贵州盘江精煤股份有限公司 内幕信息知情人登记管理制度 第一章 总则 第一条 为进一步规范贵州盘江精煤股份有限公司（以下简称"公司"） 的内幕信息管理行为，加强内幕信息保密工作，以维护信息披露的公平原 则，根据《公司法》《证券法》《上海证券交易所股票上市规则》《上市公司 信息披露管理办法》《上市公司监管指引第 5 号——上市公司内幕信息知情 人登记管理制度》等有关法律、法规和《公司章程》的有关规定，制定本 制度。 第二条 公司董事会是内幕信息的管理机构，董事长为主要责任人， 董事会秘书负责办理公司内幕信息知情人的登记入档和报送事宜。公司董 事会办公室负责协助董事会秘书做好公司内幕信息知情人的登记、存档的 日常工作。董事长和董事会秘书应当对内幕信息知情人档案的真实、准确 和完整签署书面确认意见。 第三条 未经董事会批准同意，公司任何部门和个人不得向外界泄露、 报道、传送涉及公司的内幕信息。对外报道、传送的文件、录音（像）带、 光盘等涉及内幕信息的资料，须经董事会秘书审核同意（并视重要程度呈 报董事会审核），方可对外报道、传送。 第四条 公司董事、高级管理人员及公司各部门、分公司、控股子公 司负责人及能够施加重大影 ...

贵州盘江精煤股份有限公司 重大信息内部报告制度 第一章 总则 第一条 为规范贵州盘江精煤股份有限公司（以下简称"公司"）重大信 息的内部报告工作，确保公司内部重大信息的快速传递、归集和有效管理， 及时、真实、准确、完整、公平地披露所有对公司股票及其衍生品种交易 价格可能产生较大影响的信息，维护股东和其他利益相关者的合法权益， 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司信 息披露管理办法》《上海证券交易所股票上市规则》等法律法规、规范性 文件及《公司章程》《公司信息披露事务管理制度》的有关规定，结合公 司实际，制定本制度。 第二条 公司重大信息内部报告是指当出现、发生或即将发生可能对 公司股票及其衍生品种交易价格产生较大影响的情形或事件时，按照本制 度规定负有报告义务的有关人员、部门和机构，应当及时将有关信息通过 董事会秘书向公司董事会报告。 第三条 本制度所称报告义务人包括公司控股股东、实际控制人、持 有公司 5%以上股份的股东，公司董事、高级管理人员、各部门负责人、分 公司、全资子公司及其负责人、各控股子公司及其董事、高级管理人员、 公司派驻参股公司的董事、高级管理人员以及公司各部门中重 ...

第三条 本制度所称"信息披露义务人"，是指公司及公司董事、高 级管理人员、股东、实际控制人，收购人，重大资产重组、再融资、重大 交易有关各方等自然人、单位及其相关人员，破产管理人及其成员，以及 法律、行政法规和中国证监会规定的其他承担信息披露义务的主体。 第四条 本制度适用于如下人员和机构： 第一条 为规范贵州盘江精煤股份有限公司（以下简称"公司"）及 相关信息披露义务人的信息披露行为，加强公司信息披露事务管理，明确 公司内部（含控股子公司）和有关人员的信息披露职责范围和保密责任， 提高信息披露质量，保护公司和投资者的合法权益。根据《中华人民共和 国公司法》《中华人民共和国证券法》《上市公司信息披露管理办法》《上 市公司信息披露暂缓与豁免管理规定》《上海证券交易所股票上市规则》 （以下简称"《上市规则》"）和《上海证券交易所上市公司自律监管指 引第 2 号——信息披露事务管理》等法律、行政法规、规范性文件以及《贵 州盘江精煤股份有限公司章程》（以下简称"《公司章程》"），制定本 制度。 贵州盘江精煤股份有限公司 信息披露事务管理制度 第二条 本制度所称"信息披露"是指将所有可能对公司证券及其 衍生品种交易价格 ...

