山西潞安矿业（集团）有限责任公司（以下简称"潞安集团"）持有山西潞 安环保能源开发股份有限公司（以下简称"公司"）股份数量 1,837,926,512 股， 占公司总股本比例 61.44%，潞安集团持有公司股份累计质押数量（含本次） 550,000,000 股，占其持股数量比例 29.93%。 公司近日收到控股股东潞安集团的通知，潞安集团已将其持有的公司 2 亿股 无限售流通股质押给山西潞安矿业（集团）有限责任公司 2023 年面向专业投资 者非公开发行科技创新可交换公司债券（第一期）（以下简称"本期债券"）的受 托管理人中信证券股份有限公司，并将该部分股票划转至潞安集团在中国证券登 记结算有限责任公司上海分公司开立的"山西潞安矿业（集团）有限责任公司－ 2023 年面向专业投资者非公开发行科技创新可交换公司债券（第一期）质押专 户"，用于保障本期债券持有人交换股份和本期债券本息偿付。该质押手续已在 中国证券登记结算有限责任公司上海分公司办理完毕，具体情况如下： 证券代码：601699 股票简称：潞安环能 公告编号：2025-029 山西潞安环保能源开发股份有限公司 关于控股股东办理非公开发行可交换公司债券 ...

Group 1 - The Shanghai Central Rise Leading Enterprises Index (H50014) experienced a decline of 0.46%, closing at 3020.69 points with a trading volume of 15.059 billion yuan [1] - Over the past month, the index has decreased by 1.21%, by 2.68% over the last three months, and by 0.83% year-to-date [1] - The index is composed of leading companies from various secondary industries within selected regions, providing a reference for investors interested in China's regional economic development [1] Group 2 - The top ten weighted companies in the index include: Daqin Railway (16.7%), Luoyang Molybdenum (14.89%), Shanxi Fenjiu (14.01%), Conch Cement (13.33%), Jiangxi Copper (11.22%), JinkoSolar (3.81%), Changsha Bank (3.35%), Jiuzhoutong (2.0%), Luan Environmental Energy (1.99%), and Wentai Technology (1.93%) [1] - The index is fully represented by companies listed on the Shanghai Stock Exchange [1] Group 3 - The industry composition of the index shows that materials account for 41.97%, industrials for 25.80%, consumer staples for 14.39%, financials for 5.05%, healthcare for 4.36%, energy for 3.77%, information technology for 2.74%, communication services for 1.01%, utilities for 0.47%, and consumer discretionary for 0.46% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2]

证券代码：601699 股票简称：潞安环能 公告编号：2025-027 山西潞安环保能源开发股份有限公司 关于控股股东拟办理非公开发行可交换公司债券 股份补充质押的公告 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"）收到控股股东山 西潞安矿业（集团）有限责任公司（以下简称"潞安集团"）的通知，获悉其因 山西潞安矿业（集团）有限责任公司 2023 年面向专业投资者非公开发行科技创 新可交换公司债券（第一期）（以下简称"本期债券"）维持担保比例和追加担保 机制，拟将其所持有的公司 2 亿股股份进行补充质押，现将有关事宜公告如下： 2、潞安集团已在中国证券登记结算有限责任公司上海分公司申请开立了可 交换公司债券质押专户（以下简称"质押专户"）；账户名为"山西潞安矿业（集 团）有限责任公司－2023 年面向专业投资者非公开发行科技创新可交换公司债 券（第一期）质押专户"； 3、潞安集团与中信证券于近日向中国证券登记结算有限责任公司上海分公 司申请办理公司股票的补充质押登记，即 ...

Core Viewpoint - The announcement details the plan of Shanxi Lu'an Environmental Energy Development Co., Ltd. regarding the supplementary pledge of shares by its controlling shareholder, Shanxi Lu'an Mining (Group) Co., Ltd., in relation to the issuance of exchangeable bonds [1] Group 1: Exchangeable Bonds Overview - The controlling shareholder completed the issuance of exchangeable bonds on December 4, 2023, with a total scale of 4 billion yuan and a maturity of 3 years [1] - The bond has a nominal interest rate of 0.01% and the exchange period is from June 5, 2024, to December 3, 2026 [1] Group 2: Share Pledge Details - The controlling shareholder plans to pledge 200 million shares of the company, which represents 10.88% of the company's total shares, as part of the bond issuance [1] - The pledge will be registered in a designated pledge account specifically for the exchangeable bonds [1]

