Core Insights - The China Securities State-Owned Enterprises Dividend Index has shown a slight increase of 0.08% as of December 25, 2025, with notable gains in constituent stocks such as Xiamen International Trade (up 4.44%) and Luxi Chemical (up 3.30%) [1] - The National State-Owned Enterprises Dividend ETF (159515) has also increased by 0.26%, reflecting a growing interest in dividend-paying assets amid a favorable monetary policy environment [1][2] Market Performance - The trading volume for the National State-Owned Enterprises Dividend ETF reached 2.91% turnover with a transaction value of 1.489 million yuan, and the average daily trading volume over the past week was 4.2193 million yuan [1] - The latest scale of the National State-Owned Enterprises Dividend ETF stands at 51.0433 million yuan, with a total of 44.7866 million shares [1] Policy and Economic Environment - The People's Bank of China has reiterated its commitment to maintaining a moderately loose monetary policy, which is expected to positively influence market sentiment [1] - The decline in the risk-free interest rate is expected to enhance the attractiveness of dividend assets, supported by ongoing policy improvements aimed at strengthening the quality and market capitalization management of listed companies [2] Investment Outlook - According to Kaiyuan Securities, the performance of dividend stocks is anticipated to outperform in 2026 compared to 2025, driven by improved relative valuations, easing pressure on cyclical earnings, and a shift in funding preferences towards high-dividend assets [2] - The National State-Owned Enterprises Dividend Index reflects the overall performance of high-dividend securities selected from state-owned enterprises, focusing on those with stable dividends and significant liquidity [2][3]

Core Insights - In 2025, coal prices significantly declined, leading to a return of sector profitability to the lowest levels in the past decade. However, the outlook for 2026 suggests potential demand improvement and limited supply capacity utilization, which may lead to a recovery in coal price levels [2][5][6]. - The report emphasizes that with a clear supply-demand improvement and the presence of both defensive and offensive investment opportunities, the likelihood of success for selected stocks is high. If demand is strong and coal prices improve beyond expectations, attention should be given to currently undervalued stocks with low liquidity and lower profit margins [2][7]. Industry Overview - The coal industry faced a challenging year in 2025, with thermal coal prices dropping from 855 CNY/ton in 2024 to 697 CNY/ton, an 18% decrease. The profitability of the sector fell to the 30th percentile of the past decade due to weak demand driven by warm weather and sluggish manufacturing electricity consumption [5][16]. - Coking coal prices also saw a significant decline, dropping 26% from 2024's 2022 CNY/ton to 1502 CNY/ton, with profitability at the 10th percentile of the past decade. This was primarily due to strong supply, with a 1.5% year-on-year increase in coking coal supply in the first three quarters of 2025 [5][16]. Demand and Supply Dynamics - For thermal coal in 2026, demand improvement is anticipated, with limited supply growth expected. The report identifies three key questions regarding market resilience: whether negative growth in thermal power will become the norm, if domestic supply can be controlled, and whether rising coal prices will increase imports [6][30]. - The report suggests that the central government's focus on controlling "involution" competition will continue to limit supply growth in 2026, despite some new production capacity coming online. Long-term resource depletion may also exert upward pressure on domestic coal prices [6][30]. Investment Recommendations - The report advocates for investment in the coal sector in 2026, highlighting the potential for a bottom reversal. It suggests that the timing for investment should align with capital flows, particularly in the first quarter when there is often a demand for increased allocation to dividend-paying sectors [7][30]. - Recommended stocks include Yanzhou Coal Mining Company and China Shenhua Energy, which are expected to benefit from a recovery in coal prices to a range of 750-800 CNY/ton. Additionally, stocks with significant growth potential and low valuations, such as Huayang Co. and Jinkong Coal Industry, are highlighted as potential targets if demand and price improvements exceed expectations [7][30].

Core Viewpoint - Shanxi Lu'an Environmental Energy Development Co., Ltd. has announced a change in the signing accountant for its 2025 annual audit, with Dong Xinming replacing Wang Puzhou due to the latter's work adjustment [1][3]. Group 1: Audit Institution Change - The company held its eighth board meeting on April 27, 2025, and approved the reappointment of Lixin Certified Public Accountants as the audit institution for the 2025 fiscal year [1]. - The change in signing accountant is a result of internal adjustments within the audit firm, and the transition has been orderly, ensuring no impact on the 2025 financial report audit [3]. Group 2: New Signing Accountant Information - Dong Xinming, the newly appointed signing accountant, has no violations of the independence requirements as per the "Code of Ethics for Chinese Certified Public Accountants" and has no adverse records in the past three years [2].

（编辑 袁冠琳） 证券日报网讯 12月22日晚间，潞安环能发布公告称，立信会计师事务所（特殊普通合伙）作为公司 2025年度审计机构，原指派王普洲先生作为签字注册会计师为公司提供审计服务，因王普洲先生工作调 整，现指派董新明先生作为签字注册会计师。 ...

证券代码：601699 股票简称：潞安环能 公告编号：2025-061 山西潞安环保能源开发股份有限公司 关于审计机构变更签字会计师的公告 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。 山西潞安环保能源开发股份有限公司（以下简称"公司"）于 2025 年 4 月 27 日召开了第八届董事会第八次会议，于 2025 年 5 月 29 日召开 2024 年年度股 东会，审议通过《关于续聘二○二五年度审计机构的议案》，同意续聘立信会计 师事务所（特殊普通合伙）为公司 2025 年度审计机构，具体内容详见公司于 2025 年 4 月 29 日在上海证券交易所网站（www.sse.com.cn）披露的《关于续聘 2025 年度审计机构的公告》（公告编号：2025-020）。 公司于 2025 年 12 月 22 日收到立信会计师事务所（特殊普通合伙）出具的 《关于变更山西潞安环保能源开发股份有限公司 2025 年度签字注册会计师的 函》，现将具体情况公告如下： 一、本次签字注册会计师变更情况 - 1 - | 时间 | | 上市公 ...