证券代码：600395 证券简称：盘江股份 编号：临 2025-037 贵州盘江精煤股份有限公司 关于公司 2024 年年度报告的信息披露监管 问询函的回复公告 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。 贵州盘江精煤股份有限公司（以下简称"盘江股份"、"上市公司"或"公司"） 于近期收到上海证券交易所《关于贵州盘江精煤股份有限公司 2024 年年度报告 的信息披露监管问询函》（上证公函【2025】0911 号）（以下简称"年报问询函"）， 公司收到年报问询函后高度重视，会同中审众环会计师事务所（特殊普通合伙） （以下简称"年审会计师"）就《年报问询函》提及的事项逐项进行了认真讨论、 核查与落实，现就问询函有关问题回复如下： 在年报问询函相关问题的回复中，若合计数与各分项数值相加之和在尾数上 存在差异，均为四舍五入所致。如无特别说明，本回复中使用的简称或名词释义 与《贵州盘江精煤股份有限公司 2024 年年度报告》一致。 一、关于货币资金和有息负债 报告期末，公司货币资金余额 17.1 亿元，占流动资产的比重为 27.22 ...

证券代码：600395 证券简称：盘江股份 编号：临 2025-036 贵州盘江精煤股份有限公司 关于向盘江新能源发电（盘州）有限公司增加投资 的公告 一、增资情况概述 （一）增资基本情况 新能源盘州公司是贵州盘江精煤股份有限公司（以下简称"公司"）所 属全资子公司。经公司第七届董事会 2025 年第六次临时会议审议通过，由 新能源盘州公司投资建设盘州市落喜河风电场项目，建设规模为 120MW， 总投资 72,117 万元。为了满足项目建设需要，按照不低于 20%的项目资本 金要求，公司拟向新能源盘州公司增加投资 14,400 万元。 （二）本次增资事项决策程序 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： 增资标的名称：盘江新能源发电（盘州）有限公司（以下简称"新能 源盘州公司"）。 增资金额：14,400 万元。 公司第七届董事会 2025 年第七次临时会议于 2025 年 7 月 18 日以通讯 方式召开，会议以 7 票同意、0 票反对、0 票弃权的表决结果审议通过了《关 于向盘江新能源发电（盘州）有限 ...

证券代码：600395 证券简称：盘江股份 编号：临 2025-035 贵州盘江精煤股份有限公司 第七届董事会 2025 年第七次临时会议决议公告 表决结果：7 票同意，0 票反对，0 票弃权。内容详见上海证券交易所 网站（http://www.sse.com.cn）公司公告（临 2025-036）。 会议同意公司以非公开协议方式向全资子公司盘江新能源发电（盘州） 有限公司增加投资 14,400 万元，认缴其新增注册资本 14,400 万元，用于盘 州市落喜河风电场项目建设。 二、关于修改部分公司治理制度的议案 表决结果：7 票同意，0 票反对，0 票弃权。修改后的制度全文详见上 海证券交易所网站（http://www.sse.com.cn）。 为进一步规范公司运作，提高公司治理水平，会议同意公司对以下公 司治理制度进行修改： - 1 - 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。 贵州盘江精煤股份有限公司（以下简称"公司"）第七届董事会 2025 年 第七次临时会议于 2025 年 7 月 18 日以通讯方式召开。会议由 ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9]. Core Insights - The coal sector is currently characterized by low capacity utilization, high inventory levels, and poor profitability, indicating a significant oversupply situation. This suggests a higher likelihood of "anti-involution" measures being effective. Additionally, the coal sector is undervalued, with coking coal showing the highest valuation advantage, followed by thermal coal [2][7]. - Companies such as Pingmei Shenma, Panjiang, Shanmei International, Kailuan, Hengyuan Coal Power, and Gansu Energy show greater elasticity in their operations. However, when considering investment safety (debt ratios), Pingmei Shenma, Kailuan, Hengyuan Coal Power, and Jinkong Coal are more favorable [2][7]. Summary by Sections Market Performance - The coal index (Yangtze) fell by 0.69%, underperforming the CSI 300 index by 1.78 percentage points, ranking 27th out of 32 industries. The thermal coal market price as of July 18 was 642 CNY/ton, up by 10 CNY/ton week-on-week. The outlook suggests potential short-term price increases due to high temperature demand, although rising port inventories may limit sustained price growth [6][21][22]. Supply and Demand Analysis - As of July 17, the daily coal consumption across 25 provinces was 6.33 million tons, up 11.1% week-on-week. The total coal inventory was 123.41 million tons, down 0.8% from the previous week, with a usable days supply of 19.5 days, a decrease of 2.3 days [22][41]. Individual Company Analysis - The report highlights specific companies with significant operational elasticity: Pingmei Shenma, Jinkong Coal, and Shanmei International are noted as elastic stocks. For long-term stable profit leaders, China Coal Energy and China Shenhua are recommended, while for transformation and growth, Electric Power Investment and Xinji Energy are suggested [8][38]. Price Trends - The report indicates that the price of thermal coal is expected to remain supported in the short term due to tight supply conditions, while coking coal prices are also expected to maintain strength due to ongoing demand from steel production [22][49].