证券代码：601699 股票简称：潞安环能 公告编号：2025-027 山西潞安环保能源开发股份有限公司（以下简称"公司"）收到控股股东山 西潞安矿业（集团）有限责任公司（以下简称"潞安集团"）的通知，获悉其因 山西潞安矿业（集团）有限责任公司 2023 年面向专业投资者非公开发行科技创 新可交换公司债券（第一期）（以下简称"本期债券"）维持担保比例和追加担保 机制，拟将其所持有的公司 2 亿股股份进行补充质押，现将有关事宜公告如下： 一、控股股东可交换公司债券的基本情况 公司控股股东潞安集团于 2023 年 12 月 4 日完成本期债券的发行，债券简称 "23 潞安 EB"，债券代码"137183.SH"，发行规模为 40 亿元，债券期限为 3 年， 票面利率为 0.01%，具体详见公司于 2023 年 12 月 5 日刊登在巨潮资讯网 （www.cninfo.com.cn）上的《山西潞安环保能源开发股份有限公司关于控股股 东非公开发行可交换公司债券发行完成的公告》（公告编号：2023-050）。 本期可交换债券换股期限为 2024 年 6 月 5 日至 2026 年 12 月 3 日止（若为 非交易日，则 ...

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is experiencing a tightening supply in safety production month, with daily consumption increasing week-on-week and port inventories decreasing [2][5] - The report highlights the potential for a rebound in thermal coal prices as the summer peak season approaches, supported by low inventory levels at power plants [5][16] - The overall coal market fundamentals have improved significantly compared to previous periods, with expectations for price stabilization and recovery [5][16] Summary by Sections Thermal Coal - Port inventories continue to decrease, with a week-on-week drop of 125.3 thousand tons, indicating a tightening supply [30] - Daily consumption at coastal and inland power plants has increased, with a week-on-week rise of 2.0 and 24.9 thousand tons respectively [25][31] - The average price of thermal coal at Qinhuangdao port has decreased by 2 yuan/ton week-on-week, now at 609 yuan/ton [17] Coking Coal - Supply of coking coal has contracted, with a week-on-week decrease in production capacity utilization by 0.87 percentage points [41] - The average customs clearance volume of Mongolian coal has decreased by 234 trucks week-on-week [45] - Coking coal prices at major ports have decreased, with the price at Jing Tang port dropping by 30 yuan/ton to 1270 yuan/ton [42] Coke - The implementation of the third round of price reductions has led to a decrease in the operating rate of coke enterprises, down 0.15 percentage points to 76.04% [53] - Coke prices have decreased by 70 yuan/ton week-on-week, now at 1280 yuan/ton [53] - The average profit per ton of coke has improved by 20 yuan/ton week-on-week, now at -19 yuan/ton [57] Investment Opportunities - The report suggests focusing on companies with strong cash flow and high profitability, such as China Shenhua, Shaanxi Coal, and China Coal Energy [78] - It emphasizes the value attributes of the coal sector, particularly in the context of recent government support and market stability [77][78]

Investment Rating - The report maintains a "Buy" rating for several coal companies, including Jin控煤业, 陕西煤业, 华阳股份, 中国神华, 中煤能源, 山煤国际, 新集能源, 兖矿能源, and 淮北矿业, indicating a positive outlook for these stocks [3][11]. Core Views - The report highlights that the continuous destocking at ports and the upcoming peak summer demand are expected to drive a rebound in thermal coal prices. The demand side is seeing an increase in daily consumption by power plants as temperatures rise, while supply is tightening due to reduced production and stricter safety inspections [1][7]. - The report suggests that after verifying the bottom support for coal prices, the stable high dividend yield of coal stocks enhances their investment value, leading to a potential valuation uplift for the sector [1][8]. - The report emphasizes the importance of focusing on companies with stable performance and high cash flow growth, recommending specific stocks based on their financial health and market position [11]. Summary by Sections Market Overview - The report notes that the coal market is experiencing mixed price movements, with low-calorie coal prices slightly increasing due to tight supply. The overall market remains stable, with port coal prices showing minor fluctuations [1][7]. - The report indicates that the average daily coal consumption by power plants has increased, with a week-on-week rise of 33.7 thousand tons, reflecting a growing demand for electricity [9]. Supply and Demand Dynamics - The report discusses the supply side, noting a significant decline in coal production due to low prices and stricter environmental checks, particularly in regions like Xinjiang and Inner Mongolia. This is expected to lead to a tighter supply situation [1][10]. - On the demand side, the report highlights that non-electric demand remains high, and the anticipated increase in thermal power generation could lead to a positive shift in coal prices [1][7]. Company Performance - The report provides earnings forecasts and valuations for key companies, with Jin控煤业 expected to have an EPS of 1.68 yuan in 2024, while 陕西煤业 is projected to have an EPS of 2.31 yuan. The report recommends these companies based on their stable earnings and growth potential [3][11]. - The report also notes that the coal sector has underperformed compared to the broader market, with a weekly decline of 0.3% for the coal sector compared to a 0.9% increase in the Shanghai Composite Index [12][15]. Investment Recommendations - The report recommends focusing on companies with robust performance and cash flow, such as Jin控煤业 and 陕西煤业, as well as industry leaders like 中国神华 and 中煤能源. It also suggests looking at companies with growth in production, such as 华阳股份 and 山煤国际 [11][12].

