Core Viewpoint - The release of the "Ordos City Technology New Policy 30 Articles" 2.0 version aims to accelerate the cultivation of new productive forces through a comprehensive and targeted approach to technology innovation [1][2]. Group 1: Policy Overview - The "Technology New Policy 30 Articles" 2.0 version is described as the most systematic, targeted, innovative, and valuable policy document in the technology sector of Ordos City [1]. - The original "Technology New Policy 30 Articles" was first introduced in May 2021, establishing over 30 supporting implementation details and creating a "1+N" policy system [1]. - Over the past three years, the implementation of the original policy has resulted in the allocation of 1.01 billion yuan in technology policy funds, benefiting more than 600 innovation entities [1]. Group 2: Key Measures - The new policy encourages major technological project breakthroughs, the construction of significant innovation platforms, the layout of major technological infrastructure, and the demonstration of major technology achievement transformations [2]. - It focuses on addressing the "last mile" issues in technology achievement transformation, particularly empowering and granting more autonomy to researchers in universities and research institutions [2]. - To incentivize high-level innovative talent, the policy includes provisions for up to 3 million yuan in housing subsidies and up to 50 million yuan in research funding for full-time high-level talent [2]. Group 3: Development Approach - The policy was developed by closely aligning with development trends and innovation needs, incorporating insights from central and regional policies, and learning from the innovation policies of cities like Shenzhen, Guangzhou, Hefei, and Suzhou [3]. - Extensive consultations were conducted with various stakeholders, including departments, districts, parks, universities, research institutions, and enterprises, to ensure the policy's forward-looking, scientific, and operable nature [3].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][11]. Core Insights - The company has a stable performance in its coal business, while silicon alloy is expected to contribute flexibility to its earnings [1]. - The company is a leading player in silicon iron production, with a market share of 28% in China, and its profitability is sensitive to silicon iron prices [1][9]. - The company benefits from significant coal resources and investment returns from its coal mining subsidiary, providing a safety net for its earnings [1][10]. - The company has a diversified business model, including chemical and cashmere clothing sectors, which contribute equally to its gross profit [1][10]. Summary by Sections 1. Business Segments - The company operates in two main segments: cashmere clothing and power metallurgy chemicals, with the power metallurgy segment contributing 78% to net profit in 2023 [1][17]. - The company has a strong foothold in the cashmere clothing market, being the largest producer and seller globally [1][19]. 2. Silicon Iron Price Elasticity - In 2023, the company produced 1.54 million tons of silicon iron, with a historical peak price of 17,000 CNY/ton in 2021 [1][24]. - If silicon iron prices increase by 1,000 CNY/ton, the company's net profit could rise by 27% based on 2023 figures [1][9]. 3. Coal Resource Advantage - The company holds 289 million tons of coal reserves and has a washing capacity of 4.8 million tons, with coal contributing 16% to gross profit in 2023 [1][10]. - The investment return from its 50% stake in Yongmei Mining contributed 25% to the company's net profit in 2023 [1][10]. 4. Chemical and Cashmere Clothing Sectors - The chemical segment includes products like caustic soda and multi-crystalline silicon, contributing 29% to gross profit in 2023 [1][10]. - The cashmere clothing segment also accounts for 29% of gross profit, showcasing the company's balanced revenue streams [1][10]. 5. Dividend and Valuation - The company has maintained an average cash dividend of 2.4 billion CNY from 2021 to 2023, with a dividend yield of 8.6%, ranking high in the A-share steel sector [2][11]. - The forecasted net profits for 2024, 2025, and 2026 are 2.042 billion, 2.534 billion, and 2.928 billion CNY, respectively, indicating a positive outlook [2][11].

Investment Rating - The report initiates coverage on the company with a "Buy" rating, citing its strong coal resources, integrated industrial chain, and potential for profitability improvement under future energy consumption control policies [10] Core Views - The company's dual business segments of cashmere apparel and power metallurgy chemicals are well-established, with the power metallurgy subsidiary contributing 78% of the company's net profit in 2023 [1] - As a leading silicon iron producer, the company could benefit from potential price increases driven by energy consumption control policies, with a 1000 yuan/ton price increase potentially boosting net profit by 27% [1] - The company's coal resources and investments in Yongmei Mining provide a stable earnings base, with Yongmei Mining contributing 25% of the company's net profit in 2023 [1] - The company's cashmere apparel business, with a 57% gross margin in H1 2024, remains a stable contributor to earnings [18] Business Segments Power Metallurgy and Chemical - The company is a leading silicon iron producer with a 28% domestic market share in 2023, and its silicon iron business could see significant earnings growth if energy consumption control policies tighten [1] - The company's coal resources and investments in Yongmei Mining provide a stable earnings base, with coal contributing 16% of gross profit in 2023 [1] - The chemical segment, including PVC, caustic soda, and fertilizers, accounted for 29% of gross profit in 2023, with caustic soda showing relatively strong profitability [1] Cashmere Apparel - The company is the world's largest cashmere apparel producer, with a 57% gross margin in H1 2024, and has established a full industry chain from raw material procurement to retail [1][18] - The apparel segment contributed 29% of gross profit in 2023, with stable revenue and gross margins over the past five years [1][54] Financial Performance - The company's revenue and net profit have shown fluctuations, with 2023 revenue at 30.554 billion yuan and net profit at 2.904 billion yuan, reflecting a 38.64% year-on-year decline [3] - The company has maintained a high dividend payout ratio, with a dividend yield of 8.55% as of October 9, 2024, ranking second in the A-share steel sector [2][57] Industry and Market Outlook - Silicon iron prices are highly sensitive to energy consumption control policies, with potential price increases driven by tightening policies in key production regions such as Inner Mongolia and Ningxia [8][29] - The company's integrated industrial chain, including self-owned power plants and coal resources, provides a competitive advantage in the high-energy-consuming silicon iron and chemical industries [31][39] - The cashmere apparel industry remains stable, with the company's strong brand and distribution network supporting its market position [53][54] Valuation and Forecast - The report forecasts the company's net profit for 2024-2026 to be 2.042 billion yuan, 2.534 billion yuan, and 2.928 billion yuan, respectively, driven by potential improvements in silicon iron prices and stable contributions from coal and cashmere businesses [10][65]

