Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9] Core Insights - The resilience of demand must be paired with the rigidity of supply to support a stable coal price cycle. Developed countries have already entered a downward supply channel, while countries with current supply growth may face similar risks in the future. The combination of supply rigidity and demand resilience is expected to lead to a stable global coal supply-demand pattern [2][7] Summary by Sections Introduction - The report emphasizes that the stability of coal prices requires a logical closure formed by supply rigidity. It explores the long-term perspectives on demand, supply, and costs, aiming to clarify the medium to long-term price center of coal [5][17] Experience from Developed Countries - Coal supply changes are primarily influenced by resource endowment and demand variations. Countries with shrinking coal supply account for about 19% of global supply, including the US, Europe, Japan, South Korea, Australia, and South Africa. Historical trends indicate that long-term coal supply contraction is typically due to resource depletion, long transportation distances, and stringent environmental policies [5][35] Outlook for Growing Countries - China faces supply growth constraints due to resource depletion in Shanxi and central eastern regions. Indonesia and Russia are experiencing rising costs. Countries with ongoing coal supply growth account for approximately 77% of global supply, with China alone accounting for 50%. Future projections indicate potential supply shortages in China and declining production in Indonesia due to increased export costs [6][7] Investment Recommendations - The report suggests that the combination of supply rigidity and demand resilience will prolong the duration of coal price flattening. It recommends several companies for investment based on their performance and market conditions, including Yanzhou Coal Mining Company, Shanxi Coking Coal Group, and China Shenhua Energy [7][9]

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The social inventory of coal continues to decline, and the significant rise in futures prices boosts market confidence [6] - The coal sector has shown a mixed performance, with the CITIC coal industry index rising by 1.23%, underperforming the CSI 300 index which increased by 4.18% [2] - The coal supply-demand balance is improving, with a slight decrease in coal prices during the off-season, while coking coal production may see a marginal improvement due to environmental factors [6] Summary by Sections Coal Market Performance - As of August 22, 2025, the average daily coal sales of monitored enterprises were 7.08 million tons, a week-on-week decrease of 1.1% and a year-on-year decrease of 0.7% [2] - The total coal inventory of monitored enterprises (including port storage) was 26.71 million tons, a week-on-week increase of 2% and a year-on-year decrease of 0.8% [2] Price Trends - The price of thermal coal (Q5500K) in the Bohai Rim was 671 CNY/ton, a week-on-week increase of 0.15% [3] - The price of coking coal at major ports remained stable, while the futures settlement price for coking coal was 1,141.5 CNY/ton, a week-on-week decrease of 6.7% [4] Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies and turnaround coking coal companies, with specific recommendations for companies such as China Shenhua, Shaanxi Coal, and others [6] - The overall coal supply-demand structure is expected to improve, with a gradual balance in supply and demand in the second half of the year [6]

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Viewpoints - The combination of "logistics package" and "volume-price linkage" is driving the increase in industry concentration, forcing intermediaries out of the market and enhancing the sensitivity of coal prices [5] - The "logistics package" mechanism significantly reduces comprehensive logistics costs, creating sustainable advantages in delivery certainty and cost, while raising entry barriers for small coal operators [5] - The "volume-price linkage" mechanism strengthens scale premiums, allowing large mining and trading enterprises to gain larger discounts, while smaller entities face profit margin compression [5] - The weakening of intermediary roles is expected to enhance coal price sensitivity, with a clear trend of price reversal under the backdrop of supply contraction expectations [5] - The report emphasizes the importance of evaluating the effectiveness of "anti-involution" policies and their impact on liquidity and risk preferences to seize coal investment opportunities [5] Summary by Sections Policy Focus on Cost Reduction and Efficiency - National policies are continuously promoting the development of logistics package models [14] - The logistics package model is seen as a core strategy to reduce overall logistics costs through integrated services [7] Strengthening Long-term Contract Barriers - Long-term contract policies are reinforcing scale barriers, putting pressure on intermediaries [16] - The proportion of railway coal in total coal shipments has increased significantly in 2023 compared to 2022 [21][20] Volume-Price Linkage Trading Pilot - The introduction of volume-price linkage trading mechanisms is expected to benefit large market players significantly [25] - The rapid decrease in port coal inventories contrasts with weak net inflows, indicating a structural tightening in supply [24][23] - The Taiyuan Coal Trading Center has initiated a volume-price linkage trading mechanism to enhance market liquidity and efficiency [27] Investment Recommendations - The report recommends focusing on elastic stocks in the coal sector, highlighting specific companies likely to benefit from the current market dynamics [10]

Group 1 - The coal mining sector increased by 0.68% on August 20, with Anyuan Coal Industry leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] - Anyuan Coal Industry's closing price was 6.68, reflecting a 6.37% increase, with a trading volume of 970,300 shares and a transaction value of 638 million yuan [1] Group 2 - The coal mining sector experienced a net outflow of 257 million yuan from institutional investors, while retail investors saw a net inflow of 56.08 million yuan [2] - Major stocks in the coal mining sector showed varied performance, with Yanzhou Coal Mining Company and China Shenhua Energy receiving significant net inflows from retail investors [3] - The trading data indicates that while some companies like Anyuan Coal Industry faced net outflows from institutional investors, others like Shaanxi Coal and Chemical Industry experienced net inflows from speculative funds [3]

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。 平顶山天安煤业股份有限公司（以下简称"公司"）董事会近日收到公司董事张建国先生、涂兴子先生的 书面辞职申请。张建国先生因工作调整原因、涂兴子先生因退休原因，向公司董事会申请辞去公司第九 届董事会董事及战略委员会委员职务。根据《公司法》《公司章程》的有关规定，张建国先生、涂兴子 先生的辞职申请自送达公司董事会之日生效。张建国先生、涂兴子先生辞职后，不再担任公司其他职 务。 一、提前离任的基本情况 ■ 二、离任对公司的影响 根据《中华人民共和国公司法》《公司章程》及《上海证券交易所上市公司自律监管指引第1号一一规 范运作》的有关规定，张建国先生、涂兴子先生的辞任不会导致公司董事会成员人数低于法定最低人 数，不会影响公司董事会依法规范运作，也不会影响公司正常的经营发展。张建国先生、涂兴子先生不 存在未履行完毕的公开承诺，并已按照公司相关制度规定做好离任交接工作，公司将按照相关法律法规 及《公司章程》的有关规定，尽快完成董事的补选工作。 张建国先生、涂兴子先生在任期间勤勉尽责，致力于进一 ...

