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 ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [10]. Core Insights - The recent environmental inspections by the Ministry of Ecology and Environment in five provinces are expected to influence coal supply and prices, but their impact may not be significant enough to drive price increases alone. However, if these inspections coincide with improved demand, there could be upward pressure on coal prices [2][7]. - The coal index (Yangtze) decreased by 0.27% this week, outperforming the CSI 300 index by 0.82 percentage points, ranking 26th out of 32 industries [6][25]. - As of May 30, the market price for thermal coal at Qinhuangdao was 611 RMB/ton, remaining stable week-on-week. The price for coking coal at Jingtang Port was 1270 RMB/ton, down 30 RMB/ton from the previous week [6][25]. Summary by Sections Environmental Inspections Impact - The Ministry of Ecology and Environment has initiated inspections in Shanxi, Inner Mongolia, Shandong, Shaanxi, and Ningxia, lasting about one month. Historical data suggests that previous inspections did not significantly suppress coal supply, indicating that the current inspections may not independently drive price increases [2][7]. Market Performance - The coal sector's performance this week showed a decline of 0.27%, with thermal coal and coking coal indices experiencing slight variations. The thermal coal index fell by 0.09%, while the coking coal index dropped by 0.85% [25][28]. - The report highlights that the demand for thermal coal is expected to rise as the summer peak approaches, with power plants gradually increasing their inventory needs [6][25]. Price Trends - The report notes that the price of thermal coal is expected to stabilize and potentially rebound due to seasonal demand increases and cost support from production and imports [6][25]. - The average daily coal consumption across 25 provinces was reported at 4.517 million tons, reflecting a decrease of 10.4% week-on-week [41]. Investment Recommendations - The report suggests marginal allocation to leading companies with stable profits, including China Coal Energy, China Shenhua Energy, and Shaanxi Coal and Chemical Industry [8]. - It also identifies companies with growth potential and those with elastic growth characteristics, such as Electric Power Investment Energy and Yanzhou Coal Mining [8].

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [4] Core Views - The coal mining sector is currently facing a prolonged downturn in prices, with market sentiment at a low point. However, there are signs of potential recovery as some production capacities are experiencing losses, indicating a gradual emergence of cost support. The industry is awaiting favorable policy changes to restore confidence [2][10] Summary by Sections Industry Trends - The coal mining market is experiencing a narrow adjustment with slight supply tightening in major production areas. Downstream demand remains primarily driven by essential needs [13] - Port inventories are continuously decreasing, but there is still a lack of upward momentum in prices due to limited demand from downstream buyers [14] - The shipping market has seen a slight increase in the number of vessels at northern ports, indicating some recovery in logistics [27] Key Companies - Recommended stocks include China Shenhua (601088.SH), Shaanxi Coal and Chemical Industry (601225.SH), and Xinji Energy (601918.SH), all rated as "Buy" with projected earnings per share (EPS) growth [9] - China Shenhua is highlighted as a central enterprise with strong performance, while companies like Qinfa and New Hope Energy are noted for their potential turnaround [10] Price Movements - As of May 30, the price of thermal coal at the port is reported at 620 CNY/ton, remaining stable week-on-week. However, the market is characterized by a lack of strong demand from power plants, leading to a cautious purchasing attitude [37] - Coking coal prices are under pressure, with significant declines observed in various grades, indicating a bearish market sentiment [40][53] Market Outlook - The report emphasizes that the coal industry will maintain its critical role in China's energy system during the 14th Five-Year Plan period. The overall supply-demand balance is expected to remain stable, with a potential increase in industry concentration [37]

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [4] Core Views - The coal mining sector is currently facing a prolonged downturn in prices, with market sentiment at a low point. However, there are signs of potential recovery as some production capacities are experiencing losses, indicating a cost support level that could lead to a rebound if favorable policies are introduced [2][10] Summary by Sections Industry Trends - The CITIC Coal Index is at 3,258.46 points, down 0.54%, outperforming the CSI 300 Index by 0.54 percentage points, ranking 23rd among CITIC sector performance [2][76] - The coal market is currently buyer-driven, with procurement strategies and intensity determining coal price movements. The upcoming peak summer demand and potential price stabilization policies are critical factors to monitor [10][37] Key Areas of Analysis - **Thermal Coal**: The market is stable with slight adjustments. Production in major coal-producing areas is tightening slightly, while downstream demand remains primarily for essential needs. Prices are expected to fluctuate within a narrow range due to limited demand from power plants [11][13][14] - **Coking Coal**: The market continues to decline, with prices under pressure from weak demand and high inventory levels. The report emphasizes the need to monitor production cuts from coking coal enterprises as prices approach marginal costs [10][40] - **Coke**: Profit margins are shrinking, and procurement remains focused on essential needs. The overall production of coke is still increasing, but market sentiment is negative due to declining steel prices [58][75] Investment Strategy - The report recommends key coal enterprises such as China Shenhua and China Coal Energy, highlighting their potential for recovery. It also suggests monitoring companies like Qinfa and Xinji Energy for their performance amidst current challenges [10][9]