证券代码：600395 证券简称：盘江股份 公告编号：临 2025-057 贵州盘江精煤股份有限公司 关于控股股东增持公司股份计划实施完毕 暨增持结果的公告 本公司董事会、全体董事及相关股东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： 已披露增持计划情况 贵州盘江精煤股份有限公司（以下简称"公司"）控股股东贵州能源集团有限公司 （以下简称"贵州能源集团"）拟于 2024 年 12 月 28 日起 12 个月内通过上海证券交易 所交易系统以集中竞价交易方式增持公司 A 股股份，增持总金额不低于人民币 0.6 亿元， 不超过人民币 1.2 亿元（以下简称"本次增持计划"）。具体内容详见公司 2024 年 12 月 28 日在上海证券交易所网站（www.sse.com.cn）披露的《关于控股股东增持公司股份计 划的公告》（公告编号：临 2024-086）。 本次增持计划的实施结果 截至 2025 年 12 月 26 日，贵州能源集团通过上海证券交易所交易系统以集中竞价 交易方式累计增持公司 17,833,500 股 A 股股份，约占公司 ...

北京中伦（成都）律师事务所 关于贵州盘江精煤股份有限公司 控股股东增持公司股份的 专项核查意见 二〇二五年十二月 | 一、本次增持人的主体资格 3 | | --- | | 二、本次增持情况 5 | | 三、本次增持属于《收购管理办法》规定的免于发出要约的情形 5 | | 四、本次增持的信息披露 6 | | 五、结论意见 7 | 北京中伦（成都）律师事务所 关于贵州盘江精煤股份有限公司 控股股东增持公司股份的 专项核查意见 致：贵州能源集团有限公司 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》"）、《上市公司收购管理办法》（以下简称"《收购 管理办法》"）、《上海证券交易所上市公司自律监管指引第 8 号——股份变动管 理》（以下简称"《自律监管指引第 8 号》"）等法律、法规和规范性文件的规定， 北京中伦（成都）律师事务所（简称"本所"）接受贵州能源集团有限公司（以 下简称"贵州能源"）委托，就贵州能源增持贵州盘江精煤股份有限公司（以下 简称"盘江股份"或"上市公司"）股份的相关事宜，出具本专项核查意见。 为出具本专项核查意见，本所律师作出如下声明： ...

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle for the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [10][11] - The supply-side constraints that have been in place since July remain, suggesting limited downside risk for coal prices, which are expected to stabilize [10][11] - The coal sector is characterized by high profitability, cash flow, return on equity (ROE) of 10-15%, and dividend yields exceeding 5%, indicating strong core asset attributes [10][11] - The coal assets are relatively undervalued, with expectations for overall valuation improvement, supported by high premiums in the primary mining rights market [10][11] - The coal sector is expected to maintain a tight supply-demand balance over the next 3-5 years, with high barriers to entry and strong cash flow characteristics [10][11] Summary by Sections Coal Price Tracking - As of December 13, the market price for Qinhuangdao port thermal coal (Q5500) is 753 CNY/ton, down 38 CNY/ton week-on-week [27] - The international thermal coal offshore price for Newcastle NEWC5500 is 78.0 USD/ton, down 6.0 USD/ton week-on-week [27] - The price for coking coal at Jing Tang port remains stable at 1650 CNY/ton [29] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 92.5%, an increase of 1.0 percentage point week-on-week [44] - The daily coal consumption in inland provinces has increased by 6.20 thousand tons/day (+1.61%) [45] - The daily coal consumption in coastal provinces has increased by 2.00 thousand tons/day (+1.01%) [45] Inventory Situation - As of December 11, coal inventory in inland provinces has decreased by 11.90 thousand tons week-on-week, while coastal provinces saw a reduction of 71.10 thousand tons [45] - The available days of coal in inland provinces have decreased by 0.50 days week-on-week [45] Key Companies to Watch - Focus on stable operators with solid performance such as China Shenhua, Shaanxi Coal, and China Coal Energy [11] - Pay attention to companies with higher elasticity like Yanzhou Coal, Electric Power Energy, and Guanghui Energy [11] - Consider high-quality metallurgical coal companies such as Huaibei Mining and Lu'an Environmental Energy [11]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle for the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [11][12] - The supply side constraints are expected to support prices despite high inventory levels and mild weather conditions, with coal prices anticipated to exhibit a bottoming and oscillating trend [11][12] - The underlying investment logic of coal capacity shortages remains unchanged, with a balanced short-term supply-demand scenario and a long-term gap still present [11][12] Summary by Sections Coal Price Tracking - As of December 6, the market price for Qinhuangdao port thermal coal (Q5500) is 791 RMB/ton, down 27 RMB/ton week-on-week [30] - The international thermal coal FOB price for Newcastle (NEWC5500) is 85.5 USD/ton, down 1.8 USD/ton week-on-week [30] - The price for coking coal at Jing Tang port is 1650 RMB/ton, down 60 RMB/ton week-on-week [32] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.5%, an increase of 0.2 percentage points week-on-week [48] - The daily coal consumption in inland 17 provinces has increased by 32.10 thousand tons/day, a rise of 9.07% week-on-week [47] - The daily coal consumption in coastal 8 provinces has increased by 10.70 thousand tons/day, a rise of 5.72% week-on-week [47] Inventory Situation - The coal inventory in inland 17 provinces has decreased by 100.60 thousand tons, a decline of 0.99% week-on-week [47] - The coal inventory in coastal 8 provinces has increased by 51.10 thousand tons, an increase of 1.48% week-on-week [47] Company Performance - The coal sector has shown a positive performance with a 0.77% increase, although it underperformed compared to the broader market [14][17] - Key companies to focus on include China Shenhua, Shaanxi Coal, and Yanzhou Coal, which are noted for their stable operations and strong performance [12][13]

