证券代码：600395 证券简称：盘江股份 编号：临 2025-049 贵州盘江精煤股份有限公司 第七届董事会 2025 年第十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 第十次临时会议于 2025 年 10 月 27 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、2025 年第三季度报告 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）。 会议认为：公司《2025 年第三季度报告》的内容和格式符合中国证监 会和上海证券交易所的各项规定，报告的内容真实、准确、完整地反映了 公司 2025 年第三季度的财务状况和经营成果，会议同意公司《2025 年第三 季度报告》。 本议案已 ...

贵州盘江精煤股份有限公司 2025 年第三季度报告 证券代码：600395 证券简称：盘江股份 贵州盘江精煤股份有限公司 2025 年第三季度报告 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： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 1 / 21 贵州盘江精煤股份有限公司 2025 年第三季度报告 一、主要财务数据 贵州盘江精煤股份有限公司 2025 年第三季度报告 （二） 非经常性损益项目和金额 √适用 □不适用 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上年同期 | | --- | --- | --- | --- | --- | | | | 增减变动幅度(%) | ...

Report Industry Investment Rating - The investment rating for the coal mining industry is "Bullish" [2] Report's Core View - Currently at the beginning of a new upward cycle in the coal economy, with fundamental and policy factors in resonance, it's a good time to allocate coal stocks on dips. The coal supply bottleneck is expected to last until the 15th Five - Year Plan. With the westward shift of coal layout and rising costs, coal prices are likely to remain high. The coal sector is a high - performance, high - cash, and high - dividend asset, and the team continues to be bullish on the coal sector and suggests investors focus on the allocation opportunities at the current stage [3][11][12] Summary by Directory I. This Week's Core View and Key Focus - **Core View**: In the current coal economic cycle, supply is tightening due to policies like "over - production inspection", and demand is expected to pick up with the "peak winter" approaching. Coal prices are expected to rise in a volatile manner. The underlying investment logic of coal capacity shortage remains unchanged, and coal stocks are of high cost - effectiveness. Suggest investors allocate on dips [3][11] - **Investment Suggestions**: Focus on stable companies like China Shenhua, Shaanxi Coal Industry; oversold and high - elasticity companies like Yankuang Energy; and high - quality coking coal companies like Lu'an Environmental Energy. Also, pay attention to Huayang Co., Ltd., Yankuang Australia, etc. [3][12] - **Key Focus**: In the first three quarters, the national raw coal output was 3.57 billion tons, a 2.0% year - on - year increase. In September, the electricity consumption increased by 4.5% year - on - year. Australia's coal exports in the first three quarters of 2025 are expected to decline by 5.3% year - on - year [13] II. This Week's Performance of Coal Sector and Individual Stocks - The coal sector rose 1.46% this week, underperforming the broader market. The CSI 300 rose 3.24% to 4660.68. The top three performing sectors were communication, electronics, and machinery [14] - The thermal coal, coking coal, and coke sectors rose 1.68%, 0.89%, and 1.08% respectively [16] - The top three gainers in the coal mining and washing sector were Shanghai Energy (5.65%), Xinji Energy (4.72%), and Pingdingshan Tianan Coal Mining Co., Ltd. (3.83%) [19] III. Coal Price Tracking - **Coal Price Index**: As of October 24, the comprehensive transaction price of CCTD Qinhuangdao thermal coal (Q5500) was 691.0 yuan/ton, up 6.0 yuan/ton week - on - week. The comprehensive average price index of Bohai Rim thermal coal (Q5500K) was 684.0 yuan/ton, up 4.0 yuan/ton week - on - week. The annual long - term contract price of CCTD Qinhuangdao thermal coal (Q5500) was 676.0 yuan/ton, up 2.0 yuan/ton month - on - month [24] - **Thermal Coal Price**: At Qinhuangdao Port, the market price of Shanxi - produced thermal coal (Q5500) was 768 yuan/ton on October 25, up 28 yuan/ton week - on - week. In production areas, prices in Shaanxi, Inner Mongolia, and Datong also increased. Internationally, some prices rose while others fell [30] - **Coking Coal Price**: At ports like Jingtang Port and Lianyungang, and in production areas like Linfen and Yanzhou, coking coal prices increased. The CIF price of Australian Peak Downs hard coking coal in China also rose [32] - **Anthracite and Pulverized Coal Price**: The car - loading price of Jiaozuo anthracite and the car - loading prices of pulverized coal in Changzhi and Yangquan increased [40] IV. Coal Supply and Demand Tracking - **Coal Mine Capacity Utilization**: As of October 24, the capacity utilization rate of sample thermal coal mines was 91%, down 0.7 percentage points week - on - week, and that of sample coking coal mines was 85.06%, down 2.3 percentage points week - on - week [45] - **Import Coal Price Difference**: As of October 24, the price difference of 5000 - kcal and 4000 - kcal thermal coal between domestic and international markets decreased [43] - **Coal - fired Power Consumption and Inventory**: Inland 17 provinces saw an increase in daily coal consumption and inventory, while coastal 8 provinces saw a decrease in daily consumption and an increase in inventory [46] - **Downstream Metallurgical Demand**: The Myspic composite steel price index rose, the price of Tangshan - produced primary metallurgical coke remained flat, the blast furnace operating rate increased, the average profit per ton of coke for independent coking enterprises decreased, the profit per ton of steel for blast furnaces increased, the iron - scrap price difference increased, and the scrap consumption ratio of pure blast furnace enterprises increased [64][65] - **Downstream Chemical and Building Materials Demand**: The prices of urea in some regions changed, the national methanol price index fell, the national ethylene glycol price index rose, the national acetic acid price index fell, the national synthetic ammonia price index rose, the national cement price index fell, the weekly coal consumption in the chemical industry decreased, the cement clinker capacity utilization rate increased, and the float glass operating rate remained flat [68][72][74] V. Coal Inventory Situation - **Thermal Coal Inventory**: Qinhuangdao Port's coal inventory increased, the inventory of 55 ports' thermal coal decreased, and the inventory of sample mines' thermal coal decreased [88] - **Coking Coal Inventory**: The production area's coking coal inventory decreased, the port's coking coal inventory increased, the coking enterprises' coking coal inventory increased, and the steel mills' coking coal inventory decreased [89] - **Coke Inventory**: The coking enterprises' coke inventory decreased, the port's coke inventory increased, and the steel mills' coke inventory decreased [91] VI. Coal Transportation Situation - **International and Domestic Coal Transportation**: As of October 24, the Baltic Dry Index (BDI) was 1991.0 points, down 78.0 points week - on - week. The average daily coal shipment volume of the Datong - Qinhuangdao Railway this week was 100.2 tons, up 0.18 tons week - on - week [104] - **Cargo - to - Ship Ratio of Four Major Ports in the Bohai Rim**: As of October 24, the inventory of four major ports in the Bohai Rim was 1430.9 tons, down 22.10 tons week - on - week, the number of anchored ships was 100, up 8 week - on - week, and the cargo - to - ship ratio was 14.3, down 1.48 week - on - week [102] VII. Weather Situation - As of October 24, the Three Gorges outflow was 11900 cubic meters per second, up 19.36% week - on - week. In the next 10 days, there will be significant precipitation in many regions, and some areas will experience more precipitation than usual. In the long - term, there will also be precipitation in some regions, and the temperature in some areas will be higher or lower than normal [109] VIII. Valuation Table and Key Announcements of Listed Companies - **Valuation Table**: The table shows the closing prices, net profits attributable to the parent company, EPS, and PE ratios of multiple listed coal companies from 2024 to 2027 [110] - **Key Announcements**: This week, companies such as Huaihe Energy, Shanxi Coking Coal, and China Shenhua made announcements regarding asset acquisitions, share pledge releases, profit distributions, and project commissioning [111][113][114]

