Investment Rating - The industry investment rating is maintained as "Increase" [6] Core Viewpoints - The coal mining industry is expected to see improved demand as effective supply decreases, presenting a good investment opportunity since the beginning of the year [1] - In April 2025, the raw coal production decreased by 50 million tons month-on-month, with an annual growth rate of 3.8% [1][12] - The forecast for 2025 indicates a net increase in production of only 55-60 million tons, with a year-on-year growth rate of approximately 1.2-1.3%, continuing to slow down compared to 2024 [1][12] Summary by Sections Production - In April 2025, the raw coal production was 390 million tons, with a year-on-year increase of 3.8% [1][12] - The average daily production in April was 12.98 million tons [1][12] Import - In April 2025, coal imports were 37.83 million tons, a decrease of 16.41% year-on-year [2][16] - For the first four months of 2025, total coal imports were 152.67 million tons, down 5.3% year-on-year [2][16] - The forecast for 2025 suggests that thermal coal imports may stabilize or decline slightly, with an expected total of around 385 million tons, a year-on-year decrease of 4.9% [2][16] Demand - In April 2025, the industrial power generation was 711.1 billion kWh, with a year-on-year growth of 0.9% [3][19] - The industrial thermal power generation decreased by 2.3% year-on-year, remaining stable compared to March [3][19] - The growth rates for wind and solar power generation increased to 12.7% and 16.7% respectively in April [3][19] Investment Recommendations - Key recommendations include major coal enterprises such as China Shenhua (H+A), China Coal Energy (H+A), and turnaround opportunities like China Qinfa [5][37] - Other recommended stocks include new energy companies with strong performance such as Xinjie Energy, Shaanxi Coal, and Electric Power Energy [5][37] - Companies with potential for future growth include Huayang Co. and Gansu Energy [5][37]

Investment Rating - The industry investment rating is "Maintain Buy" [6] Core Viewpoints - The coal mining industry is expected to see improved demand and effective supply reduction, presenting a good investment opportunity since the beginning of the year [1] - In April 2025, the raw coal production decreased by 50 million tons month-on-month, with a total output of 390 million tons, reflecting a year-on-year growth of 3.8% [12][13] - The report anticipates a net increase in coal production of only 55 to 60 million tons in 2025, representing a year-on-year growth of approximately 1.2% to 1.3%, indicating a continued slowdown compared to 2024 [1][12] Production Summary - In April 2025, the raw coal production was 390 million tons, with a daily average of 12.98 million tons [12][13] - The cumulative raw coal production from January to April 2025 reached 1.58 billion tons, showing a year-on-year increase of 6.6% [12] Import Summary - In April 2025, coal imports were 37.83 million tons, a decrease of 16.41% year-on-year and a 2.34% decrease month-on-month [2][16] - From January to April 2025, total coal imports amounted to 152.67 million tons, down 5.3% year-on-year [16] - The report forecasts that the total annual coal imports for 2025 may be around 385 million tons, reflecting a year-on-year decline of 4.9% [2][16] Demand Summary - In April 2025, the industrial power generation was 711.1 billion kWh, with a year-on-year growth of 0.9% [3][19] - The industrial thermal power generation saw a year-on-year decline of 2.3%, remaining consistent with the previous month [3][19] - Renewable energy sources such as wind and solar power showed significant growth, with wind power increasing by 12.7% and solar power by 16.7% year-on-year [3][19][32] Investment Recommendations - Key recommended stocks include China Shenhua (H+A), China Coal Energy (H+A), and China Qinfa, among others [5][37] - The report emphasizes the importance of performance in stock selection, highlighting companies like Xinjie Energy and Shaanxi Coal and Chemical Industry [5][37]

