Core Viewpoint - The coal prices have risen unexpectedly since the fourth quarter, with October thermal power generation increasing by 7.3% year-on-year, and inventory levels remaining lower than the same period last year, indicating a strong demand outlook for the coal sector into 2026 [1] Group 1: Industry Outlook - The coal price is expected to maintain a steady yet strong trend towards the end of the year and into 2026, driven by seasonal demand increases starting from late November [1] - The coal industry is entering a "dividend + cycle" phase, with high-quality coal companies benefiting from resource endowments and cost advantages, leading to robust profitability and high cash flow [1] - The anticipated exit of over 100 million tons of pre-approved production capacity by 2026 will lead to a contraction in domestic supply, while demand for thermal coal is expected to rebound [1] Group 2: Investment Strategy - Investment strategies suggested by Zhongtai Securities include focusing on high-dividend, low-valuation coal stocks, particularly those with strong dividend attributes [1] - Companies with growth in production capacity and significant profit elasticity should be prioritized, especially those showing resonance between alpha and beta [1] - Attention should be given to coking coal stocks that are expected to reverse from difficulties, as coal prices stabilize and profitability improves [1] Group 3: Performance Metrics - Among coal stocks, 22 have a dividend yield (TTM) exceeding 2%, with Jizhong Energy leading at 10.20%, followed by China Shenhua and Pingmei Shenma, both above 7% [1] - Despite a decline in performance for most coal stocks in the first three quarters, 14 stocks showed a quarter-on-quarter net profit increase in Q3, with SuNeng Co. nearly doubling its net profit [2][3] - Notable performers in Q3 include Jizhong Energy with a net profit of 0.59 billion and a 102.69% increase, and China Shenhua with a net profit of 144.11 billion and a 13.54% increase [3]

证券代码：600971 证券简称：恒源煤电 公告编号：2025-054 安徽恒源煤电股份有限公司 关于新增 2025 年日常关联交易预计额度的公告 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 担个别及连带责任。 重要内容提示： ●本次增加 2025 年度日常关联交易预计额度无需提交安徽 恒源煤电股份有限公司（以下简称"公司"）股东会审议。 1.独立董事专门会议审议情况 公司 2025 年第三次独立董事专门会议以 3 票同意、0 票反对、 0 票弃权审议通过了《关于新增 2025 年日常关联交易预计额度 的议案》，全体独立董事发表意见如下：公司本次新增的日常关 联交易预计属于公司正常经营行为，公司与关联方交易价格参照 市场交易价格，不存在损害公司及股东特别是中小股东利益的情 形，不会影响公司的独立性，公司主营业务不会因此对关联方形 成依赖。独立董事一致同意本事项，并同意将该议案提交董事会 审议。 2.董事会审议情况 公司于 2025 年 12 月 17 日召开第八届董事会第二十一次 会议，审议通过了《关于新增 2025 年日常关联交易预 ...

Group 1 - The core viewpoint of the news is that the State-owned Enterprise Dividend Index has shown positive performance, with significant increases in specific constituent stocks, indicating a favorable environment for dividend-paying stocks [1][2]. - As of December 15, 2025, the State-owned Enterprise Dividend Index rose by 0.56%, with notable stock performances including COFCO Sugar rising by 9.99% and Shanxi Coal International by 4.00% [1]. - The State-owned Enterprise Dividend ETF (159515) also experienced an increase of 0.53%, reflecting strong investor interest in dividend-paying assets [1][2]. Group 2 - The liquidity of the State-owned Enterprise Dividend ETF has improved, with an average daily transaction volume of 2.7164 million yuan over the past month and a weekly scale growth of 2.3717 million yuan [1]. - The ETF's share count increased by 3 million shares in the past week, indicating a significant uptick in investor participation [1]. - The State-owned Enterprise Dividend Index is designed to reflect the performance of 100 listed companies with high cash dividend yields and stable dividend policies, which are selected from state-owned enterprises [2]. Group 3 - The report highlights that dividend assets are attractive in a low-interest-rate environment, appealing to risk-averse investors seeking stable returns [2]. - The manufacturing PMI showed a slight recovery to 49.2% in November, indicating improvements in both production and demand, which supports the overall economic stability [2]. - The top ten weighted stocks in the State-owned Enterprise Dividend Index account for 16.99% of the index, with companies like COSCO Shipping and Jizhong Energy among the leaders [2][4].

证券日报网讯 12月11日晚间，恒源煤电发布公告称，公司使用闲置自有资金5000万元购买的申万宏源 证券龙鼎金牛定制2890期收益凭证于2025年12月11日到期赎回，实际收益20.14万元。 （文章来源：证券日报） ...

证券代码：600971 证券简称：恒源煤电 公告编号：2025-053 安徽恒源煤电股份有限公司 关于理财产品到期赎回的公告 安徽恒源煤电股份有限公司 一、公司使用闲置自有资金购买理财产品到期赎回的情况 单位：万元 ■ 二、截至本公告日，公司最近十二个月使用自有资金投资理财的情况 单位：万元 ■ 特此公告。 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个别及连带责任。 安徽恒源煤电股份有限公司（以下简称"公司"）2025年8月20日召开第八届董事会第十七次会议审议通 过了《关于使用闲置自有资金开展投资理财业务的议案》，具体内容详见 2025年 8月 22日在上海证券 交易所网站（www.sse.com.cn）披露的《关于使用闲置自有资金开展投资理财业务的公告》（公告编 号：2025-034）。公司于2025年9月11日购买的申万宏源证券龙鼎金牛定制2890期收益凭证，具体内容 详见 2025年9月13日在上海证券交易所网站（www.sse.com.cn）披露的《关于安徽恒源煤电股份有限公 司投资理财业务进展的公告》（公告编号：2025 ...

