Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is supported by import constraints and shipping inversions, with a focus on high dividend value [2][7] - Despite weak demand in the off-season, coal prices are expected to remain stable due to supply constraints and market dynamics [16][76] - The report highlights the investment value of coal companies, particularly those with strong cash flows and high dividend yields [7][78] Summary by Sections 1. Thermal Coal - Port inventories have increased, leading to a slight decrease in port prices by 2 CNY/ton [16] - As of April 16, the capacity utilization rate in the main production areas has increased by 0.31 percentage points [16] - Daily coal consumption at coastal and inland power plants has decreased significantly, with coastal plants down by 18.4 thousand tons and inland plants down by 33.7 thousand tons [16][26] 2. Coking Coal - Production has slightly rebounded, with capacity utilization decreasing by 0.37 percentage points to 87.4% [41] - The average customs clearance volume at Ganqimaodu port has decreased by 51 vehicles week-on-week [46] - Overall, coking coal inventories have continued to decline, with a reduction of 30.57 thousand tons this week [49] 3. Coke - The supply-demand situation for coke continues to improve, with production rates increasing due to better profitability [53] - The average daily iron output has slightly decreased after seven weeks of growth, but demand for coke remains strong [53][65] - Domestic coke prices have increased, with the price at Rizhao port rising by 50 CNY/ton [53] 4. Anthracite - The anthracite market remains stable, with prices holding steady despite fluctuations in demand [73] 5. Key Companies and Investment Logic - The report emphasizes the investment value of leading coal companies, highlighting their strong asset quality and cash flow [7][78] - Recommended stocks include China Shenhua, Shaanxi Coal, and Yanzhou Coal, among others [9][10]

Investment Rating - The coal industry is rated as "Overweight" indicating a positive outlook for the sector [1]. Core Insights - The report highlights that the coal prices have reached the cost line for some mines, leading to an expected reduction in production. The supply side is constrained due to regular safety inspections and maintenance on major railways, which is anticipated to support coal prices during the off-season [1]. - The report emphasizes that while electricity demand is entering a low season, the combination of maintenance on railways and reduced import volumes is expected to stabilize coal prices [1]. - The report recommends several companies for investment, including China Shenhua, Shaanxi Coal, and China Coal Energy, which are characterized by stable operations and high dividends. It also suggests关注淮北矿业, 平煤股份, and 电投能源 for their undervalued potential [1]. Recent Industry Policies and Developments - The report notes that the Xinjiang coal transportation project has been approved, which will enhance coal transportation capacity significantly, thus reducing logistics costs and supporting energy security [5]. - The report mentions the implementation of a differentiated electricity pricing mechanism in Shandong to optimize power resource allocation [9]. Price Trends - As of April 18, 2025, the prices for various types of coal have shown mixed trends, with some prices remaining stable while others have seen slight declines. For instance, the price for Shanxi's main coking coal remains at 1380 RMB/ton, unchanged from the previous week [10][13]. - The report indicates that international coal prices have fluctuated, with Indonesian coal prices decreasing while South African prices have increased [11]. Supply and Demand Dynamics - The report states that the average daily coal inflow to the Bohai Rim ports has decreased by 4.10% week-on-week, while the outflow has dropped significantly by 20.04% due to adverse weather conditions [22]. - The coal inventory at the Bohai Rim ports has increased by 6.93% week-on-week, indicating a buildup of stock amid declining demand [22]. Shipping Costs - Domestic coastal shipping costs have risen by 6.95% week-on-week, reflecting increased transportation expenses [32]. - International shipping rates have shown mixed trends, with some routes experiencing slight increases while others have decreased [32]. Company Valuation - The report provides a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalization, and earnings per share (EPS) projections for the coming years [36].

