Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [5] Core Viewpoints - The coal price has been in a downward trend since reaching a peak in October 2021, with a significant drop from 1,615 CNY/ton to approximately 618 CNY/ton by June 5, 2025, marking a total decline of 997 CNY/ton [3][10] - Historical analysis indicates that coal price recoveries typically require policy intervention, as seen in previous downturns in 2008, 2015, and 2020 [2][9] - The current market is characterized by a buyer-dominated environment, with coal prices influenced by demand strength during peak summer periods and potential price stabilization policies [10][18] Summary by Sections Market Overview - The CITIC Coal Index was reported at 3,247.89 points, down 0.32%, underperforming the CSI 300 Index by 1.20 percentage points [2][75] - The report highlights the need for policy support to reverse negative market sentiment and restore confidence in coal prices [3][9] Coal Price Trends - As of June 6, 2025, the price of thermal coal at the North Port was 618 CNY/ton, reflecting a slight decrease of 2 CNY/ton week-on-week [10][36] - The report notes that low-calorie coal prices are showing strength due to structural shortages, while high-calorie coal prices are under pressure from weak demand [10][18] Focus Areas - The report emphasizes the importance of monitoring the recovery of coal production and the impact of potential policy measures on market dynamics [14][54] - Key recommended stocks include China Shenhua, Shaanxi Coal, and Xinji Energy, all rated as "Buy" [13] Supply and Demand Dynamics - The report indicates that coal supply remains stable, with production returning to normal levels after temporary reductions due to environmental checks [17][18] - The demand from downstream sectors is primarily driven by immediate needs, with limited willingness to accept higher prices [10][18] Future Outlook - The report suggests that the coal industry will continue to play a crucial role in China's energy landscape, with expectations for high-quality development amid ongoing structural reforms [38][54]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The coal sector is entering a "Golden Era 2.0," with core value assets expected to rise again. The current weak domestic economy and external pressures, such as tariffs from the Trump administration, along with a downward trend in interest rates, make coal a stable dividend investment. Insurance funds have begun new allocations in coal and other dividend sectors, which are perceived as low-risk due to state-owned backgrounds [4][12]. - The coal market is expected to stabilize and rebound as supply-demand fundamentals improve. Both thermal and coking coal prices are at low levels, with potential for upward movement following the implementation of macroeconomic policies and the upcoming construction season in 2025 [4][12]. - The coal sector is likely to see a renewed investment focus due to supportive macro policies and capital market initiatives. High dividend payouts have become a trend, with several listed coal companies announcing mid-term dividend plans, indicating a positive shift in market sentiment [4][12]. Summary by Sections 1. Investment Logic - The coal sector is viewed as a stable dividend investment due to weak domestic economic performance and favorable macroeconomic conditions. Insurance funds are starting new allocations in coal, which is seen as a low-risk investment [4][12]. 2. Key Indicators Overview - The coal sector experienced a slight decline of 0.5% this week, underperforming the CSI 300 index by 1.38 percentage points. The sector's PE ratio is 11.81, and the PB ratio is 1.18, ranking low among all A-share industries [7][9]. 3. Thermal Coal Industry Chain - As of June 6, the Qinhuangdao port price for Q5500 thermal coal is 609 CNY/ton, a slight decrease of 0.33%. The operating rate of coal mines in Shanxi, Shaanxi, and Inner Mongolia is 81.3%, with a minor decline [3][15]. - The inventory at ports in the Bohai Rim has decreased to 29.31 million tons, down 4.1% from the previous week, indicating a continued trend of inventory reduction [3][15]. 4. Coking Coal Industry Chain - The price for main coking coal at the Jing Tang port remains stable at 1270 CNY/ton. However, the market is facing potential supply disruptions due to political changes in Mongolia and domestic cost pressures [3][16]. - The average daily iron output remains above 240 CNY/ton, indicating resilient demand for coking coal despite pressures from the steel industry [3][16]. 5. Company Announcements - Several coal companies have announced plans for stock buybacks and increased shareholder holdings, signaling confidence in the sector's valuation and potential for price appreciation [4][12]. 6. Selected Coal Stocks - Key stocks to watch include China Shenhua, Shaanxi Coal, and China Coal Energy for dividend potential; Pingmei Shenma and Huabei Mining for cyclical logic; and Guanghui Energy and Xinjie Energy for growth potential [4][12].

