山西潞安环保能源开发股份有限公司 董事会专门委员会工作细则 录 目 | | 董事会战略委员会工作细则 . | | --- | --- | | 第一章 | 总则 . | | 第二章 | 人员组成 | | 第三章 | 职责权限 | | 第四章 | 决策程序 | | 第五章 | 议事规则 . | | 第六章 | 附则 . | | | 董事会审计委员会工作细则 . | | 第一章 | 总则 . | | 第二章 | 人员组成 | | 第三章 | 职责权限 | | 第四章 | 决策程序 13 | | 第五章 | 议事规则 . | | 第六章 | 附则 . | | | 董事会薪酬与考核委员会工作细则 . | | 第一章 | 总则 . | | 第二章 | 人员组成 | | 第三章 | 职责权限 | | 第四章 | 决策程序 19 | l | 第五章 议事规则 ·· | | --- | | 第六章 附则 | | 董事会提名委员会工作细则 . | | 第一章 总则 . | | 第二章 成员组成 . | | 第三章 职责权限 . | | 第四章 议事规则 23 | | 第五章 附则 | 2 董事会战略委员会工作细则 第一章 总则 ...

山西潞安环保能源开发股份有限公司 信息披露事务管理制度 第一章 总则 董事会秘书审核后方可提供。 第五条 公司应披露的信息文件包括招股说明书、募集说明书、 上市公告书、定期报告（年度报告、半年度报告、季度报告）及临时 报告等。 第二章 信息披露的责任 第一条 为规范山西潞安环保能源开发股份有限公司（以下简称 "公司"）信息披露行为，提高信息披露质量，保护公司、股东、债 权人及其他利益相关人的合法权益，依据《中华人民共和国公司法》 《中华人民共和国证券法》（以下简称"证券法"）《上市公司信息 披露管理办法》《上海证券交易所股票上市规则》《上海证券交易所 上市公司自律监管指引第 2 号——信息披露事务管理》等法律法规及 《山西潞安环保能源开发股份有限公司章程》（以下简称"《公司章 程》"），制定本制度。 第二条 本制度所称信息披露，是指公司将法律、法规、证券监 管部门规定要求披露的信息，以及可能对公司股票及其衍生品种交易 价格产生重大影响的信息，在规定时间内通过指定媒体、按规定程序 向社会公众公开，并置备于公司住所供公众查阅的行为。信息披露应 遵循真实、准确、完整、及时、公平原则，确保内容简明清晰、通俗 易懂，无 ...

山西潞安环保能源开发股份有限公司 董事和高级管理人员所持本公司股份 及其变动管理规则 第一章 总则 （二）本人离职后半年内； 第一条 为加强对山西潞安环保能源开发股份有限公司(以下简 称"公司"或"本公司"）董事和高级管理人员所持公司股份及其变 动情况的管理，保护投资者的合法权益，根据《中华人民共和国公司 法》《中华人民共和国证券法》（以下简称"证券法"）、《上市公 司董事和高级管理人员所持本公司股份及其变动管理规则》《上海证 券交易所自律监管指引第 15 号——股东及董事、高级管理人员减持 股份》等有关法律、法规、规范性文件及《山西潞安环保能源开发股 份有限公司章程》（以下简称"《公司章程》"），制定本规则。 第二条 公司董事和高级管理人员所持本公司股份，是指登记在 其名下和利用他人账户持有的所有本公司股份。 公司董事和高级管理人员从事融资融券交易的，其所持本公司股 份还包括记载在其信用账户内的本公司股份。 第三条 公司董事和高级管理人员应当遵守相关法律法规以及 证券交易所规则中关于股份变动的限制性规定。公司董事和高级管理 人员就其所持股份变动相关事项作出承诺的，应当严格遵守。 第二章 交易禁止及交易限制 ...

Core Viewpoint - The company intends to publicly transfer its 250,000 tons/year coking capacity through the Shanxi Provincial Property Rights Trading Market, aiming to maximize the interests of the company and its shareholders [1] Group 1 - The subsidiary Shanxi Lu'an Coking Co., Ltd. plans to transfer its coking capacity indicators [1] - The transfer will be based on the evaluation results approved by state-owned assets [1] - The decision has been approved by the company's eighth board of directors at its ninth meeting [1]

潞安环能公告，2025年上半年营业收入140.69亿元，同比下降20.31%。净利润13.48亿元，同比下降 39.44%。 ...

