Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that thermal coal prices have rebounded above 700 yuan per ton, with a peak of 706 yuan per ton observed recently. The demand for non-electric coal is expected to be a highlight in the upcoming months [3][4] - The report emphasizes that both thermal coal and coking coal prices have reached a turning point, with expectations for further price recovery due to supply-demand dynamics and seasonal demand shifts [4][5] Summary by Sections Investment Logic - Thermal coal is categorized as a policy coal type, with prices expected to recover to long-term contract prices. The current price has surpassed the second target price, which is around 700 yuan per ton. Future expectations suggest a potential recovery to a third target price of approximately 750 yuan per ton by 2025, with a fourth target price around 860 yuan per ton [4][13] - Coking coal prices are more influenced by market dynamics, with target prices set based on the ratio of coking coal to thermal coal prices. The current ratio indicates target prices for coking coal at 1608 yuan, 1680 yuan, 1800 yuan, and 2064 yuan corresponding to thermal coal's target prices [4][13] Investment Recommendations - The report outlines a dual logic for coal stocks: cyclical elasticity and stable dividends. The current low prices of thermal and coking coal provide room for rebound, supported by supply-side policies and seasonal demand expectations [5][14] - Four main lines of coal stock selection are recommended: 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][14] Market Performance - The coal index experienced a slight decline of 1.37%, underperforming the CSI 300 index by 2.44 percentage points. The average PE ratio for the coal sector is 13.49, and the PB ratio is 1.26, ranking low among all A-share industries [8][30][31]

Group 1 - The company appointed Zhang Jianzhong as the deputy general manager, with the appointment approved by the board and independent directors, ensuring compliance and legitimacy in the nomination process [1] - Following the announcement, the company's stock price fell by 0.84% to 5.91 yuan, indicating cautious market sentiment regarding the personnel change [1] - The company has experienced frequent changes in its board and management personnel, with 10 changes occurring between October 2024 and July 2025 [2] Group 2 - The company faced historical compliance issues and scrutiny over past acquisition attempts, including a failed 200 million yuan acquisition of a related party due to concerns over decision-making processes and the target's financial performance [3] - The company's financial performance showed significant declines, with a 27.87% drop in revenue to 7.293 billion yuan and a 65.24% decrease in net profit to 348 million yuan for the first half of 2025 [3][5] - The company's debt-to-asset ratio increased to 59.66%, and the interest coverage ratio fell from 5.92 to 3.04, indicating weakened financial stability [3]

冀中能源股份有限公司（以下简称"公司"）第八届董事会第十六次会议于2025年9月22日上午10：00在 公司金牛大酒店四层第二会议厅召开，会议通知已于2日前以专人送达或传真方式发出。会议应到董事 11名，现场出席4名，董事孟宪营、高晓峰、董兆寒及独立董事谢宏、梁俊娇、胡晓珂、胡传雨进行了 通讯表决。董事长闫云胜先生主持会议。公司监事、高级管理人员及其他有关人员列席了会议，会议的 召集、召开和表决程序符合《中华人民共和国公司法》和《公司章程》的有关规定。与会董事经过认真 审议，以记名投票的方式通过了以下议案： 一、关于聘任公司副总经理的议案 证券代码：000937 证券简称：冀中能源 公告编号：2025临-047 冀中能源股份有限公司第八届 董事会第十六次会议决议公告 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，没有虚假记载、误导性陈述或者重大遗 漏。 特此公告。 冀中能源股份有限公司董事会 二〇二五年九月二十三日 1、张建中先生简历 张建中，男，1973年9月出生，中共党员，本科学历，高级工程师，曾任冀中能源股份有限公司东庞矿 机电科副科长、科长，东庞矿副总工程师，邢东矿矿长，东庞矿矿长，冀中能源股 ...

