Core Viewpoint - Shanxi Coal International (山煤国际) has announced the release of pledged shares by its controlling shareholder, Shanxi Coal Import and Export Group (山煤集团), which may positively impact the company's stock performance and investor confidence [1]. Group 1: Stock Performance - As of October 23, 2025, Shanxi Coal International's stock closed at 10.92 yuan, up 0.37% from the previous trading day [1]. - The stock opened at 10.84 yuan, reached a high of 11.3 yuan, and a low of 10.83 yuan, with a trading volume of 6.86 billion yuan and a turnover rate of 3.12% [1]. Group 2: Share Pledge Release - The announcement indicates that Shanxi Coal Group has released 280 million shares from pledge, which accounts for 24.39% of its held shares and 14.12% of the total shares of the company [1]. - Following the release, the number of pledged shares held by Shanxi Coal Group is now zero, with no further pledge plans indicated [1]. - The release of the pledged shares was due to the completion of the repayment of principal and interest for the first phase of privately placed exchangeable bonds issued in 2022 [1].

Core Points - Shanxi Coal Import and Export Group Co., Ltd. holds 1,148,006,282 shares of Shanmei International, accounting for 57.91% of the total share capital [2] - The group has released a pledge of 280,000,000 shares, resulting in zero pledged shares remaining [2]

证券代码：600546 证券简称:山煤国际 公告编号：临 2025-044 号 特此公告。 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: 山西煤炭进出口集团有限公司（以下简称"山煤集团"）持有山煤国际能 源集团股份有限公司（以下简称"公司"）股份 1,148,006,282 股,占公司总股本 的 57.91%。山煤集团本次解除质押股份 280,000,000 股，本次股份质押解除后， 山煤集团持有公司股份质押数量 0 股。 公司控股股东山煤集团在中国证券登记结算有限责任公司上海分公司开立 了"山西煤炭进出口集团有限公司-2022 年面向专业投资者非公开发行可交换公 司债券（第一期）质押专户"，为山煤集团 2022 年面向专业投资者非公开发行可 交换公司债券（第一期）（以下简称"本期可交换债券"）换股和本息偿付提供担 保。鉴于山煤集团已于 2025 年 9 月 29 日完成本期可交换债券的本息兑付及摘牌 工作，山煤集团近日向中国证券登记结算有限责任公司上海分公司申请办理质押 专户中 280,000,000 股山 ...

Investment Rating - The report upgrades the coal industry investment rating to "Leading the Market" for the fourth quarter, indicating expected performance exceeding the benchmark index by over 10% [1][37]. Core Insights - The coal price remained stable in September, with expectations for investment opportunities in the sector during the fourth quarter. The report highlights a potential recovery in coal prices and demand due to seasonal factors and policy changes [1][7]. - Domestic coal supply continues to contract, while coal imports are expected to increase as domestic production is controlled. The report suggests that if coal prices stabilize and rebound, this could further stimulate import demand [6][7]. - The report emphasizes that the fourth quarter may see better performance than the third quarter, with coal prices expected to recover due to limited supply growth and anticipated demand during the winter peak [7]. Supply and Demand Summary - Supply: From January to September 2025, the cumulative output of raw coal reached 3.57 billion tons, a year-on-year increase of 2.0%, but the growth rate is declining. In September alone, the output was 412 million tons, down 1.8% year-on-year but up 5.38% month-on-month [4]. - Demand: The terminal demand in the first nine months of 2025 was supported by manufacturing and infrastructure investments. Fixed asset investment decreased by 0.5% year-on-year, with manufacturing investment up 4.0% and infrastructure investment up 1.1%. However, real estate investment fell by 13.9% [4]. Import Data Summary - In September, coal imports increased month-on-month, but the cumulative import volume from January to September 2025 was 34.6 million tons, a year-on-year decrease of 11.1%. The September import volume was 46 million tons, down 3.34% year-on-year but up 7.64% month-on-month [5]. Price Analysis - In September, coal prices showed a stable upward trend, with different price movements across various coal types. The report notes that while prices for Shanxi premium mixed 5500 thermal coal and other types adjusted, they exhibited varying degrees of increase month-on-month [6]. Investment Recommendations - The report recommends focusing on coal sector investments in the fourth quarter, highlighting that the overall valuation of the sector is low and there is potential for a rebound. Specific companies to watch include Jin Kong Coal Industry, Shan Coal International, and Huayang Co., with a focus on elastic varieties [7].

