Core Viewpoint - Guizhou Panjiang Coal Industry Co., Ltd. is set to hold a third-quarter performance briefing on October 29, 2025, to discuss its operational results and financial status for the third quarter of 2025 [2][3]. Group 1: Meeting Details - The performance briefing will take place on October 29, 2025, from 11:00 AM to 12:00 PM at the Shanghai Stock Exchange Roadshow Center [2][6]. - The meeting will be conducted in an interactive online format, allowing investors to engage and ask questions [3][5]. - Investors can submit questions from October 22 to October 28, 2025, via the Roadshow Center website or through email [2][5]. Group 2: Participants - The meeting will include the company's Chairman, General Manager, Chief Financial Officer, Board Secretary, and one independent director, although adjustments may occur due to special circumstances [4]. Group 3: Contact Information - For inquiries, investors can contact the company's board office via phone at 0858-3703046 or email at pj600395@163.com [7].

证券代码：600395 证券简称：盘江股份 公告编号：临 2025-048 贵州盘江精煤股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 10 月 29 日（星期三）11:00-12:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 22 日（星期三）至 10 月 28 日（星期二） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过邮箱 （pj600395@163.com）进行提问。贵州盘江精煤股份有限公司（以下简称"公 司"）将在说明会上对投资者普遍关注的问题进行回答。 公司将于 2025 年 10 月 28 日发布公司 2025 年第三季度报告，为便于 广大投资者更全面深入地了解公司 2025 年第三季度的经营成果和财务 ...

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the prices of thermal coal and coking coal have reached a turning point, with thermal coal prices expected to rebound and stabilize above the long-term contract price of around 700 CNY per ton, with a potential target of 750 CNY per ton in 2025 [6][7][16] - The report highlights that the coal market is experiencing a significant price increase, with thermal coal prices rising to 748 CNY per ton as of October 17, 2025, marking a 6.1% increase from the previous period [6][20] - The investment logic is based on two main aspects: cyclical elasticity and stable dividends, suggesting that the coal sector is at a favorable entry point for investment [8][17] Summary by Sections Investment Logic - Thermal coal is categorized as a policy-driven commodity, with prices expected to recover to long-term contract levels due to the dual-track pricing mechanism [7][16] - Coking coal prices are more influenced by supply and demand fundamentals, with target prices set based on the ratio of coking coal to thermal coal prices [7][16] Market Performance - The coal index increased by 4.17% in the week, outperforming the CSI 300 index by 6.39 percentage points [11][28] - Major coal companies showed significant price increases, with the top performers being Dayou Energy (+53.13%), Zhengzhou Coal Electricity (+15.93%), and China Coal Energy (+11.68%) [11][28] Price Indicators - As of October 17, 2025, the Qinhuangdao Q5500 thermal coal price was 748 CNY per ton, reflecting a 6.1% increase [20] - The price of coking coal at Jingtang Port reached 1710 CNY per ton, up from 1630 CNY, indicating a 4.91% increase [21][23] Investment Recommendations - The report suggests four main lines for coal stock selection: cyclical logic (e.g., Jinko Coal and Yanzhou Coal), dividend logic (e.g., China Shenhua and Zhongmei Energy), diversified aluminum elasticity (e.g., Shenhua Holdings), and growth logic (e.g., Xinji Energy and Guanghui Energy) [8][17]

Core Insights - The stock price of Panjiang Coal Industry Co., Ltd. increased by 2.17% on October 16, reaching 5.65 CNY per share, with a trading volume of 1.25 billion CNY and a total market capitalization of 12.128 billion CNY [1] Group 1: Stock Performance - Year-to-date, Panjiang's stock price has risen by 11.88%, with a 3.67% increase over the last five trading days, 7.01% over the last 20 days, and 17.46% over the last 60 days [2] Group 2: Company Overview - Panjiang Coal Industry Co., Ltd. was established on October 29, 1999, and listed on May 31, 2001. The company is primarily engaged in coal mining, washing, processing, and sales, as well as electricity production and sales [2] - The revenue composition of the company is as follows: coal accounts for 49.71%, electricity for 47.47%, other for 1.54%, and machinery for 1.28% [2] - The company belongs to the coal mining sector, specifically focusing on coking coal, and is associated with concepts such as scarce resources, ultra-supercritical power generation, green electricity, wind energy, and offshore wind power [2] Group 3: Financial Performance - For the period from January to June 2025, Panjiang achieved a revenue of 5.152 billion CNY, representing a year-on-year growth of 27.34%. However, the net profit attributable to shareholders was a loss of 5.095 million CNY, a decrease of 113.67% year-on-year [2] Group 4: Shareholder Information - As of June 30, 2025, the number of shareholders of Panjiang was 49,400, a decrease of 2.40% from the previous period, with an average of 43,414 circulating shares per shareholder, an increase of 2.46% [2] - The company has distributed a total of 10.205 billion CNY in dividends since its A-share listing, with 1.567 billion CNY distributed over the last three years [3] - Among the top ten circulating shareholders, Guotai CSI Coal ETF is the seventh largest with 16.6712 million shares, while the Hong Kong Central Clearing Limited is the tenth largest with 13.1666 million shares, both being new shareholders [3]