Investment Rating - The report maintains a "Buy" rating for several coal companies, including Jin控煤业, 陕西煤业, 华阳股份, 中国神华, 中煤能源, 山煤国际, 新集能源, 兖矿能源, and 淮北矿业, indicating a positive outlook for these stocks [3][11]. Core Views - The report highlights that the continuous destocking at ports and the upcoming peak summer demand are expected to drive a rebound in thermal coal prices. The demand side is seeing an increase in daily consumption by power plants as temperatures rise, while supply is tightening due to reduced production and stricter safety inspections [1][7]. - The report suggests that after verifying the bottom support for coal prices, the stable high dividend yield of coal stocks enhances their investment value, leading to a potential valuation uplift for the sector [1][8]. - The report emphasizes the importance of focusing on companies with stable performance and high cash flow growth, recommending specific stocks based on their financial health and market position [11]. Summary by Sections Market Overview - The report notes that the coal market is experiencing mixed price movements, with low-calorie coal prices slightly increasing due to tight supply. The overall market remains stable, with port coal prices showing minor fluctuations [1][7]. - The report indicates that the average daily coal consumption by power plants has increased, with a week-on-week rise of 33.7 thousand tons, reflecting a growing demand for electricity [9]. Supply and Demand Dynamics - The report discusses the supply side, noting a significant decline in coal production due to low prices and stricter environmental checks, particularly in regions like Xinjiang and Inner Mongolia. This is expected to lead to a tighter supply situation [1][10]. - On the demand side, the report highlights that non-electric demand remains high, and the anticipated increase in thermal power generation could lead to a positive shift in coal prices [1][7]. Company Performance - The report provides earnings forecasts and valuations for key companies, with Jin控煤业 expected to have an EPS of 1.68 yuan in 2024, while 陕西煤业 is projected to have an EPS of 2.31 yuan. The report recommends these companies based on their stable earnings and growth potential [3][11]. - The report also notes that the coal sector has underperformed compared to the broader market, with a weekly decline of 0.3% for the coal sector compared to a 0.9% increase in the Shanghai Composite Index [12][15]. Investment Recommendations - The report recommends focusing on companies with robust performance and cash flow, such as Jin控煤业 and 陕西煤业, as well as industry leaders like 中国神华 and 中煤能源. It also suggests looking at companies with growth in production, such as 华阳股份 and 山煤国际 [11][12].

| | 名称 | (股) | | 比例 | 计质押数 | | 计质押数 | | | 股本 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 比例 | | | 限售 | 冻 | | | 结 | | 限售 | 冻结 | | | | | | | | | | | | | | | | 量(股) | 量(股) | | | 比例 | | | | | | | | | | | | | | | 股份 | 股份 | | | 股份 | 股份 | | | | | | | | | | | | | | | | | | | | | | | 数量 | 数量 | | | 数量 | 数量 | | | | | | | | | | | | | | | | | | | | | | | (股) | (股) | (股) | | (股) | | | | | | | | | | | | | | | 新集 | | | | | | | | | | | | | | 煤电 | | | | | | | | | | | ...

证券代码:601918 证券简称:新集能源 编号:2025-032 中煤新集能源股份有限公司 关于持股 5%以上股东进行股票质押式回购 交易展期的公告 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。 重要内容提示： 截至本公告披露日，中煤新集能源股份有限公司（以下简称 "公司"或"本公司"）持股 5%以上股东安徽新集煤电（集团）有限公 司（以下简称"新集煤电"）持有本公司股份 185,902,860 股，占公司 总股本的比例为 7.18%。本次质押展期股份数量 21,200,000 股，占 其持有公司股份总数的 11.40%，占公司总股本的 0.82%。本次质押 展期完成后，新集煤电累计质押股份 92,150,000 股，占其所持股份 比例的 49.57%，占公司总股本的 3.56%。 一、上市公司股份质押情况 2025年6月5日，公司接到持股5%以上股东新集煤电的通知，新 集煤电将其所持有本公司的无限售流通股股票21,200,000股（占公司 总股本的0.82%）在国元证券股份有限公司（以下简称"国元证券"） 办理了股票质押 ...

