证券代码：600971 证券简称：恒源煤电 公告编号：2025-051 安徽恒源煤电股份有限公司 2025年第一次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 12 月 2 日 (二)股东大会召开的地点：宿州市西昌路 157 号公司九楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 311 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 699,236,505 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 58.2694 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：关于续聘会计师事务所的议案 审议结果：通 ...

恒源煤电临时股东大会法律意见书 安徽天禾律师事务所 关于安徽恒源煤电股份有限公司 2025 年第一次临时股东大会的法律意见书 天律意 2025 第 03200 号 致：安徽恒源煤电股份有限公司 根据《中华人民共和国公司法》（下称《公司法》）、《中华人民共和国证 券法》（下称《证券法》）和中国证券监督管理委员会《上市公司股东会规则》 （下称《股东会规则》）的规定，以及贵公司（下称"公司"）与安徽天禾律师 事务所（下称"天禾"）签订的《聘请证券事务常年法律顾问合同》，天禾律师 出席公司 2025 年第一次临时股东大会（下称"本次股东大会"）并对本次股东 大会相关事项进行见证，出具法律意见。 为出具本法律意见，天禾律师审查了公司提供的以下文件： 1、《安徽恒源煤电股份有限公司章程》（以下简称《公司章程》）； 2、公司 2025 年 10 月 22 日第八届董事会第十八次会议决议； 3、公司 2025 年 10 月 24 日刊登于《中国证券报》《上海证券报》的第八届 董事会第十八次会议决议公告； 4、公司 2025 年 10 月 24 日刊登于《中国证券报》《上海证券报》的召开本 次股东大会通知的公告及公司 2025 ...

证券日报网讯 12月1日，恒源煤电在互动平台回答投资者提问时表示，10月31日的股东人数39883户。 （文章来源：证券日报） ...

Core Insights - The China Securities State-Owned Enterprises Dividend Index has shown a slight increase of 0.15% as of November 25, 2025, with notable gains in constituent stocks such as Fujian Expressway, which rose by 9.97% [1] - The National Enterprise Dividend ETF (159515) has also increased by 0.26%, indicating a positive trend in dividend-focused investments [1] - Market sentiment is under pressure due to a lack of performance policies and fluctuating expectations regarding the Federal Reserve's interest rate decisions, leading to a focus on dividend assets [1] Market Performance - The National Enterprise Dividend ETF recorded a turnover rate of 0.06% with a transaction volume of 27,200 yuan, and an average daily transaction volume of 3.54 million yuan over the past week [1] - The overall industry prosperity index continued to decline in October, but at a slower rate, with essential consumption, midstream manufacturing, and large financial sectors showing the most improvement [1] Investment Strategy - The dividend strategy is highlighted as a foundational investment approach, focusing on high dividend yields and stable cash flows from quality enterprises, which can provide continuous cash flow and long-term compounding potential [1] - A balanced investment approach is recommended, incorporating growth, cyclical, and dividend assets to identify opportunities with improving industry conditions and relatively low valuations [1] Index Composition - The China Securities State-Owned Enterprises Dividend Index comprises 100 listed companies selected for their high and stable cash dividend yields, reflecting the overall performance of high-dividend securities among state-owned enterprises [2] - As of October 31, 2025, the top ten weighted stocks in the index accounted for 17.08% of the total index weight, including companies like COSCO Shipping Holdings and Agricultural Bank of China [2]

| 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-11-24 | 95.59万 | 2.23亿 | 2.72% | | 2025-11-21 | 1255.84万 | 2.22亿 | 2.69% | | 2025-11-20 | 337.69万 | 2.10亿 | 2.46% | | 2025-11-19 | -120.07万 | 2.06亿 | 2.39% | | 2025-11-18 | 72.35万 | 2.07亿 | 2.41% | 融券方面，当日融券卖出7.79万股，融券偿还300.0股，融券净卖出7.76万股，融券余量24.37万股。 证券之星消息，11月24日，恒源煤电（600971）融资买入445.53万元，融资偿还349.94万元，融资净买 入95.59万元，融资余额2.23亿元，近3个交易日已连续净买入累计1689.13万元。 融资融券余额2.25亿元，较昨日上涨0.66%。 | 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | --- | --- | --- | --- | | ...

