5月26日收盘，煤炭行业板块异动下行，截至目前下跌0.23%；其中新大洲A上涨4.31%，郑州煤电上涨 2.40%，电投能源、辽宁能源、安泰集团涨超1%。 煤炭行业个股资金流向上看：今日（5月26日）主力资金净流出金额前三名：中国神华、山煤国际、安 源煤业；分别流出5520.54万、1616.77万、1137.12万。 序号 名称 今日主力净流入 1 新大洲A 4.60 4.31% 2 郑州煤电 3.84 2.40% 3 电投能源 18.97 1.88% 4 辽宁能源 3.78 1.34% 5 安泰集团 1.94 1.04% 6 云煤能源 3.27 0.93% 7 宝泰隆 2.46 0.82% 8 淮北矿业 12.47 0.81% 9 美锦能源 4.21 0.72% 10 陕西黑猫 3.07 0.66% 1 中国神华 -5520.54万 2 山煤国际 -1616.77万 3 安源煤业 -1137.12万 4 大有能源 -787.75万 5 潞安环能 -699.72万 6 恒源煤电 -419.11万 7 甘肃能化 -390.93万 8 新集能源 -372.52万 9 辽宁能源 -362.06万 10 美锦能源 ...

Core Viewpoint - Taiyuan City is focusing on industrial transformation and the cultivation of strategic emerging industries, enhancing innovation and establishing a green manufacturing system to drive high-quality economic development [1][31]. Group 1: Macroeconomic Analysis - Taiyuan's GDP for 2024 is projected to be CNY 541.887 billion, with a growth rate of 1.2%. The primary, secondary, and tertiary industries contribute CNY 4.785 billion, CNY 166.671 billion, and CNY 370.431 billion respectively, with the tertiary sector growing by 1.6% [2][4]. - The proportion of strategic emerging industries in Taiyuan's industrial output is increasing, with a 2024 forecast showing a 37.3% contribution to the total industrial output, up 1.4 percentage points from the previous year [4]. Group 2: Investment Trends - Fixed asset investment in Taiyuan is expected to grow by 0.5% in 2024, with 136 ongoing projects valued over CNY 1 billion, representing 35.9% of total investment [6]. - Industrial investment is projected to account for 27.7% of total investment, with a significant increase of 24.7% year-on-year [6]. Group 3: Industrial Structure - Taiyuan is constructing a modern industrial system centered around the "1233" key industrial chain system, which includes nine major industrial chains contributing approximately 70% of the city's industrial output [10][31]. - The "1233" system focuses on high-end metal materials, advanced carbon-based materials, and advanced biological materials, among others, with 118 key enterprises involved [10][31]. Group 4: Innovation and R&D - In 2023, Taiyuan's R&D expenditure reached CNY 12.79 billion, ranking first in Shanxi Province, indicating a strong focus on innovation [8]. - The city is implementing four major projects to enhance innovation capabilities, including optimizing the innovation ecosystem and promoting the transformation of innovative results [8]. Group 5: Key Industries - The high-end metal materials industry is a pillar of Taiyuan's economy, with significant products including special steel and new magnesium alloys, generating CNY 118.3 billion in revenue in 2023 [19][20]. - The carbon-based materials industry is leveraging local coal resources and advanced research capabilities, with a focus on both traditional and cutting-edge carbon materials [25][27]. - The advanced biological materials and biopharmaceutical industry is developing rapidly, focusing on bio-based new materials and recombinant human collagen protein [29]. Group 6: Policy Framework - Taiyuan has introduced several policies to support high-quality development, including plans for digital transformation and the establishment of advanced manufacturing bases [16][18]. - The city aims to achieve significant results in industrial high-quality development by 2025, enhancing its competitive advantages [16].

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]

