平顶山天安煤业股份有限公司 转债代码：113066 转债简称：平煤转债 证券代码：601666 证券简称：平煤股份 编号：2026-017 关于可转换公司债券转股结果暨股份变动的公告 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。 重要内容提示： ●累计转股情况：平顶山天安煤业股份有限公司可转换公司债券 （以下简称"平煤转债"）自 2023 年 9 月 22 日起开始转股，截至 2026 年 3 月 31 日，累计共有 1,472,479,000 元"平煤转债"转换为公司股 份，因转股形成的股份数量为 162,534,400 股，占可转债转股前公司已 发行股份总额的 7.02%。 ●未转股可转债情况：截至 2026 年 3 月 31 日，尚未转股的"平煤 转债"金额为 1,427,521,000 元，占"平煤转债"发行总额的 49.22%。 ●本季度转股情况：2026 年第一季度共计 24,000 元"平煤转债" 转换为公司股份，因转股形成的股份数量为 3,187 股。 一、可转债发行上市概况 1、"平煤转债"发行上市情 ...

Investment Rating - The report recommends a "Buy" rating for several companies in the coal mining sector, including China Shenhua, Yanzhou Coal, and Shaanxi Coal [3][7]. Core Insights - The ongoing conflict in the Middle East has disrupted India's LNG supply, leading to increased reliance on coal for power generation, which supports global coal prices [2][3]. - The report highlights that the coal market sentiment is improving due to rising demand for coal in various regions, driven by the high prices of LNG [2][3]. Summary by Sections Energy Price Overview - As of March 27, 2026, Brent crude oil futures settled at $112.57 per barrel, a slight increase of $0.38 (+0.34%) from the previous week. WTI crude oil futures rose to $99.64 per barrel, up $1.41 (+1.44%) [1]. - Northeast Asia's LNG spot price was $19.81 per million British thermal units, down $1.73 (-8.05%) from the previous week [1]. - Coal prices showed mixed trends, with European ARA coal at $123.25 per ton, down $5.75 (-4.46%), while Newcastle coal rose to $135.60 per ton, up $0.25 (+0.18%) [1]. Market Dynamics - The conflict in the Middle East has led to a significant drop in India's gas-fired power generation, forcing the country to rely more heavily on coal, which now accounts for over 70% of its total power generation [2][3]. - The report notes that LNG prices have surged, reinforcing coal's position as a balancing fuel in India's power system, which is expected to see peak electricity demand reach 270 GW this summer [2][3]. Key Investment Targets - The report emphasizes several key stocks for investment, including: - China Shenhua (Buy) - Yanzhou Coal (Buy) - Shaanxi Coal (Buy) - China Qinfa (Buy) - Other notable mentions include Peabody, Jin Coal, and Lu'an Environmental Energy [3][7]. Price Trends - The report provides detailed coal price trends, indicating that Newcastle coal prices increased by $0.25 to $135.60 per ton, while South African Richards Bay coal futures decreased by $1.00 to $109.90 per ton [33]. - The European ARA coal price decreased by $5.75 to $123.25 per ton, reflecting the volatility in the coal market [33].

Investment Rating - The report maintains a "Buy" rating for key coal companies such as China Shenhua, Shaanxi Coal and Energy, and Yancoal Australia, while recommending "Hold" for Pingmei Shenma Energy [8]. Core Insights - The coal market is experiencing a seasonal price increase, with domestic thermal coal prices rising by 25 CNY/ton and coking coal prices by 120 CNY/ton, driven by geopolitical tensions and increased demand from the coal chemical sector [1][5]. - The report emphasizes the potential for coal prices to reach the 1000 CNY/ton mark as supply constraints and high demand continue to support price increases [1][5]. - The ongoing geopolitical conflicts, particularly the US-Iran tensions, are expected to further elevate energy prices and reshape global trade dynamics, benefiting domestic coal producers [2][9]. Industry Trends - **Thermal Coal**: The demand for chemical coal is improving, and daily consumption is increasing year-on-year, leading to further price increases. As of March 27, 2026, the price of thermal coal at northern ports reached 762 CNY/ton, up 25 CNY/ton from the previous week [29][35]. - **Coking Coal**: Coking coal prices are also on the rise due to low inventory levels at production sites and increased purchasing activity from downstream industries. The price of low-sulfur coking coal reached 1570 CNY/ton, reflecting a 120 CNY/ton increase week-on-week [36][39]. - **Market Dynamics**: The report notes that while prices are increasing, there is a growing fear of high prices among traders, which may lead to reduced trading activity at northern ports. However, the overall demand from coal chemical sectors and some recovery in steel production is providing support for prices [13][32]. Key Companies to Watch - The report highlights several companies positioned to benefit from the current market conditions, including: - China Shenhua [8] - Shaanxi Coal and Energy [8] - Yancoal Australia [9] - Pingmei Shenma Energy [8] - Other notable mentions include Keda Control and China Qinfa [9].

