证券日报网讯 8月13日晚间，新集能源发布公告称，2024年年度权益分派方案为A股每股现金红利0.16 元（含税），股权登记日为2025年8月21日，除权（息）日为2025年8月22日。 （编辑 姚尧） ...

Key Points - The company announced a cash dividend of 0.16 CNY per share, totaling 414,486,688 CNY to be distributed to shareholders [1][2][5] - The dividend distribution was approved at the annual general meeting held on June 26, 2025 [1] - The record date for the dividend is August 21, 2025, with the ex-dividend date and payment date both set for August 22, 2025 [1][2] Dividend Distribution Details - The total number of shares for the dividend calculation is 2,590,541,800 [1] - The cash dividend will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch [1][2] - Different tax treatments apply based on the holding period of the shares for individual shareholders, with tax rates ranging from 0% to 20% [2][4] Tax Implications - For individual shareholders holding shares for less than one month, the tax burden is 20% on the dividend income [2] - For shares held between one month and one year, the tax burden is reduced to 10% [2] - For shares held for over one year, the dividend income is exempt from personal income tax [2] Special Considerations for Foreign Investors - Qualified Foreign Institutional Investors (QFIIs) will receive a net dividend of 0.144 CNY per share after a 10% withholding tax [4] - Hong Kong investors through the Stock Connect program will also receive a net dividend of 0.144 CNY per share after the same tax rate [4] - Other institutional investors are responsible for determining their own tax obligations without withholding by the company [4][5]

证券代码：601918 证券简称：新集能源 公告编号：2025-037 中煤新集能源股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.16元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/8/21 | － | 2025/8/22 | 2025/8/22 | 差异化分红送转：否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 6 月 26 日的2024年年度股东大 会审议通过。 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/8/21 | － | 2025/8/22 | 2025/8/22 | 四、 分配实施办法 1.实施办法 二、 分配方案 ...

Market Performance - The coal sector has underperformed, with the CITIC Coal Index declining by 10.77% from the beginning of 2025 to June 30, 2025, lagging behind the CSI 300 Index by 10.80 percentage points, ranking last among 30 industries [1][14][15] - The decline is attributed to weak demand for thermal power, leading to a continuous drop in coal prices and a significant decrease in coal company profits, raising concerns about the sustainability of high dividends in the coal industry [1][15] Fund Holdings - As of the end of Q2 2025, the proportion of active funds holding coal stocks decreased to 0.36%, down 0.08 percentage points from Q1 2025. Index funds' holdings also fell to 0.71%, a decrease of 0.12 percentage points [1][19] - The combined holding of both types of funds in the coal sector is now 0.52%, down 0.09 percentage points from Q1 2025 [1][19] Cost Perspective on Coal Price Valuation - The complete cost curve for 16 listed thermal coal companies indicates that the complete cost per ton of coal is approximately 390 CNY/ton, suggesting a port price of 640 CNY/ton. The port coal price fell to 618 CNY/ton in early June, indicating that over 20% of coal production capacity could face losses at this price level [2] - The current coal price is considered low in terms of valuation, as it is near the cost line, which could lead to production cuts if prices remain below cost [2] Historical Policy Interventions - Historical analysis shows that significant policy interventions were necessary for coal price reversals in 2008, 2015, and 2020. Each price bottom was accompanied by government actions to stimulate demand or control supply [3] - The report emphasizes that policy intervention is a necessary condition for coal price recovery, with expectations for potential government actions to support prices in the current context [3] Thermal Coal Price Outlook - The report suggests that the current thermal coal price of 618 CNY/ton may represent a bottom, with potential for recovery driven by improved demand in the second half of 2025 [4][6] - Two scenarios are outlined: an optimistic scenario where demand improves significantly, and a pessimistic scenario where demand remains weak, potentially leading to further price declines [6] Coking Coal Market Dynamics - The coking coal market has seen significant price drops due to supply-demand imbalances, with low-sulfur coking coal prices falling to around 1100 CNY/ton. The report indicates that this decline has already reflected market expectations [5][7] - The report highlights the importance of inventory rebuilding and the enforcement of production limits to support price recovery in the coking coal market [7] Investment Recommendations - The report recommends focusing on major coal enterprises such as China Shenhua and China Coal Energy, as well as companies with significant earnings elasticity like Lu'an Huanneng and Jinneng Holding [8] - The report also notes the potential for price recovery in coking coal, with expectations for prices to rise to a range of 1500-2000 CNY/ton in the long term [7][8]

