Investment Rating - The report maintains a positive outlook on the coal industry, rating it as "Overweight" [1] Core Insights - Demand for coal is experiencing a temporary slowdown, but maintenance on the Daqin line combined with shipping costs from production areas is expected to lead to short-term price fluctuations [1] - The report highlights that while the supply side remains stable, the demand side is showing signs of recovery, particularly in the context of the upcoming winter heating season, which is likely to drive coal prices up after a period of volatility [2] Summary by Sections Recent Industry Policies and Dynamics - The report notes significant coal shipments from Xinjiang to Hebei, indicating improved logistics and reduced costs for coal transportation [8] - It also mentions the suspension of mining licenses for several companies in Indonesia due to non-compliance with operational obligations [8] Price Trends - As of September 30, 2025, the prices for various grades of thermal coal have decreased slightly, with specific prices reported for different regions [9] - The report indicates that the price index for thermal coal in the Bohai Rim region has seen a minor increase, suggesting a mixed price trend [9][10] - Coking coal prices have remained stable, with no significant changes reported in major production areas [12] Inventory and Supply Chain - The report highlights an increase in coal inventory at the Bohai Rim ports, with daily average inflows and outflows both showing growth [21] - The average daily consumption of coal by major power generation groups has slightly decreased, while their inventory levels have risen [3] Shipping Costs - Domestic coastal shipping costs have decreased, while international shipping rates have shown mixed trends, with some routes experiencing price increases [28] Company Valuation - The report provides a valuation table for key companies in the coal sector, indicating their stock prices, market capitalization, and earnings projections for the upcoming years [34]

Group 1 - Cambrian's private placement price is set at 1195.02 yuan per share, with a total fundraising amount of 3.985 billion yuan [4] - Bee Assistant plans to raise no more than 984 million yuan for projects including cloud terminal computing power center and IoT terminal upgrades [5] - Kexing Pharmaceutical is planning to issue H-shares and list on the Hong Kong Stock Exchange [6] - Three squirrels have received approval from the China Securities Regulatory Commission for H-share issuance, with plans to issue up to 81.5483 million shares [7] - Ruiming Technology has submitted an application for H-share issuance to the Hong Kong Stock Exchange [8] Group 2 - Binhua Co. plans to invest 1.421 billion yuan in an integrated project for wind, solar, and energy storage [9] - Sains plans to invest no more than 300 million yuan in the expansion of its selection agent project [10] Group 3 - Hunan YN reports no significant changes in its internal and external operating environment [11] - Electric Power Investment has had its major asset replacement review suspended by the Shenzhen Stock Exchange due to expired financial documents [12] - Guanzhong Ecological is in the planning stage for acquiring a 51% stake in Hangzhou Actuary [13][14] Group 4 - Aima Technology's subsidiary is transferring production capacity and ceasing operations due to strategic adjustments [17] - Fosun Pharma's subsidiary has received approval for clinical trials of a new drug [18] - SAIC Group's subsidiary plans to invest 666 million yuan in the restructuring of SAIC Hongyan [19] Group 5 - Hanwei Technology plans to sell 65% of Hanwei Zhiyuan for approximately 440 million yuan [20] - Xingtong Co. has been awarded new capacity for coastal inter-provincial bulk liquid hazardous goods transportation [21][22] Group 6 - EVE Battery Investment received a cash dividend of 375 million HKD from its associate company [23] - Shanmei International's chairman has resigned due to work changes [24] - Weiye Co.'s chairman has resigned for personal reasons [25] Group 7 - Jiao Da Sino's chairman has been placed under detention [26] - Duorui Pharmaceutical is planning a change in control, leading to a stock suspension [27][28] - *ST Zhengping's stock has been suspended for investigation due to abnormal price fluctuations [29] Group 8 - Zhenray Technology's chairman has had detention measures lifted [30] - Shiming Technology's chairman has had detention measures changed to a warning [31] - Nanxin Pharmaceutical is under investigation by the CSRC for suspected violations in annual report disclosures [32] Group 9 - Daqian Ecology's shareholder plans to reduce holdings by up to 3% [33] - Rundar Medical's shareholders plan to reduce holdings by up to 2.99% [34][35] - Saili Medical's shareholder plans to reduce holdings by up to 2% [36] Group 10 - Huaxin Environmental plans to repurchase shares for 40 to 80 million yuan [37] - Tianyong Intelligent has been awarded a contract worth 58.8 million yuan for an engine assembly line project [38] - Zhongwu Drone has signed a significant contract worth 615 million yuan for drone systems [39]

