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%。 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71.17亿元。 机构持仓方面，截止2025年6月30日，山煤国际十大流通股东中，华泰柏瑞上证红利ETF（510880）位 居第二大流通股东，持股4312.86万股，相比上期减少885.71万股。香港中央结算有限公司位居第三大流 通股东，持股2674.57万股，相比上期减少694.04万股。国泰中证煤炭ETF（515220）位居第四大流通股 东，持股1538.93万股，相比上期增加330.82万股。南方中证500ETF（510500）位居第五大流通股东， 持股1473.51万股，相比上期增加191.66万股。万家精选A（519185）位居第六大流通股东，持股1302.73 万股，相比上期减少43.56万股。易方达中证红利ETF（515180）位居第八大流通股东，持股1063.12万 股，相比上期减 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the coal industry, including Lu'an Huanneng, Huayang Co., Shanmei International, China Shenhua, Zhongmei Energy, Shaanxi Coal, and Jinkong Coal [4]. Core Insights - The Inner Mongolia Energy Bureau has confirmed the overproduction of coal, with a theoretical reduction in raw coal output of 61.17 million tons year-on-year for 2024 [1]. - In 2024, Inner Mongolia's coal production exceeded the approved capacity by 61.17 million tons, representing an overproduction rate of 4.95% [1]. - The report anticipates a continued contraction in supply due to strict enforcement of overproduction regulations, which could theoretically impact supply by approximately 400 million tons [3]. - The demand for thermal coal is expected to gradually increase as the market transitions from the off-peak season, with a potential price rebound supported by declining port inventories and ongoing supply restrictions [3]. Summary by Sections Overproduction and Regulatory Actions - A total of 93 coal mines were found to be operating above their approved production capacities in Inner Mongolia, with 30% of the inspected mines exceeding their capacities by over 110% in 2024 [2]. - Approximately 32.2 million tons per year of production capacity is pending verification before resuming operations, affecting 15 mines in the Ordos region [2]. Supply and Demand Dynamics - The report suggests that the supply side is likely to continue contracting, which, combined with seasonal demand increases, may lead to a recovery in coal prices back to levels seen in Q3 2024 [3]. - The report highlights that traders are currently cautious, but the fundamentals are improving, which could support a price increase [3]. Investment Recommendations - The report recommends focusing on companies with high spot market exposure, stable performance, and growth potential, including Lu'an Huanneng, Jinkong Coal, and industry leaders like China Shenhua and Zhongmei Energy [3].

证 券 研 究 报 告 "反内卷"下，看好旺季煤价反弹，带来焦煤及弹性标的业绩修复 2025年8月煤炭行业热点事件复盘及投资策略 证券分析师：严天鹏 A0230524090004 施佳瑜 A0230521040004 闫海 A0230519010004 研究支持： 施佳瑜 A0230521040004 联系人： 施佳瑜 A0230521040004 2025.09.16 主要内容 2 2. 供给端：国内产量增速放缓，进口量同比 下滑 3. 需求端：动力煤需求边际改善，钢铁利润 改善促使焦煤价格修复 4. 投资分析意见与风险提示 8月热点事件汇总：关注反内卷、印尼及蒙古煤炭行业变化 www.swsresearch.com 证券研究报告 3 资料来源：中国煤炭市场网，多彩蒙古公众号，申万宏源研究 ◼ 8月4日，国家能源局综合司关于开展煤矿智能化技术升级应用试点工作的通知。 ➢ 要点：内容包括：井工煤矿智能掘进系统、井工煤矿智能采煤系统、露天煤矿智能采剥系统、智能选煤 系统、辅助及其他智能系统；数量：每地方（企业）推荐项目一般不超过5个（山西、内蒙古、陕西不超 过10个）。8月6日，山西：煤矿智能化建设制定评定办法 ...

证券代码：600546 证券简称：山煤国际 公告编号：临 2025-037 号 山煤国际能源集团股份有限公司 2025年第二次临时股东大会决议公告 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 9 月 16 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 | 607 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,162,525,080 | | 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（%） | 58.6406 | (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 ...

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 年第二次临时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》（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 9 月 16 日召开的 2025 年第二次临时股东大会（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 登于上海证券交易所网 ...

山煤国际能源集团股份有限公司 章 程 2025 年修订 | 目 录 | | --- | | 第一章 | 总 | 则 | 1 | | --- | --- | --- | --- | | 第二章 | | 经营宗旨和范围 | 2 | | 第三章 | 股 | 份 | 3 | | 第一节 | | 股份发行 | 3 | | 第二节 | | 股份增减和回购 | 4 | | 第三节 | | 股份转让 | 6 | | 第四章 | | 股东和股东会 | 7 | | 第一节 | | 股东的一般规定 | 7 | | 第二节 | | 控股股东和实际控制人 | 9 | | 第三节 | | 股东会的一般规定 | 13 | | 第四节 | | 股东会的召集 | 16 | | 第五节 | | 股东会的提案与通知 | 17 | | 第六节 | | 股东会的召开 | 19 | | 第七节 | | 股东会的表决和决议 | 21 | | 第五章 | | 党的机构 | 25 | | 第一节 | | 党组织的机构设置 | 25 | | 第二节 | | 公司党委职权 | 25 | | 第三节 | | 公司纪委职权 | 29 | | 第六章 | | 董事和董 ...

