Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Insights - The coal mining industry is experiencing a mixed supply and demand scenario, with production and imports declining, while coal prices are on the rise due to seasonal demand and supply constraints [14][21] - The report highlights the resilience of major coal companies, emphasizing their strong cash flow and profitability, which positions them well for future growth despite market fluctuations [14] Supply Side Summary - Coal production in November 2025 was 430 million tons, a year-on-year decrease of 0.5%, but the decline was less severe than in October [20][21] - Coal imports fell by 19.87% year-on-year in November, with a total of 44.05 million tons imported, reflecting supply chain disruptions and high base effects from the previous year [9][28] - Overall coal supply in November showed a year-on-year decline of 2.3%, but the rate of decline narrowed compared to October [28] Demand Side Summary - The demand for coal is being negatively impacted by a 4.2% year-on-year decline in thermal power generation in November, contrasting with a 7.3% increase in October [10][29] - Chemical and metallurgical sectors are showing positive contributions to coal consumption, with chemical industry coal usage increasing by 8.22% year-on-year [12][41] Inventory Summary - Power plants are replenishing their coal inventories, with significant increases noted in November, while upstream coal inventories remain low [13][14] - The inventory levels for coking coal are also rising but are still considered low overall [13] Price Summary - The average price of thermal coal at northern ports rose to 822 RMB per ton in November, reflecting a month-on-month increase of 10% [13] - The report anticipates that coal prices may stabilize due to seasonal demand and supply adjustments, despite the ongoing fluctuations [14] Investment Recommendations - The report suggests focusing on robust coal companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and others, which are expected to perform well in the current market environment [15][14] - It highlights the investment value of coal stocks due to their high dividends and cash flow characteristics, recommending a strategic approach to investing in the sector [14]

证券代码：601666 证券简称：平煤股份 编号：2025-089 平顶山天安煤业股份有限公司 第九届董事会第四十八次会议决议公告 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。 平顶山天安煤业股份有限公司（以下简称"公司"）第九届董事会第四十八次会议于2025年12月12日以书 面、短信或电子邮件的方式发出通知，于2025年12月15日采用通讯表决的方式召开，会议由公司董事长 焦振营先生主持。本次会议应表决董事14人，实际表决董事14人。会议召开及程序符合《公司法》等法 律、法规及《公司章程》的有关规定。经与会董事审议，本次董事会会议通过如下事项： 候选人简历详见附件。 一、关于变更会计师事务所的议案 会议以14票同意，0票反对，0票弃权，审议通过该议案。（内容详见2025-090号公告） 该议案已经公司2025年第九届董事会审计委员会2025年第十次会议审议通过。 二、关于公司董事会换届并选举新一届董事会董事的议案 会议以14票同意，0票反对，0票弃权，审议通过该议案。 鉴于公司第九届董事会董事任期至2025年1月5 ...

证券日报网讯12月15日晚间，平煤股份（601666）发布公告称，公司将于2025年12月31日召开2025年第 四次临时股东会。 ...

证券日报网讯 12月15日晚间，平煤股份发布公告称，公司第九届董事会第四十八次会议审议通过《关 于变更会计师事务所的议案》等多项议案。 （文章来源：证券日报） ...

证券代码：601666 证券简称：平煤股份 编号：2025-090 平顶山天安煤业股份有限公司 重要内容提示： 拟聘任的会计师事务所名称：致同会计师事务所（特殊普通合伙） （以下简称"致同事务所"） 原聘任的会计师事务所名称：河南守正创新会计师事务所（特殊 普通合伙）（以下简称"守正创新事务所"） 变更会计师事务所的简要原因：基于平顶山天安煤业股份有限公 司(以下简称公司)业务发展情况及整体审计的需要，按照《国有企业、 上市公司选聘会计师事务所管理办法》等相关规定，经公开招标，公司 拟变更会计师事务所，聘任致同事务所为公司 2025 年度审计机构。公 司已就本次变更会计师事务所事宜与守正创新事务所进行了充分沟通， 守正创新事务所已知悉本次变更事项并无异议。 该事项尚需提交股东会审议批准。 一、拟聘任会计师事务所的基本情况 （一）机构信息 1 关于变更会计师事务所的公告 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。 1.基本信息 会计师事务所名称：致同会计师事务所（特殊普通合伙） 成立日期：1981 年【工商登记：20 ...

证券代码：601666 证券简称：平煤股份 公告编号：2025-091 平顶山天安煤业股份有限公司 关于召开2025年第四次临时股东会的通知 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： 一、 召开会议的基本情况 (一) 股东会类型和届次 2025年第四次临时股东会 召开的日期时间：2025-12-31 9 点 30 分 召开地点：河南省平顶山市民主路 2 号平安大厦 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有关规定执行。 二、 会议审议事项 | 序号 | 议案名称 | 投票股东类型 | | --- | --- | --- | | | | A 股股东 | | 非累积投票议案 | | | | 1 | 关于变更会计师事务所的议案 | √ | | 累积投票议案 | | | | 2.00 | 关于董事会换届并选举新一届董事会 | 应选董事（9）人 | | | 非独立董事的议案 | | | 2.01 | 李庆明 | ...

