证券代码：600575 证券简称：淮河能源 公告编号：临 2026-004 淮河能源（集团）股份有限公司 关于选举第八届董事会职工代表董事的公告 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。 根据《中华人民共和国公司法》《上市公司章程指引》及《淮河能源（集团） 股份有限公司章程》等有关规定，淮河能源（集团）股份有限公司（以下简称"公 司"）于 2026 年 1 月 31 日召开第四届职工代表大会第一次会议，经与会职工代表 审议通过，选举王昌盛先生为公司第八届董事会职工代表董事（简历附后），与公 司股东会选举产生的 8 名董事共同组成第八届董事会，任期自本次职工代表大会 选举通过之日起至第八届董事会任期届满之日止，即自 2026 年 1 月 31 日到 2026 年 11 月 14 日止。 截至本公告披露日，王昌盛先生未持有公司股份，其与公司控股股东、实际 控制人、持有公司 5%以上股份的股东、公司其他董事和高级管理人员之间均不存 在关联关系，不存在受到中国证监会及其他有关部门的处罚和证券交易所惩戒的 情形，不存在《公司法》《 ...

格隆汇2月2日丨淮河能源(600575.SH)公布，公司于2026年1月31日召开第四届职工代表大会第一次会 议，经与会职工代表审议通过，选举王昌盛先生为公司第八届董事会职工代表董事，与公司股东会选举 产生的8名董事共同组成第八届董事会，任期自本次职工代表大会选举通过之日起至第八届董事会任期 届满之日止，即自2026年1月31日到2026年11月14日止。 ...

Investment Rating - The report maintains a rating of "Buy" for key companies in the coal industry, including China Shenhua, Yanzhou Coal, Shaanxi Coal, and others, while some companies like Huayang Co. and Shanmei International are rated as "Overweight" [4]. Core Insights - The coal consumption scale has reached a peak plateau, with the demand for electricity generated from coal expected to stabilize in the coming years. The report suggests that the traditional growth model of coal-fired power generation may face a turning point due to the increasing share of clean energy [6][7]. - The transition of coal-fired power from a primary energy source to a supporting role in the new energy system is emphasized, with a significant expansion in installed capacity expected in the next few years [6][11]. Summary by Sections 1. Coal-fired Power: Transitioning to Peak Regulation and Support - The role of coal-fired power is shifting towards providing peak regulation and support, with its share in the energy mix declining but still remaining a core component of energy security [6][11]. - Installed capacity of coal-fired power is expected to continue expanding, with projections of new installations reaching 87 GW, 86 GW, and 43 GW from 2026 to 2028, respectively [6][29]. 2. Clean Energy: Becoming the Main Source of New Installations - Hydropower is expected to play a dual role in stable supply and peak regulation, with new installations projected to reach 17 GW, 18 GW, and 33 GW from 2026 to 2028 [7][39]. - Wind power is anticipated to see significant growth, with new installations expected to reach 109 GW, 161 GW, and 193 GW during the same period, reflecting its transition to a primary energy source [7][52]. - Solar energy is entering a stable development phase, with new installations projected at 192 GW, 139 GW, and 153 GW from 2026 to 2028, despite recent challenges in energy consumption and bidding processes [7][59]. 3. Investment Recommendations: Focus on Dividend and Flexibility - The report recommends focusing on companies with strong cash flow stability and dividend potential, such as China Shenhua and Shaanxi Coal, while also highlighting companies like Yanzhou Coal and Huayang Co. as having potential benefits from high coal demand [6][7][8].

Investment Rating - The report maintains an "Accumulate" rating for the coal industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - The report highlights a favorable supply-demand dynamic in the coal market, with expectations of stable to increasing coal prices due to ongoing high demand and tightening supply conditions [7][8]. - The report emphasizes the importance of strategic investments in coal companies with strong dividend yields and low valuations, particularly in light of the anticipated recovery in coal prices [8]. Summary by Sections 1. Industry Overview - The coal industry comprises 37 listed companies with a total market capitalization of approximately 19,847.47 billion yuan and a circulating market value of about 19,430.80 billion yuan [2]. 2. Company Performance Tracking - Key companies such as China Shenhua, Shanxi Coking Coal, and Yancoal Energy are highlighted for their robust operational performance and strategic growth plans [12][13]. - China Shenhua is expected to achieve a net profit of 495-545 billion yuan in 2025, while Shanxi Coking Coal anticipates a significant decline in profits due to market pressures [8]. 3. Coal Price Tracking - The report notes that the price of thermal coal at the port has seen a slight increase, with the average price at the Qinhuangdao port reported at 698 yuan per ton, reflecting a week-on-week increase of 8 yuan [8]. - The international coal price has also risen, with Newcastle coal futures closing at 111.75 USD per ton, marking a daily increase of 2.43% [8]. 4. Supply and Demand Dynamics - The report indicates that the daily coal consumption across 25 provinces in China reached 6.648 million tons, showing a year-on-year increase of 36.48% [8]. - Supply constraints are expected as many private coal mines prepare for seasonal shutdowns, leading to a reduction in overall coal supply [8]. 5. Investment Opportunities - The report suggests focusing on companies with strong dividend policies and growth potential, such as China Shenhua, Yancoal Energy, and others, which are expected to benefit from the anticipated recovery in coal prices [8][12]. - It also highlights the potential for companies like Lu'an Huanneng and Pingmei Shenma to rebound as market conditions improve [8].

