Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Insights - The coal mining industry is experiencing a mixed supply and demand scenario, with production and imports declining, while coal prices are on the rise due to seasonal demand and supply constraints [14][21] - The report highlights the resilience of major coal companies, emphasizing their strong cash flow and profitability, which positions them well for future growth despite market fluctuations [14] Supply Side Summary - Coal production in November 2025 was 430 million tons, a year-on-year decrease of 0.5%, but the decline was less severe than in October [20][21] - Coal imports fell by 19.87% year-on-year in November, with a total of 44.05 million tons imported, reflecting supply chain disruptions and high base effects from the previous year [9][28] - Overall coal supply in November showed a year-on-year decline of 2.3%, but the rate of decline narrowed compared to October [28] Demand Side Summary - The demand for coal is being negatively impacted by a 4.2% year-on-year decline in thermal power generation in November, contrasting with a 7.3% increase in October [10][29] - Chemical and metallurgical sectors are showing positive contributions to coal consumption, with chemical industry coal usage increasing by 8.22% year-on-year [12][41] Inventory Summary - Power plants are replenishing their coal inventories, with significant increases noted in November, while upstream coal inventories remain low [13][14] - The inventory levels for coking coal are also rising but are still considered low overall [13] Price Summary - The average price of thermal coal at northern ports rose to 822 RMB per ton in November, reflecting a month-on-month increase of 10% [13] - The report anticipates that coal prices may stabilize due to seasonal demand and supply adjustments, despite the ongoing fluctuations [14] Investment Recommendations - The report suggests focusing on robust coal companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and others, which are expected to perform well in the current market environment [15][14] - It highlights the investment value of coal stocks due to their high dividends and cash flow characteristics, recommending a strategic approach to investing in the sector [14]

Group 1 - The company held its 48th meeting of the 9th Board of Directors on December 15, 2025, where all 14 directors voted in favor of the proposals presented [1][2]. - The meeting approved the change of the accounting firm to Crowe Horwath, replacing the previous firm, Henan Shouzheng Innovation [16][17]. - The board also approved the election of a new board of directors, with candidates nominated for both non-independent and independent director positions [2][3]. Group 2 - The company plans to apply for a comprehensive credit facility of RMB 2.5 billion from China Postal Savings Bank, with a term from December 15, 2025, to April 30, 2028 [5][6]. - Additionally, the company intends to apply for a trust loan of up to RMB 500 million from CITIC Trust, with a term not exceeding one year [7]. - Both financing proposals were approved unanimously by the board [5][7]. Group 3 - The company will convene its 4th extraordinary general meeting on December 31, 2025, to discuss the approved proposals from the board meeting [36][37]. - The voting for the general meeting will be conducted through a combination of on-site and online methods [37][39]. - The meeting will include the election of directors and independent directors, utilizing a cumulative voting system [51].

证券日报网讯12月15日晚间，平煤股份（601666）发布公告称，公司将于2025年12月31日召开2025年第 四次临时股东会。 ...

证券日报网讯 12月15日晚间，平煤股份发布公告称，公司第九届董事会第四十八次会议审议通过《关 于变更会计师事务所的议案》等多项议案。 （文章来源：证券日报） ...

证券代码：601666 证券简称：平煤股份 编号：2025-090 平顶山天安煤业股份有限公司 重要内容提示： 拟聘任的会计师事务所名称：致同会计师事务所（特殊普通合伙） （以下简称"致同事务所"） 原聘任的会计师事务所名称：河南守正创新会计师事务所（特殊 普通合伙）（以下简称"守正创新事务所"） 变更会计师事务所的简要原因：基于平顶山天安煤业股份有限公 司(以下简称公司)业务发展情况及整体审计的需要，按照《国有企业、 上市公司选聘会计师事务所管理办法》等相关规定，经公开招标，公司 拟变更会计师事务所，聘任致同事务所为公司 2025 年度审计机构。公 司已就本次变更会计师事务所事宜与守正创新事务所进行了充分沟通， 守正创新事务所已知悉本次变更事项并无异议。 该事项尚需提交股东会审议批准。 一、拟聘任会计师事务所的基本情况 （一）机构信息 1 关于变更会计师事务所的公告 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。 1.基本信息 会计师事务所名称：致同会计师事务所（特殊普通合伙） 成立日期：1981 年【工商登记：20 ...

证券代码：601666 证券简称：平煤股份 公告编号：2025-091 平顶山天安煤业股份有限公司 关于召开2025年第四次临时股东会的通知 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： 一、 召开会议的基本情况 (一) 股东会类型和届次 2025年第四次临时股东会 召开的日期时间：2025-12-31 9 点 30 分 召开地点：河南省平顶山市民主路 2 号平安大厦 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有关规定执行。 二、 会议审议事项 | 序号 | 议案名称 | 投票股东类型 | | --- | --- | --- | | | | A 股股东 | | 非累积投票议案 | | | | 1 | 关于变更会计师事务所的议案 | √ | | 累积投票议案 | | | | 2.00 | 关于董事会换届并选举新一届董事会 | 应选董事（9）人 | | | 非独立董事的议案 | | | 2.01 | 李庆明 | ...

