Investment Rating - The report recommends a "Buy" rating for several companies in the coal mining sector, including China Shenhua, Yanzhou Coal, and Shaanxi Coal [3][7]. Core Insights - The ongoing conflict in the Middle East has disrupted India's LNG supply, leading to increased reliance on coal for power generation, which supports global coal prices [2][3]. - The report highlights that the coal market sentiment is improving due to rising demand for coal in various regions, driven by the high prices of LNG [2][3]. Summary by Sections Energy Price Overview - As of March 27, 2026, Brent crude oil futures settled at $112.57 per barrel, a slight increase of $0.38 (+0.34%) from the previous week. WTI crude oil futures rose to $99.64 per barrel, up $1.41 (+1.44%) [1]. - Northeast Asia's LNG spot price was $19.81 per million British thermal units, down $1.73 (-8.05%) from the previous week [1]. - Coal prices showed mixed trends, with European ARA coal at $123.25 per ton, down $5.75 (-4.46%), while Newcastle coal rose to $135.60 per ton, up $0.25 (+0.18%) [1]. Market Dynamics - The conflict in the Middle East has led to a significant drop in India's gas-fired power generation, forcing the country to rely more heavily on coal, which now accounts for over 70% of its total power generation [2][3]. - The report notes that LNG prices have surged, reinforcing coal's position as a balancing fuel in India's power system, which is expected to see peak electricity demand reach 270 GW this summer [2][3]. Key Investment Targets - The report emphasizes several key stocks for investment, including: - China Shenhua (Buy) - Yanzhou Coal (Buy) - Shaanxi Coal (Buy) - China Qinfa (Buy) - Other notable mentions include Peabody, Jin Coal, and Lu'an Environmental Energy [3][7]. Price Trends - The report provides detailed coal price trends, indicating that Newcastle coal prices increased by $0.25 to $135.60 per ton, while South African Richards Bay coal futures decreased by $1.00 to $109.90 per ton [33]. - The European ARA coal price decreased by $5.75 to $123.25 per ton, reflecting the volatility in the coal market [33].

