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]

Core Viewpoint - The recent performance of the China Securities Dividend Low Volatility 100 Index and its associated ETF indicates a growing interest in stable dividend-paying stocks, particularly in the coal sector, amidst market volatility and changing economic policies [4][5]. Group 1: Index and ETF Performance - As of May 21, 2025, the China Securities Dividend Low Volatility 100 Index rose by 0.66%, with key stocks like Shaanxi Coal and China Shenhua showing significant gains of 4.90% and 2.86% respectively [3]. - The Dividend Low Volatility 100 ETF (159307) has seen a price increase of 0.57%, marking its third consecutive rise, with a latest price of 1.06 yuan [3]. - The ETF's trading volume reached 504.55 million yuan, with a turnover rate of 0.54% during the session [3]. Group 2: Market Sentiment and Investment Trends - Recent U.S. tariff policies have impacted market sentiment, leading investors to seek stable assets, particularly in the coal sector where inventory levels are decreasing and coal prices are stabilizing [4]. - Several state-owned coal enterprises have initiated share buybacks and asset injection plans, reflecting confidence in the coal industry's growth and stability [4]. Group 3: Fund Flows and Performance Metrics - The Dividend Low Volatility 100 ETF recorded a net inflow of 1,050.77 million yuan, with nine out of the last ten trading days showing positive net inflows totaling 2,189.61 million yuan [5]. - The ETF has achieved a 6.54% increase in net value over the past year, ranking first among comparable funds [6]. - The ETF's management fee is 0.15%, and its tracking error over the past two months is 0.032%, indicating strong performance relative to its benchmark [6]. Group 4: Top Holdings - As of April 30, 2025, the top ten weighted stocks in the index include Jizhong Energy, Daqin Railway, and Xiamen International Trade, collectively accounting for 19.66% of the index [7].

Investment Rating - The coal industry maintains a rating of "Synchronize with the Market-A" [1] Core Viewpoints - The coal market is returning to supply-demand logic following the resolution of tariff disputes, with expectations of improved demand as summer approaches [1][8] - The report highlights that while coal prices are under pressure due to seasonal factors and inventory adjustments, the potential for recovery in non-electric coal demand exists as the international trade environment improves [8][81] Summary by Sections 1. Coal Industry Dynamic Data Tracking - **Thermal Coal**: Inventory levels are decreasing, and summer stocking demand is anticipated. As of May 16, the spot reference price for thermal coal in the Bohai Rim is 629 CNY/ton, with a weekly change of -2.18% [3][23] - **Metallurgical Coal**: The external trade environment is improving, and metallurgical coal continues to deplete inventories. The price for main coking coal at Jingtang Port is 1320 CNY/ton, unchanged from the previous week [4][35] - **Coking Steel Chain**: Increased operational rates have led to a slight decline in coking coal prices. The average price for first-grade metallurgical coke is 1480 CNY/ton, down 3.27% [5][54] - **Coal Transportation**: Increased stocking demand has stabilized coastal transportation prices, with the coastal coal transportation index at 661.75 points, up 3.34% [6][64] - **Coal-related Futures**: Downstream operational rates have decreased, leading to a decline in double焦期价 [66] 2. Coal Sector Market Review - The coal sector has rebounded alongside the broader market, outperforming major indices. The CITIC coal index closed at 3244.52 points, with a weekly change of +1.65% [7][71] 3. Industry News Summary - Recent government initiatives emphasize strengthening domestic circulation and enhancing the coal industry's clean and efficient utilization [79][80] - The construction of a new cross-border railway between China and Mongolia is expected to significantly boost coal exports from Mongolia, reshaping trade dynamics [80] 4. Important Announcements from Listed Companies - Major companies in the coal sector are actively managing operational challenges and pursuing strategic initiatives, including asset restructuring and safety measures following incidents [81][83] 5. Next Week's Outlook and Investment Recommendations - The report suggests that while coal prices may face downward pressure, the upcoming summer stocking demand and improved tariff conditions could support price stability. Investors are advised to focus on undervalued companies with solid performance support [8][81]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report highlights that the reduction of tariffs between China and the United States has boosted downstream demand, leading to a renewed focus on coal allocation [3][4] - The coal sector is entering a "Golden Era 2.0," with core value assets expected to rise again, supported by stable dividends and favorable macroeconomic policies [4][12] - The report emphasizes the cyclical elasticity of coal stocks, with both thermal and coking coal prices at low levels, indicating potential for recovery as supply-demand fundamentals improve [4][12] Summary by Sections 1. Investment Logic - The coal sector is seen as a stable dividend investment due to weak domestic economic performance and favorable international monetary policies [4][12] - The cyclical nature of coal stocks suggests that prices may rebound following the implementation of macroeconomic policies and the upcoming construction season [4][12] - Key coal stocks are identified based on dividend potential, cyclical logic, diversified aluminum exposure, and growth potential [4][12] 2. Key Indicators Overview - The coal sector experienced a slight increase of 1.51%, outperforming the CSI 300 index by 0.39 percentage points [7][9] - The current PE ratio for the coal sector is 11.8, and the PB ratio is 1.17, indicating relatively low valuations compared to other sectors [7][9] 3. Thermal Coal Industry Chain - As of May 16, the price of Q5500 thermal coal at Qinhuangdao port is 614 RMB/ton, a decrease of 2.54% from the previous week [3][15] - The operating rate of coal mines in Shanxi, Shaanxi, and Inner Mongolia is 81.3%, reflecting a slight increase [3][15] - Daily coal consumption at coastal power plants has risen to 180.5 thousand tons, an increase of 4.09% [3][15] 4. Coking Coal Industry Chain - The price of main coking coal at Jingtang port remains stable at 1320 RMB/ton [3][16] - The average daily iron output from major steel mills is 244.7 thousand tons, showing a slight decrease of 0.41% [3][16] - The profitability of domestic steel mills is reported at 59.29%, indicating resilience in downstream operations [3][16] 5. Company Announcements - Several coal companies have announced mid-term dividend plans, highlighting a trend towards higher dividend payouts in the sector [4][12][13]

