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 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 ...

证券代码：601699 证券简称：潞安环能 公告编号：2025-026 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 山西潞安环保能源开发股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 29 日 (二)股东大会召开的地点：山西潞安环保能源开发股份有限公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 770 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,026,631,715 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例（%） | 67.7483 | 本次股东会由公司董事会召集，董事长王志清先生主持。本次会议采取现场 投票和网络投票相结合的方式，会议的召集、召开及表决均符合《公司法》及《公 司章程》 ...

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle for the coal economy, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [11][12] - The coal price is expected to stabilize at a new level, supported by a slowdown in coal production growth, particularly in high-cost regions like Xinjiang, and a decrease in coal imports [11][12] - The coal sector is characterized by high profitability, cash flow, return on equity (ROE) between 10-20%, and dividend yields exceeding 5%, indicating strong core asset attributes [11][12] Summary by Sections 1. Coal Price Trends - As of May 24, the market price for Qinhuangdao port thermal coal (Q5500) is 613 RMB/ton, down 5 RMB/ton week-on-week [3][30] - The price for coking coal at Jing Tang port is 1320 RMB/ton, down 30 RMB/ton week-on-week [3][32] - International thermal coal prices show a mixed trend, with Newcastle thermal coal at 68.0 USD/ton, down 1.0 USD/ton week-on-week [3][30] 2. Supply and Demand Dynamics - The utilization rate of thermal coal mines increased to 97.1%, while coking coal mine utilization decreased to 86.3% [11][12] - Daily coal consumption in coastal provinces rose by 7.10 thousand tons/day (+3.93%) and in inland provinces by 6.00 thousand tons/day (+1.93%) [11][12] - The April coal production in China was 390 million tons, reflecting a 5 million ton decrease from March, indicating a contraction in supply [11][12] 3. Investment Strategy - The report emphasizes the importance of investing in high-quality coal companies with stable operations and strong performance, such as China Shenhua, Shaanxi Coal, and others [12][13] - The coal sector is expected to maintain high performance and cash flow, with a favorable outlook for the next 3-5 years due to ongoing supply constraints [12][13] 4. Market Performance - The coal sector saw a 0.98% increase this week, outperforming the broader market, which saw a 0.18% decline [15][18] - The thermal coal segment rose by 1.62%, while the coking coal segment experienced a slight decline [15][18]

Investment Rating - The report maintains a "Buy" recommendation for key companies in the coal industry, including China Shenhua, Shaanxi Coal, and China Coal Energy [3][11]. Core Viewpoints - Coal prices have stabilized, and with the peak summer demand approaching, a rebound in coal prices is anticipated. The low coal prices have led to a reduction in supply, with April 2025 coal production growth slowing to 3.8% year-on-year, and daily production decreasing by 8.7% month-on-month [1][7]. - The report highlights that the demand for electricity coal is gradually increasing as temperatures rise, and the overall coal consumption in the chemical sector remains high. This marginal improvement in demand is expected to accelerate the reduction of port inventories, leading to a new round of price rebounds [1][7]. - The report emphasizes the investment value of stable high-dividend coal stocks, suggesting that the sector may experience a valuation uplift as coal prices enter an upward channel [1][7]. Summary by Sections Industry Dynamics - The report notes that the coal supply has slightly decreased due to accidents affecting some coal mines, while demand is weakening as the consumption off-season approaches. This has led to a bearish sentiment in the market, with continued inventory accumulation [2][10]. - The report indicates that the average daily coal consumption in power plants has increased, while the number of available days has decreased, suggesting a tightening supply situation [9][10]. Company Performance - The report provides earnings forecasts and valuations for key companies, with China Shenhua expected to have an EPS of 2.95 yuan in 2024, and a PE ratio of 13 times [3]. - The report highlights that companies like Jinko Coal and Shanxi Coal International are expected to show stable performance and production growth, making them attractive investment options [11][3]. Market Performance - As of May 23, 2025, the coal sector has shown a weekly increase of 1.0%, outperforming the broader market indices [12][14]. - The report identifies that the coal stocks have cleared low positions after previous panic selling, and the stability of coal prices has been reaffirmed, enhancing the certainty of high dividend yields [1][7].