Core Viewpoint - Shanmei International announced the appointment of Mr. Han Tao as the vice president of the company, effective from the date of the board meeting held on September 30, 2025, with a term aligned with the current board's tenure [2] Summary by Relevant Sections - **Appointment Announcement** - The board of directors approved the proposal to appoint Mr. Han Tao as vice president [2] - The decision was based on the nomination by the company's general manager and reviewed by the board's nomination committee [2]

Group 1 - Cambrian's private placement price is set at 1195.02 yuan per share, with a total fundraising amount of 3.985 billion yuan [2] - Bee Assistant plans to raise up to 984 million yuan for projects including cloud terminal computing power center and IoT terminal upgrades [3] - Kexing Pharmaceutical is planning to issue H-shares and list on the Hong Kong Stock Exchange [4] Group 2 - Three squirrels received approval from the China Securities Regulatory Commission for H-share issuance, planning to issue up to 81.5483 million shares [5] - Ruiming Technology has submitted an application for H-share issuance to the Hong Kong Stock Exchange [6] - Binhua Co. plans to invest 1.421 billion yuan in an integrated project for wind and solar energy [7] Group 3 - Sainz's subsidiary plans to invest up to 300 million yuan in the expansion of selection and extraction agents [8] - Hunan YN reported no significant changes in its internal and external operating environment [9] - Electric Power Investment plans to restructure assets and has received a notice from the Shenzhen Stock Exchange to suspend review [10] Group 4 - Guanzhong Ecology is in the planning stage to acquire 51% of Hangzhou Actuary [11] - Aima Technology announced the transfer and suspension of production capacity at its subsidiary in Guangdong [12] - Fosun Pharma's subsidiary received approval for clinical trials of a new drug [13] Group 5 - EVE Battery Investment received a cash dividend of 375 million HKD from its indirect associate, Simoer International [14] - Shanmei International announced a change in its board leadership due to personnel changes [15] - Weiye Co. announced the resignation of its chairman for personal reasons [16] Group 6 - Jiaoda Sinuo's chairman is under detention, and the company has appointed a new acting chairman [17] - Duorui Pharmaceutical is planning a change in control, leading to a stock suspension [18] - ST Zhengping's stock price has seen an abnormal increase, leading to a suspension for investigation [19] Group 7 - Daqian Ecology's shareholder plans to reduce its stake by up to 3% [20] - Rundat Medical's shareholders plan to collectively reduce their stake by up to 2.99% [21] - Seli Medical's shareholder plans to reduce its stake by up to 2% [22] Group 8 - Tianyong Intelligent has been awarded a contract worth 58.8 million yuan for an engine assembly line project [23] - Zhongwu Drone signed a significant contract worth 615 million yuan for drone systems [24]

每经AI快讯，山煤国际9月30日晚间发布公告称，公司于2025年9月29日收到山西焦煤集团有限责任公 司副总经理，山煤国际董事长孟君先生书面辞去山煤国际职务的报告。孟君先生因工作变动原因，申请 不再兼任山煤国际第八届董事会董事长、董事、董事会战略委员会主任委员、委员及董事会提名委员会 委员职务，将不再担任山煤国际任何职务。 （记者 王晓波） 根据公司总经理提名，董事会提名委员会审查，决定聘任韩涛先生为公司副总经理，任期与本届董事会 任期一致。 每经头条（nbdtoutiao）——前脚消费贷，后脚被银行追讨发票，7天内上传，否则后果严重！有人为此 焦虑，有人却趁机牟利：帮开票包过审 为促进公司规范运作、科学决策、健康发展发挥了积极作用，为公司高质量发展做出了卓越贡献，董事 会同意选举付中华先生为代表公司执行公司事务的董事，并担任公司法定代表人。 ...

山煤国际能源集团股份有限公司 董事会议事规则 2025 年 9 月修订 | 1 | 4 | | --- | --- | | . | | | 第一章 | 总则 2 | | | --- | --- | --- | | 第二章 | 董事会的组成和职权 2 | | | 第三章 | 董事长 5 | | | 第四章 | 董事会组织机构 6 | | | 第五章 | 董事会议案 | 11 | | 第六章 | 董事会会议的召集 12 | | | 第七章 | 董事会会议的通知 13 | | | 第八章 | 董事会会议的召开和表决 14 | | | 第九章 | 董事会会议记录 17 | | | 第十章 | 决议公告与执行 18 | | | 第十一章 | 附 则 | 19 | 山煤国际能源集团股份有限公司董事会议事规则 第一章 总则 第一条 为规范山煤国际能源集团股份有限公司（以下简称"公司"）董事 会的议事方式和决策程序，促使公司董事和董事会有效地履行其职责，提高公司 董事会规范运作和科学决策水平，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》《上市公司治理准则》《上市公司章程指 引》《上市公司独 ...