证券代码：600971 证券简称：恒源煤电 公告编号：2025-053 二、截至本公告日，公司最近十二个月使用自有资金投资理财的 情况 安徽恒源煤电股份有限公司 关于理财产品到期赎回的公告 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 担个别及连带责任。 安徽恒源煤电股份有限公司（以下简称"公司"）2025 年 8 月 20 日召开第八届董事会第十七次会议审议通过了《关于使用闲置自有资 金开展投资理财业务的议案》，具体内容详见 2025 年 8 月 22 日在 上海证券交易所网站（www.sse.com.cn）披露的《关于使用闲置自有 资金开展投资理财业务的公告》（公告编号：2025-034）。公司于 2025 年 9 月 11 日购买的申万宏源证券龙鼎金牛定制 2890 期收益凭证，具 体 内 容 详 见 2025 年 9 月 13 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《关于安徽恒源煤电股份有限公司投资理 财业务进展的公告》（公告编号：2025-038），该收益凭证于 2025 年 12 ...

Group 1 - The core viewpoint of the news is that the China Securities State-Owned Enterprises Dividend Index has experienced a slight decline, while the dividend distribution from major banks is expected to attract long-term capital into the market [1][2] - As of December 10, 2025, the China Securities State-Owned Enterprises Dividend Index fell by 0.15%, with Xiamen International Trade leading the gains and China Merchants Bank leading the losses [1] - The China Securities State-Owned Enterprises Dividend ETF (159515) saw a scale increase of 2.33 million yuan and a share increase of 2.7 million shares over the past week [1][2] Group 2 - On December 8, Industrial and Commercial Bank of China and Agricultural Bank of China announced their mid-term dividend distributions, totaling 50.396 billion yuan and 41.823 billion yuan, respectively [1] - By December 9, 2025, 26 A-share listed banks had disclosed mid-term or quarterly dividend plans, with a total proposed payout exceeding 260 billion yuan [1] - China Galaxy Securities noted that the mid-term dividend distribution from listed banks remains strong and is occurring earlier than expected, enhancing the attractiveness of dividend stocks [1][2] Group 3 - The China Insurance Regulatory Commission announced a reduction in stock risk factors, which lowers the capital requirements for insurance companies investing in high-quality equity assets [2] - Recent policies focus on capital markets and consumer policies, with a goal for large state-owned insurance companies to allocate 30% of new premiums to A-shares [2] - The China Securities State-Owned Enterprises Dividend Index includes 100 listed companies with high cash dividend yields, reflecting the overall performance of high-dividend securities among state-owned enterprises [2]

Group 1 - The core point of the news is the performance of the China Securities State-Owned Enterprises Dividend Index, which has seen a decline of 0.47% as of December 8, 2025, with Xiamen Bank leading the gains among constituent stocks [1] - The China Securities State-Owned Enterprises Dividend ETF (159515) has a latest scale of 47.8753 million yuan and a total of 41.1866 million shares, indicating a significant interest from investors with a net inflow of 3.4908 million yuan over the last three days [1] - The ETF closely tracks the China Securities State-Owned Enterprises Dividend Index, selecting 100 listed companies with high cash dividend yields and stable dividends from state-owned enterprises [2] Group 2 - According to Huachuang Securities, dividend assets show value across various sectors including transportation, finance, energy, food and beverage, home appliances, real estate, metals, and publishing [2] - In the transportation sector, long-duration assets such as highways, ports, and railways exhibit defensive stability, with a recommendation for high-quality highway assets with growth potential [2] - The coal industry is experiencing enhanced profitability stability due to unexpected anti-involution policies and supply constraints, indicating a positive outlook for dividend assets amid high-quality economic development [2] Group 3 - As of November 28, 2025, the top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index account for a total of 16.99%, with notable stocks including COSCO Shipping Holdings and Jizhong Energy [3] - The performance of the top ten stocks shows varied results, with COSCO Shipping Holdings declining by 0.47% and Jizhong Energy by 0.85%, while Lu'an Environmental Energy remained unchanged [3]

证券代码：600971 证券简称：恒源煤电 公告编号：2025-051 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： 安徽恒源煤电股份有限公司 ■ (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。 是 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事8人，出席8人； 2、公司在任监事4人，出席4人； 3、董事会秘书出席了会议；部分高管列席会议。 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：通过 4、议案名称：关于修订《董事会议事规则》的议案 审议结果：通过 表决情况： ■ 5、议案名称：关于修订《独立董事工作制度》的议案 表决情况： ■ 2、议案名称：关于修 ...

（编辑 袁冠琳） 证券日报网讯 12月2日晚间，恒源煤电发布公告称，公司于2025年12月2日召开九届五次职工代表大 会，选举许昌先生为公司第八届董事会职工董事，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。 ...