Core Viewpoint - The company demonstrates stable performance with effective cost management and efficiency improvements, while the integration of coal and electricity operations is gradually taking shape [1][2]. Financial Performance - In Q1 2025, the company reported total revenue of 2.91 billion yuan, a year-on-year decrease of 4.85%, and a net profit attributable to shareholders of 532 million yuan, down 11.01% year-on-year [2]. - The company's coal production reached 4.99 million tons, an increase of 6.27% year-on-year, while coal sales were 4.60 million tons, up 1.76% year-on-year [2]. - The average selling price of coal was 560 yuan per ton, a decrease of 15 yuan per ton year-on-year, benefiting from a high proportion of long-term contracts (85%) [2]. - The cost per ton of coal was 324 yuan, down 23 yuan year-on-year, leading to a gross profit of 1.09 billion yuan for the coal segment, an increase of 5.23% year-on-year [2]. Electricity Business - In Q1 2025, the company generated 3.62 billion kWh of electricity, a year-on-year increase of 47.16%, and sold 3.43 billion kWh, up 46.91% year-on-year [3]. - The selling price of electricity was 0.3749 yuan per kWh, down 8.14% year-on-year, impacted by the commissioning of two new units at the Banji power plant [3]. - The company has ongoing construction projects for power plants, including the Shangrao (2*1000MW), Chuzhou (2*660MW), and Liu'an (2*660MW) plants, expected to be operational by 2026 [3]. Market Outlook - The coal market is expected to reach a turning point in supply and demand by May 2025, with a seasonal increase in non-electric coal demand anticipated [3]. - The integration of coal and electricity operations is expected to enhance the company's profitability and risk resilience [3].

Core Viewpoint - The report from Guosheng Securities indicates a significant decline in coal imports and a downward trend in reliance on thermal coal, with a projected annual decrease in thermal coal imports by 4.9% for 2025 [1][3]. Group 1: Coal Production and Import Trends - In April 2025, the raw coal production decreased by 5 million tons month-on-month, with a total output of 390 million tons, reflecting a year-on-year growth of 3.8% [2]. - The total coal imports in April 2025 were 37.83 million tons, a decrease of 16.41% compared to the same month last year [3]. - For the first four months of 2025, coal imports totaled 152.67 million tons, down 5.3% year-on-year [3]. Group 2: Power Generation Insights - In April 2025, the industrial power generation was 711.1 billion kWh, showing a year-on-year increase of 0.9% [4]. - The thermal power generation in April 2025 saw a year-on-year decline of 2.3%, maintaining the same decline rate as in March [4]. - Renewable energy sources such as wind and solar power showed accelerated growth rates of 12.7% and 16.7% respectively in April 2025 [4]. Group 3: Steel Production and Market Dynamics - The crude steel production in April 2025 was 86.02 million tons, remaining flat year-on-year [5]. - The average daily iron water production from 247 sample steel mills was 2.448 million tons, reflecting a year-on-year increase of 3.3% [5]. - The market anticipates a seasonal peak in steel demand, with potential downward pressure on iron water production due to slowing inventory depletion [5]. Group 4: Investment Recommendations - The report recommends key coal enterprises such as China Shenhua (601088) and China Coal Energy (601898) for investment [6]. - It highlights the potential of companies like Xinji Energy (601918) and Shaanxi Coal (601225) based on performance metrics [6][7]. - The report also notes the importance of monitoring the impact of coal imports and domestic policy changes on market dynamics [5][6].

