中信建投证券股份有限公司 关于河南神火煤电股份有限公司补充确认使用自有资金、银 行承兑汇票支付募投项目所需资金并以募集资金等额置换 的专项核查意见 中信建投证券股份有限公司（以下简称"中信建投"或"保荐机构"）作为河南 神火煤电股份有限公司（以下简称"神火股份"或"公司"）2020 年非公开发行股 票项目的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司募集资 金监管规则》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律 监管指引第 1 号——主板上市公司规范运作》等有关法律法规和规范性文件的规 定，就补充确认使用募集资金置换已投入自筹资金的事项进行了审慎核查，具体 核查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准神火股份非公开发行股票的批复》（证 监许可 2020【996】号）核准，公司于 2020 年 11 月 22 日向 16 名投资者非公开 发行人民币普通股（A 股）330,961,809 股，发行价格 6.19 元/股，募集资金总额 为 20.49 亿元，扣除发行费用 0.25 亿元（不含增值税）后，募集资金净额为 20.24 亿元。上述募集资金于 2020 ...

证券代码：000933 证券简称：神火股份 公告编号：2025-075 经与会董事审议，会议以签字表决方式形成决议如下： （一）审议通过《关于补充确认使用自有资金、银行承兑汇票 支付募投项目所需资金并以募集资金等额置换的议案》 根据募投项目实施的具体情况，公司存在使用自有资金、银行 承兑汇票先行支付募投项目款项并以募集资金等额置换的情形，同 意对该置换行为进行补充确认。上述置换系为保障募投项目顺利推 进，置换资金均专项用于募投项目建设，与公司募投项目的实施计 划不相抵触，不影响募投项目的正常实施，亦不存在变相改变募集 资金投向及损害公司和股东利益的情形。 1 此项议案已经公司独立董事 2025 年第三次专门会议、董事会审 计委员会 2025 年第五次会议审议通过。 河南神火煤电股份有限公司 董事会第九届二十三次会议决议公告 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。 一、会议召开情况 河南神火煤电股份有限公司（以下简称"公司"）董事会第九届 二十三次会议于 2025年 12月 1日以现场出席和视频出席相结合的方式 召开，现场会议召开地点为河南省永城市东城区 ...

格隆汇12月1日｜莱尔科技公告，公司为满足控股子公司河南莱尔业务发展的需要，扩大其新能源涂碳 箔的产能并进一步提升市场竞争力和行业地位，公司与神火新材、河南莱尔于2025年12月1日签订了 《河南莱尔新材料科技有限公司增资协议》，协议约定公司和神火新材按原持股比例对河南莱尔进行增 资，河南莱尔拟增加注册资本人民币5,000万元，其中公司以现金方式出资4,000万元，神火新材以现金 方式出资1,000万元。公司本次对河南莱尔增资所需资金来源为自有资金。 ...

（文章来源：新华财经） 国家矿山安全监察局河南局发布公告，对河南神火煤电股份有限公司新庄煤矿进行现场监察发现，该矿 存在重大事故隐患仍然进行生产。国家矿山安全监察局河南局依法作出责令停产整顿2日的行政处罚。 ...

