Investment Rating - The report maintains a "Buy" rating for key coal companies including China Qinfa, China Coal Energy, and AnYuan Coal Industry [3][6]. Core Insights - The global coal production is expected to reach a historical high of 924.2 million tons in 2024, with a year-on-year growth of 0.9%. The Asia-Pacific region continues to expand production, with India and Indonesia increasing output by 7% and 8% respectively [7]. - Global coal demand is projected to grow to 165.06 exajoules (EJ) in 2024, reflecting a year-on-year increase of 1%. However, demand in Europe is declining rapidly, with a decrease of 7% [7]. - The report highlights the stability of coal prices, with Newcastle port coal prices at $110.85 per ton, up 4.35 dollars per ton (+4.08%) from the previous week [34]. Summary by Sections Coal Mining - The report indicates that coal prices at European ARA ports have risen to $107.25 per ton, an increase of 3.90 dollars per ton (+3.77%) [34]. - The report emphasizes the importance of monitoring coal production and demand trends, particularly in the Asia-Pacific region, which is driving growth [7]. Investment Recommendations - Key recommended stocks include China Coal Energy, China Shenhua, and the turnaround story of China Qinfa. Other notable mentions are Shaanxi Coal and Energy, and Yancoal Energy, which show potential for growth [3][6]. - The report also suggests keeping an eye on AnYuan Coal Industry, which is undergoing significant changes in its shareholder structure and asset swaps [3]. Market Trends - The report notes that global coal trade volume is expected to reach 35.99 EJ in 2024, marking a year-on-year increase of 1.3%. Indonesia remains the largest coal exporter, accounting for 29.8% of total exports [7]. - The report provides a detailed analysis of coal price movements, indicating a stable trend in shipping coal prices [30].

Investment Rating - The industry investment rating is maintained as "Accumulate" [1] Core Viewpoints - The report indicates that port coal inventories are continuously decreasing, and the coal prices are expected to rise as the peak season approaches, despite current weak industrial electricity demand limiting upward momentum [1][2] - The average daily coal inflow to the four ports in the Bohai Rim increased by 4.87% week-on-week, while the average daily outflow decreased by 2.68%, indicating a mixed demand-supply scenario [1][30] - The report highlights that the current coal prices are influenced by high inventory levels and weak industrial electricity demand, but with the onset of high temperatures, there is potential for further price increases [1] Summary by Sections 1. Weekly Market Review - The Shanghai Composite Index rose by 0.81% to 3472.32 points, while the coal sector index increased by 1.26% to 2580.17 points [10] - The trading volume for the coal sector reached 37.196 billion yuan, reflecting an increase of 8.96% [10] 2. Coal Prices - Port coal prices increased by 3 yuan/ton week-on-week, reaching 623 yuan/ton [17] - The average price of coal at production sites remained stable, with specific prices reported for different grades of coal [17] 3. Inventory and Shipping - The inventory at the Bohai Rim ports decreased by 3.21% to 27.33 million tons, indicating a downward trend towards historical normal levels [1][33] - The average daily number of anchored vessels in the Bohai Rim ports decreased by 1.01% [33] 4. Recommendations - The report suggests focusing on resource stocks, particularly recommending companies like Haohua Energy and Guanghui Energy as elastic targets in the coal sector [2][38]

证券代码：601101 证券简称：昊华能源 公告编号：2025-023 A 股每股现金红利0.458元（含税）。 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 | 2025/7/10 | － | 2025/7/11 | 2025/7/11 | 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 北京昊华能源股份有限公司 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 截至股权登记日下午上海证券交易所收市后，在中国证券 登记结算有限责任公司上海分公司（以下简称"中国结算上海 分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本1,439,997,926 股为基数，每股派发现金红利0.458元（含税），共计派发现 金红利659,519,050.11元。 三、相关日期 | 股份类别 | 股权登记日 | ...