Investment Rating - The coal industry is rated as "stronger than the market" [7] Core Views - The report emphasizes that the fundamental goal is to reverse the Producer Price Index (PPI), with seasonal demand during the "peak winter" leading to a 1.3% increase in coal mining and washing prices, contributing to a 0.2% rise in PPI over three consecutive months [5][6] - The coal price is expected to stabilize due to its high correlation with PPI, with a potential low point for coal prices in 2025, influenced by policies aimed at reducing excessive competition [5] - The coal industry is undergoing a transformation driven by energy security demands, with limited supply elasticity due to strict capacity controls and increasing extraction difficulties, particularly in eastern regions [5][6] - Despite weak macroeconomic conditions affecting coal demand, the rigid supply and rising costs are expected to support coal prices, which are likely to maintain a volatile upward trend [5] Summary by Sections Coal Market Overview - As of January 30, the Qinhuangdao 5500K thermal coal price is 692 CNY/ton, up 7 CNY/ton week-on-week, with a year-on-year decline of 61 CNY/ton [3][31] - The average daily output of 462 sample coal mines is 5.329 million tons, down 81,000 tons week-on-week but up 1.77 million tons year-on-year [3][42] - The coal inventory index is slightly down to 180.4, indicating a minor decrease in coal stocks [3][53] Coking Coal - The main coking coal price at Jingtang Port is stable at 1800 CNY/ton, with a year-on-year increase of 340 CNY/ton [4][72] - The average daily output of 523 sample coking coal mines is 771,000 tons, reflecting a year-on-year increase of 64.2% [4][71] - The coking coal inventory stands at 2.672 million tons, down 7.2% week-on-week [4][71] Supply and Demand Dynamics - The daily consumption of the six major power plants has decreased to 847,000 tons, down 3.7% week-on-week but up 27.8% year-on-year [42][43] - The inventory of the six major power plants is 13.185 million tons, down 0.6% week-on-week [43][44] - The methanol and urea operating rates are at 91.2% and 88.3%, respectively, indicating a slight increase [47][48] Investment Opportunities - The report suggests focusing on companies with strong resource endowments and stable operating performance, such as China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical [6] - Companies with production growth potential benefiting from the coal price cycle, such as Yanzhou Coal Mining, Huayang Co., and Gansu Energy, are also highlighted [6] - Firms with global resource scarcity attributes, like Huaibei Mining and Shanxi Coking Coal, are recommended for investment [6]

证 券 研 究 报 告 www.swsresearch.com 证券研究报告 2 ◼ 煤炭行业供给端正面临深层次格局重塑。2025年12月国家六部门印发《煤炭清洁高效利用重点领域标杆水平 和基准水平（2025年版）》，将燃煤发电供热煤耗、煤制天然气等纳入管控范围，叠加安监、环保常态化监 管持续从严，供给秩序进一步向理性化、高质量转型；叠加主产区产能置换与新增产能严格审批，行业产能释 放预计延续稳中有紧态势，优质合规产能话语权持续提升。逆全球化浪潮推动资源民族主义持续觉醒，煤炭作 为关键战略能源，其保障国家能源安全的核心价值被重新凸显。2025年12月以来，印尼明确下调2026年煤炭 生产目标，重启1%-5%煤炭出口关税并收紧外汇管理，通过产量调控、税费调节巩固资源主动权。 ◼ 需求端，2025年12月全社会用电刚性增长底色未改，煤电需求韧性犹存；煤化工领域则迎来增长新动能，煤 制油、煤制烯烃等项目加速落地，12月化工耗煤同比增长7%延续高增态势，成为需求增长核心拉动力，综合 来看2026年整体煤炭需求将维持稳定并实现小幅增长。 ◼ 投资分析意见：看好动力煤价格持续反弹，建议关注成长性标的特变电工、晋控煤业、华 ...