Group 1 - The coal sector in the A-share market experienced a significant decline, with multiple stocks hitting their daily limit down [1] - Yunnan Coal Energy fell by 9.98%, while Baotailong dropped by 8.46%, indicating a broader trend of negative performance among coal stocks [2] - Other notable declines included Shaanxi Black Cat down 7.20%, Zhengzhou Coal Electricity down 7.04%, and Shanxi Coking Coal down 5.23% [1][2] Group 2 - The total market capitalization of Yunnan Coal Energy is 5.705 billion, and it has seen a year-to-date increase of 37.43% [2] - Baotailong's market cap stands at 8.084 billion, with a year-to-date increase of 40.20% [2] - Shaanxi Black Cat has a market cap of 9.477 billion and a year-to-date increase of 38.92% [2]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry, indicating a positive outlook for the sector based on fundamental conditions [5]. Core Views - The report highlights that while there has been a slight price correction in thermal coal, the fundamental supply-demand dynamics remain unchanged. Supply is slightly contracting due to safety inspections and maintenance in coal mines, while demand from non-electric sectors like metallurgy and chemicals remains stable. However, some traders are slowing their purchasing pace due to stable prices at northern ports [11][12]. - The report notes a year-on-year decline of 2.3% in China's raw coal production for October, with a significant increase in thermal power generation by 7.3% year-on-year. The upcoming cold weather is expected to increase coal consumption at power plants, potentially leading to a rise in market coal prices [11][16]. - The report also mentions that the coking coal market is experiencing weaker prices, with a shift towards on-demand purchasing as high-priced transactions show signs of fatigue. The overall sentiment in the coking coal market is subdued, with prices expected to remain stable in the short term [11]. Summary by Sections 1. Investment Views - The report indicates that the supply side is tightening, with a continued expectation of supply contraction. The demand side is also showing resilience, particularly with the anticipated increase in coal consumption due to colder weather [11][12]. 2. Coal Sector Performance and Stock Review - The coal mining index has shown a decline of 1.54%, with major coal companies experiencing mixed performance. Notable gainers include Antai Group (+57.29%) and Dayou Energy (+22.32%), while Huayang Co. (-6.17%) and Lu'an Environmental Energy (-5.39%) faced significant declines [12][13]. 3. Important Announcements and Industry News - National coal production data for October shows a total output of 40.675 million tons, marking a 2.3% year-on-year decrease. This is the fourth consecutive month of decline [16]. - A significant acquisition was finalized between Hengyuan Coal Power and Shaanxi Black Cat, involving the transfer of 100% equity in two coal companies for a total of 440 million yuan [17]. 4. Dynamic Data Tracking - As of November 14, the average price for thermal coal at Qinhuangdao Port was reported at 832.0 yuan/ton, reflecting a week-on-week increase. Meanwhile, the inventory levels at major ports are showing slight increases, indicating a mixed market sentiment [3][4][19]. 5. Key Company Valuations - The report provides detailed valuations for key companies in the coal sector, highlighting their market capitalizations and projected earnings. For instance, China Shenhua has a market cap of 822.8 billion yuan with a projected PE ratio of 14.0 for 2024 [43].

Core Points - The company will hold a performance briefing on November 24, 2025, to discuss its Q3 2025 results and address investor questions [2][3][7] Group 1: Meeting Details - The meeting is scheduled for November 24, 2025, from 16:00 to 17:00 [2][6] - It will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [2][5] - Investors can submit questions from November 17 to November 21, 2025, before 16:00 [2][5] Group 2: Participation Information - Investors can participate in the meeting by logging into the Shanghai Stock Exchange Roadshow Center website [5][6] - Questions can be submitted through the "Pre-Question Collection" section on the website or via the company's email [5][6] - The company will respond to commonly asked questions during the briefing [3][5]

Core Viewpoint - The China Coal Economic Research Association reports significant structural changes in the coal transportation system during the "14th Five-Year Plan" period, enhancing the national allocation capacity of coal resources and promoting a smart and green transformation in coal transportation [1][2]. Group 1: Market Performance - As of November 13, 2025, the CSI State-Owned Enterprises Dividend Index (000824) decreased by 0.27%, with component stocks showing mixed performance [1]. - Leading gainers included Luxi Chemical (000830), while Sichuan Road and Bridge (600039) led the declines [1]. Group 2: Coal Transportation Developments - The National Railway Group reported that coal transportation reached 1.57 billion tons in the first nine months of the year, a year-on-year increase of 11.1%, with thermal coal accounting for 1.1 billion tons, up 17% [2]. - The successful operation of the new Shuo Railway, capable of 20,000-ton heavy-load transport, marks a significant advancement in coal transportation capabilities [1][2]. Group 3: Investment Strategies - CITIC Securities suggests that in the context of a weak macroeconomic recovery, high dividend strategies remain attractive, particularly for large-cap stocks in sectors like coal and photovoltaics [2]. - The CSI State-Owned Enterprises Dividend ETF closely tracks the CSI State-Owned Enterprises Dividend Index, which includes 100 listed companies with high and stable cash dividend yields [2].

Core Viewpoint - The acquisition of 100% equity in Zhangye Hongneng Coal Industry Co., Ltd. and Zhangye Hongneng Changsheng Energy Co., Ltd. by Anhui Hengyuan Coal and Electricity Co., Ltd. from Shaanxi Heikou Coking Co., Ltd. has been officially signed, marking a significant expansion in Hengyuan's coal resources and operational scale [1][3]. Group 1: Acquisition Details - The total transaction price for the equity acquisition amounts to 440 million yuan, alongside the assumption of Shaanxi Heikou's debt of 1.137 billion yuan related to the two target companies [3]. - The acquisition includes the Flower Grass Beach Coal Mine, which has an annual production capacity of 1.8 million tons and a resource reserve of 127.0518 million tons as of August 2025 [3]. - Changsheng Energy, established in 2023, operates a coal washing plant with a capacity of 3 million tons per year and a supporting project for comprehensive utilization of gangue [3]. Group 2: Strategic Implications - This acquisition is expected to enhance Hengyuan's resource reserves, expand its main business scale, and promote sustainable development within the coal industry [3].