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry, indicating a positive outlook for the sector in the next 6 months [1]. Core Insights - The current coal prices are influenced by high inventory levels and weak demand, limiting upward momentum. However, with the onset of high temperatures and the approaching peak season, there is potential for further price recovery [1]. - The average daily coal inflow to the four ports in the Bohai Rim increased by 2.07 million tons week-on-week, while the average daily outflow rose by 13.60 million tons, indicating a growing demand [1][25]. - The report highlights that the average coal inventory at the Bohai Rim ports decreased to 28.24 million tons, down by 0.598 million tons, approaching historical normal levels [1][29]. Summary by Sections 1. Market Review - The Shanghai Composite Index rose by 1.26% during the week, while the coal sector index fell by 1.00% [10]. - The average daily trading volume for coal stocks increased by 7.68% compared to the previous week [10]. 2. Coal Prices - Port coal prices increased by 11 CNY/ton, reaching 620 CNY/ton, while the price for various coal grades at production sites showed mixed trends [17]. - The price index for Bohai Rim coal remained stable at 663 CNY/ton [19]. 3. Supply and Demand Dynamics - Daily average coal inflow and outflow at the Bohai Rim ports both increased, reflecting a positive shift in demand [25][29]. - The number of anchored vessels in the Bohai Rim area rose by 15.83%, indicating increased shipping activity [29]. 4. Recommendations - The report suggests focusing on resource stocks, particularly recommending companies like Haohua Energy and Guanghui Energy due to their low valuations and potential for price elasticity [34].

昊华国际已取得北京市商务局《企业境外投资注销确认 函》，及香港特别行政区公司注册处《解散公告通知》,并 已按照相关程序完成了境内外注销登记手续。 本次注销完成后，昊华国际将不再纳入公司合并财务报 表范围，不会对公司整体业务发展和盈利水平产生重大影 响，不存在损害公司及股东利益的情形。 特此公告。 北京昊华能源股份有限公司 关于全资子公司完成注销的公告 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法律责任。 2024 年 8 月 23 日，北京昊华能源股份有限公司（以下 简称"公司"）第七届董事会第十一次会议审议通过了《关 于处置昊华能源国际（香港）有限公司的议案》，同意公司 采用清算退出方式对全资子公司昊华能源国际（香港）有限 公司（以下简称"昊华国际"）进行处置。 证券代码：601101 证券简称：昊华能源 公告编号：2025-021 2025 年 6 月 18 日 北京昊华能源股份有限公司 ...

证券代码：601101 证券简称：昊华能源 公告编号：2025-022 北京昊华能源股份有限公司 第七届董事会第十五次会议决议公告 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个别及 连带责任。 重要内容提示： 北京昊华能源股份有限公司（以下简称"昊华能源"或"公 司"）本次董事会以通讯表决方式召开，全体董事参与表决。 本次董事会全部议案均获通过，无反对票、弃权票。 一、董事会会议召开情况 二、董事会会议审议情况 1.关于更换公司董事长的议案 经表决，同意 10 票，反对 0 票，弃权 0 票，通过此议案。 公司原董事长董永站先生已退休，并辞去董事长、董事等职 务。同意选举薛令光先生为公司董事长，任期自公司董事会审议 通过之日起至第七届董事会届满时止。 根据《公司章程》第八条规定"董事长为公司的法定代表人"， 公司的法定代表人将由董永站先生变更为薛令光先生，同意授权 公司经理层办理工商变更登记事宜。 此议案已经公司董事会提名委员会审议通过。 2.关于补选公司董事会提名委员会成员的议案 经表决，同意 10 票，反对 0 票，弃权 0 票 ...

