Report Industry Investment Rating - The investment rating for the coal mining industry is "Bullish" [2] Report's Core View - The coal industry is at the beginning of a new upward cycle, with fundamental and policy factors in resonance. It is advisable to allocate coal stocks on dips. The underlying investment logic of coal production capacity shortage remains unchanged, and coal prices have established a bottom and are expected to rise. High - quality coal enterprises have core asset attributes such as high profitability, high cash flow, high ROE, and high dividends. The coal sector is still undervalued, and its valuation is expected to increase. The coal supply bottleneck is expected to last until the "15th Five - Year Plan", and coal prices are likely to remain high. The report continues to be bullish on the coal sector and recommends top - down attention to several types of coal companies [3][11][12] Summary by Directory 1. This Week's Core View and Key Focus - **Core View**: The coal industry is in the early stage of a new upward cycle. The supply side shows an increase in the utilization rate of sample power and coking coal mine wells. On the demand side, there are differences in coal consumption between inland and coastal areas, and non - electric demand also shows different trends. Coal prices stopped falling and rebounded since late December, but the rebound momentum weakened this week. In the future, inventory depletion and the upcoming cold wave will support coal prices, and the market is expected to be stable and slightly strong before the holiday. The coal sector has high - dividend support and upward elasticity, making it a cost - effective investment [11] - **Investment Suggestions**: Focus on companies with stable operations and performance, those with large previous declines and high elasticity, and high - quality metallurgical coal companies. Also, pay attention to other related companies [12] - **Key Focus**: In 2025, China's coal imports decreased by 9.6% year - on - year; India's coal production was basically flat with a slight decline; global seaborne coal trade decreased by 2.8% [13] 2. This Week's Performance of the Coal Sector and Individual Stocks - The coal sector fell 3.33% this week, underperforming the broader market. The CSI 300 fell 0.57% to 4731.87. The top - three sectors in terms of gains were computer, electronics, and media [14] - The power coal, coking coal, and coke sectors fell 3.46%, 3.66%, and 4.38% respectively [17] - The top - three gainers in the coal mining and washing sector were Anyuan Coal Industry (3.97%), Huayang Co., Ltd. (2.90%), and Diantou Energy (0.81%) [20] 3. Coal Price Tracking - **Coal Price Index**: As of January 16, the comprehensive transaction price of CCTD Qinhuangdao thermal coal (Q5500) was 688.0 yuan/ton, up 2.0 yuan/ton week - on - week; the comprehensive average price index of Bohai Rim thermal coal (Q5500) was 686.0 yuan/ton, up 1.0 yuan/ton week - on - week; the annual long - term agreement price of CCTD Qinhuangdao thermal coal (Q5500) was 684.0 yuan/ton, down 10.0 yuan/ton month - on - month [24] - **Thermal Coal Price**: At ports, the market price of Qinhuangdao Port thermal coal (Q5500) from Shanxi was 697 yuan/ton on January 17, up 1 yuan/ton week - on - week. At production sites, prices in some areas were stable while in Datong, it decreased. Internationally, FOB and CIF prices showed different trends [30] - **Coking Coal Price**: At ports, the prices of coking coal in Jingtang Port and Lianyungang increased. At production sites, prices in some areas increased while in others they were stable. The CIF price of Australian Peak Downs hard coking coal in China increased [32] - **Anthracite and Pulverized Coal Injection Price**: The coking anthracite car - loading price in Jiaozuo was flat, while the prices of pulverized coal injection in Changzhi and Yangquan decreased [40] 4. Coal Supply and Demand Tracking - **Coal Mine Capacity Utilization**: As of January 16, the capacity utilization rate of sample power coal mine wells was 90.6%, up 0.3 percentage points week - on - week; the capacity utilization rate of sample coking coal mine wells was 88.47%, up 3.1 percentage points week - on - week [47] - **Import Coal Price Difference**: As of January 16, the price difference between domestic and foreign 5000 - kcal and 4000 - kcal thermal coal decreased [43] - **Coal - fired Power Consumption and Inventory**: Inland 17 provinces saw a decrease in coal inventory and an increase in daily consumption, while coastal 8 provinces saw a decrease in both inventory and consumption [44] - **Downstream Metallurgical Demand**: The Myspic composite steel price index increased slightly, the price of first - grade metallurgical coke was flat, the blast furnace operating rate decreased, the profit per ton of coke decreased, the profit per ton of steel in the blast furnace increased, the iron - scrap price difference decreased, and the blast furnace scrap consumption ratio decreased [65][66] - **Downstream Chemical and Building Materials Demand**: Urea prices in some regions increased, the national methanol price index decreased, the national ethylene glycol price index decreased, the national acetic acid price index increased, the national synthetic ammonia price index increased, the national cement price index decreased, the cement clinker capacity utilization rate decreased, the float glass operating rate decreased, and chemical weekly coal consumption increased [72][76] 5. Coal Inventory Situation - **Thermal Coal Inventory**: Qinhuangdao Port's coal inventory increased to 550.0 tons; 55 ports' thermal coal inventory decreased to 6830.8 tons; the inventory of 462 sample mines decreased to 283.9 tons [91] - **Coking Coal Inventory**: The production - site inventory decreased to 272.4 tons, the six - port inventory decreased to 298.9 tons, the inventory of independent coking plants increased to 954.8 tons, and the inventory of sample steel mills increased to 802.2 tons [92] - **Coke Inventory**: The inventory of coking plants decreased to 40.6 tons, the four - port inventory increased to 188.1 tons, and the inventory of sample steel mills increased to 650.33 tons [94] 6. Coal Transportation Situation - **International and Domestic Coal Transportation**: As of January 16, the China Yangtze River Coal Transportation Comprehensive Freight Index (CCSFI) was 704 points, down 3.6 points week - on - week [107] - **Ratio of Cargo to Ships at Four Northern Ports**: As of January 16, the inventory at four ports in the Bohai Rim was 1465.2 tons, the number of anchored ships was 99, and the ratio of cargo to ships was 14.8, down 1.96 week - on - week [102] - **Daqin Line Coal Transportation**: The average daily coal shipment volume on the Daqin Line this week was 118.0 tons, up 9.75 tons week - on - week [107] 7. Weather Situation - As of January 16, the Three Gorges outbound flow was 9180 cubic meters per second, up 23.22% week - on - week [114] - In the next 10 days, there will be precipitation in some areas, and a cold wave will affect many regions with significant temperature drops [114] - In the long - term (January 27 - 30), there will be precipitation in some areas, and the average temperature in some regions will be lower or higher than normal [114] 8. Listed Company Valuation Table and Key Announcements - **Listed Company Valuation Table**: The table shows the closing prices, net profit attributable to shareholders, EPS, and PE of key listed companies from 2024A to 2027E [115] - **Key Announcements**: Xinji Energy released its 2025 performance report; Pingdingshan Tianan Coal Mining Co., Ltd. announced the progress of its controlling shareholder's strategic restructuring; Guanghui Energy announced a guarantee - related关联交易; Meijin Energy announced a guarantee for its subsidiary and its 2025 performance forecast [116][117][118] 9. This Week's Important Industry News - By 2030, Guizhou's coal production and trial - operation capacity will reach 260 million tons per year [119] - Yunnan will increase coal resource exploration and promote the release of advanced coal production capacity [119] - 20 coal mines in Ordos passed the intelligent acceptance [119] - Guizhou has made breakthroughs in the coal and unconventional natural gas fields [119] - Jiangsu released its 2026 major project list, including one coal - related project [120]

