致：山煤国际能源集团股份有限公司 北京市金杜律师事务所（以下简称本所）接受山煤国际能源集团股份有限公 司（以下简称公司）的委托，根据《中华人民共和国证券法》（以下简称《证券 法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管 理委员会（以下简称中国证监会）《上市公司股东会规则》（以下简称《股东会 规则》）等中华人民共和国境内（以下简称中国境内，为本法律意见书之目的， 不包括中国香港特别行政区、中国澳门特别行政区和中国台湾省）现行有效的法 律、行政法规、部门规章、规范性文件和现行有效的《山煤国际能源集团股份有 限公司章程》（以下简称《公司章程》）的规定，指派律师出席了公司于 2025 年 10 月 17 日召开的 2025 年第三次临时股东会（以下简称本次股东会），并就 本次股东会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 北京市金杜律师事务所 关于山煤国际能源集团股份有限公司 2025 年第三次临时股东会的法律意见书 1. 经公司 2025 年第二次临时股东大会审议通过并于 2025 年 9 月 17 日刊登 于上海证券交易所网站等中国 ...

Core Insights - The shipping sector saw a slight increase of 0.20% as of the market close on October 16, ranking 10th among sector gains, with 38 stocks rising, including Haitong Development, Haixia Co., and Antong Holdings reaching their daily limit up [1] Group 1: Sector Performance - The shipping sector's performance was highlighted by significant gains from stocks such as Nanjing Port (up 8.01%), Ningbo Ocean (up 5.17%), and Shanmei International (up 5.00%) [1] - Conversely, stocks like Rongfa Nuclear Power, Dajin Heavy Industry, and Fosun Technology experienced notable declines, with decreases of 5.23%, 3.61%, and 3.47% respectively [1] Group 2: Capital Flow - The shipping sector experienced a net outflow of 626 million yuan in principal funds, with 29 stocks seeing net inflows, while 5 stocks had inflows exceeding 50 million yuan [2] - Haixia Co. led the net inflow with 108 million yuan, followed by Shanmei International (96.36 million yuan), Nanjing Port (94.75 million yuan), and Haitong Development (82.33 million yuan) [2] Group 3: Top Stocks by Capital Inflow - The stocks with the highest net inflow ratios included Haitong Development (27.71%), Phoenix Shipping (16.20%), and Xiamen Port (13.65%) [3] - Haixia Co. recorded a daily increase of 10.03% with a turnover rate of 6.55% and a principal fund flow of 107.99 million yuan [3] - Other notable performers included Shanmei International (up 5.00%, turnover rate 4.49%, net inflow 96.36 million yuan) and Nanjing Port (up 8.01%, turnover rate 18.25%, net inflow 94.75 million yuan) [3]

Core Points - The Shanghai Composite Index rose by 0.10% on October 16, with seven sectors experiencing gains, particularly coal and banking, which increased by 2.35% and 1.35% respectively [1] - The coal industry led the gains, with a net inflow of 650 million yuan, where 32 out of 37 stocks in the sector rose, and three hit the daily limit [1] - The steel and non-ferrous metals sectors saw the largest declines, with decreases of 2.14% and 2.06% respectively [1] Coal Industry Summary - The coal sector's increase of 2.35% was supported by a net inflow of 650 million yuan, with 25 stocks experiencing net inflows, and seven stocks receiving over 50 million yuan [1] - The top three stocks by net inflow were: - Baotailong: 137 million yuan - Yanzhou Coal: 99.64 million yuan - Shanxi Coal International: 96.36 million yuan [1] - The stocks with the largest net outflows included: - Yongtai Energy: 121 million yuan - Dayou Energy: 59.39 million yuan - Shaanxi Coal: 40.41 million yuan [1] Key Stock Performance - Notable stock performances in the coal sector included: - Baotailong: +10.03% with a turnover rate of 20.19% and a main fund flow of 136.65 million yuan - Yanzhou Coal: +3.71% with a turnover rate of 1.72% and a main fund flow of 99.64 million yuan - Shanxi Coal International: +5.00% with a turnover rate of 4.49% and a main fund flow of 96.36 million yuan [1]

