Investment Rating - The report maintains a rating of "Buy" for key companies in the coal industry, including China Shenhua, Yanzhou Coal, Shaanxi Coal, and others, while some companies like Huayang Co. and Shanmei International are rated as "Overweight" [4]. Core Insights - The coal consumption scale has reached a peak plateau, with the demand for electricity generated from coal expected to stabilize in the coming years. The report suggests that the traditional growth model of coal-fired power generation may face a turning point due to the increasing share of clean energy [6][7]. - The transition of coal-fired power from a primary energy source to a supporting role in the new energy system is emphasized, with a significant expansion in installed capacity expected in the next few years [6][11]. Summary by Sections 1. Coal-fired Power: Transitioning to Peak Regulation and Support - The role of coal-fired power is shifting towards providing peak regulation and support, with its share in the energy mix declining but still remaining a core component of energy security [6][11]. - Installed capacity of coal-fired power is expected to continue expanding, with projections of new installations reaching 87 GW, 86 GW, and 43 GW from 2026 to 2028, respectively [6][29]. 2. Clean Energy: Becoming the Main Source of New Installations - Hydropower is expected to play a dual role in stable supply and peak regulation, with new installations projected to reach 17 GW, 18 GW, and 33 GW from 2026 to 2028 [7][39]. - Wind power is anticipated to see significant growth, with new installations expected to reach 109 GW, 161 GW, and 193 GW during the same period, reflecting its transition to a primary energy source [7][52]. - Solar energy is entering a stable development phase, with new installations projected at 192 GW, 139 GW, and 153 GW from 2026 to 2028, despite recent challenges in energy consumption and bidding processes [7][59]. 3. Investment Recommendations: Focus on Dividend and Flexibility - The report recommends focusing on companies with strong cash flow stability and dividend potential, such as China Shenhua and Shaanxi Coal, while also highlighting companies like Yanzhou Coal and Huayang Co. as having potential benefits from high coal demand [6][7][8].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that coal prices are expected to rebound, with a focus on the cyclical elasticity of both thermal coal and coking coal prices, which are currently at historical lows, providing room for recovery [5][15] - The report emphasizes that the price of thermal coal is influenced by supply constraints and increasing demand due to seasonal factors, while coking coal prices are more market-driven [4][5] Summary by Relevant Sections Investment Logic - Thermal coal prices are expected to rise through a four-step process: repairing central and local long-term contracts, reaching the coal-electricity profit-sharing line, and approaching the breakeven point for power plants, estimated at around 750 RMB per ton for 2025 [4][15] - Coking coal prices are determined by supply and demand fundamentals, with target prices based on the ratio of coking coal to thermal coal prices [4][15] Investment Recommendations - The report suggests a dual logic for coal stocks: cyclical elasticity and stable dividends. Key stocks to consider include: - Cyclical logic: Jin控煤业, 兖矿能源 for thermal coal; 平煤股份, 淮北矿业, 潞安环能 for metallurgical coal - Dividend logic: 中国神华, 中煤能源, 陕西煤业 - Diversification and growth logic: 神火股份, 电投能源, 新集能源, 广汇能源 [5][16] Key Market Indicators - The coal index increased by 3.68%, outperforming the Shanghai and Shenzhen 300 index by 3.6 percentage points [10][25] - As of January 30, the price of Qin港 Q5500 thermal coal was 692 RMB per ton, reflecting a slight increase of 7 RMB from the previous period [21] - The report notes a significant drop in coal inventory at ports, indicating tightening supply conditions [21][23]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [10][11] - The coal supply is expected to tighten due to domestic supply constraints and Indonesia's reduction in coal production targets, which will support a stable recovery in coal prices throughout the year [10][11] - The investment logic of coal capacity shortages remains unchanged, with a short-term supply-demand balance and a long-term gap still present [10][11] - High-quality coal companies are characterized by high profitability, cash flow, return on equity (ROE) of 10-15%, and dividend yields exceeding 5% [10][11] - The coal sector is considered undervalued, with overall valuation expected to improve, and public funds currently underweight in coal holdings [10][11] Summary by Sections 1. Coal Prices - As of January 31, the market price for Qinhuangdao port thermal coal (Q5500) is 691 CNY/ton, up 5 CNY/ton week-on-week [3][29] - The international thermal coal offshore price for Newcastle NEWC5500 is 74.5 USD/ton, up 0.7 USD/ton week-on-week [3][29] - The price for coking coal at Jing Tang port remains stable at 1780 CNY/ton [31] 2. Coal Supply and Demand - The capacity utilization rate for sample thermal coal mines is 88.3%, down 1.3 percentage points week-on-week [10][49] - Daily coal consumption in inland provinces decreased by 8.30 thousand tons/day (-1.8%) [50] - Daily coal consumption in coastal provinces decreased by 7.70 thousand tons/day (-3.3%) [50] 3. Industry Performance - The coal sector saw a 3.98% increase this week, outperforming the broader market [13][16] - The thermal coal segment rose by 4.07%, while the coking coal segment increased by 3.92% [16] 4. Future Outlook - The coal supply bottleneck is expected to persist, necessitating new high-quality capacity planning to meet medium to long-term energy demands [11] - The coal sector is characterized by high performance, cash flow, and dividends, with a favorable long-term outlook due to macroeconomic improvements and regulatory changes [11]

