平煤股份7月29日公告，为保障"平顶山天安煤业股份有限公司煤矿数字化智能化改造提升项目（2024- 2026年）"建设按时完成，根据项目资金需求，公司拟向国家开发银行申请由国家开发银行河南省分行 牵头组建银团授信13.44亿元，贷款期限10年（含宽限期2年）。 ...

平煤股份(601666.SH)公告称，为保障"平顶山天安煤业股份有限公司煤矿数字化智能化改造提升项目 （2024-2026年）"建设按时完成，根据项目资金需求，公司拟向国家开发银行申请由国家开发银行河南 省分行牵头组建银团授信13.44亿元，贷款期限10年（含宽限期2年）。 ...

平煤股份：拟1元挂牌转让香山矿72%股权 智通财经7月29日电，平煤股份(601666.SH)公告称，公司拟在河南省政府国资委选定的产权交易机构中 公开挂牌转让所持有的子公司平顶山天安煤业香山矿有限公司72%股权，挂牌转让价格为1元。根据评 估报告，香山矿100%股权评估值为-2.09亿元。本次出售不构成重大资产重组，交易的受让方将通过公 开挂牌的方式确定，是否构成关联交易尚不确定。 ...

Core Viewpoint - The company announced the repurchase and cancellation of 5.7978 million restricted stocks due to the failure to meet performance targets outlined in the incentive plan, affecting 629 incentive recipients [1][2][5] Group 1: Repurchase and Cancellation Details - The repurchase involves 5.7978 million shares, which accounts for 0.23% of the company's total share capital [1][2] - The repurchase price will be based on the grant price plus interest from bank deposits [1][2] - The decision was approved in the 23rd meeting of the 9th Supervisory Board, with legal opinions provided by Guohao Law Firm [1][5] Group 2: Financial Performance - The company's audited net profit attributable to shareholders for 2024 was 2.34 billion yuan, which did not meet the performance criteria for the third unlock period of the incentive plan [2][5] Group 3: Share Structure Changes - Following the cancellation, the total share capital will decrease from 2,475,153,755 shares to 2,469,355,955 shares [3][4] - The structure of shares will change, with all restricted shares being canceled, leaving only unrestricted shares [4] Group 4: Shareholder Changes - The controlling shareholder, China Pingmei Shenma Group, will see a slight increase in its shareholding percentage from 44.44% to 44.55% after the cancellation [4]

证券代码：601666 股票简称：平煤股份 编号：2025-059 平顶山天安煤业股份有限公司 关于股权激励限制性股票回购注销实施公告 | 回购股份数量 | 注销股份数量 | | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | --- | | 579.78 万股 | 579.78 | 万股 | 2025 | 年 7 | 月 | 31 日 | 一、本次限制性股票回购注销的决策与信息披露 2025 年 5 月 19 日，公司召开第九届董事会第四十三次会议、第 九届监事会第二十三次会议，审议通过了《关于 2020 年限制性股票 激励计划第三个限售期解除限售条件未成就暨回购注销部分限制性 股票的议案》。国浩律师（上海）事务所出具了法律意见书。具体内 容详见公司于 2025 年 5 月 21 日在上海证券交易所网站及指定披露媒 1 体刊登的《平煤股份关于回购注销 2020 年限制性股票激励计划部分 限制性股票的公告》。 公司根据《上市公司股权激励管理办法》等相关规定就本次股份 回购注销事项履行了通知债权人的程序，具体内容详见公司于 2025 年 5 月 21 日在上 ...

Investment Rating - The investment rating for the coal industry is "Positive (Maintain)" [1] Core Views - The coal market is experiencing a rebound in prices for thermal coal and coking coal, indicating a favorable fundamental outlook [4][17] - The current price of Qinhuangdao Q5500 thermal coal is 653 CNY/ton, reflecting a 7.2% increase from the lowest price earlier this year [4][35] - The supply side remains constrained with a low operating rate of 81.3% among 442 coal mines in Shanxi, Shaanxi, and Inner Mongolia [4][25] - The demand for electricity coal is high due to the summer peak season, supporting price increases [4][25] - Coking coal prices have also surged, with the price of main coking coal at Jing Tang Port reaching 1680 CNY/ton, a 16.67% increase [4][26] Summary by Sections Investment Perspective - The coal market fundamentals are favorable, and it is time to position for growth as prices are expected to recover towards long-term contract prices around 670 CNY [4][17] - The price of coking coal is more influenced by supply and demand dynamics, with current prices indicating a recovery from previous lows [4][17] Market Performance - The coal index rose by 7.98%, outperforming the CSI 300 index by 6.29 percentage points [28] - Major coal companies have shown significant price increases, with Lu'an Energy up by 31.22% and Jinko Coal up by 18.83% [28] Key Indicators - The average PE ratio for the coal sector is 12.23, and the PB ratio is 1.26, indicating relatively low valuations compared to other sectors [29][32] - The port price for thermal coal has seen a slight increase, with Qinhuangdao Q5500 thermal coal price rising by 1.71% [35][38] Supply and Demand Dynamics - The operating rate of coal mines is at a low level, which may lead to further price increases as supply tightens [4][25] - The demand for non-electric coal remains strong, with methanol production rates at historical highs [4][25] Investment Recommendations - Four main investment lines are suggested: 1. Cycle logic: Jin控煤业 and 兖矿能源 for thermal coal 2. Dividend logic: 中国神华 and 中煤能源 for dividend potential 3. Diversified aluminum elasticity: 神火股份 and 电投能源 4. Growth logic: 新集能源 and 广汇能源 [5][18]

