转自：新华财经 前段时间，顾桥矿井下—707m装载硐室空气冷却器正式运行。该设备利用冷凝原理和潜热原理来实现 空气的冷却，制冷效果较好。"自从空气冷却器安装了以后，巷道整体温度下降了大约6至7℃，与之前 相比，我们的体感舒适度提高了不少，在炎炎夏日也能享受到丝丝清凉。"绞车一队职工关磊高兴地 说。 在中央区副井、深部灾害治理巷、南翼一部皮带机巷等地点安装6套二氧化碳制冷除湿一体机。改造北 一13—1轨胶二联巷、—850m瓦斯治理巷、东一（1）11—2轨道上山"卡脖子"管路。在高温头面设置采 用压风作为动力的冰箱、涡流降温装置等，巧妙规避传统电力制冷设备的安全风险，实现了制冷"零电 耗、零污染"。 "热害不治，矿无幸福。"今年以来，安徽省淮南矿业集团顾桥矿深入践行淮河能源集团家文化理念，以 系统优化为保障、机械制冷为核心、个体防护为补充，狠下决心，采取综合防治措施，系统性、多层次 做好井下制冷降温工作，努力为职工创造安全的工作环境。 优化系统，源头治理热害 顾桥矿通过优化通风系统、更换大功率风机或增设辅助风机，在合理范围内增加工作面的供风量，利用 风流直接带走热量。"我矿在对北二回风巷进行巷修，扩大断面的同时， ...

Investment Rating - The report suggests that domestic thermal power companies have low PE valuations and potential for higher dividends, with overseas leaders like Duke Energy having PEs around 20 [2][10]. Core Insights - The report highlights that thermal power asset acquisition/sale transactions have PB valuations significantly higher than the secondary market valuations for thermal power stocks, indicating that thermal power stocks are undervalued [1][11]. - It notes that since 2022, there have been multiple asset transactions, primarily in northern and central regions, with 7 acquisitions (4 by power companies and 3 by coal companies) and 4 sales (all by power companies) [2][10]. - The median PB valuation for thermal power assets in these transactions is 1.3, while the median PB for listed thermal power companies is 0.9, suggesting a disparity in valuation [11][12]. - The median PE valuation for thermal power assets exceeds 10, with a range of 7.2 to 31.8 for the relevant transactions, indicating that industry capital values thermal assets at a premium [12]. Summary by Sections Investment Advice - Domestic thermal power companies are viewed as having low PE valuations with room for dividend increases, while international leaders are valued around 20 times PE [2][10]. Asset Transactions - The report details 11 acquisition/sale cases, with 3 having negative book values but acquired at a premium, and the remaining 8 having PBs ranging from 1.0 to 2.6 [11][12]. - The report emphasizes that the thermal power sector is experiencing significant asset transactions, particularly in the northern and central regions of China [2][10]. Valuation Metrics - The report indicates that the median PB for thermal power assets is 1.3, compared to 0.9 for listed companies, highlighting the undervaluation of thermal power stocks [11][12]. - The median PE for thermal power assets is noted to be over 10, with a range of 7.2 to 31.8, suggesting that industry capital values thermal assets at a higher level than the secondary market [12].

Investment Rating - The report maintains a rating of "Increase" for the coal industry [5]. Core Viewpoints - The coal price rebound is expected to exceed expectations due to continuous improvement in supply and demand margins [1]. - The report highlights strong support for coal prices driven by increased electricity demand during high-temperature weather, with significant historical peaks in power load recorded [7]. - The "anti-involution" policy is anticipated to create long-term uncertainties in domestic coal supply, while short-term supply is affected by heavy rainfall [6][8]. Summary by Sections 1. Industry Overview - The coal industry consists of 37 listed companies with a total market value of 17,077.38 billion yuan and a circulating market value of 16,672.70 billion yuan [2]. 2. Price Tracking - The report notes that the price of thermal coal at the Qinhuangdao port was 637 yuan/ton, reflecting a week-on-week increase of 9 yuan/ton [8]. - The average daily production of thermal coal from 462 sample mines was 5.642 million tons, showing a slight decrease compared to the previous week [8]. 3. Supply and Demand Dynamics - The report indicates that the demand for thermal coal is expected to rise due to increased electricity consumption during the summer heat, with a historical peak load of 2.52 million kilowatts recorded in the southern power grid [7]. - The supply side is constrained by heavy rainfall affecting production capacity, with the utilization rate of coal mines in the Shanxi, Shaanxi, and Inner Mongolia regions at 80.4% [6]. 4. Company Performance and Recommendations - Key companies recommended for investment include Yancoal Energy, Guohui Energy, and Shanxi Coal International, which are expected to benefit from the rebound in coal prices [6][7]. - The report emphasizes the importance of focusing on high-elasticity stocks in the coal sector, particularly those related to thermal and coking coal [6][7].

