证券代码：600397 证券简称：安源煤业 公告编号：2025-043 关于筹划重大资产置换暨关联交易的进展公告 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： ●本次交易尚处于筹划阶段，具体交易标的资产范围、交易价格等要素均未 最终确定，公司尚未与交易对方就本次交易签署任何协议，交易方案仍需进一步 论证和沟通协商，并需按照相关法律、法规及公司章程的规定履行必要的决策和 审批程序，存在未能通过该等决策、审批程序的风险。 ●本次交易相关事项尚存在不确定性，公司将根据相关事项的进展情况，及 时履行信息披露义务。敬请广大投资者理性投资，注意投资风险。 一、本次交易概述 安源煤业集团股份有限公司（以下简称"公司"）于 2025 年 4 月 2 日收到 控股股东江西钨业控股集团有限公司（以下简称"江钨控股"）出具的《告知函》， 江钨控股拟将控股子公司江西江钨控股发展有限公司持有的赣州金环磁选科技 装备股份有限公司 57.00%股份与公司所持有的煤炭业务相关资产及负债进行置 换，拟置入资产与拟置出资产交易价格的差额由一方向 ...

Core Viewpoint - The restructuring and integration of state-owned enterprises in Jiangxi Province is a strategic move to enhance competitiveness and foster new growth drivers in the context of the 14th Five-Year Plan and the deepening of state-owned enterprise reforms by 2025 [2][3]. Group 1: Mergers and Acquisitions - ST United (600358), the only listed tourism company in Jiangxi, has suspended trading to plan a significant asset restructuring involving the acquisition of a stake in Jiangxi Runtian Industrial Co., Ltd. [2][3]. - The acquisition of Runtian Industrial, a leading producer of packaged drinking water in Jiangxi, is part of the provincial government's efforts to strategically restructure and professionalize state-owned enterprises [3]. Group 2: Performance and Financials - In 2024, Jiangxi's state-owned listed companies achieved a record total revenue of approximately 708.2 billion yuan, marking a significant improvement and positioning them among the top seven in the national rankings [4]. - The restructuring efforts are expected to enhance the quality of listed companies and improve operational efficiency, contributing to the overall economic development of the region [4][5]. Group 3: Innovation and Development - The Jiangxi State-owned Assets Supervision and Administration Commission plans to implement various measures to boost technological innovation within state-owned enterprises, including reforming innovation mechanisms and enhancing resource allocation [5].

Core Viewpoint - The report from Guosheng Securities indicates a significant decline in coal imports and a downward trend in reliance on thermal coal, with a projected annual decrease in thermal coal imports by 4.9% for 2025 [1][3]. Group 1: Coal Production and Import Trends - In April 2025, the raw coal production decreased by 5 million tons month-on-month, with a total output of 390 million tons, reflecting a year-on-year growth of 3.8% [2]. - The total coal imports in April 2025 were 37.83 million tons, a decrease of 16.41% compared to the same month last year [3]. - For the first four months of 2025, coal imports totaled 152.67 million tons, down 5.3% year-on-year [3]. Group 2: Power Generation Insights - In April 2025, the industrial power generation was 711.1 billion kWh, showing a year-on-year increase of 0.9% [4]. - The thermal power generation in April 2025 saw a year-on-year decline of 2.3%, maintaining the same decline rate as in March [4]. - Renewable energy sources such as wind and solar power showed accelerated growth rates of 12.7% and 16.7% respectively in April 2025 [4]. Group 3: Steel Production and Market Dynamics - The crude steel production in April 2025 was 86.02 million tons, remaining flat year-on-year [5]. - The average daily iron water production from 247 sample steel mills was 2.448 million tons, reflecting a year-on-year increase of 3.3% [5]. - The market anticipates a seasonal peak in steel demand, with potential downward pressure on iron water production due to slowing inventory depletion [5]. Group 4: Investment Recommendations - The report recommends key coal enterprises such as China Shenhua (601088) and China Coal Energy (601898) for investment [6]. - It highlights the potential of companies like Xinji Energy (601918) and Shaanxi Coal (601225) based on performance metrics [6][7]. - The report also notes the importance of monitoring the impact of coal imports and domestic policy changes on market dynamics [5][6].

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]

并购重组概念盘初走强 综艺股份等多股涨停 智通财经5月19日电，综艺股份、滨海能源、电投能源、光智科技竞价涨停，安源煤业、汇纳科技、富 乐德等大幅高开。消息面上，5月16日，证监会发布《关于修改＜上市公司重大资产重组管理办法＞的 决定》，鼓励私募基金参与上市公司并购重组。 ...

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].