证券代码：000933 证券简称：神火股份 公告编号：2025-036 河南神火煤电股份有限公司 关于股份回购进展情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 河南神火煤电股份有限公司（以下简称"公司"）于 2024 年 12 月 30 日召开董事会第九届十四次会议审议通过了《关于回购公司股份方 案的议案》，同意公司使用自有资金通过集中竞价交易方式回购部分股 份用于股权激励计划，回购总金额不低于人民币 2.50 亿元（含）且不 超过人民币 4.50 亿元（含），回购价格不超过人民币 20 元/股（含）， 实施期限为自董事会审议通过本次回购方案之日起 12 个月内。具体内 容详见公司在《证券时报》《中国证券报》《上海证券报》《证券日报》 及巨潮资讯网（http://www.cninfo.com.cn）披露的相关公告。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监 管指引第 9 号—回购股份》等有关规定，公司应当于每个月的前三个 交易日内披露截至上月末的回购进展情况。现将公司回购股份进展情 况公告如下： 一、本次回购股份的进展情况 截至 ...

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Views - The report indicates that tariff pressures are expected to ease further, and the off-season destocking performance is better than anticipated. The aluminum industry is likely to experience a continuous trend of destocking and price increases, supported by improving export conditions [10] - The long-term outlook for the aluminum industry remains positive due to limited supply growth and potential demand increases, maintaining a high level of industry prosperity [10] Summary by Sections 1. Prices - As of May 30, the LME three-month aluminum closing price was $2,448.5 per ton, while the Shanghai aluminum active contract closing price was ¥20,070.0 per ton [14][20] - The average price of A00 aluminum in Changjiang was ¥20,240.0 per ton, down ¥160.0 from the previous week [20] 2. Production - In May 2025, the production of electrolytic aluminum was 3.729 million tons, an increase of 123,000 tons month-on-month and 214,000 tons year-on-year [53] - The production of alumina in May 2025 was 7.272 million tons, up 189,000 tons month-on-month and 593,000 tons year-on-year [53] 3. Inventory - As of May 29, the inventory of electrolytic aluminum ingots in major domestic consumption areas was 511,000 tons, a decrease of 46,000 tons week-on-week [7] - The inventory of aluminum rods was recorded at 128,300 tons, with a slight decrease of 2,500 tons week-on-week [7] 4. Key Companies and Earnings Forecast - Key companies include Shenhuo Co., China Hongqiao, Tianshan Aluminum, China Aluminum, and Yun Aluminum, all rated as "Buy" with projected earnings per share (EPS) growth [5] 5. Supply and Demand - Domestic electrolytic aluminum production capacity remains stable, with a slight increase in the alloying ratio affecting the delivery situation [7] - Demand from downstream sectors is showing signs of weakness, particularly in photovoltaic aluminum and automotive materials, while cable orders remain strong due to state grid demand [7]

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [11]. Core Views - The report highlights that the recent announcement by Trump to impose tariffs on the EU has increased global economic uncertainty, which supports a bullish trend in gold prices. Central banks continue to purchase gold, indicating a sustained long-term bullish outlook [3]. - For copper and aluminum, while there is a short-term weakness in downstream operations, the long-term supply-demand dynamics are expected to remain tight, justifying a "Recommended" rating for both industries [11]. - Tin prices are expected to stabilize at a high level, with corporate profits projected to gradually increase, leading to a "Recommended" rating for the tin industry [11]. - Antimony prices are currently weak due to short-term demand decline, but long-term supply constraints are expected to support prices, hence a "Recommended" rating is maintained [11]. Summary by Sections Market Performance - The non-ferrous metals sector (Shenwan) showed a monthly performance increase of 3.1%, a quarterly increase of 4.3%, and a yearly increase of 3.5%, outperforming the CSI 300 index [1]. Macroeconomic Indicators - China's real estate development investment from January to April decreased by 10.3%, while the industrial added value in April grew by 6.1%, exceeding expectations [4][28]. - The U.S. Markit Manufacturing PMI for May was reported at 52.3, significantly above the expected 49.9 [3][28]. Gold Market Data - The London gold price increased to $3342.65 per ounce, a rise of 3.48% from the previous week [32]. - SPDR Gold ETF holdings rose to 29.66 million ounces, an increase of 120,000 ounces [32]. Copper Market Data - LME copper closed at $9565 per ton, up by $52 from the previous week, while SHFE copper closed at 77,790 yuan per ton, down by 880 yuan [41]. - Domestic copper social inventory was reported at 139,900 tons, a decrease of 790 tons from the previous week [41]. Aluminum Market Data - Domestic electrolytic aluminum prices rose to 20,400 yuan per ton, an increase of 170 yuan [42]. - The operating rate of leading aluminum profile enterprises was reported at 56.0%, a slight decrease of 0.5 percentage points [42]. Tin and Antimony Market Data - Domestic refined tin prices were reported at 265,070 yuan per ton, a slight decrease of 370 yuan [43]. - Antimony ingot prices were reported at 220,500 yuan per ton, down by 2,000 yuan [43].

