Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle for the coal economy, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [11][12] - The coal price is expected to stabilize at a new level, supported by a slowdown in coal production growth, particularly in high-cost regions like Xinjiang, and a decrease in coal imports [11][12] - The coal sector is characterized by high profitability, cash flow, return on equity (ROE) between 10-20%, and dividend yields exceeding 5%, indicating strong core asset attributes [11][12] Summary by Sections 1. Coal Price Trends - As of May 24, the market price for Qinhuangdao port thermal coal (Q5500) is 613 RMB/ton, down 5 RMB/ton week-on-week [3][30] - The price for coking coal at Jing Tang port is 1320 RMB/ton, down 30 RMB/ton week-on-week [3][32] - International thermal coal prices show a mixed trend, with Newcastle thermal coal at 68.0 USD/ton, down 1.0 USD/ton week-on-week [3][30] 2. Supply and Demand Dynamics - The utilization rate of thermal coal mines increased to 97.1%, while coking coal mine utilization decreased to 86.3% [11][12] - Daily coal consumption in coastal provinces rose by 7.10 thousand tons/day (+3.93%) and in inland provinces by 6.00 thousand tons/day (+1.93%) [11][12] - The April coal production in China was 390 million tons, reflecting a 5 million ton decrease from March, indicating a contraction in supply [11][12] 3. Investment Strategy - The report emphasizes the importance of investing in high-quality coal companies with stable operations and strong performance, such as China Shenhua, Shaanxi Coal, and others [12][13] - The coal sector is expected to maintain high performance and cash flow, with a favorable outlook for the next 3-5 years due to ongoing supply constraints [12][13] 4. Market Performance - The coal sector saw a 0.98% increase this week, outperforming the broader market, which saw a 0.18% decline [15][18] - The thermal coal segment rose by 1.62%, while the coking coal segment experienced a slight decline [15][18]

证券代码：600508 证券简称：上海能源 编号：临 2025-018 上海大屯能源股份有限公司 关于修订公司章程并取消监事会的公告 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。 根据《中华人民共和国公司法》《上市公司章程指引（2025 年修订）》等法律法规和规范性文件，2025 年 5 月 22 日，公司 召开第九届董事会第七次会议，审议通过了关于修订公司章程并 取消监事会的议案，同意对《上海大屯能源股份有限公司章程》 （简称"《公司章程》"）进行修订，同意公司取消监事会，由 审计与风险管理委员会行使《中华人民共和国公司法》规定的监 事会职权，并同意将该议案提交公司股东大会审议。具体修订内 容如下： | 修订前 | 修订后 | | --- | --- | | 第一章 总则 | 第一章 总则 | | 第一条 为维护公司、股东和债权 | 第一条 为维护公司、股东、职 | | 人的合法权益，规范公司的组织和行为， | 工和债权人的合法权益，规范公司的 | | 根据《公司法》《证券法》《中国共产 | 组织和行为，根据《公司法》《 ...

证券代码：600508 证券简称：上海能源 公告编号：2025-019 上海大屯能源股份有限公司 关于召开2024年年度股东大会的通知 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： 一、 召开会议的基本情况 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 13 日13 点 30 分 召开地点：上海市闵行区万源路 599 号上海万源诺富特酒店 3 楼共语厅。 股东大会召开日期：2025年6月13日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 13 日 (一)股东大会类型和届次 2024年年度股东大会 至2025 年 6 月 13 日 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 ...

监事会同意将公司 2025 年度中期分红安排提交股东大会审议。 表决结果：同意 4 票，反对 0 票，弃权 0 票。 特此公告。 上海大屯能源股份有限公司监事会 2025 年 5 月 22 日 上海大屯能源股份有限公司 第九届监事会第六次会议决议公告 本公司监事会及全体监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。 上海大屯能源股份有限公司第九届监事会第六次会议，于 2025 年 5 月 22 日在河北省蔚县召开。会议应到监事 4 人，实到 4 人，公 司董事会秘书、证券事务代表列席了会议。公司监事会主席王文章 先生主持本次会议，符合《公司法》和《公司章程》的有关规定。 会议审议通过了《关于 2025 年度中期分红安排审核意见的议案》。 会议认为：公司 2025 年度中期分红安排是在充分考虑公司实际 经营情况以及股东利益的基础上作出的，符合股东的整体利益和公 司长期持续发展的需要，符合相关法律法规及《公司章程》的规定。 证券代码：600508 证券简称：上海能源 编号： 临 2025－020 1 ...