Group 1 - The core index of the A-share market, the China Securities Index Trade Merchant Index, closed at 4657.91 points, showing mixed performance among the three major indices [1] - The China Securities Index Trade Merchant Index has increased by 6.84% in the past month, 7.07% in the past three months, and 7.08% year-to-date [1] - The index is designed to reflect the overall performance of different industry companies within the sample, categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] Group 2 - The top ten weighted stocks in the China Securities Index Trade Merchant Index include: Shannon Chip Creation (7.88%), Liyuan Information (7.49%), Shenzhen Huachang (7.44%), Yintan Zhikong (6.26%), Runxin Technology (5.7%), Yingfang Micro (3.82%), Huaihe Energy (3.8%), Zhongdian Port (3.77%), Haoshanghao (3.52%), and Sumida (3.41%) [1] - The market share of the holdings in the China Securities Index Trade Merchant Index is 75.85% for Shenzhen Stock Exchange and 24.15% for Shanghai Stock Exchange [1] Group 3 - The sample of the China Securities Index Trade Merchant Index consists entirely of trading companies, with a 100% allocation [2] - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - In the event of special occurrences affecting a sample company's industry classification, the index sample will be adjusted accordingly [2]

Core Viewpoint - The A-share market shows a slight decline with the Shanghai Composite Index at 3468.65 points, down by 0.11%, while the total trading volume reached 584.993 billion yuan, indicating a mixed performance in the market [1]. Group 1: Market Performance - As of 10:29 AM, the Shanghai Composite Index is at 3468.65 points, with a decrease of 0.11% [1]. - The total trading volume in the A-share market is 584.993 billion yuan [1]. Group 2: Stocks Breaking the Annual Line - A total of 46 A-shares have surpassed the annual line today, with notable stocks including Guotou Zhonglu, Jigaofazhan, and Huate Gas, showing significant deviation rates of 8.45%, 6.51%, and 4.34% respectively [1]. - Stocks with smaller deviation rates that have just crossed the annual line include Pudong Jinqiao, Hengli Petrochemical, and Zhenyou Technology [1]. Group 3: Top Stocks by Deviation Rate - The top three stocks with the highest deviation rates are: - Guotou Zhonglu (Code: 600962) with a price increase of 9.98% and a deviation rate of 8.45% [1]. - Jigaofazhan (Code: 600807) with a price increase of 10.16% and a deviation rate of 6.51% [1]. - Huate Gas (Code: 688268) with a price increase of 4.36% and a deviation rate of 4.34% [1]. Group 4: Additional Stocks with Positive Performance - Other notable stocks with positive performance include: - Jingtou Fazhan (Code: 600683) with a price increase of 4.39% and a deviation rate of 2.45% [1]. - Huaihe Energy (Code: 600575) with a price increase of 2.23% and a deviation rate of 1.96% [1]. - ST Gaosi (Code: 002848) with a price increase of 2.88% and a deviation rate of 1.65% [1]. Group 5: Stocks with Lower Deviation Rates - Stocks with lower deviation rates that have recently crossed the annual line include: - Qianyuan Qian (Code: 600189) with a price increase of 1.80% and a deviation rate of 0.82% [2]. - Sifang Stock (Code: 601126) with a price increase of 0.79% and a deviation rate of 0.72% [2]. - Wentai Technology (Code: 600745) with a price increase of 0.94% and a deviation rate of 0.66% [2].

Group 1 - The company announced the resignation of Mr. Ma Jinhua, who served as a director, general manager, and board secretary, due to reaching retirement age [1][2] - Mr. Ma's resignation will not affect the minimum number of board members required by law and will not disrupt the normal operations of the company [2] - The company expressed gratitude for Mr. Ma's contributions during his tenure, highlighting his diligence and commitment to the company's development [2] Group 2 - During the vacancy of the board secretary position, the chairman, Mr. Zhou Tao, will temporarily assume the responsibilities of the board secretary [2] - The company will proceed with the legal process to complete the election of a new director and the appointment of a new general manager and board secretary [2]