Investment Rating - The coal industry maintains a rating of "Synchronize with the Market-A" [1] Core Viewpoints - The coal market is returning to supply-demand logic following the resolution of tariff disputes, with expectations of improved demand as summer approaches [1][8] - The report highlights that while coal prices are under pressure due to seasonal factors and inventory adjustments, the potential for recovery in non-electric coal demand exists as the international trade environment improves [8][81] Summary by Sections 1. Coal Industry Dynamic Data Tracking - **Thermal Coal**: Inventory levels are decreasing, and summer stocking demand is anticipated. As of May 16, the spot reference price for thermal coal in the Bohai Rim is 629 CNY/ton, with a weekly change of -2.18% [3][23] - **Metallurgical Coal**: The external trade environment is improving, and metallurgical coal continues to deplete inventories. The price for main coking coal at Jingtang Port is 1320 CNY/ton, unchanged from the previous week [4][35] - **Coking Steel Chain**: Increased operational rates have led to a slight decline in coking coal prices. The average price for first-grade metallurgical coke is 1480 CNY/ton, down 3.27% [5][54] - **Coal Transportation**: Increased stocking demand has stabilized coastal transportation prices, with the coastal coal transportation index at 661.75 points, up 3.34% [6][64] - **Coal-related Futures**: Downstream operational rates have decreased, leading to a decline in double焦期价 [66] 2. Coal Sector Market Review - The coal sector has rebounded alongside the broader market, outperforming major indices. The CITIC coal index closed at 3244.52 points, with a weekly change of +1.65% [7][71] 3. Industry News Summary - Recent government initiatives emphasize strengthening domestic circulation and enhancing the coal industry's clean and efficient utilization [79][80] - The construction of a new cross-border railway between China and Mongolia is expected to significantly boost coal exports from Mongolia, reshaping trade dynamics [80] 4. Important Announcements from Listed Companies - Major companies in the coal sector are actively managing operational challenges and pursuing strategic initiatives, including asset restructuring and safety measures following incidents [81][83] 5. Next Week's Outlook and Investment Recommendations - The report suggests that while coal prices may face downward pressure, the upcoming summer stocking demand and improved tariff conditions could support price stability. Investors are advised to focus on undervalued companies with solid performance support [8][81]

Investment Rating - The coal industry maintains a "Synchronize with the Market" rating [1] Core Viewpoints - The coal market is returning to supply-demand logic following the resolution of tariff disputes, with expectations of improved non-electric demand as summer approaches [1][10] - The report highlights that while coal prices have seen some decline, the potential for further decreases is limited due to upcoming summer stocking demands and improved international trade conditions [10] Summary by Sections 1. Coal Industry Dynamic Data Tracking - **Thermal Coal**: Inventory levels are decreasing, and summer stocking demand is anticipated. As of May 16, the spot reference price for thermal coal in the Bohai Rim is 629 CNY/ton, with a weekly change of -2.18% [3][25] - **Metallurgical Coal**: The external trade environment is improving, leading to continued inventory reduction. The price for main coking coal at Jingtang Port is 1320 CNY/ton, unchanged from the previous week [4][37] - **Coke and Steel Industry Chain**: Increased operational rates have led to a slight decline in coke prices. The average price for first-grade metallurgical coke at Tianjin Port is 1480 CNY/ton, down 3.27% week-on-week [5][55] - **Coal Transportation**: There is an increase in stocking demand, with the coastal coal transportation price index at 661.75 points, up 3.34% [8][66] - **Coal-related Futures**: Downstream operational rates have decreased, leading to a decline in both coking coal and coke futures prices [68] 2. Coal Sector Market Review - The coal sector has rebounded alongside the broader market, outperforming major indices. The CITIC Coal Index closed at 3244.52 points, with a weekly change of +1.65% [9][73] 3. Industry News Summary - Recent government initiatives emphasize strengthening domestic circulation and enhancing the coal industry's clean and efficient utilization [80][81] - The construction of a new cross-border railway between China and Mongolia is expected to significantly boost coal exports from Mongolia, reshaping trade dynamics [82] 4. Important Announcements from Listed Companies - Several companies have reported operational updates, including production adjustments and strategic asset acquisitions, reflecting ongoing developments in the coal sector [83][85] 5. Next Week's Outlook and Investment Recommendations - The report suggests focusing on undervalued companies with strong performance support, particularly those with minimal non-coal business exposure, such as Xinjie Energy and Huohua Energy [10]

