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 ...

证券代码：600546 证券简称:山煤国际 公告编号：临 2025-042 号 山煤国际能源集团股份有限公司 关于控股股东非公开发行可交换公司债券完成摘牌 暨拟办理股份解除质押登记的公告 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。 董事会 2025 年 9 月 30 日 山煤国际能源集团股份有限公司（以下简称"公司"）控股股东山西煤炭进 出口集团有限公司（以下简称"山煤集团"）于 2022 年 9 月 28 日完成山煤集团 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"）的发行。本期可交换债券简称"22 山煤 EB"，债券代码"137154"， 发行规模 20 亿元，债券期限 3 年。 2025 年 9 月 30 日，公司收到控股股东山煤集团的告知函，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。在换股期内，本期可 交换债券投资人累计换股 0 股。 山煤集团已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-202 ...

Market Overview - On September 30, the coal mining sector rose by 0.05% compared to the previous trading day, with Panjiang Coal and Electricity leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Individual Stock Performance - Panjiang Coal and Electricity (600395) closed at 5.39, up 2.47% with a trading volume of 305,100 shares and a turnover of 163 million yuan [1] - Jiangxi Tungsten Industry Equipment (600397) closed at 6.96, up 1.31% with a trading volume of 260,700 shares and a turnover of 181 million yuan [1] - Huai Bei Mining (600985) closed at 12.33, up 1.07% with a trading volume of 223,000 shares and a turnover of 274 million yuan [1] - China Shenhua Energy (601088) closed at 38.50, up 0.39% with a trading volume of 238,900 shares and a turnover of 916 million yuan [1] Capital Flow Analysis - The coal mining sector experienced a net outflow of 140 million yuan from institutional investors and a net outflow of 115 million yuan from speculative funds, while retail investors saw a net inflow of 256 million yuan [2] - The capital flow for individual stocks shows that Shaanxi Coal and Chemical Industry (601225) had a net inflow of 47.94 million yuan from institutional investors, while it faced a net outflow of 90.76 million yuan from speculative funds [3] - China Shenhua Energy (601088) had a net inflow of 15.19 million yuan from institutional investors, but a net outflow of 36.79 million yuan from speculative funds [3]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that thermal coal prices have rebounded above 700 yuan per ton, with a peak of 706 yuan per ton observed recently. The demand for non-electric coal is expected to be a highlight in the upcoming months [3][4] - The report emphasizes that both thermal coal and coking coal prices have reached a turning point, with expectations for further price recovery due to supply-demand dynamics and seasonal demand shifts [4][5] Summary by Sections Investment Logic - Thermal coal is categorized as a policy coal type, with prices expected to recover to long-term contract prices. The current price has surpassed the second target price, which is around 700 yuan per ton. Future expectations suggest a potential recovery to a third target price of approximately 750 yuan per ton by 2025, with a fourth target price around 860 yuan per ton [4][13] - Coking coal prices are more influenced by market dynamics, with target prices set based on the ratio of coking coal to thermal coal prices. The current ratio indicates target prices for coking coal at 1608 yuan, 1680 yuan, 1800 yuan, and 2064 yuan corresponding to thermal coal's target prices [4][13] Investment Recommendations - The report outlines a dual logic for coal stocks: cyclical elasticity and stable dividends. The current low prices of thermal and coking coal provide room for rebound, supported by supply-side policies and seasonal demand expectations [5][14] - Four main lines of coal stock selection are recommended: 1. Cyclical logic: Jin控煤业, 兖矿能源 for thermal coal; 平煤股份, 淮北矿业, 潞安环能 for metallurgical coal 2. Dividend logic: 中国神华, 中煤能源, 陕西煤业 3. Diversified aluminum elasticity: 神火股份, 电投能源 4. Growth logic: 新集能源, 广汇能源 [5][14] Market Performance - The coal index experienced a slight decline of 1.37%, underperforming the CSI 300 index by 2.44 percentage points. The average PE ratio for the coal sector is 13.49, and the PB ratio is 1.26, ranking low among all A-share industries [8][30][31]

