Group 1 - Feng Laifa has been appointed as the director, general manager, and deputy secretary of the Party Committee of the National Energy Investment Group [1]

Group 1: Overall Market Outlook - The current market situation is similar to 2013 and 2019, with a high probability of evolving into a comprehensive bull market, although tactical breakthroughs may take time [6][12] - The market is characterized by low valuation levels, weak corporate earnings, positive policy tone, and active thematic opportunities, indicating potential for a bull market [12][14] - A possible market pullback in July is expected, but the extent is manageable, with a return to bull market conditions likely in Q3 or Q4 if earnings or policies turn optimistic [12][14] Group 2: Industry Allocation Insights - The report suggests a value-oriented approach in the current quarter, with plans to increase exposure to more elastic sectors in Q3 [12][14] - Key sectors for investment include: - New Consumption: Benefiting from domestic demand stability and potential supportive policies [14] - Media: Attractive valuation with a focus on AI application changes [14] - Military Industry: Likely to see continuous thematic events due to unique demand cycles [14] - Banking and Non-Banking: Low sensitivity to overseas economic fluctuations and high sensitivity to domestic policies [14] - Non-ferrous Metals: Strong capacity structure with resilience to economic fluctuations [14] - Real Estate: Positioned for new policy initiatives with low valuation levels [14] Group 3: Top Stock Picks - The top stock picks for July 2025 include: - 分众传媒 (002027.SZ) in Media and Internet - 顺丰控股 (002352.SZ) in Transportation - 药师帮 (9885.HK) in Pharmaceuticals - 万辰集团 (300972.SZ) in Food and Beverage - 青岛银行 (002948.SZ) in Banking - 新集能源 (601918.SH) in Utilities - 豆神教育 (300010.SZ) in Education - 兖矿能源 (600188.SH) in Energy - 江淮汽车 (600418.SH) in Automotive - 卓易信息 (688258.SH) in Computing [3][15] Group 4: Company-Specific Insights - 分众传媒 (002027.SZ) is focusing on offline advertising with a significant share of daily consumer goods advertisers [16] - 顺丰控股 (002352.SZ) has shown remarkable growth in logistics volume, outperforming industry growth rates, driven by customer penetration and operational optimizations [19][21] - 药师帮 (9885.HK) is expected to achieve a compound annual growth rate of approximately 164% in net profit from 2024 to 2027, benefiting from its deep market penetration and strong cash flow [25][27] - 万辰集团 (300972.SZ) maintains a competitive edge in the snack retail sector, with a focus on operational quality and profitability improvements [28][29] - 青岛银行 (002948.SZ) is expanding its business in a robust economic environment, with significant growth in deposits and loans, supported by a strong financial foundation [31][33]

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [10]. Core Insights - The recent strong rebound in coking coal futures is attributed to a combination of supply contraction and improved demand fundamentals, although medium to long-term price pressures may persist if demand does not see significant positive changes [2][7]. - The coal index (Yangtze) increased by 1.68% this week, underperforming the CSI 300 index by 0.27 percentage points, ranking 25th out of 32 industries [19]. - Coking coal prices are supported by supply tightening due to safety inspections and environmental regulations, while demand remains stable due to steel production [6][20]. Summary by Sections Coking Coal Market - Coking coal futures saw a weekly increase of 6.34%, closing at 848 CNY/ton, significantly outperforming other commodities in the coal-steel-mining chain [7][14]. - Supply-side factors include reduced production from safety checks and environmental inspections, leading to a 0.53% week-on-week decrease in weekly refined coal output [7][20]. - Demand remains stable, with average daily pig iron production from 247 steel mills at 2.4229 million tons, showing a slight increase of 0.05% week-on-week [7][20]. Investment Recommendations - The report suggests marginal allocation to long-term stable profit leaders such as China Coal Energy (A+H), China Shenhua (A+H), and Shaanxi Coal and Chemical Industry [8]. - For growth-oriented investments, Electric Power Investment and New集 Energy are recommended, while coking coal companies like Shanxi Coking Coal, Huaibei Mining, and Pingdingshan Coal are highlighted for their potential [8]. Price Trends - As of June 27, the market price for Qinhuangdao 5500 kcal thermal coal is 620 CNY/ton, reflecting an increase of 11 CNY/ton week-on-week [19][42]. - The main coking coal price at Jingtang Port remains stable at 1230 CNY/ton, while the price for first-grade metallurgical coke is 1280 CNY/ton, unchanged from the previous week [19][20].

