证券代码：601699 股票简称：潞安环能 公告编号：2025-053 山西潞安环保能源开发股份有限公司 关于控股股东与实际控制人之间产权层级减少的 提示性公告 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: ●本次控股股东与实际控制人之间产权层级减少系山西省人民政 府将山西省国有资本运营有限公司（以下简称"山西国资运营公司"） 持有的潞安化工集团有限公司（以下简称"潞安化工集团"）90%股权 划转至山西省人民政府国有资产监督管理委员会（以下简称"山西省 国资委"）直接持有。 ●本次控股股东与实际控制人之间产权层级减少不会导致公司 直接控股股东及实际控制人发生变化。公司直接控股股东仍为山西潞 安矿业（集团）有限责任公司，实际控制人仍为山西省国资委。 ●本次控股股东与实际控制人之间产权层级减少不涉及要约收 购。 一、本次控股股东与实际控制人之间产权层级减少的基本情况 近日，公司收到控股股东山西潞安矿业（集团）有限责任公司转 来的《山西省人民政府国有资产监督管理委员会关于将山西省国有资 本运营有限公司持有的相 ...

沪指12月2日下跌0.42%，申万所属行业中，今日上涨的有7个，涨幅居前的行业为石油石化、轻工制 造，涨幅分别为0.71%、0.55%。煤炭行业今日上涨0.21%。跌幅居前的行业为传媒、有色金属，跌幅分 别为1.75%、1.36%。 资金面上看，两市主力资金全天净流出464.99亿元，今日有7个行业主力资金净流入，轻工制造行业主 力资金净流入规模居首，该行业今日上涨0.55%，全天净流入资金6.79亿元，其次是农林牧渔行业，日 跌幅为0.34%，净流入资金为5.85亿元。 主力资金净流出的行业有24个，电子行业主力资金净流出规模居首，全天净流出资金80.48亿元，其次 是电力设备行业，净流出资金为59.57亿元，净流出资金较多的还有通信、计算机、有色金属等行业。 煤炭行业今日上涨0.21%，全天主力资金净流入2.53亿元，该行业所属的个股共37只，今日上涨的有20 只，涨停的有1只；下跌的有16只。以资金流向数据进行统计，该行业资金净流入的个股有20只，其 中，净流入资金超千万元的有6只，净流入资金居首的是安泰集团，今日净流入资金2.01亿元，紧随其 后的是华阳股份、中国神华，净流入资金分别为8101.84万 ...

Core Viewpoint - The A-share market experienced fluctuations with a focus on high dividend and low valuation large-cap stocks, particularly the value ETF (510030), which showed resilience despite a slight decline [1][8]. Group 1: Market Performance - The value ETF (510030) saw a midday increase but closed down by 0.18% [1][8]. - Key sectors such as banking, insurance, and petrochemicals had stocks that performed well, with China Petroleum rising over 2% and several others gaining more than 1% [1][8]. - Conversely, sectors like shipping and infrastructure faced declines, with China Merchants Energy dropping over 9% and others falling more than 1% [1][8]. Group 2: Investment Strategy - Future high dividend strategies are expected to expand, driven by two main demands: the need for brokerage strategic transformation and capital market reforms [10]. - The low interest rate environment encourages the allocation of high dividend assets, balancing self-operated income and risk control [10]. - Policies are increasingly guiding listed companies to enhance buybacks and dividends, thereby strengthening investor returns [10][11]. Group 3: Valuation Insights - The value ETF (510030) tracks the 180 Value Index, which has a price-to-book ratio of 0.85, indicating a relatively low valuation at the 40.9 percentile over the past decade [10][11]. - The combination of low valuation and stable earnings enhances the appeal of high dividend assets, particularly in sectors like finance, non-ferrous metals, public utilities, and transportation [10][11]. Group 4: Market Outlook - The fourth quarter is likely to see a shift in market style, with December favoring low valuation value stocks [11]. - The current growth style is expected to continue, supported by trends in AI and improvements in high-end manufacturing [11]. - However, the valuation advantage of value stocks may lead to a recovery in underweighted sectors like finance [11].