Investment Rating - The industry investment rating is maintained as "Increase" [6] Core Viewpoints - The coal mining industry is expected to see improved demand as effective supply decreases, presenting a good investment opportunity since the beginning of the year [1] - In April 2025, the raw coal production decreased by 50 million tons month-on-month, with an annual growth rate of 3.8% [1][12] - The forecast for 2025 indicates a net increase in production of only 55-60 million tons, with a year-on-year growth rate of approximately 1.2-1.3%, continuing to slow down compared to 2024 [1][12] Summary by Sections Production - In April 2025, the raw coal production was 390 million tons, with a year-on-year increase of 3.8% [1][12] - The average daily production in April was 12.98 million tons [1][12] Import - In April 2025, coal imports were 37.83 million tons, a decrease of 16.41% year-on-year [2][16] - For the first four months of 2025, total coal imports were 152.67 million tons, down 5.3% year-on-year [2][16] - The forecast for 2025 suggests that thermal coal imports may stabilize or decline slightly, with an expected total of around 385 million tons, a year-on-year decrease of 4.9% [2][16] Demand - In April 2025, the industrial power generation was 711.1 billion kWh, with a year-on-year growth of 0.9% [3][19] - The industrial thermal power generation decreased by 2.3% year-on-year, remaining stable compared to March [3][19] - The growth rates for wind and solar power generation increased to 12.7% and 16.7% respectively in April [3][19] Investment Recommendations - Key recommendations include major coal enterprises such as China Shenhua (H+A), China Coal Energy (H+A), and turnaround opportunities like China Qinfa [5][37] - Other recommended stocks include new energy companies with strong performance such as Xinjie Energy, Shaanxi Coal, and Electric Power Energy [5][37] - Companies with potential for future growth include Huayang Co. and Gansu Energy [5][37]

Investment Rating - The industry investment rating is "Maintain Buy" [6] Core Viewpoints - The coal mining industry is expected to see improved demand and effective supply reduction, presenting a good investment opportunity since the beginning of the year [1] - In April 2025, the raw coal production decreased by 50 million tons month-on-month, with a total output of 390 million tons, reflecting a year-on-year growth of 3.8% [12][13] - The report anticipates a net increase in coal production of only 55 to 60 million tons in 2025, representing a year-on-year growth of approximately 1.2% to 1.3%, indicating a continued slowdown compared to 2024 [1][12] Production Summary - In April 2025, the raw coal production was 390 million tons, with a daily average of 12.98 million tons [12][13] - The cumulative raw coal production from January to April 2025 reached 1.58 billion tons, showing a year-on-year increase of 6.6% [12] Import Summary - In April 2025, coal imports were 37.83 million tons, a decrease of 16.41% year-on-year and a 2.34% decrease month-on-month [2][16] - From January to April 2025, total coal imports amounted to 152.67 million tons, down 5.3% year-on-year [16] - The report forecasts that the total annual coal imports for 2025 may be around 385 million tons, reflecting a year-on-year decline of 4.9% [2][16] Demand Summary - In April 2025, the industrial power generation was 711.1 billion kWh, with a year-on-year growth of 0.9% [3][19] - The industrial thermal power generation saw a year-on-year decline of 2.3%, remaining consistent with the previous month [3][19] - Renewable energy sources such as wind and solar power showed significant growth, with wind power increasing by 12.7% and solar power by 16.7% year-on-year [3][19][32] Investment Recommendations - Key recommended stocks include China Shenhua (H+A), China Coal Energy (H+A), and China Qinfa, among others [5][37] - The report emphasizes the importance of performance in stock selection, highlighting companies like Xinjie Energy and Shaanxi Coal and Chemical Industry [5][37]

Investment Rating - The coal industry maintains a rating of "Synchronize with the Market-A" [1] Core Viewpoints - The coal market is returning to supply-demand logic following the resolution of tariff disputes, with expectations of improved demand as summer approaches [1][8] - The report highlights that while coal prices are under pressure due to seasonal factors and inventory adjustments, the potential for recovery in non-electric coal demand exists as the international trade environment improves [8][81] Summary by Sections 1. Coal Industry Dynamic Data Tracking - **Thermal Coal**: Inventory levels are decreasing, and summer stocking demand is anticipated. As of May 16, the spot reference price for thermal coal in the Bohai Rim is 629 CNY/ton, with a weekly change of -2.18% [3][23] - **Metallurgical Coal**: The external trade environment is improving, and metallurgical coal continues to deplete inventories. The price for main coking coal at Jingtang Port is 1320 CNY/ton, unchanged from the previous week [4][35] - **Coking Steel Chain**: Increased operational rates have led to a slight decline in coking coal prices. The average price for first-grade metallurgical coke is 1480 CNY/ton, down 3.27% [5][54] - **Coal Transportation**: Increased stocking demand has stabilized coastal transportation prices, with the coastal coal transportation index at 661.75 points, up 3.34% [6][64] - **Coal-related Futures**: Downstream operational rates have decreased, leading to a decline in double焦期价 [66] 2. Coal Sector Market Review - The coal sector has rebounded alongside the broader market, outperforming major indices. The CITIC coal index closed at 3244.52 points, with a weekly change of +1.65% [7][71] 3. Industry News Summary - Recent government initiatives emphasize strengthening domestic circulation and enhancing the coal industry's clean and efficient utilization [79][80] - The construction of a new cross-border railway between China and Mongolia is expected to significantly boost coal exports from Mongolia, reshaping trade dynamics [80] 4. Important Announcements from Listed Companies - Major companies in the coal sector are actively managing operational challenges and pursuing strategic initiatives, including asset restructuring and safety measures following incidents [81][83] 5. Next Week's Outlook and Investment Recommendations - The report suggests that while coal prices may face downward pressure, the upcoming summer stocking demand and improved tariff conditions could support price stability. Investors are advised to focus on undervalued companies with solid performance support [8][81]

