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]

证券代码：601666 证券简称：平煤股份 公告编号：2025-066 平顶山天安煤业股份有限公司 关于公司董事辞职的公告 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。 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 | | | | | | | | 是否存在 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 是否继续在上 | 具体职务 | | | | | | | | 原定任期 | | | 未履行完 | | | 姓名 | 离任职务 | | 离任时间 | | 离任原因 | | 市公司及其控 ...

（文章来源：每日经济新闻） 平煤股份8月18日晚间发布公告称，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。张建国先生、涂兴子先生辞职后，不再担任 公司其他职务。 ...

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。 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——规范运作》的有关规定，张建国 姓名 离任职务 离任时间 原定任期 到期日 离任原因 是否继续在上 市公司及其控 股子公司任职 具体职务 （如适 用） 是否存在 未履行完 毕的公开 承诺 张建国 董事、战 略委员会 委员 2025 年 8 月 10 日 2026年1 月 5 日 工作调整 否 不适用 否 涂兴子 董事、战 略委员会 委员 2025 年 8 月 18 日 2026年1 月 5 日 退 ...

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [6]. Core Views - The report suggests that coal prices are likely to end the year at their highest point due to increased regulatory checks on production, resilient demand, and potential capacity increases disrupting market expectations [4][11]. Summary by Sections Market Review - The CITIC Coal Index was at 3,523.37 points, down 0.77%, underperforming the CSI 300 Index by 3.14 percentage points, ranking 27th among CITIC sectors [3][83]. Production and Supply - In July, the average daily output of raw coal in China hit a new low since July 2023, marking the first year-on-year decline since May 2024 [2]. - The report highlights that the National Energy Administration's recent measures to check overproduction are crucial for stabilizing coal prices, indicating long-term supply risks [2][3]. Price Trends - Coal prices saw a significant rebound after hitting a low of 618 CNY/ton in mid-June, driven by seasonal demand and regulatory news [3]. - As of August 15, the price of thermal coal at North Port was reported at 696 CNY/ton, reflecting a week-on-week increase of 15 CNY/ton [9][39]. Demand Dynamics - The report notes that while downstream demand remains stable, the enthusiasm for purchasing coal has diminished due to rising prices, leading to a cautious approach from coal mines [9][40]. - The report emphasizes that the overall demand from downstream industries, including metallurgy and chemicals, remains stable despite fluctuations in coal prices [18]. Strategic Recommendations - The report recommends focusing on companies with strong earnings potential, such as China Shenhua, Shaanxi Coal and Chemical Industry, and others, highlighting their resilience in the current market [12]. - It also suggests monitoring the impact of regulatory measures on production and the potential for increased imports of coal [11][12]. Inventory and Stock Levels - The report indicates that coal inventories at ports have been declining, with a total of 2,364 million tons reported as of August 15, down 102 million tons week-on-week [22]. - The report also notes that the overall inventory levels in the coal market remain low, which supports price stability [47].

Investment Rating - The industry investment rating is "Positive" and maintained [9]. Core Viewpoints - The report highlights that the domestic raw coal production has turned negative year-on-year, with a significant increase in thermal power generation during the peak season. The report anticipates that the demand for thermal coal will remain resilient due to high temperatures and the upcoming "golden September and silver October" non-electric peak season, which may support continued price increases for thermal coal. The report also emphasizes the defensive allocation value of coal stocks due to their high dividend yield and low allocation in the current coal sector [2][12][25]. Supply Summary - Domestic raw coal production in July was 38.099 million tons, down 3.8% year-on-year and down 9.5% month-on-month. From January to July, the total production was 2.779 billion tons, up 3.8% year-on-year [6][15]. - The import of coal and lignite in July was 35.61 million tons, down 22.94% year-on-year but up 7.8% month-on-month. The cumulative import from January to July was 25.731 million tons, down 13.0% year-on-year [12][17]. Demand Summary - In July, thermal power generation increased by 4.3% year-on-year and 21.9% month-on-month, with total domestic power generation reaching 926.7 billion kWh, up 3.1% year-on-year and 16.4% month-on-month. The report notes that the demand for thermal coal is supported by high electricity consumption due to summer heat [25][26]. - The report indicates that the demand for non-electric coal, particularly in cement production, has decreased, with July cement output at 14.557 million tons, down 5.6% year-on-year [30][34]. Future Outlook - For thermal coal, the report expects continued upward price momentum due to sustained electricity demand driven by high temperatures and the upcoming non-electric peak season. Key factors to monitor include production checks and the sustainability of terminal demand [2][12]. - For coking coal, the report notes that supply is tight due to production controls and safety regulations, with short-term price stability expected. The report suggests that there may be opportunities for strategic allocation in coking coal following policy catalysts and the release of negative mid-term reports [2][12][35].