Core Points - The article outlines the investment management measures of Huaihe Energy Group, emphasizing the need to strengthen investment management, standardize procedures, and enhance work quality to prevent investment risks and ensure returns [1][2]. Investment Principles - Investments must comply with national laws, local economic layouts, and industry policies [1]. - Investments should align with land spatial planning and adhere to ecological protection standards [1]. - Focus on core business and optimize the upstream and downstream industrial chain while strictly controlling non-core investments [1]. - Investment scale should match the company's asset size, debt level, financing capacity, and management ability [1]. - There should be reasonable expected returns on investments, meeting economic evaluation criteria [1]. - All investment projects must follow a comprehensive management process, prohibiting arbitrary decisions and blind project initiation [1]. Negative List Management - The company implements a negative list management system for investment projects, categorizing them into prohibited, specially regulated, and restricted types [2]. Responsibilities and Decision-Making - The Planning and Engineering Department is responsible for overseeing investment management and guiding fixed asset and equity investments [6]. - The company employs a centralized control and unified decision-making approach for equity investments, while fixed asset investments follow a graded control and decision-making process [7]. - Specific thresholds for decision-making are established based on asset totals, net asset percentages, and profit contributions [8][9]. Annual Investment Planning - The company mandates annual investment planning, prohibiting unplanned investments [10]. - Investment plans must meet safety, production, operational, and developmental needs, with a focus on sustainable development and addressing major safety hazards [11]. Project Preparation and Feasibility Studies - Investment projects require thorough preliminary work, including opportunity research and feasibility studies, to ensure alignment with the company's strategic goals [20][21]. - Feasibility studies must adhere to national and local regulations, ensuring compliance with industry standards and project viability [16][17]. Risk Management - The company has established a risk management framework to address potential investment risks, including project termination under certain adverse conditions [33][34]. - A reporting system for significant investment matters is in place to ensure timely communication of any major changes or risks [25][26].

淮河能源（集团）股份有限公司 投资管理办法 （2025年7月1日 经公司第八届董事会第十四次会议修订） 第一章 总则 第一条 为加强公司投资管理工作，规范工作程序，提 高工作质量，防范投资风险，保障投资收益，促进公司高质 量发展，根据国家有关法律法规、公司章程及有关规定，结 合公司实际，制定本办法。 第二条 投资应遵循以下基本原则： （一）遵守国家有关法律法规，符合国家、地方经济布 局、产业政策及相关规定。 （二）符合国土空间规划，严守生态保护红线。 （三）符合公司发展战略定位和发展规划。 （四）聚焦主业，围绕主业上下游产业链优化布局，提 升产业协同效应，严格控制非主业投资。新兴产业投资视同 主业。 （五）投资规模与企业资产规模、负债水平、筹资能力 和管理能力相适应。 （六）有合理预期投资收益，经济评价指标满足要求。 （七)符合公司投资项目决策、设计、招投标、施工、竣 工、验收、后评价等全流程管理相关规定，严禁随意决策、 盲目上项目。 - 1 - 第三条 公司投资项目实施负面清单管理，按禁止类、 特别监管类、限制类目分类监管，具体按照上级或监管部门 的负面清单有关规定执行。 禁止类投资项目一律不得投资，特别监 ...

证券代码：600575 证券简称：淮河能源 公告编号：临 2025-035 淮河能源（集团）股份有限公司 关于董事、总经理、董事会秘书离任的公告 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。 重要内容提示： 淮河能源（集团）股份有限公司（以下简称"公司"）董事会于近日收到公 司董事、总经理、董事会秘书马进华先生的书面辞职函，马进华先生因已届退休 年龄，申请辞去公司第八届董事会董事及总经理、董事会秘书职务，辞职后将不 再担任公司任何职务。具体情况如下： | | 离任职务 | 离任时间 | 原定任期到期日 | 离任原因 | 是否继续在 上市公司及 其控股子公 司任职 | 具体职务 （如适用） | 是否存在未 履行完毕的 公开承诺 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 董事、总经 理、董事会 秘书 | 2025 年 7 月 1 日 | 2026 年 11 月 14 | 已届退休 日 年龄 | 否 | / | 否 | | 姓名 马进华 | | | | | | ...

证券代码：600575 证券简称：淮河能源 公告编号：临 2025-036 淮河能源（集团）股份有限公司 第八届董事会第十四次（通讯方式）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。 为加强公司市值管理工作，切实推动公司投资价值提升，增强投资者回报，维护 投资者利益，根据《公司法》《证券法》《上市公司监管指引第 10 号--市值管理》等法 律法规、规范性文件以及《公司章程》等规定，结合公司实际情况，制定了《淮河能 源（集团）股份有限公司市值管理制度》。 新制定的《淮河能源（集团）股份有限公司市值管理制度》自本次董事会审议通 过后生效。 表决情况：同意 8 票，反对票 0 票，弃权票 0 票，回避票 0 票。 三、审议通过了《关于修订<淮河能源（集团）股份有限公司投资管理办法>的议 案》 为加强公司投资管理工作，规范工作程序，提高工作质量，防范投资风险，保障 投资收益，促进公司高质量发展，根据国家有关法律法规、《公司章程》及有关规定， 结合公司实际，拟对《淮河能源（集团）股份有限公司投资管理办法》进行修订。 淮河 ...