Investment Rating - The industry investment rating is optimistic, with a recommendation to buy [3][19]. Core Insights - The report highlights the production elasticity and profit elasticity of electrolytic aluminum companies, indicating that profitability will be a key competitive factor due to fixed production capacity [8]. - The report predicts a decrease in the volatility of alumina prices in 2025, which will enhance the profitability of companies like Yun Aluminum, Shenhuo, and Tianshan [8]. - The report provides forecasts for gold production from listed companies, with specific attention to the CAGR of production from 2024 to 2027 [10][11]. Summary by Sections Copper Industry - The report includes production data and forecasts for major copper companies, emphasizing the importance of proprietary mining data [6]. Electrolytic Aluminum - The report details the production capacity and market valuation of various electrolytic aluminum companies, noting that the lowest market value per ton of aluminum is approximately 21,000 RMB [8][9]. Gold Industry - The report presents a forecast of self-produced gold output for listed companies, with specific figures for total gold resources and market capitalization [10][11]. Lithium Industry - The report outlines the lithium resource rights and production forecasts for several companies, highlighting significant growth rates for companies like Ganfeng Lithium and Yongxing Materials [12]. Uranium Industry - The report discusses the production forecasts for uranium companies, particularly focusing on China General Nuclear Power Corporation, with a projected CAGR of 8.16% from 2024 to 2027 [14][15].

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Views - The aluminum industry is expected to benefit from favorable domestic policies and supply disruptions in Guinea affecting bauxite supply, leading to potential price increases and inventory reductions [6][9] - The report highlights that the aluminum industry is likely to experience a sustained "de-inventory + price increase" trend, supported by improving export conditions and limited supply growth [9] Summary by Sections 1. Prices - As of May 23, the LME three-month aluminum closing price was $2466.0 per ton, while the Shanghai aluminum active contract closing price was ¥20155.0 per ton [19] - The average price of A00 aluminum in Changjiang was ¥20400.0 per ton, showing a week-on-week increase of ¥170.0 [19] 2. Production - In April 2025, the production of electrolytic aluminum was 360.6 million tons, a month-on-month decrease of 10.8 million tons but a year-on-year increase of 2.5 million tons [51] - The production of alumina in April 2025 was 708.4 million tons, down 46.6 million tons month-on-month but up 30.2 million tons year-on-year [51] 3. Inventory - As of May 22, the inventory of electrolytic aluminum ingots in major domestic consumption areas was 557,000 tons, a week-on-week decrease of 24,000 tons [6] - The inventory of aluminum rods was 130,800 tons, down 740 tons week-on-week, remaining at a three-year low [6] 4. Key Companies and Earnings Forecast - Key companies include Shenhuo Co., China Hongqiao, Tianshan Aluminum, China Aluminum, and Yun Aluminum, all rated as "Buy" with projected earnings per share (EPS) growth [5]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Viewpoints - The coal price has stabilized, and daily consumption has increased, indicating potential opportunities for recovery in the sector during peak season [1] - The report highlights that the coal mining industry is showing signs of bottoming out, with a narrowing decline in coal prices and a decrease in port inventories [4][13] - The demand from coastal power plants is expected to strengthen as the peak season approaches, with significant replenishment potential [4][13] Summary by Sections 1. Thermal Coal - Port coal prices have stabilized, with a weekly decline narrowing to 3 CNY/ton from 16 CNY/ton the previous week, maintaining at 611 CNY/ton from May 20 to May 23 [13][14] - The production capacity utilization