Core Insights - The Shanxi state-owned enterprise reform sector saw a rise of 1.85% on October 16, with Shanxi Coal International leading the gains [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance Summary - Shanxi Coal International (600546) closed at 11.33, up 5.00% with a trading volume of 889,200 shares and a transaction value of 98.56 million [1] - Lu'an Environmental Energy (669109) closed at 15.93, up 3.44% with a trading volume of 735,100 shares and a transaction value of 1.153 billion [1] - Other notable performers include: - Biaoyang Co., Ltd. (600348) at 7.87, up 3.42% [1] - Shanxi Fenjiu (600809) at 198.80, up 2.87% [1] - Lanhua Sci-Tech (600123) at 6.88, up 2.53% [1] Capital Flow Analysis - The Shanxi state-owned enterprise reform sector experienced a net inflow of 64.81 million from main funds, while retail funds saw a net inflow of 63.99 million [2] - Notable net inflows from main funds include: - Shanxi Coal International (600546) with 96.39 million [3] - Shanxi Coking Coal (000983) with 84.63 million [3] - Conversely, retail funds showed significant outflows in several stocks, including: - Shanxi Coal International (600546) with an outflow of 51.89 million [3] - Shanxi Coking Coal (000983) with an outflow of 47.49 million [3]

证券之星消息，10月16日煤炭开采板块较上一交易日上涨2.88%，大有能源领涨。当日上证指数报收于 3916.23，上涨0.1%。深证成指报收于13086.41，下跌0.25%。煤炭开采板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600403 | 大有能源 | 6.00 | 10.09% | 150.30万 | | 8.70亿 | | 601898 | 中煤能源 | 13.29 | 7.35% | 87.07万 | | 11.38亿 | | 600121 | 郑州煤电 | 4.92 | 6.49% | 154.39万 | | 7.35亿 | | 600546 | 山煤国际 | 11.33 | 5.00% | 88.92万 | | 9.85 G | | 600188 | 究矿能源 | 14.80 | 3.71% | 101.71万 | | 14.90 乙 | | 661699 | 潞安环能 | 15.93 | 3.44% | 73.51万 | | 11.5 ...

Market Overview - The A-share market showed mixed performance on October 16, with the Shanghai Composite Index up by 0.1%, the Shenzhen Component down by 0.25%, and the ChiNext Index up by 0.38% [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 1.93 trillion yuan, a decrease of 141.7 billion yuan compared to the previous trading day, with nearly 4,200 stocks declining [1][2] Sector Performance - The coal sector experienced significant gains, with major companies like Dayou Energy and Antai Group hitting the daily limit up, while China Coal Energy and Zhengzhou Coal Electricity also saw substantial increases [2] - Financial stocks, including insurance and banking, performed strongly, with China Life Insurance rising over 5% and China Pacific Insurance up by 4% [2] Capital Flow - Main capital inflows were observed in the automotive, communication equipment, and banking sectors, with notable net inflows into Chang'an Automobile, Changshan Beiming, and ZTE [4] - Conversely, significant net outflows were recorded in software development, non-ferrous metals, and home appliances, with Zijin Mining and Sanhua Intelligent Control facing the largest sell-offs [4] Institutional Insights - Everbright Securities predicts that the market will likely maintain a volatile and consolidating trend in October [6] - Guodu Securities notes that the Shanghai Composite Index has recovered above the five-day moving average and returned to the 3,900-point level, indicating a decrease in short-term market risks, although trading volume remains low [6] - CITIC Securities highlights a reduction in market risk appetite, suggesting a rotation between high and low-performing sectors [6]

10月16日，山煤国际涨5.38%，截至发稿，报11.37元/股，成交7.82亿元，换手率3.58%，总市值225.41 亿元。 招商中证红利ETF（515080）基金经理为王平、刘重杰。 截至发稿，王平累计任职时间15年121天，现任基金资产总规模166.87亿元，任职期间最佳基金回报 275.26%， 任职期间最差基金回报-70.61%。 刘重杰累计任职时间7年167天，现任基金资产总规模314.28亿元，任职期间最佳基金回报104.62%， 任 职期间最差基金回报-33.62%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，山煤国际能源集团股份有限公司位于山西省太原市小店区晋阳街162号，成立日期2000年11 月20日，上市日期2003年7月31日，公司主营业务涉及新能源开发;煤炭、焦炭产业投资、煤焦及其副产 品的储运出口;物流信息咨询服务。主营业务收入构成为：自产煤36.87%，贸易煤24.93%，自产煤:冶金 煤18.62%， ...

