Core Viewpoint - New Energy's stock price has shown fluctuations, with a recent increase of 2.06% on September 19, 2023, despite an overall decline of 8.40% year-to-date [1] Group 1: Stock Performance - As of September 19, 2023, New Energy's stock price is at 6.43 CNY per share, with a market capitalization of 16.657 billion CNY [1] - The stock has experienced a trading volume of 2.42 billion CNY and a turnover rate of 1.47% [1] - Year-to-date, the stock has decreased by 8.40%, with a recent 5-day increase of 2.06% and a 20-day decrease of 0.16% [1] Group 2: Financial Performance - For the first half of 2025, New Energy reported a revenue of 5.811 billion CNY, a year-on-year decrease of 2.91%, and a net profit attributable to shareholders of 920 million CNY, down 21.72% year-on-year [2] - Cumulatively, the company has distributed 3.116 billion CNY in dividends since its A-share listing, with 1.088 billion CNY distributed in the last three years [3] Group 3: Shareholder Information - As of September 10, 2023, the number of shareholders has increased to 100,000, a rise of 3.09%, while the average circulating shares per person decreased by 3.00% to 25,905 shares [2] - Among the top ten circulating shareholders, notable positions include Guotai CSI Coal ETF holding 24.122 million shares and Southern CSI 500 ETF increasing its holdings by 3.1973 million shares [3]

Core Viewpoint - New Energy's stock price has shown fluctuations with a recent increase, while the company faces a decline in revenue and profit year-on-year [1][2]. Group 1: Stock Performance - On September 17, New Energy's stock rose by 2.06%, reaching 6.45 CNY per share, with a trading volume of 199 million CNY and a turnover rate of 1.21%, resulting in a total market capitalization of 16.709 billion CNY [1]. - Year-to-date, New Energy's stock price has decreased by 8.12%, but it has increased by 3.20% over the last five trading days, 0.62% over the last 20 days, and 2.38% over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, New Energy reported a revenue of 5.811 billion CNY, a year-on-year decrease of 2.91%, and a net profit attributable to shareholders of 920 million CNY, down 21.72% year-on-year [2]. - Since its A-share listing, New Energy has distributed a total of 3.116 billion CNY in dividends, with 1.088 billion CNY distributed in the last three years [3]. Group 3: Shareholder Information - As of September 10, New Energy had 100,000 shareholders, an increase of 3.09% from the previous period, with an average of 25,905 circulating shares per shareholder, a decrease of 3.00% [2]. - Among the top ten circulating shareholders, notable positions include Guotai CSI Coal ETF holding 24.122 million shares and Southern CSI 500 ETF increasing its holdings by 3.197 million shares [3].

Core Viewpoint - The coal supply-demand fundamentals are expected to improve due to the "check overproduction" policy leading to reduced output and the anticipated recovery in non-electric coal demand during the "golden September and silver October" peak season, providing upward price elasticity for both types of coal [1][3]. Group 1: Coal Price Dynamics - Thermal coal is categorized as a policy coal type, with expectations for prices to rebound to long-term contract prices, recently surpassing the second target price of around 700 CNY per ton [2]. - The current adjustment in prices is attributed to the seasonal transition from summer to autumn, which has weakened coal consumption, but the upcoming peak season is expected to drive prices up again, particularly in the chemical sector [2][3]. - Coking coal prices are more influenced by supply-demand fundamentals, with target prices based on the ratio of coking coal to thermal coal prices, indicating potential target prices of 1608 CNY, 1680 CNY, 1800 CNY, and 2064 CNY for different levels of market performance [2]. Group 2: Investment Opportunities - The coal sector exhibits dual attributes of cyclical elasticity and stable dividends, with many coal companies maintaining high dividend yields despite overall profit pressures [3]. - Six listed coal companies have announced interim dividend plans totaling 24.13 billion CNY, reflecting a strong commitment to shareholder returns [3]. - Key coal stocks benefiting from these trends include: - Cycle logic: Jin控煤业, 兖矿能源, 平煤股份, 淮北矿业, 潞安环能 - Dividend logic: 中国神华, 中煤能源, 陕西煤业 - Diversified aluminum elasticity: 神火股份, 电投能源 - Growth logic: 新集能源, 广汇能源 [3].

