（文章来源：证券日报） 证券日报网讯 12月16日，淮北矿业在互动平台回答投资者提问时表示，截至2025年12月10日，公司股 东总户数为43401户。 ...

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Insights - The coal mining industry is experiencing a mixed supply and demand scenario, with production and imports declining, while coal prices are on the rise due to seasonal demand and supply constraints [14][21] - The report highlights the resilience of major coal companies, emphasizing their strong cash flow and profitability, which positions them well for future growth despite market fluctuations [14] Supply Side Summary - Coal production in November 2025 was 430 million tons, a year-on-year decrease of 0.5%, but the decline was less severe than in October [20][21] - Coal imports fell by 19.87% year-on-year in November, with a total of 44.05 million tons imported, reflecting supply chain disruptions and high base effects from the previous year [9][28] - Overall coal supply in November showed a year-on-year decline of 2.3%, but the rate of decline narrowed compared to October [28] Demand Side Summary - The demand for coal is being negatively impacted by a 4.2% year-on-year decline in thermal power generation in November, contrasting with a 7.3% increase in October [10][29] - Chemical and metallurgical sectors are showing positive contributions to coal consumption, with chemical industry coal usage increasing by 8.22% year-on-year [12][41] Inventory Summary - Power plants are replenishing their coal inventories, with significant increases noted in November, while upstream coal inventories remain low [13][14] - The inventory levels for coking coal are also rising but are still considered low overall [13] Price Summary - The average price of thermal coal at northern ports rose to 822 RMB per ton in November, reflecting a month-on-month increase of 10% [13] - The report anticipates that coal prices may stabilize due to seasonal demand and supply adjustments, despite the ongoing fluctuations [14] Investment Recommendations - The report suggests focusing on robust coal companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and others, which are expected to perform well in the current market environment [15][14] - It highlights the investment value of coal stocks due to their high dividends and cash flow characteristics, recommending a strategic approach to investing in the sector [14]

Core Insights - The report maintains a "recommended" investment rating for the coal mining industry, highlighting a tightening supply and expected demand release during winter, which is anticipated to stabilize coal prices within a reasonable range [1][2]. Policy Impact - The 2025 coal industry policies focus on "ensuring supply and stabilizing prices" and "controlling production and improving quality," with measures to enhance supply resilience and promote industry transformation towards carbon neutrality [6][11]. - The implementation of the overproduction inspection policy in July 2025 aims to curb excessive competition and stabilize coal prices, which had been under pressure earlier in the year [12][11]. Supply and Demand Analysis - For thermal coal, supply is expected to contract while demand is projected to grow, with coal production growth slowing down and imports anticipated to decline by about 10% in 2025 [6][35]. - The demand for thermal coal is expected to remain stable, supported by a potential cold winter and increased electricity consumption during peak seasons [38][39]. Price Dynamics - The report indicates that the price of thermal coal is likely to recover due to a combination of supply constraints and seasonal demand increases, with the price expected to rise from approximately 620 CNY/ton in July 2025 to around 820 CNY/ton by November 2025 [18][6]. Coking Coal Outlook - Coking coal, being a scarce resource, is expected to see limited supply growth, but demand may rebound due to recovery in the real estate and infrastructure sectors, which could stimulate steel production and, consequently, coking coal consumption [6][42]. - The report emphasizes that coking coal prices are more elastic and could see significant growth potential in response to demand recovery [6][7]. Investment Strategy - The coal sector is viewed as having long-term investment value, driven by both dividend and cyclical factors, with recommendations to focus on leading companies with strong dividend yields and potential for growth [7][6]. - Key companies to watch include China Shenhua and Shaanxi Coal and Chemical Industry for stable dividends, and Yanzhou Coal Mining, Lu'an Environmental Energy, and Huaibei Mining for their market-driven growth potential [7][6].

