Investment Rating - The report maintains a "Buy" rating for the coal industry, recommending several companies based on their performance and market conditions [2][3]. Core Insights - The coal prices are expected to stabilize and rebound due to tightening supply and ongoing replenishment demand, despite current weak market conditions [11]. - In 2025, domestic raw coal production is projected to reach 4.83 billion tons, an increase of 7.28 million tons (+1.2%) year-on-year, while total imports are expected to decline by 9.6% to 490 million tons [11]. - The report suggests that coal prices may return to a seasonal fluctuation range of 750-1000 RMB/ton, as supply constraints and regulatory normalization take effect [11]. - Investment recommendations focus on companies with high spot market exposure and strong balance sheets, particularly those in Shanxi province, which has completed overproduction governance [11][16]. Company Performance Predictions - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for key companies, all rated as "Recommended": - Jinko Coal Industry: EPS of 1.68 RMB, PE of 9 for 2024 [2] - Shanxi Coal International: EPS of 1.14 RMB, PE of 9 for 2024 [2] - Lu'an Environmental Energy: EPS of 0.82 RMB, PE of 16 for 2024 [2] - Huayang Co.: EPS of 0.62 RMB, PE of 15 for 2024 [2] - Yancoal Energy: EPS of 1.44 RMB, PE of 10 for 2024 [2] - China Shenhua: EPS of 2.95 RMB, PE of 14 for 2024 [2] - Shaanxi Coal and Chemical Industry: EPS of 2.31 RMB, PE of 9 for 2024 [2] - China Coal Energy: EPS of 1.46 RMB, PE of 9 for 2024 [2] - CGN Mining: EPS of 0.04 HKD, PE of 96 for 2024 [2] - Xinji Energy: EPS of 0.92 RMB, PE of 8 for 2024 [2] - Huaibei Mining: EPS of 1.80 RMB, PE of 7 for 2024 [2] - Lanhua Sci-Tech: EPS of 0.49 RMB, PE of 13 for 2024 [2] Market Dynamics - The coal sector has shown a weekly increase of 1.4%, outperforming the broader market indices [18][21]. - The report notes that the focus on high dividend yields and stable earnings among leading companies enhances their defensive value amid uncertain international conditions [12].

Investment Rating - The report maintains a positive outlook on the coal industry, suggesting an "Overweight" rating, indicating that the industry is expected to outperform the overall market [22]. Core Insights - The coal industry is anticipated to see a recovery in prices and profits in the second half of 2025, driven by seasonal demand and improved market conditions [1]. - Domestic raw coal production is projected to grow slightly by 1.2% year-on-year in 2025, while coal imports are expected to decline by 9.6% [2][11]. - The fourth quarter of 2025 is expected to witness a significant rebound in both thermal coal and coking coal prices, with thermal coal prices rising approximately 13.9% quarter-on-quarter [2][15]. Summary by Sections Supply and Demand Dynamics - Domestic raw coal production for 2025 is estimated at 4.832 billion tons, reflecting a year-on-year increase of 1.2%. Monthly production figures for October, November, and December are projected at 407 million, 427 million, and 437 million tons, respectively, with slight declines in growth rates [5]. - Coal imports for 2025 are expected to total 490 million tons, a decrease of 9.6% compared to the previous year, with notable monthly fluctuations in the last quarter [11]. Price Trends - In Q4 2025, the average spot price for thermal coal at Qinhuangdao port is projected to be around 767 RMB/ton, down 6.99% year-on-year but up 13.9% from Q3 2025 [14][15]. - Coking coal prices are also expected to rise, with the average price for Shanxi's main coking coal reaching 1,727 RMB/ton, marking a 0.8% increase year-on-year and a 10.44% increase from Q3 2025 [15]. Company Performance Forecasts - Key companies in the coal sector are expected to report varying performance in Q4 2025. China Shenhua is projected to achieve a net profit of 14.129 billion RMB, a year-on-year increase of 12.16% [16]. - Other companies such as TBEA and Erdos are also expected to show significant profit growth, while companies like Shaanxi Coal and Energy may see declines due to price pressures [16]. Valuation Metrics - The report includes a valuation table for key coal companies, indicating their expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 and beyond, providing insights into their market positioning [17].