Investment Rating - The report maintains a "Buy" recommendation for key companies in the coal industry, including China Shenhua, Shaanxi Coal, and China Coal Energy [3][11]. Core Viewpoints - Coal prices have stabilized, and with the peak summer demand approaching, a rebound in coal prices is anticipated. The low coal prices have led to a reduction in supply, with April 2025 coal production growth slowing to 3.8% year-on-year, and daily production decreasing by 8.7% month-on-month [1][7]. - The report highlights that the demand for electricity coal is gradually increasing as temperatures rise, and the overall coal consumption in the chemical sector remains high. This marginal improvement in demand is expected to accelerate the reduction of port inventories, leading to a new round of price rebounds [1][7]. - The report emphasizes the investment value of stable high-dividend coal stocks, suggesting that the sector may experience a valuation uplift as coal prices enter an upward channel [1][7]. Summary by Sections Industry Dynamics - The report notes that the coal supply has slightly decreased due to accidents affecting some coal mines, while demand is weakening as the consumption off-season approaches. This has led to a bearish sentiment in the market, with continued inventory accumulation [2][10]. - The report indicates that the average daily coal consumption in power plants has increased, while the number of available days has decreased, suggesting a tightening supply situation [9][10]. Company Performance - The report provides earnings forecasts and valuations for key companies, with China Shenhua expected to have an EPS of 2.95 yuan in 2024, and a PE ratio of 13 times [3]. - The report highlights that companies like Jinko Coal and Shanxi Coal International are expected to show stable performance and production growth, making them attractive investment options [11][3]. Market Performance - As of May 23, 2025, the coal sector has shown a weekly increase of 1.0%, outperforming the broader market indices [12][14]. - The report identifies that the coal stocks have cleared low positions after previous panic selling, and the stability of coal prices has been reaffirmed, enhancing the certainty of high dividend yields [1][7].

Group 1 - The three major indices opened slightly lower on May 23, with the high dividend ETF (563180) showing strength, rising by 0.66% and experiencing a premium trading rate of 0.08% [1] - The high dividend ETF has seen a net inflow of over 67 million yuan in the past 10 days, indicating strong investor interest [1] - The ETF closely tracks the CSI High Dividend Strategy Index, which selects 80 stocks with high dividend yields and stable payouts, reflecting the overall performance of high dividend stocks [1] Group 2 - Insurance capital is increasingly allocating to high dividend assets, particularly favoring bank stocks, as evidenced by China Ping An Life Insurance's investment in Agricultural Bank of China H-shares, reaching 10% of its share capital [2] - The overall trend shows insurance capital actively increasing holdings in high dividend stocks across various sectors, including transportation, non-ferrous metals, and public utilities, aligning with their preference for stable dividend income [2] - Experts suggest that high dividend assets provide long-term allocation value for insurance companies, with expectations of continued high allocation levels in the future [2] Group 3 - Huatai Securities indicates that the environment for high dividend excess returns remains supported, but internal switching is necessary due to various factors, including the upcoming concentrated dividend distribution period from May to July [3] - There is an increasing demand for funds to "high cut low" within dividend stocks, particularly as bank stock performance faces pressure [3] - Current recommendations include focusing on high dividend assets in sectors such as railways, telecommunications, publishing, central construction enterprises, and environmental protection [3]

Summary of Shanmei International Conference Call Company Overview - **Company**: Shanmei International - **Industry**: Coal Mining Key Points and Arguments Pricing Strategy - In May 2025, Shanmei International adjusted its thermal coal pricing strategy from a ceiling price to a base price plus a floating price, with the base price referencing the monthly price from the National Coal Trading Center and the floating price slightly above the spot price. The plan is to adjust prices monthly to respond to downward pressure on spot prices [2][4][23] Cost Management - The company experienced a significant reduction in costs in Q1 2025 but has not set a clear target for the entire year. Cost reduction efforts will focus on benchmarking management, optimization of mining decisions, and on-site control, although reducing labor costs will be challenging due to normal salary increases [2][7] Production and Sales - Shanmei International's raw coal production has remained stable at approximately 3 million tons per month in 2025, consistent with Q1 levels. The expected supply of thermal coal is 17 million tons, with pit sales around 10 million tons and port sales about 7 million tons. The annual sales volume of coking coal is projected to be around 8.5 million tons [2][10][9] Pricing Trends - The price of metallurgical coal has been on a downward trend since Q4 2024, with an average price of around 1,000 yuan/ton in Q4 2024 dropping to over 800 yuan/ton in Q1 2025. Data for Q2 2025 is not fully available, but the overall trend remains downward [2][12] Losses in Specific Mines - The Hongyuan and Xinxing mines are currently experiencing losses due to complex geological conditions, high gas levels, and pilot mining of protective layers. These mines are unlikely to turn profitable in the short term, but there is potential for improvement if production capacity can be accelerated in the next one to two years [2][15] Resource Expansion Strategy - The Hequ open-pit mine is expected to have about ten years of remaining mining life. The company considers resource expansion a key strategy and actively participates in provincial exploration rights auctions, prioritizing resources close to existing mining areas [3][17] Market Conditions - The company noted that despite a significant year-on-year decline in coal prices, the auction prices for exploration rights remain high, indicating strong demand for scarce resources. This suggests that overall acquisition costs may not decrease significantly [20] Dividend Plans - The company has a dividend commitment period from 2024 to 2026, but discussions on new return plans are premature, with a new dividend scheme expected to be implemented next year [22] Market Response - The price adjustment in May was a proactive measure to address market downturns, and other companies in the province are also adjusting their prices in response to similar market conditions [23] Additional Important Information - Safety production costs are set at 6.5 yuan/ton, with varying costs for different types of mines [8] - The transportation cost for pit sales is approximately 200 yuan/ton, which is borne by the buyer [11] - The company is currently focused on resource acquisition within Shanxi province, with no specific plans for expansion outside the region [21]