rate in the main production areas has increased by 0.99 percentage points, mainly due to the resumption of normal operations after previous maintenance [13][21] - Daily consumption at coastal power plants has increased, with a week-on-week rise of 15.2 thousand tons for coastal plants [13][23] 2. Coking Coal - Supply has contracted slightly, with a decrease in production capacity utilization by 0.42 percentage points due to accidents and inventory pressures [5][40] - The average customs clearance volume at the Ganqimaodu port has decreased by 178 vehicles week-on-week [46] - Coking coal prices at the port have declined, with the main coking coal price at Jing Tang Port dropping by 20 CNY/ton [41][41] 3. Coke - The first round of price reductions for coke has been implemented, but the overall profit margins for coking enterprises remain acceptable [49] - The average profit per ton of coke has decreased by 22 CNY/ton week-on-week, indicating pressure on profitability [56] - The production rate of independent coking plants has varied, with an overall utilization rate of 75.16% [59] 4. Anthracite - The supply of anthracite remains stable, with prices holding steady due to sufficient market supply and demand being primarily driven by essential procurement [69][71] 5. Key Companies and Profit Forecasts - The report emphasizes the investment value of leading coal companies, highlighting their strong cash flow and high dividend yields [7] - Key companies to focus on include China Shenhua, Shaanxi Coal, and Yanzhou Coal, all rated as "Buy" [8]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes that marginal improvements in supply and demand have stabilized coal prices, indicating a potential recovery in coal asset allocation [1][4] - The coal sector is viewed as entering a "Golden Era 2.0," with core value assets expected to rise again due to favorable macroeconomic policies and capital market support [4][12] Summary by Sections Investment Logic - The current weak domestic economic performance and external pressures, such as tariff policies, create a favorable environment for coal as a stable dividend investment [4][12] - The cyclical elasticity of coal stocks is highlighted, with both thermal and coking coal prices expected to rebound as supply-demand fundamentals improve [4][12] - The report notes a trend of increasing dividends among coal companies, indicating a strong response to policy support and a shift towards higher dividend payouts [4][12] Key Indicators Overview - The coal sector saw a slight increase of 1.03% this week, outperforming the CSI 300 index by 1.21 percentage points [7][9] - The current PE ratio for the coal sector is 11.9, and the PB ratio is 1.19, ranking low among all A-share industries [9] Thermal Coal Industry Chain - As of May 23, the Qinhuangdao Q5500 thermal coal price is 611 CNY/ton, reflecting a slight decrease of 0.49% [3][15] - The operating rate of 442 coal mines in Shanxi, Shaanxi, and Inner Mongolia is 81.3%, showing a minor decline [15] - Daily coal consumption by coastal power plants increased to 187.6 thousand tons, up 3.93% from the previous period [15] Coking Coal Industry Chain - The report indicates a slight decrease in port coking coal prices, with the average price at 1300 CNY/ton [16] - The market price for coking coal in Shanxi is reported at 1130 CNY/ton, down 4.24% [16] Company Announcements - Several coal companies have announced mid-term dividend plans, reflecting a trend towards higher shareholder returns [4][12] Industry Dynamics - The report discusses the resilience of black demand and the overall stability of the coal market despite recent price fluctuations [3][4]