Investment Rating - The industry investment rating is maintained as "Increase" [5] Core Insights - The report highlights an increase in coal auction listings in Mongolia for 2025, with a total of 40.8832 million tons listed, up by 14.272 million tons. However, the transaction volume is slightly lower than in 2024, at 21.792 million tons, down by 0.576 million tons [2] - The report emphasizes the performance of specific companies, recommending investments in China Coal Energy (H+A), Yanzhou Coal Mining (H+A), China Shenhua Energy (H+A), and Shaanxi Coal and Chemical Industry. It also highlights companies focusing on smart mining, such as Keda Control, and those undergoing turnaround, like China Qinfa [3][7] - The report notes that the core port for coal transactions remains Ganqimaodu, contributing 83% of the total transaction volume [2] Summary by Sections Energy Prices Overview - As of January 30, 2026, Brent crude oil futures settled at $70.69 per barrel, up by $4.81 (7.3%) from the previous week. WTI crude oil futures settled at $65.21 per barrel, up by $4.14 (6.78%) [1] - Natural gas prices showed mixed trends, with Northeast Asia LNG spot prices at $11.68 per million British thermal units, down by $0.13 (-1.11%). The Dutch TTF gas futures settled at €40.65 per megawatt-hour, up by €1.28 (3.24%) [1] - Coal prices increased, with European ARA port coal prices at $101.50 per ton, up by $3.00 (3.05%), and Newcastle port coal prices at $116.75 per ton, up by $5.25 (4.71%) [1] Auction Performance - The report indicates that ETT led the auction with a transaction of 12.5696 million tons, followed by small TT and ER with 5.3632 million tons and 3.1296 million tons, respectively. The report also notes that coking coal transactions totaled 13.6192 million tons, down by 3.0656 million tons, while thermal coal transactions increased by 3.584 million tons to 8.1728 million tons [6] Key Stocks - The report provides a detailed table of recommended stocks, including: - China Coal Energy (601898.SH) with an EPS forecast of 1.21 for 2025 and a PE ratio of 11.32 - China Shenhua Energy (601088.SH) with an EPS forecast of 2.56 for 2025 and a PE ratio of 16.38 - Yanzhou Coal Mining (600188.SH) with an EPS forecast of 0.99 for 2025 and a PE ratio of 14.86 [7]

Investment Rating - The report maintains an "Accumulate" rating for the coal industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - The report highlights a favorable supply-demand dynamic in the coal market, with expectations of stable to increasing coal prices due to ongoing high demand and tightening supply conditions [7][8]. - The report emphasizes the importance of strategic investments in coal companies with strong dividend yields and low valuations, particularly in light of the anticipated recovery in coal prices [8]. Summary by Sections 1. Industry Overview - The coal industry comprises 37 listed companies with a total market capitalization of approximately 19,847.47 billion yuan and a circulating market value of about 19,430.80 billion yuan [2]. 2. Company Performance Tracking - Key companies such as China Shenhua, Shanxi Coking Coal, and Yancoal Energy are highlighted for their robust operational performance and strategic growth plans [12][13]. - China Shenhua is expected to achieve a net profit of 495-545 billion yuan in 2025, while Shanxi Coking Coal anticipates a significant decline in profits due to market pressures [8]. 3. Coal Price Tracking - The report notes that the price of thermal coal at the port has seen a slight increase, with the average price at the Qinhuangdao port reported at 698 yuan per ton, reflecting a week-on-week increase of 8 yuan [8]. - The international coal price has also risen, with Newcastle coal futures closing at 111.75 USD per ton, marking a daily increase of 2.43% [8]. 4. Supply and Demand Dynamics - The report indicates that the daily coal consumption across 25 provinces in China reached 6.648 million tons, showing a year-on-year increase of 36.48% [8]. - Supply constraints are expected as many private coal mines prepare for seasonal shutdowns, leading to a reduction in overall coal supply [8]. 5. Investment Opportunities - The report suggests focusing on companies with strong dividend policies and growth potential, such as China Shenhua, Yancoal Energy, and others, which are expected to benefit from the anticipated recovery in coal prices [8][12]. - It also highlights the potential for companies like Lu'an Huanneng and Pingmei Shenma to rebound as market conditions improve [8].

