Investment Rating - The report maintains an "Overweight" rating for the coal industry [2][5]. Core Views - The coal price is expected to maintain a strong oscillation due to a combination of recovering port operations, colder weather, and the need for power plants to replenish their stocks. The demand for coal is anticipated to increase as winter progresses, despite current weak consumption levels [7][8]. - The report highlights the "anti-involution" policy which is expected to continue to restrict supply, thereby supporting coal prices. Additionally, external coal supply is projected to decrease due to various factors affecting major exporting countries [7][8]. - The report suggests investment opportunities in the coal sector, particularly in companies with high elasticity to price changes, as the demand is expected to rise during the peak winter season [8]. Summary by Sections Basic Conditions - The industry comprises 37 listed companies with a total market value of 1,918.464 billion yuan and a circulating market value of 1,881.057 billion yuan [2]. Key Company Performance - Major companies such as Shanxi Coking Coal, Lu'an Environmental Energy, and Yanzhou Coal Mining Company are highlighted with their respective earnings per share (EPS) and price-to-earnings (PE) ratios indicating strong investment potential [5][6]. Coal Price Tracking - The report notes that the price of thermal coal at the port has seen fluctuations, with the price of Shanxi-produced thermal coal at 821 yuan/ton as of November 28, 2025, reflecting a week-on-week decrease of 18 yuan/ton [8]. - The report also tracks the production levels and inventory of coal, indicating a slight decrease in daily production and a stable inventory situation at ports [8][9]. Downstream Performance - The report discusses the daily coal consumption in power plants, which is currently lower than expected but is projected to increase as winter progresses. The report also notes the impact of steel production on coal demand [9][10]. Investment Opportunities - The report emphasizes the potential for investment in coal stocks, particularly those that are expected to benefit from rising coal prices due to seasonal demand increases. Companies like Yanzhou Coal Mining and Shanxi Coking Coal are recommended for their strong market positions and growth potential [8][9].

Core Points - The company has elected Mr. Qian Dexing as the employee representative director of the 11th Board of Directors during the 5th session of the 2nd Employee Representative Assembly held on November 27, 2025 [1] - Mr. Qian Dexing will serve alongside 8 non-employee representative directors elected at the 2024 annual shareholders' meeting, with the term starting from the date of election until the end of the 11th Board's term [1] - Mr. Qian Dexing has a background in management and has held various positions within the company and its subsidiaries, including roles in engineering, administration, and party leadership [1] Company Compliance - Mr. Qian Dexing does not hold any shares in the company and has not been subject to penalties from the China Securities Regulatory Commission or other authorities [2] - The election of Mr. Qian Dexing complies with the relevant laws and regulations, ensuring that the number of employee representative directors does not exceed half of the total board members [2] Announcement - The announcement was officially made by the Board of Directors of China Coal Xinji Energy Co., Ltd. on November 29, 2025 [4]

证券代码:601918 证券简称:新集能源 编号:2025-046 中煤新集能源股份有限公司 关于选举第十一届董事会职工代表董事的公告 钱德兴先生简历如下： 特此公告。 中煤新集能源股份有限公司董事会 2025年11月29日 钱德兴，男，1968年6月出生，汉族，研究生，工商管理专业，经济师。曾任大屯煤电公司特殊建筑基 础工程总公司第一工程处副主任、特凿工程处副主任，中煤大屯工程公司综合办公室副主任科员，江苏 大屯铝业有限公司办公室副主任、主任，大屯煤电（集团）有限责任公司党委宣传部、企业文化部副部 长，中国中煤能源股份有限公司新疆分公司纪委委员、办公室（党委办公室）副主任（主持工作）、办 公室主任、总经理助理，中煤集团上海企业党委副书记、纪委书记，上海中煤物资公司党委副书记、纪 委书记，中煤北京煤矿机械有限责任公司党委书记、董事、副总经理，中国中煤能源集团有限公司党委 巡视组组长。现任公司党委副书记。 钱德兴先生未持有本公司股票，未受过中国证监会、上海证券交易所及其他部门的处罚和惩戒。 钱德兴先生符合《公司法》《上海证券交易所上市公司自律监管指引第1号一一规范运作》和《公司章 程》规定的有关职工代表董事的任 ...

证券日报网讯 11月28日晚间，新集能源发布公告称，公司于2025年11月27日召开了第二届第五次职工 代表大会，选举钱德兴先生为公司第十一届董事会职工代表董事。 （文章来源：证券日报） ...

