昊华能源所属申万行业为：煤炭-煤炭开采-动力煤。所属概念板块包括：破净股、煤化工、中盘、甲醇 概念、融资融券等。 截至6月30日，昊华能源股东户数3.68万，较上期减少7.08%；人均流通股39122股，较上期增加7.62%。 2025年1月-6月，昊华能源实现营业收入43.95亿元，同比减少7.17%；归母净利润4.48亿元，同比减少 47.82%。 分红方面，昊华能源A股上市后累计派现43.51亿元。近三年，累计派现16.53亿元。 机构持仓方面，截止2025年6月30日，昊华能源十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股3134.63万股，相比上期增加45.20万股。国泰中证煤炭ETF（515220）位居第五大流通股 东，持股895.11万股，为新进股东。易方达中证红利ETF（515180）位居第六大流通股东，持股825.99 万股，相比上期减少114.50万股。鹏华匠心精选混合A类（009570）位居第七大流通股东，持股803.82 万股，持股数量较上期不变。万家宏观择时多策略A（519212）位居第八大流通股东，持股788.02万 股，为新进股东。招商中证红利ETF（515080 ...

Market Overview - On September 30, the coal mining sector rose by 0.05% compared to the previous trading day, with Panjiang Coal and Electricity leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Individual Stock Performance - Panjiang Coal and Electricity (600395) closed at 5.39, up 2.47% with a trading volume of 305,100 shares and a turnover of 163 million yuan [1] - Jiangxi Tungsten Industry Equipment (600397) closed at 6.96, up 1.31% with a trading volume of 260,700 shares and a turnover of 181 million yuan [1] - Huai Bei Mining (600985) closed at 12.33, up 1.07% with a trading volume of 223,000 shares and a turnover of 274 million yuan [1] - China Shenhua Energy (601088) closed at 38.50, up 0.39% with a trading volume of 238,900 shares and a turnover of 916 million yuan [1] Capital Flow Analysis - The coal mining sector experienced a net outflow of 140 million yuan from institutional investors and a net outflow of 115 million yuan from speculative funds, while retail investors saw a net inflow of 256 million yuan [2] - The capital flow for individual stocks shows that Shaanxi Coal and Chemical Industry (601225) had a net inflow of 47.94 million yuan from institutional investors, while it faced a net outflow of 90.76 million yuan from speculative funds [3] - China Shenhua Energy (601088) had a net inflow of 15.19 million yuan from institutional investors, but a net outflow of 36.79 million yuan from speculative funds [3]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that thermal coal prices have rebounded above 700 yuan per ton, with a peak of 706 yuan per ton observed recently. The demand for non-electric coal is expected to be a highlight in the upcoming months [3][4] - The report emphasizes that both thermal coal and coking coal prices have reached a turning point, with expectations for further price recovery due to supply-demand dynamics and seasonal demand shifts [4][5] Summary by Sections Investment Logic - Thermal coal is categorized as a policy coal type, with prices expected to recover to long-term contract prices. The current price has surpassed the second target price, which is around 700 yuan per ton. Future expectations suggest a potential recovery to a third target price of approximately 750 yuan per ton by 2025, with a fourth target price around 860 yuan per ton [4][13] - Coking coal prices are more influenced by market dynamics, with target prices set based on the ratio of coking coal to thermal coal prices. The current ratio indicates target prices for coking coal at 1608 yuan, 1680 yuan, 1800 yuan, and 2064 yuan corresponding to thermal coal's target prices [4][13] Investment Recommendations - The report outlines a dual logic for coal stocks: cyclical elasticity and stable dividends. The current low prices of thermal and coking coal provide room for rebound, supported by supply-side policies and seasonal demand expectations [5][14] - Four main lines of coal stock selection are recommended: 1. Cyclical logic: Jin控煤业, 兖矿能源 for thermal coal; 平煤股份, 淮北矿业, 潞安环能 for metallurgical coal 2. Dividend logic: 中国神华, 中煤能源, 陕西煤业 3. Diversified aluminum elasticity: 神火股份, 电投能源 4. Growth logic: 新集能源, 广汇能源 [5][14] Market Performance - The coal index experienced a slight decline of 1.37%, underperforming the CSI 300 index by 2.44 percentage points. The average PE ratio for the coal sector is 13.49, and the PB ratio is 1.26, ranking low among all A-share industries [8][30][31]