分红方面，山煤国际A股上市后累计派现115.70亿元。近三年，累计派现62.25亿元。 资料显示，山煤国际能源集团股份有限公司位于山西省太原市小店区晋阳街162号，成立日期2000年11 月20日，上市日期2003年7月31日，公司主营业务涉及新能源开发;煤炭、焦炭产业投资、煤焦及其副产 品的储运出口;物流信息咨询服务。主营业务收入构成为：自产煤36.87%，贸易煤24.93%，自产煤:冶金 煤18.62%，自产煤:动力煤18.25%，运输1.16%，其他0.17%。 山煤国际所属申万行业为：煤炭-煤炭开采-动力煤。所属概念板块包括：动力煤、超超临界发电、稀缺 资源、山西国资、太阳能等。 截至6月30日，山煤国际股东户数8.26万，较上期增加14.65%；人均流通股23989股，较上期减少 12.78%。2025年1月-6月，山煤国际实现营业收入96.60亿元，同比减少31.28%；归母净利润6.55亿元， 同比减少49.25%。 10月16日，山煤国际盘中上涨2.32%，截至09:36，报11.04元/股，成交9811.05万元，换手率0.45%，总 市值218.86亿元。 资金流向方面，主力资金净流出22 ...

证券之星消息，10月15日煤炭开采板块较上一交易日上涨0.7%，大有能源领涨。当日上证指数报收于 3912.21，上涨1.22%。深证成指报收于13118.75，上涨1.73%。煤炭开采板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600403 | 大有能源 | 5.45 | 10.10% | 79.43万 | | 4.22 乙 | | 600121 | 郑州煤电 | 4.62 | 2.90% | 124.58万 | | 5.77亿 | | 002128 | 电投能源 | 24.34 | 2.74% | 17.03万 | | 4.07亿 | | 601225 | 陕西煤业 | 21.83 | 2.34% | 61.34万 | | 13.24亿 | | 600758 | 辽宁能源 | 4.12 | 1.48% | 36.13万 | | 1.48亿 | | 601898 | 中煤能源 | 12.38 | 1.06% | 41.88万 | | 5.17亿 | | ...

Core Viewpoint - The report from Shenwan Hongyuan indicates that China's coal production is increasing, but coal imports are declining, with expectations of limited production growth in Q4 2025 due to stricter regulations [1][2]. Supply Side - National raw coal production from January to August 2025 reached 3.165 billion tons, a year-on-year increase of 2.8% [1]. - Coal imports from January to September 2025 totaled 350 million tons, a year-on-year decrease of 11.1% [1]. Price Trends - In Q3 2025, the average spot price for 5500 kcal thermal coal was approximately 673 RMB/ton, down 20.66% year-on-year from 848 RMB/ton in Q3 2024, but up 6.75% from 630 RMB/ton in Q2 2025 [2]. - The average price for Shanxi coking coal at the Jing Tang port in Q3 2025 was 1564 RMB/ton, down 17.23% year-on-year but up 19.09% from Q2 2025 [2]. Company Performance - Companies exceeding performance expectations include China Shenhua (EPS 1.97, YOY -15.01%), Shaanxi Coal (EPS 1.29, YOY -21.46%), and Shanxi Coal International (EPS 0.64, YOY -38.99%) [3]. - Companies meeting expectations include China Coal Energy (EPS 0.89, YOY -18.92%) and Yanzhou Coal Mining (EPS 0.70, YOY -48.67%) [4]. - Shaanxi Black Cat underperformed with an EPS of -0.32, YOY -3.82% due to pressure on coking coal prices [4]. Recommended Stocks - Key recommendations include undervalued elastic stocks such as Shanxi Coal (000983.SZ) and Huabei Mining (600985.SH) [5]. - Stable high-dividend stocks recommended include China Shenhua (601088.SH) and Shaanxi Coal (601225.SH) [5]. - Additional focus on elastic stocks in thermal coal such as Jinkong Coal Industry (601001.SH) and Huayang Co. (600348.SH) [5].