截至11月20日，潞安环能股东户数7.90万，较上期增加7.89%；人均流通股37865股，较上期减少 7.32%。2025年1月-9月，潞安环能实现营业收入211.00亿元，同比减少20.82%；归母净利润15.54亿元， 同比减少44.45%。 分红方面，潞安环能A股上市后累计派现258.51亿元。近三年，累计派现145.05亿元。 今年以来潞安环能已经1次登上龙虎榜，最近一次登上龙虎榜为7月24日。 资料显示，山西潞安环保能源开发股份有限公司位于山西省长治市襄垣县侯堡镇，成立日期2001年7月 19日，上市日期2006年9月22日，公司主营业务涉及原煤开采、煤炭洗选、煤焦冶炼,开采煤层的主要煤 种为瘦煤、贫瘦煤、贫煤等。主营业务收入构成为：煤炭92.66%，焦炭5.53%，其他1.81%。 潞安环能所属申万行业为：煤炭-煤炭开采-焦煤。所属概念板块包括：山西国资、MSCI中国、基金重 仓、融资融券、中盘等。 12月1日，潞安环能盘中上涨2.07%，截至11:28，报13.31元/股，成交2.98亿元，换手率0.76%，总市值 398.16亿元。 资金流向方面，主力资金净流出2253.25万元，特大单买入 ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [1] Core Viewpoints - The coal price has successfully crossed the fourth target, and the logic for price stability remains intact. The current dynamics are influenced by supply contraction and a surge in demand due to seasonal heating needs [3][4] - The report indicates that both thermal coal and coking coal prices are at a turning point, with thermal coal being a policy-driven commodity. The price recovery process involves several stages, including the restoration of long-term contracts and achieving a balance in profitability between coal and power companies [4][13] - The report highlights that the current coal prices are still at historical lows, providing room for a rebound, especially with the onset of the heating season and supply-side policies [5][14] Summary by Sections Industry Investment Rating - The coal industry is rated as "Positive" [1] Price Trends - As of November 28, the price of Qinhuangdao Q5500 thermal coal is 816 CNY/ton, showing a slight decrease from the previous week. The price at Guangzhou Port is 855 CNY/ton, having reached the target of 750 CNY for coal-power profitability [3][4] - Coking coal prices have also seen significant rebounds, with the price at Jing Tang Port reaching 1670 CNY/ton, up from 1230 CNY/ton in July, marking a 48.4% increase [3][4] Investment Logic - The report outlines that the price of thermal coal will follow a recovery process involving the restoration of long-term contracts and achieving a profitability balance for coal and power companies, with an ideal target price of around 750 CNY for 2025 [4][13] - Coking coal prices are more influenced by market dynamics, with target prices based on the ratio of coking coal to thermal coal prices, indicating potential target prices of 1608 CNY to 2064 CNY depending on market conditions [4][13] Investment Recommendations - The report suggests a dual logic for coal stocks: cyclical elasticity and stable dividends. It identifies four main lines for stock selection: cyclical logic, dividend logic, diversified aluminum elasticity, and growth logic [5][14] - Specific companies recommended include Jin控煤业, 兖矿能源 for cyclical logic, 中国神华, 中煤能源 for dividend logic, 神火股份, 电投能源 for diversified aluminum elasticity, and 新集能源, 广汇能源 for growth logic [5][14]

