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]

Core Viewpoint - The annual shareholder meeting of Jinneng Holding Shanxi Coal Industry Co., Ltd. outlines the company's operational achievements in 2024, financial performance, and strategic plans for 2025, emphasizing safety, efficiency, and compliance with national energy policies [1][2][3]. Meeting Agenda - The meeting will be held on June 10, 2025, at 9:30 AM, with both on-site and online voting options available [4]. - The agenda includes the announcement of the meeting's commencement, qualification review of attendees, proposal discussions, and voting procedures [4]. 2024 Work Summary - Coal business revenue reached 14.7 billion yuan, with a production volume of 34.67 million tons and a net profit of 3.91 billion yuan [5][6]. - The company focused on improving production efficiency through advanced planning and risk management [5][6]. - Safety measures were enhanced, including strict adherence to safety protocols and regular inspections [7]. Financial Performance - Total assets decreased by 0.32% to approximately 37.55 billion yuan, while net receivables dropped by 72.07% [26]. - The company reported a net profit attributable to shareholders of 2.81 billion yuan, a decrease from the previous year [27]. - The asset-liability ratio improved to 28.89%, down by 6.42 percentage points from the previous year [26]. 2025 Work Plan - The company aims for a coal production target of 34.5 million tons and a sales target of 30 million tons, with projected revenue of 12 billion yuan [13]. - Plans include optimizing production systems, enhancing safety measures, and improving sales efficiency [13][14][15]. - The company will focus on capital operations and governance improvements to support sustainable growth [16]. Challenges and Opportunities - The coal industry faces pressures for green transformation and intelligent development, necessitating advancements in clean coal technology [10][11]. - The energy structure is shifting, with renewable energy consumption expected to exceed 1.1 billion tons, impacting traditional coal demand [11][12]. Governance and Compliance - The supervisory board conducted four meetings in 2024, ensuring compliance with legal and regulatory requirements [19][21]. - The company maintains a robust internal control system, with no significant violations reported during the year [23][25]. Profit Distribution - The proposed profit distribution plan includes a cash dividend of 7.55 yuan per 10 shares, totaling approximately 1.26 billion yuan, which represents 45% of the net profit [27]. Audit and Financial Oversight - The company has engaged Lixin Certified Public Accountants for the 2025 financial audit, ensuring transparency and compliance with financial regulations [28].

晋能控股山西煤业股份有限公司二〇二四年年度股东会会议资料 晋能控股山西煤业股份有限公司 二○二四年年度股东会会议资料 二○二五年六月 晋能控股山西煤业股份有限公司二〇二四年年度股东会会议资料 | | | | 一、会议须知 | | 1 | | --- | --- | --- | | 二、会议议程 | | 3 | | 三、会议议案 | | | | 1、2024 | 年度董事会工作报告 5 | | | 2、2024 | 年度监事会工作报告 16 | | | 3、公司 2024 | 年度财务决算报告 | 21 | | 4、公司 2024 | 年度利润分配方案 | 24 | | 5、关于公司续聘 | 2025 年度会计师事务所的议案 | 25 | | 6、公司独立董事 | 2024 年度述职报告 | 30 | | 7、关于公司 | 2024 年年度报告及摘要的议案 | 31 | | | 8、关于控股子公司塔山煤矿白洞井运营维护承包的议案 | 32 | 晋能控股山西煤业股份有限公司二〇二四年年度股东会会议资料 会 议 须 知 为维护广大投资者的合法权益，确保股东会的正常秩序和议事效率， 根据《公司法》《上市公司股东会规则 ...