Core Viewpoint - The coal mining sector experienced a decline of 1.16% on October 21, with Yanzhou Coal Mining Company leading the drop, while the overall Shanghai Composite Index rose by 1.36% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3916.33, up 1.36%, and the Shenzhen Component Index closed at 13077.32, up 2.06% [1] - The coal mining sector saw significant individual stock movements, with Daya Energy rising by 10.06% to a closing price of 7.99, while several other stocks also posted gains [1] Group 2: Trading Volume and Capital Flow - The coal mining sector had a net outflow of 1.01 billion yuan from main funds, while retail investors saw a net inflow of 528 million yuan [2][3] - The trading volume for Daya Energy reached 1.1459 million hands, with a transaction value of 911 million yuan, indicating strong investor interest [1] Group 3: Individual Stock Analysis - Major stocks in the coal mining sector included: - Daya Energy: Closing price 7.99, up 10.06%, with a transaction value of 911 million yuan [1] - Jiangte Equipment: Closing price 7.66, up 3.51%, with a transaction value of 218 million yuan [1] - New集 Energy: Closing price 7.15, up 2.44%, with a transaction value of 857 million yuan [1] - Conversely, stocks like 中煤能源 and 晋控煤业 saw declines of 3.10% and 2.95%, respectively, indicating mixed performance within the sector [2]

Investment Rating - The report rates the coal industry as "Overweight" indicating a positive outlook for the sector [3]. Core Insights - The report highlights that stricter safety regulations and supply constraints are expected to drive coal prices higher, particularly in the context of the upcoming winter heating season [3]. - It notes significant increases in spot prices for thermal coal, with prices for Q4500, Q5000, and Q5500 thermal coal at Qinhuangdao port rising by 36, 41, and 39 RMB/ton respectively [3]. - The report emphasizes the expected continued upward momentum in thermal coal prices due to seasonal demand and tightening supply [3]. Summary by Sections Recent Industry Policies and Developments - The report discusses various projects, including a major energy logistics project in Xinjiang with a total investment of 2.56 billion RMB, aimed at enhancing energy security [4]. - It mentions the construction of a coal-to-natural gas project in Northeast China, which is expected to convert 7.5 million tons of low-quality coal into 1.33 billion cubic meters of natural gas annually [8]. Price Movements - Thermal coal prices have seen significant increases, with various regions reporting price hikes, such as a 20 RMB/ton increase in Datong and a 40 RMB/ton increase in Yulin [9]. - Coking coal prices remained stable, with prices reported at 1485 RMB/ton in Shanxi [12]. Supply and Demand Dynamics - The report indicates a decrease in daily coal inflow to the Bohai Rim ports, with an average of 1.4914 million tons, down 15.46% week-on-week [20]. - Conversely, coal outflow from the same ports increased by 24.93%, indicating a shift in supply-demand dynamics [20]. Shipping Costs - Domestic coastal shipping costs have risen significantly, with average freight rates reported at 43.05 RMB/ton, an increase of 28.96% [27]. Company Valuations - The report provides a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalizations, and earnings per share (EPS) forecasts [32]. - For instance, China Shenhua's stock price is reported at 41.90 RMB with a market cap of 832.5 billion RMB and an EPS forecast of 2.95 RMB for 2024 [32].

