证券代码：600792 证券简称：云煤能源 公告编号：2026-010 云南煤业能源股份有限公司 关于重大诉讼进展的公告 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： 案件所处的诉讼阶段：截至本公告日，二审判决已下达，判决已生效， 本判决为终审判决。 2026 年 3 月 30 日，公司收到云南省高级人民法院电子送达的《民事判决书》 【（2026）云民终 21 号】，涉及公司的判决内容如下： 驳回上诉，维持原判。 上市公司所处的当事人地位：一审被告、二审上诉人、被上诉人。 涉案金额：一审判决云南煤业能源股份有限公司（以下简称云煤能源或 公司）支付原告综合服务费 39,220,895.98 元，负担案件受理费 201,996.81 元， 负担保全费 2,500.00 元，驳回原告其他诉讼请求。二审维持原判。二审案件受 理费由公司负担 196,790.84 元。 对公司损益产生的影响：公司在各报告期已暂估确认费用，前期根据一 审判决结果按照会计准则相关规定进行了相应会计处理，不会对公司损益产生较 大影响。本次判决 ...

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that coal prices are expected to rise, driven by high daily consumption and improved market sentiment. The price of thermal coal has slightly increased, with the Qinhuangdao Q5500 thermal coal closing at 761 RMB/ton, up 26 RMB/ton from the previous period. The report anticipates that prices will stabilize around the coal-electricity profit-sharing line of approximately 750 RMB/ton, with potential upward movement towards the 800-860 RMB range due to geopolitical tensions in the Middle East affecting oil prices and chemical products [3][4][5]. Summary by Sections Investment Logic - Thermal coal prices are at a turning point, expected to rise through a four-step process: repairing central and local long-term contracts, reaching the coal-electricity profit-sharing line, and potentially exceeding the breakeven point for power plants at 860 RMB. The report also notes that coking coal prices are influenced more by supply and demand fundamentals, with target prices based on the ratio of coking coal to thermal coal prices [4][15]. Investment Recommendations - The report outlines a dual logic for coal stocks: cyclical elasticity and stable dividends. It suggests that both thermal and coking coal prices are at historical lows, providing room for rebound. The report identifies four main lines for stock selection: 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][16]. Key Market Indicators - As of March 27, 2026, the average PE ratio for the coal sector is 19.12, ranking it sixth from the bottom in the A-share market, while the PB ratio is 1.58, ranking eighth from the bottom. The coal index has slightly decreased by 1.21%, outperforming the CSI 300 index by 0.2 percentage points [29][34][35]. Thermal Coal Market - The report notes a slight increase in domestic thermal coal prices, with the Qinhuangdao Q5500 price at 761 RMB/ton, reflecting a 3.54% increase. Prices in various production areas have also risen, with notable increases in the Ordos and Shanxi regions [35][36]. Coking Coal Market - The price of coking coal at the Jing-Tang port has risen to 1750 RMB/ton, marking an 8.02% increase. The report highlights the sensitivity of coking coal prices to market conditions, with a significant rebound in futures prices [21][22]. Supply and Demand Dynamics - The report indicates that coal production rates have slightly increased, with the operating rate of coal mines in the Shanxi, Shaanxi, and Inner Mongolia regions at 84.2%. Additionally, daily consumption at coastal power plants has decreased, but inventory levels have also dropped, leading to an increase in available days of inventory [58][60].