证券代码:601918 证券简称:新集能源 编号:2025-026 崔利国先生在担任公司独立董事期间认真履行工作职责，充分 行使职权，恪尽职守，勤勉尽职，为公司的规范治理和健康发展发 挥了重要作用。公司董事会对崔利国先生在任期内为公司发展所做 1 出的贡献表示衷心感谢。 特此公告。 中煤新集能源股份有限公司董事会 2025 年 5 月 20 日 2 中煤新集能源股份有限公司 关于独立董事任期届满的提示性公告 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。 2025 年 5 月 19 日，中煤新集能源股份有限公司（以下简称"公 司"）董事会收到公司独立董事崔利国先生的书面辞职报告，崔利 国先生自 2019 年 5 月 21 日起担任公司独立董事已满六年，根据《上 市公司独立董事管理办法》等有关规定，独立董事在同一家上市公 司连续任职时间不得超过六年，崔利国先生申请辞去公司第十届董 事会独立董事及董事会人事与薪酬委员会主任委员，董事会提名委 员会委员和董事会审计与风险委员会委员职务。 根据《公司章程》的有关规定，独立董事崔利国先生 ...

Investment Rating - The coal industry maintains a "Synchronize with the Market" rating [1] Core Viewpoints - The coal market is returning to supply-demand logic following the resolution of tariff disputes, with expectations of improved non-electric demand as summer approaches [1][10] - The report highlights that while coal prices have seen some decline, the potential for further decreases is limited due to upcoming summer stocking demands and improved international trade conditions [10] Summary by Sections 1. Coal Industry Dynamic Data Tracking - **Thermal Coal**: Inventory levels are decreasing, and summer stocking demand is anticipated. As of May 16, the spot reference price for thermal coal in the Bohai Rim is 629 CNY/ton, with a weekly change of -2.18% [3][25] - **Metallurgical Coal**: The external trade environment is improving, leading to continued inventory reduction. The price for main coking coal at Jingtang Port is 1320 CNY/ton, unchanged from the previous week [4][37] - **Coke and Steel Industry Chain**: Increased operational rates have led to a slight decline in coke prices. The average price for first-grade metallurgical coke at Tianjin Port is 1480 CNY/ton, down 3.27% week-on-week [5][55] - **Coal Transportation**: There is an increase in stocking demand, with the coastal coal transportation price index at 661.75 points, up 3.34% [8][66] - **Coal-related Futures**: Downstream operational rates have decreased, leading to a decline in both coking coal and coke futures prices [68] 2. Coal Sector Market Review - The coal sector has rebounded alongside the broader market, outperforming major indices. The CITIC Coal Index closed at 3244.52 points, with a weekly change of +1.65% [9][73] 3. Industry News Summary - Recent government initiatives emphasize strengthening domestic circulation and enhancing the coal industry's clean and efficient utilization [80][81] - The construction of a new cross-border railway between China and Mongolia is expected to significantly boost coal exports from Mongolia, reshaping trade dynamics [82] 4. Important Announcements from Listed Companies - Several companies have reported operational updates, including production adjustments and strategic asset acquisitions, reflecting ongoing developments in the coal sector [83][85] 5. Next Week's Outlook and Investment Recommendations - The report suggests focusing on undervalued companies with strong performance support, particularly those with minimal non-coal business exposure, such as Xinjie Energy and Huohua Energy [10]