证券代码：601101 证券简称：昊华能源 公告编号：2025-022 北京昊华能源股份有限公司 第七届董事会第十五次会议决议公告 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个别及 连带责任。 重要内容提示： ? 北京昊华能源股份有限公司（以下简称"昊华能源"或"公 司"）本次董事会以通讯表决方式召开，全体董事参与表决。 ? 本次董事会全部议案均获通过，无反对票、弃权票。 一、董事会会议召开情况 公司第七届董事会第十五次会议以通讯表决形式召开，通知 及材料于 2025 年 6 月 10 日以通讯方式向全体董事发出，本次会 议表决截止时间为 2025 年 6 月 18 日 15 时。 本次会议应参加表决的董事 10 人，实际参加表决的董事 10 人。本次会议召开符合《公司法》《公司章程》的有关规定。 二、董事会会议审议情况 经表决，同意 10 票，反对 0 票，弃权 0 票，通过此议案。 公司原董事长董永站先生已退休，并辞去董事长、董事等职 务。同意选举薛令光先生为公司董事长，任期自公司董事会审议 通过之日起至第七届董事会届满时止。 ...

会成员人数低于法定最低人数，能够保证董事会正常运作。 公司将按照法定程序尽快完成董事长等相应职务的补选工 作。 2025 年 6 月 6 日，北京昊华能源股份有限公司（以下简 称"公司"）董事会收到公司董事长董永站先生的书面辞职 报告，董永站先生因已达到法定退休年龄，并已办理退休手 续，申请辞去公司第七届董事会董事长、董事、战略委员会 主任委员、提名委员会委员、法律与合规管理委员会委员等 职务。 | 是否存 | 是否继续在 | 在未履 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 姓 | 离任 | 离任 | 原定任期 | 离任 | 上市公司及 | 行完毕 | 名 | 职务 | 时间 | 到期日 | 原因 | 其控股子公 | | | | | 的公开 | 司任职 | 承诺 | | | | | | | | | | | | | | | 公 | 司 | 第 | 七 | 届 | 董 | 董 | 事会董事长、董 | ...

Core Viewpoint - The chairman of Haohua Energy, Dong Yongzhan, has submitted his resignation due to reaching the legal retirement age, and he has completed the retirement procedures [1] Group 1 - Dong Yongzhan has resigned from multiple positions including chairman of the seventh board of directors, director, and various committee roles [1] - The resignation is effective immediately upon the delivery of the resignation report to the board [1] - The company will expedite the process of selecting replacements for the vacated positions [1]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes that marginal improvements in supply and demand have stabilized coal prices, indicating a potential recovery in coal asset allocation [1][4] - The coal sector is viewed as entering a "Golden Era 2.0," with core value assets expected to rise again due to favorable macroeconomic policies and capital market support [4][12] Summary by Sections Investment Logic - The current weak domestic economic performance and external pressures, such as tariff policies, create a favorable environment for coal as a stable dividend investment [4][12] - The cyclical elasticity of coal stocks is highlighted, with both thermal and coking coal prices expected to rebound as supply-demand fundamentals improve [4][12] - The report notes a trend of increasing dividends among coal companies, indicating a strong response to policy support and a shift towards higher dividend payouts [4][12] Key Indicators Overview - The coal sector saw a slight increase of 1.03% this week, outperforming the CSI 300 index by 1.21 percentage points [7][9] - The current PE ratio for the coal sector is 11.9, and the PB ratio is 1.19, ranking low among all A-share industries [9] Thermal Coal Industry Chain - As of May 23, the Qinhuangdao Q5500 thermal coal price is 611 CNY/ton, reflecting a slight decrease of 0.49% [3][15] - The operating rate of 442 coal mines in Shanxi, Shaanxi, and Inner Mongolia is 81.3%, showing a minor decline [15] - Daily coal consumption by coastal power plants increased to 187.6 thousand tons, up 3.93% from the previous period [15] Coking Coal Industry Chain - The report indicates a slight decrease in port coking coal prices, with the average price at 1300 CNY/ton [16] - The market price for coking coal in Shanxi is reported at 1130 CNY/ton, down 4.24% [16] Company Announcements - Several coal companies have announced mid-term dividend plans, reflecting a trend towards higher shareholder returns [4][12] Industry Dynamics - The report discusses the resilience of black demand and the overall stability of the coal market despite recent price fluctuations [3][4]