Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is the early stage of a new upward cycle in the coal economy, driven by both fundamental and policy factors, making it an opportune time to invest in the coal sector during price corrections [11][12] - The supply side is tightening due to a decrease in coal mine capacity utilization rates, while demand is increasing, particularly in inland provinces [11][12] - The coal price has established a new support level, and high-quality coal companies are characterized by strong profitability, cash flow, return on equity (ROE), and dividends [11][12] Summary by Sections Coal Price Tracking - As of August 2, the market price for Qinhuangdao port thermal coal (Q5500) is 655 CNY/ton, up 10 CNY/ton week-on-week [3][28] - The price for coking coal at Jingtang port remains stable at 1650 CNY/ton [30] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 90.9%, down 3.1 percentage points week-on-week [11][45] - Daily coal consumption in inland provinces increased by 44.4 thousand tons/day (+13.05%) [11][46] - The daily coal consumption in coastal provinces rose by 1.0 thousand tons/day (+0.45%) [11][46] Inventory Situation - As of July 31, coal inventory in inland provinces decreased by 1.20% week-on-week, while daily consumption increased [46] - Coastal provinces saw a 1.08% decrease in coal inventory week-on-week [46] Company Performance - The coal sector is characterized by high performance, cash flow, and dividends, with a focus on companies like China Shenhua, Shaanxi Coal and Energy, and others [12][13]

Investment Rating - The coal industry is rated as "stronger than the market" [7] Core Views - The coal prices have shown a continuous upward trend due to increased daily consumption and reduced inventory as the peak season approaches [5] - The global coal shipment volume to China reached 5.524 million tons, an increase of 1.096 million tons, while the coal arrival volume was 6.376 million tons, up by 1.31 million tons year-on-year [5] - The coal supply elasticity is limited due to strict capacity control under carbon neutrality policies and increasing mining difficulties, leading to a potential new normal of underproduction [5] Summary by Sections 1. Weekly Market Review - The coal index dropped by 4.67%, underperforming the Shanghai and Shenzhen 300 index by 2.92 percentage points [15] - Year-to-date, the coal index has decreased by 10.35%, while the Shanghai and Shenzhen 300 index has increased by 3.05% [15] 2. Thermal Coal 2.1 Key Indicators Overview - As of August 1, the Qinhuangdao 5500K thermal coal price was 663 CNY/ton, up by 1.5% week-on-week [3][30] - The average daily output of 462 sample mines was 5.474 million tons, down by 3.32% week-on-week [42] 2.2 Annual Long-term Price - The long-term price for Qinhuangdao thermal coal (Q5500) was 668 CNY/ton, a month-on-month increase of 0.3% [28] 2.3 Spot Prices - The domestic price for Qinhuangdao 5500K thermal coal increased by 10 CNY/ton week-on-week [30] - The price for Inner Mongolia's 5500K coal rose by 25.5 CNY/ton, while Shanxi's price increased by 32 CNY/ton [30] 2.4 Supply and Demand 2.4.1 Supply - The operating rate of coal mines in Shanxi, Shaanxi, and Inner Mongolia was 80.2%, down by 1.3 percentage points week-on-week [40] - The average daily output of thermal coal from 462 sample mines decreased by 3.32% week-on-week [42] 2.4.2 Demand - The daily consumption of the six major power plants increased slightly to 87.7 million tons, up by 0.63% week-on-week [46] - The inventory of these power plants decreased to 1,394.3 million tons, down by 0.26% week-on-week [46] 2.4.3 Inventory Management - The total inventory index for thermal coal was 192 points, down by 1.8% week-on-week [56] - The inventory at Qinhuangdao port dropped significantly to 535 million tons, down by 8.23% week-on-week [66] 3. Coking Coal 3.1 Key Indicators Overview - The price for coking coal at Jing Tang port remained stable at 1,680 CNY/ton [80] - The average daily output of coking coal from 523 sample mines was 77.7 million tons [80] 3.2 Spot Prices - The price for Shanxi's coking coal increased by 30 CNY/ton week-on-week, while prices in Henan and Anhui remained unchanged [81]

Market Overview - The Shanghai Composite Index fell by 0.94% this week, with six industries experiencing gains, led by the pharmaceutical and communication sectors, which rose by 2.95% and 2.54% respectively. The coal industry had the largest decline at 4.67% [1][3]. Fund Flow Analysis - A total of 211.864 billion yuan in net outflow was recorded in the two markets this week, with only the banking sector seeing a net inflow of 4.327 billion yuan. The non-ferrous metals sector experienced the highest net outflow of 25.990 billion yuan, followed by the computer sector with 20.446 billion yuan [2][3]. Industry Performance - The coal industry saw a net outflow of 2.502 billion yuan this week, with all 37 stocks in this sector declining. Notable declines included Zhengzhou Coal Electricity at 9.67%, Shanxi Coking Coal at 9.01%, and Pingmei Shenma at 8.50% [3][4]. Individual Stock Performance in Coal Sector - In the coal sector, three stocks had net inflows, with Antai Group leading at 21.0644 million yuan. The stocks with the highest net outflows exceeding 100 million yuan included Yongtai Energy at 379.448 million yuan, Shanxi Coking Coal at 318.074 million yuan, and Lu'an Environmental Energy at 219.224 million yuan [4][5].

