Investment Rating - The report maintains a "Positive" outlook on the coal industry, indicating an expectation for the sector to outperform the overall market [3]. Core Insights - The report highlights that coal prices are expected to benefit from rising international oil prices and a gradual reduction in inventory levels [3]. - The demand for thermal coal is anticipated to remain stable despite being in a traditional off-peak season, supported by supply constraints and reduced imports [3]. - Coking coal prices are expected to stabilize and rebound as the peak season approaches, driven by improved steel production and profitability [3]. Summary by Sections Recent Industry Policies and Dynamics - June marks the annual "Safety Production Month" in China, emphasizing safety and emergency preparedness [9]. - Coal transportation from Xinjiang has increased, with a total of 39.4 million tons shipped out, reflecting a year-on-year growth of 6.8% [9]. Price Trends for Thermal and Coking Coal - As of June 13, thermal coal prices remained stable, with various grades reporting little to no change [10][11]. - Coking coal prices have shown slight declines, but the report suggests a potential for stabilization as demand from steel mills increases [13]. International Oil Price Surge - Brent crude oil prices rose significantly, with a reported increase of $7.76 per barrel, marking an 11.67% rise [17]. - The relationship between international oil prices and coal prices has shown a downward trend, indicating a potential impact on coal pricing dynamics [17]. Port Inventory and Shipping Costs - Inventory levels at the Bohai Rim ports have decreased, with coal stock down to 28.688 million tons, a reduction of 63.10% week-on-week [22]. - Domestic shipping costs have declined, with average coastal shipping rates falling by 2.96% [29]. Valuation of Key Companies - The report provides a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalization, and earnings projections [34]. - Companies such as China Shenhua, Shaanxi Coal, and Yanzhou Coal are recommended for their stable operations and high dividend yields [3].

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is experiencing a tightening supply in safety production month, with daily consumption increasing week-on-week and port inventories decreasing [2][5] - The report highlights the potential for a rebound in thermal coal prices as the summer peak season approaches, supported by low inventory levels at power plants [5][16] - The overall coal market fundamentals have improved significantly compared to previous periods, with expectations for price stabilization and recovery [5][16] Summary by Sections Thermal Coal - Port inventories continue to decrease, with a week-on-week drop of 125.3 thousand tons, indicating a tightening supply [30] - Daily consumption at coastal and inland power plants has increased, with a week-on-week rise of 2.0 and 24.9 thousand tons respectively [25][31] - The average price of thermal coal at Qinhuangdao port has decreased by 2 yuan/ton week-on-week, now at 609 yuan/ton [17] Coking Coal - Supply of coking coal has contracted, with a week-on-week decrease in production capacity utilization by 0.87 percentage points [41] - The average customs clearance volume of Mongolian coal has decreased by 234 trucks week-on-week [45] - Coking coal prices at major ports have decreased, with the price at Jing Tang port dropping by 30 yuan/ton to 1270 yuan/ton [42] Coke - The implementation of the third round of price reductions has led to a decrease in the operating rate of coke enterprises, down 0.15 percentage points to 76.04% [53] - Coke prices have decreased by 70 yuan/ton week-on-week, now at 1280 yuan/ton [53] - The average profit per ton of coke has improved by 20 yuan/ton week-on-week, now at -19 yuan/ton [57] Investment Opportunities - The report suggests focusing on companies with strong cash flow and high profitability, such as China Shenhua, Shaanxi Coal, and China Coal Energy [78] - It emphasizes the value attributes of the coal sector, particularly in the context of recent government support and market stability [77][78]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The coal sector is entering a "Golden Era 2.0," with core value assets expected to rise again. The current weak domestic economy and external pressures, such as tariffs from the Trump administration, along with a downward trend in interest rates, make coal a stable dividend investment. Insurance funds have begun new allocations in coal and other dividend sectors, which are perceived as low-risk due to state-owned backgrounds [4][12]. - The coal market is expected to stabilize and rebound as supply-demand fundamentals improve. Both thermal and coking coal prices are at low levels, with potential for upward movement following the implementation of macroeconomic policies and the upcoming construction season in 2025 [4][12]. - The coal sector is likely to see a renewed investment focus due to supportive macro policies and capital market initiatives. High dividend payouts have become a trend, with several listed coal companies announcing mid-term dividend plans, indicating a positive shift in market sentiment [4][12]. Summary by Sections 1. Investment Logic - The coal sector is viewed as a stable dividend investment due to weak domestic economic performance and favorable macroeconomic conditions. Insurance funds are starting new allocations in coal, which is seen as a low-risk investment [4][12]. 2. Key Indicators Overview - The coal sector experienced a slight decline of 0.5% this week, underperforming the CSI 300 index by 1.38 percentage points. The sector's PE ratio is 11.81, and the PB ratio is 1.18, ranking low among all A-share industries [7][9]. 3. Thermal Coal Industry Chain - As of June 6, the Qinhuangdao port price for Q5500 thermal coal is 609 CNY/ton, a slight decrease of 0.33%. The operating rate of coal mines in Shanxi, Shaanxi, and Inner Mongolia is 81.3%, with a minor decline [3][15]. - The inventory at ports in the Bohai Rim has decreased to 29.31 million tons, down 4.1% from the previous week, indicating a continued trend of inventory reduction [3][15]. 4. Coking Coal Industry Chain - The price for main coking coal at the Jing Tang port remains stable at 1270 CNY/ton. However, the market is facing potential supply disruptions due to political changes in Mongolia and domestic cost pressures [3][16]. - The average daily iron output remains above 240 CNY/ton, indicating resilient demand for coking coal despite pressures from the steel industry [3][16]. 5. Company Announcements - Several coal companies have announced plans for stock buybacks and increased shareholder holdings, signaling confidence in the sector's valuation and potential for price appreciation [4][12]. 6. Selected Coal Stocks - Key stocks to watch include China Shenhua, Shaanxi Coal, and China Coal Energy for dividend potential; Pingmei Shenma and Huabei Mining for cyclical logic; and Guanghui Energy and Xinjie Energy for growth potential [4][12].

