光大证券股份有限公司研究员赵乃迪、蔡嘉豪9月28日发布研报《神马股份：控股股东实施战略重组有 望实现产业链深度协同》称，维持对神马股份的"增持"评级。 中国经济网北京9月30日讯神马股份（600810）(600810.SH)今日收报10.40元，跌幅7.56%。 ...

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。 神马实业股份有限公司（以下简称公司）于 2025 年 9 月 23 日召 开第十一届董事会第六十次会议，审议通过了《关于以集中竞价交易 方式回购股份预案的议案》《关于召开 2025 年第四次临时股东大会 的议案》，具体内容详见公司于 2025 年 9 月 24 日在上海证券交易所 网站（www.sse.com.cn）披露的《关于以集中竞价交易方式回购股份 的预案》《关于召开 2025 年第四次临时股东大会的通知》（公告编 号：2025-084、085）。根据《上海证券交易所上市公司自律监管指 引第 7 号——回购股份》等相关规定，现将 2025 年第四次临时股东 大会股权登记日 2025 年 9 月 25 日登记在册的前十名股东和前十名无 限售条件股东的名称、持股数量和持股比例情况公告如下： 一、公司前十名股东持股情况 | 序 | 股东名称 | 持股数量（股） | 占总股本的比 | | --- | --- | --- | --- | | 号 | | | 例（%） | | 1 | ...

Market Overview - On September 30, the chemical fiber sector experienced a decline of 0.55%, with Shenma Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - Shenma Co., Ltd. (600810) closed at 10.40, down 7.56% with a trading volume of 919,700 shares and a transaction value of 977.1 million [1] - Montai High-tech (300876) closed at 29.25, down 5.09% with a trading volume of 33,100 shares and a transaction value of 97.4 million [1] - Other notable declines include Sanfangxiang (600370) down 3.20%, Tianfulong (603406) down 2.92%, and Huading Co., Ltd. (601113) down 1.86% [1] Capital Flow - The chemical fiber sector saw a net outflow of 160 million from main funds, while retail investors contributed a net inflow of 169 million [3] - Notable stocks with significant capital flow include: - New Fengming (603225) with a main fund net outflow of 30.33 million [3] - Polytech (605166) with a main fund net inflow of 9.20 million [3] - Montai High-tech (300876) with a main fund net inflow of 3.83 million [3]

Group 1 - The investment opportunities arising from state-owned enterprise (SOE) reform are significant and may lead to a sector-wide effect [1] - China Shenhua's announcement of a trillion-yuan asset acquisition is likely a top-down initiative reflecting the central government's intent [1] - The rapid energy system consolidation in Henan Province exceeds market expectations and represents a major step in SOE reform [1] Group 2 - Electricity consumption in August has rebounded to a growth rate of 4.6%, compared to only 2.5% in Q1, indicating a recovery in demand [1] - In August, the output of industrial raw coal was 390 million tons, a year-on-year decrease of 3.2%, while production increased by 10 million tons compared to July [1] - The total coal production for the year is expected to remain stable at 475-480 million tons, with a slight decline in H2 due to "overproduction checks" [1] Group 3 - As of September 26, 2025, the price of Q5500 coal at Huanghua Port is 713 yuan/ton, reflecting a 0.6% increase from the previous week [2] - The price of main coking coal at Jingtang Port is 1710 yuan/ton, up 6.2% from the previous week, indicating a rebound in the coking coal market [2] - The average daily iron output has slightly decreased, but demand is expected to remain strong despite the seasonal downturn [2]

证券代码：600810 证券简称：神马股份 公告编号：2025-090 神马实业股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股东持股情况的公告 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。 神马实业股份有限公司（以下简称公司）于2025年9月23日召开第十一届董事会第六十次会议，审议通 过了《关于以集中竞价交易方式回购股份预案的议案》，具体内容详见公司于2025年9月24日在上海证 券交易所网站（www.sse.com.cn）披露的《关于以集中竞价交易方式回购股份的预案》（公告编号： 2025-084）。根据《上海证券交易所上市公司自律监管指引第7 号一一回购股份》等相关规定，现将公 司第十一届董事会第六十次会议决议公告的前一个交易日（即2025年9月23日）登记在册的前十名股东 和前十名无限售条件股东的名称、持股数量和持股比例情况公告如下： 一、公司前十名股东持股情况 ■ 二、公司前十名无限售条件股东持股情况 ■ 特此公告。 神马实业股份有限公司董事会 2025年9月29日 ...

证券代码：600810 证券简称：神马股份 公告编号：2025-090 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。 神马实业股份有限公司（以下简称公司）于 2025 年 9 月 23 日召 开第十一届董事会第六十次会议，审议通过了《关于以集中竞价交易 方式回购股份预案的议案》，具体内容详见公司于 2025 年 9 月 24 日 在上海证券交易所网站（www.sse.com.cn）披露的《关于以集中竞价 交易方式回购股份的预案》（公告编号：2025-084）。根据《上海证 券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定， 现将公司第十一届董事会第六十次会议决议公告的前一个交易日（即 2025 年 9 月 23 日）登记在册的前十名股东和前十名无限售条件股东 的名称、持股数量和持股比例情况公告如下： 神马实业股份有限公司 关于回购股份事项前十名股东和前十名无限售条件 股东持股情况的公告 | 3 | 河南资产管理有限公司 | 36,548,258 | 3.60 | | --- | --- | --- | --- ...