证券代码：000937 证券简称：冀中能源 公告编号：2025 临-029 冀中能源股份有限公司 现将有关情况公告如下： 关于控股股东及其一致行动人增持公司股份触及 1%的 提示性公告 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。 重要内容提示： ●本次权益变动属于冀中能源股份有限公司（以下简称"公司"） 控股股东冀中能源集团有限责任公司（以下简称"冀中能源集团"） 增持公司股份，不触及要约收购。 ●本次权益变动不会使公司控股股东及实际控制人发生变化。 ●公司控股股东冀中能源集团在 2024 年 11 月 29 日至 2025 年 5 月 14 日期间，通过深圳证券交易所交易系统以集中竞价方式累计增 持公司股票 31,183,101 股，占公司总股本的 0.88%。 ●本次权益变动后，冀中能源集团及其一致行动人持有公司股份 的比例由 57.16%增加至 58.04%。 公司于近日收到控股股东冀中能源集团出具的《关于增持冀中能 源股份有限公司股份触及 1%的告知函》，知悉冀中能源集团于 2024 年 11 月 29 日至 2025 年 5 月 14 日期间通过集 ...

证券代码：000937 证券简称：冀中能源 公告编号：2025 临-030 冀中能源股份有限公司 2024 年年度股东大会决议公告 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。 重要内容提示： ●本次股东大会召开期间，无修改或否决提案的情况； ●本次股东大会不涉及变更以往股东大会已通过的决议； ●本次股东大会召开的有关情况，公司已于2025年4月24日、5月 10日在《证券时报》《中国证券报》《上海证券报》及巨潮资讯网 (www.cninfo.com.cn)上进行了公告。 一、会议召开和出席情况 （一）会议召开情况 1、会议召集人：公司董事会 2、会议召开方式：现场投票与网络投票相结合 3、是否提供网络投票：是 4、会议召开的日期、时间： （1）现场会议时间：2025年5月15日下午2：30 （2）网络投票时间：2025年5月15日 通过深圳证券交易所交易系统进行网络投票的时间为2025年5月 15日9：15～9：25，9：30～11：30，13：00～15：00； 通过深圳证券交易所互联网投票系统投票的时间为2025年5月15 日9：15至15：00期间的任 ...