Group 1 - The core index, the CSI Dividend Low Volatility 100 Index, experienced a decline of 0.62% as of September 23, 2025, with mixed performance among constituent stocks [2] - Notable gainers included Nanjing Bank, which rose by 4.11%, while Yuyuan Inc. led the declines with a drop of 3.68% [2] - The CSI Dividend Low Volatility 100 ETF (159307) decreased by 0.48%, with a latest price of 1.04 yuan, but showed a cumulative increase of 2.29% over the past three months [2] Group 2 - The People's Bank of China highlighted significant achievements in the financial sector, including comprehensive deepening of financial system reforms and modernization of financial governance [3] - The financial services quality, efficiency, and inclusiveness have significantly improved, with a focus on orderly resolution of financial risks [3] - According to Dongfang Securities, the market is currently in a short-term adjustment phase but maintains a medium-term upward trend, with potential focus on high-end manufacturing and low-cycle dividend opportunities [3] Group 3 - The CSI Dividend Low Volatility 100 ETF has seen continuous net inflows over the past nine days, totaling 119 million yuan, with a peak single-day inflow of 26.66 million yuan [5] - The index tracks 100 stocks characterized by good liquidity, continuous dividends, high dividend yields, and low volatility, reflecting the overall performance of such securities [5] - As of August 29, 2025, the top ten weighted stocks in the index accounted for 20.4% of the total index weight, including companies like Shanxi Coking Coal and Sinopec [5]

Group 1 - The China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.17% as of September 23, 2025, with Nanjing Bank (601009) leading the gains at 4.30% [1] - The People's Bank of China announced on September 19 that it would adjust the 14-day reverse repurchase operations to a fixed quantity and interest rate bidding, which aims to enhance liquidity management [1] - Analysts from Galaxy Securities believe this adjustment will improve the pricing mechanism of interest rates and enhance liquidity management efficiency, giving larger state-owned banks a competitive edge over smaller banks [1][2] Group 2 - The China Securities State-Owned Enterprises Dividend Index consists of 100 listed companies selected for their high and stable cash dividend yields, reflecting the overall performance of high-dividend state-owned enterprises [2] - As of August 29, 2025, the top ten weighted stocks in the index accounted for 16.84% of the total index, including companies like COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [2] - The National State-Owned Enterprises Dividend ETF (159515) closely tracks the performance of the index, providing investors with exposure to high-dividend state-owned enterprises [2]

2025 年 9 月 22 日 一、关于聘任公司副总经理的审核意见 根据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司治理准则》《上市公司独立董事管理办法》 及《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》等相关法律法规、规范性文件的规定， 冀中能源股份有限公司（以下简称"公司"）独立董事于 2025 年 9 月 22 日以通讯方式召开独立董事专门会议 2025 年第五 次会议，会议应到 4 人，实到 4 人。独立董事本着实事求是、 认真负责的态度，公平、公正、诚实信用的原则，基于独立 判断的立场，对公司第八届董事会第十六次会议相关事项进 行了认真审核，并发表审核意见如下： 独立董事：谢宏 梁俊娇 胡晓珂 胡传雨 我们在审阅公司提交的高级管理人员的个人履历、工作 简历等有关资料，并就有关问题向公司相关部门和人员进行 询问的基础上，同意聘任张建中先生为公司副总经理。 冀中能源股份有限公司独立董事专门会议 2025 年第五次会议审核意见 上述候选人提名程序合法有效，任职资格符合担任上市 公司高级管理人员的条件，能够胜任所聘岗位职责的要求， 未发现有违反《公司法》规定的情况 ...

冀中能源股份有限公司（以下简称"公司"）第八届董事会第十 六次会议于2025年9月22日上午10：00在公司金牛大酒店四层第二会 议厅召开，会议通知已于2日前以专人送达或传真方式发出。会议应 到董事11名，现场出席4名，董事孟宪营、高晓峰、董兆寒及独立董 事谢宏、梁俊娇、胡晓珂、胡传雨进行了通讯表决。董事长闫云胜先 生主持会议。公司监事、高级管理人员及其他有关人员列席了会议， 会议的召集、召开和表决程序符合《中华人民共和国公司法》和《公 司章程》的有关规定。与会董事经过认真审议，以记名投票的方式通 过了以下议案： 一、关于聘任公司副总经理的议案 根据公司经营管理需要，经公司总经理谢国强先生提名，董事会 提名委员会审核，公司董事会聘任张建中先生为公司副总经理（简历 附后），任期至公司第八届董事会任期届满时止。 同意11票 反对 0 票 弃权 0 票 特此公告。 证券代码：000937 证券简称：冀中能源 公告编号：2025 临-047 冀中能源股份有限公司 第八届董事会第十六次会议决议公告 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，没有虚假 记载、误导性陈述或者重大遗漏。 二〇二五年九月二十三日 附 ...