Investment Rating - The report maintains a "Buy" rating for several coal companies, including Jin控煤业, 陕西煤业, 华阳股份, 中国神华, 中煤能源, 山煤国际, 新集能源, 兖矿能源, and 淮北矿业, indicating a positive outlook for these stocks [3][11]. Core Views - The report highlights that the continuous destocking at ports and the upcoming peak summer demand are expected to drive a rebound in thermal coal prices. The demand side is seeing an increase in daily consumption by power plants as temperatures rise, while supply is tightening due to reduced production and stricter safety inspections [1][7]. - The report suggests that after verifying the bottom support for coal prices, the stable high dividend yield of coal stocks enhances their investment value, leading to a potential valuation uplift for the sector [1][8]. - The report emphasizes the importance of focusing on companies with stable performance and high cash flow growth, recommending specific stocks based on their financial health and market position [11]. Summary by Sections Market Overview - The report notes that the coal market is experiencing mixed price movements, with low-calorie coal prices slightly increasing due to tight supply. The overall market remains stable, with port coal prices showing minor fluctuations [1][7]. - The report indicates that the average daily coal consumption by power plants has increased, with a week-on-week rise of 33.7 thousand tons, reflecting a growing demand for electricity [9]. Supply and Demand Dynamics - The report discusses the supply side, noting a significant decline in coal production due to low prices and stricter environmental checks, particularly in regions like Xinjiang and Inner Mongolia. This is expected to lead to a tighter supply situation [1][10]. - On the demand side, the report highlights that non-electric demand remains high, and the anticipated increase in thermal power generation could lead to a positive shift in coal prices [1][7]. Company Performance - The report provides earnings forecasts and valuations for key companies, with Jin控煤业 expected to have an EPS of 1.68 yuan in 2024, while 陕西煤业 is projected to have an EPS of 2.31 yuan. The report recommends these companies based on their stable earnings and growth potential [3][11]. - The report also notes that the coal sector has underperformed compared to the broader market, with a weekly decline of 0.3% for the coal sector compared to a 0.9% increase in the Shanghai Composite Index [12][15]. Investment Recommendations - The report recommends focusing on companies with robust performance and cash flow, such as Jin控煤业 and 陕西煤业, as well as industry leaders like 中国神华 and 中煤能源. It also suggests looking at companies with growth in production, such as 华阳股份 and 山煤国际 [11][12].

Core Viewpoint - Huabei Mining Co., Ltd. has announced a cash dividend distribution plan for the year 2024, with a distribution of 0.75 yuan per share, approved at the annual shareholders' meeting on April 29, 2025 [2][4]. Summary by Relevant Sections Dividend Distribution - The cash dividend distribution is set at 0.75 yuan per share, amounting to a total cash distribution of approximately 2.02 billion yuan based on the total share capital of 2,693,258,709 shares [2][4]. Distribution Objects - The distribution will be made to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the day before the equity registration [3]. Implementation Method - All shareholders are classified as unrestricted tradable shareholders. The dividends will be distributed through the clearing system of the China Securities Depository and Clearing Corporation Limited, Shanghai Branch. Shareholders who have completed designated trading can receive their cash dividends on the payment date at their designated securities firms [5]. Taxation Information - For individual shareholders holding unrestricted tradable shares, the tax treatment varies based on the holding period. Those holding shares for over one year are exempt from individual income tax on dividends, while those holding for less than one month will have their dividends fully included in taxable income [7]. - For Qualified Foreign Institutional Investors (QFII), a 10% withholding tax will be applied, resulting in a net cash dividend of 0.675 yuan per share [8]. - For Hong Kong investors, a similar 10% withholding tax applies, with the same net cash dividend of 0.675 yuan per share, subject to tax treaty benefits [8]. Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the company's securities investment department at the provided phone number [10].

证券代码：600985 证券简称：淮北矿业 公告编号：临 2025-023 淮北矿业控股股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.75元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/12 | － | 2025/6/13 | 2025/6/13 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 29 日的2024年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 本次利润分配以方案实施前的公司总股本2,693,258,709股为基数，每股派发 现金红利0.75元（含税），共计派发现金红利2,019,944,031.75元。 三、 相关日期 | 股份类别 | 股权登记日 | 最后交易日 ...

