Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9]. Core Insights - The report highlights two significant divergences in the first quarter economic data: 1) the divergence between GDP growth and electricity consumption growth; 2) the increase in raw coal production while power plant inventories are decreasing. The GDP growth of 5.4% contrasts with a mere 2.5% increase in electricity consumption, primarily due to economic structural transformation and unexpected weather impacts on residential electricity use. Additionally, despite high raw coal production, power plant inventories have declined due to weak power generation demand and structural inventory accumulation at ports and pits [2][7]. Summary by Sections Market Performance - The coal index (Yangtze) increased by 2.56%, outperforming the CSI 300 index by 1.98 percentage points, ranking 3rd out of 32 industries. The thermal coal market price as of April 18 is 663 RMB/ton, showing a slight decrease of 2 RMB/ton week-on-week [6][20]. Thermal Coal Market - The report notes that while seasonal demand for coal is weak, the market is expected to stabilize as the negative factors affecting coal stocks are likely to diminish. The report suggests a positive outlook for coal stocks due to high dividend yields and narrowing second-order effects of falling coal prices [6][20]. Coking Coal Market - The coking coal price at Jing Tang Port remains stable at 1380 RMB/ton. The report emphasizes the need to monitor potential domestic demand stimulus policies and the sustainability of steel production increases [6][21]. Economic Divergences - The report elaborates on the divergence between GDP growth and electricity consumption, attributing it to structural upgrades in the economy and unexpected weather impacts. The first quarter saw a raw coal production increase of 9.704 million tons (8.1% year-on-year), while power plant inventories decreased by approximately 21.03 million tons since the beginning of the year [7][8]. Investment Recommendations - The report recommends marginal allocations to long-term stable profit leaders such as China Shenhua (A+H) and Shaanxi Coal, as well as growth-oriented companies like Xinji Energy and Electric Power Investment Energy. It also highlights flexible growth stocks such as Yanzhou Coal Mining (A+H) and Shanxi Coking Coal [8].

●平顶山天安煤业股份有限公司（以下简称"公司"）控股股东 中国平煤神马控股集团有限公司（以下简称"集团"或"中国平煤神 马集团"）持有本公司股份1,100,034,147股，占公司总股本的44.44%， 累计质押公司股份640,000,000股，占公司总股本的25.84%。 ●中国平煤神马控股集团及其一致行动人持有本公司股份 1,151,273,546股，占公司总股本的46.51%，累计质押公司股份 640,000,000股，占其所持股份数量的55.59%。 一、控股股东股份质押的基本情况 2018年，集团与招商证券资产管理公司、深圳市前海建合投资管 理有限公司及河南平煤神马投资管理公司共同发起设立河南平煤神 马集团产业转型发展基金（有限合伙）。2018年3月22日，河南平煤 神马集团产业转型发展基金（有限合伙）完成工商登记，存续期9年， 投资期为2018年至2027年，该基金主要用于偿还集团有息负债，增信 措施为集团将持有的平煤股份6.4亿股质押给该发展基金，先后共质 押了三笔，分别为1.6亿股（质押起始日2018年10月25日）、2.8亿股 证券代码：601666 股票简称：平煤股份 编号：2025-03 ...

Core Viewpoint - The China Securities Index for small and medium-sized comprehensive energy shows a decline in performance over various time frames, indicating potential challenges in the energy sector [1][2]. Group 1: Index Performance - The China Securities Index for small and medium-sized comprehensive energy closed at 1901.11 points, with a decline of 6.73% over the past month, 6.43% over the past three months, and 10.19% year-to-date [1]. - The index is categorized into 11 industries based on the classification standards of the China Securities Index series, reflecting the overall performance of different industry securities [1]. Group 2: Index Holdings - The top ten holdings in the index include companies such as China Coal Energy (8.65%), Yongtai Energy (8.55%), and Jereh Oilfield Services (5.15%) [1]. - The index's market composition shows that the Shanghai Stock Exchange accounts for 54.91%, the Shenzhen Stock Exchange for 22.93%, and the Hong Kong Stock Exchange for 22.16% [2]. Group 3: Industry Composition - The index's industry composition reveals that coal accounts for 31.95%, coke for 26.40%, and oil refining for 13.43% [2]. - Other significant sectors include oil and gas extraction (10.52%), oilfield services (7.66%), and oil and gas circulation (5.27%) [2]. Group 4: Sample Adjustment - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. - Adjustments to the weight factors occur simultaneously with sample changes, and special circumstances may lead to temporary adjustments [2].

