Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Views - The report indicates that the coal industry is at the beginning of a new upward cycle, with a favorable combination of fundamentals and policies, making it a good time to invest in the coal sector [11][12] - The report highlights a significant increase in coal prices, with Qinhuangdao port's Q5500 coal price reaching 717 CNY/ton, up 24 CNY/ton week-on-week, driven by optimistic market expectations post-holiday and reduced supply from major coal-producing regions [11][30] - The report emphasizes the ongoing supply-demand balance in the short term, with a medium to long-term supply gap expected to persist, reinforcing the investment logic in coal assets [11][12] Summary by Sections 1. Coal Price Tracking - As of February 13, the market price for Qinhuangdao port's Q5500 coal is 717 CNY/ton, reflecting a week-on-week increase of 3.5% [6][30] - International coal prices have also risen, with Newcastle's FOB price for Q5500 coal at 81.5 USD/ton, up 6.5% week-on-week [6][30] 2. Coal Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 84.4%, down 3.1 percentage points week-on-week, while the utilization rate for coking coal mines is 81.39%, down 5.3 percentage points [11][49] - Daily coal consumption in inland provinces decreased by 10% week-on-week, while coastal provinces saw an 18.8% decline [11][50] 3. Coal Inventory Situation - Coal inventory in inland provinces increased by 1.854 million tons week-on-week, while coastal provinces saw a smaller increase of 0.235 million tons [50] 4. Investment Recommendations - The report suggests focusing on stable and high-performing companies such as China Shenhua, Shaanxi Coal, and others, while also considering companies with high elasticity like Yanzhou Coal and others [12]

每经AI快讯，上海能源2月13日晚间发布公告称，2026年2月13日，上海大屯能源股份有限公司董事会 收到段建军先生的书面辞职报告，段建军先生因工作调整原因申请辞去公司董事会秘书职务。自本公告 披露之日起，公司董事会秘书职责暂由公司董事长张付涛先生代为行使。 每经头条（nbdtoutiao）——上市公司净利从暴增9倍到突然预亏超2亿元，董事长为何自掏5000万元补 窟窿？50亿元信托理财也去向成谜，股民直呼看不懂 （记者 王晓波） ...

证券代码：600508 证券简称：上海能源 公告编号：2026-004 上海大屯能源股份有限公司 姓名 离任职务 离任时间 原定任期 到期日 离任原因 是否继续在 上市公司及 其控股子公 司任职 是否存在 未履行完 毕的公开 承诺 段建军 董事会秘书 2026 年 2 月 13 日 2027 年 8 月 22 日 工作调整 否 否 一、提前离任的基本情况 对段建军先生在公司任职期间为公司发展所做的努力和贡献表 示衷心感谢! 特此公告。 上海大屯能源股份有限公司董事会 2026 年 2 月 13 日 关于董事会秘书离任的公告 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。 2026 年 2 月 13 日，上海大屯能源股份有限公司（以下简称 "公司"）董事会收到段建军先生的书面辞职报告，段建军先生因 工作调整原因申请辞去公司董事会秘书职务。具体情况如下： 二、离任对公司的影响 段建军先生的辞职不影响公司相关工作的正常进行，自本公 告披露之日起，公司董事会秘书职责暂由公司董事长张付涛先生 代为行使。公司将按照相关规定尽快完成董事会秘 ...

上海能源公告称，2026年2月13日，公司董事会收到段建军书面辞职报告，其因工作调整辞去董事会秘 书职务，原定任期至2027年8月22日，离任后不在公司及子公司任职，也无未履行完毕的公开承诺。段 建军离任不影响公司正常运作，自公告披露起，董事会秘书职责暂由董事长张付涛代行，公司将尽快选 聘新的董事会秘书。 ...

关于公司董事离任的公告 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。 2026年2月11日，上海大屯能源股份有限公司（以下简称"公司"）董事会收到吴凤东先生的书面辞职报 告，吴凤东先生因工作调整原因申请辞去公司第九届董事会董事、董事会战略委员会委员及审计与风险 管理委员会委员职务。具体情况如下： 证券代码：600508 证券简称：上海能源 公告编号：2026-003 上海大屯能源股份有限公司 一、董事提前离任的基本情况 ■ 二、董事离任对公司的影响 根据《公司法》和《公司章程》的有关规定，吴凤东先生的辞职申请自送达公司董事会之日起生效。吴 凤东先生的辞职不会导致公司现有董事会成员人数低于法定最低人数，能够保证董事会正常运作。公司 将按照法定程序尽快完成空缺职位的补选及相关后续工作。 吴凤东先生任公司董事、董事会战略委员会委员及审计与风险管理委员会委员期间，恪尽职守，勤勉尽 责，为公司的规范治理及健康发展发挥了重要作用。公司董事会向为公司做出积极贡献的吴凤东先生表 示衷心的感谢！ 特此公告。 上海大屯能源股份有限公司董事会 2 ...