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。 | A | 股代码 600295 | A | 股简称 鄂尔多斯 | 编号：临 2024-032 | | --- | --- | --- | --- | --- | | B | 股代码 900936 | B | 股简称 鄂资 股 | B | 内蒙古鄂尔多斯资源股份有限公司 关于补充确认控股股东一致行动人的公告 1 购买资产并募集配套资金方式增持比例为 13.60%，香港资产公司通过二级市场增持 B 股比例为 15.56%，羊绒集团和香港资产公司已就前述增持发布相关公告。自 2010 年 2 月至今，羊绒集团、香港资产公司未减持公司股票。 在本次补充确认一致行动人后，羊绒集团及其一致行动人的权益变动情况需加 总计算三家公司的权益变动，从而出现以下情形： 1、合并计算后在 2010 年 4 月至 2013 年 12 月期间存在连续 12 个月增持比例 超过 2%未进行要约收购的情形 内蒙古鄂尔多斯资源股份有限公司（以下简称"公司"）近期接到控股股东内 蒙古鄂尔多斯羊绒集团有限责任公司（ ...

关于 2024 年半年度业绩说明会召开情况的公告 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。 | A 股代码 600295 | | A 股简称 | 鄂尔多斯 | | 编号：临 | 2024-031 | | --- | --- | --- | --- | --- | --- | --- | | B 股代码 | 900936 | B 股简称 | 鄂资 B | 股 | | | 内蒙古鄂尔多斯资源股份有限公司 （三）您好！联海化工什么时候投产？ 答复：尊敬的投资者您好，受相关政策原因影响，目前尚未投产。感谢您对 一、业绩说明会召开情况 内蒙古鄂尔多斯资源股份有限公司（以下简称为"公司"）于 2024 年 9 月 26 日下午 16:00-17:00 通过全景网（http://ir.p5w.net）在线召开 2024 年半 年度业绩说明会。公司董事兼总经理张磊先生、董事兼董事会秘书郭升先生、独 立董事张世潮先生、财务总监刘建国先生针对公司发展的经营业绩、发展规划等 投资者关心的问题与广大投资者进行交流和沟通，在信息披露允许的范围内就 ...

内蒙古建中律师事务所关于内蒙古鄂尔多斯资源股份有限公司 2024年第二次临时股东大会的法律意见书 内蒙古建中律师事务所 关于内蒙古鄂尔多斯资源股份有限公司 2024 年第二次临时股东大会 的法律意见书 2024 内建中券意字第 028 号 致:内蒙古鄂尔多斯资源股份有限公司 内蒙古建中律师事务所(以下简称"本所")受贵公司的委托,指派本所律 师马秀芳、王昊出席了贵公司 2024年第二次临时股东大会,并根据《中华人民 共和国证券法(2019 修订)》(以下简称"《证券法》")、《中华人民共和 国公司法(2023修订)》(以下简称"《公司法》")和中国证监会《上市公 司股东大会规则》(以下简称"《股东大会规则》")等法律、法规和规范性文 件以及《内蒙古鄂尔多斯资源股份有限公司章程》(以下简称"《章程》")的 规定,就本次临时股东大会的召集、召开程序、出席会议人员资格以及表决程序、 结果的合法有效性出具本法律意见书。 为出具本法律意见书,本律师已对本次临时股东大会所涉及的有关事项及文 件资料进行了必要的核查和验证,且贵公司已对前述资料的真实性和准确性向本 所作了保证。 本法律意见书仅供贵公司为本次临时股东大会之适当 ...