从中证沪港深互联互通中小综合能源指数持仓样本的行业来看，煤炭占比37.69%、焦炭占比19.45%、 油气开采占比12.76%、燃油炼制占比12.13%、油田服务占比8.87%、油气流通及其他占比5.85%、天然 气加工占比3.25%。 资料显示，该指数系列样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五 的下一交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一 个定期调整日前，权重因子一般固定不变。特殊情况下将对该指数系列样本进行临时调整。当样本退市 时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处 理。当中证沪港深500指数、中证沪港深互联互通中小综合指数和中证沪港深互联互通综合指数样本发 生变动时，将进行相应调整。 据了解，中证沪港深行业指数系列将中证沪港深 500、中证沪港深互联互通中小综合以及中证沪港深互 联互通综合指数样本按行业分类标准分别分为 11 个行业，再以各行业全部证券作为样本编制指数，以 反映中证沪港深指数系列中不同行业公司证券的整体表现。该指数以2004年12月31日为基日，以1000.0 ...

Group 1 - The core viewpoint is that after the "peak summer" period, there may be adjustments in the pace of coal price recovery, but with the heating season starting in October, coal price support is expected to strengthen again, indicating that the low point of coal prices in June may be the lowest for the year [1][5] - The coal industry is expected to see a rational release of supply in the second half of the year, combined with marginal improvements in demand, leading to an overall rebound in coal prices, which will aid in the recovery of industry profitability [1][2] - The domestic electricity demand is projected to grow steadily, with a forecasted year-on-year growth rate of 5-6% by 2025, and an expected improvement in coal demand in the second half of the year compared to the first half [3] Group 2 - Policy adjustments are expected to lead to a more rational coal supply, reducing the "quantity compensates for price" situation and enhancing safety and sustainability in the industry [4] - Coking coal prices are anticipated to rebound, but the sustainability of this rebound will depend on whether production cuts are realized and if iron and steel production meets expectations [6] - The report recommends focusing on high-dividend stocks and those with high profit elasticity in the short term, while favoring companies with strong resource endowments and cost advantages in the long term, including China Shenhua (601088), China Coal Energy (601898), and others [7]

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Viewpoints - The report emphasizes the potential for coal prices to rebound due to the "anti-involution" policy, which is expected to lead to actual production cuts and improve coal prices. The analysis is based on the mean reversion of return on equity (ROE) and the reasonable profit distribution levels of thermal coal and coking coal within their respective industrial chains [2][6][8] Summary by Sections Introduction - The "anti-involution" policy has catalyzed significant increases in coal commodities and equity prices. The report highlights the importance of understanding the future space for coal under this policy, particularly following the State Energy Administration's notice regarding coal mine production inspections [6][18] ROE Perspective - The report calculates the expected central price levels for thermal coal and coking coal based on historical average ROE. The central price for thermal coal is estimated at 749 CNY/ton, which is 96 CNY/ton higher than the price of 653 CNY/ton on July 25, 2025 (+14.7%). For coking coal, the central price is estimated at 1838 CNY/ton, which is 158 CNY/ton higher than the July 25 price of 1680 CNY/ton (+9.4%) [6][34][35] Industry Chain Perspective - The report assesses the reasonable price levels for thermal coal and coking coal based on profit distribution in the coal-electricity and coal-steel industrial chains. It estimates that the reasonable price for thermal coal could be between 776 CNY/ton and 835 CNY/ton, reflecting potential increases of 18.9% and 27.9% respectively from current prices. For coking coal, the reasonable price could range from 1707 CNY/ton to 2094 CNY/ton, with corresponding increases of 1.6% to 24.7% [7][44][45] Investment Recommendations - The report suggests that there is still room for price-to-book (PB) mean reversion, indicating a favorable investment ratio for coal stocks. It recommends focusing on short-term rebounds and long-term reversal opportunities in the coal sector. Specific stock recommendations include: 1. Elastic stocks: Lu'an Environmental Energy, Pingmei Shenma, Huaibei Mining, Shanxi Coking Coal, Yanzhou Coal, Jinkong Coal, and Shanmei International 2. Long-term stable profit leaders: China Coal Energy (A+H), China Shenhua (A+H), and Shaanxi Coal and Chemical 3. Transition growth stocks: Electric Power Investment Energy and New Energy [8][50][52]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, supported by both fundamental and policy factors, making it an opportune time to invest in the coal sector [11][12] - The report highlights a tightening supply side due to government policies aimed at curbing overproduction, which is expected to support a rebound in coal prices [3][11] - The underlying investment logic of coal capacity shortages remains unchanged, with a balanced short-term supply-demand situation and a medium to long-term gap still anticipated [11][12] Summary by Sections Coal Price Tracking - As of July 26, the market price for Qinhuangdao port thermal coal (Q5500) is 645 CNY/ton, an increase of 11 CNY/ton week-on-week [30] - The price for coking coal at Jing Tang port is reported at 1650 CNY/ton, up 230 CNY/ton week-on-week [32] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 94%, down 0.6 percentage points week-on-week, while the utilization rate for coking coal mines is 86.9%, up 0.8 percentage points [11][42] - Daily coal consumption in inland provinces has decreased by 51,000 tons/day (-13.04%) and in coastal provinces by 19,600 tons/day (-8.1%) [11][42] Inventory Situation - Coal inventory in coastal provinces increased by 429,000 tons week-on-week, while inland provinces saw a slight increase of 85,000 tons [11] Company Performance - The coal sector has shown strong performance, with the coal mining sector rising by 8.00% this week, outperforming the broader market [15][17] - Key companies to focus on include China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy, which are noted for their stable operations and solid performance [12][13]