神马实业股份有限公司 "神马转债"2025 年第二次 债券持有人会议材料 2025 年 10 月 10 日 2025 年第二次债券持有人会议 "神马转债"2025 年第二次债券持有人会议议程 议程一：关于以集中竞价交易方式回购股份预案的议案 | 议案一： 1 | | --- | | 关于以集中竞价交易方式回购股份预案的议案 1 | 2025 年第二次债券持有人会议 议案一： 关于以集中竞价交易方式回购股份预案的议案 各位债券持有人及债券持有人代理人： 一、回购方案的审议及实施程序 （一）2025 年 9 月 23 日，公司召开第十一届董事会第六十次 会议，审议通过了《关于以集中竞价交易方式回购股份预案的议案》。 （二）本次回购股份方案需提交公司股东大会审议。 （三）本次回购股份方案需提交公司债券持有人会议审议。 （四）根据相关规定，公司将在股东大会审议通过该回购股份 方案后依法通知债权人。 二、回购预案的主要内容 （一）回购股份的目的 公司拟通过集中竞价交易方式回购公司已发行的部分人民币普 通股（A 股）股票，回购股份将全部用于减少注册资本并依法注销。 （二）拟回购股份的种类 公司发行的人民币普通股 A 股。 ...

神马实业股份有限公司 2025 年第四次临时股东大会 会议材料 2025 年 10 月 10 日 2022 年第九次临时股东大会 | | | 2025 年第四次临时股东大会 2025 年第四次临时股东大会会议议题 一、关于变更会计师事务所的议案 第 1 页 共 33 页 二、关于为公司控股子公司神马龙泰科技（泰国）有限公司提供 担保的议案 三、关于取消公司监事会的议案 四、关于修订《公司章程》的议案 五、关于公司董事会换届选举的议案 六、关于以集中竞价交易方式回购股份预案的议案 关于为公司控股子公司神马龙泰科技（泰国）有限公 司提供担保的议案 各位股东、各位代表： 2025 年第四次临时股东大会 议案一： 关于变更会计师事务所的议案 各位股东、各位代表： 国家财政部、国资委、证监会联合印发的《国有企业、上市公司 选聘会计师事务所管理办法》（财会〔2023〕4 号）规定，公司连续 聘任同一会计师事务所聘任期限不得超过 10 年。鉴于公司连续聘用 立信会计师事务所（特殊普通合伙）已满 10 年，已达到规定的最长 连续聘任年限，为确保公司审计工作的独立性和客观性，拟聘任中勤 万信会计师事务所（特殊普通合伙）为公司 ...

Group 1 - The core message of the news is the strategic merger between China Pingmei Shenma Group and Henan Energy Group, marking a significant development in the energy sector with over 550 billion yuan in assets involved [1][2] - The merger is driven by both policy and market factors, transitioning the energy industry from "scale expansion" to "quality improvement," with Henan Energy Group holding substantial coal reserves and production capacity, while China Pingmei Shenma Group excels in specialized chemical industries [2][3] - The combined revenue of the two groups reached 289.8 billion yuan in 2024, with the new entity aiming for a revenue target of 300 billion yuan post-merger [2] Group 2 - The new group will focus on three main areas: industry chain collaboration, technological innovation, and green transformation, integrating resources from mining to high-end chemicals and new energy materials [3] - The merger aims to reduce operational costs and enhance competitiveness by combining Henan Energy's resource advantages with Pingmei Shenma's technological strengths [2][3] - The restructuring is seen as a crucial step in building a modern industrial system in Henan, with the potential to enhance regional energy security [3]

Core Viewpoint - The strategic restructuring of Henan Energy and China Pingmei Shenma Group, as announced by five listed companies including Pingmei Shares, marks a significant breakthrough in state-owned enterprise (SOE) reform within the coal and electricity sector, potentially igniting a new wave of SOE reform in A-shares [1][2]. Group 1: SOE Reform and Investment Opportunities - The recent announcement of strategic restructuring by the Henan provincial government is expected to create investment opportunities, likely leading to a sector-wide effect [2]. - The acquisition plan by China Shenhua, involving assets worth hundreds of billions, reflects a top-down approach from the State-owned Assets Supervision and Administration Commission (SASAC) to the group and listed companies [2]. Group 2: Supply and Demand Dynamics - In August, the total electricity consumption in society grew by 4.6%, a significant increase from the 2.5% growth in Q1, indicating a recovery in demand that contradicts previous market pessimism [3]. - The production of raw coal in large-scale industries in August was 39 million tons, a year-on-year decrease of 3.2%, while the national coal production in July and August was 38 million and 39 million tons respectively, which is notably lower than the average monthly production of approximately 40 million tons over the past 18 months [3]. - For the second half of the year, coal production is expected to slightly decline due to "overproduction checks," with total production projected to be between 235-240 million tons, maintaining an annual total of 475-480 million tons, which is roughly flat year-on-year [3]. Group 3: Coal Prices and Market Trends - As of September 26, 2025, the price of Q5500 coal at Huanghua Port was 713 RMB/ton, reflecting a 0.6% increase from the previous week, with expectations of a rebound in Q3 profitability due to improved demand from June to August [4]. - The price of main coking coal at Jingtang Port was 1710 RMB/ton, showing a 6.2% increase, indicating a rebound in both futures and spot markets [5]. - The average daily iron and steel production slightly decreased, but demand is expected to remain strong despite the seasonal downturn [6].