平顶山天安煤业股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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。 重要内容提示： 证券代码：601666 证券简称：平煤股份 公告编号：2025-065 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司于 2024 年 11 月 28 日通过上海证券交易所交 易系统以集中竞价交易方式首次回购公司股份，截至 2025 年 7 月 31 日，公司本 次已累计回购股份 103,171,309 股，占公司总股本的比例为 4.18%，购买的最高价 为 10.70 元/股、最低价为 7.51 元/股，已支付的总金额为 995,039,251.96 元（不 含印花税、交易佣金等交易费用）。 上述回购进展符合既定的回购股份方案。 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做出 回购决策并予以实施，同时根据回购股份事项进展情况及 ...

格隆汇8月1日丨平煤股份(601666.SH)公布，截至2025年7月31日，公司本次已累计回购股份1.03亿股， 占公司总股本的比例为4.18%，购买的最高价为10.70元/股、最低价为7.51元/股，已支付的总金额为9.95 亿元（不含印花税、交易佣金等交易费用）。 ...

Group 1 - The company announced an adjustment in the conversion price of its convertible bonds due to the repurchase and cancellation of restricted stocks, changing from RMB 7.51 per share to RMB 7.52 per share, effective from August 4, 2025 [1][4] - The company issued 29 million convertible bonds with a total value of RMB 2.9 billion on March 16, 2023, with a maturity period of six years [1] - The company will repurchase and cancel 579,780 restricted stocks, which account for 0.23% of the total share capital, due to the failure to meet performance targets for the third vesting period of the incentive plan [2][3] Group 2 - The adjustment formula for the conversion price of the convertible bonds is based on the issuance of new shares or stock dividends, with the new price calculated as P1 = (P0 + A × k) / (1 + k) [3] - The adjusted conversion price reflects a minor increase, indicating a slight dilution effect from the repurchase of restricted stocks [4]

Group 1 - The company has announced the adjustment of the conversion price for its convertible bonds due to the repurchase and cancellation of restricted stocks [1][3] - The previous conversion price was set at RMB 7.51 per share, which has been adjusted to RMB 7.52 per share effective from August 4, 2025 [1][4] - The company issued 29 million convertible bonds on March 16, 2023, with a total amount of RMB 2.9 billion, maturing on March 15, 2029 [1][2] Group 2 - The board of directors approved the repurchase and cancellation of 5.7978 million restricted stocks, which accounts for 0.23% of the company's total share capital, due to unmet performance targets [2] - The repurchase price will be based on the grant price plus the interest from bank deposits [2] - The completion of the repurchase and cancellation was processed by the China Securities Depository and Clearing Corporation on July 31, 2025 [2]

Group 1 - The coal mining sector experienced a decline of 2.24% on July 31, with Huabei Mining leading the drop [1] - The Shanghai Composite Index closed at 3573.21, down 1.18%, while the Shenzhen Component Index closed at 11009.77, down 1.73% [1] - Major coal mining stocks showed significant declines, with Huabei Mining down 4.95% and other notable declines including Lu'an Environmental Energy down 4.85% and Pingmei Shenma down 4.57% [1] Group 2 - The coal mining sector saw a net outflow of 863 million yuan from main funds, while retail investors contributed a net inflow of 624 million yuan [1] - The table of fund flows indicates that China Shennong had a net inflow of 72.29 million yuan from main funds, while other companies like Electric Power Energy and SuNeng had mixed results in fund flows [2] - The overall trend shows that while main funds are withdrawing, retail investors are actively buying into certain stocks within the coal mining sector [2]

| 证券代码：601666 | 证券简称：平煤股份 公告编号：2025-064 | | --- | --- | | 转债代码：113066 | 转债简称：平煤转债 | 平顶山天安煤业股份有限公司 关于部分限制性股票回购注销完成调整"平煤转债" 转股价格的公告 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。 重要内容提示： 证券停复牌情况：适用 公司已于 2025 年 7 月 31 日在中国证券登记结算有限责任公司上海分公司办 理完成上述限制性股票回购注销。具体内容详见公司于 2025 年 7 月 29 日披露的 《平煤股份关于股权激励限制性股票回购注销实施公告》（公告编号：2025-059）。 二、本次回购注销限制性股票对公司可转换公司债券转股价格的影响 因限制性股票回购注销需调整"平煤转债"转股价格,本公司的相关证券停复牌情 况如下： | 113066 | 平煤转债 | 可转债转股停 | 2025/8/1 | 全天 | 2025/8/1 | 2025/8/4 | | --- | --- | --- | --- | --- | ...

资金流向方面，今日主力资金净流出1650.32万元，占比成交额3.98%。其中，超大单净流出2016.12万 元、占成交额4.87%，大单净流入365.81万元、占成交额0.88%，中单净流出流入2989.40万元、占成交 额7.22%，小单净流出1339.08万元、占成交额3.23%。 平煤股份最新一期业绩显示，截至2025一季报，公司营业总收入54.00亿元、同比减少34.69%，归属净 利润1.52亿元，同比减少79.50%，扣非净利润1.76亿元，同比减少76.64%，流动比率0.548、速动比率 0.521、资产负债率63.34%。 天眼查商业履历信息显示，平顶山天安煤业股份有限公司，成立于1998年，位于平顶山市，是一家以从 事煤炭开采和洗选业为主的企业。企业注册资本231521.5955万人民币，实缴资本133037.8607万人民 币。公司法定代表人为焦振营。 金融界消息 截至2025年7月30日收盘，平煤股份（601666）报收于8.31元，上涨0.12%，换手率2.01%， 成交量49.55万手，成交金额4.14亿元。 通过天眼查大数据分析，平顶山天安煤业股份有限公司共对外投资了26家企业 ...