煤炭 2026 年 03 月 29 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2025-03 2025-07 2025-11 煤炭 沪深300 相关研究报告 《煤炭开启新一轮上行，焦煤板块低 位攻守兼备—行业周报》-2026.3.22 《中东局势催化油价，煤化工将持续 受益—行业周报》-2026.3.15 《中东局势短期难以结束，煤价有望 持续催化—行业点评报告》-2026.3.9 日耗保持高位，煤炭价格可期 本周要闻回顾：日耗保持高位，煤炭价格可期 动力煤方面：动力煤价格小涨，截至 3 月 27 日，秦港 Q5500 动力煤平仓价为 761 元/吨，环比上涨 26 元/吨，前期已经完成了我们估算的第四目标价格区间，即 800-860 元区间。目前煤价已经恢复至我们预期的煤电盈利均分线 750 元附近， 并保持窄幅波动。我们认为节后主产区动力煤价格出现小幅上涨，站台及煤场拉 运积极性有所提升，终端补库需求较前期增加，叠加大集团外购价格上涨，市场 情绪改善，坑口价格持续小幅上调。中长期来看，中东局势扰动成为最大的变量， 若战事持续紧张，将催化石油价格 ...

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is experiencing a price increase, with northern port coal prices reaching a new high of 761 RMB/ton as of March 27, 2026, reflecting a week-on-week increase of 26 RMB/ton [4][14] - The supply side shows a slight increase in domestic production, while the demand side remains robust, particularly in non-electric sectors such as metallurgy and chemicals, influenced by geopolitical tensions in the Middle East [14][39] - The report emphasizes the long-term upward trend in coal prices driven by factors such as rising labor costs, increased safety and environmental investments, and higher taxation by local governments [7] Summary by Sections 1. Thermal Coal - As of March 27, 2026, northern port thermal coal prices are at 761 RMB/ton, up 26 RMB/ton week-on-week [14][15] - Production capacity utilization in the Sanxi region increased by 2.04 percentage points week-on-week, primarily due to the resumption of previously halted mines [14][23] - Daily consumption by six major power plants increased by 73,000 tons week-on-week, indicating strong demand despite the traditional off-season [14][24] - The inventory at six major power plants decreased by 391,000 tons to 12.75 million tons, reflecting a significant reduction compared to the same period last year [14][33] 2. Coking Coal - The utilization rate of sample coking coal mines decreased by 1.16 percentage points to 86.0%, mainly due to production constraints in some mines [39][40] - The average price of main coking coal at the port increased to 1,750 RMB/ton, up 130 RMB/ton week-on-week [41] - Downstream demand remains strong, with iron and steel production increasing by 29,500 tons week-on-week [39][62] 3. Coke - The report notes that major coking enterprises have initiated the first round of price increases, with a rise of 50-55 RMB/ton set to take effect on April 1, 2026 [62] - The production rate of independent coking plants increased to 73.72%, reflecting a positive trend in production efficiency [68] - The average profit per ton of coke decreased to 21 RMB/ton, down 17 RMB/ton week-on-week, indicating pressure on profitability [65] 4. Anthracite - The price of anthracite coal has risen, with the market experiencing a tightening of supply due to production conditions [82] - The price of small block anthracite from Yangquan reached 930 RMB/ton, up 30 RMB/ton week-on-week [82] 5. Key Companies and Profit Forecasts - The report highlights several key companies in the coal mining sector, including China Shenhua, Shaanxi Coal, and Yanzhou Coal, recommending a focus on their value attributes [7][9]

[Table_Page] 投资策略周报|煤炭开采 证券研究报告 [Table_Title] 煤炭行业周报（2026 年第 12 期） 地缘冲突延续，煤炭价格进一步上涨 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-03-29 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]沈涛 SAC 执证号：S0260523030001 SFC CE No. AUS961 010-59136686 shentao@gf.com.cn 分析师： 安鹏 SAC 执证号：S0260512030008 SFC CE No. BNW176 021-38003693 anpeng@gf.com.cn 分析师： 宋炜 SAC 执证号：S0260518050002 SFC CE No. BMV636 021-38003691 songwei@gf.com.cn -10% 0% 10% 20% 30% 40% 03/25 06/25 08/25 11/25 01/ ...

钢厂、焦化厂进一步补库，焦煤现货价格 如期上涨 ——东方证券煤炭行业周报（20260323-20260329） 核心观点 投资建议与投资标的 投资建议：在美国与伊朗冲突加剧的背景下，煤炭板块向上弹性将得到体现，动力煤是 民生资源，价格上涨可能受到政策端的压制，一旦政策端要求煤炭供应向动力煤倾斜， 焦煤的供应将受到影响，导致焦煤供需迅速转向紧张，我们认为短期基本面驱动焦煤价 格反弹，同时焦煤价格向上具备比动力煤价格更大的空间，推荐平煤股份(601666，增 持)、淮北矿业(600985，增持)、山西焦煤(000983，增持)、潞安环能(601699，增持)。 风险提示 经济增速下滑；水电出力超预期；海外地缘冲突迅速结束；政策实施力度不及预期。 煤炭行业 行业研究 | 行业周报 国家/地区 中国 行业 煤炭行业 报告发布日期 2026 年 03 月 29 日 看好（维持） | 蒋山 | 执业证书编号：S0860525110006 | | --- | --- | | | jiangshan2@orientsec.com.cn | | | 0755-82819271 | | 李晓渊 | 执业证书编号：S0860525 ...