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Views - 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 [11][12] - The coal market is expected to maintain a strong oscillating trend in the short term, despite rising inventories at northern ports, due to a decrease in overall chain inventory and upcoming maintenance on the Daqin line [11][12] - The underlying investment logic of coal capacity shortages remains unchanged, with a balanced short-term supply and demand, and a long-term gap still present [11][12] - The coal price is expected to stabilize at a new higher level, with high-quality coal companies maintaining strong profitability, cash flow, return on equity, and dividends [11][12] Summary by Sections 1. Coal Price Tracking - As of March 28, the market price for Qinhuangdao port thermal coal (Q5500) is 758 RMB/ton, an increase of 27 RMB/ton week-on-week [3][28] - The price for coking coal at Jingtang port is 1720 RMB/ton, up 120 RMB/ton week-on-week [3][30] - International thermal coal prices show mixed trends, with Newcastle coal at 85.1 USD/ton, down 1.2 USD/ton week-on-week [3][28] 2. Supply and Demand Tracking - The capacity utilization rate for thermal coal mines is 92.9%, an increase of 1.8 percentage points week-on-week [3][46] - The daily coal consumption in inland provinces increased by 22.6 thousand tons/day, a rise of 7.47% week-on-week, while coastal provinces saw a decrease of 18.7 thousand tons/day, down 8.8% week-on-week [3][47] - The operating rate of steel blast furnaces is 81.03%, up 1.25 percentage points week-on-week [3][11] 3. Inventory Situation - Coal inventory in inland provinces decreased by 1.557 million tons week-on-week, a decline of 2.04% [3][47] - Coastal provinces' coal inventory fell by 434 thousand tons week-on-week, down 1.28% [3][47] 4. Key Companies to Watch - Focus on stable operators such as China Shenhua, Shaanxi Coal and Energy, and China Coal Energy [12] - Companies with significant performance elasticity include Yancoal Energy, China Power Investment, and Jinneng Holding [12]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that coal prices are expected to rise, driven by high daily consumption and improved market sentiment. The price of thermal coal has slightly increased, with the Qinhuangdao Q5500 thermal coal closing at 761 RMB/ton, up 26 RMB/ton from the previous period. The report anticipates that prices will stabilize around the coal-electricity profit-sharing line of approximately 750 RMB/ton, with potential upward movement towards the 800-860 RMB range due to geopolitical tensions in the Middle East affecting oil prices and chemical products [3][4][5]. Summary by Sections Investment Logic - Thermal coal prices are at a turning point, expected to rise through a four-step process: repairing central and local long-term contracts, reaching the coal-electricity profit-sharing line, and potentially exceeding the breakeven point for power plants at 860 RMB. The report also notes that coking coal prices are influenced more 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 outlines a dual logic for coal stocks: cyclical elasticity and stable dividends. It suggests that both thermal and coking coal prices are at historical lows, providing room for rebound. The report identifies four main lines for stock selection: 1. 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 2. Dividend logic: 中国神华, 中煤能源, 陕西煤业 3. Diversified aluminum elasticity: 神火股份, 电投能源 4. Growth logic: 新集能源, 广汇能源 [5][16]. Key Market Indicators - As of March 27, 2026, the average PE ratio for the coal sector is 19.12, ranking it sixth from the bottom in the A-share market, while the PB ratio is 1.58, ranking eighth from the bottom. The coal index has slightly decreased by 1.21%, outperforming the CSI 300 index by 0.2 percentage points [29][34][35]. Thermal Coal Market - The report notes a slight increase in domestic thermal coal prices, with the Qinhuangdao Q5500 price at 761 RMB/ton, reflecting a 3.54% increase. Prices in various production areas have also risen, with notable increases in the Ordos and Shanxi regions [35][36]. Coking Coal Market - The price of coking coal at the Jing-Tang port has risen to 1750 RMB/ton, marking an 8.02% increase. The report highlights the sensitivity of coking coal prices to market conditions, with a significant rebound in futures prices [21][22]. Supply and Demand Dynamics - The report indicates that coal production rates have slightly increased, with the operating rate of coal mines in the Shanxi, Shaanxi, and Inner Mongolia regions at 84.2%. Additionally, daily consumption at coastal power plants has decreased, but inventory levels have also dropped, leading to an increase in available days of inventory [58][60].

| 证券代码：000552 | 证券简称：甘肃能化 | 公告编号：2026-10 | | --- | --- | --- | | 债券代码：127027 | 债券简称：能化转债 | | 甘肃能化股份有限公司 关于 2026 年综合授信额度的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导性陈 述或重大遗漏负连带责任。 2026 年 3 月 23 日，甘肃能化股份有限公司（以下简称"公司"）召开第十一届董 事会第九次会议，审议通过《关于 2026 年综合授信额度的议案》，按照公司及下属单 位年度经营预算情况，对 2026 年度综合授信额度进行了预计，现将具体内容公告如 下： 一、综合授信概述 6.售电公司 0.5 亿元。 7.煤一公司 0.5 亿元。 8.华能公司 0.3 亿元。 （二）授信对象：各商业银行以及其他金融机构。 （三）使用期限：自公司股东会审议批准之日起生效，至下一年度股东会重新审 议通过相关事项之日终止。其中，流动资金贷款期限最长不超过 5 年（含 5 年），其 （一）授信额度：2026 年公司及下属单位综合授信额度 151.30 亿元。其中：流 动资金贷款 4 ...

