Investment Rating - The report maintains a positive outlook on the coal industry, indicating a "Look Favorably" rating due to expected price increases driven by seasonal demand and stricter safety regulations [1]. Core Insights - The report highlights that as of January 4, 2026, the spot prices for thermal coal at Qinhuangdao port have increased, with Q4500, Q5000, and Q5500 grades priced at 505, 593, and 682 RMB/ton respectively, reflecting week-on-week increases of 18, 14, and 6 RMB/ton [1]. - Supply-side constraints are noted, with a decrease in daily coal inflow to the Bohai Rim ports, down to 1.3888 million tons, a reduction of 116,300 tons week-on-week [1]. - Demand is supported by ongoing cold weather, leading to improved daily consumption, which has risen to 1.6768 million tons, an increase of 85,600 tons week-on-week [1]. - The report anticipates that the combination of high consumption levels and reduced production from high-cost mines will support thermal coal prices moving forward [1]. - For coking coal, prices remain stable, with Shanxi Anze low-sulfur coking coal priced at 1600 RMB/ton as of January 4, 2026 [1]. Summary by Sections Recent Industry Policies and Dynamics - The report discusses the implementation of a "benchmark price + floating price" mechanism for long-term contracts for thermal coal, with prices set at 540, 483, and 453 RMB/ton for different regions [7]. - It also mentions increased regulatory scrutiny on safety measures in coal mining, particularly during the winter heating season [7]. Price Trends - The report notes that the average daily consumption of coal has increased by 3.94% week-on-week, while the inventory of major power generation groups has decreased by 11.8% [3]. - The Bohai Rim coal inventory has decreased to 27.127 million tons, down 191,500 tons week-on-week, indicating a 6.59% drop [20]. International Oil Prices - Brent crude oil prices have increased slightly to 60.75 USD/barrel, reflecting a 0.18% rise week-on-week [15]. - The report highlights the relationship between international oil prices and coal prices, noting a rise in the ratio of international oil prices to international coal prices [15]. Company Valuation - The report provides a valuation table for key companies in the coal sector, including China Shenhua, Shaanxi Coal, and Yanzhou Coal, with various earnings per share (EPS) and price-to-earnings (PE) ratios forecasted for the coming years [32].

Investment Rating - The report maintains a "Buy" rating for several key companies in the coal industry, including Shanxi Coking Coal, Lu'an Huanneng, Yancoal, China Shenhua, Shaanxi Coal and Chemical Industry, and others [5]. Core Insights - The coal market is experiencing a supply-demand tug-of-war, leading to continued price fluctuations. Recent supply constraints and increasing terminal demand have resulted in a slight recovery in port coal prices. However, as coal mines resume production after the New Year, supply is expected to stabilize, while demand is anticipated to strengthen due to colder weather [8][9]. - The report suggests a strategy of buying on dips, focusing on companies with strong dividend yields and low valuations, as well as those with significant production capacity growth potential. Key recommendations include China Shenhua, Zhongmei Energy, and Yancoal, among others [8][9]. Summary by Sections 1. Core Views and Business Tracking - The report emphasizes the importance of dividend policies and growth prospects for listed companies in the coal sector [13][15]. 2. Coal Price Tracking - The report tracks coal price indices, noting that the price of thermal coal at the port has shown a week-on-week increase of 6 CNY/ton, while year-on-year comparisons indicate a decline [9][10]. 3. Coal Inventory Tracking - As of December 31, 2025, the inventory at the Bohai Rim ports was reported at 28.366 million tons, reflecting a week-on-week decrease of 5.43% [8]. 4. Downstream Performance of the Coal Industry - The report highlights that the daily coal consumption across 25 provinces reached 6.116 million tons, marking a 12.78% increase compared to the end of November [8][9]. 5. Weekly Performance of the Coal Sector and Individual Stocks - The coal sector has seen significant price movements, with individual stocks reflecting the overall market trends. The report provides detailed performance metrics for key companies [10][11].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 4.60 CNY for the next six months [3][4]. Core Insights - The completion of the asset acquisition significantly enhances the company's asset scale and establishes a coal-electricity integrated operation model, with total installed capacity increasing by 241% to 1,104 MW and coal production capacity rising by 67% to 1,000 million tons per year [1][2]. - The acquisition is expected to boost net profit by 9.35 billion CNY (+109%) in 2024, raising EPS from 0.22 CNY to 0.25 CNY (+14%) and ROE from 7.5% to 8.9% [2]. - The company has committed to a dividend payout ratio of no less than 75% from 2025 to 2027, with a DPS of at least 0.19 CNY, corresponding to a dividend yield of 5.5% based on the stock price as of December 29, 2025 [2]. Financial Projections - Projected revenues for 2025-2027 are 26.48 billion CNY, 37.28 billion CNY, and 41.69 billion CNY, with growth rates of -11.8%, 40.8%, and 11.8% respectively [3]. - Expected net profits for the same period are 8.8 billion CNY, 15.4 billion CNY, and 17.6 billion CNY, with growth rates of 2.8%, 74.6%, and 14.0% respectively [3]. - The company anticipates a significant increase in operational efficiency and profitability due to the integration of traditional and renewable energy sources [2].