淮北矿业控股股份有限公司 2025 年第二次临时股东会 会议资料 股票代码：600985 二○二五年十二月 淮北矿业控股股份有限公司 2025 年第二次临时股东会会议资料 淮北矿业控股股份有限公司 2025 年第二次临时股东会会议议程 一、会议召开时间： （一）现场会议：2025 年 12 月 24 日上午 10:00 （二）网络投票：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交易时间段，即 9:15-9:25，9:30-11:30， 13:00-15:00；通过互联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 二、现场会议地点：安徽省淮北市人民中路 276 号淮北矿业会议中心 三、与会人员 （一）截至 2025 年 12 月 17 日下午交易结束后，在中国证券登记结算有限 责任公司上海分公司登记在册的公司股东或其代理人； （二）公司董事和高级管理人员； 五、会议主要议程安排 1 （三）本次会议的见证律师； （四）本次会议的工作人员。 四、主持人：董事长孙方 （一）宣布开会 1.主持人宣布会议开始并宣读会议须知 2.宣布现场参会人数及所代表股份数 3. ...

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle for the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [10][11] - The supply-side constraints that have been in place since July remain, suggesting limited downside risk for coal prices, which are expected to stabilize [10][11] - The coal sector is characterized by high profitability, cash flow, return on equity (ROE) of 10-15%, and dividend yields exceeding 5%, indicating strong core asset attributes [10][11] - The coal assets are relatively undervalued, with expectations for overall valuation improvement, supported by high premiums in the primary mining rights market [10][11] - The coal sector is expected to maintain a tight supply-demand balance over the next 3-5 years, with high barriers to entry and strong cash flow characteristics [10][11] Summary by Sections Coal Price Tracking - As of December 13, the market price for Qinhuangdao port thermal coal (Q5500) is 753 CNY/ton, down 38 CNY/ton week-on-week [27] - The international thermal coal offshore price for Newcastle NEWC5500 is 78.0 USD/ton, down 6.0 USD/ton week-on-week [27] - The price for coking coal at Jing Tang port remains stable at 1650 CNY/ton [29] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 92.5%, an increase of 1.0 percentage point week-on-week [44] - The daily coal consumption in inland provinces has increased by 6.20 thousand tons/day (+1.61%) [45] - The daily coal consumption in coastal provinces has increased by 2.00 thousand tons/day (+1.01%) [45] Inventory Situation - As of December 11, coal inventory in inland provinces has decreased by 11.90 thousand tons week-on-week, while coastal provinces saw a reduction of 71.10 thousand tons [45] - The available days of coal in inland provinces have decreased by 0.50 days week-on-week [45] Key Companies to Watch - Focus on stable operators with solid performance such as China Shenhua, Shaanxi Coal, and China Coal Energy [11] - Pay attention to companies with higher elasticity like Yanzhou Coal, Electric Power Energy, and Guanghui Energy [11] - Consider high-quality metallurgical coal companies such as Huaibei Mining and Lu'an Environmental Energy [11]

智通财经APP获悉，广发证券发布研报称，11月动力煤长协上调10元/吨，12月进入用煤旺季需求有望 改善。经过10月以来煤价的快速上涨，近期各煤种价格整体回落，不过相比2、3季度中枢显著提升。12 月以后，一方面年末安监较严，部分完成年度生产目标的煤矿也将逐步减产，另一方面12月-1月季节性 需求将进一步增长，预计煤价有望逐步企稳回升。同时，考虑到各环节库存仍低于去年同期，后续补库 需求也将对煤价有所支撑，26年煤价中枢上行确定性强。 广发证券主要观点如下： 煤炭市场回顾：10月用电量超预期增长10.4%，非电需求整体弱势，煤炭进口量同比下降9.7% 国内煤价：11月以来，煤炭动力煤市场价先涨后跌，而长协价进一步上调；焦煤价格整体下降；国际煤 价：11月以来澳洲动力煤和炼焦煤价延续上涨；国内需求：10月用电量同比增长10.4%，钢铁水泥需求 偏弱，甲醇需求较好；国内供给：10月国内原煤产量同比下降2.3%，11月进口量同比下降12.0%；海外 供需：前10月全球海运煤装载量同比下降3.6%，新兴市场需求整体向好；产业链库存：旺季来临电厂 持续垒库，煤价预期转弱带动中上游库存回升；政策和公司动态：26年长协政策 ...