Group 1 - The core viewpoint is that coal companies are expected to report strong earnings growth for 2021, with profit growth rates of 514%, -125% (turning profitable), 475%, and 62% for various companies, indicating a significant improvement in profitability despite a drop in coal prices due to regulatory measures [1] - The coal price has rebounded significantly, with Qinhuangdao Q5500 thermal coal prices exceeding 1000 yuan/ton, reflecting a 30% increase from the bottom, driven by export restrictions from Indonesia and mandatory inventory replenishment by power plants [1] - The overall economic growth is expected to stabilize, enhancing demand support, which will benefit coal as a primary energy source, alongside a recovery in the coal-coke-steel industry chain [1] Group 2 - High dividends are anticipated to continue, leading to a long-term increase in coal sector valuations, as companies are expected to disclose new shareholder return plans after March 2022 [2] - The capital expenditure in the coal industry has peaked, and with the trend towards "carbon neutrality," capital spending is expected to decline, optimizing the relationship between capital expenditure, cash flow, financials, profits, and dividends [2] - The coal sector is currently at a valuation bottom, with undervalued stocks, and companies with high dividends and those transitioning to green energy are expected to see valuation increases [2]

Summary of Conference Call Notes Industry Overview: Coal Sector - **Current Market Conditions**: The coal sector is showing signs of bottoming out despite a decline in coal prices post-May Day. The sector has not experienced significant drops and has started to rebound, indicating a potential left-side layout window for investments [2][1]. - **Price Trends**: Year-to-date, thermal coal prices have decreased by approximately 140 RMB, while coking coal prices have fallen by about 180 RMB. The coal sector has performed the worst among all industries [2][1]. - **Supply and Inventory Changes**: Recent reductions in port thermal coal prices and new lows in coking coal prices have been observed. Notably, daily production in Ordos has decreased from 2.3 million tons in April to around 2.1 million tons in May due to supply-side constraints [3][1]. Northern port inventories have also declined from 33 million tons post-May Day to below 30 million tons [3][1]. Key Insights on Thermal Coal Market - **Inventory Levels**: The current inventory levels in the thermal coal market remain high, although there has been a decrease in northern port inventories due to reduced railway shipments. Downstream demand is weak, but high temperatures are expected to increase daily consumption at power plants, potentially leading to a rebound in thermal coal prices [6][1]. - **Future Price Expectations**: It is anticipated that thermal coal prices may stabilize and enter a slight rebound phase in the coming week due to increased consumption and potential restocking by power plants [6][1]. Coking Coal Market Challenges - **Price Decline**: The coking coal market has faced continuous price declines, with prices dropping to around 1,200 RMB. There are no significant production cuts from coking coal enterprises, and further price drops of 50 to 100 RMB are expected to trigger production cut signals [7][1]. - **Import Levels**: Import levels from Mongolia remain high, despite a slight decrease due to temporary disruptions in rail transport [7][1]. Investment Strategies in Coal Sector - **Investment Focus**: Investors are advised to focus on high-quality assets and companies with robust balance sheets, such as Shenhua, China Coal, and Shaanxi Coal. Companies like Net Control Haohua Power, which show resilience, are also worth considering for potential rebounds [9][1]. - **Stock Performance**: Current stock prices are no longer in free fall, suggesting that it may be time to start focusing on quality stocks in the coal sector [9][1]. Company-Specific Developments - **AnYuan Coal Industry**: The company has undergone significant changes, including a shift in controlling shareholders to Jiang Tung Holding Group, which aims to stabilize operations and avoid delisting risks. The management team has been completely replaced, indicating potential for future growth [14][19]. - **Asset Growth**: AnYuan's coal production capacity is expected to increase from 48 million tons to 63 million tons, with significant expansions in power generation and electrolytic aluminum capacity [11][1]. - **Challenges Faced**: AnYuan is grappling with high debt levels (over 98% debt-to-asset ratio) and ongoing losses, which complicate recovery efforts [13][1]. Strategic Partnerships - **Impact of Jiang Tung Holding Group**: The partnership with Jiang Tung, a leading tungsten mining company, is expected to enhance AnYuan's competitive edge and market position due to the strategic value and profitability of Jiang Tung's resources [15][16][1]. Regulatory Environment - **Reorganization Regulations**: New regulations are expected to expedite the asset injection process for Jiang Tung, facilitating faster development and operational improvements [20][1]. Conclusion - **Market Outlook**: The coal sector is currently at a pivotal moment, with potential investment opportunities emerging as prices stabilize. The focus should be on quality assets and companies that demonstrate resilience amid market fluctuations [21][1].