Investment Rating - The report maintains an "Overweight" rating for the coal industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - The coal market is expected to experience a recovery in demand due to a cold wave, which may stimulate heating needs and lead to increased procurement [7]. - The report highlights that the coal price is likely to stabilize and potentially increase in the latter part of January, driven by a combination of steady supply and moderate demand recovery [7]. - The investment strategy suggests positioning in coal stocks that have shown resilience and potential for growth, particularly those with strong dividend yields and low valuations [8]. Summary by Sections Basic Conditions - The coal industry comprises 37 listed companies with a total market capitalization of 1,905.163 billion yuan and a circulating market value of 1,857.669 billion yuan [2]. Key Company Performance - Major companies such as China Shenhua, Yancoal Energy, and Shanxi Coking Coal are highlighted for their strong earnings per share (EPS) and price-to-earnings (PE) ratios, with recommendations to buy or hold based on their growth potential [5]. Coal Price Tracking - The report notes fluctuations in coal prices, with a recent increase in coking coal prices by 150 yuan/ton, while thermal coal prices have seen a slight decline [8]. - The average daily production of thermal coal from sample mines is reported at 5.467 million tons, reflecting a week-on-week increase of 0.28% [8]. Inventory and Supply Chain - Coal inventory levels at major ports have increased, with a total of 27.012 million tons reported as of January 17, indicating a year-on-year increase of 5.50% [7]. - The report anticipates a tightening supply in the near term due to ongoing safety inspections and the upcoming holiday season affecting production [7]. Investment Opportunities - The report identifies three main investment lines: 1. Companies with strong dividend yields and low valuations, such as China Shenhua and Zhongmei Energy [8]. 2. Companies with growth potential based on their production capacity, such as Yancoal Energy and Shanxi Coking Coal [8]. 3. Companies positioned for recovery in coking coal prices, including Lu'an Huanneng and Pingmei Shenma [8].

