Market Overview - The Shanghai Composite Index rose by 1.15% on June 24, with 29 out of 31 sectors experiencing gains. The top-performing sectors were electric power equipment and non-bank financials, with increases of 2.85% and 2.68% respectively. Conversely, the oil and petrochemical sector and coal sector saw declines of 2.10% and 0.22% respectively [1] Fund Flow Analysis - The net inflow of capital in the two markets was 17.211 billion yuan, with 22 sectors experiencing net inflows. The non-bank financial sector led with a net inflow of 4.748 billion yuan, followed by the electric power equipment sector with a net inflow of 4.159 billion yuan [1] - Nine sectors experienced net outflows, with the defense and military industry seeing the largest outflow of 2.370 billion yuan, followed by the oil and petrochemical sector with a net outflow of 1.278 billion yuan. Other sectors with significant outflows included banking, transportation, and textiles [1] Coal Industry Performance - The coal industry experienced a decline of 0.22% with a net outflow of 10.2 million yuan. Out of 37 stocks in this sector, 13 rose while 20 fell. The stocks with the highest net inflows included Pingmei Shenhua with 24.032 million yuan, followed by Electric Power Investment and Huaibei Mining with inflows of 23.701 million yuan and 16.522 million yuan respectively [2][4] - The stocks with the largest net outflows included Huayang Co. with 37.293 million yuan, China Shenhua with 23.463 million yuan, and Zhongmei Energy with 22.226 million yuan [2][3] Individual Stock Performance - The top three stocks with the largest net outflows in the coal sector were: - Huayang Co. (-0.88%, -37.293 million yuan) - China Shenhua (0.00%, -23.463 million yuan) - Zhongmei Energy (-1.77%, -22.226 million yuan) [3] - The top three stocks with the largest net inflows were: - Pingmei Shenhua (0.41%, 24.032 million yuan) - Electric Power Investment (0.00%, 23.701 million yuan) - Huaibei Mining (-0.27%, 16.522 million yuan) [4]

Core Insights - Huayang Group is enhancing its supply chain management through the development of a transparent and efficient e-commerce procurement platform [1][3] Group Development Journey - In 2018, Huayang Group partnered with JD.com to create the "JD Smart Procurement" platform, becoming the first in the coal industry to implement e-commerce procurement [2] - In the first five months of the platform's launch, Huayang Group procured 2,846 types of goods totaling 7.5 million yuan, achieving a price reduction of 4.1% compared to JD.com [2] - By 2020, Huayang Group expanded its e-commerce capabilities by collaborating with Nasda to create a one-stop online procurement service platform, inviting multiple e-commerce companies to join [2] - In early 2023, Huayang Group initiated the "Huayang E-commerce Platform 3.0" project in partnership with Alibaba Cloud, aiming to build a smart supply chain digital platform [2] - The new platform is set to officially launch in November 2023 and will be fully promoted by March 2024 [2] New Operational Model - The Huayang e-commerce platform features modules for operations, marketplace, suppliers, and data integration, allowing for comprehensive management of the procurement process [4] - The platform enables self-management of suppliers, products, orders, after-sales, reconciliation, and invoicing, enhancing control over the procurement process [4] - New modules for product management and online acceptance improve management precision and facilitate supplier and product scoring [4] Procurement Experience - The Huayang e-commerce platform 3.0 has onboarded 214 purchasing units and 74 suppliers, with 160,000 products listed and a total transaction amount of 370 million yuan [5] - The procurement process has become significantly more efficient, with order processing from demand submission to delivery acceptance now completed within 10 days [5] - The platform has also reduced procurement costs, with a savings rate of 9.13% achieved through centralized management and enhanced bargaining power [5] Future Directions - Huayang Group plans to focus on data-driven, AI-enabled, and secure management of its e-commerce platform, aiming for improved product aggregation, price monitoring, and lifecycle management of suppliers [6]

Core Viewpoint - The Shanxi Huayang Group successfully passed evaluations for three projects at the 2025 Annual First Batch of Coal Technology Innovation Achievement Transfer and Transformation Project Evaluation Conference, indicating advancements in coal mining technology and innovation [1][6]. Group 1: Project Evaluations - The high-strength adjustable electric blasting volume fracturing and permeability enhancement equipment for coalbed methane extraction was rated as first-level, showcasing its effectiveness in improving gas extraction efficiency and reducing operational costs [1]. - The coal mine rock tunnel shield tunneling technology and equipment received a second-level rating, demonstrating its ability to shorten construction periods and address safety and efficiency issues in traditional tunneling methods [2]. - The temperature control method for managing spontaneous combustion of gob and smart dynamic management monitoring technology was rated third-level, highlighting its role in environmental protection and effective monitoring [4]. Group 2: Technological Applications - The high-strength adjustable electric blasting equipment is implemented by Xinyu Geotechnical Company, which enhances gas extraction efficiency while minimizing costs related to transportation, lifting, power supply, and ventilation [1]. - The coal mine rock tunnel shield tunneling technology has been tested in three mines, contributing to safer and more efficient coal mining operations [2]. - The temperature control method for gob management is advanced by Jiuzhou Company, utilizing a self-developed temperature control device for effective heat extraction and integrating a dynamic monitoring system for intelligent management [4][6].