Summary of Conference Call Company Overview - The conference call involved Pingmei Shenma Group Co., Ltd. discussing its 2024 annual performance and operational updates [1][2]. Key Financial Metrics - In 2024, the company achieved: - Raw coal production: 27.53 million tons - Coking coal production: 11.95 million tons - Commodity coal sales: 26.41 million tons - Average selling price of coking coal: 1,753 CNY per ton - Average selling price of mixed coal: 537 CNY per ton - Comprehensive selling price of commodity coal: 1,016 CNY per ton - Revenue: 30.281 billion CNY - Net profit attributable to shareholders: 2.35 billion CNY - Basic earnings per share: 0.9616 CNY [2][3]. Price Fluctuations and Market Conditions - The company experienced a significant decline in revenue, approximately 40%, primarily due to fluctuations in coal prices [2]. - Coal prices varied throughout 2024: - Q1: 2,320 CNY - Q2: 2,120 CNY - Q3: 2,120 CNY - Q4: 1,920 CNY - Current prices in early 2025 are 1,770 CNY in January and 1,540 CNY in March, indicating a downward trend [2][3]. Production and Cost Management - The company is focusing on cost reduction and efficiency improvements to mitigate the impact of declining coal prices [3][8]. - The target is to reduce controllable costs by approximately 10% [11][25]. - The company plans to maintain stable production levels despite market pressures, emphasizing the importance of continuous production in the coal industry [8][9]. Inventory and Sales Pressure - The inventory of mixed coal at the end of the year was approximately 270,000 tons, which is significantly higher than the previous year [5]. - The company does not foresee significant sales pressure for mixed coal due to stable demand [6][7]. Strategic Initiatives - The company is involved in various strategic projects, including coal-to-electricity initiatives and partnerships in Xinjiang [13][19]. - Future capital expenditures are planned to be around 4.149 billion CNY, with a focus on fixed asset updates and improvements [16][17]. Industry Context - Other companies in the coking coal sector are reportedly facing production cuts or limitations due to market conditions, with some experiencing slight losses [14][15]. - The overall market for coking coal is under pressure, with prices potentially leading to widespread losses across the industry if they continue to decline [15]. Conclusion - The conference highlighted Pingmei Shenma's commitment to managing costs and maintaining production levels amid challenging market conditions, while also exploring strategic growth opportunities in coal and related sectors [29].