Investment Rating - The report maintains a positive outlook on the coal industry, suggesting that the demand during the peak season remains resilient, and coal prices are expected to rise after adjustments [2]. Core Views - The report highlights that the supply side is constrained due to increased safety and environmental inspections, while demand is bolstered by winter heating needs, leading to an anticipated rebound in coal prices [2][8]. - The report recommends focusing on companies with elastic demand for thermal coal, such as Jinkong Coal Industry, Huayang Co., and TBEA, as well as undervalued stocks like Shanxi Coking Coal and Huaibei Mining [2]. Summary by Sections 1. Recent Industry Policies and Dynamics - The 2026 National Coal Trading Conference is scheduled for December 3-5 in Rizhao, Shandong [7]. - The Longwanggou Coal Mine's capacity replacement plan has been approved, marking a significant development in coal production capacity [7]. - Shanxi has established 281 green mines, enhancing the province's coal production capabilities [7]. 2. Price Trends of Thermal and Coking Coal - As of November 28, thermal coal prices have decreased slightly, with prices reported at 619, 713, and 816 RMB/ton for different grades [2]. - Coking coal prices have shown stability with minor declines, such as the price for low-sulfur coking coal at 1580 RMB/ton [2][11]. 3. International Oil Price Movements - Brent crude oil futures settled at 63.2 USD/barrel, reflecting a 1.02% increase [14]. 4. Inventory Levels in the Bohai Rim - The average daily coal inflow in the Bohai Rim ports decreased to 2.0511 million tons, while the outflow increased to 1.9854 million tons, indicating a supply-demand adjustment [18]. - The total coal inventory at the Bohai Rim ports rose to 26.671 million tons, marking a 2.65% increase [18]. 5. Coastal Shipping Rates - Domestic coastal shipping rates have decreased to 42.62 RMB/ton, a drop of 9.84% [27]. - International shipping rates have seen an increase, with Indonesian coal prices rising to 10.36 USD/ton [27]. 6. Key Company Valuation Table - The report includes a valuation table for key companies, indicating stock prices and market capitalizations, such as China Shenhua at 41.14 RMB with a market cap of 817.4 billion RMB [33].

Investment Rating - The report maintains an "Overweight" rating for the coal industry [2][5]. Core Views - The coal price is expected to maintain a strong oscillation due to a combination of recovering port operations, colder weather, and the need for power plants to replenish their stocks. The demand for coal is anticipated to increase as winter progresses, despite current weak consumption levels [7][8]. - The report highlights the "anti-involution" policy which is expected to continue to restrict supply, thereby supporting coal prices. Additionally, external coal supply is projected to decrease due to various factors affecting major exporting countries [7][8]. - The report suggests investment opportunities in the coal sector, particularly in companies with high elasticity to price changes, as the demand is expected to rise during the peak winter season [8]. Summary by Sections Basic Conditions - The industry comprises 37 listed companies with a total market value of 1,918.464 billion yuan and a circulating market value of 1,881.057 billion yuan [2]. Key Company Performance - Major companies such as Shanxi Coking Coal, Lu'an Environmental Energy, and Yanzhou Coal Mining Company are highlighted with their respective earnings per share (EPS) and price-to-earnings (PE) ratios indicating strong investment potential [5][6]. Coal Price Tracking - The report notes that the price of thermal coal at the port has seen fluctuations, with the price of Shanxi-produced thermal coal at 821 yuan/ton as of November 28, 2025, reflecting a week-on-week decrease of 18 yuan/ton [8]. - The report also tracks the production levels and inventory of coal, indicating a slight decrease in daily production and a stable inventory situation at ports [8][9]. Downstream Performance - The report discusses the daily coal consumption in power plants, which is currently lower than expected but is projected to increase as winter progresses. The report also notes the impact of steel production on coal demand [9][10]. Investment Opportunities - The report emphasizes the potential for investment in coal stocks, particularly those that are expected to benefit from rising coal prices due to seasonal demand increases. Companies like Yanzhou Coal Mining and Shanxi Coking Coal are recommended for their strong market positions and growth potential [8][9].

Core Insights - The China Securities State-Owned Enterprises Dividend Index has shown a slight increase of 0.15% as of November 25, 2025, with notable gains in constituent stocks such as Fujian Expressway, which rose by 9.97% [1] - The National Enterprise Dividend ETF (159515) has also increased by 0.26%, indicating a positive trend in dividend-focused investments [1] - Market sentiment is under pressure due to a lack of performance policies and fluctuating expectations regarding the Federal Reserve's interest rate decisions, leading to a focus on dividend assets [1] Market Performance - The National Enterprise Dividend ETF recorded a turnover rate of 0.06% with a transaction volume of 27,200 yuan, and an average daily transaction volume of 3.54 million yuan over the past week [1] - The overall industry prosperity index continued to decline in October, but at a slower rate, with essential consumption, midstream manufacturing, and large financial sectors showing the most improvement [1] Investment Strategy - The dividend strategy is highlighted as a foundational investment approach, focusing on high dividend yields and stable cash flows from quality enterprises, which can provide continuous cash flow and long-term compounding potential [1] - A balanced investment approach is recommended, incorporating growth, cyclical, and dividend assets to identify opportunities with improving industry conditions and relatively low valuations [1] Index Composition - The China Securities State-Owned Enterprises Dividend Index comprises 100 listed companies selected for their high and stable cash dividend yields, reflecting the overall performance of high-dividend securities among state-owned enterprises [2] - As of October 31, 2025, the top ten weighted stocks in the index accounted for 17.08% of the total index weight, including companies like COSCO Shipping Holdings and Agricultural Bank of China [2]