Investment Rating - The report maintains an "Overweight" rating for the electricity sector [2] Core Views - The new pricing policy for nearby consumption of renewable energy is expected to balance cost sharing and catalyze the development of green electricity direct connection projects. The policy will be implemented on October 1, 2025, requiring that renewable energy self-consumption accounts for at least 60% of total available generation and 30% of total consumption [5][10] - The recent surge in storage policies indicates a growing recognition of the value of regulatory power sources, with a target of adding over 100 million kilowatts of new storage capacity by 2027, leading to direct investments of approximately 250 billion yuan [5][10] - The implementation of AI in the energy sector is anticipated to create investment opportunities, with a focus on establishing a collaborative mechanism between computing power and electricity by 2030 [5][10] Summary by Sections Industry Views - The new policy for nearby consumption of renewable energy is expected to promote green electricity direct connection and address cost-sharing issues [5][10] - Storage policies are being introduced to enhance the value of regulatory power sources, with significant investment expected in new storage capacity [5][10] - The integration of AI in the energy sector is set to improve operational efficiency and create new investment avenues [5][10] Market Review - The Shanghai Composite Index closed at 3,870.60 points, up 1.52%, while the CSI 300 Index closed at 4,522.00 points, up 1.38%. The CITIC Power and Utilities Index closed at 3,077.52 points, up 0.90%, underperforming the CSI 300 Index by 0.49 percentage points [55][56] Key Company Recommendations - Recommended stocks include New天绿色能源 (H), 龙源电力, 中闽能源, and 吉电股份 in the green electricity sector, and 华能国际, 华电国际, and 宝新能源 in the thermal power sector [6][7]

Group 1 - The company, China Coal Xinji Energy Co., Ltd., will participate in the "2025 Anhui Listed Companies Investor Online Reception Day" to enhance interaction with investors [1] - The event will be held online on September 15, 2025, from 15:00 to 17:00, allowing investors to engage with company executives regarding performance, governance, development strategy, operational status, financing plans, and sustainable development [1] - Investors can participate through the "Panjing Roadshow" website, WeChat public account, or by downloading the Panjing Roadshow APP [1]

Investment Rating - The report initiates coverage with an "Accumulate" investment rating for the company [1] Core Views - The company, Xinji Energy, is a major energy enterprise backed by China Coal, holding 40% of the coal resources among the four major coal companies in Anhui Province. The company is experiencing stable growth in coal production and sales, and the commissioning of new power generation units in 2026 is expected to significantly enhance performance [1][6] - The company has a clear path for capacity expansion, with the reconstruction of the Yangcun coal mine expected to increase total capacity to 28.5 million tons per year. The company also holds multiple exploration rights, which may further enhance long-term capacity [6][33] - Xinji Energy's coal products are of high quality, with low sulfur and environmental characteristics, which support stable pricing. The company has maintained a high proportion of long-term contracts, which helps mitigate market price fluctuations [6][50] - The company has a robust reserve of power projects, with a favorable supply-demand balance in Anhui Province, leading to stable electricity prices and utilization hours. The commissioning of new power plants is anticipated to significantly boost profitability [6][50] - The company has demonstrated steady revenue growth, with a projected revenue of 12.73 billion yuan in 2024, and a net profit of 2.39 billion yuan, marking a 13.44% year-on-year increase. The company has a high dividend potential, with a dividend payout of 0.16 yuan per share in 2024 [6][7] Summary by Sections Section 1: Overview of Xinji Energy - Xinji Energy is a coal and power integrated enterprise in Anhui Province, backed by China Coal Group. The company operates five production mines with a total capacity of 23.5 million tons per year and has a total installed capacity of 3.344 million kilowatts in operation [12][1] Section 2: Coal Business - The company has rich coal resources, with a total resource reserve of 10.16 billion tons, accounting for 40% of Anhui's total. The company is expected to increase its production capacity to 28.5 million tons per year following the reconstruction of the Yangcun coal mine [6][33] - The company has improved its coal washing efficiency, achieving a washing rate of 90.51% in 2023, which supports stable sales and production [42][47] Section 3: Power Business - Xinji Energy's power generation units are primarily located in Anhui Province, where the demand for electricity is growing rapidly. The company has several power plants under construction, expected to add 4.64 million kilowatts of capacity by 2026 [6][50] Section 4: Financial Performance - The company has shown strong financial performance, with a projected revenue of 12.73 billion yuan in 2024 and a net profit of 2.39 billion yuan, reflecting a 13.44% increase year-on-year. The company has a high dividend payout ratio, indicating strong cash flow and profitability [6][7]