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is experiencing a tightening supply in safety production month, with daily consumption increasing week-on-week and port inventories decreasing [2][5] - The report highlights the potential for a rebound in thermal coal prices as the summer peak season approaches, supported by low inventory levels at power plants [5][16] - The overall coal market fundamentals have improved significantly compared to previous periods, with expectations for price stabilization and recovery [5][16] Summary by Sections Thermal Coal - Port inventories continue to decrease, with a week-on-week drop of 125.3 thousand tons, indicating a tightening supply [30] - Daily consumption at coastal and inland power plants has increased, with a week-on-week rise of 2.0 and 24.9 thousand tons respectively [25][31] - The average price of thermal coal at Qinhuangdao port has decreased by 2 yuan/ton week-on-week, now at 609 yuan/ton [17] Coking Coal - Supply of coking coal has contracted, with a week-on-week decrease in production capacity utilization by 0.87 percentage points [41] - The average customs clearance volume of Mongolian coal has decreased by 234 trucks week-on-week [45] - Coking coal prices at major ports have decreased, with the price at Jing Tang port dropping by 30 yuan/ton to 1270 yuan/ton [42] Coke - The implementation of the third round of price reductions has led to a decrease in the operating rate of coke enterprises, down 0.15 percentage points to 76.04% [53] - Coke prices have decreased by 70 yuan/ton week-on-week, now at 1280 yuan/ton [53] - The average profit per ton of coke has improved by 20 yuan/ton week-on-week, now at -19 yuan/ton [57] Investment Opportunities - The report suggests focusing on companies with strong cash flow and high profitability, such as China Shenhua, Shaanxi Coal, and China Coal Energy [78] - It emphasizes the value attributes of the coal sector, particularly in the context of recent government support and market stability [77][78]

Core Insights - The coal industry is experiencing significant supply contraction due to falling prices, with over 53.64% of coal companies reporting losses as of April 2025, the highest level since 2018 [1][20][22] - Electricity demand is expected to rebound with the onset of summer, as average daily power generation showed a year-on-year increase of 3.32% in mid-May 2025, despite a 14.37% decline in hydroelectric power generation [1][59] - A strong expectation for a rebound in thermal coal prices is anticipated as demand increases with rising temperatures, potentially peaking during the July-August consumption high [2][59] Supply and Demand Analysis - The coal supply has contracted significantly, with April 2025 coal production down 11.64% month-on-month, primarily due to reductions in output from regions like Xinjiang and Inner Mongolia [20][59] - The decline in coal imports, which fell by 16.4% year-on-year in April 2025, is expected to support the domestic market [24][26] - The overall supply reduction is greater than the demand decrease, indicating that coal prices are currently in an oversold state [20][21] Investment Recommendations - Recommended stocks include industry leaders with stable performance such as China Shenhua, Shaanxi Coal, and China Coal Energy, as well as growth-oriented companies like Jinkong Coal and Shanmei International [3] - The report highlights the defensive value of leading companies with low debt and high cash flow, which are expected to benefit from market confidence and potential asset injections [2][3] Price Outlook - Thermal coal prices are expected to rebound due to seasonal demand increases and supply tightening, with a peak anticipated during the summer consumption high [2][59] - Coking coal prices are projected to stabilize, supported by a bottoming out of thermal coal prices and potential increases in export demand due to easing trade tensions [2][60]

| 证券代码：600348 | 证券简称：华阳股份 | | | 公告编号：2025-021 | | --- | --- | --- | --- | --- | | 债券代码：240807 | 债券简称：华阳 | YK01 | | | | 债券代码：240929 | 债券简称：华阳 | YK02 | | | | 债券代码：241770 | 债券简称：24 | 华阳 | Y1 | | | 债券代码：241771 | 债券简称：24 | 华阳 | Y2 | | | 债券代码：241972 | 债券简称：24 | 华阳 | Y4 | | 山西华阳集团新能股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2025 年 05 月 26 日 (二) 股东大会召开的地点：山西华阳集团新能股份有限公司会议室 (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 ...