证券代码：600295 证券简称：鄂尔多斯 公告编号：临 2024-030 内蒙古鄂尔多斯资源股份有限公司 2024 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。 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 530 | | --- | --- | | 其中：A 股股东人数 | 460 | | 境内上市外资股股东人数（B 股） | 70 | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,581,074,968 | | 其中：A 股股东持有股份总数 | 1,557,606,807 | | 境内上市外资股股东持有股份总数(B 股) | 23,468,161 | | 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 | 56.4916 | (一) 股东大会召开的时间：2024 年 9 月 26 日 (二) 股东大会召开的地点：内蒙古鄂尔多斯市东胜区罕台镇羊绒工业园区行 政中心 8 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： | ...

| A 股代码 | 600295 | A 股简称 | 鄂尔多斯 | 编号：临 | 2024-029 | | --- | --- | --- | --- | --- | --- | | B 股代码 | 900936 | B 股简称 | 鄂资 B 股 | | | 内蒙古鄂尔多斯资源股份有限公司 关于召开 2024 年半年度网上业绩说明会的公告 重要内容提示： 会议召开时间：2024 年 9 月 26 日（星期四）下午 16:00-17:00 会议召开地点：深圳市全景网络有限公司网上平台，投资者可登录"全 景路演"（http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景 路演 APP，参与本次互动交流。 会议召开方式：网络远程互动 投资者可以在 2024 年 9 月 25 日 15:00 前将需要了解的情况和关注问题 预先发送至内蒙古鄂尔多斯资源股份有限公司（以下简称"公司"）信箱 （lilili@chinaerdos.com），公司将在说明会上就投资者普遍关注的问题进行 回答。 公司已于 2024 年 8 月 30 日发布公司 2024 年半年度报告，为便于广大投资 者更深入全面地了解公司 ...

内蒙古鄂尔多斯资源股份有限公司 2024 年第二次临时股东大会会议资料 内蒙古鄂尔多斯资源股份有限公司 2024 年第二次临时股东大会 会议资料 内蒙古鄂尔多斯资源股份有限公司 2024 年 9 月 26 日 内蒙古鄂尔多斯资源股份有限公司 2024 年第二次临时股东大会会议资料 会 议 须 知 为确保本次股东大会的正常秩序和议事效率，维护投资者的合法权益， 根据《中华人民共和国公司法》《中华人民共和国证券法》《内蒙古鄂尔多斯 资源股份有限公司章程》及《上市公司股东大会规则》等的有关规定，特制 定以下会议须知，请出席会议的全体人员自觉遵守。 一、本次会议会务处设在公司董事会办公室，负责会议的组织及相关会 务工作； 二、除出席会议的股东或股东代理人、公司董事、监事、高管人员、公 司聘请的律师及其他邀请人员外，公司有权利依法拒绝其他人员进会场； 内蒙古鄂尔多斯资源股份有限公司 2024 年第二次临时股东大会议案 本次会议所审议的议题： 1、关于续聘会计师事务所的议案； 2、关于公司及子公司开展期货和衍生品业务的议案。 内蒙古鄂尔多斯资源股份有限公司 2024 年第二次临时股东大会会议资料 三、进入会场后，请将手机 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's performance in the first half of 2024 was below expectations, with revenue of 13.411 billion yuan, a year-on-year decline of 10.44%, and a net profit attributable to shareholders of 1.007 billion yuan, down 39.56% year-on-year. The decline in performance is attributed to price pressures in the silicon iron and PVC industries, which are at the bottom of the cycle. However, the company's cash flow remains robust, and share buybacks combined with high dividends highlight its investment value [3][4]. - The forecast for net profit attributable to shareholders for 2024-2025 has been revised down to 1.959 billion yuan and 2.124 billion yuan, respectively, from previous estimates of 3.356 billion yuan and 3.643 billion yuan. A new forecast for 2026 has been added at 2.374 billion yuan, corresponding to EPS of 0.70, 0.76, and 0.85 yuan for 2024, 2025, and 2026, respectively [3][4]. - The company benefits from a cost advantage in silicon iron production, with electricity costs accounting for 60-70% of production costs. The company produces its own coal and has its own power plant, resulting in lower electricity costs compared to industry averages. This cost advantage extends to other chemical products such as PVC and caustic soda [3][4]. - The silicon iron industry is currently at a low point, with prices affecting the company's profitability. The silicon iron market experienced significant price fluctuations in the first half of 2024, primarily driven by demand from the steel industry, which has seen declining profitability [3][4]. - The company has announced plans for share buybacks and high dividend payouts, with a dividend payout ratio of 77.11% in 2023, an increase of 34.87 percentage points from 2022. This reflects the company's confidence in its development and enhances its investment value [3][4]. Financial Summary - In the first half of 2024, the company achieved revenue of 13.411 billion yuan, a decrease of 10.44% year-on-year, and a net profit attributable to shareholders of 1.007 billion yuan, down 39.56% year-on-year [3][4]. - The company's operating cash flow for the first half of 2024 was 1.211 billion yuan, indicating stable cash flow despite the industry's downturn [3][4]. - The target price for the company has been adjusted to 10.50 yuan, down from the previous target of 12.74 yuan, based on a valuation of 15 times PE for 2024 [3][5].