by 0.44%, resulting in a 4.03 percentage point outperformance. A total of 24 stocks in the sector rose, with Yongtai Energy showing the highest increase of 13.42% [2] - Key monitored enterprises reported an average daily coal sales volume of 7.22 million tons for the week of September 12-18, 2025, a week-on-week increase of 5.3%. The average daily production was 7.18 million tons, also up 4.8% week-on-week and 4.4% year-on-year [2][24] Price Trends - As of September 19, 2025, the price of thermal coal (Q5500K) in the Bohai Rim was 676 CNY/ton, a week-on-week increase of 0.15%. The import price index for thermal coal was 812 CNY/ton, up 4.5% week-on-week. Prices at various ports and production areas also showed increases [3] - The price of coking coal at Jingtang Port was 1610 CNY/ton, up 3.9% week-on-week, while the futures settlement price for coking coal was 1216 CNY/ton, reflecting a 6.9% increase [4] Supply and Demand Dynamics - The total coal inventory monitored was 25.54 million tons as of September 18, 2025, a decrease of 1% week-on-week and 6% year-on-year. The cumulative sales volume of key monitored enterprises was 180.46 million tons, down 2.4% year-on-year [2][24] - The report indicates that the demand from the power and chemical industries has varied, with coal consumption in the power sector down 2.9% year-on-year, while the chemical sector saw an increase of 16% [2][24] Investment Recommendations - The report recommends focusing on companies in the thermal coal sector such as China Shenhua, Shaanxi Coal and Chemical Industry, and others, as well as coking coal companies like Huabei Mining and Shanxi Coking Coal. It also highlights companies in the coke sector that are expected to see profit improvements [6][26]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - Coal prices have rebounded above 700 RMB, with a current price of 704 RMB/ton, reflecting a week-on-week increase of 24 RMB/ton (3.53%) [3][4] - The demand for non-electric coal is expected to be a highlight in the upcoming months, particularly during the "golden September and silver October" period [4] - The report predicts that the current rebound in coal prices is at a turning point, with potential further increases expected as the market stabilizes [4][5] Summary by Sections Investment Logic - The prices of thermal coal and coking coal are at a turning point, with thermal coal prices expected to recover to long-term contract prices, currently above the second target price of around 700 RMB [4][13] - Future expectations indicate that thermal coal prices could reach a third target price of approximately 750 RMB, with a potential peak at around 860 RMB [4][13] Market Performance - The coal index increased by 3.51% this week, outperforming the CSI 300 index by 3.96 percentage points [8][25] - The average PE ratio for the coal sector is 13.59, and the PB ratio is 1.28, ranking low among all A-share industries [25][31] Coal Price Indicators - As of September 19, the Qinhuangdao Q5500 thermal coal price is 704 RMB/ton, with a week-on-week increase of 24 RMB [20] - The price of coking coal at the Jingtang port has risen to 1670 RMB/ton, reflecting a significant increase from earlier months [21][23] Investment Recommendations - The report suggests a dual logic for investment in coal stocks, focusing on both cyclical recovery and stable dividends, with specific stocks recommended for investment [5][14] - Key stocks identified for investment include: - Cyclical logic: Jinko Coal Industry, Yanzhou Coal Mining - Dividend logic: China Shenhua, Zhongmei Energy - Diversified aluminum elasticity: Shenhua Holdings, Electric Power Investment Energy - Growth logic: Xinjie Energy, Guanghui Energy [5][14][15]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The report indicates that the coal economy is at the beginning of a new upward cycle, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [3][13] - The report highlights that coal prices have shown signs of stabilization, and there is an expectation for price increases due to seasonal demand and supply constraints [5][13] - The report emphasizes the continued investment logic of coal capacity shortages, with a short-term balance and a long-term gap in supply [13][14] Summary by Sections Coal Price Tracking - As of September 19, the market price for Qinhuangdao port thermal coal (Q5500) is 699 CNY/ton, an increase of 21 CNY/ton week-on-week [4][31] - The price for coking coal at Jingtang port is 1610 CNY/ton, up 60 CNY/ton week-on-week [4][33] - International thermal coal prices have also seen fluctuations, with Newcastle thermal coal at 69.6 USD/ton, a week-on-week increase of 0.4 USD/ton [4][31] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.7%, an increase of 2.4 percentage points week-on-week [4][48] - Daily coal consumption in inland provinces has increased by 4.10 thousand tons/day (+1.22%) [5][13] - The report notes that the supply side is still constrained by policies, and the demand is expected to rise as winter heating needs begin [5][13] Industry Performance - The coal sector has shown a weekly increase of 3.59%, outperforming the broader market [16] - The report identifies key companies to focus on, including China Shenhua, Shaanxi Coal, and others, highlighting their stable operations and strong performance [14][16]