Market Overview - The Asian markets experienced a significant downturn, with the Shanghai Composite Index falling by 3.63%, the Shenzhen Component down by 3.76%, and the ChiNext Index decreasing by 3.49% [2] - The total trading volume in the Shanghai and Shenzhen markets reached approximately 24,315.47 billion yuan, an increase of about 1,446.89 billion yuan compared to the previous trading day [2] - A total of 5,172 stocks declined, while only 305 stocks rose, indicating a widespread market sell-off [2] International Market Impact - The Japanese and South Korean stock markets triggered circuit breakers due to sharp declines, with the Nikkei 225 Index dropping by 3.48% and the KOSPI Index falling by 6.49% [4] - The escalation of tensions in the Middle East, particularly regarding the Strait of Hormuz, has led to increased oil prices, significantly impacting the energy costs for Japan and South Korea, which are major oil and gas importers [5][6] Coal Sector Performance - The coal sector showed resilience amid the market downturn, with stocks like Yunmei Energy and Liaoning Energy hitting the daily limit up, while Shanxi Coking Coal and Shaanxi Black Cat also saw significant gains [8] - The rise in international oil and gas prices due to the Middle East conflict has highlighted coal's value as an alternative energy source, with coal prices expected to rebound despite seasonal demand fluctuations [10] Precious Metals Decline - Precious metals faced a sharp decline, with gold prices dropping nearly 8% and approaching the 4,100 yuan mark, while silver prices fell by 10% [14] - The shift in market dynamics from "risk aversion" to "interest rate dominance" has increased the holding costs of gold, leading to a significant price drop [16] Future Market Outlook - Analysts suggest that the current market may be nearing a bottom, with limited room for further declines, indicating a potential stabilization phase for the Chinese stock market [18][19] - Despite external pressures, the long-term outlook for the Chinese stock market remains optimistic, particularly in sectors like new energy and manufacturing, which could benefit from cost advantages [20]

Market Overview - On March 18, A-shares saw all three major indices rise, with the Shanghai Composite Index up 0.32%, Shenzhen Component Index up 1.05%, ChiNext Index up 2.02%, and the STAR Market Index up 1.77%. Over 3,500 stocks experienced gains [3][4]. Sector Performance - The computing power leasing sector performed strongly, with companies such as Langke Technology, Pingzhi Information, Yunsai Zhili, and Zhongbei Communication hitting the daily limit [5]. - The coal sector faced adjustments, with Zhengzhou Coal Electricity dropping over 5%, and Meijin Energy, Shanxi Black Cat, and Yunmei Energy falling over 3% [7][8]. Stock Highlights - Notable gainers included: - Langke Technology (+20.00%) - Pingzhi Information (+19.99%) - Dongfang Guoxin (+16.36%) - Jingyuan Environmental Protection (+15.26%) [6]. - Conversely, significant decliners included: - Zhengzhou Coal Electricity (-5.93%) - Meijin Energy (-3.97%) - Shanxi Black Cat (-3.91%) [8]. Trading Volume - The total trading volume in the Shanghai and Shenzhen markets reached 2.05 trillion yuan, a decrease of 161.8 billion yuan compared to the previous trading day [8]. Capital Flow - Main capital inflows were observed in the electronics, communications, and computer sectors, while there were outflows from non-bank financials, basic chemicals, and banking sectors [10]. - Specific stocks with net inflows included: - Xinyi Sheng (+4.405 billion yuan) - Jinfeng Technology (+3.644 billion yuan) - Jinkai New Energy (+2.278 billion yuan) [11]. - Stocks with net outflows included: - Cambrian Technology (-1.495 billion yuan) - Ningde Times (-1.036 billion yuan) - Guosheng Technology (-571 million yuan) [12]. Institutional Insights - Huaxi Securities noted that the demand for AI electricity is continuously increasing, accelerating the demand for agents [14]. - CITIC Securities projected that "green fuels" and "coordinated electricity" could drive nearly 465 GW of wind turbine demand by 2030 [15]. - Huatai Securities indicated that the oil and chemical supply is continuously optimizing, with industry prosperity expected to rise in 2026 [16].