证券日报网讯 12月30日，淮河能源（600575）发布公告称，公司将于2026年1月15日召开2026年第一次 临时股东会，审议《关于调整2025年日常关联交易预计额度及预计2026年日常关联交易额度的议案》。 ...

（文章来源：证券日报） 证券日报网讯 12月30日，淮河能源发布公告称，公司第八届董事会第十八次会议于2025年12月30日召 开，审议通过《关于聘任公司董事会秘书的议案》《关于调整2025年日常关联交易预计额度及预计2026 年日常关联交易额度的议案》《关于召开淮河能源（集团）股份有限公司2026年第一次临时股东会的议 案》。 ...

每经AI快讯，淮河能源12月30日晚间发布公告称，经公司董事长周涛先生提名，董事会提名委员会审 核通过，公司董事会同意聘任王杰先生为公司第八届董事会秘书，即自2025年12月30日到2026年11月14 日止。 每经头条（nbdtoutiao）——2025十大财经新闻出炉！护航、酣战、变局、狂飙分别指向哪些大事件？ （记者 王瀚黎） ...

证券代码：600575 证券简称：淮河能源 公告编号：临 2025-063 淮河能源（集团）股份有限公司 关于调整 2025 年日常关联交易预计额度及 预计 2026 年日常关联交易额度的公告 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）日常关联交易履行的审议程序 1、2025年12月30日，公司召开第八届董事会第十八次会议，审议通过了《关于 调整2025年日常关联交易预计额度及预计2026年日常关联交易额度的议案》；公司董 事会在审议该议案时，关联董事周涛、张文才、胡良理、杨运泽、束金根回避表决， 出席会议的非关联董事即全体独立董事一致同意该议案；该议案尚需提交公司股东会 审议，关联股东淮南矿业（集团）有限责任公司及其一致行动人上海淮矿资产管理有 限公司将在股东会上对该议案回避表决。 1 重要内容提示： 本次日常关联交易尚需提交股东会审议。 日常关联交易对上市公司的影响：该等关联交易属于淮河能源（集团）股份 有限公司（下称"公司"）日常关联交易，遵循了公开、公平、公正的原则，保障了 公司正常的生产经营，对公司持续经 ...

证券代码：600575 证券简称：淮河能源 公告编号：临 2025-062 淮河能源（集团）股份有限公司 关于聘任董事会秘书的公告 电话：0554-7628095 传真：0554-7628095 通信地址：安徽省淮南市大通区大通街道居仁村 E 组团商业及服务楼 电子邮箱：hhnydsh@163.com 特此公告。 淮河能源（集团）股份有限公司董事会 2025 年 12 月 31 日 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。 淮河能源（集团）股份有限公司（以下简称"公司"）于 2025 年 12 月 30 日 召开第八届董事会第十八次会议，审议通过了《关于聘任公司董事会秘书的议案》。 经公司董事长周涛先生提名，董事会提名委员会审核通过，公司董事会同意聘任 王杰先生（简历附后）为公司第八届董事会秘书，任期自本次董事会审议通过之 日起至第八届董事会任期届满之日止，即自 2025 年 12 月 30 日到 2026 年 11 月 14 日止。公司董事长周涛先生不再代行董事会秘书职责。 王杰先生具备履行董事会秘书职责所必需的专业知 ...

证券代码：600575 证券简称：淮河能源 公告编号：临 2025-064 淮河能源（集团）股份有限公司 关于召开2026年第一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 2026年第一次临时股东会 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 1 月 15 日 至2026 年 1 月 15 日 无 二、 会议审议事项 本次股东会审议议案及投票股东类型 | 序号 | | 议案名称 | | 投票股东类型 | | --- | --- | --- | --- | --- | | | | | 股股东 A | | | | | 非累积投票议案 | | | | 1 | 关于调整 2025 | 年日常关联交易预计额度及预计 2026 | 年 | √ | | | 日常关联交易额度的议案 | | | | 1、 各议案已披露的时间和披露媒体 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的 ...

二、审议通过了《关于调整 2025 年日常关联交易预计额度及预计 2026 年日常关 联交易额度的议案》 因公司通过发行股份及支付现金的方式购买控股股东淮南矿业（集团）有限责任 公司持有的淮河能源电力集团有限责任公司（以下简称"电力集团"）89.30%股权（以 下简称"本次交易"）。因本次交易涉及的电力集团 89.30%股权交割过户及新增股份登 记手续均已完成，电力集团成为公司全资子公司，需追加审议其 2025 年全年关联交易。 同时为规范关联交易行为，及时披露相关信息，公司对 2026 年度日常关联交易情况进 行 了 预 计 （ 具 体 内 容 详 见 公 司 在 指 定 信 息 披 露 媒 体 及 上 海 证 券 交 易 所 网 站 http://www.sse.com.cn 刊登的临 2025-063 号公告）。 本议案已经公司独立董事专门会议审议通过，并同意提交公司董事会审议；公司 董事会在审议以上议案时，关联董事周涛、张文才、胡良理、杨运泽、束金根回避表 决。本议案尚需提请公司股东会审议。 证券代码：600575 证券简称：淮河能源 公告编号：临 2025-061 淮河能源（集团）股份有限公司 第八 ...