Investment Rating - The coal mining industry is rated as "Recommended" [7] Core Views - The coal supply-demand relationship continues to optimize under high-temperature conditions, with port coal prices rising and inventory decreasing [4][72] - The production side shows a tightening trend, with a decrease in capacity utilization in Shanxi and a reduction in transportation volumes [4][72] - The demand side is supported by power plants replenishing inventory in anticipation of increased consumption due to high temperatures [4][72] Summary by Sections 1. Thermal Coal - Port coal prices increased to 623 RMB/ton, up 3 RMB/ton week-on-week [4][72] - Inventory at northern ports decreased by 797,000 tons week-on-week [30] - Daily consumption at coastal power plants rose by 80,000 tons week-on-week [24][72] 2. Coking Coal - Supply of coking coal has improved, with capacity utilization rising by 1.04 percentage points [5][41] - Coking coal prices at ports remained stable, with the average price at 1,230 RMB/ton [42] - Coking coal inventories at production enterprises decreased by 586,200 tons week-on-week [47] 3. Coke - Coking enterprises are experiencing a decline in production rates due to rising costs from coking coal prices [50] - The average profit per ton of coke is approximately -46 RMB, indicating a decrease in profitability [54] - Steel mills are replenishing raw material inventories, leading to a reduction in coke inventories [62] 4. Anthracite - Anthracite prices remained stable, with the price at 820 RMB/ton [68] - Demand from non-electric sectors remains weak, with procurement primarily focused on long-term contracts [68] 5. Key Companies and Profit Forecasts - Key companies to focus on include China Shenhua, Shaanxi Coal, and Yanzhou Coal, all rated as "Buy" [8] - The report highlights the strong cash flow and asset quality of leading coal companies, emphasizing their investment value [7][8]

本报告导读： 2024 年产销同比下滑幅度收窄，2025Q1 开始逐步恢复。成本增加叠加煤价下跌，成为 2025Q1影响利 润的核心因素，预计 2025年全年盈利端同比压力有所缓解。 成本增加叠加煤价下跌，2025Q1 影响利润的核心因素，预计2025Q2盈利端同比压力有所缓解。2024 年 吨煤售价645.6 元/吨，同比-11.24%；吨煤成本391 元/吨，同比+12%；吨煤毛利255 元/吨，同 比-32.9%。2025Q1 吨煤售价543 元/吨，同比-21.26%/环比-10%；吨煤成本340 元/吨，同比-10%/环 比-21%；吨煤毛利140 元/吨，同比-55%/环比-18.5%。我们认为煤炭价格将迎来拐点，预计全年盈利端 同比压力有所缓解。 后备资源接续无忧。公司 2024 年已取得上马区块探矿权，增加煤炭资源量 8 亿多吨，叠加自有储备资 源，为未来发展提供了有利支撑。公司现有 18 座生产矿井，先进产能达到 4970 万吨/年，单井规模平 均 300 万吨/年，集约化生产水平行业领先，规模效应显著。 公司在建及规划的矿井（如忻峪煤业、元丰矿业、静安煤业、上马矿井等）合计产能约 850 ...

Core Points - The company announced a cash dividend of 0.41 yuan per share (before tax) for its A shares [1] - The profit distribution plan was approved at the annual shareholders' meeting on May 29, 2025 [1] - The total cash dividend to be distributed amounts to 1,226,477,772 yuan (before tax), based on a total share capital of 2,991,409,200 shares [1] Distribution Dates - The key dates for the dividend distribution are as follows: - Record date: June 24, 2025 - Last trading date: June 25, 2025 - Ex-dividend date: June 25, 2025 [1][2] Dividend Distribution Method - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the record date [1] - Shareholders who have completed designated transactions can receive their cash dividends on the distribution date [1] Taxation on Dividends - For individual shareholders holding shares for more than one year, the cash dividend of 0.41 yuan per share is exempt from individual income tax [3] - For shares held for one year or less, the company will not withhold individual income tax at the time of distribution; tax will be calculated upon the transfer of shares [3][4] - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld on dividends [4][5] Additional Information - The company encourages shareholders with questions regarding the dividend distribution to contact the securities department at the provided phone number [5]

证券代码：601699 证券简称：潞安环能 公告编号：2025-030 山西潞安环保能源开发股份有限公司 2024年年度权益分派实施公告 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法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.41元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/24 | － | 2025/6/25 | 2025/6/25 | 差异化分红送转： 否 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/24 | － | 2025/6/25 | 2025/6/25 | 四、 分配实施办法 1. 实施办法 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 29 日的2024年年度股东大会审议通过。 ...