2025年12月1日 标的指数成份股涨幅 TOP20 MACD金叉信号形成，这些股涨势不错！ 责任编辑：杨赐 标普中国 A 股红利机会指数(CSPSADRP) | 序号 | 代码 | 简称 | 草日涨幅 | 年内涨幅 | 股息率(近12个 | | --- | --- | --- | --- | --- | --- | | | | | (%) | (%) | 月) (%) | | 1 | 002478.SZ | 常宝股份 | 6.26 | 53.96 | 2.97 | | 2 | 605117.SH | 德业股份 | 3.99 | 39.92 | 4.89 | | 3 | 601825.SH | 沪农商行 | 2.95 | 16.03 | 4.74 | | 4 | 000928.SZ | 中钢国际 | 2.67 | 7.36 | 4.70 | | 5 | 002563.SZ | 森马服饰 | 2.53 | -5.67 | 8.45 | | 6 | 603508.SH | 思维列控 | 2.51 | 44.43 | 11.71 | | 7 | 605090.SH | 九丰能源 | 2.45 | 22.59 | 3 ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [1] Core Viewpoints - The coal price has successfully crossed the fourth target, and the logic for price stability remains intact. The current dynamics are influenced by supply contraction and a surge in demand due to seasonal heating needs [3][4] - The report indicates that both thermal coal and coking coal prices are at a turning point, with thermal coal being a policy-driven commodity. The price recovery process involves several stages, including the restoration of long-term contracts and achieving a balance in profitability between coal and power companies [4][13] - The report highlights that the current coal prices are still at historical lows, providing room for a rebound, especially with the onset of the heating season and supply-side policies [5][14] Summary by Sections Industry Investment Rating - The coal industry is rated as "Positive" [1] Price Trends - As of November 28, the price of Qinhuangdao Q5500 thermal coal is 816 CNY/ton, showing a slight decrease from the previous week. The price at Guangzhou Port is 855 CNY/ton, having reached the target of 750 CNY for coal-power profitability [3][4] - Coking coal prices have also seen significant rebounds, with the price at Jing Tang Port reaching 1670 CNY/ton, up from 1230 CNY/ton in July, marking a 48.4% increase [3][4] Investment Logic - The report outlines that the price of thermal coal will follow a recovery process involving the restoration of long-term contracts and achieving a profitability balance for coal and power companies, with an ideal target price of around 750 CNY for 2025 [4][13] - Coking coal prices are more influenced by market dynamics, with target prices based on the ratio of coking coal to thermal coal prices, indicating potential target prices of 1608 CNY to 2064 CNY depending on market conditions [4][13] Investment Recommendations - The report suggests a dual logic for coal stocks: cyclical elasticity and stable dividends. It identifies four main lines for stock selection: cyclical logic, dividend logic, diversified aluminum elasticity, and growth logic [5][14] - Specific companies recommended include Jin控煤业, 兖矿能源 for cyclical logic, 中国神华, 中煤能源 for dividend logic, 神火股份, 电投能源 for diversified aluminum elasticity, and 新集能源, 广汇能源 for growth logic [5][14]

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1] Core Views - The aluminum price is experiencing high-level fluctuations due to inventory depletion and macroeconomic factors, including expectations of interest rate cuts by the Federal Reserve [6][10] - The demand for aluminum is gradually entering a low season, with the aluminum water conversion rate facing downward pressure [10] - Long-term supply growth in the aluminum industry is limited, while demand still has growth points, indicating sustained high prosperity in the industry [10] Summary by Sections 1. Price - As of November 28, the LME three-month aluminum closing price is $2865.0 per ton, up $57.0 from the previous week, a 2.0% increase week-on-week, and up $263.0 year-on-year, a 10.1% increase [22] - The Shanghai aluminum active contract closing price is 21610.0 yuan per ton, up 270.0 yuan from the previous week, a 1.3% increase week-on-week, and up 1035.0 yuan year-on-year, a 5.0% increase [22] - The average price of A00 aluminum in Changjiang is 21430.0 yuan per ton, up 70.0 yuan from the previous week, a 0.3% increase week-on-week, and up 910.0 yuan year-on-year, a 4.4% increase [22] 2. Production - In November 2025, the aluminum production is 363.7 million tons, a decrease of 10.6 million tons month-on-month, and a decrease of 6.6 million tons year-on-year [51] - The alumina production in November 2025 is 743.9 million tons, a decrease of 34.6 million tons month-on-month, but an increase of 15.2 million tons year-on-year [51] 3. Inventory - As of November 27, the domestic mainstream consumption area aluminum ingot inventory is 596,000 tons, a decrease of 25,000 tons week-on-week, indicating a continued trend of inventory reduction [7] - The aluminum rod inventory is 131,000 tons, down 6500 tons week-on-week, reflecting a steady decline in inventory [7] 4. Key Companies and Earnings Forecast - China Hongqiao (1378.HK) is rated "Buy" with an EPS forecast of 2.25 yuan for 2024, increasing to 2.54 yuan in 2025E and 2.77 yuan in 2026E [5] - Tianshan Aluminum (002532.SZ) is rated "Buy" with an EPS forecast of 0.96 yuan for 2024, increasing to 1.00 yuan in 2025E and 1.27 yuan in 2026E [5] - Shenhuo Co. (000933.SZ) is rated "Buy" with an EPS forecast of 1.91 yuan for 2024, increasing to 2.13 yuan in 2025E and 2.56 yuan in 2026E [5]