北京市嘉源律师事务所 关于中煤新集能源股份有限公司 2026 年第一次临时股东会的 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 原宿师事务院 A YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG *州 GUANGZHOU · 西安 XI'AN · 武汉 WUHAN · 长沙 CHANG 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 2026 年第一次临时股东会的 法律意见书 嘉源(2026)-04-033 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2026年第一次临时股东会(以下简称"本次股东会")进行见 证,并依法出具本法律 ...

证券代码：601918 证券简称：新集能源 公告编号：2026-010 中煤新集能源股份有限公司 2026年第一次临时股东会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东会召开的时间：2026 年 1 月 22 日 (二) 股东会召开的地点：安徽省淮南市山南民惠街公司办公园 区 1 号楼 2 层会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持 有股份情况： | 1、出席会议的股东和代理人人数 | 947 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,247,466,875 | | 3、出席会议的股东所持有表决权股份数占公司有 | 48.1546 | | 表决权股份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会 议主持情况等。 1、 议案名称：关于《公司 2025 年特别分红预案》的议案 审议结果：通过 表决情况： | 股东 | 同意 ...

Investment Rating - The report maintains a "Positive" investment rating for the power industry, consistent with the previous rating [2]. Core Insights - The power industry is entering a new phase characterized by rational investment, market-oriented power generation, and spot pricing for electricity [2][3]. - The report highlights a significant cooling in new energy investments, while thermal power is expected to reach its investment peak by 2026 [5][17]. - The introduction of the "1502" document is expected to shift the electricity pricing model towards a more flexible, market-driven approach, enhancing the role of spot trading [3][29]. Summary by Sections 1. Power Industry Investment and Capacity Situation - Investment in new energy has notably decreased, while thermal power investment continues to grow. The peak for thermal power investment is anticipated in 2026 [5][17]. - Monthly capacity additions show a stark contrast before and after the "531" policy, with thermal power gradually approaching its production peak [5][10]. 2. New Trends in Electricity Reform for 2026 - Market-oriented power generation is gaining traction, with competitive bidding results for new energy projects being favorable. Nuclear power is also increasing its market entry ratio [3][29]. - The "1502" document has loosened the previous pricing model, significantly increasing the weight of spot trading in electricity transactions [3][29]. 3. Analysis of the Second Half of Electricity Reform - New energy capacity additions are expected to slow significantly, while thermal power generation is projected to see substantial growth. The report estimates an increase in thermal power generation from a decline of 37.8 billion kWh in 2025 to an increase of 135.6 billion kWh in 2026, representing a growth rate of 2.20% [3][10]. - The annual long-term contract price decline is more significant than expected, creating potential profit opportunities for thermal power in the spot market [3][10]. 4. Investment Recommendations - The report suggests that the challenges faced by thermal power may reverse, with a focus on high-quality leading companies and integrated coal-power operators. The expected stabilization of coal prices and significant growth in thermal power generation are key factors for this turnaround [3][10][29]. - Recommended companies include major state-owned enterprises in the power sector and integrated coal-power operators, which are expected to show resilience and high dividend attributes [3][10].

