证券代码：600403 证券简称：大有能源 编号：临 2026-005 号 河南大有能源股份有限公司 关于涉及诉讼及银行账户部分资金被冻结的公告 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个别及连带责任。 重要内容提示： 案件所处的诉讼阶段：法院已受理，尚未开庭审理。 是否会对上市公司损益产生负面影响：本次涉诉案件尚未开庭 审理，诉讼结果尚存在不确定性，暂无法判断本次诉讼对公司利润的 影响。 一、本次诉讼及银行账户冻结的基本情况 （一）诉讼情况 河南大有能源股份有限公司（以下简称"公司"或"大有能源"） 于 2026 年 3 月 27 日收到上饶市信州区人民法院（以下简称"信州区 法院"）送达的(2026)赣 1102 民初 1996 号、1997 号《民事起诉状》 《传票》等材料。具体情况如下： 1.案件一〔(2026)赣 1102 民初 1996 号〕 诉讼机构名称及所在地：信州区法院、江西省上饶市 原告：上饶市上投贸易有限公司（以下简称"上饶上投"） 1 被告二：大有能源 （二）银行账户冻结情况 上饶上投因与大有能源分公司豫西 ...

Core Viewpoint - The A-share market showed overall weakness on March 19, with major indices declining, while the coal and CPO concept sectors experienced significant gains, indicating a divergence in market performance [1][5][8]. A-share Market Performance - The A-share market exhibited a lackluster performance, with the Shanghai Composite Index down by 0.95% to 4024.23, and the Shenzhen Component Index down by 1.11% to 14030.34, with nearly 4700 stocks declining [5][6]. - The overall trading volume in the A-share market reached 1.31 trillion [6]. Sector Performance - The coal sector emerged as one of the strongest performers, with stocks like Shaanxi Black Cat hitting the daily limit up, and other coal stocks such as Daya Energy and Shaanxi Coal also showing gains [8][9]. - The CPO concept sector saw a significant rise, with the CPO concept index increasing by over 3%, and individual stocks like Changguang Huaxin rising by over 15% [9][10]. Futures Market - In the domestic futures market, liquefied gas futures surged by 10.99%, reaching a new high for the year [3][17]. - Low-sulfur oil futures also experienced a substantial increase, with intraday gains exceeding 14% before narrowing [18]. Hong Kong Market Performance - The Hong Kong market displayed overall weakness, with the Hang Seng Index dropping by over 2%, led by declines in stocks like Zijin Mining and Tencent Holdings [2][12]. - However, Chery Automobile saw a significant increase of over 9% following its earnings announcement, projecting a revenue increase from RMB 269.9 billion to RMB 300.3 billion for 2025, representing an 11.3% growth [12]. Notable Stock Movements - Eden Software experienced a dramatic rise, with intraday gains exceeding 50% following the announcement of a strategic cooperation agreement with Super Fusion Digital Technology [11][15].

Investment Rating - The report maintains a "Buy" rating for the coal industry, with specific recommendations for various companies [2][14]. Core Insights - The domestic supply contraction is the main driver for the upward shift in coal prices, supported by overseas factors and increased demand from coal chemical industries [6][8]. - The report forecasts that coal prices will stabilize and fluctuate within the range of 800-1000 RMB/ton, with limited adjustment potential due to low inventory and rising non-electric demand [8][9]. - The coal chemical sector is expected to see significant growth, with coal consumption projected to reach 304 million tons in 2023, increasing to 362 million tons by 2025, reflecting a growth rate of 11.5% [9][10]. Summary by Sections Company Performance and Recommendations - Recommended companies include: 1. High spot price elasticity stocks: Jinko Coal, Shanxi Coal International, Lu'an Environmental Energy, Huayang Co., and Yanzhou Coal [14]. 2. Industry leaders with stable performance: China Shenhua, Shaanxi Coal, and China Coal Energy [14]. 3. Beneficiaries of nuclear power growth: CGN Mining [14]. - The report highlights that the coal sector outperformed the market, with a weekly increase of 5.4% compared to the Shanghai Composite Index's decline of 0.7% [15][18]. Market Dynamics - The report notes a significant increase in coal demand due to high European gas prices and the restart of coal-fired power plants in Europe, which has led to a rise in international coal prices [6][8]. - Domestic coal supply is expected to continue contracting, with approximately 200 million tons of capacity still pending replacement and environmental approval, posing a risk of further reductions [8][9]. Coal Chemical Industry Growth - The report emphasizes the rapid growth of the coal chemical sector, with ongoing projects expected to consume approximately 243 million tons of coal, and potential future projects could double this demand [9][10]. - The increase in chemical product prices and the geopolitical focus on energy security are expected to accelerate the approval and construction of new coal chemical projects [9][10]. Price Trends and Inventory - As of March 13, coal prices at Qinhuangdao Port were reported at 731 RMB/ton, reflecting a weekly decrease of 14 RMB/ton, while prices in various production areas showed mixed trends [10][12]. - The report indicates that the average daily coal consumption in power plants has decreased, leading to an increase in available days of coal supply [12].

