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]

特此公告。 河南大有能源股份有限公司董事会 证券代码：600403 证券简称：大有能源 编号：临 2025-025 号 二〇二五年五月十七日 孟津煤矿核定产能为 120 万吨/年，占公司总核定产能的 7.84%。 2024 年度孟津煤矿商品煤产量 123.05 万吨，营业收入 5.81 亿元， 分别占公司同期商品煤产量的 12.71%和营业收入的 11.78%。2025 年 第一季度孟津煤矿商品煤产量 23.84 万吨，营业收入 1.06 亿元，分 别占公司同期商品煤产量的 8.82%和营业收入的 9.81%。 鉴于目前尚无法确定孟津煤矿恢复生产的具体时间，对公司造成 的影响暂无法预测。公司将持续关注事故后续进展并及时履行信息披 露义务，敬请广大投资者注意投资风险。 河南大有能源股份有限公司 关于全资子公司停产的公告 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。 2025 年 5 月 15 日，河南大有能源股份有限公司（以下简称"公 司"）全资子公司义马煤业集团孟津煤矿有限责任公司（以下简称"孟 津煤矿"）16 时 3 ...

河南大周律师事务所 关于河南大有能源股份有限公司 2024 年年度股东大会的 法律意见书 河南大周律师事务所 法律意见书 二〇二五年五月 河南大周律师事务所 法律意见书 河南大周律师事务所 关于河南大有能源股份有限公司 2024 年年度股东大会的法律意见书 致：河南大有能源股份有限公司 河南大周律师事务所（以下简称"本所"）接受河南大有能源股份有限公司 （以下简称"公司"）的委托，指派本所律师出席公司 2024 年年度股东大会（以 下简称"本次股东大会"），就本次股东大会的召集和召开程序，出席本次股东 大会人员的资格、召集人资格，会议的表决程序、表决结果等相关事宜出具法律 意见书。 为出具本法律意见书，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》"）《上海证券交易所股票上 市规则》（以下简称"《上市规则》"）《律师事务所从事证券法律业务管理办 法》和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见出具 日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实 信用原 ...

证券代码：600403 证券简称：大有能源 公告编号：2025-024 河南大有能源股份有限公司 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 5 月 16 日 (二)股东大会召开的地点：公司机关 2 号楼 2 楼东会议室 (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 | 417 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,505,195,234 | | 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（%） | 62.9574 | (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，公司董事长任春星主持。会议采取现场投 票与网络投票相结合的方式召开，表决方式符合《公司法》及《公司章程》规定。 (五)公司董事、监事和 ...

大有能源公告，2025年5月15日，公司全资子公司孟津 煤矿16时30分左右发生一起事故，造成1人死 亡。事故发生在二2-11040采煤工作面下安全出口附近，初步查明是由于采煤机割煤期间碰到钻杆，钻 杆弹射砸伤一名工人，受伤工人于17时30分左右升井救治，20时左右在医院确认死亡，具体原因有待进 一步调查。按照有关规定，矿井在此期间停止除通风、排水、瓦斯检查外的一切作业活动。鉴于目前尚 无法确定孟津煤矿恢复生产的具体时间，对公司造成的影响暂无法预测。 ...

大有能源（600403）公告，2025年5月15日，公司全资子公司义马煤业集团孟津煤矿发生事故，造成1人 死亡。事故发生在采煤工作面下安全出口附近，系采煤机割煤期间碰到钻杆导致。事故后，孟津煤矿已 停止除通风、排水、瓦斯检查外的所有作业活动。 ...

Core Viewpoint - Dayou Energy (600403) experienced a trading halt with a daily increase of 10.80%, despite a net sell-off from the Shanghai Stock Connect of 2.67 million yuan [2][3]. Trading Performance - The stock had a turnover rate of 0.74% and a total transaction value of 65.76 million yuan, with a price fluctuation of 10.76% throughout the day [2]. - The stock has been listed on the trading leaderboard six times in the past six months, with an average price increase of 4.19% the day after being listed and an average increase of 10.56% over the following five days [3]. Capital Flow - The stock saw a net inflow of 35.18 million yuan from major funds today, with a significant inflow of 35.91 million yuan from large orders, while smaller orders experienced a net outflow of 735,900 yuan [3]. - Over the past five days, the net inflow of major funds totaled 24.84 million yuan [3]. Margin Trading Data - As of May 14, the stock's margin trading balance was 36.84 million yuan, with a financing balance of 36.52 million yuan and a securities lending balance of 319,000 yuan [3]. - The financing balance decreased by 4.01 million yuan over the past five days, representing a decline of 9.90%, while the securities lending balance decreased by 22,600 yuan, a decline of 6.61% [3]. Financial Performance - According to the Q1 report released on April 26, the company achieved a revenue of 1.08 billion yuan, a year-on-year decrease of 23.63%, and reported a net loss of 309 million yuan [3].