证券代码:601918 证券简称:新集能源 编号:2025-046 钱德兴先生符合《公司法》《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》规定的有关职工代表 董事的任职条件。本次选举完成后，公司第十一届董事会中兼任公 司高级管理人员及由职工代表担任的董事人数总计不超过公司董事 总数的二分之一，符合相关法律法规的要求。 特此公告。 钱德兴先生简历如下： 钱德兴，男，1968 年 6 月出生，汉族，研究生，工商管理专业， 经济师。曾任大屯煤电公司特殊建筑基础工程总公司第一工程处副 主任、特凿工程处副主任，中煤大屯工程公司综合办公室副主任科 员，江苏大屯铝业有限公司办公室副主任、主任，大屯煤电（集团） 有限责任公司党委宣传部、企业文化部副部长，中国中煤能源股份 有限公司新疆分公司纪委委员、办公室（党委办公室）副主任（主 1 持工作）、办公室主任、总经理助理，中煤集团上海企业党委副书 记、纪委书记，上海中煤物资公司党委副书记、纪委书记，中煤北 京煤矿机械有限责任公司党委书记、董事、副总经理，中国中煤能 源集团有限公司党委巡视组组长。现任公司党委副书记。 钱德兴先生未持有本公司股票，未受过 ...

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the last 30 days include United Imaging Healthcare, Lens Technology, Aibo Medical, Sanhua Intelligent Control, and Zhaoyi Innovation [2][13] - In the last 5 days, the most popular companies for institutional research include Ninebot Company-WD, Rongbai Technology, Lens Technology, Yintong Intelligent Control, and Yinglian Co., Ltd [2][15] - Among the top twenty companies in the last 30 days, 19 companies had 10 or more rating agencies involved, with significant profit growth expected for Jiao Cheng Ultrasound, Lanke Technology, and United Imaging Healthcare in Q1-Q3 of 2025 compared to the same period in 2024 [2][13][16] Group 2: Major Shareholder Increase in A-Share Listed Companies - From November 17 to November 21, 2025, five listed companies announced significant shareholder increases, with Changshu Bank increasing its shareholding by more than 1% of total equity, while Huangtai Liquor, Longlide, Fuguang Co., and Feiwo Technology planned to increase their holdings with an average of more than 1% of the market value on the announcement date [3][20] - From January 1 to November 21, 2025, a total of 295 companies announced significant shareholder increases, with 90 of them having 10 or more rating agencies involved. Among these, 23 companies had an average planned increase amount exceeding 1% of the market value on the announcement date, including Xianhe Co., Hubei Yihua, Xinji Energy, and Zhongju Gaoxin [5][22] Group 3: Share Buyback Situation in A-Share Listed Companies - From November 17 to November 21, 2025, 65 companies announced their buyback progress, with 16 companies having 10 or more rating agencies involved. Five companies had an average planned buyback amount exceeding 1% of the market value on the announcement date, with a focus on Jian Sheng Group, Trina Solar, and Prologis Pharmaceuticals [4][25] - From January 1 to November 21, 2025, a total of 1,805 companies announced their buyback progress, with 344 of them having 10 or more rating agencies involved. Among these, 88 companies had a significant buyback ratio, with two companies, Huaming Equipment and Prologis Pharmaceuticals, still in the board proposal stage [6][27]

大会主论坛现场 电促会党支部书记、会长冯凯表示，"十四五"时期，电力行业抓住新一轮科技革命和产业变革的历 史机遇，加速推进以人工智能为代表的数智技术与能源电力深度融合，服务能源电力保供、绿色低碳转 型、新型电力系统构建、"双碳"目标实现，推动电力高质量发展和高水平安全。电促会自第四届理事会 以来，始终践行"跨界、融合、增值、共享"的服务理念，深入推进协会数字化建设，以实际行动助力数 字中国发展。"十五五"时期，面对新任务、新业态、新模式，电促会将在政府有关部门的大力支持下， 与广大会员单位一道，加深交流合作，群策群力，共同为把我国全面建成社会主义现代化强国、实现第 二个百年奋斗目标贡献自己的一份力量。希望通过本次会议加强会员单位间交流，汇集行业智慧，凝聚 发展共识，推动产业上下游企业协同开放、共享成果、共促发展。 会上，企业和专家代表介绍了各自领域的数智化发展情况。"十四五"时期，国家电网公司以数智技 术和数据要素创新应用为驱动，以业数深度融合为主线，全力实施"163"数字化赋能工程，实现"电网一 张图、数据一个源、业务一条线"，推动"三个转型、两个升级"，有力支撑新型电力系统建设和公司高 质量发展。面向未来 ...