Core Viewpoint - Haohua Energy's stock has experienced a decline of 6.20% year-to-date, with a recent drop of 2.02% on September 22, 2023, indicating potential challenges in the market [1][2]. Financial Performance - For the first half of 2025, Haohua Energy reported a revenue of 4.395 billion yuan, a year-on-year decrease of 7.17%, and a net profit attributable to shareholders of 448 million yuan, down 47.82% compared to the previous year [2]. - Cumulatively, Haohua Energy has distributed 4.351 billion yuan in dividends since its A-share listing, with 1.653 billion yuan distributed over the last three years [3]. Shareholder and Market Activity - As of June 30, 2025, the number of shareholders for Haohua Energy decreased by 7.08% to 36,800, while the average number of circulating shares per person increased by 7.62% to 39,122 shares [2]. - The stock's trading activity on September 22 showed a net outflow of 8.266 million yuan from main funds, with significant selling pressure observed [1]. Business Overview - Haohua Energy, established on December 31, 2002, and listed on March 31, 2010, primarily engages in coal production and sales (87.33% of revenue), methanol production and sales (10.39%), and railway transportation [1]. - The company operates within the coal mining sector, specifically focusing on thermal coal, and is associated with various investment concepts such as coal chemical and mid-cap stocks [1].

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - A V-shaped reversal in coal prices is anticipated, with winter prices expected to reach 800 CNY/ton. The long-term contracts are supporting spot prices, and policy-driven sentiment is leading to significant price increases. The long-term contract prices for September are 674, 613, and 551 CNY/ton for 5500, 5000, and 4500 kcal respectively, with the CCI index showing slight variations [6][26] - The coal market is expected to see a balance between supply and demand gradually, with prices steadily rising. The report maintains a "Positive" rating for the industry and suggests focusing on flexible thermal coal companies and those in turnaround situations in coking coal and coke sectors [6][26] Summary by Sections Coal Sector Performance - The coal sector outperformed the CSI 300 index, with a weekly increase of 3.59% as of September 19, 2025, while the index fell by 0.44%, resulting in a 4.03 percentage point outperformance. A total of 24 stocks in the sector rose, with Yongtai Energy showing the highest increase of 13.42% [2] - Key monitored enterprises reported an average daily coal sales volume of 7.22 million tons for the week of September 12-18, 2025, a week-on-week increase of 5.3%. The average daily production was 7.18 million tons, also up 4.8% week-on-week and 4.4% year-on-year [2][24] Price Trends - As of September 19, 2025, the price of thermal coal (Q5500K) in the Bohai Rim was 676 CNY/ton, a week-on-week increase of 0.15%. The import price index for thermal coal was 812 CNY/ton, up 4.5% week-on-week. Prices at various ports and production areas also showed increases [3] - The price of coking coal at Jingtang Port was 1610 CNY/ton, up 3.9% week-on-week, while the futures settlement price for coking coal was 1216 CNY/ton, reflecting a 6.9% increase [4] Supply and Demand Dynamics - The total coal inventory monitored was 25.54 million tons as of September 18, 2025, a decrease of 1% week-on-week and 6% year-on-year. The cumulative sales volume of key monitored enterprises was 180.46 million tons, down 2.4% year-on-year [2][24] - The report indicates that the demand from the power and chemical industries has varied, with coal consumption in the power sector down 2.9% year-on-year, while the chemical sector saw an increase of 16% [2][24] Investment Recommendations - The report recommends focusing on companies in the thermal coal sector such as China Shenhua, Shaanxi Coal and Chemical Industry, and others, as well as coking coal companies like Huabei Mining and Shanxi Coking Coal. It also highlights companies in the coke sector that are expected to see profit improvements [6][26]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - Coal prices have rebounded above 700 RMB, with a current price of 704 RMB/ton, reflecting a week-on-week increase of 24 RMB/ton (3.53%) [3][4] - The demand for non-electric coal is expected to be a highlight in the upcoming months, particularly during the "golden September and silver October" period [4] - The report predicts that the current rebound in coal prices is at a turning point, with potential further increases expected as the market stabilizes [4][5] Summary by Sections Investment Logic - The prices of thermal coal and coking coal are at a turning point, with thermal coal prices expected to recover to long-term contract prices, currently above the second target price of around 700 RMB [4][13] - Future expectations indicate that thermal coal prices could reach a third target price of approximately 750 RMB, with a potential peak at around 860 RMB [4][13] Market Performance - The coal index increased by 3.51% this week, outperforming the CSI 300 index by 3.96 percentage points [8][25] - The average PE ratio for the coal sector is 13.59, and the PB ratio is 1.28, ranking low among all A-share industries [25][31] Coal Price Indicators - As of September 19, the Qinhuangdao Q5500 thermal coal price is 704 RMB/ton, with a week-on-week increase of 24 RMB [20] - The price of coking coal at the Jingtang port has risen to 1670 RMB/ton, reflecting a significant increase from earlier months [21][23] Investment Recommendations - The report suggests a dual logic for investment in coal stocks, focusing on both cyclical recovery and stable dividends, with specific stocks recommended for investment [5][14] - Key stocks identified for investment include: - Cyclical logic: Jinko Coal Industry, Yanzhou Coal Mining - Dividend logic: China Shenhua, Zhongmei Energy - Diversified aluminum elasticity: Shenhua Holdings, Electric Power Investment Energy - Growth logic: Xinjie Energy, Guanghui Energy [5][14][15]