Investment Rating - The report maintains a "Buy" rating for the coal industry, with specific recommendations for various companies [2][14]. Core Insights - The domestic supply contraction is the main driver for the upward shift in coal prices, supported by overseas factors and increased demand from coal chemical industries [6][8]. - The report forecasts that coal prices will stabilize and fluctuate within the range of 800-1000 RMB/ton, with limited adjustment potential due to low inventory and rising non-electric demand [8][9]. - The coal chemical sector is expected to see significant growth, with coal consumption projected to reach 304 million tons in 2023, increasing to 362 million tons by 2025, reflecting a growth rate of 11.5% [9][10]. Summary by Sections Company Performance and Recommendations - Recommended companies include: 1. High spot price elasticity stocks: Jinko Coal, Shanxi Coal International, Lu'an Environmental Energy, Huayang Co., and Yanzhou Coal [14]. 2. Industry leaders with stable performance: China Shenhua, Shaanxi Coal, and China Coal Energy [14]. 3. Beneficiaries of nuclear power growth: CGN Mining [14]. - The report highlights that the coal sector outperformed the market, with a weekly increase of 5.4% compared to the Shanghai Composite Index's decline of 0.7% [15][18]. Market Dynamics - The report notes a significant increase in coal demand due to high European gas prices and the restart of coal-fired power plants in Europe, which has led to a rise in international coal prices [6][8]. - Domestic coal supply is expected to continue contracting, with approximately 200 million tons of capacity still pending replacement and environmental approval, posing a risk of further reductions [8][9]. Coal Chemical Industry Growth - The report emphasizes the rapid growth of the coal chemical sector, with ongoing projects expected to consume approximately 243 million tons of coal, and potential future projects could double this demand [9][10]. - The increase in chemical product prices and the geopolitical focus on energy security are expected to accelerate the approval and construction of new coal chemical projects [9][10]. Price Trends and Inventory - As of March 13, coal prices at Qinhuangdao Port were reported at 731 RMB/ton, reflecting a weekly decrease of 14 RMB/ton, while prices in various production areas showed mixed trends [10][12]. - The report indicates that the average daily coal consumption in power plants has decreased, leading to an increase in available days of coal supply [12].

Group 1 - The Asia-Pacific markets experienced a collective decline on March 3, with major indices in A-shares and Hong Kong all weakening, while Japanese and South Korean markets saw significant drops. The Shanghai Composite Index fell over 1%, the ChiNext Index dropped over 2%, and the Shenzhen Component Index declined by more than 3% [1] - Over 4,800 stocks in the market declined, with the total trading volume in the Shanghai and Shenzhen markets exceeding 3 trillion yuan, an increase of over 110 billion yuan compared to the previous day [1] Group 2 - The military, non-ferrous metals, computer, media, electronics, and chemical sectors saw significant declines, with aerospace and military stocks leading the drop. Several stocks, including AVIC Control and AVIC Technology, hit the daily limit down, while others like Zhenxin Technology fell over 15% [2] - The rare earth sector also faced heavy losses, with stocks like Northern Rare Earth and Baotou Steel hitting the daily limit down. The semiconductor industry chain declined, with over ten stocks, including Purun and Dongwei Microelectronics, dropping more than 10% [2] - Conversely, the oil and gas and shipping sectors maintained strong performance, with over 30 stocks, including China Petroleum, hitting the daily limit up. China Petroleum's stock price reached a new high since March 2008 [2] Group 3 - In the Hong Kong market, the Hang Seng Index fell over 1%, and the Hang Seng Tech Index dropped over 2%. Tech stocks collectively declined, with companies like Li Auto and NIO falling over 6% [3] - The non-ferrous metals sector led the decline in Hong Kong, with Ganfeng Lithium dropping over 10% and other companies like Jiangxi Copper and Zijin Mining falling over 7% [3] Group 4 - The Japanese and South Korean stock markets both closed lower, with the Nikkei 225 index down 3.1% and the KOSPI index down 7.24%, marking the largest single-day drop since August 5, 2024 [4] - International oil prices surged, with WTI crude oil rising over 2% to exceed $73 per barrel, while Brent crude increased by over 3%. Gold and silver prices experienced sharp declines, with silver dropping over 7% at one point [4]

Core Viewpoint - The coal sector in A-shares is experiencing a significant upward trend, driven by strong market demand and positive policy support [1][2]. Group 1: Market Performance - The coal sector saw a notable increase in stock prices, with companies like Shaanxi Black Cat hitting the daily limit, and others such as China Coal Energy and Yanzhou Coal Mining also rising [1]. - There is a strong willingness from major funds to invest in the coal sector, highlighting its status as a key focus within the energy market [1]. Group 2: Positive Influences on Coal Prices - Geopolitical conflicts, particularly in the Middle East, are expected to drive up coal prices and increase domestic coal chemical demand [2]. - The National Energy Administration has outlined plans for coal to remain a cornerstone of energy security, with a focus on supply stability and technological upgrades [2]. - As of March 3, the spot price for 5500 kcal thermal coal in the Bohai Rim region is reported at 750-770 RMB per ton, showing a significant weekly increase [2]. Group 3: Benefiting Industries - The coal mining industry is set to benefit directly from rising prices of thermal and coking coal, enhancing the overall industry outlook [3]. - The coal chemical sector is likely to see increased demand due to geopolitical factors, positively impacting related companies [3]. - The coal transportation industry is experiencing steady revenue growth due to stable coal production and increased transportation demand [3].

