Investment Rating - The report maintains an "Overweight" rating for the coal industry [7] Core Insights - The ongoing Israel-Iran conflict is expected to drive oil prices higher, which historically correlates with an increase in coal prices due to their price linkage [1][12] - The coal chemical sector is experiencing significant demand growth, driven by the cost advantages of coal over oil in chemical production [2][39] - High temperatures and reduced water levels are anticipated to boost coal demand during the summer peak season [3][48] - Indonesia's coal production is projected to decline, which may improve the supply-demand balance for low-calorie coal in the market [4][53] - Despite a generally pessimistic market outlook for coal prices, there is a notable opportunity for price rebounds, particularly for undervalued coal companies [5] Summary by Sections Section 1: Oil and Coal Price Dynamics - The Israel-Iran conflict has led to increased oil prices, with Brent and WTI crude futures rising by 7.0% and 7.3% respectively on June 13 [1][14] - Historical data shows a strong correlation between oil and coal prices, with an average oil-coal price ratio of 3.37 since 2000 [1][18] Section 2: Coal Chemical Demand - The coal chemical sector's demand growth reached 16.4% from January to May, significantly exceeding previous forecasts [2][41] - The profitability of coal-based ethylene glycol production is expected to improve, with projected profits turning positive by May 2025 [2][39] Section 3: Seasonal Demand Factors - The average national temperature in May was 17.1°C, 0.9°C higher than the previous year, indicating increased electricity demand [3][48] - A forecasted 9% decline in hydropower generation hours is expected to translate into an additional 0.3 million tons of coal demand [3][50] Section 4: Indonesian Coal Production - Indonesia's coal production is expected to decrease by 13% in 2025, leading to a potential 20% reduction in export volumes [4][53] - This reduction is anticipated to alleviate the oversupply of low-calorie coal in the Chinese market [4][53] Section 5: Market Sentiment and Investment Opportunities - The current market sentiment for coal prices is pessimistic, but there is a significant potential for price recovery [5] - Recommended companies include China Shenhua, China Coal Energy, Shaanxi Coal and Energy, and Jinneng Holding Group, all of which are considered undervalued with strong dividend yields [5][58]

Core Viewpoint - 晋能控股山西煤业股份有限公司 has demonstrated resilience in the face of challenges, focusing on optimizing management systems and enhancing operational efficiency to boost development momentum [1] Financial Performance - In 2024, the company achieved a revenue of 15.033 billion yuan and a net profit attributable to shareholders of 2.808 billion yuan [2] - The coal production for the year was 34.6664 million tons, with a sales volume of 29.9665 million tons, generating coal business revenue of 14.7 billion yuan [2] - Research and development expenses increased by 5.96% year-on-year to 322 million yuan [2] Technological Advancements - The company has completed the intelligent mining construction of its two main mines, enabling remote monitoring and automated control of the mining process [2] - Ongoing projects include the development of a snow removal system by the Tashan Railway subsidiary, which has been submitted as a provincial key project [2] Strategic Acquisitions - The company plans to acquire the exploration rights and related assets of the Panjiayao Mine, which has a designed production capacity of 10 million tons per year, to enhance capital operations and resolve competition issues with its controlling shareholder [3] Dividend Policy - The company proposes a cash dividend of 7.55 yuan per 10 shares, totaling 1.264 billion yuan, which represents 45% of the net profit for 2024 [3] - The dividend payout ratio has increased from 34.64% in 2022 to 40.06% in 2023, and now to 45% in 2024, indicating a commitment to returning value to shareholders [3] Market Outlook - The company is actively adjusting its product structure and expanding market reach to enhance shareholder returns, emphasizing the importance of improving performance to support shareholder value [4] - The coal industry is viewed as a stable investment opportunity, with institutional investors showing interest in the company's dividend strategy [4]

法律意见书 致：晋能控股山西煤业股份有限公司 北京市金杜律师事务所（以下简称本所）接受晋能控股山西煤业股份有限公司 （以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会（以 下简称中国证监会）、《上市公司股东会规则》（以下简称《股东会规则》）等中华 人民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港特别 行政区、中国澳门特别行政区和中国台湾省）现行有效的法律、行政法规、规章、规 范性文件（以下统称法律法规）和现行有效的《晋能控股山西煤业股份有限公司章程》 （以下简称《公司章程》）有关规定，指派律师出席了公司于 2025 年 6 月 10 日召 开的 2024 年年度股东会（以下简称本次股东会），并就本次股东会相关事项出具本 法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2023 年第一次临时股东大会审议通过的《公司章程》； 2. 公司于 2025 年 4 月 26 日刊登于《中国证券报》《上海证券报》《证券日 报》及上海证券交易所网站（网址：ht ...

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 证券代码：601001 证券简称：晋控煤业 公告编号：2025-016 晋能控股山西煤业股份有限公司 2024年年度股东会决议公告 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。 (一)股东会召开的时间：2025 年 6 月 10 日 (二)股东会召开的地点：公司五楼会议室 (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 | 831 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,111,216,763 | | 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（%） | 66.3928 | (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。 本次股东大会由董事会召集，采用现场会议及网络投票相结合方式召开，由 公司董事长李建光先生主持，符合《公司法》及《公司章程》的规定。 (五)公司董事、监事和董事会秘书的出席 ...

