在新一届董事会换届选举完成、新任董事及高级管理人员就任前，公司第七届董事会全体成员、董事会 各专门委员会成员及高级管理人员将继续依照法律法规和《公司章程》等有关规定，履行相应职责与义 务。 本次董事会延期换届不会影响正常生产经营。公司将加快推进新一届董事会换届选举工作，严格履行相 关决策程序及信息披露义务。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601101 证券简称：昊华能源 公告编号：2026-004 北京昊华能源股份有限公司 关于董事会延期换届的公告 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个别及连带责任。 北京昊华能源股份有限公司（以下简称"公司"）第七届董事会任期已届满。鉴于公司新一届董事会换届 工作正在推进中，为确保董事会运作的连续性和稳定性及公司经营管理的有序开展，董事会将延期换 届，董事会各专门委员会及高级管理人员的任期将相应顺延。 特此公告。 北京昊华能源股份有限公司 2026年2月25日 ...

证券代码：601101 证券简称：昊华能源 公告编号：2026-004 北京昊华能源股份有限公司 关于董事会延期换届的公告 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个别及连带责任。 北京昊华能源股份有限公司（以下简称"公司"）第七届董 事会任期已届满。鉴于公司新一届董事会换届工作正在推进中， 为确保董事会运作的连续性和稳定性及公司经营管理的有序开 展，董事会将延期换届，董事会各专门委员会及高级管理人员的 任期将相应顺延。 在新一届董事会换届选举完成、新任董事及高级管理人员就 任前，公司第七届董事会全体成员、董事会各专门委员会成员及 高级管理人员将继续依照法律法规和《公司章程》等有关规定， 履行相应职责与义务。 本次董事会延期换届不会影响正常生产经营。公司将加快推 进新一届董事会换届选举工作，严格履行相关决策程序及信息披 露义务。 特此公告。 北京昊华能源股份有限公司 2026 年 2 月 25 日 ...

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that coal prices are expected to recover gradually to a reasonable price level of around 750 CNY/ton, influenced by supply constraints and increasing demand due to seasonal factors [3][5] - The report highlights that the price of thermal coal has reached a turning point, with a projected upward trajectory supported by policy adjustments and market dynamics [5][14] - The focus on both cyclical recovery and dividend stability presents a dual investment logic for coal stocks, suggesting that now is an opportune time for investment [6][15] Summary by Sections Investment Logic - Thermal coal prices are expected to rise through a four-step process: repairing central and local long-term contracts, reaching the coal-electricity profit-sharing line, and potentially exceeding the breakeven point for power plants, estimated at 860 CNY [5][14] - Coking coal prices are more influenced by supply-demand fundamentals, with target prices based on the ratio of coking coal to thermal coal prices [5][14] Key Market Indicators - As of February 6, the price of Qinhuangdao Q5500 thermal coal was 695 CNY/ton, reflecting a slight increase of 3 CNY from the previous week [3][20] - The report notes a decrease in the production rate of coal mines, with the operating rate for 442 coal mines in Shanxi, Shaanxi, and Inner Mongolia at 82.7% [20][21] Investment Recommendations - The report suggests four main lines for selecting coal stocks: 1. Cyclical logic: companies like Jinko Coal and Yanzhou Coal 2. Dividend logic: China Shenhua and Zhongmei Energy 3. Diversified aluminum elasticity: Shenhuo Co. and Electric Power Investment 4. Growth logic: Xinjie Energy and Guanghui Energy [6][15] Company Performance - The coal index experienced a slight decline of 0.62%, outperforming the CSI 300 index by 0.71 percentage points [8][24] - Major coal companies showed varied performance, with some experiencing significant gains while others faced declines [24][26]