Investment Rating - The industry investment rating is "Increase" [5][7]. Core Viewpoints - The current coal price adjustment has been ongoing for nearly four years since the historical peak in Q4 2021, and the market is well aware of the price decline. The industry is at a critical stage of price bottoming, and the bottom may not be far off. It is essential to grasp the intrinsic attributes of the industry and maintain confidence and determination [3]. - Domestic coal companies are increasingly facing losses, with over half (54.8%) of coal enterprises reporting losses as of March 2025. This situation may lead to a higher probability of both passive and active production cuts as prices continue to decline [3]. - The report emphasizes the potential for a rebound in coal prices due to the high costs of overseas coal mines, which may lead to reduced imports and a subsequent increase in domestic coal prices [3]. Summary by Sections Coal Mining - The European coal market is experiencing a price decline, with ARA port coal prices at $103.4 per ton, down $3.7 per ton (-3.4%) from the previous week. Newcastle port coal prices are at $106.5 per ton, down $0.1 per ton (-0.1%) [1][3]. - The report highlights the impact of geopolitical tensions on natural gas prices, which have led to a simultaneous increase in coal and natural gas prices in Europe by 7-9% [6][3]. Key Recommendations - The report recommends key coal enterprises such as China Shenhua (H+A), China Coal Energy (H+A), and China Qinfa, which is expected to reverse its current difficulties. Other recommended companies include Xinjie Energy, Shaanxi Coal, and Yanzhou Coal, which are expected to perform well [3][7].

Core Viewpoint - The company held its 11th Board of Directors meeting, where key management appointments were made, including the election of Liu Feng as the Chairman and the appointment of Sun Kai as the General Manager, among other executive roles [1][2][3]. Group 1: Board Appointments - Liu Feng was elected as the Chairman of the 11th Board of Directors, with a term aligned with the board's duration [1]. - Sun Kai was appointed as the General Manager, also with a term consistent with the board's duration [2]. - Cheng Maojiu was appointed as the Chief Financial Officer, with a term aligned with the board's duration [4]. Group 2: Other Executive Appointments - Wan Lei, Wang Xumin, and Zhang Xuesuo were appointed as Vice General Managers, with terms consistent with the board's duration [5]. - Qu Shenjie was appointed as the Director of the Safety Supervision Bureau, and Zhang Quanping was appointed as the Chief Engineer, both with terms aligned with the board's duration [5]. - Wang Shicang was appointed as the Chief Legal Advisor, with a term consistent with the board's duration [5]. Group 3: Board Committees and Compensation - The 11th Board of Directors established four specialized committees: Strategic Development Committee, Human Resources and Compensation Committee, Nomination Committee, and Audit and Risk Committee, with members appointed for terms aligned with the board's duration [6][9]. - The compensation plan for independent directors was set at 138,000 RMB per year (pre-tax), with travel expenses for board-related activities covered by the company [9].

Core Viewpoint - The legal opinion letter from Beijing Jiayuan Law Firm confirms that the 2024 annual general meeting of China Coal Xinji Energy Co., Ltd. was convened and conducted in accordance with relevant laws and regulations, ensuring the legitimacy and validity of the meeting procedures and voting results [1][2][8] Group 1: Meeting Procedures - The annual general meeting was convened by the company's board of directors, and the meeting notice was published in major financial newspapers and on the Shanghai Stock Exchange website, detailing the time, location, agenda, and voting procedures [3][4] - The meeting took place on June 26, 2025, at 14:30 in Huainan City, Anhui Province, with both on-site and online voting options available for shareholders [4][5] - The procedures for convening and holding the meeting were found to comply with the Company Law, Shareholders' Meeting Rules, and the company's articles of association [5] Group 2: Attendance and Voting - A total of 383 participants attended the meeting, representing 1,421,230,470 shares, which accounted for 54.8622% of the total voting shares as of the record date [6] - The qualifications of the attendees and the convenor were verified to be in accordance with the Company Law, Shareholders' Meeting Rules, and the company's articles of association [6][7] Group 3: Voting Procedures and Results - Voting was conducted through a combination of on-site and online methods, with related parties abstaining from voting on related proposals [7] - All proposals presented at the meeting were approved, with specific voting requirements for special resolutions and ordinary resolutions being met [7][8] - The voting procedures and results were confirmed to be legitimate and valid, adhering to the relevant laws and regulations [8]