Market Overview - The Investment Clock Index (399391) closed at 3348.4 points, down 0.13%, with a trading volume of 67.987 billion yuan and a turnover rate of 0.74% [1] - Among the index constituents, 28 stocks rose while 71 stocks fell, with China High-Tech leading the gainers at an 8.25% increase and Xi'an Catering leading the decliners with a 5.74% drop [1] Top Constituents - The top ten constituents of the Investment Clock Index include: - Kweichow Moutai (16.68% weight) at 1423.98 yuan, down 0.36% [1] - China Merchants Bank (15.74% weight) at 43.22 yuan, up 0.49% [1] - Zijin Mining (7.34% weight) at 30.69 yuan, up 2.40% [1] - Wuliangye (5.26% weight) at 114.45 yuan, down 0.99% [1] - Hengrui Medicine (4.84% weight) at 61.25 yuan, up 0.46% [1] - Gree Electric Appliances (4.03% weight) at 40.94 yuan, up 0.32% [1] - Yili Industrial (3.04% weight) at 28.99 yuan, down 0.96% [1] - Northern Rare Earth (2.49% weight) at 46.66 yuan, down 1.19% [1] - Fuyao Glass (2.35% weight) at 63.82 yuan, down 1.25% [1] - Luzhou Laojiao (2.31% weight) at 127.71 yuan, down 3.76% [1] Capital Flow - The net outflow of main funds from the Investment Clock Index constituents totaled 3.827 billion yuan, while speculative funds saw a net inflow of 1.326 billion yuan and retail investors had a net inflow of 2.502 billion yuan [1] - Detailed capital flow for specific stocks includes: - China High-Tech with a net inflow of 1.30 billion yuan from main funds [2] - Yunnan Copper with a net inflow of 85.73 million yuan from main funds [2] - Weichai Power with a net inflow of 82.78 million yuan from main funds [2]

证券日报网讯 12月2日，盘江股份在互动平台回答投资者提问时表示，近期公司股价波动受多重因素影 响，从市场整体看，因煤炭供大于求、消费需求增速下降，全社会煤炭库存居高不下，煤炭市场价格大 幅回落，行业利润大幅下降等因素影响，煤炭板块上市公司股价有不同程度下行。截至目前，公司生产 经营一切正常，不存在应披露而未披露的信息，重大事项均已按照相关规定和要求及时履行信息披露义 务，敬请投资者以公司在指定媒体发布的公告为准。 （文章来源：证券日报） ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [1] Core Viewpoints - The coal price has successfully crossed the fourth target, and the logic for price stability remains intact. The current dynamics are influenced by supply contraction and a surge in demand due to seasonal heating needs [3][4] - The report indicates that both thermal coal and coking coal prices are at a turning point, with thermal coal being a policy-driven commodity. The price recovery process involves several stages, including the restoration of long-term contracts and achieving a balance in profitability between coal and power companies [4][13] - The report highlights that the current coal prices are still at historical lows, providing room for a rebound, especially with the onset of the heating season and supply-side policies [5][14] Summary by Sections Industry Investment Rating - The coal industry is rated as "Positive" [1] Price Trends - As of November 28, the price of Qinhuangdao Q5500 thermal coal is 816 CNY/ton, showing a slight decrease from the previous week. The price at Guangzhou Port is 855 CNY/ton, having reached the target of 750 CNY for coal-power profitability [3][4] - Coking coal prices have also seen significant rebounds, with the price at Jing Tang Port reaching 1670 CNY/ton, up from 1230 CNY/ton in July, marking a 48.4% increase [3][4] Investment Logic - The report outlines that the price of thermal coal will follow a recovery process involving the restoration of long-term contracts and achieving a profitability balance for coal and power companies, with an ideal target price of around 750 CNY for 2025 [4][13] - Coking coal prices are more influenced by market dynamics, with target prices based on the ratio of coking coal to thermal coal prices, indicating potential target prices of 1608 CNY to 2064 CNY depending on market conditions [4][13] Investment Recommendations - The report suggests a dual logic for coal stocks: cyclical elasticity and stable dividends. It identifies four main lines for stock selection: cyclical logic, dividend logic, diversified aluminum elasticity, and growth logic [5][14] - Specific companies recommended include Jin控煤业, 兖矿能源 for cyclical logic, 中国神华, 中煤能源 for dividend logic, 神火股份, 电投能源 for diversified aluminum elasticity, and 新集能源, 广汇能源 for growth logic [5][14]