Group 1 - The A-share market showed recovery with the Shanghai Composite Index returning to 4100 points, closing up 0.85% while the Shenzhen Component Index rose 0.21% and the ChiNext Index fell 0.4% [1] - The coal energy sector performed exceptionally well, with multiple stocks hitting the daily limit up, including Yanzhou Coal Mining Company, Meijin Energy, and Shanxi Coking Coal [1][2] - The coal mining and processing sector saw an overall increase of 7.92%, with several stocks achieving limit up, indicating strong market interest and performance [2] Group 2 - Recent cold weather has increased energy demand for heating, prompting local governments to enhance energy supply measures, which supports coal production and supply stability [3] - Analysts are optimistic about coal prices stabilizing and rebounding, with expectations of increased demand post-Chinese New Year, suggesting a tight supply-demand balance [3] - The coal ETF has risen over 10% year-to-date, reflecting strong investor interest and net inflows over the past four days [4] Group 3 - International thermal coal prices have significantly increased, with Australian Newcastle coal futures reaching a one-year high, indicating a bullish trend in the market [5] - Forecasts for the coal industry suggest a notable improvement in profitability by 2026, driven by a slowdown in supply growth and recovery in demand [5]

Group 1 - The article highlights a significant reduction in coal production quotas by the Indonesian government, which aims to boost coal prices by decreasing export volumes by 40% to 70% for major miners by 2025 [5] - Additionally, the Indonesian government plans to impose an export surcharge, which may further weaken the profitability of the coal industry [5] Group 2 - The article lists several companies involved in coal mining, coal chemical, and coal-electricity integration, including China Shenhua, Zhengzhou Coal Electricity, and Yanzhou Coal Mining [8][9]

Group 1 - The coal mining sector experienced a decline of 0.19% on February 3, with Haohua Energy leading the drop [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Key stocks in the coal mining sector showed varied performance, with Jiangte Equipment rising by 6.93% and China Shenhua falling by 1.52% [2] Group 2 - The coal mining sector saw a net outflow of 400 million yuan from major funds, while retail investors contributed a net inflow of 301 million yuan [2] - Major funds showed a mixed trend, with Shaanxi Coal and Chemical Industries receiving a net inflow of 42.73 million yuan, while Jiangte Equipment faced a net outflow of 52.98 million yuan [3] - Retail investors favored stocks like SuNeng Co., which had a net inflow of 357.83 million yuan, despite overall sector challenges [3]

Investment Rating - The industry investment rating is maintained as "Increase" [5] Core Insights - The report highlights an increase in coal auction listings in Mongolia for 2025, with a total of 40.8832 million tons listed, up by 14.272 million tons. However, the transaction volume is slightly lower than in 2024, at 21.792 million tons, down by 0.576 million tons [2] - The report emphasizes the performance of specific companies, recommending investments in China Coal Energy (H+A), Yanzhou Coal Mining (H+A), China Shenhua Energy (H+A), and Shaanxi Coal and Chemical Industry. It also highlights companies focusing on smart mining, such as Keda Control, and those undergoing turnaround, like China Qinfa [3][7] - The report notes that the core port for coal transactions remains Ganqimaodu, contributing 83% of the total transaction volume [2] Summary by Sections Energy Prices Overview - As of January 30, 2026, Brent crude oil futures settled at $70.69 per barrel, up by $4.81 (7.3%) from the previous week. WTI crude oil futures settled at $65.21 per barrel, up by $4.14 (6.78%) [1] - Natural gas prices showed mixed trends, with Northeast Asia LNG spot prices at $11.68 per million British thermal units, down by $0.13 (-1.11%). The Dutch TTF gas futures settled at €40.65 per megawatt-hour, up by €1.28 (3.24%) [1] - Coal prices increased, with European ARA port coal prices at $101.50 per ton, up by $3.00 (3.05%), and Newcastle port coal prices at $116.75 per ton, up by $5.25 (4.71%) [1] Auction Performance - The report indicates that ETT led the auction with a transaction of 12.5696 million tons, followed by small TT and ER with 5.3632 million tons and 3.1296 million tons, respectively. The report also notes that coking coal transactions totaled 13.6192 million tons, down by 3.0656 million tons, while thermal coal transactions increased by 3.584 million tons to 8.1728 million tons [6] Key Stocks - The report provides a detailed table of recommended stocks, including: - China Coal Energy (601898.SH) with an EPS forecast of 1.21 for 2025 and a PE ratio of 11.32 - China Shenhua Energy (601088.SH) with an EPS forecast of 2.56 for 2025 and a PE ratio of 16.38 - Yanzhou Coal Mining (600188.SH) with an EPS forecast of 0.99 for 2025 and a PE ratio of 14.86 [7]