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 invest in the coal sector [11][12] - The coal price is expected to stabilize at a new level, supported by a slowdown in coal production growth, particularly in high-cost regions like Xinjiang, and a decrease in coal imports [11][12] - The coal sector is characterized by high profitability, cash flow, return on equity (ROE) between 10-20%, and dividend yields exceeding 5%, indicating strong core asset attributes [11][12] Summary by Sections 1. Coal Price Trends - As of May 24, the market price for Qinhuangdao port thermal coal (Q5500) is 613 RMB/ton, down 5 RMB/ton week-on-week [3][30] - The price for coking coal at Jing Tang port is 1320 RMB/ton, down 30 RMB/ton week-on-week [3][32] - International thermal coal prices show a mixed trend, with Newcastle thermal coal at 68.0 USD/ton, down 1.0 USD/ton week-on-week [3][30] 2. Supply and Demand Dynamics - The utilization rate of thermal coal mines increased to 97.1%, while coking coal mine utilization decreased to 86.3% [11][12] - Daily coal consumption in coastal provinces rose by 7.10 thousand tons/day (+3.93%) and in inland provinces by 6.00 thousand tons/day (+1.93%) [11][12] - The April coal production in China was 390 million tons, reflecting a 5 million ton decrease from March, indicating a contraction in supply [11][12] 3. Investment Strategy - The report emphasizes the importance of investing in high-quality coal companies with stable operations and strong performance, such as China Shenhua, Shaanxi Coal, and others [12][13] - The coal sector is expected to maintain high performance and cash flow, with a favorable outlook for the next 3-5 years due to ongoing supply constraints [12][13] 4. Market Performance - The coal sector saw a 0.98% increase this week, outperforming the broader market, which saw a 0.18% decline [15][18] - The thermal coal segment rose by 1.62%, while the coking coal segment experienced a slight decline [15][18]

Investment Rating - The report maintains a "Buy" recommendation for key companies in the coal industry, including China Shenhua, Shaanxi Coal, and China Coal Energy [3][11]. Core Viewpoints - Coal prices have stabilized, and with the peak summer demand approaching, a rebound in coal prices is anticipated. The low coal prices have led to a reduction in supply, with April 2025 coal production growth slowing to 3.8% year-on-year, and daily production decreasing by 8.7% month-on-month [1][7]. - The report highlights that the demand for electricity coal is gradually increasing as temperatures rise, and the overall coal consumption in the chemical sector remains high. This marginal improvement in demand is expected to accelerate the reduction of port inventories, leading to a new round of price rebounds [1][7]. - The report emphasizes the investment value of stable high-dividend coal stocks, suggesting that the sector may experience a valuation uplift as coal prices enter an upward channel [1][7]. Summary by Sections Industry Dynamics - The report notes that the coal supply has slightly decreased due to accidents affecting some coal mines, while demand is weakening as the consumption off-season approaches. This has led to a bearish sentiment in the market, with continued inventory accumulation [2][10]. - The report indicates that the average daily coal consumption in power plants has increased, while the number of available days has decreased, suggesting a tightening supply situation [9][10]. Company Performance - The report provides earnings forecasts and valuations for key companies, with China Shenhua expected to have an EPS of 2.95 yuan in 2024, and a PE ratio of 13 times [3]. - The report highlights that companies like Jinko Coal and Shanxi Coal International are expected to show stable performance and production growth, making them attractive investment options [11][3]. Market Performance - As of May 23, 2025, the coal sector has shown a weekly increase of 1.0%, outperforming the broader market indices [12][14]. - The report identifies that the coal stocks have cleared low positions after previous panic selling, and the stability of coal prices has been reaffirmed, enhancing the certainty of high dividend yields [1][7].

Core Insights - The China Securities State-Owned Enterprises Dividend Index (000824) has shown a slight increase of 0.28% as of May 23, 2025, with notable gains in constituent stocks such as Jinkong Coal Industry (601001) up by 2.55% and Shanxi Coal International (600546) up by 1.73% [1] - The current coal supply and demand situation is relatively loose, primarily due to weak demand expectations from the power, real estate, and infrastructure sectors [1] - The long-term contract prices for coal are expected to be less affected, with companies like Shenhua, Shaanxi Coal, and China Coal showing stable performance due to their high proportion of long-term contracts [1] Industry Analysis - The China Securities State-Owned Enterprises Dividend Index reflects the overall performance of 100 listed companies with high cash dividend yields and stable dividends, selected from state-owned enterprises [2] - As of April 30, 2025, the top ten weighted stocks in the index account for 15.18% of the total index, with significant contributors including COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [2] - The coal industry may see investment opportunities if coal prices rebound, particularly for undervalued stocks with high elasticity [1]

