Investment Rating - The report maintains an "Increase" rating for the coal mining industry [3][4]. Core Viewpoints - The report highlights a 2.9% year-on-year decline in Russian coal maritime exports for Q1 2025, with the proportion of loss-making coal companies in the Kuzbass region rising to 57% [2][3]. - Global energy prices have shown a downward trend, with Brent crude oil futures settling at $66.87 per barrel, down 1.60% from the previous week, and natural gas prices also declining significantly [1][3]. - The report emphasizes potential investment opportunities in companies such as China Shenhua, Shaanxi Coal, and others, particularly those involved in share buybacks [3][6]. Summary by Sections Coal Mining - In Q1 2025, coal production in the Kuzbass region decreased to 51 million tons, a 3.6% decline year-on-year [3]. - The report notes that the total losses in the Russian coal industry could exceed $3.1 billion in 2025, doubling from $1.4 billion in 2024 [3][5]. - The report provides specific coal price data, indicating that Newcastle port coal prices are at $93.8 per ton, down 1.4% from the previous week [1][37]. Investment Recommendations - The report recommends focusing on companies with strong performance, including China Shenhua, Shaanxi Coal, and others, with a particular emphasis on those that are initiating share buybacks [3][6]. - The report also mentions the potential for increased investment in companies like Huayang and Gansu Energy [3]. Market Trends - The report indicates a significant drop in coal prices across various markets, with European ARA port coal prices at $92.3 per ton, down 7.6% from the previous week [1][37]. - The overall trend in the coal mining industry is characterized by a challenging market environment, with many companies facing financial difficulties due to rising production costs and declining prices [3][5].

Investment Rating - The report maintains an "Increase" rating for the coal mining industry [3][4]. Core Viewpoints - The report highlights a significant decline in Russian coal exports, with a year-on-year decrease of 2.9% in Q1 2025, and notes that the proportion of loss-making coal companies in the Kuzbass region has risen to 57% [2][3]. - Global energy prices have shown a downward trend, with Brent crude oil prices at $66.87 per barrel, down 1.60% from the previous week, and coal prices at European ARA ports dropping to $92.3 per ton, a decrease of 7.6% [1][3]. - The report emphasizes potential investment opportunities in companies such as China Shenhua, Shaanxi Coal, and others, particularly those involved in share buybacks, which are seen as a positive signal for the industry [3][6]. Summary by Sections Coal Mining - Russian coal exports via sea decreased by 2.9% in Q1 2025, with exports to China down by 21.5%, accounting for 30% of total sea exports [5][6]. - The Kuzbass region's coal mining output fell to 51 million tons in Q1 2025, a 3.6% decline year-on-year [5][6]. - The report predicts that the total losses in the Russian coal industry could exceed $3.1 billion in 2025, doubling from $1.4 billion in 2024 [5][6]. Investment Opportunities - Recommended stocks for investment include: - Shaanxi Coal (601225.SH) - Buy rating, EPS forecast for 2024A at 2.31 [6]. - China Shenhua (601088.SH) - Buy rating, EPS forecast for 2024A at 2.95 [6]. - Other notable mentions include Huaiyin Mining, Jinneng Holding, and Yanzhou Coal Mining [3][6]. Price Trends - Coal prices have shown a consistent decline, with Newcastle coal at $93.8 per ton, down 1.4% from the previous week, and South African Richards Bay coal at $88.1 per ton, down 0.9% [1][3][6].

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 in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [10][11] - The coal price is believed to have reached a bottom, with expectations of a rebound in demand for replenishment in mid to late May [10][11] - The underlying investment logic of coal capacity shortages remains unchanged, with a short-term supply-demand balance and a long-term gap still present [10][11] Summary by Sections Coal Price Tracking - As of April 26, the market price for Qinhuangdao port thermal coal (Q5500) is 657 CNY/ton, down 8 CNY/ton week-on-week [22][27] - The international thermal coal FOB price for Newcastle (NEWC5500) is 70.6 USD/ton, down 0.5 USD/ton week-on-week [22][27] - The price for coking coal at Jing Tang port remains stable at 1400 CNY/ton [29] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 94.2%, down 1.7 percentage points week-on-week, while the utilization rate for coking coal mines is 88.38%, up 0.68 percentage points [10][44] - Daily coal consumption in inland provinces decreased by 10.70 thousand tons/day (-3.5%), while consumption in coastal provinces increased by 4.40 thousand tons/day (+2.48%) [10][45] Inventory Situation - As of April 24, coal inventory in inland provinces increased by 186.10 thousand tons, while inventory in coastal provinces decreased by 24.50 thousand tons [45] - The available days of coal in inland provinces increased by 1.60 days, while it decreased by 0.50 days in coastal provinces [45] Investment Recommendations - Focus on stable and robust companies such as China Shenhua, Shaanxi Coal, and China Coal Energy, as well as those with significant rebound potential like Yanzhou Coal and Datong Coal [11]