Investment Rating - The report maintains a "Buy" rating for key companies in the coal mining sector, including China Shenhua, Shaanxi Coal, and others [3][6]. Core Insights - Indonesia's new regulations have increased the coal export mining rights tax rate by 1%, which is expected to impact miners' profitability. The tax rate will vary based on calorific value and mining method, with higher rates applicable when the coal reference price exceeds $90 per ton [2][3]. - The report highlights that Indonesia's non-tax state revenue from the mining and coal sector is projected to reach 140.5 trillion Indonesian Rupiah (approximately $8.33 billion) in 2024, accounting for 52.1% of the country's non-tax revenue [2]. - The report suggests that some miners may shift towards domestic supply to mitigate tax pressure, although the domestic market's absorption capacity remains uncertain, potentially leading to production cuts and capacity constraints [2]. Summary by Sections Coal Mining - The report notes fluctuations in global energy prices, with Brent crude oil futures rising by 7.31% to $67.96 per barrel and WTI crude oil futures increasing by 7.67% to $64.68 per barrel [1]. - Coal prices showed mixed trends, with Newcastle coal (6000K) FOB price at $95.1 per ton (up 0.2%), while European ARA coal price decreased by 0.7% to $99.9 per ton [1][34]. Key Companies - The report identifies key investment targets in the coal sector, including China Shenhua, Shaanxi Coal, and others, with projected earnings per share (EPS) and price-to-earnings (PE) ratios indicating strong growth potential [6]. - Specific companies are highlighted for their stock repurchase plans, indicating confidence in their future performance [3]. Market Trends - The report provides a graphical representation of coal mining sector trends, indicating a potential recovery in the market after recent declines [4]. - It emphasizes the importance of monitoring coal prices and regulatory changes in Indonesia, which could significantly impact the sector's dynamics [2][3].

证券代码：601898 证券简称：中煤能源 公告编号：2025-012 中国中煤能源股份有限公司 关于召开 2025 年第一季度业绩说明会的预告公告 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： （一）视频直播及网络互动方式： 上证路演中心网址：https://roadshow.sseinfo.com/ "进门财经"网址：https://s.comein.cn/jnynw2pb Webcast Link(English): https://s.comein.cn/91nnryac （二）电话会议方式： 大陆：4001-510-269 香港：+852-51089680，台湾：+886-277083288，美国：+1-2087016888 国际：+86-1021377168 会议密码：601898（中文）001898（英文同传） 提问预征集方式： 1 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。 会议召开时间：2025 年 ...

Core Viewpoint - The stability of cash flow, rather than the scale of assets, is crucial for quality of life and investment success, especially in uncertain market conditions [1] Group 1: Cash Flow Index ETFs - A new batch of cash flow index ETFs has emerged, focusing on companies that generate real cash flow, serving as a strategy to navigate market volatility [1] - The China Securities Cash Flow Total Return Index has achieved a remarkable annual return of 40% in a turbulent market [2] Group 2: Investment Strategies - The free cash flow strategy is based on three winning logic points: 1. It focuses on real profitability by looking beyond financial statements, as free cash flow is based on actual cash inflows and outflows [4] 2. It combines high dividend yields with growth potential, providing a dual revenue engine [5] 3. It employs a dynamic rebalancing mechanism to capture undervalued stocks, allowing for timely adjustments to the index [9] Group 3: Performance Metrics - The index demonstrated resilience during bear markets, with a mere 2.76% decline in 2022 when the CSI 300 fell by 21.6% [6] - In bull markets, it outperformed with a 40.94% increase in 2024, achieving an excess return of 27 percentage points [6] - Since its inception in 2013, the index has accumulated a total return of 587.53% [6] Group 4: Index Composition - The index employs a "barbell strategy," including both cash-rich cyclical leaders like coal and petrochemicals, and high ROE growth sectors such as home appliances and automobiles [7] - The top ten constituent stocks, including China Shenhua and Midea Group, account for over 60% of the index, providing stable dividends while retaining growth potential [7] Group 5: Future Outlook - The market is expected to reassess value anchors, with state-owned enterprises facing value re-evaluation as cash flow assets become essential for risk-averse investments [9] - The upcoming issuance of the China Securities Cash Flow ETF may capture more certainty in the era of cash being king [9]

证券代码：601898 证券简称：中煤能源 公告编号：2025-011 中国中煤能源股份有限公司 2025 年 3 月份主要生产经营数据公告 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。 | 指标项目 | 单位 | 2025 | 年 | 2024 | 年 | 变化比率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 3 月份 | 累计 | 3 月份 | 累计 | 3 月份 | 累计 | | 一、煤炭业务 | | | | | | | | | （一）商品煤产量 | 万吨 | 1,163 | 3,335 | 1,083 | 3,273 | 7.4 | 1.9 | | （二）商品煤销量 | 万吨 | 2,476 | 6,414 | 2,397 | 6,387 | 3.3 | 0.4 | | 其中：自产商品煤销量 | 万吨 | 1,239 | 3,268 | 1,106 | 3,231 | 12.0 | 1.1 | | 二、煤化工业务 | | | | | | ...