本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或者重大遗漏。 为进一步加强与投资者的互动交流，便于广大投资者更全面深入地了解公司 经营成果、财务状况，安源煤业集团股份有限公司（以下简称"公司"）将参加 由江西省上市公司协会举办的"2025 年江西辖区上市公司投资者网上集体接待 日活动"暨召开 2024 年度、2025 年第一季度业绩说明会，现将相关事项公告如 下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 (https://rs.p5w.net)，或关注微信公众号:全景财经，或下载全景路演 APP， 参与本次互动交流，活动时间为 2025 年 5 月 21 日(星期三)15:30-17:00。 证券代码：600397 证券简称：安源煤业 编号：2025-042 安源煤业集团股份有限公司 关于参加江西辖区上市公司 2025 年投资者网上集体 接待日活动暨召开 2024 年度、2025 年第一季度业绩 说明会的公告 安源煤业集团股份有限公司董事会 届时，公司副总经理、财务总监、董事会秘书、独立董事（具体参会人员以 实际出席人员为准）将在线就公司 2024 ...

证券代码：600397 证券简称：安源煤业 编号：2025-042 为充分尊重投资者、提升交流的针对性，现就本次投资者集体接待日活动暨 业绩说明会提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者 可于 2025 年 5 月 20 日(星期二)17:00 前访问网址(https://ir.p5w.net/zj)或 扫描下方二维码，进入问题征集专题页面。公司将在本次业绩说明会上，对投资 者普遍关注的问题进行回答。 1 安源煤业集团股份有限公司 关于参加江西辖区上市公司 2025 年投资者网上集体 接待日活动暨召开 2024 年度、2025 年第一季度业绩 说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或者重大遗漏。 为进一步加强与投资者的互动交流，便于广大投资者更全面深入地了解公司 经营成果、财务状况，安源煤业集团股份有限公司（以下简称"公司"）将参加 由江西省上市公司协会举办的"2025 年江西辖区上市公司投资者网上集体接待 日活动"暨召开 2024 年度、2025 年第一季度业绩说明会，现将相关事项公告如 下： 本次活动将采用网络远程的方式举行， ...

江西豫章律师事务所 关于安源煤业集团股份有限公司 2025 年第一次临时股东大会的 法律意见书 豫章股字[2025]第 002 号 中国·江西·南昌 江西省南昌市红谷中大道 1402 号浦发大厦 11 楼 邮编 330038 电 话（ Tel ）：（ 0791 ）- 86617668 传 真（ Fax ）：（ 0 7 9 1 ）- 86631116 二○二五年五月 江西豫章律师事务所 股东大会法律意见书 关于安源煤业集团股份有限公司 2025 年第一次临时股东大会的 法 律 意 见 书 豫章股字[2025]第 002 号 致：安源煤业集团股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东会 规则》和《上海证券交易所股票上市规则》等我国现行有关法律、法规、规范性 文件以及安源煤业集团股份有限公司（以下简称"公司"）《公司章程》的规定， 江西豫章律师事务所（以下简称"本所"）接受公司的委托，指派陈星杰律师、 钟辉成律师出席公司于 2025 年 5 月 12 日召开的公司 2025 年第一次临时股东大 会（以下简称"本次股东大会"），并就本次股东大会的相关事宜，按照律师行业 公认的业务 ...

证券代码：600397 证券简称：安源煤业 公告编号：2025-041 安源煤业集团股份有限公司 2025年第一次临时股东大会决议公告 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： 二、 议案审议情况 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 543 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 409,194,122 | | 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（%） | 41.3344 | (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，公司董事长熊旭晴先生因工作原因未出席 会议，经半数以上董事共同推举，本次股东大会由公司董事潘长福先生主持会议。 会议采取现场记名投票与网络投票相结合的方式，表决方式符合《公司法》及《公 1 / 3 (一) 股东大会召开的时间：2025 年 5 月 12 日 (二) 股东大会召开的地点 ...