煤炭周报 关税扰动下日耗同比降幅扩大，煤价筑底逻辑未变 2025 年 04 月 26 日 ➢ 关税扰动下日耗同比降幅扩大，煤价筑底逻辑未变。2025 年 4 月关税冲突 加码以来，受下游需求萎缩影响，沿海八省电厂日耗同比出现下降，3 月底周均 日耗 187.1 万吨，同比增加 3.5 万吨(+1.9%)，而截至 4 月 24 日当周，周均日 耗降至 176.0 万吨，同比减少 2.9 万吨(-1.6%)，在此影响下，煤价持续窄幅震 荡，本周环比延续小幅下滑。但同时，持续低煤价下新疆、内蒙古以露天矿为主 的边际产能产量或出现缩减，发运倒挂叠加大秦线检修，港口库存略有去化。展 望后市，非电需求仍维持缓慢提升，煤价向上动力不足，大秦线检修结束后铁路 发运提升，港口或有累库风险，边际产能成本、进口煤价倒挂以及长协基准价对 港口煤价有支撑，下行压力亦有限，预计短期现货价仍以窄幅震荡为主，长协价 仍表现出低波韧性。 ➢ 焦煤短期窄幅震荡为主，旺季或有阶段性反弹但空间有限。当前煤价下部分 配焦原煤转为动力煤销售更具性价比，焦煤价格已基本见底，叠加近期高炉持续 复产，铁水产量已提升至 2024 年以来最高水平 244.35 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the coal industry, including China Shenhua, Shaanxi Coal, and China Coal Energy, among others [2][3][11]. Core Insights - The report highlights that coal consumption has decreased due to tariff disruptions, with daily consumption in coastal provinces dropping from 1.871 million tons in late March to 1.760 million tons by April 24, reflecting a year-on-year decrease of 1.6% [1][7]. - Despite low coal prices, there is a lack of upward momentum for coal prices, with expectations of narrow fluctuations in the short term [1][8]. - The report suggests that while there may be a temporary rebound in coking coal prices due to seasonal demand, the overall price increase potential remains limited [2][10]. Summary by Sections Industry Overview - The report notes that the coal price has been experiencing narrow fluctuations, with recent prices reported at 657 CNY/ton for Qinhuangdao port, down 8 CNY from the previous week [8]. - The report indicates that the overall coal market is influenced by both weak demand and tariff disruptions, leading to cautious market sentiment [2][8]. Company Performance - Key companies such as China Shenhua and Shaanxi Coal are recommended for their stable performance and strong cash flow [2][11]. - The report provides earnings forecasts for major companies, with China Shenhua expected to have an EPS of 2.95 CNY in 2024, and a PE ratio of 13 [3]. Market Dynamics - The report highlights that the coal sector has underperformed compared to the broader market, with a weekly decline of 0.8% in the coal sector compared to gains in major indices [12][14]. - It also notes that the coking coal market is expected to stabilize in the short term due to increased demand for steelmaking [10][11]. Investment Recommendations - The report recommends focusing on industry leaders with stable earnings, such as China Shenhua, Shaanxi Coal, and China Coal Energy, as well as companies with strong cash flow like Jinkong Coal [2][11]. - It emphasizes the defensive value of companies with low debt and high cash flow amidst ongoing tariff disruptions [8].

关于 2025 年度"提质增效重回报"行动方案的公告 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法律责任。 证券代码：601898 证券简称：中煤能源 公告编号：2025-015 中国中煤能源股份有限公司 万吨、同比基本持平，煤矿装备产值 103.5 亿元、同口径同比增加 6.4 亿元；实 现营业收入 1,894 亿元，归属于上市公司股东净利润 193 亿元，净资产收益率 13.01%，经营活动现金净流入 341 亿元，同比虽略有下降，但优于行业平均水平； 资产负债率下降 1.4 个百分点至 46.3%，财务结构总体保持稳健。不断增强股东 回报力度，实施 2023 年度分红、特别分红和 2024 年中期分红共计 103 亿元，投 资者获得感和满意度持续提升。 公司治理结构健全并获得资本市场及监管机构的充分认可，连续 15 年获上 交所信息披露 A 级评价，连续多年获评中国上市公司协会最佳董事会实践奖、董 办最佳实践案例奖，凭借优异的 ESG 表现连续 4 年入选"央企 ESG·先锋 100 指数" 榜单，所属中煤财务有限责任公司被人 ...