此次储煤运输以海运为主，全程启用GPS定位实时监控船只航行路线，货物出发及到港时均开展质量监 察；煤炭抵港卸货后，第一时间覆盖遮雨布防止损耗，在煤堆周边撒布生石灰强化安保防护，全方位保 障煤炭运输安全与品质。针对徐州亿吨港场地垛位紧张问题，江苏省煤炭运销公司及时调整储煤布局， 并联动徐州云集港、双楼港等周边港口备用，确保接卸存储需求足额满足。 记者12月8日从国资系统获悉，徐矿集团旗下江苏省煤炭运销公司已顺利完成全省迎峰度冬20万吨煤炭 储备任务。 此次储煤工作打破以往"买断式"惯例，创新采用"企业+供应商"联合储备模式，有效避免储备结束后低 价销售的损失，实现双方风险共担。同时，通过精简供应链层级、提前锁定价格等方式，进一步压缩采 购成本，显著提升储备效益，为应急煤炭储备工作探索了高效路径。（李晞） 责任编辑：江蓬新 ...

中国自然资源报 在线投稿 https://www.iziran.net 安徽淮北矿业集团采煤沉 nh 生态修复做法人选自然资源部生产矿山生态修复典型案 EED E 跑吸回顾 台灣 1相城煤矿沉陷地上开发的 21 层、97米高办公大楼。 2朱庄煤矿搬迁后。 3信湖煤矿 GNSS卫星定位系统。 4淮北矿区水面光伏项目。 安徽淮北，因煤而建、缘煤而兴、化煤而绿。60余年的煤炭开采史，既铸就了"皖北能源脊梁"的荣光，也留下了一道沉重的生态考题——因多 煤层重复开采，这里形成的采煤沉陷区，存在稳沉周期长、沉陷空间不连续等特征，造成生态治理难题。 作为国有大型能源化工企业，淮北矿业集团坚决扛起"能源保障"与"生态保护"的双重责任，累计投入136亿元专项资金，以构建规划衔接协 同、地企共治联动、创新要素驱动、生态成果共享"四维一体"治理体系破局，走出了一条"黑色突围"与"绿色崛起"双向赋能的转型路。 淮北采煤沉陷区治理中湖景区 治理之纲 "四维一体"体系，筑牢生态修复根基 沉陷区治理并非简单的"填坑复绿"，而是涉及生态、经济、社会的系统工程。淮北矿业集团积极构建系统科学的治理框架，确立"四维一体"治 理体系，实现沉陷区从" ...

周四新先生、刘杰先生的辞职报告，辞职报告自送达公司时生效，具体情况如下： | 姓名 | 离任职务 | | | 离任时间 | | | | 原定任期到期日 | | | 离任原因 | 是否继续 在上市公 司及其控 股子公司 | 具体职务 | 是否存在 未履行完 毕的公开 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | 任职 | | 承诺 | | 陈金华 | 董事、薪酬与考 核委员会委员 | 2025 | 年 | 12 | 月 5 | 日2027 | 年 | 9 月 | 25 | 日 | 工作需要 | 否 | / | 否 | | 周四新 | 董事、审计委员 会委员 | 2025 | 年 | 12 | 月 5 | 日2027 | 年 | 9 月 | 25 | 日 | 达到法定 退休年龄 | 否 | / | 否 | | 刘杰 | 职工董事、薪酬 与考核委员会 | 2025 | 年 | 12 | 月 5 | 日2027 | 年 | 9 ...

股票代码：600985 股票简称：淮北矿业 编号：临 2025—039 淮北矿业控股股份有限公司 关于 2026 年度日常关联交易预计的公告 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： 本事项已经公司第十届董事会第八次会议审议通过，尚需提交公司股东 会审议。 日常关联交易为公司正常生产经营所需，关联交易定价公允，不存在损 害本公司及非关联股东利益的情形，不会对公司持续经营能力造成影响，也不会 对公司独立性构成影响。 一、日常关联交易基本情况 （一）2026 年度日常关联交易预计事项履行的审议程序 2025 年 12 月 5 日，公司独立董事召开第十届董事会独立董事专门会议 2025 年第三次会议，经全体独立董事一致同意，审议通过《关于 2026 年度日常关联 交易预计的议案》。独立董事专门会议发表了如下审核意见：公司 2026 年度日 常关联交易预计为正常的生产经营及业务发展所需；交易遵循自愿、平等、公正 的原则，定价公平、合理，不存在损害公司及非关联股东利益尤其是中小股东利 益的情形。全体独立董事同意将该 ...