山西华阳集团新能股份有限公司 董事会议事规则 第一章 总 则 第一条 为明确公司董事会的职责权限，规范公司董事会的议事方式和决策程序， 促使公司董事和董事会有效地履行其职责，提高公司董事会规范运作和科学决策水平， 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》）、《上市公司治理准则》和《上海证券交易所股票上市规则》（以下简 称《股票上市规则》）以及《山西华阳集团新能股份有限公司章程》（以下简称"《公司 章程》"）等有关规定，制定本规则。 第二章 董事会的组成和职权 第二条 公司依法设立董事会，董事会对股东会负责。 第三条 公司董事会由 9 名董事组成，其中独立董事占公司董事会成员的比例不得 低于三分之一，且至少包括 1 名会计专业人士。董事会设职工代表董事 1 名，通过职工 代表大会、职工大会或者其他形式民主选举产生。 第四条 董事会根据《公司章程》及股东会的授权行使职权。公司董事会设立审计、 战略、提名、薪酬与考核等专门委员会。各专门委员会对董事会负责，依据《公司章程》 和董事会授权履行职责，提案应当提交董事会审议决定。 董事会各专门委员会制定工作规则，经 ...

| | 公司经山西省人民政府晋政函[1999]163 | 批准，以发起方式设立；于 1999 年 12 月 30 | | --- | --- | --- | | | 号文批准，以发起方式设立；于 1999 年 | 日在山西省工商行政管理局注册登记，取得营 | | | 12 月 30 日在山西省工商行政管理局注册 | 业 执 照 。 公 司 的 统 一 社 会 信 用 代 码 ： | | | 登记，取得营业执照，营业执照号为 | 9114000071599263XM。 | | | 1400001008172。 | | | | 第九条 董事长或总经理为公司的法定代 表人。 | 第九条 总经理为公司的法定代表人。总经理 辞任的，视为同时辞去法定代表人。法定代表 | | | | 人辞任的，公司将在法定代表人辞任之日起三 | | | | 十日内确定新的法定代表人。 | | | | 法定代表人以公司名义从事的民事活动，其法 | | 3 | | 律后果由公司承受。本章程或者股东会对法定 | | | | 代表人职权的限制，不得对抗善意相对人。法 | | | | 定代表人因为执行职务造成他人损害的，由公 | | | | 司承担 ...

山西华阳集团新能股份有限公司 关于阳泉煤业集团财务有限责任公司 的风险持续评估报告 根据《关于规范上市公司与企业集团财务公司业务往来的通知》（证监 发〔2022〕48 号），《上海证券交易所上市公司自律监管指引第 5 号——交 易与关联交易（2023 年 1 月修订）》（上证发〔2023〕6 号）等文件要求， 上市公司应当每半年取得并审阅财务公司的财务报告，出具风险持续评估 报告，山西华阳集团新能股份有限公司（以下简称"本公司"）通过查验阳 泉煤业集团财务有限责任公司（以下简称"财务公司"）《金融许可证》、《营 业执照》等证件资料，并审阅了财务公司 2025 年 6 月 30 日资产负债表和 2025 年 1-6 月利润表、现金流量表和所有者权益变动表，对财务公司的经 营资质、业务和风险状况进行了评估，现将有关风险评估情况报告如下： 一、财务公司基本情况 财务公司是由华阳新材料科技集团有限公司（以下简称"华阳集团"）、 本公司及山西三维华邦集团有限公司共同收购原四通集团财务公司重组设 立，接受国家金融监督管理总局监管的非银行金融机构。截至 2025 年 6 月 30 日，财务公司注册资本为 1,779,476 ...

Core Viewpoint - The article discusses the innovative "one belt per tunnel" transportation model implemented by Shanxi Huayang Group to enhance safety and efficiency in coal mining operations, addressing traditional transportation challenges in the industry [2][3]. Group 1: Transportation Model Innovation - The traditional model required installing a belt conveyor every kilometer, leading to decreased efficiency and increased labor costs due to the need for additional personnel [3]. - The new model allows for a single long-distance belt conveyor to replace multiple traditional units, significantly reducing power consumption by 290 kilowatts and achieving a 15.34% reduction in electricity usage [3]. - The transportation capacity increased from 1,500 tons per hour to 2,500 tons per hour, while also lowering the impact load on equipment and reducing the number of required personnel by three, saving approximately 540,000 yuan annually [3]. Group 2: Implementation and Results - In 2023, Huayang Group installed 23 long-distance belt conveyors, achieving a 100% completion rate on schedule, resulting in a total labor cost reduction of about 12.42 million yuan [4]. - All 18 coal mining working faces and 68 tunneling working faces have adopted the "one belt" transportation model, achieving full coverage [4]. Group 3: Challenges and Solutions - The implementation faced challenges such as complex geological conditions and varying slopes, which could lead to issues like belt misalignment [5]. - To address these challenges, the company collaborated across departments to enhance equipment adaptability, including the installation of anti-misalignment rollers and protective measures for stable operation [6]. - The company has customized solutions for different mining conditions, ensuring the effective application of the "one belt per tunnel" model across various mining sites [6].