Core Viewpoint - The report from Guosheng Securities indicates a significant decline in coal imports and a downward trend in reliance on thermal coal, with a projected annual decrease in thermal coal imports by 4.9% for 2025 [1][3]. Group 1: Coal Production and Import Trends - In April 2025, the raw coal production decreased by 5 million tons month-on-month, with a total output of 390 million tons, reflecting a year-on-year growth of 3.8% [2]. - The total coal imports in April 2025 were 37.83 million tons, a decrease of 16.41% compared to the same month last year [3]. - For the first four months of 2025, coal imports totaled 152.67 million tons, down 5.3% year-on-year [3]. Group 2: Power Generation Insights - In April 2025, the industrial power generation was 711.1 billion kWh, showing a year-on-year increase of 0.9% [4]. - The thermal power generation in April 2025 saw a year-on-year decline of 2.3%, maintaining the same decline rate as in March [4]. - Renewable energy sources such as wind and solar power showed accelerated growth rates of 12.7% and 16.7% respectively in April 2025 [4]. Group 3: Steel Production and Market Dynamics - The crude steel production in April 2025 was 86.02 million tons, remaining flat year-on-year [5]. - The average daily iron water production from 247 sample steel mills was 2.448 million tons, reflecting a year-on-year increase of 3.3% [5]. - The market anticipates a seasonal peak in steel demand, with potential downward pressure on iron water production due to slowing inventory depletion [5]. Group 4: Investment Recommendations - The report recommends key coal enterprises such as China Shenhua (601088) and China Coal Energy (601898) for investment [6]. - It highlights the potential of companies like Xinji Energy (601918) and Shaanxi Coal (601225) based on performance metrics [6][7]. - The report also notes the importance of monitoring the impact of coal imports and domestic policy changes on market dynamics [5][6].

证券研究报告 | 行业月报 gszqdatemark 2025 05 20 年 月 日 煤炭开采 有效供应环降，需求望迎改善，煤炭终迎年初至今配置良机 事件：国家统计局公布 2025 年 4 月份能源生产情况。 4 月原煤产量环比下降 5000 万吨。据国家统计局数据，4 月份，规上工业原 煤产量 3.9 亿吨，同比增长 3.8%，增速比 3 月份回落 5.8 个百分点；日均产 量 1298 万吨。1—4 月份，规上工业原煤产量 15.8 亿吨，同比增长 6.6%。 展望 2025 年，考虑到 2024 年上半年山西集中减产影响以及我们对明年煤矿 产能投放情况的梳理，我们预计在主产区均能顺利完成产量目标的理想情况 下（不考虑表外转表内、增产不增量等现象），2025 年产量净增量仅 5500~6000 万吨，同比增长约 1.2~1.3%，增速较 2024 年继续放缓。 4 月原煤进口 3783 万吨，同比-16.41%。2025 年 4 月份，我国进口煤炭 3782.5 万吨，较去年同期的 4525.2 万吨减少 742.7 万吨，同比下降 16.41%； 较 3 月份的 3873.2 万吨减少 90.7 万吨 ...