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the past 30 days include Northern Rare Earth, Ice Wheel Environment, Weili Transmission, Jiangbolong, and Dazhu Laser [10][11] - In the last five days, the most popular companies for institutional research include Huaming Equipment, Tapa Group, BOE Technology Group, Xizi Clean Energy, and Amway Co., Ltd. [10][12] - Among the top twenty companies in the past 30 days, seven companies had ten or more rating agencies, including Zhongkong Technology, Ningbo Bank, China National Heavy Duty Truck Group, BOE Technology Group, Kebo Da, Huaming Equipment, and Northern Rare Earth. Notably, China National Heavy Duty Truck Group, BOE Technology Group, and Kebo Da are expected to see significant growth in net profit attributable to shareholders in 2024 compared to 2023 [10][11] Group 2: Shareholder Increase in A-Share Listed Companies - From August 4 to August 8, 2025, two companies announced significant shareholder increases: Huaxi Biological and Daodaquan. Huaxi Biological has more than ten rating agencies, with the average proposed increase amount accounting for approximately 1% of the latest market value [13][14] - From January 1 to August 8, 2025, a total of 246 companies announced shareholder increases, with 65 of them having ten or more rating agencies. Among these, 19 companies had an average proposed increase amount accounting for more than 1% of the latest market value, including New Energy, Tunnel Shares, Sailun Tires, and Wanrun Shares [14][15] Group 3: Share Buyback Situation in A-Share Listed Companies - From August 4 to August 8, 2025, a total of 106 companies announced buyback progress, with 33 of them having ten or more rating agencies. Among these, eight companies had an average expected buyback amount accounting for more than 1% of the market value on the announcement date, including Xiamen Xiangyu, Huafa Shares, Changhong Meiling, Newland, Xinmai Medical, Huaming Equipment, Jinzhai Food, and BOE Technology Group [17][18] - From January 1 to August 8, 2025, a total of 1,654 companies announced buyback progress, with 361 of them having ten or more rating agencies. Among these, 101 companies had a significant buyback ratio, with the expected buyback amount accounting for more than 1% of the market value on the announcement date, including Liugong, Sannuo Biological, Shantui Shares, Haixing Electric, Jiayi Shares, Fuanna, and Gao Neng Environment [18][19]

Group 1 - The report identifies the top twenty companies with the highest institutional research activity over the past 30 days, including Ice Wheel Environment, Northern Rare Earth, and Weili Transmission, among others [2][11] - In the last five days, the most researched companies include InSai Group, Weili Transmission, and Tianlong Co., Ltd. [2][13] - Six companies among the top twenty in institutional research have ten or more rating agencies, with notable expected profit growth for Hu Dian Co., Yanjing Beer, and BOE Technology Group in 2024 compared to 2023 [2][11] Group 2 - From July 28 to August 1, 2025, two companies, Yuxin Electronics and Jiangnan Yifan, announced significant shareholder increases [3][14] - A total of 111 companies announced share repurchase progress during the same period, with six companies, including Jiufeng Energy and Midea Group, having repurchase amounts exceeding 1% of their market value [3][18] - From January 1 to August 3, 2025, 244 companies reported shareholder increases, with 19 companies having significant planned increase amounts relative to their market value [3][16] Group 3 - In 2025, from January 1 to August 3, 1,623 companies announced share repurchase progress, with 100 companies having repurchase amounts exceeding 1% of their market value [4][19] - Companies in the board proposal stage for repurchase include Jiayi Co., Haixing Power, and Sanhua Equipment [4][19]

Core Insights - The report highlights that the coal prices for thermal and coking coal are expected to continue rising due to the "anti-involution" measures and capacity checks in the industry [2][6][10]. Group 1: Industry Hot Events Review - Key events in July include the implementation of the new Mineral Resources Law, which emphasizes the dual focus on development and protection, and the initiation of capacity checks in major coal-producing provinces [5][7]. - The National Energy Administration has begun a special inspection of coal mines in key provinces to ensure production does not exceed announced capacities [7][14]. - The coal industry is experiencing a shift towards higher-end, intelligent production methods, as indicated by recent inspections and government encouragement for transformation [9][10]. Group 2: Supply Side Analysis - Domestic coal production growth is slowing, while import growth is also declining, indicating a tightening supply situation [6][26]. - The report notes that the number of coal mines is decreasing, with a significant concentration of production capacity in larger, more advanced mines [12][39]. - The average cost of coal production has shown significant variation among different mining companies, impacting overall pricing strategies [12][10]. Group 3: Demand Side Analysis - There is a marginal improvement in demand for thermal coal, driven by recovery in steel profits, which is expected to support coking coal prices [6][26]. - The report provides a supply-demand balance table, indicating that coal consumption is projected to grow slightly, while production is expected to stabilize [27][39]. Group 4: Investment Analysis - The report suggests that the seasonal adjustments in national railway freight rates could lead to increased volatility in coal prices, with potential for rapid price increases during peak demand seasons [15][17]. - The low yield of ten-year government bonds enhances the attractiveness of coal companies with high dividend yields, suggesting a favorable investment environment [19][20]. - The anticipated policy changes in Indonesia regarding coal production quotas are expected to stabilize coal prices by aligning actual production with target outputs [21][25].