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The coal sector has seen a decline, underperforming the CSI 300 index by 1.9 percentage points, with a weekly drop of 5.67% as of November 21, 2025 [2] - Short-term coal consumption is low, leading to an increase in social inventory, but it remains below last year's levels. There is a need to ensure supply while releasing production safely [5][29] - The report anticipates a gradual balance in supply and demand in the fourth quarter, with coal prices expected to rise steadily, targeting 850 CNY/ton [5][29] Summary by Sections Coal Market Performance - As of November 21, 2025, the average daily coal sales from monitored enterprises were 7.53 million tons, a week-on-week increase of 1.2% but a year-on-year decrease of 2.7% [2] - The total coal inventory (including port storage) was 24.61 million tons, up 1.3% week-on-week but down 19% year-on-year [2][6] Price Trends - The price index for thermal coal (Q5500K) was stable at 698 CNY/ton, while the imported thermal coal price index was 944 CNY/ton, also unchanged [3] - The price of coking coal at major ports showed a decline, with the main coking coal price at 1,790 CNY/ton, down 2.2% week-on-week [4] Investment Recommendations - The report suggests prioritizing investments in high-dividend thermal coal companies, specifically mentioning China Shenhua, Shaanxi Coal, and others [5][29] - Focus on coking coal companies such as Huabei Mining and Shanxi Coking Coal, as well as coking companies with improved profits like Jinneng Technology and others [5][29]

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [1] Core Views - The report indicates that the new long-term contracts for thermal coal remain unchanged, supporting a stable pricing logic [3] - Thermal coal prices have risen, with the Qinhuangdao Q5500 thermal coal closing at 834 CNY/ton as of November 21, remaining flat week-on-week, while the Guangzhou port price has reached 890 CNY, achieving the previously indicated profit-sharing target of 750 CNY [3][4] - The increase in thermal coal prices is attributed to a combination of supply contraction and a surge in demand due to colder weather in northern regions [4] - The report outlines a four-step process for the upward movement of thermal coal prices, including the restoration of central and local long-term contracts, reaching a profit-sharing line for coal and power companies, and approaching the breakeven point for power plants [4][13] - The report predicts that the price of thermal coal will range between 800 CNY and 860 CNY, with a breakeven point at 860 CNY [4][13] Summary by Sections Thermal Coal Market - As of November 21, the price of Qinhuangdao Q5500 thermal coal is 834 CNY/ton, unchanged from the previous week [17] - The Guangzhou port price for thermal coal has increased to 890 CNY/ton, achieving the profit-sharing target [3][17] - The report notes a significant increase in port inventories and a rise in daily consumption at coastal power plants [17][18] Coking Coal Market - The price of coking coal at the Jing Tang port is reported at 1780 CNY/ton, down from 1860 CNY/ton [18] - The report highlights a strong correlation between coking coal prices and thermal coal prices, with a current ratio of 2.4 times [4][13] - The report suggests that the target prices for coking coal, based on the thermal coal price movements, are set at 1608 CNY, 1680 CNY, 1800 CNY, and 2064 CNY [4][13] Investment Recommendations - The report identifies four main investment lines in the coal sector: 1. Cyclical logic: Companies like Jinko Coal and Yanzhou Coal 2. Dividend logic: Companies such as China Shenhua and Zhongmei Energy 3. Diversified aluminum elasticity: Companies like Shenhua Holdings and Electric Power Investment 4. Growth logic: Companies such as Xinji Energy and Guanghui Energy [5][14]