Core Viewpoint - The article discusses the performance of the China Securities State-Owned Enterprises Dividend Index and the related ETF, highlighting the shift in investment logic from style-driven to stock-driven, with a focus on high-quality stocks in traditional high-dividend sectors [1][2]. Group 1: Market Performance - As of September 16, 2025, the China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.26% [1]. - The leading stocks included Huamao Logistics (603128) up by 2.76%, Jianfa Co. (600153) up by 2.08%, and Jinkong Coal Industry (601001) up by 1.83% [1]. - The National Enterprise Dividend ETF (159515) was adjusted to a latest price of 1.14 yuan, with an intraday turnover of 0.89% and a total transaction of 428,400 yuan [1]. Group 2: Investment Trends - The investment logic in the dividend sector is transitioning from style-driven to stock-driven, with traditional high-dividend industries like construction materials, coal, and steel seeing significant gains [2]. - The China Securities State-Owned Enterprises Dividend Index comprises 100 listed companies selected for their high cash dividend yields and stable dividends, reflecting the overall performance of high-dividend securities among state-owned enterprises [2]. - As of August 29, 2025, the top ten weighted stocks in the index accounted for 16.84% of the total index weight, with notable companies including COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [2][4].

| | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净占比 散户净流入 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-15 | 10.00 1.83% | 3690.09万 | | 13.34% | -1331.03万 | -4.81% | -2359.07万 | -8.53% | | 2025-09-12 | 9.82 0.92% | | 755.96万 | 4.18% | -577.65万 | -3.19% | -178.30万 | -0.99% | | 2025-09-11 | 9.73 0.41% | -2634.97万 | | -15.80% | 679.02万 | 4.07% | 1955.94万 | 11.73% | | 2025-09-10 | 9.69 -1.22% | -1933.50万 | | -18.71% | 658.57万 | 6.37% | 1274.93万 | 12.34% | | 2025-09-09 | 9.81 -0.51% | | -2 ...

Investment Rating - The report maintains an investment rating of "Leading the Market" for the coal industry, indicating an expected performance that exceeds the benchmark index by more than 10% [1][31]. Core Insights - The coal supply has been marginally decreasing from January to August 2025, with a cumulative production of 3.165 billion tons, reflecting a year-on-year increase of 2.8%, but with a declining growth rate [4]. - In August 2025, coal prices experienced an unexpected surge due to supply-demand tensions, with significant increases in various coal types, particularly in thermal coal [6][7]. - The report highlights that domestic coal supply continues to contract, which has led to an increase in coal imports, with August imports rising by 20.02% month-on-month, despite a year-on-year decline of 6.78% [5][7]. Summary by Sections Supply and Demand - From January to August 2025, the cumulative coal supply showed a marginal decrease, with August production at 391 million tons, down 3.2% year-on-year but up 2.5% month-on-month [4]. - The report notes that terminal demand has been supported by manufacturing and infrastructure investments, with fixed asset investment increasing by 0.5% year-on-year [5]. Price Trends - August saw a significant rebound in coal prices, with various types of coal experiencing different degrees of price increases, particularly in coking coal [6][7]. - The report indicates that the price of thermal coal rose unexpectedly, with the peak occurring later than traditional peak seasons [7]. Investment Recommendations - The report suggests that with the policy shift due to reduced internal competition, there is an improved market risk appetite, making certain stocks more attractive. Key stocks to watch include Huayang Co., Jinkong Coal Industry, and Shanmei International for thermal coal, and Luanan Energy and Shanxi Coking Coal for coking coal [7].

Group 1 - The coal mining sector increased by 1.29% on September 15, with Electric Power Investment leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] - Key stocks in the coal mining sector showed significant price increases, with Electric Power Investment rising by 4.04% to a closing price of 23.16 [1] Group 2 - The coal mining sector experienced a net inflow of 323 million yuan from main funds, while retail investors saw a net outflow of 250 million yuan [2] - Major stocks like Shanxi Coking Coal and Shaanxi Coal and Chemical Industries had notable net inflows from main funds, indicating strong institutional interest [3] - The overall trading volume in the coal mining sector was substantial, with Shanxi Coking Coal achieving a transaction amount of 1.054 billion yuan [1][2]