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]

省级能源集团整合提速，煤电风光一体化重塑估值，能源资产重估行情启动。 当贵州、河南、四川三地的省级能源集团接连祭出战略性重组"大招"，一场横跨煤炭、电力、新能源领域的并购风暴正加速蔓延。从西南深山的煤电联营 到中原大地的化工布局，从长江上游的水电整合到资本市场的市值飙升，地方国企的密集动作不仅刷新了行业整合力度，更在"双碳"目标与能源安全的双 重需求下，悄然重塑中国能源供给的底层格局。 这场斥资超5000亿的整合浪潮，究竟如何推进？又将给能源行业带来哪些深远改变？ 风暴起： 三省5000亿砸向能源整合，规模超预期 2024年以来，省级能源行业整合从"零星试点"升级为"集体行动"，其中贵州、河南、四川三省的动作最为迅猛——仅前三季度，三省能源集团并购规模就 突破5000亿元，涉及煤炭产能10亿吨、电力装机近8000万千瓦，无论是资金投入还是覆盖范围，都远超市场前期预判。 这场整合并非偶然，而是政策导向下的必然选择。国务院国资委2024年发布的《关于推进国有资本布局优化和结构调整的意见》明确提出，到2025年中央 企业与地方国企的战略性重组需覆盖70%以上重点行业。政策"指挥棒"下，三省精准施策，走出了各具特色的 ...

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%。 ...