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [3][11]. Core Insights - The "anti-involution" policy is expected to stabilize thermal coal prices, while coking coal is anticipated to contribute to elastic growth due to recent price adjustments and market dynamics [2][6]. - The coal supply-demand situation has been generally relaxed this year, with prices declining and some coal mines exceeding their announced production capacities, prompting regulatory actions to ensure orderly supply [1][2]. - The recent price increases in the coking market, following a series of price hikes, indicate a recovery in market sentiment and potential for further price rebounds in the future [6][7]. Summary by Sections Thermal Coal - The price of thermal coal has been under pressure, with the Qinhuangdao Shanxi Q5500 mixed coal price dropping to 610 RMB/ton in the first half of 2025, leading to some coal mines operating at a loss [2]. - The "anti-involution" policy aims to regulate production and stabilize prices, with expectations that the second quarter of 2025 may represent a bottom for the coal industry [2][6]. Coking Coal - Coking coal prices have seen significant declines, with prices dropping from 1950 RMB/ton in October 2024 to 1250 RMB/ton by June 2025, marking an eight-year low [6]. - Recent price increases in the coking market, including a 50 RMB/ton rise following the first round of price hikes, suggest a recovery in market conditions and potential for further growth [6][7]. Key Companies to Watch - For thermal coal, recommended companies include China Shenhua, Shaanxi Coal and Chemical Industry, China Coal Energy, Yanzhou Coal Mining, Xinji Energy, and Jinkong Coal Industry [6]. - For coking coal, recommended companies include Shanxi Coking Coal, Lu'an Environmental Energy, Pingdingshan Coal, and Huaibei Mining [6].

Investment Rating - The report maintains a positive outlook on the coal industry, indicating a bullish sentiment for thermal coal prices during the peak summer season, while also projecting a rebound in coking coal prices due to tightening supply and strong demand [1]. Core Insights - The report highlights that thermal coal prices have increased, with specific prices reported for different grades at Qinhuangdao port, showing a week-on-week rise of 12, 13, and 10 CNY per ton for Q4500, Q5000, and Q5500 grades respectively [1]. - Supply constraints are noted due to reduced daily inflow to the Bohai Rim ports and production limitations in open-pit mines caused by rainfall in northern regions [1]. - The report emphasizes that during the "peak summer" period, thermal coal prices are expected to continue rising, while coking coal prices are also projected to rebound due to high steel mill profits and stable iron output [1]. Summary by Sections Recent Industry Policies and Dynamics - The National Energy Administration has initiated inspections of coal production in key provinces to ensure compliance with production capacities [7]. - The Daqin Railway is reported to be transporting an average of 1.05 million tons of coal daily to meet summer electricity demand [7]. Thermal and Coking Coal Prices - Thermal coal prices have shown an upward trend, with specific increases reported for various grades across different regions [8]. - Coking coal prices have also increased, with notable price rises in Shanxi and stable prices in other regions [11]. International Oil Prices - Brent crude oil prices have risen by 1.23 USD per barrel, reflecting a 1.8% increase [14]. Bohai Rim Port Inventory - The average daily inflow of coal to the Bohai Rim ports has decreased, while the outflow has increased, leading to a significant drop in coal inventory [18]. Domestic Coastal Freight Rates - Domestic coastal freight rates have increased, with an average of 35.51 CNY per ton reported [25]. Key Company Valuation Table - The report includes a valuation table for key companies in the coal sector, providing insights into their stock prices, market capitalization, and earnings projections [29].

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is the early stage of a new upward cycle in the coal economy, driven by both fundamental and policy factors, making it an opportune time to invest in the coal sector during price corrections [11][12] - The supply side is tightening due to a decrease in coal mine capacity utilization rates, while demand is increasing, particularly in inland provinces [11][12] - The coal price has established a new support level, and high-quality coal companies are characterized by strong profitability, cash flow, return on equity (ROE), and dividends [11][12] Summary by Sections Coal Price Tracking - As of August 2, the market price for Qinhuangdao port thermal coal (Q5500) is 655 CNY/ton, up 10 CNY/ton week-on-week [3][28] - The price for coking coal at Jingtang port remains stable at 1650 CNY/ton [30] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 90.9%, down 3.1 percentage points week-on-week [11][45] - Daily coal consumption in inland provinces increased by 44.4 thousand tons/day (+13.05%) [11][46] - The daily coal consumption in coastal provinces rose by 1.0 thousand tons/day (+0.45%) [11][46] Inventory Situation - As of July 31, coal inventory in inland provinces decreased by 1.20% week-on-week, while daily consumption increased [46] - Coastal provinces saw a 1.08% decrease in coal inventory week-on-week [46] Company Performance - The coal sector is characterized by high performance, cash flow, and dividends, with a focus on companies like China Shenhua, Shaanxi Coal and Energy, and others [12][13]