证券代码：601001 证券简称：晋控煤业 公告编号：2025-016 晋能控股山西煤业股份有限公司 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)股东会召开的时间：2025 年 6 月 10 日 (二)股东会召开的地点：公司五楼会议室 表决情况： | 股东类型 | | 同意 | | | 反对 | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 票数 | | | 比例（%） | 票数 | 比例 | 票数 | 比例 | | | | | | | （%） | （%） | | | A股 | 1,109,998,563 | 99.8903 | 1,043,100 | | 0.0938 175,100 | 0.0159 | | | 审议结果：通过 | | | | | | | | | 表决情况： | | | | | | | | | 股东类型 | | 同意 | | 反对 | | 弃权 | | ...

北京市金杜律师事务所 关于晋能控股山西煤业股份有限公司 法律意见书 致：晋能控股山西煤业股份有限公司 北京市金杜律师事务所（以下简称本所）接受晋能控股山西煤业股份有限公司 （以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会（以 下简称中国证监会）、《上市公司股东会规则》（以下简称《股东会规则》）等中华 人民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港特别 行政区、中国澳门特别行政区和中国台湾省）现行有效的法律、行政法规、规章、规 范性文件（以下统称法律法规）和现行有效的《晋能控股山西煤业股份有限公司章程》 （以下简称《公司章程》）有关规定，指派律师出席了公司于 2025 年 6 月 10 日召 开的 2024 年年度股东会（以下简称本次股东会），并就本次股东会相关事项出具本 法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 报》及上海证券交易所网站（网址：http://www.sse.com.cn/）的《晋能控股山西煤 业股份有限公司第八届董事会第十二次会议决 ...

为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2023 年第一次临时股东大会审议通过的《公司章程》； 2. 公司于 2025 年 4 月 26 日刊登于《中国证券报》《上海证券报》《证券日 报》及上海证券交易所网站（网址：http://www.sse.com.cn/）的《晋能控股山西煤 业股份有限公司第八届董事会第十二次会议决议公告》《晋能控股山西煤业股份有 限公司第八届监事会第九次会议决议公告》，及《晋能控股山西煤业股份有限公司 关于召开 2024 年年度股东会的通知》（以下简称《股东会通知》）； 3. 公司于 2025 年 5 月 28 日刊登于《中国证券报》《上海证券报》《证券日 报》及上海证券交易所网站（网址：http://www.sse.com.cn/）的《晋能控股山西煤 业股份有限公司 2024 年年度股东会会议资料》； 北京市金杜律师事务所 关于晋能控股山西煤业股份有限公司 2024 年年度股东会的 法律意见书 致：晋能控股山西煤业股份有限公司 北京市金杜律师事务所（以下简称本所）接受晋能控股山西煤业股份有限公司 （以下简称公司）委托，根据《中华人民共和国证 ...

证券代码：601001 证券简称：晋控煤业 公告编号：2025-016 晋能控股山西煤业股份有限公司 2024年年度股东会决议公告 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)股东会召开的时间：2025 年 6 月 10 日 (二)股东会召开的地点：公司五楼会议室 (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 | 831 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,111,216,763 | | 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（%） | 66.3928 | (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。 本次股东大会由董事会召集，采用现场会议及网络投票相结合方式召开，由 公司董事长李建光先生主持，符合《公司法》及《公司章程》的规定。 (五)公司董事、监事和董事会秘书的出席 ...

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 industry investment rating is "Maintain Buy" for coal mining companies [4][6]. Core Viewpoints - The current coal price adjustment has been ongoing for nearly four years since the historical peak in Q4 2021, and the market is well aware of the price decline. The industry is at a critical stage of price bottoming, and the bottom may not be far off. It is essential to grasp the intrinsic attributes of the industry and maintain confidence [3]. - In May 2025, India's coal-fired power generation decreased by 9.5% year-on-year to 113.3 billion kWh, marking the largest year-on-year decline since June 2020 [2]. - The report emphasizes that domestic coal companies are increasingly facing losses, with over half (54.8%) of coal enterprises reporting losses as of March 2025. This trend may lead to increased probabilities of both passive and active production cuts [3]. Summary by Sections Coal Prices - As of June 6, 2025, coal prices showed mixed trends: European ARA port coal price at $89/ton (down 2.2%), Newcastle port coal price at $218.9/ton (unchanged), and IPE South Africa Richards Bay coal futures at $91/ton (up 1.2%) [1][32]. Key Recommendations - Recommended stocks include: - China Shenhua (601088.SH) - Buy - Shaanxi Coal and Energy (601225.SH) - Buy - China Qinfa (00866.HK) - Buy - China Coal Energy (601898.SH) - Buy - Electric Power Energy (002128.SZ) - Buy - Jinko Coal Industry (601001.SH) - Buy - Yancoal Energy (600188.SH) - Buy - New Hope Energy (601918.SH) - Buy [6]. Electricity Demand - In May 2025, India's total electricity generation decreased by 5.3% year-on-year to 160.4 billion kWh, with peak demand down 8% to 231,000 MW, primarily due to mild weather conditions [5].