平顶山天安煤业股份有限公司 第九届董事会第四十八次会议决议公告 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。 证券代码：601666 证券简称：平煤股份 编号：2025-089 二、关于公司董事会换届并选举新一届董事会董事的议案 会议以 14 票同意，0 票反对，0 票弃权，审议通过该议案。 鉴于公司第九届董事会董事任期至 2025 年 1 月 5 日届满，根据 《公司法》《公司章程》规定，需进行换届选举。根据《公司章程》 对董事候选人提名的规定，董事会提名委员会对符合条件的股东推荐 的董事候选人进行了任职资格审查，征求董事候选人本人意见后，认 1 平顶山天安煤业股份有限公司（以下简称"公司"）第九届董事 会第四十八次会议于 2025 年 12 月 12 日以书面、短信或电子邮件的 方式发出通知，于 2025 年 12 月 15 日采用通讯表决的方式召开，会 议由公司董事长焦振营先生主持。本次会议应表决董事 14 人，实际 表决董事 14 人。会议召开及程序符合《公司法》等法律、法规及《公 司章程》的有关规定。经与会董 ...

（记者 曾健辉） 每经AI快讯，平煤股份（SH 601666，收盘价：8.21元）12月15日晚间发布公告称，公司第九届第四十 八次董事会会议于2025年12月15日采用通讯表决的方式召开。会议审议了《关于变更会计师事务所的议 案》等文件。 截至发稿，平煤股份市值为203亿元。 每经头条（nbdtoutiao）——"一针两千，童颜针年销3亿元"背后：多家关联方注册地"查无此人"，股民 追问"钱呢"！钱氏姐弟几乎"掏空"江苏吴中，公司即将退市 2024年1至12月份，平煤股份的营业收入构成为：煤炭采选业占比89.51%，其他业务占比10.49%。 ...

| 600300 | 维维股 | 4.08 | 2.43 | 3.47 | 3.57 | 2.90 | | --- | --- | --- | --- | --- | --- | --- | | | 份 | | | | | | | 688565 | 力源科 | 4.44 | 2.66 | 10.29 | 10.58 | 2.86 | | | 技 | | | | | | | 003030 | 祖名股 | 2.94 | 1.18 | 19.75 | 20.30 | 2.81 | | | 份 | | | | | | | 603757 | 大元泵 | 4.39 | 3.79 | 37.75 | 38.74 | 2.62 | | | 业 | | | | | | | 601968 | 宝钢包 | 2.92 | 0.46 | 5.16 | 5.29 | 2.62 | | | 装 | | | | | | | 688592 | 司南导 | 5.21 | 4.71 | 42.33 | 43.43 | 2.59 | | | 航 | | | | | | | 600808 | 马钢股 | 2.93 | 0.57 | 3.77 | 3. ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9]. Core Viewpoints - Since late November, thermal coal prices have significantly declined due to abnormal weather, accelerated production resumption, and concerns over potential electricity price reductions in 2026. Despite the recent rapid price drop, the report anticipates an improvement in coal demand in 2026, with limited supply capacity utilization, suggesting a potential increase in the price baseline [2][7]. - The report emphasizes that while coal prices are currently under pressure due to weak demand, factors such as cold weather and snowfall could stabilize and potentially increase prices in the future [6][31]. Summary by Sections Market Performance - The coal index (Yangtze) fell by 3.71%, underperforming the CSI 300 index by 3.63 percentage points, ranking last among all industries [30]. - As of December 12, the market price for thermal coal at Qinhuangdao was 745 RMB/ton, down 40 RMB/ton week-on-week [6][58]. Supply and Demand Outlook - The report outlines that the recent decline in coal prices is attributed to several factors: warmer weather leading to lower electricity consumption, increased coal supply from resumed production, and concerns regarding electricity price negotiations for 2026 [7]. - The demand outlook for 2026 is optimistic, with expectations of stable or slightly positive growth in thermal power generation, despite potential long-term impacts from energy storage technologies [7][8]. - On the supply side, the report notes that while there may be new production capacity in 2026, overall supply growth is expected to remain limited due to ongoing regulatory controls on excessive production [7][8]. Investment Recommendations - The report suggests focusing on companies with a balanced risk-reward profile, recommending stocks such as Yanzhou Coal Mining Company and China Shenhua Energy for their strong fundamentals and dividend potential [7][8]. - It also highlights the potential for higher returns from currently undervalued stocks if demand improves and coal prices rise unexpectedly, suggesting companies like Huayang Co. and Jinkong Coal Industry as potential targets [7][8].