Investment Rating - The report maintains a "Positive" investment rating for the coal industry [10]. Core Insights - The recent environmental inspections by the Ministry of Ecology and Environment in five provinces are expected to influence coal supply and prices, but their impact may not be significant enough to drive price increases alone. However, if these inspections coincide with improved demand, there could be upward pressure on coal prices [2][7]. - The coal index (Yangtze) decreased by 0.27% this week, outperforming the CSI 300 index by 0.82 percentage points, ranking 26th out of 32 industries [6][25]. - As of May 30, the market price for thermal coal at Qinhuangdao was 611 RMB/ton, remaining stable week-on-week. The price for coking coal at Jingtang Port was 1270 RMB/ton, down 30 RMB/ton from the previous week [6][25]. Summary by Sections Environmental Inspections Impact - The Ministry of Ecology and Environment has initiated inspections in Shanxi, Inner Mongolia, Shandong, Shaanxi, and Ningxia, lasting about one month. Historical data suggests that previous inspections did not significantly suppress coal supply, indicating that the current inspections may not independently drive price increases [2][7]. Market Performance - The coal sector's performance this week showed a decline of 0.27%, with thermal coal and coking coal indices experiencing slight variations. The thermal coal index fell by 0.09%, while the coking coal index dropped by 0.85% [25][28]. - The report highlights that the demand for thermal coal is expected to rise as the summer peak approaches, with power plants gradually increasing their inventory needs [6][25]. Price Trends - The report notes that the price of thermal coal is expected to stabilize and potentially rebound due to seasonal demand increases and cost support from production and imports [6][25]. - The average daily coal consumption across 25 provinces was reported at 4.517 million tons, reflecting a decrease of 10.4% week-on-week [41]. Investment Recommendations - The report suggests marginal allocation to leading companies with stable profits, including China Coal Energy, China Shenhua Energy, and Shaanxi Coal and Chemical Industry [8]. - It also identifies companies with growth potential and those with elastic growth characteristics, such as Electric Power Investment Energy and Yanzhou Coal Mining [8].

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [4] Core Views - The coal mining sector is currently facing a prolonged downturn in prices, with market sentiment at a low point. However, there are signs of potential recovery as some production capacities are experiencing losses, indicating a gradual emergence of cost support. The industry is awaiting favorable policy changes to restore confidence [2][10] Summary by Sections Industry Trends - The coal mining market is experiencing a narrow adjustment with slight supply tightening in major production areas. Downstream demand remains primarily driven by essential needs [13] - Port inventories are continuously decreasing, but there is still a lack of upward momentum in prices due to limited demand from downstream buyers [14] - The shipping market has seen a slight increase in the number of vessels at northern ports, indicating some recovery in logistics [27] Key Companies - Recommended stocks include China Shenhua (601088.SH), Shaanxi Coal and Chemical Industry (601225.SH), and Xinji Energy (601918.SH), all rated as "Buy" with projected earnings per share (EPS) growth [9] - China Shenhua is highlighted as a central enterprise with strong performance, while companies like Qinfa and New Hope Energy are noted for their potential turnaround [10] Price Movements - As of May 30, the price of thermal coal at the port is reported at 620 CNY/ton, remaining stable week-on-week. However, the market is characterized by a lack of strong demand from power plants, leading to a cautious purchasing attitude [37] - Coking coal prices are under pressure, with significant declines observed in various grades, indicating a bearish market sentiment [40][53] Market Outlook - The report emphasizes that the coal industry will maintain its critical role in China's energy system during the 14th Five-Year Plan period. The overall supply-demand balance is expected to remain stable, with a potential increase in industry concentration [37]

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [4] Core Views - The coal mining sector is currently facing a prolonged downturn in prices, with market sentiment at a low point. However, there are signs of potential recovery as some production capacities are experiencing losses, indicating a cost support level that could lead to a rebound if favorable policies are introduced [2][10] Summary by Sections Industry Trends - The CITIC Coal Index is at 3,258.46 points, down 0.54%, outperforming the CSI 300 Index by 0.54 percentage points, ranking 23rd among CITIC sector performance [2][76] - The coal market is currently buyer-driven, with procurement strategies and intensity determining coal price movements. The upcoming peak summer demand and potential price stabilization policies are critical factors to monitor [10][37] Key Areas of Analysis - **Thermal Coal**: The market is stable with slight adjustments. Production in major coal-producing areas is tightening slightly, while downstream demand remains primarily for essential needs. Prices are expected to fluctuate within a narrow range due to limited demand from power plants [11][13][14] - **Coking Coal**: The market continues to decline, with prices under pressure from weak demand and high inventory levels. The report emphasizes the need to monitor production cuts from coking coal enterprises as prices approach marginal costs [10][40] - **Coke**: Profit margins are shrinking, and procurement remains focused on essential needs. The overall production of coke is still increasing, but market sentiment is negative due to declining steel prices [58][75] Investment Strategy - The report recommends key coal enterprises such as China Shenhua and China Coal Energy, highlighting their potential for recovery. It also suggests monitoring companies like Qinfa and Xinji Energy for their performance amidst current challenges [10][9]

Core Viewpoint - The company announced an adjustment to the conversion price of its convertible bonds due to a cash dividend distribution, reducing the conversion price from 8.08 CNY to 7.51 CNY per share, effective from June 9, 2025 [4][3][2]. Group 1: Convertible Bond Information - The company issued 29 million convertible bonds on March 16, 2023, which were listed on April 10, 2023 [1]. - The conversion price adjustment is based on specific formulas outlined in the bond issuance prospectus, which account for various corporate actions such as stock dividends and cash distributions [1][2]. - The adjustment to the conversion price will be communicated through announcements in designated media, ensuring transparency for bondholders [2]. Group 2: Dividend Distribution Details - The company will distribute a cash dividend of 6 CNY per 10 shares, totaling approximately 1.41 billion CNY (including tax) [2][3]. - The record date for the dividend distribution is set for June 6, 2025, with the ex-dividend date following shortly after [3]. - The adjusted cash dividend per share, after accounting for the total shares eligible for distribution, is calculated to be 0.57 CNY per share [4].