Core Viewpoint - The article discusses the performance of the Zhongzheng 1000 ETF Enhanced (561280), highlighting its recent market movements and key holdings [1]. Group 1: Fund Performance - The Zhongzheng 1000 ETF Enhanced (561280) opened with a gain of 0.56%, priced at 1.443 yuan [1]. - Since its establishment on August 31, 2023, the fund has achieved a return of 42.77%, while its return over the past month has been -4.93% [1]. Group 2: Key Holdings - Major stocks in the fund include: - Boqian New Materials, up 0.68% - Haoyuan Pharmaceutical, up 0.88% - Yingjixin, up 1.01% - Caixun Co., up 0.51% - Jinma Amusement, up 1.22% - Panjiang Co., up 0.42% - Jindawei, up 1.02% - Yiyuan Communication, up 0.69% - Minxin Co., up 0.50% - Nami Technology, up 0.48% [1].

Core Viewpoint - The company plans to increase its capital investment in its wholly-owned subsidiary, Puding Power Company, by 1.334 billion yuan to support the construction of the Guizhou Energy Puding Power Plant project, which has a total investment of 6.67 billion yuan [1][2] Group 1: Investment Details - The capital increase of 1.334 billion yuan will be used for various project costs, including procurement of main equipment, EPC engineering costs, land acquisition, and other expenses [2] - The investment amount represents 12.8% of the company's most recent audited net assets, and does not require approval from the shareholders' meeting [2] Group 2: Project Overview - The Guizhou Energy Puding Power Plant project will consist of two 660MW high-efficiency supercritical coal-fired generating units, along with supporting facilities for flue gas dust removal, desulfurization, and denitrification [1] - The project has received necessary approvals from the Guizhou Provincial Energy Bureau and the Provincial State-owned Assets Supervision and Administration Commission [1] Group 3: Financial Status of Puding Power Company - As of June 30, 2025, Puding Power Company has total assets of 5.703 billion yuan, total liabilities of 4.706 billion yuan, and net assets of 999.7 million yuan, resulting in a debt-to-asset ratio of 82.51% [1] - For the first half of 2025, Puding Power Company reported revenue of 1.166 billion yuan and a net profit of 72.688 million yuan (unaudited) [1] Group 4: Company Strategy - The company focuses on integrated development in coal production, advanced coal power, and renewable energy generation, aiming to enhance energy security and clean energy supply capabilities [2] - The company plans to accelerate the development of renewable energy projects centered around the Panzhou and Anshun multi-energy complementary energy bases [2]

Group 1 - The company plans to increase its capital by 1.334 billion yuan to its wholly-owned subsidiary, Puding Power Company, to meet project construction needs, adhering to a minimum requirement of 20% project capital [2] - The total investment for the Guizhou Energy Puding Power Plant project is 6.67 billion yuan, which includes the construction of two 660MW high-efficiency supercritical coal-fired generating units and associated pollution control facilities, with a planned construction period of 25 months [2] - As of June 30, 2025, Puding Power Company has total assets of 5.703 billion yuan, total liabilities of 4.706 billion yuan, and a net asset of 999.7 million yuan, resulting in a debt-to-asset ratio of 82.51% [2] Group 2 - The capital increase will primarily fund the construction of the Guizhou Energy Puding Power Plant, covering major equipment procurement, EPC engineering costs, land acquisition, and other expenses, with any surplus funds potentially allocated to other core investment projects [3] - The company operates as a comprehensive energy enterprise focused on coal production, advanced coal-electricity integration, and new energy generation, with business activities primarily in the coal and electricity sectors [3] - The investment amount represents 12.8% of the company's most recent audited net assets and does not require approval from the shareholders' meeting [3]