北京市金杜律师事务所 关于冀中能源股份有限公司 2024 年年度股东大会的法律意见书 致：冀中能源股份有限公司 北京市金杜律师事务所（以下简称本所）接受冀中能源股份有限公司（以下 简称公司）的委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会 （以下简称中国证监会）《上市公司股东会规则（2025 修订）》（以下简称《股 东会规则》）等中华人民共和国境内（以下简称中国境内，为本法律意见书之目 的，不包括中国香港特别行政区、中国澳门特别行政区和中国台湾地区）现行有 效的法律、行政法规、部门规章、规范性文件和现行有效的《冀中能源股份有限 公司章程》（以下简称《公司章程》）的规定，指派律师出席了公司于 2025 年 5 月 15 日召开的 2024 年年度股东大会（以下简称本次股东大会），并就本次股 东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2020 年第一次临时股东大会审议通过并于 2020 年 7 月 11 日刊登 于深圳证券交易所网站等中国证监会指定信息披露 ...

冀中能源（000937）公告，控股股东冀中能源集团于2024年11月29日至2025年5月14日期间，通过深圳 证券交易所交易系统以集中竞价方式累计增持公司股票3118.31万股，占公司总股本的0.88%。本次权益 变动后，冀中能源集团及其一致行动人持有公司股份的比例由57.16%增加至58.04%。 ...

Core Viewpoint - The traditional energy sector, particularly coal companies like Jizhong Energy, is facing unprecedented pressure due to declining coal prices, high inventory levels, and rising extraction costs, leading to significant drops in revenue and profit margins [1][2][3]. Financial Performance - In 2024, Jizhong Energy reported a revenue of 18.731 billion yuan, a year-on-year decline of 23.01%, and a net profit attributable to shareholders of 1.208 billion yuan, down 75.56% [2][3]. - The company's quarterly performance showed a downward trend, with net profits of 708 million yuan, 293 million yuan, 213 million yuan, and a loss of 5.8754 million yuan in Q1 to Q4 respectively [2]. - For Q1 2025, the company achieved revenues of 4.024 billion yuan and a net profit of 319 million yuan, reflecting year-on-year declines of 24.53% and 54.97% respectively [5]. Coal Production and Sales - Jizhong Energy's coal production and sales in 2024 were 26.9289 million tons and 24.2543 million tons, showing declines of 1.76% and 6.85% year-on-year [2][3]. - The average selling price of coal decreased significantly, with the comprehensive price dropping by 19.4% to 580.78 yuan per ton [4]. Inventory and Market Conditions - The company's coal inventory increased by 57.86% to 335.6 thousand tons, attributed to weak market conditions and an oversupply situation [2][3]. - The coal market is expected to remain under pressure, with predictions of continued price declines in 2025 [4]. Strategic Moves and Acquisitions - Jizhong Energy plans to complete a coal production target of 27 million tons and aims for a revenue of 16 billion yuan in 2025, which is nearly a 15% decrease from 2024 [5]. - The company announced an acquisition of a 20.02% stake in Shanxi Shouyang Duanwang Coal Industry Group for 898 million yuan, which will increase its control over the company to 83.21% [6][7]. Safety and Compliance Issues - Jizhong Energy has faced multiple safety violations, with significant fines and production halts due to non-compliance with safety regulations [8][9]. - The company has a history of safety incidents, including a fatal accident in March 2024, attributed to inadequate safety management [11]. Environmental Concerns - The company has also been penalized for environmental violations, highlighting deficiencies in its environmental management practices [11].

证券代码：000937 证券简称：冀中能源 公告编号：2025 临-028 冀中能源股份有限公司 关于公司股东部分股份解除质押及延长质押期限的公告 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，没有虚假 记载、误导性陈述或者重大遗漏。 冀中能源股份有限公司（以下简称"公司"）于近日收到股东冀 中能源邯郸矿业集团有限公司（以下简称"邯矿集团"）的通知，获 悉其所持有公司的部分股份解除质押及延长质押期限，具体事项如下： 一、本次股份解除质押和延长质押期限的基本情况 股东邯矿集团于 2024 年 5 月 15 日质押给中信建投证券股份有限 公司 16,010,000 股无限售流通股股份，质押期限自 2024 年 5 月 15 日至 2025 年 5 月 15 日，其中 10,010,000 股于 2025 年 5 月 13 日解 除质押，剩余 6,000,000 股延长质押期限,具体事项如下： | 股东 | 是否为控股 股东或第一 | 本次解除 | 占其所持 | 占公司总 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东 ...