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。 为进一步加强与投资者的互动交流，中煤新集能源股份有限公 司（以下简称"公司"）将参加由安徽证监局指导，安徽上市公司协 会与深圳市全景网络有限公司联合举办的"2025 年安徽上市公司投 资者网上集体接待日"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路 演"网站（https://rs.p5w.net），或关注微信公众号：全景财经，或下 载全景路演 APP，参与本次互动交流，活动时间为 2025 年 9 月 15 日（周一）15:00-17:00。届时公司高管将在线就公司业绩、公司治理、 发展战略、经营状况、融资计划和可持续发展等投资者关心的问题， 与投资者进行沟通与交流，欢迎广大投资者踊跃参与。 特此公告。 证券代码:601918 证券简称:新集能源 编号:2025-040 中煤新集能源股份有限公司 关于参加 2025 年安徽辖区上市公司投资者 网上集体接待日活动的公告 2025 年 9 月 10 日 中煤新集能源股份有限公司董事会 ...

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [5] Core Viewpoints - The report emphasizes that the performance pressure on coal companies has ended, and a recovery is expected, not just a rebound [3][8] - It anticipates that coal prices may peak by the end of the year, with a potential for upward movement due to supply constraints [3][8] Summary by Sections Market Overview - The CITIC Coal Index was at 3,459.14 points, up 0.10%, outperforming the CSI 300 Index by 0.91 percentage points [2][76] - Recent coal price trends show a slight recovery, with the price of Q5500 coal in major production areas experiencing increases [14][39] Financial Analysis of Coal Companies - The report identifies top performers in terms of cash flow and low debt levels among coal companies, highlighting companies like China Shenhua and Jinko Coal [3] - The report notes that the profitability of coal companies is likely to improve following the price lows observed in June [3] Key Areas of Analysis - **Thermal Coal**: The report indicates a rebound in thermal coal prices due to downstream demand for replenishment, with prices expected to rise during peak seasons [14][39] - **Coking Coal**: The report notes that coking coal prices are under pressure due to weak downstream demand, but there is still support for prices as the peak season approaches [41][55] - **Coke**: The report highlights that coke prices have seen a decline due to reduced demand from steel mills, with the first round of price reductions initiated by steel manufacturers [57][76] Investment Strategy - The report recommends stocks with high earnings elasticity, such as Lu'an Mining and Jinko Coal, and emphasizes the importance of monitoring domestic supply and import conditions [11][41] - It also suggests focusing on companies with strong performance records, such as Shaanxi Coal and Electric Power, and Huai Bei Mining [11][41]

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) announced personnel changes for 8 central enterprises, involving 11 leaders [1] - Wu Bingqi has been appointed as the Deputy Secretary and Director of China Overseas Chinese Town Holdings Limited, and is nominated as the candidate for General Manager [2] - Zhang Zhenggao has retired from his positions as Secretary of the Party Committee, Standing Committee Member, Chairman, and Director of China Overseas Chinese Town Holdings Limited [2] Group 2 - Wu Yuebiao has been appointed as the Deputy Director of China Coal Geological Bureau [3] - Niu Jianhua has retired from his positions as Secretary of the Party Committee and Deputy Director of China Metallurgical Geological Bureau [4] - Wang Bin has retired from his roles as Deputy Secretary, Standing Committee Member, Director, and General Manager of China Power Construction Group Limited [5] Group 3 - Liu Jun Cai has retired from his position as Standing Committee Member and Deputy General Manager of China Poly Group Corporation [6] - Zhang Kexin has been appointed as an external director of China Coal Science and Technology Group [7] - Xu Zhiwu has been appointed as an external director of China Machinery Science Research Institute Group [8] - Li Hui and Chen Jianhua have been appointed as external directors of China Aviation Oil Group [9]

Group 1: Market Performance - The coal mining sector increased by 0.03% compared to the previous trading day, with Electric Power Investment leading the gains [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Group 2: Individual Stock Performance - Electric Power Investment (002128) closed at 21.37, up 1.38% with a trading volume of 162,300 shares [1] - Yongtai Energy (600157) closed at 1.49, up 1.36% with a trading volume of 9.64 million shares [1] - China Shenhua (601088) closed at 38.16, up 0.69% with a trading volume of 425,700 shares [1] - Jinko Energy (601001) closed at 12.96, down 2.56% with a trading volume of 226,400 shares [2] Group 3: Capital Flow Analysis - The coal mining sector experienced a net outflow of 420 million yuan from main funds, while retail investors saw a net inflow of 314 million yuan [2] - The main funds showed a negative net flow in several stocks, including Yongtai Energy and Pingmei Shenhua [3] - Retail investors contributed positively to stocks like Gansu Energy and New Dazhou A, indicating varied investor sentiment across the sector [3]