证券代码：601898 证券简称：中煤能源 公告编号：2025-016 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： 拟聘任的会计师事务所名称：安永华明会计师事务所（特殊普通合伙） 一、 拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 安永华明会计师事务所（特殊普通合伙）（简称"安永华明"）于 1992 年 9 月成立，2012 年 8 月完成本土化转制，从一家中外合作的有限责任制事务所转 制为特殊普通合伙制事务所。安永华明总部设在北京，注册地址为北京市东城区 东长安街 1 号东方广场安永大楼 17 层 01-12 室。截至 2024 年末拥有合伙人 251 人，首席合伙人为毛鞍宁先生。安永华明一直以来注重人才培养，截至 2024 年 末拥有执业注册会计师近 1,700 人，其中拥有证券相关业务服务经验的执业注册 会计师超过 1,500 人，注册会计师中签署过证券服务业务审计报告的注册会计师 近 500 人。 安永华明 2023 年度业务总收入人民币 59.55 亿元，其中，审计业务收入人 民币 ...

证券代码：601898 证券简称：中煤能源 公告编号：2025-018 中国中煤能源股份有限公司 关于召开2024年度股东周年大会及 2025 年第一次 A 股类别股东会的通知 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： 一、 召开会议的基本情况 股东大会召开日期：2025年6月27日 本次股东大会采用的网络投票系统：中国证券登记结算有限责任公司网 络投票系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式，公司将通过中国证券登记结算有限责任公司的网络投票系统进行 网络投票。 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：中国证券登记结算有限责任公司网络投票系统 网络投票起止时间：自2025 年 6 月 26 日 至2025 年 6 月 27 日 投票时间为：2025 年 6 月 26 日下午 3:00 至 2025 年 6 月 27 日下午 3:00 (六) 融资融券、转融通、约定购回业 ...

证券代码：601898 证券简称：中煤能源 公告编号：2025-014 中国中煤能源股份有限公司 第五届监事会 2025 年第二次会议决议公告 本公司监事会及全体监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： 本公告全文已于本公告日刊登于上海证券交易所网站、香港联合交易所有限 公司网站、本公司网站、中国证券报、上海证券报、证券时报和证券日报。 赞成票：3 票， 反对票：0 票， 弃权票：0 票。 1 同意提请股东大会授权董事会根据股东大会决议在符合利润分配的条件下制 定并实施 2025 年中期现金分红方案，并同意将提请股东大会授权董事会制定并 实施 2025 年中期分红方案提交公司 2024 年度股东周年大会审议。该事项符合相 关法律法规和《公司章程》的规定，充分考虑了公司的实际经营情况和未来发展 计划，符合公司长期持续发展的需求，符合公司和全体股东的利益，不存在损害 股东尤其是中小股东利益的情形。 中国中煤能源股份有限公司第五届监事会 2025 年第二次会议通知于 2025 年 4 月 11 日以书面方式送达，会议于 2025 ...

证券代码：601898 证券简称：中煤能源 公告编号：2025-013 中国中煤能源股份有限公司 第五届董事会 2025 年第二次会议决议公告 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： 本公告全文已于本公告日刊登于上海证券交易所网站、香港联合交易所有限 公司网站、本公司网站、中国证券报、上海证券报、证券时报和证券日报。 一、 董事会会议召开情况 1 同意提请股东大会授权董事会根据股东大会决议在符合利润分配的条件下制 定并实施 2025 年中期现金分红方案，在 2025 年上半年归属于上市公司股东的净 利润内（以中国企业会计准则和国际财务报告准则下的金额孰低者为准），按照 不低于 30%的比例进行分配。 中国中煤能源股份有限公司第五届董事会 2025 年第二次会议通知于 2025 年 4 月 11 日以书面方式送达，会议于 2025 年 4 月 25 日以现场表决方式召开。会议 应到董事 7 名，实际出席董事 6 名，执行董事赵荣哲委托执行董事廖华军代为出 席并行使表决权，公司监事、高级管理人员等有关人员列 ...