Core Viewpoint - The company has decided to abolish its supervisory board and amend its articles of association, transferring the supervisory responsibilities to the audit and risk committee of the board of directors [1]. Summary by Sections Abolishment of Supervisory Board - The company will no longer establish a supervisory board, and the powers previously held by the supervisory board will now be exercised by the audit and risk committee of the board of directors [1]. - Relevant rules and regulations concerning the supervisory board will be abolished [1]. Amendments to Articles of Association - The articles of association have been revised from 13 chapters and 247 articles to 12 chapters and 244 articles, with 208 articles being amended [1]. - The amendments are in accordance with the Company Law, the Guidelines for Articles of Association of Listed Companies (2025 Revision), and other relevant laws and regulations [1]. Key Changes in Articles of Association - The first article emphasizes the need to protect the rights of the company, shareholders, and creditors, now including employees [1]. - The legal representative of the company is the chairman of the board, and if the chairman resigns, a new legal representative will be appointed within 30 days [2]. - The company’s capital is divided into equal shares, and shareholders are liable only to the extent of their shares [5]. - The company’s operational scope includes coal mining, power generation, and other related services [5]. - The company can adjust its investment direction and operational scope as needed, subject to approval from relevant authorities [5]. Share Issuance and Rights - The issuance of shares will adhere to principles of fairness and justice, ensuring equal rights for all shareholders of the same class [6]. - The company’s shares are issued at a par value of RMB 1, and the issuance price cannot be lower than the par value [6]. - Shareholders have rights to dividends and other benefits proportional to their shareholdings [9]. Shareholder Responsibilities - Shareholders must comply with laws and the articles of association, and they are responsible for paying their subscribed capital [14]. - Shareholders are prohibited from abusing their rights to harm the interests of the company or other shareholders [14]. Governance and Legal Compliance - The company must comply with legal obligations regarding information disclosure and cooperate with judicial decisions [11]. - The company’s governance structure emphasizes the responsibilities of the board of directors and the rights of shareholders to challenge decisions that violate laws or the articles of association [10].

Core Viewpoint - The announcement details the revisions to the governance rules of China Coal Xinji Energy Co., Ltd., which include amendments to the rules governing shareholder meetings, board meetings, independent director systems, related party transaction decision-making, and information disclosure management [1]. Summary by Sections Shareholder Meeting Rules - The revised rules ensure that shareholder meetings operate smoothly and in accordance with the law, reflecting the company's actual situation [1]. - The rules specify that the annual shareholder meeting must be held within six months after the end of the fiscal year [3]. - Temporary shareholder meetings can be called under specific circumstances, such as insufficient directors or significant losses [4][5]. Board Meeting Rules - The board of directors is responsible for convening shareholder meetings and ensuring compliance with legal and regulatory requirements [6]. - Shareholders have the right to attend meetings and exercise their rights, including inquiry and voting [6][7]. Independent Director System - Independent directors can propose the convening of temporary shareholder meetings, and the board must respond within ten days [8]. - If the board fails to convene a meeting, the supervisory board can call for one [9]. Related Party Transaction Decision-Making - The rules outline the procedures for related party transactions, ensuring transparency and compliance with regulations [10]. Information Disclosure Management - The company is required to disclose information regarding shareholder meetings, including the agenda and voting procedures, to ensure all shareholders are informed [11][12]. - The rules emphasize the importance of legal opinions and notarization for the validity of shareholder meetings [13][14]. Proposal and Voting Procedures - Shareholders holding more than 3% of shares can propose new items for discussion at shareholder meetings [17]. - The board must review proposals based on their relevance and compliance with legal requirements [19][20]. Meeting Notifications - Notifications for shareholder meetings must include detailed information about the meeting date, location, and agenda [21][22]. - The company must ensure that all proposals are fully disclosed in the meeting notifications [15][16].