二、董事离任对公司的影响 证券代码：600508 证券简称：上海能源 公告编号：2026-003 上海大屯能源股份有限公司 关于公司董事离任的公告 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。 2026 年 2 月 11 日，上海大屯能源股份有限公司（以下简称 "公司"）董事会收到吴凤东先生的书面辞职报告，吴凤东先生因 工作调整原因申请辞去公司第九届董事会董事、董事会战略委员 会委员及审计与风险管理委员会委员职务。具体情况如下： 特此公告。 上海大屯能源股份有限公司董事会 2026 年 2 月 11 日 根据《公司法》和《公司章程》的有关规定，吴凤东先生的 辞职申请自送达公司董事会之日起生效。吴凤东先生的辞职不会 一、董事提前离任的基本情况 姓名 离任职务 离任时间 原定任期 到期日 离任 原因 是否继续在 上市公司及 其控股子公 司任职 是否存在 未履行完 毕的公开 承诺 吴凤东 董事、战略委员 会委员及审计与 风险管理委员会 委员 2026 年 2 月 11 日 2027 年 8 月 22 日 工作 调整 否 否 导致公 ...

格隆汇2月11日丨上海能源(600508.SH)公布，2026年2月11日，公司董事会收到吴凤东先生的书面辞职 报告，吴凤东先生因工作调整原因申请辞去公司第九届董事会董事、董事会战略委员会委员及审计与风 险管理委员会委员职务。 ...

格隆汇2月11日丨上海能源(600508.SH)公布，2026年2月11日，公司董事会收到吴凤东先生的书面辞职 报告，吴凤东先生因工作调整原因申请辞去公司第九届董事会董事、董事会战略委员会委员及审计与风 险管理委员会委员职务。 ...

Group 1: Coal Prices - Qinhuangdao port thermal coal (Q5500) price increased to 692 CNY/ton, up 1 CNY/ton week-on-week as of February 7 [1] - Datong thermal coal price (Q5500) decreased to 567 CNY/ton, down 1 CNY/ton week-on-week as of February 5 [1] - International thermal coal prices: Newcastle NEWC5500 at 76.3 USD/ton, up 1.5 USD/ton week-on-week; ARA6000 at 101.6 USD/ton, down 1.5 USD/ton [1] Group 2: Coking Coal Prices - Beijing Tangshan port coking coal price decreased to 1700 CNY/ton, down 80 CNY/ton week-on-week as of February 5 [2] - Linfen coking coal price decreased to 1570 CNY/ton, down 80 CNY/ton week-on-week as of February 6 [2] - Australian hard coking coal price at 265.6 USD/ton, up 1.5 USD/ton week-on-week as of February 5 [2] Group 3: Production and Consumption - Sample thermal coal mine capacity utilization at 87.5%, down 0.8 percentage points week-on-week; coking coal mine utilization at 86.67%, down 2.5 percentage points [2] - Coastal provinces' coal consumption decreased by 16.3 million tons/day, down 7.22% week-on-week as of February 4 [3] - Inland provinces' coal consumption decreased by 81.8 million tons/day, down 18.1% week-on-week as of February 4 [3] Group 4: Market Outlook - Current coal market is at the beginning of a new upward cycle, with fundamental and policy support [4] - Indonesian government reduced coal production quotas by 40% to 70% compared to 2025 levels, impacting global coal supply [4] - Domestic coal supply is expected to remain constrained, with potential for price recovery due to demand resilience [5] Group 5: Investment Recommendations - Coal sector remains attractive due to high performance, cash flow, and dividends; recommended to focus on quality coal companies [6] - Suggested companies include China Shenhua, Shaanxi Coal, and Yancoal Australia among others [6] - Emphasis on the importance of coal assets as they are undervalued and have high potential for appreciation [5]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that coal prices are expected to recover gradually to a reasonable price level of around 750 CNY/ton, influenced by supply constraints and increasing demand due to seasonal factors [3][5] - The report highlights that the price of thermal coal has reached a turning point, with a projected upward trajectory supported by policy adjustments and market dynamics [5][14] - The focus on both cyclical recovery and dividend stability presents a dual investment logic for coal stocks, suggesting that now is an opportune time for investment [6][15] Summary by Sections Investment Logic - Thermal coal prices are expected to rise through a four-step process: repairing central and local long-term contracts, reaching the coal-electricity profit-sharing line, and potentially exceeding the breakeven point for power plants, estimated at 860 CNY [5][14] - Coking coal prices are more influenced by supply-demand fundamentals, with target prices based on the ratio of coking coal to thermal coal prices [5][14] Key Market Indicators - As of February 6, the price of Qinhuangdao Q5500 thermal coal was 695 CNY/ton, reflecting a slight increase of 3 CNY from the previous week [3][20] - The report notes a decrease in the production rate of coal mines, with the operating rate for 442 coal mines in Shanxi, Shaanxi, and Inner Mongolia at 82.7% [20][21] Investment Recommendations - The report suggests four main lines for selecting coal stocks: 1. Cyclical logic: companies like Jinko Coal and Yanzhou Coal 2. Dividend logic: China Shenhua and Zhongmei Energy 3. Diversified aluminum elasticity: Shenhuo Co. and Electric Power Investment 4. Growth logic: Xinjie Energy and Guanghui Energy [6][15] Company Performance - The coal index experienced a slight decline of 0.62%, outperforming the CSI 300 index by 0.71 percentage points [8][24] - Major coal companies showed varied performance, with some experiencing significant gains while others faced declines [24][26]