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9月18日 (二)股东会召开的地点：北京市门头沟区新桥南大街2号公司会议室 (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： ■ 本次股东会采用现场投票和网络投票相结合的方式进行表决；本次会议由公司董事会召集，董事长薛令 光先生主持。会议的召开和表决方式符合《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情况 1、公司在任董事10人，出席6人，公司董事郝红霞女士、柴有国先生、李长立先生、独立董事栾华先生 因有其他公务未出席本次会议；董事孙力先生视频出席本次会议，其他董事均现场出席会议； 3、公司董事、副总经理、总会计师、董事会秘书张明川先生出席本次会议；公司总法律顾问、首席合 规官杜峰先生、见证律师及相关部室负责人列席本次会议。 二、议案审议情况 (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。 (一)非累积投 ...

北京昊华能源股份有限公司 章 程 第二条 公司系依照《公司法》和国家其他有关法律、行政 法规成立的股份有限公司（以下简称"公司"）。 公司经北京市人民政府经济体制改革办公室（京政体改股函 ﹝2002﹞24 号）文批准，以发起方式设立；在北京市市场监督 管理局注册登记，并取得统一社会信用代码，统一社会信用代码 为：91110000746132245J。 第三条 公司于 2010 年 3 月 11 日经中国证券监督管理委员 会《关于核准北京昊华能源股份有限公司首次公开发行股票的批 复》（证监许可﹝2010﹞278 号）核准，首次向社会公众发行人 民币普通股 11,000 万股，于 2010 年 3 月 31 日在上海证券交易 所上市。 二〇二五年九月 | 第一章 总则 . | | --- | | 第二章 - 3 - 经营宗旨和范围 | | 第三章 股份 . | | 第一节 股份发行 . | | 第二节 股份增减和回购 . | | 第三节 股份转让 | | 第四章 股东和股东会 - 10 - | | 第一节 股东的一般规定 - 10 - | | 第二节 控股股东和实际控制人 - 13 - | | 第三节 股东会的一 ...

国浩律师（北京）事务所 关于 北京昊华能源股份有限公司 2025 年第二次临时股东会的 法律意见书 北京 上海 深圳 杭州 天津 昆明 广州 成都 宁波 福州 西安 南京 南宁 香港 巴黎 地址：北京市朝阳区东三环北路38号泰康金融大厦9层 邮编：100026 电话：010-65890699 传真：010-65176800 电子信箱：bjgrandall@grandall.com.cn 网址：http://www.grandall.com.cn 1 国浩律师（北京）事务所 关于北京昊华能源股份有限公司 2025 年第二次临时股东会的 法律意见书 国浩京证字[2025]第 0519 号 致：北京昊华能源股份有限公司 国浩律师（北京）事务所（以下简称"本所"）在中华人民共和国具有执业 资格，可以从事与中国法律有关之业务。本所接受北京昊华能源股份有限公司（以 下简称"公司"）的委托，指派律师出席了公司 2025 年第二次临时股东会（以 下简称"本次股东会"）。现根据《中华人民共和国公司法》（以下简称"《公 司法》"）《上市公司股东会规则》（以下简称"股东会《股东会规则》"）《律 师事务所从事证券法律业务管理办法》《 ...

证券代码：601101 证券简称：昊华能源 公告编号：2025-030 北京昊华能源股份有限公司 2025年第二次临时股东会决议公告 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。 (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。 本次股东会采用现场投票和网络投票相结合的方式进行表决； 本次会议由公司董事会召集，董事长薛令光先生主持。会议的召 开和表决方式符合《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情况 1、公司在任董事10人，出席6人，公司董事郝红霞女士、柴 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 9 月 18 日 (二)股东会召开的地点：北京市门头沟区新桥南大街 2 号公 司会议室 (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 | 205 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 969,466, ...