Meeting Details - The first temporary shareholders' meeting of Shanghai Datun Energy Co., Ltd. was held on January 16, 2026, at Radisson Hotel, Shanghai [2] - The meeting was convened by the board of directors and chaired by Mr. Zhang Futao, the chairman of the board [2] - The meeting complied with the provisions of the Company Law and the Articles of Association regarding convening, holding, and voting [2] Attendance - All 8 current directors attended the meeting [3] - The company secretary, Mr. Duan Jianjun, and some senior management personnel were also present [4] Resolutions Passed - The following proposals were approved: - Proposal on the company's 2026 daily related party transaction arrangements [5] - Proposal on conducting financial business with China Coal Finance Co., Ltd. [5] - The proposals were reviewed and approved by the company's ninth board of directors at its tenth meeting [7] Legal Verification - The meeting was witnessed by Beijing Jiayuan Law Firm, with lawyers Zhou Shuyao and Cheng Yuqi providing legal opinions [7] - The legal conclusion confirmed that the meeting's convening, procedures, qualifications of attendees, and voting processes complied with relevant laws and regulations [7]

北京市嘉源律师事务所 关于上海大屯能源股份有限公司 2026 年第一次临时股东会的 法律意见书 等所 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 源在山市昌 名前 A YUAN LAW OFFICES 十京 BELJING · 上海 SHANGHAI - N GUANGZHOU · 西安 XI'AN · 长沙 CHA 致:上海大屯能源股份有限公司 北京市嘉源律师事务所 关于上海大屯能源股份有限公司 2026 年第一次临时股东会的 法律意见书 嘉源(2026)-04-023 本所及经办律师依据《中华人民共和国证券法》《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 律意见书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则,进行了充分的核查验证,保证本法律意见所认定的事实 真实、准确、完整,所发表的结论性意见合法、准确,不存在虚假记载、误导性 陈述或者重大遗漏,并承担相应法律责任。 基于前述,本所律师根据相关法律法规的要求,按照律师行业公认的业务标 准、道德规范和勤勉尽责的精神,就本次股东会的相关事项出具法律意见如 ...

证券代码：600508 证券简称：上海能源 公告编号：2026-001 上海大屯能源股份有限公司 2026年第一次临时股东会决议公告 (一)股东会召开的时间：2026 年 1 月 16 日 本次会议是否有否决议案：无 一、 会议召开和出席情况 (二)股东会召开的地点：上海市闵行区金丰路 839 号上海虹桥西郊庄园丽笙大酒 店 2 号会议室 (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： 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。 | 1、出席会议的股东和代理人人数 | 251 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 64,339,012 | | 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（%） | 23.9168 | 重要内容提示： (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东会由公司董事会召集，公司董事长张付涛先生主持，本次股东会的 召集、召开和表决符合《公司法》和《公司章程》的有 ...

Core Viewpoint - The coal industry is entering a new upward cycle, with fundamental and policy factors aligning, making it an opportune time to invest in coal stocks [5] Price Trends - As of January 10, the market price for Qinhuangdao port thermal coal (Q5500) is 696 RMB/ton, an increase of 17 RMB/ton week-on-week [2] - The price for Shanxi-produced coking coal at Jingtang port remains stable at 1650 RMB/ton as of January 9 [3] - International thermal coal prices show mixed trends, with Newcastle NEWC5500 at 71.8 USD/ton (up 0.3 USD) and ARA6000 at 95.3 USD/ton (down 1.8 USD) [2] Supply and Demand Dynamics - The utilization rate for thermal coal mines is 90.3%, up 8.2 percentage points week-on-week, while coking coal mine utilization is at 85.34%, up 5.7 percentage points [3] - Coastal provinces show an increase in daily coal consumption by 29.90 thousand tons/day (+15.11%), while inland provinces see a decrease of 7.40 thousand tons/day (-1.81%) [4][5] - Chemical coal consumption has increased by 8.36 thousand tons/day (+1.13%) [4] Inventory Levels - As of January 8, coal inventory in coastal provinces decreased by 111.60 million tons (-3.17%), while inland provinces saw a larger drop of 409.00 million tons (-4.15%) [4] Investment Strategy - The coal sector is characterized by high performance, cash flow, and dividends, with a recommendation to invest in quality coal companies [7] - Companies such as China Shenhua, Shaanxi Coal, and others are highlighted for their stable operations and strong performance [7] - The coal market is expected to remain tight in the next 3-5 years, with a focus on the potential for price increases and valuation recovery [6][7]