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 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》《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《山西华阳集团新能股份 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。 对本法律意见书的出具，本所律师特作如下声明： 1．本所律师仅就本次会议的召集与召开程序、召集人和出席现场会议人员 资格、会议表决程序及表决结果的合法性发表意见，不对本次会议所审议的议案 内容及该等议案所表述的事实或数据的真实性、准确性和完整性发表意见； 2．本所律师无法对网络投票过程进行见证，参与本次会议网络投票的股东 资格、网络投票结果均由相应 ...

Investment Rating - The report maintains a "Buy" recommendation for key companies in the coal industry, including China Shenhua, Shaanxi Coal, and China Coal Energy [3][11]. Core Viewpoints - Coal prices have stabilized, and with the peak summer demand approaching, a rebound in coal prices is anticipated. The low coal prices have led to a reduction in supply, with April 2025 coal production growth slowing to 3.8% year-on-year, and daily production decreasing by 8.7% month-on-month [1][7]. - The report highlights that the demand for electricity coal is gradually increasing as temperatures rise, and the overall coal consumption in the chemical sector remains high. This marginal improvement in demand is expected to accelerate the reduction of port inventories, leading to a new round of price rebounds [1][7]. - The report emphasizes the investment value of stable high-dividend coal stocks, suggesting that the sector may experience a valuation uplift as coal prices enter an upward channel [1][7]. Summary by Sections Industry Dynamics - The report notes that the coal supply has slightly decreased due to accidents affecting some coal mines, while demand is weakening as the consumption off-season approaches. This has led to a bearish sentiment in the market, with continued inventory accumulation [2][10]. - The report indicates that the average daily coal consumption in power plants has increased, while the number of available days has decreased, suggesting a tightening supply situation [9][10]. Company Performance - The report provides earnings forecasts and valuations for key companies, with China Shenhua expected to have an EPS of 2.95 yuan in 2024, and a PE ratio of 13 times [3]. - The report highlights that companies like Jinko Coal and Shanxi Coal International are expected to show stable performance and production growth, making them attractive investment options [11][3]. Market Performance - As of May 23, 2025, the coal sector has shown a weekly increase of 1.0%, outperforming the broader market indices [12][14]. - The report identifies that the coal stocks have cleared low positions after previous panic selling, and the stability of coal prices has been reaffirmed, enhancing the certainty of high dividend yields [1][7].

Core Insights - Shanxi Huayang Group's first mine achieved a coal output of 2.508 million tons from January to April, exceeding the planned target by 4% [1] - The mine's regular cyclic operation rate reached 93%, marking the best performance in recent years [1] - The implementation of intelligent upgrades and refined management has significantly enhanced production efficiency and accelerated the release of quality capacity [1][2] Group 1: Production Efficiency - The average daily coal output of the comprehensive mining teams has increased, with teams four and five cutting more coal per day due to improved structural efficiency by 30% [1] - The mine has adopted a comprehensive high-efficiency management system, optimizing production plans and equipment allocation to ensure continuous operation [2][3] - The introduction of smart mining applications and real-time monitoring has improved management levels and ensured the normal operation of equipment [2] Group 2: Technological Innovations - The mine has implemented four major systems for intelligent operations, including hydraulic control and remote monitoring, which have reduced the need for manual intervention and increased efficiency by 30% [2] - The use of a 5G communication network and self-developed smart mining applications has enabled real-time synchronization of production instructions and site conditions [2] - Innovations in mining techniques, such as optimizing the caving process and enhancing safety measures, have led to new records in production efficiency [3]

华阳股份 20250521 摘要 公司预计煤炭价格底部在 600 元/吨，主要基于秦皇岛港 5,500 大卡市 场价判断，受一季度暖冬及疆煤外运等因素扰动，但迎峰度夏或支撑煤 价，反弹空间或小于预期。 若煤价维持当前 610 元/吨或反弹，长协煤顶格上限 570 元/吨执行问题 不大；若跌至 580 元/吨左右，需与客户调整，但保供政策和行业合作 关系短期内可维持价格稳定。 公司保供煤指标 1,909 万吨，总产量 3,500 万吨中约 1,600 万吨为市 场煤，随行就市，因此公司业绩对市场煤价波动较为敏感。 公司 2025 年生产目标 3,800 万吨，前四个月产销率 100%。七元矿井 预计下半年投产贡献 150 万吨，玻璃矿井年底联试，明年贡献 150 万 吨，于家庄资源处于碳转化阶段，短期内不贡献产能。 新建七元和玻璃矿井以动力末煤为主，初期成本较高，但后续降本空间 大，单工效率将明显改善。七元无烟煤热值 5,500-5,700 大卡，利润较 高，主要客户为五大电厂。 Q&A 截至 2025 年 5 月中旬，公司在煤炭生产方面的情况如何，包括产量、销量以 及长协煤的兑现比例是否有边际变化？ 在煤炭产 ...