Group 1: Report Overview - Report Type: Coke and Coking Coal Daily Review [1] - Date: January 29, 2026 [2] - Research Team: Black Metal Research Team, including researchers Zhai Hepan, Nie Jiayi, and Feng Zeren [3] Group 2: Market Performance - On January 28, the main contracts 2605 of coke and coking coal futures rebounded after a decline, recovering part of the previous day's losses. The closing price of J2605 was 1684 yuan/ton with a decline of 0.12%, and the trading volume was 13,284 lots. The closing price of JM2605 was 1134.5 yuan/ton with an increase of 0.44%, and the trading volume was 714,203 lots [5]. - The KDJ indicators of the daily line of coke 2605 contract continued to decline, but the J - value was significantly dull. The KDJ indicators of the daily line of coking coal 2605 contract showed a differentiated trend, with the J - value and K - value turning up and the D - value continuing to decline. The green columns of the MACD of the daily line of coke and coking coal 2605 contracts enlarged for the second consecutive trading day [8]. Group 3: Spot Market - On January 28, the flat - price index of quasi - first - class metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port was 1470 yuan/ton, with no change. The summary price of low - sulfur main coking coal in Tangshan was 1455 yuan/ton, in Lvliang was 1483 yuan/ton, in Linfen was 1640 yuan/ton, in Handan was 1420 yuan/ton, in Heze was 1430 yuan/ton, and in Pingdingshan was 1660 yuan/ton, all with no change [8]. Group 4: Market Outlook - News: The regulatory policy tightening led to the decline of metal prices with poor fundamentals. The international energy prices rose due to the tense situation in the Middle East, and the coal - coke prices rebounded after reaching a low [10]. - Fundamentals: Independent coking enterprises have been in continuous losses for 5 weeks, and the loss amplitude has been expanding for 3 weeks. The coke production has decreased slightly for 2 consecutive weeks after increasing in the first 2 weeks of the year. The port coke inventory has increased for 5 consecutive weeks, and the steel mill coke inventory has increased for 5 consecutive weeks and reached a new high since early October last year, while the coking enterprise coke inventory has increased after decreasing for 4 consecutive weeks. The Mongolian coal customs clearance volume has rebounded since January 12, and the customs clearance volume at the Ganqimaodu Port has basically remained above 190,000 tons recently. The coking coal inventory of 230 independent coking plants has increased significantly for 5 consecutive weeks and reached a new high since the end of January last year, while the coking coal inventory of steel enterprises and ports has been relatively stable [10]. - Forecast: The news has a dual impact on the coal - coke futures prices, but the fundamentals change little, resulting in the relative stability of coal - coke futures. It is expected that the market may first decline and then rise. It is advisable to try the strategy of buying for hedging or investment at low prices after the callback stabilizes [11]. Group 5: Industry News - As of the end of 2025, the total assets of central enterprises exceeded 95 trillion yuan, with a total profit of 2.5 trillion yuan, fixed - asset investment of 5.1 trillion yuan, and tax payment of 2.5 trillion yuan in 2025. The investment in strategic emerging industries was 2.5 trillion yuan, accounting for 41.8% of the total investment [12]. - During the "14th Five - Year Plan" period, 940 million tons of crude steel production capacity, 470 million tons of cement clinker production capacity, 360 million tons of coking production capacity, and 170 million kilowatts of coal - fired power units have completed ultra - low emission transformation [12]. - The number and production capacity of open - pit coal mines in China will continue to increase, and their position in the energy supply system will become more important [12]. - By January 25, Wuhai Energy Company completed 