Market Overview - The Shanghai Composite Index rose by 0.43% on June 3, with 20 out of the 28 sectors experiencing gains. The top-performing sectors were Beauty Care and Textile & Apparel, with increases of 3.86% and 2.53% respectively. Conversely, the sectors that saw the largest declines were Household Appliances and Steel, down by 2.10% and 1.37% respectively [1]. Coal Industry Performance - The coal industry experienced a decline of 0.84% today, with a net inflow of main funds amounting to 1.1917 million yuan. Out of 37 stocks in this sector, 10 stocks rose while 21 stocks fell [1]. - Among the stocks with net inflows, China Shenhua led with a net inflow of 75.25 million yuan, followed by Jizhong Energy and Huaihe Energy with net inflows of 26.77 million yuan and 12.99 million yuan respectively [1]. - The stocks with significant net outflows included Anyuan Coal Industry, Lu'an Environmental Energy, and Jinkong Coal Industry, with net outflows of 28.65 million yuan, 22.61 million yuan, and 18.90 million yuan respectively [1]. Coal Industry Fund Flow Data - The following table summarizes the fund flow data for key coal stocks: - China Shenhua: -0.99% change, 0.17% turnover rate, 75.25 million yuan inflow - Jizhong Energy: -1.19% change, 0.85% turnover rate, 26.77 million yuan inflow - Huaihe Energy: 0.56% change, 1.03% turnover rate, 12.99 million yuan inflow - Anyuan Coal Industry: -4.14% change, 3.42% turnover rate, 28.65 million yuan outflow - Lu'an Environmental Energy: -0.47% change, 0.41% turnover rate, 22.61 million yuan outflow - Jinkong Coal Industry: -1.40% change, 0.93% turnover rate, 18.90 million yuan outflow [1].

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [6]. Core Views - Port coal inventories are declining, and thermal coal prices have stopped falling. As of May 30, the coal inventory at ports in the Bohai Rim was 30.572 million tons, down 4.78% week-on-week but up 18.83% year-on-year. The average closing price for thermal coal at Qinhuangdao port was 611 CNY/ton, remaining stable week-on-week. The approaching summer peak electricity demand is expected to support a rebound in coal prices [1][4]. Summary by Sections Price Trends - The average closing price for thermal coal at Qinhuangdao port was 611 CNY/ton, with a slight decrease of 0.03% week-on-week. The average price for mixed thermal coal at the pit in Yulin, Shaanxi, was 475 CNY/ton, unchanged from the previous week [2]. Inventory Tracking - As of May 30, coal inventories at Qinhuangdao port were 6.75 million tons, down 7.53% week-on-week and up 42.41% year-on-year. The Bohai Rim port coal inventory was 30.572 million tons, down 4.78% week-on-week and up 18.83% year-on-year, indicating a high level for the same period [4][53]. Production and Utilization - The operating rate of 110 sample washing coal plants was 61.6%, down 0.8 percentage points week-on-week and down 7.3 percentage points year-on-year. The capacity utilization rate of 247 blast furnaces was 90.69%, down 0.63 percentage points week-on-week but up 2.52 percentage points year-on-year, with an average daily pig iron output of 2.4185 million tons, down 0.7% week-on-week but up 2.6% year-on-year [3][36]. Investment Recommendations - The report suggests that the seasonal increase in electricity demand during the summer is likely to support a rebound in coal prices. It recommends companies with a high proportion of long-term contracts and stable profitability, such as China Shenhua and China Coal Energy [4][5].

法律意见书 国浩律师（太原）事务所 关于 山西潞安环保能源开发股份有限公司 2024 年年度股东大会 N 國浩律師(太原)事務所 GRANDALL LAW FIRM (TAIYUAN) 山西省太原市万柏林区长兴路1 号华润大厦 T4 楼 21 层邮编：030021 21/F,TowerT4,ChinaResourcesBuilding,No.1ChangxingRoad,WanbailinDistrict,Taiyuan,Shanxi 电话/Tel:(+86)(351)7032237/38/39 传真/Fax:(+86)(351)7024340 网址/Website:www.grandall.com.cn 2025年5月 国浩律师(太原)事务所 法律意见书 国浩律师(太原) 事务所 关于山西潞安环保能源开发股份有限公司 2024 年年度股东大会 之 法律意见书 编号:GPBA3877001 致:山西潞安环保能源开发股份有限公司 国浩律师(太原)事务所(以下简称"本所")接受山西潞安环保能源开发 股份有限公司（以下简称"潞安环能"或"公司"）的委托，指派弓建峰、鲁悦欣 律师出席了潞安环能于 2025年5月29日 ...