Group 1 - China Pingmei Shenma Group is accelerating its capitalization efforts, aiming to establish an overseas financing platform to support its international expansion strategy [1] - The company plans to increase the number of its listed companies from the current 4 to 6 or 7 by the end of the current party committee's term in 2028 [1] - Currently, the group has 4 listed companies, including Pingmei Co. (601666.SH), Shenma Co. (600810.SH), Yicheng New Energy (300080.SZ), and Silane Technology (838402.BJ) [1] Group 2 - As of the end of 2024, the group has 6 companies listed on the New Third Board, including Tiangong Technology (833716.NQ), Shenma Huawei (836171.NQ), Kuangyi Co. (837523.NQ), and Tianceng Environmental Protection (837146.NQ) [1]

中国平煤神马集团正在加速资本化的步伐。据上海证券报，中国平煤神马集团党委书记、董事长李毛透 露，集团正积极推进资产证券化，旨在建立集团在海外的融资平台，支持公司出海战略。其中，河南平 煤神马超硬材料股份有限公司，已启动香港上市程序，预计最快于2026年9月完成上市；平煤股份 (601666.SH)、神马股份(600810.SH)计划赴港上市，完成"A+H"布局。 此外，截至2024年末，平煤神马集团拥有6家新三板挂牌企业，分别为天工科技(833716.NQ)、神马华威 (836171.NQ)、矿益股份(837523.NQ)、天成环保(837146.NQ)等。 本文源自：智通财经网 据悉，平煤神马集团目前旗下有4家上市公司，分别是沪深交易所上市的平煤股份(601666.SH)、神马股 份(600810.SH)、易成新能(300080.SZ)，以及北交所上市的硅烷科技(838402.BJ)。 李毛表示，集团期望在本届党委任期届满时(2028年前)，能把旗下的上市公司数量从目前的4家，扩展 到6到7家。 ...

Core Viewpoint - China Pingmei Shenma Group is accelerating its capitalization efforts, aiming to establish an overseas financing platform to support its international expansion strategy [1] Group and Company Summary - The group is actively promoting asset securitization, with Henan Pingmei Shenma Superhard Materials Co., Ltd. having initiated the Hong Kong listing process, expected to complete by September 2026 at the earliest [1] - Pingmei Shenma Group plans to expand the number of its listed companies from the current four to six or seven by the end of the current party committee's term in 2028 [1] - Currently, the group has four listed companies: Pingmei Co., Ltd. (601666.SH), Shenma Co., Ltd. (600810.SH), Yicheng New Energy (300080.SZ), and Silane Technology (838402.BJ) listed on the Beijing Stock Exchange [1] - As of the end of 2024, the group has six companies listed on the New Third Board, including Tiangong Technology (833716.NQ), Shenma Huawei (836171.NQ), Kuangyi Co., Ltd. (837523.NQ), and Tianceng Environmental Protection (837146.NQ) [1]

Group 1 - China Pingmei Shenma Group is accelerating its capitalization efforts, aiming to establish an overseas financing platform to support its international expansion strategy [1] - The company plans to advance asset securitization, with Henan Pingmei Shenma Superhard Materials Co., Ltd. initiating the Hong Kong listing process, expected to complete by September 2026 at the earliest [1] - The group aims to increase the number of its listed companies from the current four to six or seven by the end of the current party committee's term in 2028 [1] Group 2 - Currently, the group has four listed companies: Pingmei Co., Ltd. (601666.SH), Shenma Co., Ltd. (600810.SH), Yicheng New Energy (300080.SZ), and Silane Technology (838402.BJ) listed on the Beijing Stock Exchange [1] - By the end of 2024, the group will have six companies listed on the New Third Board, including Tiangong Technology (833716.NQ), Shenma Huawei (836171.NQ), Kuangyi Co., Ltd. (837523.NQ), and Tianceng Environmental Protection (837146.NQ) [1]

Core Viewpoint - China Pingmei Shenma Group is actively promoting asset securitization to establish an overseas financing platform to support its international expansion strategy [1] Group and Company Summary - Henan Pingmei Shenma Superhard Materials Co., Ltd. has initiated the Hong Kong listing process, expected to complete by September 2026 at the earliest [1] - Pingmei and Shenma plan to list in Hong Kong to achieve an "A+H" layout [1] - The group aims to have 6 to 7 listed companies by the end of the current party committee's term (by 2028) [1] - Currently, Pingmei Shenma Group has 4 listed companies: Pingmei Co., Shenma Co., Yicheng New Energy, and Silane Technology listed on the Beijing Stock Exchange [1] - By the end of 2024, the group will have 6 companies listed on the New Third Board, including Tiangong Technology, Shenma Huawei, Kunyiyuan, and Tianceng Environmental Protection [1] - The group is accelerating the process of asset capitalization and securitization through its subsidiaries, forming a tiered advancement pattern of "cultivating a batch, reserving a batch, and listing a batch" [1]