Summary of New Jin Energy Conference Call Company Overview - New Jin Energy reported a total electricity sales volume of 13.4 billion kWh in 2025, with an average selling price of 0.3766 yuan per kWh and a unit cost of 0.3483 yuan per kWh, resulting in total revenue of 12.3 billion yuan, total profit of 3.1 billion yuan, and net profit attributable to shareholders of 2.1 billion yuan, with earnings per share of 0.8 yuan [2][4] Financial Performance - As of the end of 2025, New Jin Energy had total assets of 52.7 billion yuan, total liabilities of 33.4 billion yuan, and a debt-to-asset ratio of 63%, with equity attributable to shareholders amounting to 16.9 billion yuan [2][4] - The company produced 22.16 million tons of raw coal and sold 19.69 million tons of commercial coal in 2025, with an average price of 532 yuan per ton and a unit cost of 409 yuan per ton [3] Cost Management - New Jin Energy has implemented standard cost management, achieving a reduction in total cost to 409 yuan per ton in 2025, down by 23 yuan year-on-year. The planned total mining cost for 2026 is 448 yuan per ton, but actual costs are expected to be below 430 yuan [2][5] Resource and Production Capacity - The company has coal reserves of 1.016 billion tons, with 883.6 million tons remaining. Current production capacity is 23.5 million tons, with a planned capacity of 39.5 million tons, leaving a gap of 16 million tons [2][6] - There are no immediate plans to increase production, as the company will determine mining progress based on the "15th Five-Year Plan" and requires government approval [6][7] Regulatory and Policy Impact - The Yangcun coal mine has been under construction suspension due to de-capacity policies since 2016, with over 2 billion yuan invested. The company is actively seeking to remove the mine from the de-capacity list and resume construction, pending approval from the National Energy Administration and the National Development and Reform Commission [8] Sales Strategy - For 2026, the expected commercial coal production is between 18.5 million and 19 million tons, with adjustments to the domestic and export sales ratio based on the construction progress of several power plants [9] Pricing and Revenue Outlook - The capacity electricity price in Anhui Province has increased by 65% to 0.03 yuan per kWh, which is expected to enhance revenue from new power plants. The average trading price for electricity in Anhui for 2026 is projected to be around 0.40 yuan per kWh [10][11] - The profitability of the Shangrao power plant is expected to be favorable due to higher market prices in Jiangxi Province compared to Anhui [12] Dividend Policy - New Jin Energy plans to gradually increase its dividend payout ratio and frequency as capital expenditures stabilize, contingent on revenue growth [13] Future Production Plans - The Liu Zhuang coal mine is expected to start producing coking coal in the second half of 2026, with initial sales of raw coking coal. The price is anticipated to be higher than thermal coal, with current prices for coking coal around 1,000 yuan per ton [14][16] Asset and Depreciation Changes - The completion of three new power plants will increase total assets to approximately 70 billion yuan, leading to higher annual depreciation expenses, which are manageable within the company's financial forecasts [17] Debt Management - New Jin Energy aims to maintain a debt-to-asset ratio below 65% through cash flow management and gradual loan repayments, while considering further financing as needed for business development [18]

Group 1 - The core viewpoint of the news is that 24 companies have released their performance reports for 2025, with significant variations in revenue and profit growth among them [1][2][3] - Poly Developments reported the highest revenue at 308.26 billion yuan, but experienced a slight decline of 1.09% year-on-year [1][3] - Among the companies, 16 reported revenue growth, with the highest increase of 37.18% from Siyuan Electric, achieving 21.21 billion yuan in revenue [1][2] Group 2 - In terms of net profit, all companies that released performance reports were profitable, with five companies exceeding 10 billion yuan in net profit [2] - CITIC Bank led with a net profit of 70.62 billion yuan, reflecting a year-on-year growth of 2.98% [2][3] - The largest net profit growth was seen in Quanyuan Spring, which reported a net profit of 0.15 billion yuan, up 147.89% year-on-year [2]