1.2284 million tons of raw coal production and 1.0239 million tons of commercial coal sales, achieving a good start [13]. - Haohua Energy expects its net profit in 2025 to be between 419 million yuan and 569 million yuan, a year - on - year decrease of 45.08% - 59.55% [13]. - Baofeng Energy expects its net profit in 2025 to be between 11 billion yuan and 12 billion yuan, a year - on - year increase of 73.57% - 89.34% [13]. - In 2025, the raw coal production of large - scale industrial enterprises in Ningxia was 10.28106 million tons, a year - on - year decrease of 1.1% [13]. - In 2025, Shaanxi added 30.95 million tons/year of coal production capacity, and 10.04 million kilowatts of renewable energy installed capacity [13]. - The iron ore "water - rail intermodal transport" business of Hubei Energy Jingzhou Coal Port was officially launched [13]. - Shanxi is promoting economic development and "major project construction year" work [13]. - Hudong - Zhonghua Shipbuilding signed a contract to build 4 + 2 LNG carriers [14]. - Huaibei Mining expects its net profit in 2025 to be about 1.495 billion yuan, a year - on - year decrease of about 69.21% [14]. - China National Energy Group opened a new coal supply channel to the central - China region [14]. - Northeast Power Grid's power consumption load reached a record high in late December 2025 [14]. - The daily power generation of Datang Huayin Electric Power's thermal power units reached a record high [14]. - Shanxi Coking expects to be profitable in 2025, but its net profit will decline by more than 50% year - on - year [14]. - In 2025, China's effective supply of coking coal was close to 480 million tons, a year - on - year increase of 1.4%. The net import volume of coking coal decreased for the first time since 2021, a year - on - year decrease of 3.4% [14]. - In 2025, the freight volume of the Ganqimaodu Port reached 42.433 million tons, a year - on - year increase of 3.7%, a record high [14]. - The anti - dumping measures for stainless steel welded pipes originating from China in the Eurasian Economic Union will be extended to November 12, 2026 [14]. - Mongolia plans to produce 90 million tons of coal, 1.9 million tons of copper, and 9.4 million tons of iron ore in 2026 [14]. - India and the EU reached a free - trade agreement on January 27 [14]. - India's coal production target for the 2026 - 27 fiscal year is 1.31 billion tons [15]. - A barge collision accident in Indonesia may affect coal barge transportation [15]. - In 2025, Brazil's Vale's iron ore production reached 336 million tons, a new high since 2018 [15]. - The EU plans to ban the import of Russian natural gas and oil [15]. - In 2025, South Africa's Richards Bay Coal Terminal's coal export volume increased by 11% year - on - year to 57.66 million tons, a four - year high [15]. - India Oil Corporation plans to purchase at least 24 million barrels of Brazilian crude oil in the next two years [15].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601101 证券简称：昊华能源 公告编号：2026-003 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个别及连带责任。 重要内容提示： ● 业绩预告的具体适用情形：实现盈利，且净利润与上年同期相比下降50%以上。 ● 北京昊华能源股份有限公司（以下简称"公司"）预计2025年度实现归属于母公司所有者的净利润 41,929万元到56,929万元，与上年同期（法定披露数据）相比，将减少61,728万元到46,728万元，同比减 少59.55%到45.08%。 ● 公司预计2025年度实现归属于母公司所有者的扣除非经常性损益的净利润39,131万元到54,131万元， 与上年同期（法定披露数据）相比，将减少63,504万元到48,504万元，同比减少61.87%到47.26%。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日 （二）业绩预告情况 经财务部门初步测算，预计2025年度实现归属于母公司所有者的净利润41,929万元到56,929 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601101 证券简称：昊华能源 公告编号：2026-002 北京昊华能源股份有限公司 关于2025年第四季度经营情况的 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个别及连带责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第3号一一行业信息披露》的要求，北京 昊华能源股份有限公司（以下简称"公司"）2025年第四季度主要经营情况公告如下： ■ 注：本表煤炭销量不含贸易量。 变动情况说明及影响： 2025年，煤炭销售价格同比下滑20.40%，尽管自产煤的产销量总体略有增长，但毛利仍同比出现明显 下降；甲醇业务因产销量较上年增加，叠加原料煤价格下降，毛利实现了显著提升。 本公告之经营数据源自公司内部统计、未经审计，仅供投资者及时了解公司生产经营概况之用，具体财 务数据以公司正式披露的2025年年度报告为准。 上述数据与内容并不是对公司未来经营情况做出的预测或保证，公司董事会提醒投资者审慎使用该数 据，敬请广大投资者注意投资风险。 特此公告。 北京昊华能源股份 ...