证券日报网讯 11月24日晚间，盘江股份发布公告称，公司所属全资子公司。经公司第七届董事会2025 年第二次临时会议和公司2025年第一次临时股东会审议通过，由盘江（普定）发电有限公司（简称"普 定发电公司"）投资建设贵州能源普定电厂项目，项目总投资为666，994万元。为了满足项目建设需 要，按照不低于20%的项目资本金要求，公司拟向普定发电公司增加投资133，400万元。公司第七届董 事会2025年第十一次临时会议于2025年11月24日以通讯方式召开，审议通过了《关于向盘江（普定）发 电有限公司增加投资的议案》。该事项属于公司董事会审批权限，无需提交股东会审议。 （文章来源：证券日报） ...

11月24日晚间盘江股份（600395）公告，为了满足项目建设需要，按照不低于20%的项目资本金要求， 公司拟向盘江（普定）发电有限公司（下称"普定发电公司"）增资13.34亿元。 普定发电公司是盘江股份所属全资子公司。此前，上市公司审议通过相关议案，由普定发电公司投资建 设贵州能源普定电厂项目，项目总投资为66.7亿元，拟建设2×660MW高效二次再热超超临界燃煤发电 机组，同步建设烟气除尘、脱硫、脱硝装置等配套项目，计划工期25个月，该项目已取得贵州省能源局 《关于普定电厂项目核准的批复》和《省国资委关于同意能源集团自主实施贵州能源普定电厂项目的批 复》。 盘江股份是以煤炭生产、先进煤电及新能源发电一体化发展为主导，融合资源综合利用、机械加工制 造、矿山综合服务为一体的综合型能源企业。公司业务主要涉及煤炭和电力两个行业。 根据发展战略，该公司将以盘江新光和盘江普定两个火电厂为中心，按照成熟一个推进一个的原则，加 快发展新能源发电项目，努力建成盘州和安顺两个多能互补新型综合能源基地，提高公司能源安全保障 水平和清洁能源供应能力，增强公司的盈利能力和抗风险能力。 截至2025年半年报，盘江股份已采用超超临界二 ...

Group 1 - Huafeng Co., Ltd. announced a stock suspension due to a potential change in control after signing a share transfer intention agreement [1] - Keshida plans to reduce its shareholding by up to 424,000 shares, representing 0.07% of its total share capital [1] - Jinqilin intends to distribute a cash dividend of 0.10 yuan per share, totaling 19.61 million yuan [1] Group 2 - Rejingshi Biotech has repurchased 904,100 shares, accounting for 0.98% of its total share capital, with a total expenditure of 150 million yuan [2] - Yishitong has repurchased 1,236,500 shares, representing 0.619% of its total share capital, with a total expenditure of approximately 33.49 million yuan [2] Group 3 - Hanjia Design announced the release of a detention on its subsidiary's chairman, allowing him to resume duties [4] - Qingmu Technology plans to acquire 65.83% of Vitalis Pharma AS for 300 million Norwegian Krone (approximately 212 million yuan) [4] - Anda Intelligent's shareholder plans to reduce its stake by up to 2.74% [4] Group 4 - Wansheng Intelligent is a candidate for a project with a pre-bid amount of approximately 42.99 million yuan, representing 4.56% of its audited revenue for 2024 [4] - Yipin Hong received a drug registration certificate for a medication used to treat Alzheimer's symptoms [4] Group 5 - *ST Sansheng received a total of 254 million yuan from restructuring investors [4] - Haichuang Pharmaceutical received approval for clinical trials of HP518 tablets for advanced prostate cancer treatment [4] Group 6 - Ningbo Huaxiang's subsidiary plans to invest 5 million yuan in a venture capital fund focusing on intelligent industries [4] - Petty Co. plans to repurchase shares worth 50 to 70 million yuan [4] Group 7 - Tongji Technology's subsidiary won a construction project with a bid price of 866 million yuan [4] - Prolo Pharmaceutical received a drug registration certificate for a generic drug [4] Group 8 - Jingyan Technology plans to use up to 1.6 billion yuan of idle funds for financial management [4] - Furan De received government subsidies totaling 34.65 million yuan [4] Group 9 - David Medical's subsidiary's medical device registration has been accepted [4] - Jusaylong plans to increase its subsidiary's capital by 170 million yuan through debt-to-equity conversion [4] Group 10 - Heng Rui Pharmaceutical's application for a drug license has been accepted by the National Medical Products Administration [4] - Lege Co. plans to increase its stake in the company by 40 to 80 million yuan [4] Group 11 - New Beiyang's subsidiary won a project with the Bank of Communications [4] - Jiangxi Changyun plans to publicly transfer land use rights and buildings with a starting price of 7.79 million yuan [4] Group 12 - Shenqi Pharmaceutical's subsidiary has paid approximately 16.67 million yuan in tax and penalties [4] - Panjiang Co. plans to invest 1.334 billion yuan in a power plant project [4] Group 13 - Fashilong's vice president resigned for personal reasons [4] - Chunxue Food received government subsidies of 3.79 million yuan [4] Group 14 - China Galaxy completed the repayment of a short-term financing bond totaling 3.025 billion yuan [4] - Jiuzhou Pharmaceutical received approval for a chemical raw material drug [4] Group 15 - Longqi Technology's subsidiary plans to invest 30 million yuan in a venture capital fund [4]