股票代码：600403 股票简称：大有能源 河南大有能源股份有限公司 2024 年年度股东大会会议材料 二〇二五年五月 1 / 31 河南大有能源股份有限公司 2024 年年度股东大会有关事宜 会议时间：2025 年 5 月 16 日 15:30； 会议地点：河南省义马市千秋路 6 号，公司机关 2 号楼 2 楼东会 议室； 会议召集人：公司董事会； 2 / 31 | | （2）股东及股东授权代表对议案进行投票表决； | | --- | --- | | | （3）计票人统计表决结果。 | | 4 | （1）工作人员宣读投票表决结果； | | | （2）律师宣读见证《法律意见书》。 | | 5 | 主持人宣布大会闭幕，出席会议的相关人员签署本次股东大会会 | | | 议记录和决议。 | 3 / 31 议案一 关于《河南大有能源股份有限公司 2024 年度董事会工作报告》的议案 表决方式：现场投票和网络投票相结合的方式； 各位股东： 网络投票时间：采用上海证券交易所网络投票系统，通过交易系 统投票平台的投票时间为股东大会召开当日的交易时间段，即5月16 日9:15-9:25，9:30-11:30，13:00-15 ...

证券代码：600403 证券简称：大有能源 公告编号：临 2025-023 号 河南大有能源股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 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。 二、说明会召开的时间、地点 重要内容提示： 会议召开时间：2025 年 5 月 12 日（星期一）11:00-12:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 4 月 30 日（星期三）至 5 月 9 日（星期 五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 hndayou@163.com 进行提问。公司将在说明会上对投资 者普遍关注的问题进行回答。 河南大有能源股份有限公司（以下简称"公司"）已于 2025 年 4 月 3 日、4 月 26 日发布 2024 年度报告、2025 年第一季度报告。为便 于广大投资者更全面深入地了解公司2024 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the coal industry, including China Shenhua, Shaanxi Coal, and China Coal Energy, among others [2][3][11]. Core Insights - The report highlights that coal consumption has decreased due to tariff disruptions, with daily consumption in coastal provinces dropping from 1.871 million tons in late March to 1.760 million tons by April 24, reflecting a year-on-year decrease of 1.6% [1][7]. - Despite low coal prices, there is a lack of upward momentum for coal prices, with expectations of narrow fluctuations in the short term [1][8]. - The report suggests that while there may be a temporary rebound in coking coal prices due to seasonal demand, the overall price increase potential remains limited [2][10]. Summary by Sections Industry Overview - The report notes that the coal price has been experiencing narrow fluctuations, with recent prices reported at 657 CNY/ton for Qinhuangdao port, down 8 CNY from the previous week [8]. - The report indicates that the overall coal market is influenced by both weak demand and tariff disruptions, leading to cautious market sentiment [2][8]. Company Performance - Key companies such as China Shenhua and Shaanxi Coal are recommended for their stable performance and strong cash flow [2][11]. - The report provides earnings forecasts for major companies, with China Shenhua expected to have an EPS of 2.95 CNY in 2024, and a PE ratio of 13 [3]. Market Dynamics - The report highlights that the coal sector has underperformed compared to the broader market, with a weekly decline of 0.8% in the coal sector compared to gains in major indices [12][14]. - It also notes that the coking coal market is expected to stabilize in the short term due to increased demand for steelmaking [10][11]. Investment Recommendations - The report recommends focusing on industry leaders with stable earnings, such as China Shenhua, Shaanxi Coal, and China Coal Energy, as well as companies with strong cash flow like Jinkong Coal [2][11]. - It emphasizes the defensive value of companies with low debt and high cash flow amidst ongoing tariff disruptions [8].