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1]. Core Views - The non-ferrous metals sector experienced a weekly increase of 1.26%, ranking it in the middle among all primary industries. Precious metals saw a significant rise of 5.58%, while industrial metals increased by 1.86% [1][14]. - The report highlights that tariff policies and a cooling U.S. Treasury auction have negatively impacted macroeconomic sentiment, leading to a weakening in industrial metals [1][24]. - Gold prices have surged due to deteriorating U.S. fiscal conditions, with COMEX gold closing at $3,357.70 per ounce, a 4.75% increase week-on-week [4][49]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.57%, while the non-ferrous metals sector rose by 1.26%, outperforming the index by 1.83 percentage points [14]. - Among the sub-sectors, precious metals led with a 5.58% increase, followed by industrial metals at 1.86%, while small metals and new materials declined [1][14]. Industrial Metals - **Copper**: As of May 23, LME copper was priced at $9,614 per ton, up 1.76% week-on-week. Supply remains tight due to mining incidents, but domestic smelting capacity is unaffected [2][32]. - **Aluminum**: LME aluminum closed at $2,466 per ton, down 0.62%. The supply side is impacted by the shutdown of bauxite mines in Guinea, leading to a significant rise in alumina prices [3][36]. - **Zinc**: LME zinc price increased by 0.78% to $2,713 per ton, with inventories decreasing [39]. - **Tin**: LME tin price fell by 0.46% to $32,665 per ton, with mixed inventory trends [45]. Precious Metals - Gold prices have risen significantly due to concerns over U.S. fiscal health, with a notable increase in both COMEX and SHFE gold prices [4][49]. - The report notes that the U.S. credit rating downgrade and a lackluster Treasury auction have further weakened market sentiment, contributing to the rise in gold prices [51][49]. Rare Earths - The report indicates stable supply and moderate demand for rare earths, with prices showing a slight decline [4]. News Highlights - The report discusses the implications of U.S. tariff policies and their potential impact on the market, particularly in relation to gold and industrial metals [4][51].

Investment Rating - The report maintains a positive outlook on the aluminum industry, particularly in Xinjiang, due to its resource endowment and cost advantages, as well as the green transformation in energy [2][3]. Core Insights - Xinjiang is one of the main production areas for electrolytic aluminum in China, benefiting from low electricity costs due to abundant coal resources and low extraction costs [3][5]. - The rapid growth of new energy installations in Xinjiang supports the green transformation of the electrolytic aluminum industry, aligning with national carbon neutrality goals [3][4]. - The supply-demand dynamics for electrolytic aluminum are tightening, with limited future supply growth and increasing demand from sectors like new energy vehicles and electricity [4][6]. - The report suggests focusing on companies like Shenhuo Co. and Tianshan Aluminum, which are expected to benefit from cost improvements and stable performance [4][6]. Summary by Sections 1. Aluminum Industry Overview - Aluminum is a lightweight metal with extensive applications across various sectors, including automotive, construction, and electronics [13][15]. - The aluminum industry chain consists of bauxite mining, alumina refining, aluminum smelting, and downstream processing [14]. 2. Current Status and Development of Xinjiang's Aluminum Industry - Xinjiang has significant coal reserves, estimated at 2.19 trillion tons, which supports its position as a leading electrolytic aluminum production area [26][27]. - The region's electricity costs are among the lowest in China, making it attractive for aluminum production [3][5]. - The growth of new energy capacity in Xinjiang is expected to reach approximately 180 million kilowatts during the 14th Five-Year Plan, with renewable energy accounting for a significant portion of the power generation [30]. 3. Key Companies in Xinjiang's Aluminum Sector - Tianshan Aluminum and Shenhuo Co. are highlighted as key players in the industry, with strong operational performance and dividend stability [4][6]. - The report notes that Xinjiang's electrolytic aluminum production capacity has reached 17% of the national total, indicating significant growth in the sector [46].