11月24日，盘江股份公告，公司拟以货币方式出资13.34亿元，认缴普定发电公司新增注册资本13.34亿 元，增资资金按项目建设进度分阶段出资到位。增资完成后，普定发电公司注册资本为23.34亿元，公 司仍持有其100%股权。 据悉，普定发电公司是盘江股份所属全资子公司。普定发电公司投资建设贵州能源普定电厂项目，项目 总投资66.7亿元，建设2×660MW高效二次再热超超临界燃煤发电机组，同步建设烟气除尘、脱硫、脱 硝装置等配套项目，计划工期25个月。 截至2025年6月30日，普定发电公司资产总额57.03亿元，负债总额47.06亿元，净资产9.97亿元，资产负 债率为82.51%。2025年1月~6月，普定发电公司营业收入11.66亿元，净利润7268.88万元（以上数据未 经审计）。 根据公告，本次增资主要用于投资建设贵州能源普定电厂项目，包括但不限于项目三大主机采购款、 EPC工程款、征地搬迁款及其他费用等。当增资资金有结余时，可将结余资金用于主业其他投资项目。 盘江股份称，本次增加投资的资金来源为公司的自有资金，根据项目建设进度分阶段出资到位。本次投 资金额占公司最近一期经审计净资产的12.80%， ...

证券代码：600395 证券简称：盘江股份 编号：临 2025-056 贵州盘江精煤股份有限公司 关于向盘江（普定）发电有限公司增加投资的公告 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： 增资标的名称：盘江（普定）发电有限公司（以下简称"普定发电公 司"）。 增资金额：133,400 万元。 一、增资情况概述 （一）增资基本情况 普定发电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 年第二次临时会议和公司 2025 年 第一次临时股东会审议通过，由普定发电公司投资建设贵州能源普定电厂 项目，项目总投资为 666,994 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，公司拟向普定发电公司增加投资 133,400 万元。 （二）本次增资事项决策程序 公司第七届董事会 2025 年第十一次临时会议于 2025 年 11 月 24 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（普定）发电有限公司 ...

证券代码：600395 证券简称：盘江股份 编号：临 2025-055 贵州盘江精煤股份有限公司 第七届董事会 2025 年第十一次临时会议决议公告 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。 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 第十一次临时会议于 2025 年 11 月 24 日以通讯方式召开。会议由公司董事 长纪绍思先生主持，应参加会议董事 7 人，实际参加会议董事 7 人。会议 符合《公司法》和《公司章程》等有关规定，合法有效。 出席会议的董事经过认真审议，以记名投票的表决方式，审议通过了 以下议案： 一、关于调整公司内部管理机构的议案 表决结果：7 票同意，0 票反对，0 票弃权。 二、关于向盘江（普定）发电有限公司增加投资的议案 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 2025-056）。 为满足项目建设资金需求，会议同意公司以非公开协议方式向全资子 公司盘江（普定）发电有限公司增加投 ...

