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]

Core Viewpoint - Guizhou Panjiang Coal Industry Co., Ltd. reported significant changes in its production and operational data for the first half of 2025, indicating both growth in coal production and a decline in sales revenue [1]. Production and Sales Data - The company's coal production reached 5.15 million tons in the first half of 2025, a 15.27% increase compared to 4.47 million tons in the same period of 2024 [1]. - Coal sales amounted to 5.10 million tons, reflecting a 13.32% increase from 4.50 million tons year-on-year [1]. - Self-use coal consumption surged by 169.75%, rising to 1.15 million tons from 0.43 million tons [1]. - External coal sales decreased by 3.10%, totaling 3.95 million tons compared to 4.07 million tons in the previous year [1]. Financial Performance - Revenue from external coal sales dropped by 24.75%, amounting to CNY 256.08 million, down from CNY 340.32 million [1]. - The cost of external coal sales also decreased by 22.79%, totaling CNY 202.58 million compared to CNY 262.37 million [1]. - Gross profit from coal sales fell by 31.36%, reaching CNY 53.50 million, down from CNY 77.95 million [1]. Power Generation Data - The total power generation was 7.13 million MWh, a significant increase of 380.01% from 1.49 million MWh in the first half of 2024 [1]. - The grid-connected power generation was 6.69 million MWh, up 375.23% from 1.41 million MWh year-on-year [1]. - Thermal power generation saw a remarkable increase of 532.05%, reaching 5.91 million MWh compared to 0.94 million MWh in the previous year [1]. - Renewable energy generation increased by 64.61%, totaling 0.78 million MWh, up from 0.47 million MWh [1]. Pricing Information - The average grid-connected electricity price was CNY 0.3656 per kWh (excluding tax), showing a slight decrease of 0.57% from CNY 0.3677 [1].

证券代码：600395 证券简称：盘江股份 编号：临 2025-033 | 指标项目 | 2025 | 年 1-6 | 月 | 2024 | 年 1-6 | 月 | 变动比例（%） | | --- | --- | --- | --- | --- | --- | --- | --- | | 1.煤炭业务 | | | | | | | | | 商品煤产量（万吨） | | 515.37 | | | 447.10 | | 15.27 | | 商品煤销量（万吨） | | 510.11 | | | 450.14 | | 13.32 | | 其中：自用量（万吨） | | 115.40 | | | 42.78 | | 169.75 | | 对外销量（万吨） | | 394.71 | | | 407.36 | | -3.10 | | 商品煤对外销售收入（万元） | | 256,082.37 | | | 340,318.77 | | -24.75 | | 商品煤对外销售成本（万元） | | 202,578.32 | | | 262,370.04 | | -22.79 | | 商品煤毛利（万元） | | 53,504.05 | | ...

[Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company forecasts a net loss for the first half of 2025, with preliminary unaudited estimates for net profit attributable to the parent company ranging from -5.51 million CNY to -4.60 million CNY Estimated Performance for H1 2025 | Indicator | Estimated Amount (Million CNY) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | -5.51 to -4.60 | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-Recurring Gains and Losses | -19.80 to -16.80 | - This performance forecast represents the preliminary estimation by the company's finance department and has not been audited by an accounting firm[3](index=3&type=chunk) [Prior Period Operating Performance and Financial Status](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) In contrast to the current period's projected loss, the company achieved profitability in the same period of 2024, with net profit attributable to parent company shareholders of **37.2748 million CNY** 2024 Prior Period Financial Performance | Indicator | 2024 Prior Period Amount | | :--- | :--- | | Total Profit | 107.3340 Million CNY | | Net Profit Attributable to Parent Company Shareholders | 37.2748 Million CNY | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-Recurring Gains and Losses | -45.5109 Million CNY | | Earnings Per Share | 0.017 CNY | [Primary Reasons for Current Period's Projected Loss](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E4%BA%8F%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The company attributes the projected loss for the first half of 2025 to the weak coal market, which has led to reduced demand and falling prices, significantly impacting operating profit - The core reason for the projected loss is the weak performance of international and domestic coal prices, leading to a significant reduction in the company's operating profit[6](index=6&type=chunk) - Specific reasons for market weakness include: slowing global economic growth, high coal production from major resource-rich nations, a return to normal natural gas prices, relatively ample market supply, and declining logistics costs[6](index=6&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company emphasizes that this unaudited performance forecast is a preliminary calculation, with no significant uncertainties identified after pre-communication with the annual audit accounting firm - This performance forecast is a preliminary calculation by the company's finance department and has not yet been audited by an accounting firm, though the company has pre-communicated with its annual audit accounting firm[7](index=7&type=chunk) - The company states that there are no significant uncertainties affecting the accuracy of this performance forecast[7](index=7&type=chunk) [Other Explanatory Notes](index=2&type=section&id=%E5%85%AD%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) The company reminds investors that the disclosed forecast data is preliminary, and final accurate financial figures will be based on the officially released 2025 semi-annual report, advising caution regarding investment risks - The final accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report, reminding investors to be aware of investment risks[8](index=8&type=chunk)

证券代码：600395 证券简称：盘江股份 公告编号：临 2025-032 贵州盘江精煤股份有限公司 关于控股股东增持公司股份时间过半 暨增持计划进展公告 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"）于 2024 年 12 月 28 日发布《关于 控股股东增持公司股份计划的公告》（详见公告：临 2024-086），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"）基于对公司未来发展前景信心及长期投资价 值的认可，拟自该公告披露之日起 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，增持价格不超过 8 元/股（以下简称"本次增持计划"）。 增持计划的实施进展 截至 2025 年 6 月 27 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 易方式增持公司 12,773,700 股 A 股股份，占公司总股本比例为 0.5 ...

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 2024 年年度股东会的 法律意见书 国枫律股字[2025]A0339 号 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 2024 年年度股东会（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》（以下简称 "《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》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法 律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《贵州盘江精煤股份 有限公司公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开程 序、召集人资格、出席会议人员资格、会议表决程序及表决结果等事宜，出具本法律意 见书 ...

证券代码：600395 证券简称：盘江股份 公告编号：2025-031 贵州盘江精煤股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 26 日 (二)股东大会召开的地点：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 | 503 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,251,338,467 | | 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 | 58.2933 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长纪绍思先生主持，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。 ...