Group 1: Coal Sector Insights - The coal sector experienced a significant boost on July 14, with stocks like Zhengzhou Coal Power hitting the daily limit up, and other companies such as Shanxi Coal International and Liaoning Energy also seeing substantial gains [4][7]. - The China Coal Transportation and Marketing Association held a meeting emphasizing the need for coal companies to recognize the severe imbalance in supply and demand, and to strictly implement long-term contracts for electricity coal [7]. - The meeting also highlighted the importance of maintaining safety and stability in production, improving coal supply quality, and addressing "involution" competition within the industry [7]. Group 2: Market Performance - On July 14, the A-share market showed mixed results, with the Shanghai Composite Index rising by 0.27%, while the Shenzhen Component and ChiNext Index fell by 0.11% and 0.45% respectively [15]. - A total of 3,179 stocks rose, with 72 hitting the daily limit up, while 2,064 stocks declined, including 18 that hit the daily limit down [16][17]. - The total trading volume reached 14,809.22 billion CNY, with a total of 122,924.9 million shares traded [17]. Group 3: Other Sector Developments - The "anti-involution" policy is expected to stimulate market liquidity and has drawn comparisons to the "Belt and Road Initiative" in terms of its long-term narrative potential [8]. - Various sectors, including construction, steel, and cement, have expressed intentions to address structural contradictions within their industries, with specific policies anticipated to be introduced soon [9]. - In Dongguan, a new plan was released to promote high-quality service consumption, including initiatives to enhance dining experiences and expand elderly care services [11][13].

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is the early stage of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [11][12] - The underlying investment logic of coal capacity shortages remains unchanged, with short-term supply-demand balance and long-term gaps still present [11][12] - Coal prices have established a bottom and are trending towards a new platform, with high profitability, cash flow, return on equity (ROE) of 10-20%, and dividend yields over 5% for quality coal companies [11][12] - The coal sector is relatively undervalued, with overall valuation expected to improve, supported by high premiums in the primary mining rights market and a price-to-book (PB) ratio around 1 for most companies [11][12] - The coal sector is expected to maintain a tight supply-demand balance over the next 3-5 years, with quality coal companies exhibiting high barriers to entry, cash flow, dividends, and yield characteristics [11][12] Summary by Sections Coal Price Tracking - As of July 12, the market price for Qinhuangdao port thermal coal (Q5500) is 624 CNY/ton, an increase of 8 CNY/ton week-on-week [28] - The price for coking coal at Jing Tang port is 1310 CNY/ton, up 60 CNY/ton week-on-week [30] Coal Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 93.7%, down 0.3 percentage points week-on-week, while the utilization rate for coking coal mines is 85.52%, up 1.7 percentage points [11][46] - Daily coal consumption in coastal provinces increased by 6.10 thousand tons/day (+2.92%) week-on-week, while inland provinces saw a decrease of 9.50 thousand tons/day (-2.61%) [11][47] Coal Inventory Situation - As of July 10, coal inventory in coastal provinces decreased by 785 thousand tons (-2.18%) week-on-week, while inland provinces saw a slight decrease of 0.70 thousand tons (-0.01%) [11][47] Key Companies to Watch - Focus on stable and robust performers such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy [12] - Attention to companies with significant upside potential like Yanzhou Coal Mining, China Power Investment, and Guanghui Energy [12]

Group 1 - The company expects a net profit attributable to shareholders of the parent company for the first half of 2025 to be between -5.51 million and -4.60 million yuan, indicating a loss compared to the same period last year [1][2] - The expected net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is projected to be between -19.80 million and -16.80 million yuan [1][2] - The previous year's total profit was 107.33 million yuan, with a net profit attributable to shareholders of the parent company of 37.27 million yuan, and a net profit after deducting non-recurring gains and losses of -45.51 million yuan [1][2] Group 2 - The primary reasons for the expected loss include a decline in market demand for coal due to the return of natural gas prices, along with sufficient supply and reduced logistics costs, leading to weak international and domestic coal prices [2]