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [4] Core Views - The coal mining market is showing signs of bottoming out after a deep adjustment, with marginal improvements in fundamentals and supportive policies indicating a potential investment opportunity [3][10] - The report highlights five factors that may help stabilize coal prices, including reduced production from some coal mines, decreased railway shipment volumes, and anticipated increases in electricity demand due to high summer temperatures [6][10] Summary by Sections Market Overview - The CITIC Coal Index rose to 3,244.52 points, up 1.65%, outperforming the CSI 300 Index by 0.53 percentage points [2][78] - Year-to-date, thermal coal prices have decreased by 139 CNY/ton, while coking coal prices have fallen by 180 CNY/ton, with the CITIC Coal Index down 11.7% [2] Key Factors Affecting Coal Prices - The report identifies that the supply side is tightening due to safety inspections and production cuts in some coal mines, leading to a decrease in capacity utilization [6][10] - High inventory levels at ports are suppressing demand, but the report anticipates that electricity demand may rise as summer temperatures increase [6][10] Focused Analysis on Key Areas - **Thermal Coal**: The market remains weak, with supply still ample and demand primarily driven by essential needs [11][14] - **Coking Coal**: The market continues to face downward pressure, with weak demand and high inventory levels [11][37] - **Coke**: Profits are recovering, supported by steady demand from steel production [11][54] Investment Strategy - The report recommends focusing on key coal companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and Xinji Energy, which are expected to perform well [9][10] Industry News - Inner Mongolia has increased its coal production capacity by nearly 180 million tons per year, receiving recognition from the State Council [83] - International sea coal trade volumes have decreased by 6.7% year-on-year [84]

Core Insights - Environmental risks are increasingly recognized as significant operational risks for listed companies, impacting both their development and public image [2][4] Group 1: Environmental Violations and Penalties - Lu'an Huanneng was fined 450,000 yuan for commencing production without obtaining environmental impact assessment (EIA) approval for its coal mining project [2][4] - Xinji Energy's subsidiary was penalized 334,000 yuan for failing to verify the qualifications and capabilities of a waste disposal contractor [4][5] - China State Construction was fined 400,000 yuan for not preparing a construction waste disposal plan [6] Group 2: Impact on Shareholders - The five listed companies involved in environmental violations are state-controlled and collectively have 645,600 shareholders, indicating potential investment risks for these stakeholders [2] Group 3: Regulatory Framework and Public Disclosure - The increasing emphasis on ESG (Environmental, Social, and Governance) investment principles highlights the need for companies to prioritize sustainable development and disclose environmental data [7] - The legal framework supports public access to environmental information, enhancing transparency and accountability in corporate environmental practices [7]

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [4][7]. Core Insights - The coal price adjustment has been ongoing for nearly four years since the historical peak in Q4 2021, with prices generally returning to levels before the recent uptrend. The market is now aware of the price decline, indicating that the bottom may be near. It is essential to understand the industry's fundamental attributes and maintain confidence and determination [3]. - As of April 2025, Australian coal exports totaled 104 million tons, a year-on-year decrease of 8.1%. In April alone, exports were 26.53 million tons, down 3.7% year-on-year and 12.3% month-on-month [2][6]. - Domestic coal companies are increasingly facing losses, with over half (54.8%) reporting losses as of March 2025. This trend may lead to both passive and active production cuts as prices continue to decline [3]. Summary by Sections Coal Mining Exports - In the first four months of 2025, Australian coal exports decreased by 8.1% year-on-year, totaling 104 million tons. April's exports were 26.53 million tons, reflecting a 3.7% year-on-year decline and a 12.3% month-on-month decline [2][6]. Price Trends - As of May 16, 2025, coal prices showed mixed trends: Newcastle port coal (6000K) was priced at $99.0 per ton (up 0.1), while European ARA port coal was at $94.5 per ton (down 2.6) [35]. The IPE South African Richards Bay coal futures settled at $87.60 per ton (down 1.4) [35]. Recommended Stocks - The report recommends several coal companies, including: - China Shenhua (601088.SH) - Buy - Shaanxi Coal (601225.SH) - Buy - China Qinfa (00866.HK) - Buy - China Coal Energy (601898.SH) - Buy - Electric Power Energy (002128.SZ) - Buy - Jinneng Holding (601001.SH) - Buy - Yancoal (600188.SH) - Buy - New Hope Energy (601918.SH) - Buy [7].