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]

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 [4][12] - The coal price is expected to rise due to factors such as cold weather and low inventory levels at ports, which may drive demand quickly [4][12] - The coal sector remains undervalued, with a strong potential for price recovery and high dividend yields, making it a favorable investment opportunity [4][12] Summary by Sections Coal Price Tracking - As of November 15, the market price for Qinhuangdao port thermal coal (Q5500) is 827 CNY/ton, up 19 CNY/ton week-on-week [3][29] - The price for coking coal at Jing Tang port is 1830 CNY/ton, an increase of 30 CNY/ton week-on-week [3][31] Supply and Demand Tracking - The capacity utilization rate for thermal coal mines is 91.2%, up 0.1 percentage points week-on-week, while for coking coal it is 86.28%, up 2.5 percentage points [4][12] - Daily coal consumption in inland provinces increased by 12.3 thousand tons/day (+3.8%), while consumption in coastal provinces decreased by 8.0 thousand tons/day (-4.26%) [4][12] Inventory Situation - Coal inventory in coastal provinces increased by 464 thousand tons week-on-week, while inland provinces saw an increase of 2.517 million tons [4][12] Company Performance - The coal sector's performance is highlighted by companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining Company, which are noted for their stable operations and strong earnings [13][14]

Core Viewpoint - The announcement by Panjiang Coal indicates the completion of the absorption merger between Guizhou Energy Group and Wujang Energy Group, which consolidates assets and liabilities under Guizhou Energy Group [2] Group 1: Merger Details - Guizhou Energy Group and Wujang Energy Group signed an absorption merger agreement, encompassing all assets, debts, licenses, qualifications, businesses, and external investments of Wujang Energy Group [2] - The absorption merger has been completed, resulting in the legal cancellation of Wujang Energy Group and the successful update of business registration for Guizhou Energy Group [2]

Core Viewpoint - The announcement details the completion of the absorption merger between Guizhou Energy Group and Wujiang Energy Group, with all assets, debts, and business operations of Wujiang Energy Group being transferred to Guizhou Energy Group [1] Group 1 - Guizhou Energy Group and Wujiang Energy Group signed an absorption merger agreement [1] - The merger includes all assets, debts, licenses, qualifications, business operations, and external investments of Wujiang Energy Group [1] - Wujiang Energy Group has been legally deregistered following the completion of the merger [1] Group 2 - Guizhou Energy Group has completed the necessary changes in business registration and has received a new business license [1] - The new company name is Guizhou Energy Group Co., Ltd., with the unified social credit code 91520000214650279K [1]

证券代码：600395 证券简称：盘江股份 编号：临 2025-054 贵州盘江精煤股份有限公司 关于控股股东吸收合并完成工商信息变更的公告 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。 贵州盘江精煤股份有限公司（以下简称"公司"）于 2025 年 9 月 10 日披 露了《关于控股股东吸收合并的进展公告》（公告编号：临 2025-045），贵 州能源集团有限公司（以下简称"贵州能源集团"）与贵州乌江能源集团有 限责任公司（以下简称"乌江能源集团"）双方签署《吸收合并协议》，乌 江能源集团的全部资产、债权债务、证照资质、业务、对外投资等均纳入 本次吸收合并范围，吸收合并后，乌江能源集团债权债务、乌江能源集团 持有其他公司的股权均由贵州能源集团承继。现吸收合并事项已于近日完 成，乌江能源集团已依法注销，贵州能源集团已完成工商信息变更事项， 并领取新的营业执照。现将相关信息公告如下。 4.法定代表人：胡永忠 5.住所：贵州省贵阳市观山湖区林城西路 95 号 6.经营范围：法律、法规、国务院决定规定禁止的不得经营；法律、法 规、国 ...

Group 1 - The core point of the announcement is the resolution of the first extraordinary general meeting of shareholders of Guizhou Panjiang Coal Industry Co., Ltd. held on November 12, 2025, with all proposed resolutions being approved [1][2][4][5]. - The meeting was convened in accordance with the Company Law and the Articles of Association, with a combination of on-site and online voting methods [2][4]. - The meeting was attended by 6 out of 7 current directors, with the chairman absent due to work commitments [3]. Group 2 - The resolutions passed include the investment in the Guizhou Energy Puding Power Plant project, providing guarantees for financing to Guizhou Panjiang Mayi Coal Industry Co., Ltd. and Guizhou Panjiang Hengpu Coal Industry Co., Ltd., and the incentive assessment for the vice chairman for the year 2023 [4][5]. - The appointment of financial auditing and internal control auditing institutions for the year 2025 was also approved [5]. - The legal opinion provided by Beijing Guofeng Law Firm confirmed that the meeting's procedures and resolutions were in compliance with relevant laws and regulations [5].

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于贵州盘江精煤股份有限公司 2025 年第一次临时股东会的 法律意见书 国枫律股字[2025] A0539 号 本所律师根据《公司法》《证券法》《上市公司股东会规则》《证券法律业务管理 办法》《证券法律业务执业规则》等相关法律、行政法规、规章、规范性文件的要求， 按照律师行业公认的业务标准、道德规范和勤勉尽责精神，对贵公司提供的有关文件和 有关事项进行了核查和验证，现出具法律意见如下： 一、本次会议的召集、召开程序 致：贵州盘江精煤股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2025 年第一次临时股东会（以下简称"本次会议"）。 本所律师根据《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》"）、《上市公司股东会规则》、《律师事务 所从事证券法律业务管理办法》（以下简称"《证券法律业务管理办法》"）、《律师事务所 证 ...

贵州盘江精煤股份有限公司 2025年第一次临时股东会决议公告 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。 重要内容提示： 证券代码：600395 证券简称：盘江股份 公告编号：临 2025-053 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2025 年 11 月 12 日 (二)股东会召开的地点：贵州省盘州市红果经济开发区干沟桥盘江股份七楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 505 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,243,836,801 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例 | 57.9438 | | （%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次股东会由公司董事会召集，副董事长杨德金先生主持，会议采取现场记名投票 和网络投票相结合的表决方式进行投票。本次会议的召集、 ...