平顶山天安煤业股份有限公司 第九届董事会第四十八次会议决议公告 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。 证券代码：601666 证券简称：平煤股份 编号：2025-089 二、关于公司董事会换届并选举新一届董事会董事的议案 会议以 14 票同意，0 票反对，0 票弃权，审议通过该议案。 鉴于公司第九届董事会董事任期至 2025 年 1 月 5 日届满，根据 《公司法》《公司章程》规定，需进行换届选举。根据《公司章程》 对董事候选人提名的规定，董事会提名委员会对符合条件的股东推荐 的董事候选人进行了任职资格审查，征求董事候选人本人意见后，认 1 平顶山天安煤业股份有限公司（以下简称"公司"）第九届董事 会第四十八次会议于 2025 年 12 月 12 日以书面、短信或电子邮件的 方式发出通知，于 2025 年 12 月 15 日采用通讯表决的方式召开，会 议由公司董事长焦振营先生主持。本次会议应表决董事 14 人，实际 表决董事 14 人。会议召开及程序符合《公司法》等法律、法规及《公 司章程》的有关规定。经与会董 ...

Group 1 - The core viewpoint of the article highlights the recent announcement by Pingmei Shenhua Coal Industry Co., Ltd. regarding its board meeting and financial performance [1] - The company held its 48th meeting of the 9th board of directors on December 15, 2025, via communication voting, where it reviewed the proposal to change the accounting firm [1] - For the year 2024, the revenue composition of Pingmei Shenhua indicates that the coal mining sector accounts for 89.51% of total revenue, while other businesses contribute 10.49% [1] Group 2 - As of the report, Pingmei Shenhua's market capitalization stands at 20.3 billion yuan [2]

Market Overview - The Shanghai Composite Index is at 3885.56 points, slightly down by 0.10%, with a total trading volume of 896.24 billion yuan [1] - As of now, 150 A-shares have surpassed the half-year line, indicating a positive market trend [1] Stocks with Significant Deviation - Notable stocks with high deviation rates include: - Aerospace Information (600271) with a deviation rate of 8.95% and a price increase of 10.00% [1] - Great Wall Electric (600192) with a deviation rate of 8.62% and a price increase of 10.02% [1] - Tiankang Biological (002100) with a deviation rate of 6.61% and a price increase of 7.35% [1] Stocks Just Above the Half-Year Line - Stocks with smaller deviation rates that have just crossed the half-year line include: - Xusheng Group (300743) with a deviation rate of 4.74% and a price increase of 7.98% [1] - Zhenxin Technology (688600) with a deviation rate of 3.68% and a price increase of 10.09% [1] - Xingye Technology (002674) with a deviation rate of 3.61% and a price increase of 10.01% [1] Additional Stocks with Positive Movement - Other stocks showing positive movement include: - Dajia Weikang (301126) with a price increase of 6.55% and a deviation rate of 3.37% [1] - Beiken Energy (002828) with a price increase of 5.04% and a deviation rate of 3.20% [1] - Huide Technology (603192) with a price increase of 3.96% and a deviation rate of 2.94% [1]

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9]. Core Viewpoints - Since late November, thermal coal prices have significantly declined due to abnormal weather, accelerated production resumption, and concerns over potential electricity price reductions in 2026. Despite the recent rapid price drop, the report anticipates an improvement in coal demand in 2026, with limited supply capacity utilization, suggesting a potential increase in the price baseline [2][7]. - The report emphasizes that while coal prices are currently under pressure due to weak demand, factors such as cold weather and snowfall could stabilize and potentially increase prices in the future [6][31]. Summary by Sections Market Performance - The coal index (Yangtze) fell by 3.71%, underperforming the CSI 300 index by 3.63 percentage points, ranking last among all industries [30]. - As of December 12, the market price for thermal coal at Qinhuangdao was 745 RMB/ton, down 40 RMB/ton week-on-week [6][58]. Supply and Demand Outlook - The report outlines that the recent decline in coal prices is attributed to several factors: warmer weather leading to lower electricity consumption, increased coal supply from resumed production, and concerns regarding electricity price negotiations for 2026 [7]. - The demand outlook for 2026 is optimistic, with expectations of stable or slightly positive growth in thermal power generation, despite potential long-term impacts from energy storage technologies [7][8]. - On the supply side, the report notes that while there may be new production capacity in 2026, overall supply growth is expected to remain limited due to ongoing regulatory controls on excessive production [7][8]. Investment Recommendations - The report suggests focusing on companies with a balanced risk-reward profile, recommending stocks such as Yanzhou Coal Mining Company and China Shenhua Energy for their strong fundamentals and dividend potential [7][8]. - It also highlights the potential for higher returns from currently undervalued stocks if demand improves and coal prices rise unexpectedly, suggesting companies like Huayang Co. and Jinkong Coal Industry as potential targets [7][8].