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The report indicates that the coal industry is at the beginning of a new upward cycle, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal stocks on dips [12][13] - The report highlights a tight supply situation, with coal prices stabilizing at a new platform, and emphasizes the high profitability, cash flow, and dividend yield of quality coal companies [12][13] - The report suggests that the coal sector is undervalued and has potential for valuation enhancement, with a focus on high dividend yields and cyclical elasticity [12][13] Summary by Sections Coal Price Tracking - As of November 22, the market price for Qinhuangdao port thermal coal (Q5500) is 827 RMB/ton, unchanged from the previous week [28] - The price for thermal coal from Shanxi at the pit head is 780 RMB/ton, up by 15 RMB/ton week-on-week [28] - International thermal coal prices have seen slight increases, with Newcastle thermal coal at 86.5 USD/ton, up by 1.5 USD/ton [28] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.5%, an increase of 0.3 percentage points week-on-week [46] - Daily coal consumption in 17 inland provinces has increased by 14.7 thousand tons/day, a rise of 4.37% week-on-week [12] - The report notes that the daily coal consumption in 8 coastal provinces has also risen by 7.5 thousand tons/day, up by 4.18% week-on-week [12] Coal Inventory Situation - Coal inventories in coastal provinces increased by 25.5 thousand tons week-on-week, while inland provinces saw an increase of 89.1 thousand tons [12] - The report indicates a decrease in available days of coal supply in both coastal and inland regions [12] Company Performance - The report emphasizes the strong performance of companies like China Shenhua, Shaanxi Coal and Chemical Industry, and others, which are expected to maintain stable operations and robust earnings [13] - It also highlights companies with higher elasticity such as Yanzhou Coal Mining Company and others, suggesting they are worth monitoring [13]

Core Viewpoint - The Hainan provincial government and China National Development Investment Corporation have signed a strategic cooperation agreement to enhance collaboration in various sectors, aiming to support national strategies and develop the Hainan Free Trade Port [1] Group 1: Strategic Cooperation - The agreement establishes a comprehensive strategic partnership between the Hainan provincial government and the National Development Investment Corporation [1] - The cooperation will focus on multiple sectors including clean energy, transportation and ports, seed industry, biomanufacturing, health and elderly care, digital economy, inspection and testing, financial services, human resources services, and engineering services [1] Group 2: Objectives - The partnership aims to pragmatically serve national strategies and contribute to the high-standard construction of the Hainan Free Trade Port [1]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The report indicates a slight adjustment towards market-oriented policies in the long-term coal supply contracts for 2026 compared to 2025, with both quantity and price aspects moving closer to market mechanisms [2][7] - The signing volume for coal enterprises is set to be no less than 75% of their own resource volume, while for power generation enterprises, the minimum signing volume should be at least 80% of the demand [2] - The fulfillment rates have been relaxed slightly, with monthly fulfillment remaining at no less than 80%, quarterly fulfillment now being generally no less than 90%, and annual fulfillment also generally no less than 90% [2] - The pricing mechanism for long-term contracts may begin to reference indices, with a monthly adjustment mechanism established for the pricing of coal from production areas [3][4] - The report emphasizes that the coal mining industry continues to show a long-term upward price trend driven by factors such as rising labor costs, increased safety and environmental investments, and higher taxation by local governments [8] Summary by Sections Policy Changes - The 2026 policy document indicates that contracts for coal from production areas must align with reasonable price ranges and establish a monthly adjustment mechanism through negotiation between supply and demand enterprises [3] - The pricing for long-term contracts for coal remains unchanged, with a base price set at current levels [4] Market Performance - As of November 19, 2025, the coal mining sector has shown a performance of 2.3% over one month, 11.3% over three months, and 0.2% over twelve months, compared to the Shanghai and Shenzhen 300 index which recorded 1.6%, 8.6%, and 15.4% respectively [5] Investment Recommendations - The report suggests focusing on robust companies such as China Shenhua, Shaanxi Coal, and others, highlighting their strong cash flow and high asset quality [8] - Specific recommendations include: - Steady stocks: China Shenhua, Shaanxi Coal, and others - Stocks with greater elasticity in thermal coal: Yanzhou Coal, Jinko Energy, and others - Stocks with greater elasticity in coking coal: Huaibei Mining, Pingdingshan Coal, and others [8] Earnings Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for key companies, indicating a positive outlook for several coal enterprises [10]