盘江股份（600395）(600395.SH)发布公告，盘江(普定)发电有限公司(简称"普定发电公司")是公司所属 全资子公司。经公司第七届董事会2025年第二次临时会议和公司2025年第一次临时股东会审议通过，由 普定发电公司投资建设贵州能源普定电厂项目，项目总投资为66.7亿元。为了满足项目建设需要，按照 不低于20%的项目资本金要求，公司拟向普定发电公司增加投资13.34亿元。 ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [1] Core Views - The report indicates that the new long-term contracts for thermal coal remain unchanged, supporting a stable pricing logic [3] - Thermal coal prices have risen, with the Qinhuangdao Q5500 thermal coal closing at 834 CNY/ton as of November 21, remaining flat week-on-week, while the Guangzhou port price has reached 890 CNY, achieving the previously indicated profit-sharing target of 750 CNY [3][4] - The increase in thermal coal prices is attributed to a combination of supply contraction and a surge in demand due to colder weather in northern regions [4] - The report outlines a four-step process for the upward movement of thermal coal prices, including the restoration of central and local long-term contracts, reaching a profit-sharing line for coal and power companies, and approaching the breakeven point for power plants [4][13] - The report predicts that the price of thermal coal will range between 800 CNY and 860 CNY, with a breakeven point at 860 CNY [4][13] Summary by Sections Thermal Coal Market - As of November 21, the price of Qinhuangdao Q5500 thermal coal is 834 CNY/ton, unchanged from the previous week [17] - The Guangzhou port price for thermal coal has increased to 890 CNY/ton, achieving the profit-sharing target [3][17] - The report notes a significant increase in port inventories and a rise in daily consumption at coastal power plants [17][18] Coking Coal Market - The price of coking coal at the Jing Tang port is reported at 1780 CNY/ton, down from 1860 CNY/ton [18] - The report highlights a strong correlation between coking coal prices and thermal coal prices, with a current ratio of 2.4 times [4][13] - The report suggests that the target prices for coking coal, based on the thermal coal price movements, are set at 1608 CNY, 1680 CNY, 1800 CNY, and 2064 CNY [4][13] Investment Recommendations - The report identifies four main investment lines in the coal sector: 1. Cyclical logic: Companies like Jinko Coal and Yanzhou Coal 2. Dividend logic: Companies such as China Shenhua and Zhongmei Energy 3. Diversified aluminum elasticity: Companies like Shenhua Holdings and Electric Power Investment 4. Growth logic: Companies such as Xinji Energy and Guanghui Energy [5][14]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The report indicates that the coal industry is at the beginning of a new upward cycle, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal stocks on dips [12][13] - The report highlights a tight supply situation, with coal prices stabilizing at a new platform, and emphasizes the high profitability, cash flow, and dividend yield of quality coal companies [12][13] - The report suggests that the coal sector is undervalued and has potential for valuation enhancement, with a focus on high dividend yields and cyclical elasticity [12][13] Summary by Sections Coal Price Tracking - As of November 22, the market price for Qinhuangdao port thermal coal (Q5500) is 827 RMB/ton, unchanged from the previous week [28] - The price for thermal coal from Shanxi at the pit head is 780 RMB/ton, up by 15 RMB/ton week-on-week [28] - International thermal coal prices have seen slight increases, with Newcastle thermal coal at 86.5 USD/ton, up by 1.5 USD/ton [28] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.5%, an increase of 0.3 percentage points week-on-week [46] - Daily coal consumption in 17 inland provinces has increased by 14.7 thousand tons/day, a rise of 4.37% week-on-week [12] - The report notes that the daily coal consumption in 8 coastal provinces has also risen by 7.5 thousand tons/day, up by 4.18% week-on-week [12] Coal Inventory Situation - Coal inventories in coastal provinces increased by 25.5 thousand tons week-on-week, while inland provinces saw an increase of 89.1 thousand tons [12] - The report indicates a decrease in available days of coal supply in both coastal and inland regions [12] Company Performance - The report emphasizes the strong performance of companies like China Shenhua, Shaanxi Coal and Chemical Industry, and others, which are expected to maintain stable operations and robust earnings [13] - It also highlights companies with higher elasticity such as Yanzhou Coal Mining Company and others, suggesting they are worth monitoring [13]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the price of thermal coal has surpassed the target of 800 yuan, with the current price at 834 yuan per ton as of November 14, reflecting a slight increase. The price at Guangzhou Port has reached 880 yuan, achieving the previously set target of 750 yuan for coal-electricity profit sharing. The price increase is attributed to supply contraction and a surge in demand due to the northern cold wave [3][4] - The report outlines that the price of coking coal has rebounded significantly from a low of 1230 yuan in July to 1860 yuan per ton as of November 14, with a notable increase in futures prices as well [3][4] - The investment logic suggests that both thermal and coking coal prices are at a turning point, with thermal coal prices expected to follow a four-step recovery process, ultimately reaching a balance point around 860 yuan [4][13] Summary by Sections Investment Logic - Thermal coal is categorized as a policy-driven commodity, with price recovery expected to follow a structured process involving the restoration of long-term contracts and achieving profit-sharing targets. The ideal target price for coal-electricity profit sharing is projected to be around 750 yuan for 2025, with an anticipated price range of 800-860 yuan [4][13] - Coking coal prices are more influenced by market dynamics, with target prices linked to the ratio of coking coal to thermal coal prices. The current ratio suggests target prices for coking coal at 1608 yuan, 1680 yuan, 1800 yuan, and 2064 yuan corresponding to thermal coal's price targets [4][13] Investment Recommendations - The report identifies four main investment lines in the coal sector: 1. **Cyclical Logic**: Companies like Jinko Coal and Yanzhou Coal Mining are highlighted for their potential in thermal coal. 2. **Dividend Logic**: Companies such as China Shenhua and China Coal Energy are noted for their strong dividend potential. 3. **Diversified Aluminum Elasticity**: Companies like Shenhua Holdings and Electric Power Investment are mentioned. 4. **Growth Logic**: New Energy and Guanghui Energy are recognized for their growth potential [5][14] Key Market Indicators - The coal index experienced a slight decline of 0.96%, outperforming the CSI 300 index by 0.12 percentage points. The average PE ratio for the coal sector is reported at 15.9, while the PB ratio stands at 1.42, indicating a relatively low valuation compared to other sectors [8][26][30]