证券日报网讯华阳股份（600348）8月25日在互动平台回答投资者提问时表示，截至2025年8月20日公司 股东数约8.7万户。 ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9]. Core Viewpoints - The recent coal mine accident in Fujian has raised concerns about the vulnerability of coal supply in China. The accident is expected to amplify local safety regulation efforts, potentially impacting coal supply. Despite this, stable demand and rigid supply constraints suggest that coal prices may continue to rise in the short term [2][7]. - The coal index (Yangtze) increased by 0.99% this week, underperforming the CSI 300 index by 3.19 percentage points, ranking last among all industries [6][14]. - The market anticipates that the upcoming "Golden September and Silver October" period will support coal demand, particularly as non-electric demand begins to pick up [6][7]. Summary by Sections Supply and Demand Overview - As of August 21, the daily coal consumption in 25 provinces was 6.427 million tons, up 8.0% week-on-week. The supply of coal was 6.324 million tons, an increase of 3.8% [31]. - The total coal inventory in these provinces was 119.798 million tons, a decrease of 0.4% from the previous week, with an available days supply of 18.6 days, down 1.6 days [31]. Price Trends - As of August 22, the market price for Qinhuangdao 5500 kcal thermal coal was 704 RMB/ton, reflecting a week-on-week increase of 6 RMB/ton (+0.86%) [38]. - The price for coking coal at Jingtang Port remained stable at 1610 RMB/ton [6]. Market Performance - The report highlights that the coal sector's performance has been mixed, with the thermal coal index rising by 1.09% and the coking coal index increasing by 0.76%, both underperforming compared to the CSI 300 index [14][18]. - The report identifies several companies with strong investment potential, including Yanzhou Coal Mining Company, Shanxi Coking Coal Group, and China Shenhua Energy [8]. Company Announcements - China Shenhua announced the approval of its Chongqing Wanzhou Power Plant expansion project, which will add 2×1000 MW capacity [52]. - Yanzhou Coal's Australian subsidiary reported a revenue of 2.675 billion AUD for the first half of 2025 [53]. Future Outlook - The report suggests that while daily consumption may gradually decline, the overall demand for coal remains robust, supported by seasonal factors and ongoing supply constraints [6][15]. - The focus will be on monitoring safety regulations and their impact on supply, as well as the performance of coal prices in the context of broader market conditions [7][8].