证券代码：600546 证券简称：山煤国际 公告编号：临 2025-025 号 山煤国际能源集团股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 20 日 (二)股东大会召开的地点：太原市小店区晋阳街 162 号三层会议室 (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： | 1、出席会议的股东和代理人人数 | 617 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,208,660,308 | | 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（%） | 60.9678 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，公司董事长孟君先生主持，会议的召集和召开 程序、出席会议人员的资格、会议的表决方式和程序均符合《公司法》 ...

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 2024 年年度股东大会的法律意见书 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（2025 修订）》（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地 区）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 5 月 20 日召开的 2024 年年度股东大会（以下简称本次股东 大会），并就本次股东大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： 1. 经公司 2023 年第三次临时股东大会审议通过并于 2023 年 11 月 16 日刊 登于上海证 ...

Group 1 - The core viewpoint is that coal companies are expected to report strong earnings growth for 2021, with profit growth rates of 514%, -125% (turning profitable), 475%, and 62% for various companies, indicating a significant improvement in profitability despite a drop in coal prices due to regulatory measures [1] - The coal price has rebounded significantly, with Qinhuangdao Q5500 thermal coal prices exceeding 1000 yuan/ton, reflecting a 30% increase from the bottom, driven by export restrictions from Indonesia and mandatory inventory replenishment by power plants [1] - The overall economic growth is expected to stabilize, enhancing demand support, which will benefit coal as a primary energy source, alongside a recovery in the coal-coke-steel industry chain [1] Group 2 - High dividends are anticipated to continue, leading to a long-term increase in coal sector valuations, as companies are expected to disclose new shareholder return plans after March 2022 [2] - The capital expenditure in the coal industry has peaked, and with the trend towards "carbon neutrality," capital spending is expected to decline, optimizing the relationship between capital expenditure, cash flow, financials, profits, and dividends [2] - The coal sector is currently at a valuation bottom, with undervalued stocks, and companies with high dividends and those transitioning to green energy are expected to see valuation increases [2]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Viewpoints - The coal price expectations are beginning to improve as port inventory decreases and power plant replenishment demand becomes evident [1][7] - The supply side is tightening due to safety and environmental inspections leading to temporary mine closures, while demand remains supported by non-electric sectors [5][15] - The report highlights the investment value of coal companies, particularly those with high dividends and strong cash flows, amidst market volatility [7][81] Summary by Sections 1. Thermal Coal - The port coal price decline has narrowed to 16 CNY/ton this week, down from 22 CNY/ton the previous week, indicating a potential stabilization [15][79] - The production capacity utilization in the main producing areas has decreased by 0.99 percentage points due to inspections and maintenance [15][79] - Coastal and inland power plant coal inventories are relatively low compared to last year, with a total of 11,478 million tons as of May 14, 2025, which is 146 million tons lower than the same period last year [15][79] 2. Coking Coal - The production of coking coal remains stable, with the capacity utilization rate unchanged, while imports have increased slightly [5][80] - Coking coal prices have remained stable at ports, with the average price at 1,320 CNY/ton as of May 16, 2025 [47][80] - The inventory of coking coal production enterprises has increased by 23.22 million tons, indicating a slight oversupply [46][80] 3. Coke - The utilization rate of coking enterprises has increased to 76.02%, reflecting high production levels despite a slight decrease in iron output [6][59] - Coke prices have decreased slightly, with the price at 1,400 CNY/ton as of May 16, 2025 [59][60] - The overall profitability in the coke industry has improved, with an average profit of 7 CNY/ton, up by 6 CNY/ton from the previous week [62][66] 4. Anthracite Coal - The price of anthracite coal has remained stable, with the price at 850 CNY/ton as of May 16, 2025 [76][78] - The demand from non-electric sectors, particularly the chemical industry, continues to support the anthracite market [76][78] 5. Key Companies and Investment Logic - The report emphasizes the investment potential in coal companies with strong fundamentals, such as China Shenhua, Shaanxi Coal, and Yancoal [7][81] - The focus is on companies that exhibit characteristics of high profitability, cash flow, and dividend yields, which are attractive in the current market environment [7][81]