Core Viewpoint - The coal sector in the A-share market experienced a collective decline following a significant drop in oil prices, with major companies seeing substantial losses in their stock prices [1]. Group 1: Market Performance - Major coal stocks such as China Coal Energy fell over 6%, while Jiangxi Copper Equipment dropped more than 5% [1]. - Other companies like Shanxi Black Cat, Yanzhou Coal, and Haohua Energy saw declines exceeding 4% [1]. - A broader range of companies, including China Shenhua and Shanxi Coking Coal, experienced declines of over 2% [1]. Group 2: Stock Data Summary - China Coal Energy (601898) reported a decline of 6.65%, with a total market value of 225.3 billion and a year-to-date increase of 16.99% [2]. - Jiangxi Copper Equipment (600397) saw a decrease of 5.62%, with a market capitalization of 19.1 billion and a year-to-date increase of 19.32% [2]. - Shanxi Black Cat (601015) experienced a drop of 4.14%, with a market value of 9.457 billion and a year-to-date increase of 4.63% [2]. - Other notable declines include Haohua Energy (600188) down 4.09% and China Shenhua (601088) down 2.92%, with respective market values of 195.2 billion and 924.9 billion [2].

Group 1 - The coal stocks in the A-share market experienced a collective decline following a significant drop in oil prices, with notable declines in companies such as China Coal Energy, which fell over 6%, and Jiangxi Copper Equipment, which dropped over 5% [1] - Other companies also faced declines, including Shanxi Black Cat, Yanzhou Coal, and several others, all experiencing drops exceeding 4% [1] - The overall trend indicates a negative reaction in the coal sector despite previous gains, highlighting the volatility influenced by external factors like oil prices [1] Group 2 - Specific stock performance data shows that China Coal Energy (601898) decreased by 6.65%, with a market capitalization of 225.3 billion and a year-to-date increase of 16.99% [2] - Jiangxi Copper Equipment (600397) saw a decline of 5.62%, with a market cap of 19.1 billion and a year-to-date increase of 19.32% [2] - Other notable declines include Shanxi Coal (601015) down 4.14%, and Electric Power Investment Energy (002128) down 2.58%, indicating a broader trend of decreasing stock values in the coal sector [2]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Viewpoints - The current fundamentals of the port thermal coal market remain weak, with downstream industrial power demand showing weak recovery post-holiday, coupled with high temperatures leading to low residential demand. The end of the heating season is expected to keep coal prices in a fluctuating trend [1] - The average daily coal inflow to the four ports in the Bohai Rim increased by 189.25 million tons, a week-on-week increase of 14.35 million tons, or 8.20%. The average daily outflow was 171.95 million tons, up by 4.60 million tons, or 2.75% [1][27] - Port coal inventory increased to 25.508 million tons, a week-on-week increase of 1.54 million tons, or 6.43% [1][31] Summary by Sections Industry Overview - The port thermal coal spot price decreased by 8 yuan/ton week-on-week, closing at 743 yuan/ton [1] - The average daily number of anchored vessels in the Bohai Rim decreased by 21% to 92 vessels [31] Price Trends - The price of thermal coal at the Dazhou South Suburb increased by 23 yuan/ton to 667 yuan/ton, while the price at Yanzhou decreased by 70 yuan/ton to 880 yuan/ton [15] - The Bohai Rim thermal coal price index increased by 4 yuan/ton to 689 yuan/ton [18] Recommendations - The report suggests focusing on resource stocks, particularly recommending thermal coal elastic stocks such as Haohua Energy and Guanghui Energy [2][36]

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [1] Core Viewpoints - The current fundamentals of the port thermal coal market remain weak, with downstream industrial power demand showing weak recovery post-holiday, coupled with high temperatures leading to low residential demand. The end of the heating season is expected to keep coal prices in a fluctuating trend [1] - The report suggests focusing on the incremental insurance funds and the positive growth of premium income, which is increasingly concentrated among leading insurance companies. Given the ongoing scarcity of fixed-income assets and high dividend assets, there is an expectation for a shift towards equity allocations, particularly favoring resource stocks [2] - The report recommends core elastic targets in thermal coal, specifically suggesting attention to Haohua Energy and Guanghui Energy, which are considered undervalued [2][36] Summary by Sections Industry Overview - From March 2 to March 6, the port thermal coal spot price decreased by 8 CNY/ton, closing at 743 CNY/ton. The average daily inflow to the four ports in the Bohai Rim was 1.8925 million tons, an increase of 143,500 tons or 8.20% from the previous week. The supply from production areas has improved as production resumes post-holiday [1] - The average daily outflow from the four ports was 1.7195 million tons, an increase of 46,000 tons or 2.75% from the previous week. The total inventory at the four ports reached 25.508 million tons, an increase of 1.54 million tons or 6.43% from the previous week [1][31] Price Trends - As of March 6, the price of 5500 kcal thermal coal at Datong South Suburb increased by 23 CNY/ton to 667 CNY/ton, while the price at Yanzhou decreased by 70 CNY/ton to 880 CNY/ton. The port price of 5500 kcal thermal coal at Qinhuangdao decreased by 8 CNY/ton to 743 CNY/ton [15] - The thermal coal price index in the Bohai Rim region increased by 4 CNY/ton to 689 CNY/ton, while the Qinhuangdao port price index increased by 5 CNY/ton to 695 CNY/ton [18] International Market - International thermal coal prices showed mixed trends, with the Newcastle coal price index decreasing by 1.69 USD/ton to 115.71 USD/ton, while the South African Richards Bay coal price remained stable at 85.25 USD/ton [18] Shipping and Logistics - The average shipping cost on domestic major routes increased by 3 CNY/ton to 32.83 CNY/ton, reflecting a 10% increase [32] Market Sentiment - The report emphasizes the importance of monitoring the recovery pace of downstream economies, which could impact demand for electricity and steel, thereby affecting thermal and coking coal prices [36]