Investment Rating - The report maintains a "Buy" rating for several key companies in the coal industry, including Shanxi Coking Coal, Lu'an Mining, Yancoal Energy, China Shenhua, Shaanxi Coal and Chemical Industry, and others [5]. Core Views - The coal market is expected to see strong marginal improvements in supply and demand, leading to a stabilization and potential increase in coal prices. The report anticipates that coal prices will continue to rise due to high electricity demand during the cold weather and a reduction in port inventories [6][8]. - The demand side remains resilient, with non-electric demand and electricity demand both expected to maintain high levels. The report highlights that steel production and chemical industry coal consumption are driving this demand [8]. - On the supply side, there are expectations of reduced coal production due to regulatory changes and potential capacity cuts in key mining regions, which could further tighten supply [8]. - The report suggests that investors should consider low-entry opportunities in the coal sector, focusing on companies with strong dividend yields and low valuations, as well as those with significant production capacity growth [8]. Summary by Sections 1. Core Views and Operational Tracking - The report emphasizes the importance of dividend policies and growth prospects for listed companies in the coal sector, indicating a focus on stable earnings and potential for future growth [12][14]. 2. Coal Price Tracking - The report provides detailed tracking of coal prices, including indices for thermal coal and coking coal, highlighting recent price movements and trends in both domestic and international markets [9][10]. 3. Coal Inventory Tracking - There is a focus on coal production levels and inventory status, with recent data showing a decrease in port coal inventories, indicating improved supply-demand dynamics [8][10]. 4. Downstream Performance in the Coal Industry - The report tracks downstream consumption patterns, including daily coal usage by power plants and trends in steel and cement prices, which are critical for understanding overall coal demand [9][10]. 5. Recent Performance of the Coal Sector and Individual Stocks - The report analyzes the recent performance of the coal sector, noting fluctuations in stock prices and market sentiment, while also providing forecasts for key companies [8][10].

Group 1 - The coal mining sector increased by 1.23% on January 9, with Jiangte Equipment leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] - Jiangte Equipment's stock price rose by 9.95% to 9.06, with a trading volume of 448,900 shares and a transaction value of 397 million yuan [1] Group 2 - Major coal companies such as China Shenhua and Xinda Zhou A also saw increases, with China Shenhua up 2.41% to 42.45 and a transaction value of 1.551 billion yuan [1] - Conversely, some companies like Dayou Energy and Shanxi Coking Coal experienced declines, with Dayou Energy down 3.23% to 8.10 and a transaction value of 859 million yuan [2] - The coal mining sector experienced a net outflow of 324 million yuan from major funds, while retail investors saw a net inflow of 397 million yuan [2][3] Group 3 - Jiangte Equipment had a net inflow of 109 million yuan from major funds, while retail investors had a net outflow of 46 million yuan [3] - China Shenhua also saw a net inflow of 34.67 million yuan from major funds, with retail investors experiencing a slight outflow [3] - The overall trend indicates a mixed sentiment in the coal mining sector, with significant retail interest despite the net outflow from major funds [2][3]

Group 1 - The core point of the article is that Shanghai Energy (600508) has responded to investor inquiries, indicating that as of December 31, 2025, the number of shareholders will be 34,211 [1]

上海大屯能源股份有限公司 2026 年第一次临时股东会材料 2026 年 1 月 16 日 中国 上海 1 | 序号 | 目 录 | 页码 | | --- | --- | --- | | 一 | 上海大屯能源股份有限公司 2026 年第一次临时股东会有关规定 | 3 | | 二 | 上海大屯能源股份有限公司 2026 年第一次临时股东会议程 | 4 | | 三 | 议案 | | | 非累积投票议案 | | | | 1 | 关于公司 年日常关联交易安排的议案 2026 | 6 | | 2 | 关于公司与中煤财务有限责任公司开展金融业务的议案 | 19 | 2 上海大屯能源股份有限公司 2026 年第一次临时股东会有关规定 （2026 年 1 月 16 日） 为维护投资者的合法权益，确保股东在本公司 2026 年第一次临 时股东会期间依法行使权利，保证股东会的正常秩序和议事效率， 依据中国证券监督管理委员会《上市公司股东会规则》的有关规定， 制定如下规定： 一、股东会设秘书处，负责大会的程序安排和会务工作。 二、董事会在股东会的召开过程中，应当以维护股东的合法权 益，确保正常秩序和议事效率为原则，认真履行法定职责 ...