Investment Rating - The report maintains a "Buy" rating for the coal sector, with specific recommendations for several companies [2][3]. Core Insights - Coal prices have stabilized and rebounded slightly before the holiday, with expectations for a stronger market post-holiday. Supply has tightened due to the upcoming holiday and production targets being met, while demand has increased due to cold weather affecting power plant consumption [10][11]. - The report forecasts that coal prices may return to a seasonal fluctuation range of 750-1000 RMB/ton, driven by domestic capacity reductions and a significant decrease in Indonesia's production targets for 2026 [10][11]. - Investment recommendations focus on companies with high spot market exposure and strong balance sheets, particularly those in Shanxi province, which are less affected by production limits [10][15]. Summary by Sections Company Earnings Forecasts, Valuation, and Ratings - Recommended companies include: - Jin控煤业 (Jin控 Coal Industry): EPS forecast of 1.68 RMB for 2024, with a PE ratio of 9 [2]. - 山煤国际 (Shan Coal International): EPS forecast of 1.14 RMB for 2024, with a PE ratio of 10 [2]. - 潞安环能 (Luan Environmental Energy): EPS forecast of 0.82 RMB for 2024, with a PE ratio of 17 [2]. - 华阳股份 (Huayang Co.): EPS forecast of 0.62 RMB for 2024, with a PE ratio of 15 [2]. - 兖矿能源 (Yankuang Energy): EPS forecast of 1.44 RMB for 2024, with a PE ratio of 10 [2]. - 中国神华 (China Shenhua): EPS forecast of 2.95 RMB for 2024, with a PE ratio of 14 [2]. - 陕西煤业 (Shaanxi Coal): EPS forecast of 2.31 RMB for 2024, with a PE ratio of 10 [2]. - 中煤能源 (China Coal Energy): EPS forecast of 1.46 RMB for 2024, with a PE ratio of 9 [2]. - 中广核矿业 (CGN Mining): EPS forecast of 0.04 HKD for 2024, with a PE ratio of 113 [2]. - 新集能源 (Xinjie Energy): EPS forecast of 0.92 RMB for 2024, with a PE ratio of 8 [2]. - 淮北矿业 (Huaibei Mining): EPS forecast of 1.80 RMB for 2024, with a PE ratio of 7 [2]. - 兰花科创 (Lanhua Sci-Tech): EPS forecast of 0.49 RMB for 2024, with a PE ratio of 13 [2]. Market Performance - The coal sector has outperformed the broader market, with a weekly increase of 4.0% compared to a 0.1% increase in the CSI 300 index [17][20]. - Notable performers include 陕西黑猫 (Shaanxi Black Cat) with a 14.50% increase and 盘江股份 (Panjiang Coal) with a 13.25% increase [23][24]. Industry Dynamics - The report highlights a tightening supply due to production limits and increased demand from power plants, leading to a potential price increase in the coal market [10][11]. - The focus on high dividend yield companies is emphasized as a defensive strategy amid uncertain international conditions [11].