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 [11][12] - The supply side is constrained, with the sample coal mine capacity utilization rates for thermal coal at 93.8% (+0.5 percentage points) and coking coal at 86.46% (+1.81 percentage points) [11][46] - Demand has shown a decrease in daily consumption in inland and coastal provinces, with inland provinces down by 37.80 thousand tons/day (-11.14%) and coastal provinces down by 12.50 thousand tons/day (-5.61%) [11][47] - The report anticipates that coal prices will continue to strengthen due to rigid supply constraints, seasonal demand increases, and maintenance impacts on transportation lines [11][12] Summary by Sections 1. Coal Price Tracking - As of September 27, the market price for thermal coal (Q5500) at Qinhuangdao Port is 703 RMB/ton, up by 4 RMB/ton [29] - The price for coking coal at Jingtang Port is 1710 RMB/ton, an increase of 100 RMB/ton [31] 2. Supply and Demand Tracking - The capacity utilization rate for thermal coal mines is reported at 93.8%, while for coking coal it is 86.46% [46] - Daily coal consumption in inland provinces has decreased, while coal inventories have increased [47] 3. Industry Performance - The coal sector has shown a decline of 1.44% this week, underperforming compared to the broader market [14][17] - The report highlights that the coal sector remains characterized by high performance, cash flow, and dividends, indicating a strong investment opportunity [12][14] 4. Future Outlook - The report suggests that the coal sector is likely to experience a tightening supply-demand balance over the next 3-5 years, with high barriers to entry and strong cash flow characteristics for quality coal companies [12][11] - Investors are encouraged to focus on companies with stable operations and strong performance, such as China Shenhua, Shaanxi Coal, and others [12]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the coal industry in the upcoming period [3]. Core Insights - The report highlights that after the pre-holiday demand fulfillment, coal prices are expected to stabilize and rise, particularly in the context of the upcoming winter heating season [3]. - The report emphasizes the expected rebound in demand for thermal coal, which is anticipated to drive prices higher, especially as the fourth quarter approaches [3]. - The report recommends undervalued stocks such as Shanxi Coking Coal, Huaibei Mining, Lu'an Environmental Energy, and Guoneng Energy, while also favoring stable high-dividend stocks like China Shenhua, Shaanxi Coal, and China Coal Energy [3]. Summary by Sections 1. Recent Industry Policies and Dynamics - The report discusses the initiation of a special rectification action for coal mining dewatering in Shaanxi Province, aimed at improving management capabilities [8]. - It notes a decrease in production safety incidents in China, with a significant reduction in fatalities and major accidents [8]. - Russian coal production has seen a slight increase of 0.2% year-on-year for the first eight months of 2025 [8]. 2. Price Movements of Coal - As of September 26, 2025, the prices for thermal coal have shown an upward trend, with specific increases noted in various regions [9][10]. - The report indicates that the price index for thermal coal in the Qinhuangdao area has risen, reflecting a general upward trend in coal prices [9]. - Coking coal prices have shown mixed trends, with some regions experiencing price increases while others remain stable or decrease [12]. 3. International Oil Price Trends - Brent crude oil prices have increased by 5.17% to $70.13 per barrel as of September 26, 2025 [15]. - The report notes a decrease in the ratio of international oil prices to international coal prices, indicating a potential shift in market dynamics [15]. 4. Inventory and Supply Dynamics - The report highlights a slight increase in coal inventory at the four major ports in the Bohai Sea region, with total inventory reaching 22.82 million tons [18]. - Daily coal inflow and outflow at these ports have shown a decrease, indicating a tightening supply situation [18]. 5. Shipping Costs - Domestic coastal shipping costs have decreased by 11.09%, with average freight rates reported at 31.59 yuan per ton [23]. - International shipping rates have shown mixed trends, with some routes experiencing slight increases while others have decreased [23]. 6. Valuation of Key Companies - The report provides a detailed valuation table for key companies in the coal industry, highlighting their stock prices, market capitalizations, and earnings projections [28]. - Notable companies include China Shenhua, Shaanxi Coal, and China Coal Energy, which are projected to have stable earnings growth in the coming years [28].

Investment Rating - The report rates the coal industry as "Overweight," indicating a positive outlook for the sector [3]. Core Insights - The report highlights that after the pre-holiday demand fulfillment, coal prices are expected to stabilize and rise during the peak season [3]. - It notes that the supply side remains stable due to the impact of capacity verification documents, while demand has seen a slight decline as downstream power plants stock up ahead of maintenance [3]. - The report emphasizes the expected rebound in demand during the winter heating season, which is likely to drive up thermal coal prices [3]. Summary by Sections Recent Industry Policies and Dynamics - A special rectification action plan for coal mining dewatering has been initiated in Shaanxi Province to enhance supervision and management capabilities [9]. - The report mentions a significant coal-to-natural gas project in Xinjiang, expected to be completed by the end of 2026 [5]. Price Trends - As of September 26, 2025, the prices for various grades of thermal coal have shown slight declines, while coking coal prices have varied, with some grades experiencing increases [3][10][13]. - The report indicates that the average daily consumption of coal has slightly decreased, while power plant inventories have increased [4]. Supply and Demand Dynamics - The average daily coal inflow to the Bohai Rim ports has decreased slightly, while the outflow has also seen a reduction [21]. - The report notes an increase in coal inventories at the Bohai Rim ports, with a total of 22.82 million tons as of September 26, 2025 [21]. International Oil Prices - Brent crude oil prices have risen, impacting the coal market dynamics, with the price reaching $70.13 per barrel as of September 26, 2025 [17]. Shipping Costs - Domestic coastal shipping costs have decreased, with the average freight rate reported at 31.59 yuan per ton [28]. Company Valuation - The report provides a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalizations, and earnings projections [33].