Investment Rating - The coal industry maintains a rating of "Synchronize with the Market-A" [1] Core Viewpoints - The coal market is returning to supply-demand logic following the resolution of tariff disputes, with expectations of improved demand as summer approaches [1][8] - The report highlights that while coal prices are under pressure due to seasonal factors and inventory adjustments, the potential for recovery in non-electric coal demand exists as the international trade environment improves [8][81] Summary by Sections 1. Coal Industry Dynamic Data Tracking - **Thermal Coal**: Inventory levels are decreasing, and summer stocking demand is anticipated. As of May 16, the spot reference price for thermal coal in the Bohai Rim is 629 CNY/ton, with a weekly change of -2.18% [3][23] - **Metallurgical Coal**: The external trade environment is improving, and metallurgical coal continues to deplete inventories. The price for main coking coal at Jingtang Port is 1320 CNY/ton, unchanged from the previous week [4][35] - **Coking Steel Chain**: Increased operational rates have led to a slight decline in coking coal prices. The average price for first-grade metallurgical coke is 1480 CNY/ton, down 3.27% [5][54] - **Coal Transportation**: Increased stocking demand has stabilized coastal transportation prices, with the coastal coal transportation index at 661.75 points, up 3.34% [6][64] - **Coal-related Futures**: Downstream operational rates have decreased, leading to a decline in double焦期价 [66] 2. Coal Sector Market Review - The coal sector has rebounded alongside the broader market, outperforming major indices. The CITIC coal index closed at 3244.52 points, with a weekly change of +1.65% [7][71] 3. Industry News Summary - Recent government initiatives emphasize strengthening domestic circulation and enhancing the coal industry's clean and efficient utilization [79][80] - The construction of a new cross-border railway between China and Mongolia is expected to significantly boost coal exports from Mongolia, reshaping trade dynamics [80] 4. Important Announcements from Listed Companies - Major companies in the coal sector are actively managing operational challenges and pursuing strategic initiatives, including asset restructuring and safety measures following incidents [81][83] 5. Next Week's Outlook and Investment Recommendations - The report suggests that while coal prices may face downward pressure, the upcoming summer stocking demand and improved tariff conditions could support price stability. Investors are advised to focus on undervalued companies with solid performance support [8][81]

Investment Rating - The coal industry maintains a "Synchronize with the Market" rating [1] Core Viewpoints - The coal market is returning to supply-demand logic following the resolution of tariff disputes, with expectations of improved non-electric demand as summer approaches [1][10] - The report highlights that while coal prices have seen some decline, the potential for further decreases is limited due to upcoming summer stocking demands and improved international trade conditions [10] Summary by Sections 1. Coal Industry Dynamic Data Tracking - **Thermal Coal**: Inventory levels are decreasing, and summer stocking demand is anticipated. As of May 16, the spot reference price for thermal coal in the Bohai Rim is 629 CNY/ton, with a weekly change of -2.18% [3][25] - **Metallurgical Coal**: The external trade environment is improving, leading to continued inventory reduction. The price for main coking coal at Jingtang Port is 1320 CNY/ton, unchanged from the previous week [4][37] - **Coke and Steel Industry Chain**: Increased operational rates have led to a slight decline in coke prices. The average price for first-grade metallurgical coke at Tianjin Port is 1480 CNY/ton, down 3.27% week-on-week [5][55] - **Coal Transportation**: There is an increase in stocking demand, with the coastal coal transportation price index at 661.75 points, up 3.34% [8][66] - **Coal-related Futures**: Downstream operational rates have decreased, leading to a decline in both coking coal and coke futures prices [68] 2. Coal Sector Market Review - The coal sector has rebounded alongside the broader market, outperforming major indices. The CITIC Coal Index closed at 3244.52 points, with a weekly change of +1.65% [9][73] 3. Industry News Summary - Recent government initiatives emphasize strengthening domestic circulation and enhancing the coal industry's clean and efficient utilization [80][81] - The construction of a new cross-border railway between China and Mongolia is expected to significantly boost coal exports from Mongolia, reshaping trade dynamics [82] 4. Important Announcements from Listed Companies - Several companies have reported operational updates, including production adjustments and strategic asset acquisitions, reflecting ongoing developments in the coal sector [83][85] 5. Next Week's Outlook and Investment Recommendations - The report suggests focusing on undervalued companies with strong performance support, particularly those with minimal non-coal business exposure, such as Xinjie Energy and Huohua Energy [10]