Group 1 - The China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.09% as of August 26, 2025, with mixed performance among constituent stocks [1] - China National Cereals, Oils and Foodstuffs Corporation (600737) led the gains with an increase of 5.90%, while Shaanxi Natural Gas (002267) experienced the largest decline [1] - The National State-Owned Enterprises Dividend ETF (159515) is consolidating, with the latest price at 1.17 yuan [1] Group 2 - The China Securities State-Owned Enterprises Dividend Index tracks 100 listed companies with high cash dividend yields, reflecting the overall performance of high-dividend securities among state-owned enterprises [2] - As of July 31, 2025, the top ten weighted stocks in the index accounted for 16.77% of the total index weight, including China COSCO Shipping (601919) and Jizhong Energy (000937) [2] Group 3 - Analysts from Minsheng Securities noted that insurance capital prefers undervalued, high-dividend stocks with strong performance certainty, especially in a declining long-term interest rate environment [1] - The report from Caixin Securities suggests that high dividend yield assets remain attractive, with long-term funds like insurance capital likely to continue flowing into these assets [1]

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9]. Core Viewpoints - The recent coal mine accident in Fujian has raised concerns about the vulnerability of coal supply in China. The accident is expected to amplify local safety regulation efforts, potentially impacting coal supply. Despite this, stable demand and rigid supply constraints suggest that coal prices may continue to rise in the short term [2][7]. - The coal index (Yangtze) increased by 0.99% this week, underperforming the CSI 300 index by 3.19 percentage points, ranking last among all industries [6][14]. - The market anticipates that the upcoming "Golden September and Silver October" period will support coal demand, particularly as non-electric demand begins to pick up [6][7]. Summary by Sections Supply and Demand Overview - As of August 21, the daily coal consumption in 25 provinces was 6.427 million tons, up 8.0% week-on-week. The supply of coal was 6.324 million tons, an increase of 3.8% [31]. - The total coal inventory in these provinces was 119.798 million tons, a decrease of 0.4% from the previous week, with an available days supply of 18.6 days, down 1.6 days [31]. Price Trends - As of August 22, the market price for Qinhuangdao 5500 kcal thermal coal was 704 RMB/ton, reflecting a week-on-week increase of 6 RMB/ton (+0.86%) [38]. - The price for coking coal at Jingtang Port remained stable at 1610 RMB/ton [6]. Market Performance - The report highlights that the coal sector's performance has been mixed, with the thermal coal index rising by 1.09% and the coking coal index increasing by 0.76%, both underperforming compared to the CSI 300 index [14][18]. - The report identifies several companies with strong investment potential, including Yanzhou Coal Mining Company, Shanxi Coking Coal Group, and China Shenhua Energy [8]. Company Announcements - China Shenhua announced the approval of its Chongqing Wanzhou Power Plant expansion project, which will add 2×1000 MW capacity [52]. - Yanzhou Coal's Australian subsidiary reported a revenue of 2.675 billion AUD for the first half of 2025 [53]. Future Outlook - The report suggests that while daily consumption may gradually decline, the overall demand for coal remains robust, supported by seasonal factors and ongoing supply constraints [6][15]. - The focus will be on monitoring safety regulations and their impact on supply, as well as the performance of coal prices in the context of broader market conditions [7][8].

Core Viewpoint - Lu'an Environmental Energy has shown a mixed performance in stock price, with a slight year-to-date decline but a significant increase over the past two months, indicating potential volatility in the coal industry [2]. Group 1: Stock Performance - As of August 25, Lu'an Environmental Energy's stock price increased by 2.06% to 13.88 CNY per share, with a trading volume of 364 million CNY and a turnover rate of 0.89%, resulting in a total market capitalization of 41.52 billion CNY [1]. - Year-to-date, the stock price has decreased by 0.50%, with a 1.31% increase over the last five trading days, a 0.50% decrease over the last 20 days, and a 34.37% increase over the last 60 days [2]. Group 2: Company Overview - Lu'an Environmental Energy, established on July 19, 2001, and listed on September 22, 2006, is based in Xiangyuan County, Shanxi Province, and primarily engages in coal mining, coal washing, and coke smelting [2]. - The company's revenue composition is as follows: coal accounts for 94.10%, coke for 4.62%, and other sources for 1.29% [2]. - The company is classified under the coal mining sector, specifically focusing on coking coal, and is associated with various concept sectors including thermal coal and coal chemical [2]. Group 3: Financial Performance - For the period from January to March 2025, Lu'an Environmental Energy reported a revenue of 6.968 billion CNY, representing a year-on-year decrease of 19.53%, while the net profit attributable to shareholders was 657 million CNY, down 48.95% year-on-year [2]. - The company has distributed a total of 25.851 billion CNY in dividends since its A-share listing, with 14.505 billion CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of March 31, 2025, the number of shareholders for Lu'an Environmental Energy was 82,000, with an average of 36,480 circulating shares per person, showing no change from the previous period [2]. - Among the top ten circulating shareholders, Huatai-PB SSE Dividend ETF holds 42.3752 million shares, an increase of 356,700 shares from the previous period, while Hong Kong Central Clearing Limited holds 37.6163 million shares, an increase of 3.2758 million shares [3].