| 证券代码：000552 | 证券简称：甘肃能化 | 公告编号：2026-12 | | --- | --- | --- | | 债券代码：127027 | 债券简称：能化转债 | | 三、本次公告涉及的诉讼对公司本期利润或期后利润的可能影响 截至本公告披露之日，本诉讼事项一审已终结，目前尚无法判断对公司本期 利润或期后利润的影响。公司将密切关注案件的后续进展，积极采取相关法律措 施维护公司及股东利益，根据诉讼进展情况及时履行信息披露义务，敬请各位投 资者注意投资风险。 特此公告。 甘肃能化股份有限公司董事会 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、诉讼事项基本情况 2025年12月，原告中国化学工程第四建设有限公司（以下简称"中化四建"） 诉公司下属全资子公司甘肃靖煤能源有限公司（以下简称"靖煤公司"）、靖远 煤业集团刘化化工有限公司（以下简称"刘化化工"）建设工程施工合同纠纷一 案，具体内容详见公司于2025年12月17日刊登在证券时报及巨潮资讯网的《关于 下属子公司涉及诉讼事项的公告》（公告编号：2025-93）。 二、诉讼事项的进展情况 近 ...

本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导性陈 述或重大遗漏负连带责任。 2026 年 3 月 23 日，甘肃能化股份有限公司（以下简称"公司"）召开第十一届 董事会第九次会议，审议通过《关于授权经理层竞买煤炭资源的议案》，现将具体内 容公告如下： 为进一步夯实公司煤炭资源储备，强化核心主业资产布局，提升持续盈利能力与 核心竞争优势，同时规范公司煤炭资源竞买行为，保障市场化竞拍煤炭资源工作合法 合规、高效推进、严守商业秘密，公司董事会授权经理层全权办理市场化竞买煤炭资 源相关事宜。根据《中华人民共和国公司法》等法律法规、中国证监会及深圳证券交 易所相关监管规范性文件，并结合《公司章程》规定，公司董事会在决策权限范围内， 授权经理层办理"开展煤炭资源市场化竞买权限为单项竞买金额不超过公司最近一期 经审计总资产 10%、十二个月内累计竞买金额不超过公司最近一期经审计总资产 30% 的项目，以及为实施该等竞买需提前支付的保证金、开具保函等相关配套事项"；同 时，授权经理层代表公司签署与上述事项相关的煤炭资源竞买协议、保证金（担保函） 支付等法律文件。本授权有效期自公司董事会审议通过 ...

| 证券代码：000552 | 证券简称：甘肃能化 | 公告编号：2026-11 | | --- | --- | --- | | 债券代码：127027 | 债券简称：能化转债 | | 甘肃能化股份有限公司 关于公司及下属全资子公司使用闲置自有资金进行现金管理的 公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导性陈 述或重大遗漏负连带责任。 2026 年 3 月 23 日，甘肃能化股份有限公司（以下简称"公司"）召开第十一届董 事会第九次会议，审议通过《关于公司及下属全资子公司使用闲置自有资金进行现金 管理的议案》，为进一步提高资金的使用效率，在确保不影响正常经营的情况下，公 司及下属全资子公司拟使用不超过 10 亿元闲置自有资金进行现金管理，期限自董事 会审议通过之日起不超过 12 个月，现将具体情况公告如下： 一、现金管理概述 1.现金管理方式 本次公司及下属全资子公司拟使用闲置自有资金投资的品种为安全性高、流动性 好的低风险投资产品，包括但不限于银行及其他金融机构理财产品、收益凭证、结构 性存款等。 2.现金管理额度及期限 本次公司及下属全资子公司使用部分闲置自有资金进 ...

| 证券代码：000552 | 证券简称：甘肃能化 | 公告编号：2026-08 | | --- | --- | --- | | 债券代码：127027 | 债券简称：能化转债 | | 甘肃能化股份有限公司 第十一届董事会第九次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导性陈 述或重大遗漏负连带责任。 一、会议召开情况 甘肃能化股份有限公司（以下简称"公司"）第十一届董事会第九次会议于2026 年3月23日下午三点在兰州市七里河区瓜州路1230号甘肃能化19楼会议室以现场和通 讯相结合的方式召开。本次会议通知于2026年3月17日以OA、微信、电话、电子邮件 等方式送达全体董事。本次现场会议由董事长谢晓锋主持，会议应参加董事9人，实 际参加表决董事9人。本次会议的召开符合《公司法》《公司章程》等法律法规、部 门规章和规范性文件的规定。 表决结果：9票同意，0票反对，0票弃权。 详见公司同日刊登于《证券时报》《上海证券报》以及巨潮资讯网《关于授权经 理层竞买煤炭资源的公告》。 2.关于2026年综合授信额度的议案； 表决结果：9票同意，0票反对，0票弃权。 详见公司 ...