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [5]. Core Viewpoints - The Asian metallurgical coal market is expected to continue its recovery in Q3 2025, supported by post-monsoon inventory replenishment in India and potential rebounds in the Chinese domestic market [2]. - Despite supply pressures from adverse weather and safety issues in Australian mining, the overall outlook for the metallurgical coal market remains positive [2]. Summary by Sections Industry Overview - Global energy prices have shown mixed trends, with Brent crude oil futures at $67.73 per barrel, up by $1.88 (+2.85%) from the previous week, while WTI crude oil futures increased by $0.86 (+1.37%) to $63.66 per barrel [1]. - Natural gas prices in Northeast Asia rose to $11.705 per million British thermal units, an increase of $0.847 (+7.80%) [1]. Coal Price Trends - European ARA port coal prices increased by $3.0 to $101.8 per ton (+3.1%), while Newcastle port coal prices rose slightly by $0.2 to $112.3 per ton (+0.2%) [1]. - The IPE South African Richards Bay coal futures settled at $89.7 per ton, down by $0.5 (-0.4%) [1]. Investment Recommendations - Key recommendations include major coal enterprises such as China Coal Energy (H+A) and China Shenhua (H+A), with a focus on companies showing potential for turnaround like China Qinfa [3]. - High-performing stocks include Shaanxi Coal and Electricity, China Energy Investment, and Huai Bei Mining, while companies like Yancoal and Jinkong Coal are noted for their flexibility and potential for growth [3]. Market Dynamics - The report highlights a significant trend where China is transitioning from a coal importer to an exporter, driven by a surplus in the domestic market [8]. - The forecast for Q3 2025 anticipates that the price of high-quality low-volatile hard coking coal will average $178 per ton, with expectations of $181 per ton in the second half of 2025 [8].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report indicates that thermal coal prices are rebounding, aiming for a target of 750 CNY per ton, with a current price of 704 CNY per ton as of August 22, 2025, reflecting a 15.6% increase from the lowest price of 609 CNY per ton earlier this year [4][5] - The report emphasizes that both thermal coal and coking coal prices have reached a turning point, with expectations for further price recovery [5][13] Summary by Sections Thermal Coal Market - As of August 22, 2025, the Qinhuangdao Q5500 thermal coal price is 704 CNY/ton, with a 15.6% increase from the year's lowest price of 609 CNY/ton [4] - The operating rate of 442 coal mines in Shanxi, Shaanxi, and Inner Mongolia is 81.7%, indicating a relatively low supply level [4] - Port inventories have decreased by 29.82% from the highest level of 3,316.3 million tons earlier this year to 2,327.4 million tons [4] - The daily consumption of coal remains high during the summer, with the methanol operating rate at 80.65%, reflecting strong demand [4] Coking Coal Market - The price of coking coal at the Jing Tang Port is 1,610 CNY/ton, rebounding from a low of 1,230 CNY/ton in early July, with a significant increase of 61.61% in futures prices [4][5] - The report notes a tightening supply expectation due to regulatory measures on overproduction in coal mines [5] Investment Logic - The report suggests that the current thermal coal price has surpassed the second target price of around 700 CNY, with expectations to reach the third target price of 750 CNY, which is the breakeven point for coal and power generation companies [5][13] - Coking coal prices are expected to be influenced more by supply and demand fundamentals, with target prices set based on the ratio of coking coal to thermal coal prices [5][13] Investment Recommendations - The report identifies four main investment lines in the coal sector: 1. Cycle logic: Companies like Jinko Coal and Yancoal 2. Dividend logic: Companies like China Shenhua and China Coal Energy 3. Diversified aluminum elasticity: Companies like Shenhua Holdings and Electric Power Investment 4. Growth logic: Companies like Xinji Energy and Guanghui Energy [6][14]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is experiencing a slow recovery in supply, with coal prices continuing to rise. The port coal price increased by 6 CNY/ton week-on-week, reaching 704 CNY/ton [3][13] - The supply side is constrained due to adverse weather conditions affecting production, particularly in the Ordos region, where capacity utilization has decreased by 1.42 percentage points [3][13] - Demand remains strong due to high temperatures, with daily coal consumption in coastal and inland power plants increasing by 11.2 and 14.8 thousand tons respectively [3][21] - The report highlights the investment value of coal companies, emphasizing their high profitability, cash flow, and dividend yields [70] Summary by Sections 1. Thermal Coal - Supply is tightening again, with port inventories decreasing and prices rising [3][13] - As of August 20, capacity utilization in the Sanxi region decreased to 88.57%, with a weekly production drop of 190 thousand tons [19] - Daily coal consumption in coastal power plants reached 249.6 thousand tons, up 11.2 thousand tons week-on-week [21] - Port inventories in northern regions decreased by 421 thousand tons week-on-week [25] 2. Coking Coal - Coking coal production recovery is limited, with capacity utilization increasing by 0.49 percentage points due to the resumption of previously halted mines [4][69] - The average daily customs clearance at Ganqimaodu port increased to 1212 trucks, up 132 trucks week-on-week [37] - Coking coal prices at the port remained stable at 1610 CNY/ton [34] 3. Coke - The seventh round of price increases for coke has been implemented, with an increase of 50-55 CNY/ton [46] - The overall inventory of coke remains low, with production rates showing some variability [53] - The average profit per ton of coke increased to 23 CNY/ton, up 3 CNY/ton week-on-week [49] 4. Investment Focus - Recommended stocks include China Shenhua, Shaanxi Coal, and others, with a focus on companies with strong cash flow and high dividend yields [70] - The report suggests monitoring the recovery of coal production, iron water output, and market conditions during the upcoming military parade [69][70]

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9] Core Insights - The resilience of demand must be paired with the rigidity of supply to support a stable coal price cycle. Developed countries have already entered a downward supply channel, while countries with current supply growth may face similar risks in the future. The combination of supply rigidity and demand resilience is expected to lead to a stable global coal supply-demand pattern [2][7] Summary by Sections Introduction - The report emphasizes that the stability of coal prices requires a logical closure formed by supply rigidity. It explores the long-term perspectives on demand, supply, and costs, aiming to clarify the medium to long-term price center of coal [5][17] Experience from Developed Countries - Coal supply changes are primarily influenced by resource endowment and demand variations. Countries with shrinking coal supply account for about 19% of global supply, including the US, Europe, Japan, South Korea, Australia, and South Africa. Historical trends indicate that long-term coal supply contraction is typically due to resource depletion, long transportation distances, and stringent environmental policies [5][35] Outlook for Growing Countries - China faces supply growth constraints due to resource depletion in Shanxi and central eastern regions. Indonesia and Russia are experiencing rising costs. Countries with ongoing coal supply growth account for approximately 77% of global supply, with China alone accounting for 50%. Future projections indicate potential supply shortages in China and declining production in Indonesia due to increased export costs [6][7] Investment Recommendations - The report suggests that the combination of supply rigidity and demand resilience will prolong the duration of coal price flattening. It recommends several companies for investment based on their performance and market conditions, including Yanzhou Coal Mining Company, Shanxi Coking Coal Group, and China Shenhua Energy [7][9]