中煤新集能源股份有限公司 本人黄国良，已充分了解并同意由提名人中煤新集能源股份有 限公司董事会提名为中煤新集能源股份有限公司（以下简称"该公司"） 第十一届董事会独立董事候选人。本人公开声明，本人具备独立董 事任职资格，保证不存在任何影响本人担任该公司独立董事独立性 的关系，具体声明如下： 独立董事候选人声明与承诺 一、本人具备上市公司运作的基本知识，熟悉相关法律、行政 法规、部门规章及其他规范性文件，具有 5 年以上法律、经济、会 计、财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明 材料（如有） 二、本人任职资格符合下列法律法规和部门规章以及公司规章 的要求： （一） 《中华人民共和国公司法》关于董事任职资格的规定； （二） 《中华人民共和国公务员法》关于公务员兼任职务的规定 （如适用） ； （三）中国证监会《上市公司独立董事管理办法》、上海证券交 易所自律监管规则以及公司章程有关独立董事任职资格和条件的相 关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部辞 去公职或者退（离）休后担任上市公司、基金管理公司独立董事、 独立监事的通知 ...

中煤新集能源股份有限公司 独立董事提名人声明 提名人中煤新集能源股份有限公司董事会，现提名黄国良、姚 直书、孔令勇为中煤新集能源股份有限公司第十一届董事会独立董 事候选人，并已充分了解被提名人职业、学历、职称、详细的工作 经历、全部兼职、有无重大失信等不良记录等情况。被提名人已同 意出任中煤新集能源股份有限公司第十一届董事会独立董事候选人 （参见该独立董事候选人声明与承诺） 。 提名人认为，被提名人具备独立董事任职资格，与中煤新集能 源股份有限公司不存在任何影响其独立性的关系，具体声明如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、 行政法规、规章及其他规范性文件，具有 5 年以上法律、经济、会 计、财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明 材料（如有） 二、被提名人任职资格符合下列法律、行政法规和部门规章以 及公司规章的要求： （四）中共中央纪委、中共中央组织部《关于规范中管干部辞 去公职或者退（离）休后担任上市公司、基金管理公司独立董事、 独立监事的通知》的规定（如适用） （五）中共中央组织部《关于进一步规范党政领导干部在企 ...

General Provisions - The company is named China Coal Xinji Energy Co., Ltd, and it must appoint a new legal representative within 30 days of the current representative's resignation [2] - The company was established as a joint-stock company in accordance with the Company Law and other relevant regulations, with its registration completed on December 1, 1997 [4] - The company is permanently established as a joint-stock company with a registered capital of RMB 2,590.5418 million [6] Business Objectives and Scope - The company's purpose is to maximize economic and social benefits through coal and electricity production and operations, while ensuring the legal interests of shareholders and employees [15] - The business scope includes coal mining, power generation, electricity supply, and various technical services and equipment sales [5] Share Issuance - The company can provide financial assistance for others to acquire its shares, with a limit of 10% of the total issued capital [7] - The company issues shares in a public, fair, and just manner, ensuring equal rights for all shares of the same category [9] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends and participate in decision-making processes, including the right to request meetings and supervise company operations [35] - Shareholders must comply with laws and the company's articles of association, and they are liable for their subscribed shares [41] Shareholder Meetings - The company holds annual shareholder meetings within six months after the end of the previous fiscal year, and temporary meetings can be called under specific circumstances [50][51] - The company must notify shareholders of meetings at least 20 days in advance for annual meetings and 15 days for temporary meetings [62] Voting and Resolutions - Resolutions at shareholder meetings can be ordinary or special, requiring a majority or two-thirds majority of the voting rights, respectively [38] - The company must maintain accurate records of meeting proceedings, including attendance and voting results [80]