Summary of Conference Call on Coal Industry Industry Overview - The conference focused on the coal industry, specifically discussing coal prices and production trends for 2025 and 2026 [1][2][3]. Key Points and Arguments Coal Production Data - National raw coal production for 2025 is projected to reach 4.83 billion tons, a year-on-year increase of 1.2% [2]. - December 2025's monthly raw coal production was 440 million tons, showing a year-on-year decline of 1.0% [2]. - Daily average production in December was 14.1 million tons, aligning with expectations [2]. - The production trend indicates a high supply in the first half of 2025, followed by a decrease in the latter half, leading to a constrained overall supply [3]. Predictions for 2026 - The coal production for 2026 is not expected to exceed that of 2025 due to two main factors: 1. Gradual exit of pre-synthetic capacity, particularly in major production areas like Shaanxi [4]. 2. Increased safety regulations starting February 1, 2026, which will raise costs for smaller mines, potentially leading to capacity exits [5][6]. - Estimated capacity exit due to safety regulations could be around 70-80 million tons over two years [5]. Import Coal Trends - December 2025 saw a record high of 58 million tons in coal imports, attributed to: 1. Significant price increases in October and November, prompting coastal power plants to increase imports [6][7]. 2. Year-end contracts leading to concentrated customs declarations [7]. - Uncertainties in Indonesia's export policies, including new tariffs and quotas, may reduce coal exports in 2026 compared to 2025 [8][10]. Price Trends - Current coal prices show a slight decline, with Qinhuangdao 5500 kcal coal priced at 685 RMB, down from 695 RMB [10]. - Inner Mongolia coal prices increased to 1800 RMB, up by 30 RMB from the previous week [10]. - The differentiation between thermal coal and coking coal prices continues, with coking coal showing stronger performance [10][12]. Inventory and Demand - National power plant inventories decreased by 2.7 percentage points week-on-week and 2.9 percentage points year-on-year, indicating strong demand [14]. - The available days of inventory are currently at 17.9 days, down 4.1 days from the previous year [14]. - A cold weather forecast could further tighten inventory levels and boost prices [14][11]. Future Outlook - The coal market is expected to remain stable with a slight upward trend in prices over the next 1-2 weeks, influenced by weather conditions and inventory levels [11][12]. - Post-Spring Festival, the market may shift into a seasonal downturn for thermal coal while coking coal could enter a demand peak [24][25]. Additional Insights - The overall trend in global commodity prices, including oil and natural gas, shows a strong correlation with coal prices, indicating a robust demand environment [17][18]. - The shift towards clean energy sources continues to impact coal demand, with significant growth in renewable energy generation [19][20]. - The coal industry's performance in 2026 will heavily depend on electricity generation growth, which is projected to be around 3% [21][22]. Investment Recommendations - The focus remains on companies with strong dividend yields and low valuations, such as China Shenhua, Zhongmei Energy, and Huaihe Energy, which are expected to perform well in a stable market [27][28]. - Specific stocks like Yanzhou Coal Mining Company are highlighted as key investment opportunities for 2026 due to their strong fundamentals and market positioning [30][31].

Investment Rating - The report maintains a positive outlook on the coal industry, suggesting an "Overweight" rating, indicating that the industry is expected to outperform the overall market [22]. Core Insights - The coal industry is anticipated to see a recovery in prices and profits in the second half of 2025, driven by seasonal demand and improved market conditions [1]. - Domestic raw coal production is projected to grow slightly by 1.2% year-on-year in 2025, while coal imports are expected to decline by 9.6% [2][11]. - The fourth quarter of 2025 is expected to witness a significant rebound in both thermal coal and coking coal prices, with thermal coal prices rising approximately 13.9% quarter-on-quarter [2][15]. Summary by Sections Supply and Demand Dynamics - Domestic raw coal production for 2025 is estimated at 4.832 billion tons, reflecting a year-on-year increase of 1.2%. Monthly production figures for October, November, and December are projected at 407 million, 427 million, and 437 million tons, respectively, with slight declines in growth rates [5]. - Coal imports for 2025 are expected to total 490 million tons, a decrease of 9.6% compared to the previous year, with notable monthly fluctuations in the last quarter [11]. Price Trends - In Q4 2025, the average spot price for thermal coal at Qinhuangdao port is projected to be around 767 RMB/ton, down 6.99% year-on-year but up 13.9% from Q3 2025 [14][15]. - Coking coal prices are also expected to rise, with the average price for Shanxi's main coking coal reaching 1,727 RMB/ton, marking a 0.8% increase year-on-year and a 10.44% increase from Q3 2025 [15]. Company Performance Forecasts - Key companies in the coal sector are expected to report varying performance in Q4 2025. China Shenhua is projected to achieve a net profit of 14.129 billion RMB, a year-on-year increase of 12.16% [16]. - Other companies such as TBEA and Erdos are also expected to show significant profit growth, while companies like Shaanxi Coal and Energy may see declines due to price pressures [16]. Valuation Metrics - The report includes a valuation table for key coal companies, indicating their expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 and beyond, providing insights into their market positioning [17].