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 [11] - The coal price is expected to stabilize and rebound, ending a continuous decline since March 4, with limited room for price correction due to factors such as the inverted import coal price and ongoing geopolitical tensions [11][3] - The coal sector is characterized by a supply shortage, with a balanced short-term supply and demand but a medium to long-term gap, indicating a bullish outlook for coal prices [11][3] Summary by Sections Coal Price Tracking - As of March 20, the market price for Qinhuangdao port thermal coal (Q5500) is 731 CNY/ton, unchanged from the previous week [28] - The price for Shanxi-produced coking coal at Jingtang port is 1600 CNY/ton, up by 10 CNY/ton [30] - International thermal coal prices show mixed trends, with Newcastle thermal coal at 86.3 USD/ton, down by 1.7 USD/ton [28] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.1%, an increase of 0.6 percentage points [45] - The daily coal consumption in coastal provinces increased by 238,000 tons/day (+12.62%), while inland provinces saw a decrease of 87,000 tons/day (-2.79%) [46] - The operating rate of steel blast furnaces is reported at 79.8%, up by 1.44 percentage points [11] Coal Inventory Situation - As of March 19, coal inventory in inland provinces decreased by 2.413 million tons, a 3.06% decline [46] - Coastal provinces' coal inventory fell by 52,000 tons, a 0.15% decrease [46] Company Performance - The coal sector's performance this week saw a decline of 2.05%, which is better than the overall market decline of 2.19% [14] - Key companies to focus on include China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy, which are noted for their stable operations and high profitability [11]

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 [11][12] - The coal price is expected to stabilize and rebound, ending a continuous decline since March 4, with limited room for price correction due to factors such as the inverted import coal price and ongoing geopolitical tensions [11][12] - The coal sector is characterized by high barriers, strong cash flow, high return on equity (ROE), and high dividends, indicating that quality coal companies remain undervalued with potential for overall valuation improvement [11][12] Summary by Sections 1. Coal Price Tracking - As of March 20, the market price for Qinhuangdao port thermal coal (Q5500) is 731 CNY/ton, unchanged from the previous week [28] - The price for Shanxi-produced coking coal at Jingtang port is 1600 CNY/ton, up by 10 CNY/ton [30] - International thermal coal prices show mixed trends, with Newcastle thermal coal at 86.3 USD/ton, down by 1.7 USD/ton [28][30] 2. Coal Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.1%, an increase of 0.6 percentage points [45] - The daily coal consumption in coastal provinces increased by 238,000 tons/day (+12.62%), while inland provinces saw a decrease of 87,000 tons/day (-2.79%) [46] - The steel furnace operating rate is reported at 79.8%, up by 1.44 percentage points [11][12] 3. Coal Inventory Situation - As of March 19, coal inventory in inland provinces decreased by 2.413 million tons (-3.06%), while coastal provinces saw a slight decrease of 52,000 tons (-0.15%) [46] - The available days of coal in inland provinces remained stable, while coastal provinces experienced a decrease of 0.5 days [46] 4. Key Companies to Watch - Focus on stable operators such as China Shenhua, Shaanxi Coal, and China Coal Energy [11][12] - Companies with significant performance elasticity include Yanzhou Coal, China Power Investment, and Guanghui Energy [11][12] - Special attention to high-quality metallurgical coal companies like Lu'an Environmental Energy and Shanxi Coking Coal [11][12]