Core Viewpoint - The A-share coal stocks continue to rise, driven by geopolitical tensions in the Middle East and potential increases in coal prices due to disruptions in coal exports from Indonesia and impacts on chemical product logistics [1] Group 1: Market Performance - Shaanxi Black Cat saw an increase of over 8%, while China Coal Energy and Dayou Energy rose by over 6% [1] - Other notable performers include Lanhua Science and Technology and Yanzhou Coal Mining, both up over 4%, and several companies including Liaoning Energy and Zhengzhou Coal Electricity, which increased by over 3% [1] - The total market capitalization for Shaanxi Black Cat is 11.4 billion, with a year-to-date increase of 54.70% [2] - China Coal Energy has a market cap of 232.8 billion, with a year-to-date increase of 41.16% [2] Group 2: Industry Insights - CITIC Securities suggests that rising oil prices due to geopolitical conflicts may positively impact coal prices [1] - Increased demand for coal in domestic coal chemical industries is anticipated if logistics for methanol and other chemical products are affected [1] - The expectation for domestic coal prices to remain favorable is supported by the reduction in coal exports from Indonesia [1]

证券代码：600792 证券简称：云煤能源 公告编号：2026-009 一、董事会会议召开情况 云南煤业能源股份有限公司（以下简称公司）第十届董事会第八次临时会议 于2026年3月2日上午以通讯表决方式召开，会议通知及材料于2026年2月27日以 电子邮件方式传送给董事会全体董事，本公司实有董事6人，实际参加表决的董 事6人，收回有效表决票6张。本次会议的召集及召开程序符合《公司法》《公司 章程》的有关规定。 二、董事会会议审议情况 以 6 票赞成，0 票反对，0 票弃权审议通过关于《聘任公司高级管理人员》 的议案。 云南煤业能源股份有限公司 第十届董事会第八次临时会议决议公告 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。 重要内容提示： ●公司全体董事出席了本次会议。 ●本次董事会议案均获通过，无反对票、弃权票。 2026 年 3 月 3 日 1 附件： 金有祥先生简历 金有祥，男，汉族，1971年6月出生，云南泸西人，研究生，中共党员，冶 金机械高级工程师。历任昆钢烧结厂原料车间副主任、主任，昆钢烧结厂机动科 科长，昆钢 ...

Group 1 - The core point of the news is that Zhang Guoqing, the General Manager and Vice Chairman of Yunmei Energy, has resigned due to work adjustments, effective immediately upon submission of his resignation report [1][2] - Zhang Guoqing's resignation does not lead to a decrease in the number of board members below the legal requirement, ensuring the board's continued lawful operation [2] - The company will follow relevant regulations to manage the handover process after Zhang Guoqing's departure [2] Group 2 - Yunmei Energy reported a significant loss in 2024 and anticipates continued losses in 2025, with projected net profit attributable to shareholders ranging from -470 million to -410 million yuan [4] - The company’s financial performance in 2024 showed a total profit of -656.06 million yuan and a net profit of -662.21 million yuan attributable to shareholders [4] - The primary reason for the losses is attributed to the decline in prices of coking products, which fell more than the prices of upstream coking coal, influenced by market conditions in the coal and steel industries [4] Group 3 - Yunmei Energy is one of the large coking enterprises in Yunnan Province, having completed a reverse merger to go public in November 2011, with a registered capital of 1.1099236 billion yuan [7] - The company specializes in coking and heavy equipment manufacturing, with production capabilities including two large coking furnaces, two stamp charging coking furnaces, and a 150 million-ton per year coal washing plant [7]