Core Viewpoint - Jizhong Energy announced the convening of its 16th board meeting on September 22, 2025, to discuss the appointment of a new deputy general manager [1] Group 1: Company Overview - For the first half of 2025, Jizhong Energy's revenue composition was as follows: coal mining accounted for 78.34%, chemicals for 14.09%, building materials for 7.08%, electricity for 0.35%, and other industries for 0.14% [1] - As of the report date, Jizhong Energy's market capitalization was 20.9 billion yuan [1]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - Coal prices have rebounded above 700 RMB, with a current price of 704 RMB/ton, reflecting a week-on-week increase of 24 RMB/ton (3.53%) [3][4] - The demand for non-electric coal is expected to be a highlight in the upcoming months, particularly during the "golden September and silver October" period [4] - The report predicts that the current rebound in coal prices is at a turning point, with potential further increases expected as the market stabilizes [4][5] Summary by Sections Investment Logic - The prices of thermal coal and coking coal are at a turning point, with thermal coal prices expected to recover to long-term contract prices, currently above the second target price of around 700 RMB [4][13] - Future expectations indicate that thermal coal prices could reach a third target price of approximately 750 RMB, with a potential peak at around 860 RMB [4][13] Market Performance - The coal index increased by 3.51% this week, outperforming the CSI 300 index by 3.96 percentage points [8][25] - The average PE ratio for the coal sector is 13.59, and the PB ratio is 1.28, ranking low among all A-share industries [25][31] Coal Price Indicators - As of September 19, the Qinhuangdao Q5500 thermal coal price is 704 RMB/ton, with a week-on-week increase of 24 RMB [20] - The price of coking coal at the Jingtang port has risen to 1670 RMB/ton, reflecting a significant increase from earlier months [21][23] Investment Recommendations - The report suggests a dual logic for investment in coal stocks, focusing on both cyclical recovery and stable dividends, with specific stocks recommended for investment [5][14] - Key stocks identified for investment include: - Cyclical logic: Jinko Coal Industry, Yanzhou Coal Mining - Dividend logic: China Shenhua, Zhongmei Energy - Diversified aluminum elasticity: Shenhua Holdings, Electric Power Investment Energy - Growth logic: Xinjie Energy, Guanghui Energy [5][14][15]

9月18日，冀中能源（维权）盘中下跌2.16%，截至13:47，报5.90元/股，成交8875.75万元，换手率 0.43%，总市值208.48亿元。 责任编辑：小浪快报 截至8月20日，冀中能源股东户数7.45万，较上期增加0.00%；人均流通股46096股，较上期减少0.00%。 2025年1月-6月，冀中能源实现营业收入72.93亿元，同比减少27.87%；归母净利润3.48亿元，同比减少 65.24%。 分红方面，冀中能源A股上市后累计派现190.15亿元。近三年，累计派现84.81亿元。 机构持仓方面，截止2025年6月30日，冀中能源十大流通股东中，景顺长城中证红利低波动100ETF （515100）位居第五大流通股东，持股2785.73万股，相比上期减少763.13万股。易方达中证红利ETF （515180）位居第六大流通股东，持股2643.00万股，相比上期减少364.51万股。招商中证红利ETF （515080）位居第八大流通股东，持股2175.28万股，相比上期减少260.22万股。香港中央结算有限公司 位居第十大流通股东，持股1980.21万股，为新进股东。 资金流向方面，主力资金净流出 ...