证券代码：600508 证券简称：上海能源 编号：临 2025-017 上海大屯能源股份有限公司 第九届董事会第七次会议决议公告 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。 公司第九届董事会第七次会议于 2025 年 5 月 22 日在河北省 蔚县召开。应到董事 8 人，实到 8 人，董事长张付涛先生、副董 事长李跃文先生、董事刘广东先生、吴凤东先生、朱世艳女士、 独立董事朱凤山先生、朱义军先生现场参加会议；独立董事吴娜 女士以视频方式参加会议。公司监事、部分高级管理人员及有关 人员列席了会议，符合《公司法》和《公司章程》的有关规定， 公司董事长张付涛先生主持会议。 会议审议并通过以下决议： 一、审议通过关于修订公司章程及取消监事会的议案 详见公司[临 2025-018]公告《上海能源关于修订公司章程及 取消监事会的公告》。 二、审议通过关于修订公司股东会议事规则的议案 此议案需提交公司股东大会审议。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 同意对《上海大屯能源股份有限公司股东大会议事规则》进 行的修订，并 ...

Investment Rating - The report maintains an "Overweight" rating for the coal industry [2][5]. Core Views - The coal demand is expected to rebound, with a potential for price stabilization as summer approaches and power plants increase their coal inventory [7][8]. - The report highlights the importance of strategic positioning in leading companies with strong fundamentals and low valuations, suggesting a focus on high-dividend stocks [7][8]. - The anticipated recovery in coal prices is supported by a decrease in coal imports and a gradual release of coal storage demand as temperatures rise [7][8]. Summary by Sections 1. Industry Overview - The coal industry consists of 37 listed companies with a total market capitalization of 1,745.915 billion yuan and a circulating market value of 1,706.950 billion yuan [2]. 2. Price Tracking - As of May 16, 2025, the average daily production of thermal coal from 462 sample mines was 5.786 million tons, showing a week-on-week decrease of 0.28% but a year-on-year increase of 4.97% [8]. - The price of thermal coal at the Qinhuangdao port was 619 yuan per ton, down 16 yuan from the previous week, reflecting a year-on-year decrease of 28.44% [8]. 3. Inventory Tracking - The coal inventory at Qinhuangdao port was 7.6 million tons as of May 16, 2025, with a week-on-week increase of 0.93% and a year-on-year increase of 48.15% [7][8]. 4. Company Performance - Key companies such as China Shenhua, Shaanxi Coal, and Yancoal are highlighted for their strong dividend policies and growth prospects, with expected dividends of 75%, 60%, and 57% respectively for 2023 [13]. - The report emphasizes the operational stability and growth potential of integrated coal and power companies, particularly those with ongoing projects and acquisitions [13][14]. 5. Investment Recommendations - The report recommends focusing on leading companies with strong earnings resilience and low valuations, such as China Shenhua and Shaanxi Coal, as well as integrated coal-power companies like Xinji Energy and Huaihe Energy [7][8]. - It also suggests buying coking coal stocks due to expected improvements in downstream demand driven by fiscal policies and infrastructure investments [7][8].