Investment Rating - The report maintains a "Positive" outlook on the coal industry, indicating an expectation for the sector to outperform the overall market [3]. Core Insights - The report highlights that coal prices are expected to benefit from rising international oil prices and a gradual reduction in inventory levels [3]. - The demand for thermal coal is anticipated to remain stable despite being in a traditional off-peak season, supported by supply constraints and reduced imports [3]. - Coking coal prices are expected to stabilize and rebound as the peak season approaches, driven by improved steel production and profitability [3]. Summary by Sections Recent Industry Policies and Dynamics - June marks the annual "Safety Production Month" in China, emphasizing safety and emergency preparedness [9]. - Coal transportation from Xinjiang has increased, with a total of 39.4 million tons shipped out, reflecting a year-on-year growth of 6.8% [9]. Price Trends for Thermal and Coking Coal - As of June 13, thermal coal prices remained stable, with various grades reporting little to no change [10][11]. - Coking coal prices have shown slight declines, but the report suggests a potential for stabilization as demand from steel mills increases [13]. International Oil Price Surge - Brent crude oil prices rose significantly, with a reported increase of $7.76 per barrel, marking an 11.67% rise [17]. - The relationship between international oil prices and coal prices has shown a downward trend, indicating a potential impact on coal pricing dynamics [17]. Port Inventory and Shipping Costs - Inventory levels at the Bohai Rim ports have decreased, with coal stock down to 28.688 million tons, a reduction of 63.10% week-on-week [22]. - Domestic shipping costs have declined, with average coastal shipping rates falling by 2.96% [29]. Valuation of Key Companies - The report provides a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalization, and earnings projections [34]. - Companies such as China Shenhua, Shaanxi Coal, and Yanzhou Coal are recommended for their stable operations and high dividend yields [3].

Core Points - Shanxi Lu'an Environmental Energy Development Co., Ltd. announced that its controlling shareholder, Lu'an Group, has pledged 200 million shares of the company to secure the first phase of a non-public offering of exchangeable corporate bonds aimed at professional investors [1][2]. Group 1: Shareholder Information - Lu'an Group holds 1,837,926,512 shares of the company, accounting for 61.44% of the total share capital [1][2]. - The total number of shares pledged by Lu'an Group, including this transaction, is significant, as it reflects the company's reliance on financing through bond issuance [1]. Group 2: Pledge Details - The pledged shares represent 6.69% of Lu'an Group's total holdings in the company [1]. - The shares have been transferred to a designated account at China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to ensure the bondholders can exchange shares and receive interest payments [1].

证券代码：601699 证券简称：潞安环能 编号：2025-028 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。 | 运营指标 | 单位 | 2025 | 年 5 | 月 | 2024 | 年 5 | 月 | 同比变化（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 本月 | | 累计 | 本月 | | 累计 | 本月 | 累计 | | 原煤产量 | 万吨 | 461 | | 2313 | 453 | | 2252 | 1.77 | 2.71 | | 商品煤销量 | 万吨 | 406 | | 2044 | 404 | | 1968 | 0.50 | 3.86 | 以上主要运营数据来自本公司初步统计，可能与公司定期报告披 露的数据有差异，仅供投资者及时了解公司生产经营状况，不对公司 未来经营状况作出预测或承诺，敬请广大投资者理性投资，注意投资 风险。 特此公告。 山西潞安环保能源开发股份有限公司董事会 2025 年 6 ...

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 ...