Investment Rating - The industry investment rating is "Buy" for several companies including China Coal Energy, China Shenhua, and Jinneng Holding Coal Industry [3][8]. Core Viewpoints - Australia's electricity demand is projected to double by 2050, necessitating a twofold increase in coal power capacity to ensure supply during the transition period. Total electricity demand is expected to rise from 205 billion kWh to 389 billion kWh by the fiscal year 2049-50, with significant contributions from high-energy industries such as industrial electrification and data centers [2][3]. - Current coal power capacity in Australia has decreased from approximately 30,000 MW to about 21,000 MW, with aging units averaging over 40 years of operation. Non-scheduled outages are expected to reach 7% of total operating time from 2027 to 2035, indicating a critical need for coal power to maintain grid stability during the transition to renewable energy [3][8]. Summary by Sections Industry Overview - The report highlights a significant decline in Australia's coal power capacity and the urgent need for expansion to meet future electricity demands. The transition to renewable energy sources is progressing but faces substantial gaps in implementation [2][3][8]. Key Companies - Recommended companies include: - Yancoal Australia (Buy) - Jinneng Holding Coal Industry (Buy) - China Coal Energy (Buy) - China Shenhua (Buy) - Shaanxi Coal and Chemical Industry (Buy) - Huainan Mining (Buy) - China Qinfa (Buy) [3][8]. Price Trends - Coal prices have shown mixed trends, with Newcastle coal prices at $105 per ton, down by $2.75 per ton (-2.55%), while European ARA coal prices increased slightly to $96.21 per ton, up by $0.64 per ton (+0.67%) [1][3][36].

Investment Rating - The report maintains an "Overweight" rating for the coal industry [2][5]. Core Views - The coal market is expected to stabilize as supply tightens and demand rebounds, driven by seasonal factors and production adjustments [7][8]. - China Shenhua's acquisition of significant assets is projected to enhance its coal production capacity and resource reserves substantially [8]. - The investment strategy suggests a focus on undervalued stocks with high dividend yields and growth potential in the coal sector [8]. Summary by Sections 1. Industry Overview - The coal industry comprises 37 listed companies with a total market capitalization of 1,875.44 billion yuan and a circulating market value of 1,839.35 billion yuan [2]. 2. Coal Price Tracking - Recent trends indicate a divergence in coal prices, with coking coal stabilizing upwards while thermal coal prices are under pressure due to weak demand [7][8]. - As of December 19, 2025, the price of thermal coal at the port was 708 yuan/ton, reflecting a week-on-week decrease of 42 yuan/ton [8]. 3. Supply and Demand Dynamics - Coal production in November 2025 was 42,679 million tons, a year-on-year decrease of 0.5% but a month-on-month increase of 4.93% [7]. - The report highlights that the demand for electricity coal has been affected by warmer weather, leading to a decrease in daily coal consumption [7]. 4. Key Company Insights - China Shenhua's acquisition plan involves purchasing multiple coal and energy assets for a total consideration of 1,335.98 billion yuan, significantly increasing its coal production capacity by approximately 230 million tons per year [8]. - Other companies such as Yancoal Energy and Shanxi Coking Coal are also highlighted for their growth potential and dividend policies [13]. 5. Investment Recommendations - The report recommends a strategy of buying undervalued stocks with strong dividend yields, such as China Shenhua, Zhongmei Energy, and Xinji Energy, while also focusing on companies with significant production capacity growth [8][13].

Investment Rating - The investment rating for the company is "Accumulate-A" with a target price of 14.55 CNY, based on a 15x PE for 2026 [6][10][16]. Core Insights - The company is a leading producer of injection coal in China, with a market share of 12.63% in 2024. It has a diverse range of coal types and high-quality products, which include low ash, low sulfur, low phosphorus, and high calorific value characteristics [3][12]. - The company has made significant progress in smart technology upgrades, having established multiple intelligent coal mines and automated systems, which enhance operational efficiency and safety [3][4]. - The company has sufficient resource reserves, with an additional 800 million tons of coal resources obtained in 2024, ensuring stable supply for future development [4]. Financial Performance - For the first three quarters of 2025, the company reported revenues of 211.0 billion CNY, down 20.8% year-on-year, and a net profit of 15.54 billion CNY, down 44.5% year-on-year [2][10]. - The average selling price of coal decreased by 21.5% year-on-year to 520 CNY/ton, while the unit cost improved by 11.89% year-on-year to 331 CNY/ton [2][12]. - The company expects to maintain stable production levels, with coal production estimated at 5.5 million tons for 2025-2027, and an increase in the proportion of high-value injection coal sales [12][14]. Future Projections - Revenue projections for 2025-2027 are 311.0 billion CNY, 338.7 billion CNY, and 349.2 billion CNY, with corresponding net profits of 22.3 billion CNY, 29.0 billion CNY, and 30.7 billion CNY [10][16]. - The company aims to enhance its profitability through a strategic focus on high-value injection coal, which is expected to improve overall average selling prices and profit margins [12][14].

（文章来源：证券日报） 证券日报网讯 12月19日晚间，潞安环能发布公告称，公司第八届董事会第十一次会议审议通过《关于 为控股子公司提供财务资助的议案》等多项议案。 ...

证券日报网讯12月19日晚间，潞安环能（601699）发布公告称，公司将于2026年1月9日召开2026年第一 次临时股东会。 ...