国浩律师（上海）事务所 关 于 平顶山天安煤业股份有限公司 差异化分红事项的法律意见书 上海市静安区山西北路 99 号苏河湾中心 25-28 楼 邮编：200085 电话/Tel: +862152341668 传真/Fax: +862152341670 网址/Website:http://www.grandall.com.cn 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于平顶山天安煤业股份有限公司 差异化分红事项的法律意见书 致：平顶山天安煤业股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受平顶山天安煤业股份有 限公司（以下简称"平煤股份"或"公司"）的委托，根据《中华人民共和国公 司法》《中华人民共和国证券法》《上海证券交易所交易规则》《上海证券交易 所上市公司自律监管指引第 7 号——回购股份》等有关法律法规、规范性文件和 《平顶山天安煤业股份有限公司章程》的相关规定，按照律师行业公认的业务标 准、道德规范和勤勉尽责精神，就公司 2024 年度利润分配所涉及的差异化分红 （以下简称"本次差异化分红"）相关事项出具本法律意见书。 本所律师依据本法律意见书出具日之前已经发生或存 ...

平顶山天安煤业股份有限公司2024年年度权益分派实施公告 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：2025-048 ? 每股分配比例 A 股每股现金红利0.6元 ? 相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/6 | － | 2025/6/9 | 2025/6/9 | | ? 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 10 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。根据《上海证券交易 所上市公司自律监管指引第 7 号——回购股份》等有关规定，公司回购专用账户中的股份， 不享有利 ...

| 证券代码：601666 | 证券简称：平煤股份 | 公告编号：2025-049 | | --- | --- | --- | | 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 关于可转换公司债券转股价格调整的公告 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： 上述两项同时进行：P1=(P0+A×k)÷(1+n+k)； 证券停复牌情况：适用 因实施权益分派,本公司的相关证券停复牌情况如下：权益分派公告前一交易日 （2025 年 5 月 28 日）至权益分派股权登记日（2025 年 6 月 6 日）期间，本公司 可转债停止转股，2025 年 6 月 9 日起恢复转股。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113066 | 平煤转债 | 可转债转股复 | | | 2025/6/6 | 2025/6/9 | | | ...

国浩律师（上海）事务所 关 于 平顶山天安煤业股份有限公司 差异化分红事项的法律意见书 上海市静安区山西北路 99 号苏河湾中心 25-28 楼 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China 电话/Tel: +862152341668 传真/Fax: +862152341670 网址/Website:http://www.grandall.com.cn 2025 年 5 月 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于平顶山天安煤业股份有限公司 差异化分红事项的法律意见书 致：平顶山天安煤业股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受平顶山天安煤业股份有 限公司（以下简称"平煤股份"或"公司"）的委托，根据《中华人民共和国公 司法》《中华人民共和国证券法》《上海证券交易所交易规则》《上海证券交易 所上市公司自律监管指引第 7 号——回购股份》等有关法律法规、规范性文件和 《平顶山天安煤业股份有限公司章程》的相关规定，按照律师行业公认的业务标 准、 ...

证券代码：601666 证券简称：平煤股份 公告编号：2025-048 平顶山天安煤业股份有限公司2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.6元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/6 | － | 2025/6/9 | 2025/6/9 | 本次利润分配方案经公司2025 年 4 月 10 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。根据《上海证券交易 所上市公司自律监管指引第 7 号——回购股份》等有关规定，公司回购专用账户中的股份， 不享有利润分配、公积金转增股本的权利。公司回购专用证券账户中的股份将不参与本次利 润分配。 3. 差异 ...

Investment Rating - Investment rating: Positive (maintained) [1] Core Viewpoints - The coal market is expected to stabilize due to improvements in supply-demand fundamentals, leading to a focus on coal allocation [6] - The report highlights a decrease in domestic coal production and imports, which is anticipated to support coal prices [3][4] - The upcoming summer peak demand is expected to drive electricity demand, while the demand from chemical, construction, and steel sectors remains resilient [4] Supply Side Summary - Domestic coal production decreased significantly in April 2025, with a total output of 39 million tons, down 11.6% from March [3][8] - Notable declines were observed in Xinjiang and Inner Mongolia, with production dropping by 23.8% and 20.6% respectively [10] - Import coal volumes continued to decline due to price discrepancies, with April imports down 16.4% year-on-year [3][12] Demand Side Summary - Anticipated high temperatures during the summer are expected to increase electricity demand, alleviating the negative growth trend in thermal power generation [4] - Non-electric demand remains strong, with high operating rates in coal chemical industries and resilient cement demand despite seasonal fluctuations [4][30] Inventory Summary - Port inventories in the Bohai Rim have been decreasing since mid-May, with coal stocks dropping to 31.4 million tons by May 27, 2025 [5][33] - The number of anchored vessels at ports has increased, indicating a recovery in market demand [5][33] Investment Recommendations - The report suggests focusing on coal sector investments due to favorable supply-demand dynamics, with specific recommendations for various coal companies [6][34] - Notable companies include China Shenhua, Shaanxi Coal, and Yanzhou Coal for stable investments, while companies like Yancoal and Jinneng Holding are highlighted for their potential upside [6][34]