中煤能源公布3月份主要生产经营数据，商品煤销量2476万吨，同比增长3.3%。 ...

事件 近日，公司发布2024 年年报，中煤能源2024 年实现营业收入1894.0 亿元，同比减少1.9%；归母净利润 193.23 亿元，同比下降1.1%；毛利率为24.9%，同比下降0.2pct，资产负债率为46.29%，同比下降 1.39pct。 投资要点 煤炭板块：增产提效抵消煤价波动 产量方面。自产商品煤全年累计产量达1.38 亿吨，同比增长2.5%，增量主要来自大海则煤矿产能贡 献。Q4 单季产量3526 万吨，环比Q3 降低1.54%，产能利用率维持高位。贸易煤全年销量2.85 亿吨，同 比持平。 价格与成本方面。自产煤售价全年均价562 元/吨，同比下滑6.6%，全年相比前三季度下降1.58%。成本 控制成效显著：吨煤销售成本281.73 元，同比下降25.28 元，降幅8.2%，主要受益于运输费用优化，及 折旧摊销减少。 毛利润方面。煤炭业务全年毛利396.28 亿元，占公司总毛利的84.1%，为核心盈利来源。Q4 单季毛利 103.75 亿元，环比Q3 上升10.31%。全年吨煤毛利280.27元，毛利率24.7%，同比下降0.2pct。 煤化工板块：产能扩张与成本优化双轮驱动 产量方面。 ...

Group 1 - The core index of the A-share market showed mixed performance, with the China Securities Energy Index rising by 0.89% to 2609.76 points, with a trading volume of 9.268 billion yuan [1] - Over the past month, the China Securities Energy Index has decreased by 2.70%, down 8.34% over the last three months, and down 13.01% year-to-date [1] - The top ten weighted stocks in the China Securities Energy Index include China Shenhua (15.98%), China Petroleum (13.33%), and China Petrochemical (12.31%) [1] Group 2 - The China Securities Energy Index is composed entirely of energy sector stocks, with a 100% industry representation [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Temporary adjustments to the index samples occur when the China Securities 800 Index undergoes changes, and companies that experience special events affecting their industry classification will also lead to adjustments in the index [2]

Core Viewpoint - The China Securities Index for small and medium-sized comprehensive energy shows a decline in performance over various time frames, indicating potential challenges in the energy sector [1][2]. Group 1: Index Performance - The China Securities Index for small and medium-sized comprehensive energy closed at 1901.11 points, with a decline of 6.73% over the past month, 6.43% over the past three months, and 10.19% year-to-date [1]. - The index is categorized into 11 industries based on the classification standards of the China Securities Index series, reflecting the overall performance of different industry securities [1]. Group 2: Index Holdings - The top ten holdings in the index include companies such as China Coal Energy (8.65%), Yongtai Energy (8.55%), and Jereh Oilfield Services (5.15%) [1]. - The index's market composition shows that the Shanghai Stock Exchange accounts for 54.91%, the Shenzhen Stock Exchange for 22.93%, and the Hong Kong Stock Exchange for 22.16% [2]. Group 3: Industry Composition - The index's industry composition reveals that coal accounts for 31.95%, coke for 26.40%, and oil refining for 13.43% [2]. - Other significant sectors include oil and gas extraction (10.52%), oilfield services (7.66%), and oil and gas circulation (5.27%) [2]. Group 4: Sample Adjustment - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. - Adjustments to the weight factors occur simultaneously with sample changes, and special circumstances may lead to temporary adjustments [2].