Investment Rating - The report maintains a "Positive" investment rating for the power industry, consistent with the previous rating [2]. Core Insights - The power industry is entering a new phase characterized by rational investment, market-oriented power generation, and spot pricing for electricity [2][3]. - The report highlights a significant cooling in new energy investments, while thermal power is expected to reach its investment peak by 2026 [5][17]. - The introduction of the "1502" document is expected to shift the electricity pricing model towards a more flexible, market-driven approach, enhancing the role of spot trading [3][29]. Summary by Sections 1. Power Industry Investment and Capacity Situation - Investment in new energy has notably decreased, while thermal power investment continues to grow. The peak for thermal power investment is anticipated in 2026 [5][17]. - Monthly capacity additions show a stark contrast before and after the "531" policy, with thermal power gradually approaching its production peak [5][10]. 2. New Trends in Electricity Reform for 2026 - Market-oriented power generation is gaining traction, with competitive bidding results for new energy projects being favorable. Nuclear power is also increasing its market entry ratio [3][29]. - The "1502" document has loosened the previous pricing model, significantly increasing the weight of spot trading in electricity transactions [3][29]. 3. Analysis of the Second Half of Electricity Reform - New energy capacity additions are expected to slow significantly, while thermal power generation is projected to see substantial growth. The report estimates an increase in thermal power generation from a decline of 37.8 billion kWh in 2025 to an increase of 135.6 billion kWh in 2026, representing a growth rate of 2.20% [3][10]. - The annual long-term contract price decline is more significant than expected, creating potential profit opportunities for thermal power in the spot market [3][10]. 4. Investment Recommendations - The report suggests that the challenges faced by thermal power may reverse, with a focus on high-quality leading companies and integrated coal-power operators. The expected stabilization of coal prices and significant growth in thermal power generation are key factors for this turnaround [3][10][29]. - Recommended companies include major state-owned enterprises in the power sector and integrated coal-power operators, which are expected to show resilience and high dividend attributes [3][10].

Investment Rating - The report maintains an "Overweight" rating for the public utility sector and the power generation sector [2]. Core Viewpoints - The report argues that the core logic determining the valuation of power stocks has changed in the new energy era, with expectations of a rebound in electricity prices and stock valuations as coal prices stabilize [4][6]. - It highlights that the most challenging phase for electricity supply and demand in China has passed, with expectations of a recovery in demand starting in 2026 [4][7]. - The report emphasizes that the valuation gap between U.S. and Chinese power stocks has widened significantly, with U.S. power stocks trading at 2-4 times the price-to-book (PB) ratio of their Chinese counterparts [4][6][7]. Summary by Sections Investment Recommendations - The report recommends several undervalued power operators, including Huaneng International, Guodian Power, and China Power [3][8]. - It suggests that the capacity price increase in 2026 will benefit thermal power, while the stabilization of energy prices will favor nuclear, green, and hydropower [8]. Market Dynamics - The report notes that both China and the U.S. are experiencing similar electricity shortages due to a slowdown in the growth of base-load power sources, with structural demand exceeding expectations potentially leading to supply crises [5][26]. - It discusses the significant differences in electricity pricing structures between the two countries, with U.S. electricity prices being significantly higher due to various systemic costs [56][58]. Price Trends and Projections - The report predicts that by 2026, the industrial electricity prices in China will be significantly lower than those in the U.S., enhancing the competitiveness of Chinese manufacturing [6][11]. - It highlights that the electricity price gap between the two countries is expected to continue to widen, benefiting China's manufacturing sector [6][8]. Supply and Demand Outlook - The report indicates that the most severe supply-demand imbalance in China has passed, with expectations of a recovery in electricity demand driven by increased manufacturing investment [7][8]. - It also notes that the U.S. is facing a similar situation, with a projected decline in gas-fired electricity generation and a potential increase in coal-fired generation [5][30].