Investment Rating - The coal industry is rated as "stronger than the market" [7] Core Views - The report emphasizes that the fundamental goal is to reverse the Producer Price Index (PPI), with seasonal demand during the "peak winter" leading to a 1.3% increase in coal mining and washing prices, contributing to a 0.2% rise in PPI over three consecutive months [5][6] - The coal price is expected to stabilize due to its high correlation with PPI, with a potential low point for coal prices in 2025, influenced by policies aimed at reducing excessive competition [5] - The coal industry is undergoing a transformation driven by energy security demands, with limited supply elasticity due to strict capacity controls and increasing extraction difficulties, particularly in eastern regions [5][6] - Despite weak macroeconomic conditions affecting coal demand, the rigid supply and rising costs are expected to support coal prices, which are likely to maintain a volatile upward trend [5] Summary by Sections Coal Market Overview - As of January 30, the Qinhuangdao 5500K thermal coal price is 692 CNY/ton, up 7 CNY/ton week-on-week, with a year-on-year decline of 61 CNY/ton [3][31] - The average daily output of 462 sample coal mines is 5.329 million tons, down 81,000 tons week-on-week but up 1.77 million tons year-on-year [3][42] - The coal inventory index is slightly down to 180.4, indicating a minor decrease in coal stocks [3][53] Coking Coal - The main coking coal price at Jingtang Port is stable at 1800 CNY/ton, with a year-on-year increase of 340 CNY/ton [4][72] - The average daily output of 523 sample coking coal mines is 771,000 tons, reflecting a year-on-year increase of 64.2% [4][71] - The coking coal inventory stands at 2.672 million tons, down 7.2% week-on-week [4][71] Supply and Demand Dynamics - The daily consumption of the six major power plants has decreased to 847,000 tons, down 3.7% week-on-week but up 27.8% year-on-year [42][43] - The inventory of the six major power plants is 13.185 million tons, down 0.6% week-on-week [43][44] - The methanol and urea operating rates are at 91.2% and 88.3%, respectively, indicating a slight increase [47][48] Investment Opportunities - The report suggests focusing on companies with strong resource endowments and stable operating performance, such as China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical [6] - Companies with production growth potential benefiting from the coal price cycle, such as Yanzhou Coal Mining, Huayang Co., and Gansu Energy, are also highlighted [6] - Firms with global resource scarcity attributes, like Huaibei Mining and Shanxi Coking Coal, are recommended for investment [6]

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： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体股东。 3.分配方案： 本次利润分配以方案实施前的公司总股本2,590,541,800股为基数，每股派发现金红利0.05元（含税）， 共计派发现金红利129,527,090元。 三、相关日期 ■ 四、分配实施办法 1.实施办法 （1）无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股权登记日上海证券交 易所收市后登记在册并在上海证券交易所各会员办理了指定交易的股东派发。已办理指定交易的投资者 可于红利发放日在其指定的证券营业部领取现金红利，未办理指定交易的股东红利暂由中国结算上海分 公司保管，待办理指定交易后再进行派发。 （2）派送红股或转增股本的，由中国结算上海分公司根据股权登记日上海证券交易所收市后登记在册 股东持股数，按比例直接计入股东账户。 2.自行发放对象 公司股东中国中煤能源集团有限公司、国华能源有限公 ...

证 券 研 究 报 告 www.swsresearch.com 证券研究报告 2 ◼ 煤炭行业供给端正面临深层次格局重塑。2025年12月国家六部门印发《煤炭清洁高效利用重点领域标杆水平 和基准水平（2025年版）》，将燃煤发电供热煤耗、煤制天然气等纳入管控范围，叠加安监、环保常态化监 管持续从严，供给秩序进一步向理性化、高质量转型；叠加主产区产能置换与新增产能严格审批，行业产能释 放预计延续稳中有紧态势，优质合规产能话语权持续提升。逆全球化浪潮推动资源民族主义持续觉醒，煤炭作 为关键战略能源，其保障国家能源安全的核心价值被重新凸显。2025年12月以来，印尼明确下调2026年煤炭 生产目标，重启1%-5%煤炭出口关税并收紧外汇管理，通过产量调控、税费调节巩固资源主动权。 ◼ 需求端，2025年12月全社会用电刚性增长底色未改，煤电需求韧性犹存；煤化工领域则迎来增长新动能，煤 制油、煤制烯烃等项目加速落地，12月化工耗煤同比增长7%延续高增态势，成为需求增长核心拉动力，综合 来看2026年整体煤炭需求将维持稳定并实现小幅增长。 ◼ 投资分析意见：看好动力煤价格持续反弹，建议关注成长性标的特变电工、晋控煤业、华 ...

Core Viewpoint - Xinjie Energy (601918.SH) announced a cash dividend distribution plan for 2025, indicating a commitment to returning value to shareholders through cash dividends [1] Group 1: Dividend Distribution Details - The total share capital of the company before the distribution is 2,590,541,800 shares [1] - A cash dividend of 0.05 yuan per share (including tax) will be distributed, totaling 129,527,090 yuan [1] - The record date for the dividend distribution is set for February 5, 2026, and the ex-dividend date is February 6, 2026 [1]