Investment Rating - The report maintains an "Overweight" rating for the coal industry [2][5]. Core Insights - The coal market is experiencing a multi-factor resonance leading to sustained price increases, driven by geopolitical tensions, rising oil and gas transportation costs, and a resilient demand for thermal coal [7][8]. - The report emphasizes the importance of coal as a bottom-line guarantee in the current energy landscape, suggesting that coal stocks are worth increasing positions in [8]. Summary by Sections 1. Industry Overview - The coal industry comprises 37 listed companies with a total market capitalization of 2,347.914 billion yuan and a circulating market value of 2,238.858 billion yuan [2]. 2. Price Tracking - Recent trends indicate that the price of thermal coal has risen, with the average price at the Qinhuangdao port reaching 766 yuan/ton, a week-on-week increase of 26 yuan/ton [8]. - The report outlines a price expectation trajectory for coal, forecasting potential increases to 800-850 yuan/ton due to various market pressures [8]. 3. Supply and Demand Dynamics - The report notes that the average daily production of thermal coal from 462 sample mines is 5.606 million tons, reflecting a week-on-week increase of 1.96% [8]. - Demand for thermal coal has also increased, with a reported daily consumption of 5.189 million tons across 25 provinces, marking a year-on-year growth of 12.19% [8]. 4. Company Performance Tracking - Key companies in the coal sector are highlighted, with specific attention to their earnings per share (EPS) and price-to-earnings (PE) ratios, indicating strong investment potential [5][13]. - The report tracks dividend policies and growth prospects for major coal companies, emphasizing their stable earnings and potential for future growth [13][14].

Summary of the Conference Call for Pingmei Shenma Energy Company Industry Overview - The coal industry is experiencing a shift due to supply constraints from overproduction policies and improving demand from the steel and chemical sectors, leading to an expected gradual increase in coking coal prices in 2026 [2][8]. Key Company Insights - **Iron Factory No. 1 Mine**: - 51% ownership, construction commenced in August 2025, with a planned capacity of 3 million tons [2]. - Expected to obtain mining rights by mid-2026 and commence production by the end of 2028 [2][3]. - Resource amount of 1.688 billion tons with an estimated recoverable reserve of nearly 600 million tons [3]. - **Sikong Tree Coal Mine**: - 60% ownership, annual capacity of 1.2 million tons, with a projected revenue of 286 million yuan and a profit of approximately 30 million yuan in 2025 [3]. - **Cost Management**: - Coal cost per ton is expected to decrease by 27%-28% year-on-year to 570 yuan in 2025, with Q3 costs dropping to 504 yuan [2][6]. - Further cost reduction of 5%-10% is anticipated in 2026 [6]. - **Dividends and Market Management**: - Committed to a cash dividend ratio of no less than 60% from 2023 to 2025, with plans for share buybacks and mergers to enhance market value [2][7]. Potential Risks and Opportunities - **Asset Injection from Henan Energy Group**: - The group has 60-80 million tons of coal capacity, but asset injection is slow due to efficiency and ownership issues [2][4]. - Future asset injections are expected but will depend on the restructuring of the group [4]. - **Coking Assets**: - The group has four coking enterprises with a total capacity of 6.5 million tons, but profitability is currently low, with the focus on coal chemical by-products [5]. Market Outlook - **Supply and Demand Dynamics**: - Supply is expected to decrease due to strict enforcement of overproduction policies, while demand is projected to improve due to recovery in steel and chemical industries [8]. - Current low inventory levels support a positive outlook for the coal market in 2026 [8]. - **Long-term Price Trends**: - The company remains optimistic about the long-term development of the coking coal industry, with a projected price stabilization around 1,600 yuan per ton for 2026, influenced by geopolitical factors [9]. Additional Considerations - The company's "14th Five-Year" plan is under adjustment due to the ongoing restructuring of the group [9]. - The product structure includes 64% premium low-sulfur coking coal, indicating a focus on high-quality resources [9].

Group 1 - The core point of the news is the performance of the E Fund Dividend ETF (515180), which opened at a decline of 0.14% on March 26, 2023, priced at 1.427 yuan [1][2] - The ETF's performance benchmark is the CSI Dividend Index return, managed by E Fund Management Co., Ltd., with fund managers Lin Weibin and Song Zhaoxian [2] - Since its establishment on November 26, 2019, the ETF has achieved a return of 85.20%, while its return over the past month has been -1.03% [2] Group 2 - The major stocks held by the E Fund Dividend ETF showed mixed performance, with China Merchants Industry Holdings rising by 0.86%, Guanghui Energy by 0.73%, while Zhonggu Logistics, Shanxi Coal International, Pingmei Shenma, Lu'an Environmental Energy, and Ordos all experienced declines [1] - The MACD golden cross signal has formed, indicating potential upward momentum for certain stocks [3]