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the prices of thermal coal and coking coal have reached a turning point, with thermal coal prices expected to rebound and stabilize above the long-term contract price of around 700 CNY per ton, with a potential target of 750 CNY per ton in 2025 [6][7][16] - The report highlights that the coal market is experiencing a significant price increase, with thermal coal prices rising to 748 CNY per ton as of October 17, 2025, marking a 6.1% increase from the previous period [6][20] - The investment logic is based on two main aspects: cyclical elasticity and stable dividends, suggesting that the coal sector is at a favorable entry point for investment [8][17] Summary by Sections Investment Logic - Thermal coal is categorized as a policy-driven commodity, with prices expected to recover to long-term contract levels due to the dual-track pricing mechanism [7][16] - Coking coal prices are more influenced by supply and demand fundamentals, with target prices set based on the ratio of coking coal to thermal coal prices [7][16] Market Performance - The coal index increased by 4.17% in the week, outperforming the CSI 300 index by 6.39 percentage points [11][28] - Major coal companies showed significant price increases, with the top performers being Dayou Energy (+53.13%), Zhengzhou Coal Electricity (+15.93%), and China Coal Energy (+11.68%) [11][28] Price Indicators - As of October 17, 2025, the Qinhuangdao Q5500 thermal coal price was 748 CNY per ton, reflecting a 6.1% increase [20] - The price of coking coal at Jingtang Port reached 1710 CNY per ton, up from 1630 CNY, indicating a 4.91% increase [21][23] Investment Recommendations - The report suggests four main lines for coal stock selection: cyclical logic (e.g., Jinko Coal and Yanzhou Coal), dividend logic (e.g., China Shenhua and Zhongmei Energy), diversified aluminum elasticity (e.g., Shenhua Holdings), and growth logic (e.g., Xinji Energy and Guanghui Energy) [8][17]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [2] Core Views - The coal price at northern ports has significantly increased due to limited supply from railway maintenance and temperature differences between northern and southern regions, with the price reaching 748 RMB/ton on October 17, up 39 RMB/ton week-on-week [4][13] - The supply side remains constrained, with production capacity utilization in the Sanxi region increasing slightly, while demand from coastal and inland power plants shows mixed trends [4][13] - The overall market sentiment is supported by high cash flow and profitability of leading coal companies, with a focus on maintaining a strong dividend yield [7] Summary by Sections 1. Thermal Coal - The price of thermal coal at northern ports has risen significantly, with specific increases in pit prices in Shanxi, Inner Mongolia, and Shaanxi [4][14] - Production capacity utilization in the Sanxi region has increased by 0.31 percentage points, while coal supply remains tight due to railway maintenance [4][19] - Coastal power plants' daily consumption has increased, while inland power plants have seen a decrease [4][22] 2. Coking Coal - The production capacity utilization for coking coal has increased by 2.05 percentage points, with some recovery in production following holiday shutdowns [5][38] - The price of main coking coal at ports has risen to 1,710 RMB/ton, up 80 RMB/ton week-on-week [5][39] - Coking coal inventories at production enterprises have decreased, indicating a tightening supply [5][46] 3. Coke - The supply side for coke has tightened, with production rates declining slightly due to cost pressures and maintenance [6][49] - The average profit per ton of coke has decreased, reflecting challenges in the market [6][54] - Coke inventories at independent coking plants have decreased, indicating stable demand [6][62] 4. Anthracite - The price of anthracite remains stable, with limited supply due to production constraints in certain regions [6][66] 5. Key Companies and Profit Forecasts - The report highlights several key companies with strong investment potential, including China Shenhua, Shaanxi Coal, and Yanzhou Coal, recommending a "Buy" rating for most [8]

Meeting Overview - The company's board of directors confirmed that there are no resolutions rejected during the meeting [1] - The shareholder meeting was held on October 17, 2025, at the conference room located at 162 Jinyang Street, Xiaodian District, Taiyuan City [1] - All 10 current directors attended the meeting, along with the board secretary and senior management [1] Voting and Resolutions - Two non-cumulative voting proposals were presented: 1. Proposal to amend certain provisions of the Articles of Association - Passed 2. Proposal to amend the Rules of Procedure for Board Meetings - Passed [1] - Both proposals were approved with more than two-thirds of the voting rights from participating shareholders [1] Legal Verification - The meeting was witnessed by Beijing King & Wood Mallesons law firm, with lawyers Liu Ning and Wang Ting present [2] - The legal opinion confirmed that the meeting's procedures complied with relevant laws and regulations, and the voting process was valid [2]

Core Points - Shanxi Coal International (山煤国际) closed at 10.96 yuan on October 17, 2025, up 6.1% from the previous week's 10.33 yuan [1] - The company's market capitalization is currently 21.728 billion yuan, ranking 13th in the coal mining sector and 844th among all A-shares [1] Company Announcements - The third extraordinary general meeting of shareholders was held on October 17, 2025, with 631 attendees representing 1,164,045,905 shares, accounting for 58.7174% of the total voting shares [1][3] - The meeting approved two resolutions regarding amendments to the company's articles of association, both receiving over two-thirds approval from the voting rights present [1][3] - Beijing Jindu Law Firm confirmed the legality and validity of the meeting's convening, voting procedures, and results [3] Company Structure - The company is a permanent stock company with a registered capital of 1.982 billion yuan, located in Taiyuan, Shanxi Province [2] - The governance structure includes a shareholders' meeting, board of directors, supervisory board, and party committee, with the board consisting of 11 members, including 4 independent directors [2] - The articles of association prioritize cash dividends for profit distribution and outline procedures for mergers, divisions, dissolution, and liquidation [2]