Market Performance - The public utility sector increased by 0.1% as of January 16, outperforming the broader market, with the electricity sector rising by 0.20% and the gas sector declining by 1.17% [2][8]. Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port rose by 1 CNY/ton week-on-week, reaching 697 CNY/ton as of January 16. Meanwhile, Indonesian coal prices fell by 5.71 CNY/ton to 735.71 CNY/ton, and Australian coal prices decreased by 6.53 CNY/ton to 740.51 CNY/ton [3]. - Coal inventory at Qinhuangdao Port increased by 150,000 tons week-on-week, totaling 5.5 million tons as of January 16. Inland power plants' daily coal consumption rose by 96,000 tons/day to 4.147 million tons, a week-on-week increase of 2.37% [3]. - The outflow from the Three Gorges Dam increased by 19.22% year-on-year and 23.55% week-on-week, reaching 9,180 cubic meters/second as of January 16 [4]. Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 3,854 CNY/ton as of January 15, showing a week-on-week increase of 1.29% but a year-on-year decrease of 13.53% [5]. - The European TTF spot price rose by 18.6% week-on-week to 11.4 USD/million BTU, while the US HH spot price increased by 2.8% to 2.95 USD/million BTU [5]. - Domestic natural gas consumption in November was 36.280 billion cubic meters, a year-on-year increase of 4.1%, with production at 21.880 billion cubic meters, up 5.9% year-on-year [6]. Key Industry News - The State Grid Corporation plans to invest 4 trillion CNY in fixed assets during the 14th Five-Year Plan, a 40% increase from the previous plan, focusing on green transformation and enhancing grid functionality [7]. - Multiple provinces have highlighted natural gas as a key strategic energy source in their 14th Five-Year Plans, emphasizing its role in connecting traditional and new energy systems without setting consumption caps [7]. Investment Recommendations - The electricity sector is expected to see profit improvements and value reassessment due to ongoing supply-demand tensions, with a focus on coal power companies like Guodian Power and Huaneng International [8]. - The natural gas sector is anticipated to benefit from stable margins in city gas businesses and opportunities for traders with low-cost long-term gas sources [8].

Core Insights - The article discusses the performance forecasts and reports of 20 companies that released their earnings reports for the year 2025, highlighting the accuracy of earnings quick reports compared to earnings forecasts [1] Group 1: Revenue Performance - The highest revenue among the companies that released earnings quick reports is from CITIC Bank, achieving a revenue of 212.475 billion yuan, with a year-on-year decrease of 0.55% [1] - Following CITIC Bank, Shanghai Pudong Development Bank and Yangtze Power reported revenues of 173.964 billion yuan and 85.882 billion yuan, respectively [1] - Out of the 20 companies, 14 reported a year-on-year increase in revenue, with the highest growth rate recorded by Siyuan Electric, which achieved a revenue of 21.205 billion yuan, marking a growth of 37.18% [2] - CITIC Securities and Beiding Co. followed with revenue growth rates of 28.75% and 26.04%, respectively [2] Group 2: Profit Performance - All companies that released earnings quick reports reported profits, with five companies achieving net profits exceeding 10 billion yuan [2] - CITIC Bank led in net profit with 70.618 billion yuan, reflecting a year-on-year increase of 2.98% [2] - Shanghai Pudong Development Bank and Yangtze Power reported net profits of 50.017 billion yuan and 34.167 billion yuan, respectively [2] - Among the companies, 13 reported a year-on-year increase in net profit, with the highest growth seen in Quanyuan Spring, which achieved a net profit of 0.015 billion yuan, up by 147.89% [2] - Beiding Co. and Siyuan Electric also showed significant net profit growth rates of 59.05% and 54.35%, respectively [2]

Group 1 - The core viewpoint of the report indicates that coal prices are returning to reasonable levels, with a slight decline in thermal coal prices, and an expectation for gradual recovery to around 750 RMB/ton [1][2] - As of January 17, the Qinhuangdao Q5500 thermal coal price is 695 RMB/ton, down 4 RMB/ton from the previous period, having previously reached the estimated target price range of 800-860 RMB/ton [1][2] - The report highlights that the recent price drop is attributed to a combination of supply tightening due to regulatory actions and increased demand driven by seasonal heating needs [2][3] Group 2 - The investment logic suggests that both thermal and coking coal prices have reached a turning point, with thermal coal prices expected to undergo a recovery process influenced by policy adjustments and market dynamics [3] - The report outlines a four-step process for thermal coal price recovery, including the restoration of long-term contracts and achieving a balance in profitability between coal and power companies [3] - Coking coal prices are more influenced by market supply and demand fundamentals, with target prices linked to the price ratio between coking and thermal coal [3] Group 3 - The investment recommendation emphasizes a dual logic of cyclical recovery and stable dividends, suggesting that coal stocks are positioned for upward price movement due to low historical price levels and improving supply-demand fundamentals [4] - The report identifies four main investment lines in coal stocks, focusing on cyclical logic, dividend potential, diversified aluminum exposure, and growth logic [4] - Specific coal companies are highlighted as beneficiaries of these trends, including Jin控煤业, 兖矿能源, 中国神华, and others [4]