Group 1 - The Asia-Pacific markets experienced a collective decline on March 3, with major indices in A-shares and Hong Kong all weakening, while Japanese and South Korean markets saw significant drops. The Shanghai Composite Index fell over 1%, the ChiNext Index dropped over 2%, and the Shenzhen Component Index declined by more than 3% [1] - Over 4,800 stocks in the market declined, with the total trading volume in the Shanghai and Shenzhen markets exceeding 3 trillion yuan, an increase of over 110 billion yuan compared to the previous day [1] Group 2 - The military, non-ferrous metals, computer, media, electronics, and chemical sectors saw significant declines, with aerospace and military stocks leading the drop. Several stocks, including AVIC Control and AVIC Technology, hit the daily limit down, while others like Zhenxin Technology fell over 15% [2] - The rare earth sector also faced heavy losses, with stocks like Northern Rare Earth and Baotou Steel hitting the daily limit down. The semiconductor industry chain declined, with over ten stocks, including Purun and Dongwei Microelectronics, dropping more than 10% [2] - Conversely, the oil and gas and shipping sectors maintained strong performance, with over 30 stocks, including China Petroleum, hitting the daily limit up. China Petroleum's stock price reached a new high since March 2008 [2] Group 3 - In the Hong Kong market, the Hang Seng Index fell over 1%, and the Hang Seng Tech Index dropped over 2%. Tech stocks collectively declined, with companies like Li Auto and NIO falling over 6% [3] - The non-ferrous metals sector led the decline in Hong Kong, with Ganfeng Lithium dropping over 10% and other companies like Jiangxi Copper and Zijin Mining falling over 7% [3] Group 4 - The Japanese and South Korean stock markets both closed lower, with the Nikkei 225 index down 3.1% and the KOSPI index down 7.24%, marking the largest single-day drop since August 5, 2024 [4] - International oil prices surged, with WTI crude oil rising over 2% to exceed $73 per barrel, while Brent crude increased by over 3%. Gold and silver prices experienced sharp declines, with silver dropping over 7% at one point [4]

Core Viewpoint - The coal sector in A-shares is experiencing a significant upward trend, driven by strong market demand and positive policy support [1][2]. Group 1: Market Performance - The coal sector saw a notable increase in stock prices, with companies like Shaanxi Black Cat hitting the daily limit, and others such as China Coal Energy and Yanzhou Coal Mining also rising [1]. - There is a strong willingness from major funds to invest in the coal sector, highlighting its status as a key focus within the energy market [1]. Group 2: Positive Influences on Coal Prices - Geopolitical conflicts, particularly in the Middle East, are expected to drive up coal prices and increase domestic coal chemical demand [2]. - The National Energy Administration has outlined plans for coal to remain a cornerstone of energy security, with a focus on supply stability and technological upgrades [2]. - As of March 3, the spot price for 5500 kcal thermal coal in the Bohai Rim region is reported at 750-770 RMB per ton, showing a significant weekly increase [2]. Group 3: Benefiting Industries - The coal mining industry is set to benefit directly from rising prices of thermal and coking coal, enhancing the overall industry outlook [3]. - The coal chemical sector is likely to see increased demand due to geopolitical factors, positively impacting related companies [3]. - The coal transportation industry is experiencing steady revenue growth due to stable coal production and increased transportation demand [3].

Core Viewpoint - The A-share coal stocks continue to rise, driven by geopolitical tensions in the Middle East and potential increases in coal prices due to disruptions in coal exports from Indonesia and impacts on chemical product logistics [1] Group 1: Market Performance - Shaanxi Black Cat saw an increase of over 8%, while China Coal Energy and Dayou Energy rose by over 6% [1] - Other notable performers include Lanhua Science and Technology and Yanzhou Coal Mining, both up over 4%, and several companies including Liaoning Energy and Zhengzhou Coal Electricity, which increased by over 3% [1] - The total market capitalization for Shaanxi Black Cat is 11.4 billion, with a year-to-date increase of 54.70% [2] - China Coal Energy has a market cap of 232.8 billion, with a year-to-date increase of 41.16% [2] Group 2: Industry Insights - CITIC Securities suggests that rising oil prices due to geopolitical conflicts may positively impact coal prices [1] - Increased demand for coal in domestic coal chemical industries is anticipated if logistics for methanol and other chemical products are affected [1] - The expectation for domestic coal prices to remain favorable is supported by the reduction in coal exports from Indonesia [1]