Group 1 - The core viewpoint is that coal companies are expected to report strong earnings growth for 2021, with profit growth rates of 514%, -125% (turning profitable), 475%, and 62% for various companies, indicating a significant improvement in profitability despite a drop in coal prices due to regulatory measures [1] - The coal price has rebounded significantly, with Qinhuangdao Q5500 thermal coal prices exceeding 1000 yuan/ton, reflecting a 30% increase from the bottom, driven by export restrictions from Indonesia and mandatory inventory replenishment by power plants [1] - The overall economic growth is expected to stabilize, enhancing demand support, which will benefit coal as a primary energy source, alongside a recovery in the coal-coke-steel industry chain [1] Group 2 - High dividends are anticipated to continue, leading to a long-term increase in coal sector valuations, as companies are expected to disclose new shareholder return plans after March 2022 [2] - The capital expenditure in the coal industry has peaked, and with the trend towards "carbon neutrality," capital spending is expected to decline, optimizing the relationship between capital expenditure, cash flow, financials, profits, and dividends [2] - The coal sector is currently at a valuation bottom, with undervalued stocks, and companies with high dividends and those transitioning to green energy are expected to see valuation increases [2]

Core Viewpoint - The coal prices have significantly increased since the beginning of the year, and the National Development and Reform Commission (NDRC) has intervened to stabilize supply and prices, indicating that coal prices will operate at the upper limit of a reasonable range. The focus for coal stock investments should shift towards high dividends and transformation opportunities throughout the year [1]. Investment Highlights - Since the beginning of the year, coal prices have continued to rise, supported by fundamentals. The spot price of Qinhuangdao (Q5500) coal increased from 790 RMB/ton at the beginning of January to 1070 RMB/ton by the end of January. The rise is attributed to the rapid decline in port coal prices and the inversion of pit coal prices, leading to decreased enthusiasm among traders to pull coal to ports and low port inventories. The sentiment was further catalyzed by Indonesia's announcement to restrict coal exports. Demand has exceeded expectations due to strong electricity consumption and power plant restocking, with economic growth policies expected to further strengthen demand, providing effective support for coal prices [2]. - The NDRC has taken measures to consolidate supply and price stability, indicating that coal prices will operate at the upper limit of a reasonable range. A meeting held on February 9 emphasized that coal companies should resume normal production and supply, strictly implement supply and price stabilization policies, and regulate pricing behavior. It is believed that the rise in coal prices may pause, but there is no risk of a rapid short-term decline due to factors such as increased demand for coal and electricity from a cold spring and economic growth, as well as the increase in Indonesia's benchmark coal price to 188.4 USD/ton, which translates to a domestic cost of over 1237 RMB/ton, exceeding domestic coal prices, limiting the increase in imported coal supply [2]. Investment Strategy - In 2022, investments in coal stocks should not overly focus on coal prices but rather seek alpha opportunities, as high dividends and transformation present greater potential for increases. Following the volatility in the coal market in 2021, the government has sufficient means to maintain price stability. The significant rise in prices leading to high earnings elasticity is unlikely to occur in 2022. However, the government shows tolerance for relatively high coal prices, which are expected to fluctuate at high levels. The long-term contract prices have significantly increased year-on-year, leading to an elevation in corporate profit levels. Value discovery will be the main theme for coal stock investments in 2022. The long-term contract price for Qinhuangdao Q5500 coal in February 2022 was 725 RMB/ton, and under the new mechanism, high long-term contract prices are expected to be maintained, leading to sustainable optimization in capital expenditure, cash flow, finance, profit, and dividends. New dividend plans are anticipated following the disclosure of annual reports by coal companies in March 2022. Additionally, the government encourages the construction of photovoltaic projects to address mining subsidence, suggesting that some coal companies may leverage local resources to acquire green energy projects, accelerating transformation [3]. Investment Recommendations - The coal sector is currently at a projected bottom, with valuations significantly low. With the increase in benchmark long-term contract prices for thermal coal and expected high prices for coking coal, high-quality resource companies possess long-term value, while transformation companies have growth potential. The sector is set to see valuation increases. The main investment themes for the year include high dividends, green energy transformation, and growth-oriented coal chemical projects. Recommended companies include China Shenhua, Jingyuan Coal Electricity, Energy Investment, Yanzhou Coal, China Xuyang Group, and Baofeng Energy. Additionally, high-quality resource companies recommended are Shaanxi Coal and Chemical Industry, Huaibei Mining, China Coal Energy, Shanxi Coking Coal, Lu'an Environmental Energy, Lanhua Sci-Tech, Panjiang Coal and Electricity, and Pingdingshan Coal [4].