Group 1 - The company held its second extraordinary general meeting of shareholders in 2025, where all resolutions were approved without any objections [2][5][12] - The meeting was convened in accordance with the Company Law and the Articles of Association, chaired by Chairman Han Shifa [2][14] - All directors and supervisors attended the meeting, with some participating via telecommunication [3][4] Group 2 - The company approved a three-year shareholder return plan for 2025-2027 [5] - The company also approved the replacement of directors and independent directors, as well as the establishment of an internal accountability committee [6][7] - The company decided to abolish the supervisory board and revise certain provisions of the Articles of Association [6][7] Group 3 - The board of directors held its 19th meeting of the 9th session, where all proposals were passed unanimously [11][13] - The meeting was held on September 19, 2025, and all board members attended [15][16] - The board elected Wan Lianghui as the vice chairman, following the resignation of Lin Jian [22][18] Group 4 - The company announced an optimization of its organizational structure and functions, including the establishment of a Production Technology Research and Development Department [26][28] - The Operations Investment Department's functions were adjusted, and it was renamed the Operations Management Department [28][29] - The company now has a total of sixteen organizational units, with the remaining internal structures and responsibilities unchanged [29][30]

Group 1 - The company announced the resignation of its Vice Chairman, Mr. Lin Jian, due to work adjustment, while he will continue to serve as a director [1] - The company held its ninth board meeting on September 19, 2025, where it approved the election of Mr. Wan Lianghui as the new Vice Chairman of the ninth board, effective immediately [1] - Mr. Wan's term will last until the end of the current board's tenure [1]

Group 1 - Guanghui Energy (SH 600256) announced on September 19 that its 19th meeting of the 9th Board of Directors was held in Urumqi, discussing the proposal to add members to the Compensation and Assessment Committee [1] - For the year 2024, Guanghui Energy's revenue composition is 97.26% from industrial operations and 2.74% from commercial operations [1] - As of the report date, Guanghui Energy's market capitalization is 32.2 billion yuan [1]

万良辉先生的个人简历详见附件。 特此公告。 广汇能源股份有限公司董事会 二○二五年九月二十日 1 证券代码：600256 证券简称：广汇能源 公告编号：2025-076 广汇能源股份有限公司 关于选举公司副董事长的公告 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。 广汇能源股份有限公司（简称"公司"）副董事长蔺剑先生因工 作调整原因提请辞去副董事长职务，辞任后仍继续担任董事职务，对 公司生产经营正常运行不会产生影响。公司对蔺剑先生在担任副董事 长期间勤勉尽责、恪尽职守及为公司发展所做的贡献表示衷心的感谢！ 根据《公司法》《公司章程》等相关制度规定，公司于 2025 年 9 月 19 日召开了董事会第九届第十九次会议，审议通过了《广汇能源 股份有限公司关于选举副董事长的议案》，同意选举万良辉先生担任 公司第九届董事会副董事长职务，任期自本次董事会审议通过之日起 至第九届董事会任期届满之日止。 附：万良辉先生简历 万良辉，男，1964 年 9 月出生，本科学历，高级寿险管理师。 现任公司第九届董事会副董事长，富德财产保险股份有 ...

证券代码：600256 证券简称：广汇能源 公告编号：2025-077 广汇能源股份有限公司 关于优化公司组织机构及职能的公告 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。 根据企业发展战略、国家政策及行业发展趋势，广汇能源股份有 限公司（简称"公司"）坚持以"强市场、强管理、强效益"为发展 目标，持续优化企业管理体系，科学整合资源配置，增强创新驱动力， 不断提升企业运营效率与管控能力。为进一步落实"控总量、调结构、 提质量"工作要求，结合 2025 年工作实际情况，公司于 2025 年 9 月 19 日召开了董事会第九届第十九次会议，审议通过了《广汇能源股 份有限公司关于优化公司组织机构及职能的议案》，同意对公司部分 组织机构及职能给予优化，具体情况如下： 一、增设生产技术研发部 为有效保障企业安全运营，打造传统煤化工向现代煤化工、现代 煤化工向新能源和氢能"两个耦合"发展的新局面，高效增强企业的 核心竞争力和可持续发展能力，现新设生产技术研发部，并将原运营 投资部下设的投资发展团队职能及编制划入生产技术研发部，部门职 ...

证券代码：600256 证券简称：广汇能源 公告编号：2025-074 广汇能源股份有限公司 2025年第二次临时股东大会决议公告 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： （二）股东大会召开的地点：乌鲁木齐市新华北路 165 号中天广场 27 楼会议室 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有 股份情况： | 1、出席会议的股东和代理人人数 | 2,440 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,586,847,956 | | 3、出席会议的股东所持有表决权股份数占公司有 | | | 表决权股份总数的比例（%） | 40.4700 | （四）表决方式是否符合《公司法》及《公司章程》的规定，大会主 持情况等。 本次股东大会表决方式符合《公司法》及《公司章程》的规定。本次 会议由公司董事会召集，董事长韩士发先生主持。 （五）公司董事、监事和董事会秘书的出席情况 1、公司在任董事11人，出席11人，其中：副董事长蔺剑，董事闫军、 薛小春及 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于广汇能源股份有限公司 2025 年第二次临时股东大会的 法律意见书 国枫律股字[2025]A0475号 致：广汇能源股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2025 年第二次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法律 业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法 律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《广汇能源股份有限 公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开程序、召集 人资格、出席会议人员资格、会议表决程序及表决结果等事宜，出具本法律意见书。 ...