Investment Rating - The report maintains a "Positive" outlook on the coal industry, indicating an expectation for the sector to outperform the overall market performance [3]. Core Insights - The report highlights that the coal market is experiencing short-term price fluctuations due to supply constraints caused by heavy rainfall and production checks in key mining areas. It anticipates that coal prices will stabilize as temperatures drop across most regions [3]. - The report provides specific price data for thermal coal and coking coal, noting that while some thermal coal prices have decreased, others have seen slight increases. The overall trend suggests a mixed but stable pricing environment [3][10][12]. - The report emphasizes the importance of supply and demand dynamics, with increased daily coal inflow and outflow at the ports, leading to a decrease in coal inventory levels [21]. Summary by Sections Recent Industry Policies and Developments - The report discusses recent developments in coal mining projects and safety initiatives, including approvals for increased production capacities in certain regions [9]. Price Trends - Thermal coal prices have shown mixed results, with some prices remaining stable while others have increased slightly. Coking coal prices are expected to experience minor fluctuations before potentially rising again due to seasonal demand [10][12]. International Oil Prices - The report notes an increase in Brent crude oil prices, which may influence coal pricing dynamics. The relationship between international oil prices and coal prices is highlighted, with a noted increase in the ratio of oil to coal prices [17]. Port Inventory and Shipping Costs - The report indicates a decrease in coal inventory at the ports, with increased daily inflow and outflow rates. Shipping costs for domestic routes have also risen slightly, reflecting broader market trends [21][27]. Company Valuation - The report includes a valuation table for key companies in the coal sector, providing insights into their market performance and earnings projections. Companies such as China Shenhua and Shaanxi Coal are highlighted for their stable operations and high dividend yields [33].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report indicates that thermal coal prices are rebounding, aiming for a target of 750 CNY per ton, with a current price of 704 CNY per ton as of August 22, 2025, reflecting a 15.6% increase from the lowest price of 609 CNY per ton earlier this year [4][5] - The report emphasizes that both thermal coal and coking coal prices have reached a turning point, with expectations for further price recovery [5][13] Summary by Sections Thermal Coal Market - As of August 22, 2025, the Qinhuangdao Q5500 thermal coal price is 704 CNY/ton, with a 15.6% increase from the year's lowest price of 609 CNY/ton [4] - The operating rate of 442 coal mines in Shanxi, Shaanxi, and Inner Mongolia is 81.7%, indicating a relatively low supply level [4] - Port inventories have decreased by 29.82% from the highest level of 3,316.3 million tons earlier this year to 2,327.4 million tons [4] - The daily consumption of coal remains high during the summer, with the methanol operating rate at 80.65%, reflecting strong demand [4] Coking Coal Market - The price of coking coal at the Jing Tang Port is 1,610 CNY/ton, rebounding from a low of 1,230 CNY/ton in early July, with a significant increase of 61.61% in futures prices [4][5] - The report notes a tightening supply expectation due to regulatory measures on overproduction in coal mines [5] Investment Logic - The report suggests that the current thermal coal price has surpassed the second target price of around 700 CNY, with expectations to reach the third target price of 750 CNY, which is the breakeven point for coal and power generation companies [5][13] - Coking coal prices are expected to be influenced more by supply and demand fundamentals, with target prices set based on the ratio of coking coal to thermal coal prices [5][13] Investment Recommendations - The report identifies four main investment lines in the coal sector: 1. Cycle logic: Companies like Jinko Coal and Yancoal 2. Dividend logic: Companies like China Shenhua and China Coal Energy 3. Diversified aluminum elasticity: Companies like Shenhua Holdings and Electric Power Investment 4. Growth logic: Companies like Xinji Energy and Guanghui Energy [6][14]