Group 1: Core Views - The coal price is expected to find a reasonable bottom support at 640-650 RMB/ton, with the industry unlikely to return to 2015 levels [1] - The coal sector is anticipated to see an upward turning point in April 2025, with prices expected to rebound in June due to summer peak demand [2] - The focus on dividend assets is expected to increase due to intensified market volatility from trade frictions [1] Group 2: Thermal Coal Insights - The coal industry has released sufficient risk, and upward potential is expected after April 2025, with the northern Huanghua Port Q5500 price stable at 675 RMB/ton [2] - Domestic production in Xinjiang has decreased, and coal transportation has shown a decline, while overseas imports are expected to decrease starting March [2] - Non-electric coal demand is projected to accelerate in April, potentially driving coal prices back up [2] Group 3: Coking Coal Analysis - The bottom for coking coal prices is expected to be established alongside thermal coal prices, with the main coking coal price at 1380 RMB/ton remaining stable [3] - The introduction of a market-oriented index by the Mongolian Exchange aims to boost exports, although supply and demand for coking coal remain under pressure [3] - The first round of price increases for coke has begun, but the rebound potential is limited [3] Group 4: Industry Review - As of April 12, 2025, the main coking coal price at Jing Tang Port is 1380 RMB/ton, with a total inventory of 339.9 million tons across three ports [4] - The Australian Newcastle Port Q5500 offshore price increased by 1 USD/ton, while the northern port's price is 650 RMB/ton higher than Australian imports [4] - The cost of Australian coking coal has risen by 5 USD/ton, with domestic coking coal being cheaper than imported hard coking coal by 213 RMB/ton [4]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the potential for coal investments due to the expected recovery in domestic demand amid escalating trade tensions. The coal market is viewed as a defensive asset class, particularly in light of the current economic environment and monetary policy shifts [3][4][13]. - The coal prices have stabilized at ports, with CCTD thermal coal Q5500 priced at 676 CNY/ton, remaining unchanged week-on-week. The report notes that the market sentiment is improving as inventory issues begin to ease [3][4]. - The report outlines several factors that could support a rebound in coal prices, including the long-term contract price ceiling, the maintenance of the annual contract system, and the linkage between coal and electricity prices [3][4]. Summary by Sections Investment Logic - The coal sector is entering a "Golden Era 2.0," with core value assets expected to rise again. The current weak domestic economy and external pressures from U.S. tariffs create a favorable environment for coal as a stable dividend investment [4][13]. - The cyclical nature of coal stocks is highlighted, with both thermal and coking coal prices at low levels, suggesting potential for recovery as supply-demand fundamentals improve [4][13]. Key Market Indicators - The report provides a snapshot of key indicators, noting that the coal sector has underperformed the CSI 300 index by 2.17 percentage points, with a weekly decline of 5.04% [8][10]. - The current PE ratio for the coal sector is 10.2, and the PB ratio is 1.16, indicating relatively low valuations compared to other sectors [10][14]. Coal Price Trends - Port coal prices have remained stable, with the Qinhuangdao port price holding steady. The report notes a slight increase in prices at some production sites, indicating a mixed market response [3][4][16]. - The report also highlights the international coal price trends, with Newcastle prices showing slight increases, while domestic prices remain competitive against imports [16][17]. Supply and Demand Dynamics - As of April 6, the operating rate of coal mines in Shanxi, Shaanxi, and Inner Mongolia was 81.7%, a slight decrease from the previous week. Coastal power plants' daily coal consumption has also seen a minor decline [3][4][16]. - The report indicates that non-electric coal demand is showing signs of improvement, with methanol and urea production rates increasing, which may further support coal inventory reduction [3][4][16]. Company Performance and Recommendations - The report lists several coal companies with strong dividend potential and cyclical recovery prospects, including China Shenhua, Shaanxi Coal, and China Coal Energy, among others [4][14][18]. - The report suggests that the coal sector is likely to see increased capital inflows as institutional investors recognize the current valuation as a bottoming opportunity [4][13].

证券研究报告 | 行业周报 gszqdatemark 】 2025 04 13 年 月 日 煤炭开采 3 重倒挂助煤价以时间换空间，"中特煤"以行动书写担当 行情回顾（2025.4.7~2025.4.11）： 基本面方面，我们持续强调"把握行业本质属性，坚定信心、坚守定力"。 "一利稳定增长，五率持续优化"，着力提高央企控股上市公司质量，强化投资者回 报。 中信煤炭指数 3,157.77 点，下跌 5.04%，跑输沪深 300 指数 2.16pct，位列中信板 块涨跌幅榜第 16 位。 本周两大煤炭央企发声"积极支持控股上市公司高质量发展"。此外，多部委机构打 出稳市组合拳，场外增量资金充足，我们认为"财务报表优异，低资本开支&现金流 充裕，具备高分红、高股息的央企"尤为受益。 考虑到煤价属周期波动，煤炭企业或通过加大成本管控力度，保证企业效益稳步提 升。以神华、中煤两大央企为例，在 24 年煤价中枢明显下移的背景下，其业绩降幅 显著低于煤价降幅，降本增效成效显著，诚意满满。 加大回购注销、分红力度，推动资产注入，延伸产业链布局均是提高 ROE 的方向。 重点领域分析： 增持（维持） 行业走势 -30% -2 ...