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Viewpoints - The coal mining industry is experiencing a slow recovery in supply due to the impact of overproduction checks, with strong fundamentals in the coal market continuing [1][8] - The report highlights that the port coal prices have increased by 16 CNY/ton week-on-week, with prices in Shanxi and Inner Mongolia also rising [4][14] - The overall production recovery is cautious due to policies and maintenance issues, leading to tight supply conditions [4][14] Summary by Sections 1. Thermal Coal - Supply recovery remains limited, with port inventories decreasing and prices rising [14] - As of August 15, the Qinhuangdao port price for thermal coal reached 698 CNY/ton, up 16 CNY/ton week-on-week [15] - The production capacity utilization in the Sanxi region slightly increased by 0.13 percentage points [20] 2. Coking Coal - The production capacity utilization for coking coal decreased by 0.62 percentage points due to safety and overproduction checks [39] - The average customs clearance at Ganqimaodu port was 1,081 trucks, down 69 trucks week-on-week [43] - Coking coal prices at the port remained stable at 1,610 CNY/ton as of August 15 [40] 3. Coke - The demand for coke remains strong, with inventory levels at a yearly low [49] - The average profit per ton of coke increased to approximately 20 CNY/ton, up 36 CNY/ton week-on-week [53] - The production rate of independent coking plants was 74.15%, with a slight increase [56] 4. Anthracite - Anthracite prices remained stable, with the price for small blocks at 900 CNY/ton as of August 15 [69] - The demand from downstream power plants is stable, providing support for the market [69] 5. Key Companies and Investment Logic - The report emphasizes the investment value of leading coal companies, highlighting their strong cash flow and profitability [8] - Recommended stocks include China Shenhua, Shaanxi Coal, and Yanzhou Coal, among others [9]

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [6]. Core Views - The release of the new "Coal Mine Safety Regulations" indicates a tightening of safety supervision in the coal mining sector, with significant revisions made to the previous regulations [1]. - Recent trends show an increase in coal prices at ports, while international oil and gas prices have decreased [2]. - The operating rates of coking coal mines remain low, but the average daily pig iron output is at a high level compared to the same period last year [3]. - Coal inventories at Qinhuangdao Port and the Bohai Rim ports are at high levels compared to the same period last year [4]. - The report suggests that recent news regarding "anti-involution" and "checking overproduction" has positively impacted the medium to long-term expectations for coal prices, indicating significant upside potential for coal stocks [4]. Summary by Sections Safety Regulations - The new "Coal Mine Safety Regulations" consist of 34 chapters and 777 articles, with 56 new articles added and 353 articles substantially revised, marking the most comprehensive revision to date [1]. Price Trends - Qinhuangdao Port's average price for thermal coal (5500 kcal) is 692 RMB/ton, up by 18 RMB/ton (+2.61%) week-on-week [2]. - The average price for thermal mixed coal in Yulin, Shaanxi (5800 kcal) is 547 RMB/ton, up by 4 RMB/ton (+0.74%) [2]. - Newcastle Port's thermal coal FOB price (5500 kcal) is 69 USD/ton, up by 2.05% [2]. Production and Utilization Rates - The capacity utilization rate for 462 thermal coal mines is 93.9%, up by 0.54 percentage points week-on-week but down by 1.57 percentage points year-on-year [3]. - The operating rate for 523 coking coal mines is 83.7%, down by 0.19 percentage points week-on-week and down by 7.14 percentage points year-on-year [3]. Inventory Levels - As of August 15, coal inventory at Qinhuangdao Port is 5.67 million tons, up by 3.66% week-on-week and up by 5.78% year-on-year [4]. - Bohai Rim ports have a total coal inventory of 23.635 million tons, down by 4.15% week-on-week and down by 4.64% year-on-year [4]. Investment Recommendations - The report recommends accumulating shares of China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical Industry, with a focus on coking coal stocks such as Lu'an Environmental Energy and Shanxi Coking Coal [4].