Core Points - The Shenzhen State-Owned Enterprises Shareholder Return Index (470064) closed at 2212.99 points, up 0.51% with a trading volume of 16.404 billion yuan and a turnover rate of 0.67% [1] - Among the index constituents, 36 stocks rose while 12 fell, with China Steel International leading the gainers at 2.67% and China Merchants Shekou leading the decliners at 2.63% [1] Index Constituents Summary - The top ten constituents of the Shenzhen State-Owned Enterprises Shareholder Return Index include: - BOE Technology Group (9.31% weight, latest price 3.86, market cap 144.418 billion yuan) in the electronics sector - Hikvision (7.97% weight, latest price 30.02, market cap 275.129 billion yuan) in the computer sector - Wuliangye Yibin (7.71% weight, latest price 117.85, market cap 457.448 billion yuan) in the food and beverage sector - Luzhou Laojiao (6.59% weight, latest price 135.88, market cap 200.007 billion yuan) in the food and beverage sector - XCMG Machinery (5.75% weight, latest price 10.32, market cap 121.291 billion yuan) in the machinery sector - Changan Automobile (3.88% weight, latest price 11.94, market cap 118.374 billion yuan) in the automotive sector - Shenwan Hongyuan (3.84% weight, latest price 5.15, market cap 128.956 billion yuan) in the non-banking financial sector - Yunnan Aluminum (3.81% weight, latest price 24.70, market cap 85.659 billion yuan) in the non-ferrous metals sector - Yanghe Brewery (3.37% weight, latest price 66.20, market cap 99.727 billion yuan) in the food and beverage sector - Tongling Nonferrous Metals (3.18% weight, latest price 5.10, market cap 68.388 billion yuan) in the non-ferrous metals sector [1] Capital Flow Analysis - The net inflow of main funds into the index constituents totaled 56.5973 million yuan, while speculative funds saw a net outflow of 69.8164 million yuan, and retail investors had a net inflow of 13.2191 million yuan [3] - Notable capital flows include: - Changan Automobile experienced a main fund net outflow of 54.1716 million yuan - China Steel International had a main fund net inflow of 31.1027 million yuan - Hikvision saw a main fund net inflow of 27.5848 million yuan [3]

Core Viewpoint - Shenhua Co., Ltd. has shown a significant stock price increase of 49.97% year-to-date, with a recent trading performance indicating mixed trends in the short term [1][2]. Financial Performance - For the period from January to September 2025, Shenhua Co., Ltd. achieved a revenue of 31.005 billion yuan, representing a year-on-year growth of 9.50%. However, the net profit attributable to shareholders decreased by 1.38% to 3.49 billion yuan [2]. - Cumulatively, since its A-share listing, the company has distributed a total of 9.422 billion yuan in dividends, with 5.843 billion yuan distributed over the past three years [3]. Shareholder Information - As of November 20, 2025, the number of shareholders for Shenhua Co., Ltd. reached 71,700, an increase of 5.29% from the previous period. The average number of circulating shares per shareholder decreased by 5.02% to 31,346 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 77.6616 million shares, which is an increase of 38.6067 million shares from the previous period [3]. Market Activity - On November 28, 2025, Shenhua Co., Ltd.'s stock price rose by 2.07% to 24.60 yuan per share, with a trading volume of 303 million yuan and a turnover rate of 0.55%. The total market capitalization reached 55.326 billion yuan [1]. - The net outflow of main funds was 2.2425 million yuan, with large orders showing a buy of 61.0525 million yuan and a sell of 52.6108 million yuan [1].

铜作为新时代的"黄金"，在中美贸易摩擦的背景下，其战略价值日益凸显。供应端方面，全球铜矿品位 下降、资本开支长期不足带来的新增矿山项目有限以及矿端扰动加剧共同制约供应增长，导致铜精矿市 场持续偏紧。需求端来看，受益于全球宽松货币周期与绿色转型趋势，电力投资、新能源汽车及数据中 心建设等领域对铜的需求形成有力支撑。在铜精矿供应紧张与绿色需求爆发的背景下，铜价中枢有望保 持上行态势。基于资源稀缺性与产业链地位，建议重点关注资源储量丰富、产能规划明确的头部企业紫 金矿业(601899.SH)与洛阳钼业(603993.SH)。 铝：电解铝供需偏紧，行业维持高景气度 智通财经APP获悉，中原证券发布研报称，在铜精矿供应紧张与绿色需求爆发的背景下，铜价中枢有望 保持上行态势。该行预计2026年电解铝平均价格水平在2.2万元/吨左右。同时随着电解铝企业盈利能力 不断增强，公司纷纷提高分红比例，股息率在不断提升，板块具有红利属性。受到美联储进入降息周 期、国内一系列利好政策施放显效、经济保持向好态势，海内外对有色金属需求增加，该行维持有色金 属及新材料行业评级为"强于大市"，建议关注铜、铝、黄金和超硬材料板块。 在美联储货币 ...