Investment Rating - The report recommends a "Buy" rating for key coal enterprises such as China Shenhua and China Coal Energy, highlighting their strong financial performance and potential for high dividends [8][10]. Core Viewpoints - The coal industry is experiencing a cyclical downturn, but companies are focusing on cost control and operational efficiency to maintain profitability. Major state-owned enterprises like Shenhua and China Coal have shown a significant reduction in performance decline compared to coal price drops, indicating effective cost management [3][8]. - The report emphasizes the importance of maintaining investor confidence through high-quality development and asset integration within state-owned enterprises [2][3]. - The current coal prices are seen as bottoming out, with expectations of benefiting from domestic policies aimed at stabilizing growth and increasing domestic demand [2][8]. Summary by Sections Industry Overview - The CITIC Coal Index decreased by 5.04% during the week of April 7-11, 2025, underperforming the CSI 300 Index by 2.16 percentage points [1][75]. - The report notes that the coal market is currently in a phase of narrow fluctuations, with supply stability and limited demand growth impacting price movements [11][33]. Key Company Analysis - China Shenhua's coal production cost for 2024 is reported at 179 RMB/ton, remaining stable year-on-year, while China Coal Energy's cost is 282 RMB/ton, down 25 RMB/ton from the previous year [6][8]. - Both companies are expected to increase share buybacks and dividends, enhancing shareholder returns [8][10]. Market Dynamics - The report indicates that the coal market is characterized by a seasonal downturn, with limited demand from power plants and a shift towards cleaner energy sources impacting coal consumption [11][33]. - The report highlights that the focus on cost control and operational efficiency is crucial for maintaining profitability amid fluctuating coal prices [3][8]. Price Trends - As of April 11, 2025, the price of Qinhuangdao port Q5500 thermal coal is reported at 676 RMB/ton, showing stability week-on-week [11][33]. - The report anticipates that coal prices will remain under pressure due to weak demand and high inventory levels, but significant price drops are not expected in the short term [11][33].

证券代码：601666 证券简称：平煤股份 编号：2025-032 平顶山天安煤业股份有限公司 关于为控股子公司河南平煤神马汝丰炭材料科技有限公司 提供担保的公告 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个别及连带责任。 重要内容提示： ●被担保人名称：河南平煤神马汝丰炭材料科技有限公司 ●本次担保金额：4 亿元人民币 ●本次交易未构成关联交易，也未构成重大资产重组 ●本次交易及担保事项已经平顶山天安煤业股份有限公司（以下简称 "公司"）第九届董事会第四十一次会议审议通过，无需提交公司股东会审 议批准。 一、担保情况概述 （一）担保基本情况 公司控股子公司河南平煤神马汝丰炭材料科技有限公司（以下简称"汝 丰炭材"），计划分别向河南汝州农村商业银行股份有限公司申请综合授信金 额不超过 3 亿元人民币的流动资金借款，期限 2 年期，融资成本不超过 4%； 向上海国厚融资租赁有限公司申请金额不超过 1 亿元人民币的融资租赁，期 1 限 3 年期，融资成本不超过 3.82%。 公司拟为汝丰炭材提供担保，担保方式为连带责任保证担保，担保的范 ...

国浩律师（上海）事务所 关于 平顶山天安煤业股份有限公司 2024年年度股东会 之 法律意见书 上海市静安区山西北路99号苏河湾中心MT25-28楼 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China 电话/Tel: +86 21 5234 1668 传真/Fax: +86 21 5243.3320 网址/Website: http://www.grandall.com.cn 2025年4月 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神，对公司 本次股东会的相关法律问题发表如下意见： 一、本次股东会的召集、召开程序 公司董事会已于2025年3月21日在上海证券交易所网站刊登了关于召开本次 股东会的会议通知。本次股东会现场会议于2025年4月10日上午9时30分在河南省 平顶山市民主路2号平安大厦召开。 本所律师经审查认为，公司召开本次股东会的公告刊登日期距本次股东会的 国浩律师（上海）事务所 法律意见书 关于平顶山 ...