Core Viewpoint - The integration of provincial energy groups in China is accelerating, driven by strategic mergers in coal, electricity, and renewable energy sectors, reshaping the valuation of energy assets and initiating a revaluation trend in the industry [2][8]. Group 1: Integration Scale and Impact - In 2024, the integration of provincial energy sectors has escalated from sporadic trials to collective actions, with Guizhou, Henan, and Sichuan leading the way, achieving a merger scale exceeding 500 billion yuan, involving coal production capacity of 1 billion tons and nearly 80 million kilowatts of installed power [2][3]. - The integration efforts are significantly surpassing market expectations in both financial investment and coverage [2]. Group 2: Policy Guidance and Strategic Moves - The integration is a result of policy directives, with the State-owned Assets Supervision and Administration Commission (SASAC) aiming for strategic mergers covering over 70% of key industries by 2025 [3]. - Each province has adopted unique integration strategies: Guizhou's coal and renewable energy integration, Henan's coal-to-nylon material synergy, and Sichuan's consolidation of hydropower resources [3]. Group 3: Market Reaction and Capital Dynamics - The news of energy group integrations has led to a surge in energy stocks, with companies like Panjiang Coal and Electricity Co. seeing a 42% increase in market value within a week, and other firms experiencing significant trading activity [4]. - The market's strong response is attributed to the enhanced anti-cyclical capabilities of the newly formed energy giants, which can lower costs and support long-term renewable energy strategies [4]. Group 4: Underlying Logic and Energy Sovereignty - The integration is not merely an asset consolidation but a strategic move towards energy sovereignty, addressing the challenges faced by traditional coal-producing provinces [5]. - The merging entities are innovating by repurposing resources, such as converting abandoned coal mines into energy storage facilities and enhancing hydrogen production efficiency [5]. Group 5: Regional Differentiation and Global Strategy - The newly formed energy giants are expected to pursue differentiated strategies based on regional resources while aiming for a stronger presence in the global energy market [6]. - Various regions are focusing on specific energy developments, such as hydropower in the southwest and coal chemical transformations in central China [6]. Group 6: International Engagement and Future Prospects - Chinese provincial energy groups are increasingly taking on roles in international energy governance, with notable acquisitions and partnerships aimed at securing critical mineral supplies and advancing renewable technologies [7]. - The ongoing integration signifies a profound transformation in China's energy system, addressing both domestic energy security and contributing to global carbon neutrality efforts [8].

盘江股份（600395）(600395.SH)发布三季度主要生产经营数据，1-9月商品煤产量751.86万吨，同比增 长8.74%。 ...

智通财经APP讯， 盘江股份(600395.SH)发布三季度主要生产经营数据，1-9月商品煤产量751.86万吨， 同比增长8.74%。 ...

Core Insights - The company, Panjiang Coal (600395), reported its third-quarter production and operational data on October 14, indicating a significant increase in coal production and sales for the first three quarters of the year [1] Production Data - The total coal production for the first three quarters reached 7.5186 million tons, reflecting a year-on-year increase of 8.74% [1] - The coal sales for the same period amounted to 7.5167 million tons, showing a year-on-year growth of 8% [1]

贵州盘江精煤股份有限公司 2025 年第三季度主要生产经营数据公告 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《上海证券交易所上市公司自律监管指引第 3 号——行业信息披 露指引》（第二号——煤炭和第三号——电力）要求，现将公司 2025 年第 三季度主要生产经营数据公告如下： 证券代码：600395 证券简称：盘江股份 编号：临 2025-047 以上生产经营数据为投资者及时了解公司生产经营概况之用，未经审 计，敬请广大投资者审慎使用并注意投资风险。 特此公告。 贵州盘江精煤股份有限公司董事会 2025 年 10 月 14 日 | 指标项目 | 2025 年 | 1-9 | 月 | 2024 | 年 1-9 | 月 | 变动比例（%） | | --- | --- | --- | --- | --- | --- | --- | --- | | 1.煤炭业务 | | | | | | | | | 商品煤产量（万吨） | | 751.86 | | | 691.44 | | 8.74 | | 商品煤销量（万吨） | | 75 ...

Core Insights - The article discusses the accelerated integration of provincial energy groups in China, particularly in Guizhou, Henan, and Sichuan, leading to a significant restructuring of the energy sector with investments exceeding 500 billion yuan [1][2]. Group 1: Integration Overview - The integration actions in Guizhou, Henan, and Sichuan have surpassed market expectations, with a total merger scale exceeding 500 billion yuan, involving coal production capacity of 1 billion tons and nearly 80 million kilowatts of installed power capacity [1][2]. - The restructuring is driven by policy directives from the State-owned Assets Supervision and Administration Commission, aiming for strategic mergers covering over 70% of key industries by 2025 [2]. Group 2: Capital Market Reaction - The news of energy group integrations has led to a surge in energy stocks, with companies like Panjiang Coal and Electricity Co. seeing a 42% increase in market value within a week of the announcement [3]. - The strong market response is attributed to the enhanced anti-cyclical capabilities of the newly formed energy giants, which can lower costs and support long-term renewable energy strategies [3]. Group 3: Strategic Implications - The integration is not merely an asset consolidation but a strategic move towards enhancing energy sovereignty and addressing the "resource curse" faced by traditional coal-producing provinces [4]. - The new energy groups are focusing on cross-sector integration, such as combining coal and renewable energy, to create complementary industries and improve overall efficiency [4]. Group 4: Regional Development Strategies - Different provinces are adopting differentiated strategies based on their resource endowments, with plans for large-scale hydropower projects in Southwest China and coal chemical transformations in Central China [5]. - On the international front, provincial energy groups are expanding their influence, engaging in acquisitions and partnerships to secure critical mineral supplies and establish a presence in global energy markets [5]. Conclusion - The ongoing integration of provincial energy groups represents a profound transformation in China's energy system, addressing both traditional energy challenges and paving the way for a sustainable future [6].