Core Insights - The report emphasizes the importance of coal allocation in the current market environment, highlighting a basket of financial policies aimed at stabilizing market expectations [1][2] - The coal sector is viewed as entering a "golden era 2.0," with core value assets expected to rebound due to favorable macroeconomic policies and capital market support [2][10] Coal Market Overview - As of May 9, 2025, the price of Q5500 thermal coal at Qinhuangdao port was 630 CNY/ton, a decrease of 20 CNY/ton or 3.08% from the previous week [1][13] - The operating rate of coal mines in the Shanxi, Shaanxi, and Inner Mongolia regions was 81.1%, reflecting a slight decline of 0.3 percentage points [1][13] - In April 2025, China imported 37.825 million tons of coal, a year-on-year decrease of 16.41% [1] Demand and Supply Dynamics - The daily coal consumption of coastal power plants reached 1.734 million tons, an increase of 235,000 tons week-on-week [1][9] - The inventory at ports in the Bohai Rim increased to 33.051 million tons, up 201,800 tons or 6.5% [1][9] - The operating rates for methanol and urea production were 84.1% and 87.35%, respectively, indicating a stable demand for coal in chemical production [1][9] Investment Logic - The report outlines a robust dividend investment logic for coal stocks, suggesting that they remain a preferred choice for institutional investors due to their stable returns and low risk associated with state-owned enterprises [2][10] - The cyclical elasticity of coal stocks is highlighted, with expectations for price recovery as supply-demand fundamentals improve post-policy implementation [2][10] Key Indicators - The coal sector's PE ratio was reported at 11.6, and the PB ratio was 1.16, indicating relatively low valuations compared to other sectors [5][7] - The report identifies key coal stocks that are expected to benefit from the current market conditions, including China Shenhua, Shaanxi Coal, and China Coal Energy [2][10] Focused Stock Recommendations - The report suggests a selection of coal stocks based on different investment themes: - Dividend logic: China Shenhua, Shaanxi Coal, China Coal Energy - Cyclical logic: Pingmei Shenma, Huabei Mining - Diversified aluminum elasticity: Shenhua Energy, Electric Power Energy - Growth logic: Guanghui Energy, New Hope Energy [2][10]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [12][13] - The coal price is expected to remain weak in May due to seasonal demand fluctuations, but there is a bottom support for prices, and a gradual recovery is anticipated as the peak season approaches [3][12] - The underlying investment logic of coal supply shortages remains unchanged, with a balanced short-term supply and demand but a medium to long-term gap still present [12][13] Summary by Sections Coal Price Tracking - As of May 10, the market price for Qinhuangdao port thermal coal (Q5500) is 635 CNY/ton, down 17 CNY/ton week-on-week [30] - The international thermal coal price for Newcastle (NEWC5500) is 69.8 USD/ton, down 0.5 USD/ton week-on-week [30] - The price for coking coal at Jing Tang port is 1380 CNY/ton, down 20 CNY/ton week-on-week [32] Supply and Demand Tracking - The capacity utilization rate for thermal coal mines is 96.4%, an increase of 2.5 percentage points week-on-week [47] - The daily coal consumption in inland provinces has increased by 33.80 thousand tons/day, a rise of 12.17% week-on-week [12] - The daily coal consumption in coastal provinces has decreased by 12.40 thousand tons/day, a decline of 6.67% week-on-week [12] Inventory Situation - As of May 9, coal inventory at Qinhuangdao port has increased to 753 thousand tons, up 8.0% week-on-week [5] - The inventory of coking coal at production sites has risen to 390.43 thousand tons, an increase of 8.9% week-on-week [5] Company Performance - The coal sector has shown a 1.47% increase this week, underperforming the broader market [15] - Key companies to focus on include China Shenhua, Shaanxi Coal, and China Coal Energy, which are noted for stable operations and solid performance [13]

证券代码：600508 证券简称：上海能源 编号：临 2025-014 上海大屯能源股份有限公司 2025 年第一季度经营数据公告 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。 根据上海证券交易所《上市公司自律监管指引第 3 号—— 行业信息披露》要求，现将公司 2025 年第一季度经营数据公告 如下： 特此公告。 | 项目 | 2025 年 | 2024 年 | 变动比例 | | --- | --- | --- | --- | | | 1-3 月 | 1-3 月 | （%） | | 一、原煤产量（万吨） | 181.72 | 226.75 | -19.86 | | 二、洗精煤产量（万吨） | 93.28 | 107.14 | -12.94 | | 三、商品煤产量（万吨） | 133.95 | 153.93 | -12.98 | | 四、商品煤销量（万吨） | 120.86 | 130.43 | -7.34 | | 其中：1、外销量（万吨） | 107.84 | 117.58 | -8.28 | | 2、自用量（万吨） | ...

证券代码：600508 证券简称：上海能源 编号：临 2025-015 上海大屯能源股份有限公司 第九届董事会第六次会议决议公告 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。 《上海能源 2025 年第一季度报告》详见上海证券交易所网 站 http://www.sse.com.cn。 二、审议通过关于公司经理层成员 2025 年度经营业绩责任 书的议案 表决结果：同意 8 票，反对 0 票，弃权 0 票。 本议案已经公司董事会薪酬与考核委员会 2025 年第二次会 议审议通过，并形成提交公司董事会审议的审核意见。 特此公告。 公司第九届董事会第六次会议于 2025 年 4 月 24 日在公司行 政研发中心召开。应到董事 8 人，实到 8 人，董事长张付涛先生、 副董事长李跃文先生，董事刘广东先生、吴凤东先生，独立董事 朱凤山先生、朱义军先生现场参加会议；董事朱世艳女士、独立 董事吴娜女士以视频方式参加会议。公司部分监事、高级管理人 员及有关人员列席了会议，符合《公司法》和《公司章程》有关 规定。公司董事长张付涛先生主持会议 ...