山煤国际能源集团股份有限公司 证券代码：600546 证券简称：山煤国际 公告编号：临 2025-040 号 关于公司董事长离任、聘任副总经理的公告 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。 一、提前离任的基本情况 山煤国际能源集团股份有限公司（以下简称"山煤国际"或"公司"）于 2025 年 9 月 29 日收到山西焦煤集团有限责任公司党委常委、副总经理，山煤国际董 事长孟君先生书面辞去山煤国际职务的报告。 孟君先生因工作变动原因，申请不再兼任山煤国际第八届董事会董事长、董 事、董事会战略委员会主任委员、委员及董事会提名委员会委员职务，将不再担 任山煤国际任何职务。 二、离任对公司的影响 根据《公司法》《公司章程》等有关规定,孟君先生的辞职未导致公司董事会 成员人数低于法定最低人数，其辞职申请自送达公司董事会之日起生效，其辞职 不会对公司经营和董事会运作产生影响。 孟君先生在担任公司董事长期间恪尽职守、勤勉尽责，为促进公司规范运作、 科学决策、健康发展发挥了积极作用，为公司高质量发展做出了卓越贡献，公司 及董事会对孟君 ...

证券代码：600546 证券简称:山煤国际 公告编号：临 2025-039 号 | 《公司章程》修订内容如下： | | --- | | 序 | 原章程条款 | 修订后条款 | | --- | --- | --- | | 号 | | | | | 第八条 董事长为公司的法定代表 | 第八条 代表公司执行公司事务的 | | | 人。 | 董事为公司的法定代表人，由董事会以全 | | | 董事长辞任的，视为同时辞去法定代 | 体董事过半数选举产生或更换。 | | 1 | 表人。法定代表人辞任的，公司将在法定 | 担任法定代表人的董事辞任的，视为 | | | 代表人辞任之日起 30 日内确定新的法 | 同时辞去法定代表人。法定代表人辞任 | | | 定代表人。 | 的，公司将在法定代表人辞任之日起 30 | | | | 日内确定新的法定代表人。 | | | 第一百五十五条 董事长行使下列 | 第一百五十五条 董事长行使下列 | | | 职权： | 职权： | | | （一）主持股东会和召集、主持董事 | （一）主持股东会和召集、主持董事 | | | 会会议； | 会会议； | | 2 | （二）督促、检查董事会决议的执 ...

证券代码：600546 证券简称：山煤国际 公告编号：临 2025-041 号 山煤国际能源集团股份有限公司 关于召开2025年第三次临时股东会的通知 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 (一)股东会类型和届次 2025年第三次临时股东会 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 10 月 17 日 15 点 00 分 召开地点：太原市小店区晋阳街 162 号三层会议室 (五)网络投票的系统、起止日期和投票时间。 股东会召开日期：2025年10月17日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二)股东会召集人：董事会 (三)投票方式：本次股东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 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有关规定执行。 二、 ...

证券代码：600546 证券简称:山煤国际 公告编号：临 2025-038 号 山煤国际能源集团股份有限公司 第八届董事会第三十四次会议决议公告 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。 二、审议通过《关于修订<董事会议事规则>的议案》 根据《公司法》《上市公司章程指引》等有关规定，结合《公司章程》的修 订情况，公司决定对《董事会议事规则》中相应条款进行同步修订。 表决结果：10 票同意，0 票反对，0 票弃权。 1 山煤国际能源集团股份有限公司（以下简称"公司"）第八届董事会第三十 四次会议（以下简称"本次会议"）通知于2025年9月29日以送达、邮件形式向 公司全体董事发出，本次会议于2025年9月30日在太原市小店区晋阳街162号三层 会议室以现场方式召开。本次会议应到董事10人，实到董事10人。会议的召集、 召开及表决程序符合《中华人民共和国公司法》及《公司章程》的规定。本次会 议由董事、总经理付中华先生主持，公司高级管理人员列席了本次会议，经与会 董事认真审议，形成董事会决议如下： 一、审议通过《关于修订<公司 ...