2、经审阅被聘任人员的个人简历，我们认为其具有良好的财务 方面的教育背景以及丰富的工作经历，能够胜任公司总会计师职位 的要求，被聘任人员不存在违反《公司法》有关不得担任高级管理 人员规定的情形，亦不存在被中国证监会确定为市场禁入者并且禁 入尚未解除的情况，符合《公司法》及《公司章程》等有关规定。 3、同意聘任程茂玖先生为公司总会计师，任期与公司第十一届 董事会任期一致，并同意将该议案提交公司十一届一次董事会审议。 中煤新集能源股份有限公司董事会审计与风险委员会 关于十一届一次董事会相关议案的审核意见 根据《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 1 号——规范运作》和《公司章程》《董事会 审计与风险委员会工作细则》等相关规定，作为中煤新集能源股份 有限公司（以下简称"公司"）董事会审计与风险委员会委员，于 2025 年 6 月 26 日召开了审计与风险委员会 2025 年第三次会议，认真审 核公司提交的十一届一次董事会《关于聘任公司总会计师的议案》 相关会议资料，提出如下审核意见： 1、本次聘任公司总会计师系根据关于国有企业财务负责人任期 及轮岗等有关规定进行，聘任程序符合《公司 ...

中煤新集能源股份有限公司董事会提名委员会 关于十一届一次董事会相关议案的审核意见 根据《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 1 号——规范运作》和《公司章程》《董事会 提名委员会工作细则》等相关规定，作为中煤新集能源股份有限公 司（以下简称"公司"） 董事会提名委员会委员，于 2025 年 6 月 26 日召开了提名委员会 2025 年第三次会议，认真审核公司提交的十一 届一次董事会《关于聘任公司总经理的议案》《关于聘任公司总会 计师的议案》《关于聘任公司其他高级管理人员的议案》和《关于 聘任公司董事会秘书的议案》相关会议资料，并征得被提名人同意， 提出如下审核意见： 姚直书 吴凤东 孔令勇 2、被提名人不存在违反《公司法》有关不得担任高级管理人员 规定的情形，亦不存在被中国证监会确定为市场禁入者并且禁入尚 未解除的情况，符合《公司法》及《公司章程》等有关规定。 2025 年 6 月 26 日 3、同意提名孙凯先生为公司总经理，提名程茂玖先生为公司总 会计师，提名万磊先生、王绪民先生、张学锁先生为公司副总经理， 提名渠慎杰先生为公司安全监察局局长，提名张全平先生为公司总 工程 ...

1、公司第十一届董事会董事薪酬方案的薪酬标准公平、合理， 充分考虑了行业、地区的经济发展水平及公司的实际经营情况，符 合公司有关薪酬政策、考核标准，有利于公司建立市场化的薪酬标 准，有利于公司可持续发展。 中煤新集能源股份有限公司董事会人事与薪酬委员会 关于十一届一次董事会相关事项的审核意见 2、同意将该议案提交公司十一届一次董事会审议。 根据《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 1 号——规范运作》和《公司章程》《董事会 人事与薪酬委员会工作细则》等相关规定，作为中煤新集能源股份 有限公司（以下简称"公司"）董事会人事与薪酬委员会委员，于 2025 年 6 月 26 日召开了人事与薪酬委员会 2025 年第二次会议，认真审 核公司提交的十一届一次董事会《关于制订公司第十一届董事会董 事薪酬方案的议案》相关会议资料，提出如下审核意见： 孔令勇 彭卫东 黄国良 2025 年 6 月 26 日 中煤新集能源股份有限公司董事会人事与薪酬委员会 ...

北京市嘉源律师事务所 关于中煤新集能源股份有限公司 2024 年年度股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致：中煤新集能源股份有限公司 北京市嘉源律师事务所 关于中煤新集能源股份有限公司 2024 年年度股东大会的 法律意见书 嘉源(2025)-04-460 北京市嘉源律师事务所（以下简称"本所"）接受中煤新集能源股份有限公 司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公 司法》"）《上市公司股东会规则》（以下简称"《股东会规则》"）等现行有 效的法律、行政法规、部门规章、规范性文件（以下简称"法律法规"）以及《中 煤新集能源股份有限公司章程》（以下简称"《公司章程》"）的有关规定，指 派本所律师对公司2024年年度股东大会（以下简称"本次股东大会"）进行见证， 并依法出具本法律意见书。 为出具本法律意见书，本所指派律师现场见证了本次股东大会，查阅了公司 提供的与本次股东大会有关的文件和资料，并进行 ...