Core Viewpoint - The announcement details the completion of the share buyback plan by the controlling shareholder, Huabei Mining Group, which involved purchasing a total of 25,576,850 shares, representing approximately 0.95% of the company's total share capital, with a total expenditure of approximately 333.44 million yuan [1][2][3] Summary by Sections Share Buyback Plan - The controlling shareholder, Huabei Mining Group, planned to increase its stake in Huabei Mining Co., Ltd. by purchasing shares worth between 300 million yuan and 500 million yuan starting from December 6, 2024 [1] - The buyback plan was executed from December 13, 2024, to May 30, 2025, through centralized bidding on the Shanghai Stock Exchange [2] Implementation Results - As of May 30, 2025, Huabei Mining Group successfully acquired 25,576,850 A-shares, amounting to a total investment of 333,442,154.85 yuan (excluding transaction fees) [1][2] - The buyback resulted in an increase in the controlling shareholder's stake to approximately 0.95% of the total share capital of Huabei Mining Co., Ltd. [2][3] Additional Information - The completion of the buyback plan will not affect the company's listing status or lead to any changes in the controlling shareholder or actual controller [3] - The company has fulfilled its information disclosure obligations in accordance with relevant regulations [3]

天律意 2025 第 01257 号 安徽天禾律师事务所 法律意见书 安徽天禾律师事务所 关于淮北矿业控股股份有限公司 控股股东增持公司股份 之法律意见书 地址：中国合肥濉溪路 278 号财富广场 B 座 15-16 楼 电话：（0551）2642792 传真：（0551）2620450 安徽天禾律师事务所 法律意见书 安徽天禾律师事务所 关于淮北矿业控股股份有限公司 控股股东增持公司股份 之法律意见书 致：淮北矿业控股股份有限公司 安徽天禾律师事务所接受淮北矿业控股股份有限公司（以下简称"淮北矿 业""公司"）的委托，依据《中华人民共和国公司法》《中华人民共和国证券法》 （以下简称"证券法"）、《上市公司收购管理办法》（以下简称"《收购管理办 法》"）、《上海证券交易所上市公司自律监管指引第 8 号——股份变动管理》 等法律、法规和规范性文件的规定，按照律师行业公认的业务标准、道德规范和 勤勉尽责精神，就公司控股股东淮北矿业（集团）有限责任公司（以下简称"淮 矿集团"）通过上海证券交易所交易系统以集中竞价方式增持公司股份（以下简 称"本次增持"）进行核查并出具本法律意见书。 为出具本法律意见书，本所律师谨作 ...

控股股东增持公司股份 之法律意见书 地址：中国合肥濉溪路 278 号财富广场 B 座 15-16 楼 安徽天禾律师事务所 法律意见书 安徽天禾律师事务所 关于淮北矿业控股股份有限公司 电话：（0551）2642792 传真：（0551）2620450 1 安徽天禾律师事务所 法律意见书 安徽天禾律师事务所 关于淮北矿业控股股份有限公司 控股股东增持公司股份 之法律意见书 天律意 2025 第 01257 号 致：淮北矿业控股股份有限公司 为出具本法律意见书，本所律师谨作出如下承诺和声明： 1、本所依据《证券法》《律师事务所从事证券法律业务管理办法》《律师 事务所证券法律业务执业规则（试行）》等中国现行有效的法律、法规、规章、 规范性文件的规定及本法律意见出具日以前已经发生或存在的事实，发表法律意 见。 2、公司向本所作出承诺，其向本所提供的文件和所作的陈述及说明是完整、 真实和有效的，有关文件上的签字和/或印章均是真实的，有关副本材料或复印 件均与正本文件或原件一致，其一切足以影响本法律意见的事实和文件均已向本 所披露，而无任何隐瞒、疏漏之处。 3、本所已严格履行法定职责，遵循勤勉尽责和诚实信用原则，对增持人 ...

证券代码：600985 证券简称：淮北矿业 公告编号：临 2025-022 淮北矿业控股股份有限公司 关于控股股东增持计划实施完毕暨增持结果的公告 一、增持主体的基本情况 | | 其他：/ | | --- | --- | | 增持前持股数量 | 1,603,035,295 股 | | 增持前持股比例 | 59.52% | | （占总股本） | | 上述增持主体存在一致行动人： | 股东名称 | 持股数量（股） | 持股比例 | 一致行动关系形成原因 | | --- | --- | --- | --- | | 国元证券－淮北矿业 | 26,320,000 | 0.98% | 公司控股股东淮北矿业集团因 | | （集团）有限责任公 | | | 资产规划需要，于 2021 年 12 | | 司－国元证券淮矿创 | | | 月 29 日，通过大宗交易方式向 | | 新单一资产管理计划 | | | 资产管理计划转让公司股份 | | （下称"资产管理计 | | | 26,320,000 股，并与其签署了 | | 划"） | | | 《一致行动人协议》。 | 二、增持计划的实施结果 （一）增持计划的实施结果 本公司董事会 ...