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]

Core Viewpoint - Jizhong Energy's stock price has shown a slight decline recently, with a year-to-date increase of 3.15% and a significant drop in revenue and net profit for the first half of 2025 [1][2]. Group 1: Stock Performance - On September 18, Jizhong Energy's stock fell by 2.16%, trading at 5.90 CNY per share, with a total market capitalization of 20.848 billion CNY [1]. - Year-to-date, the stock price has increased by 3.15%, but it has decreased by 0.67% over the last five trading days and by 3.44% over the last 20 days [2]. Group 2: Financial Performance - For the first half of 2025, Jizhong Energy reported an operating revenue of 7.293 billion CNY, a year-on-year decrease of 27.87%, and a net profit attributable to shareholders of 348 million CNY, down 65.24% year-on-year [2]. - The company has distributed a total of 19.015 billion CNY in dividends since its A-share listing, with 8.481 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of June 30, 2025, Jizhong Energy had 74,500 shareholders, with an average of 46,096 circulating shares per shareholder, showing no change from the previous period [2]. - Major shareholders include various ETFs, with significant reductions in holdings noted for several funds [3].

Core Viewpoint - The article discusses the performance of the China Securities State-Owned Enterprises Dividend Index and the related ETF, highlighting the shift in investment logic from style-driven to stock-driven, with a focus on high-quality stocks in traditional high-dividend sectors [1][2]. Group 1: Market Performance - As of September 16, 2025, the China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.26% [1]. - The leading stocks included Huamao Logistics (603128) up by 2.76%, Jianfa Co. (600153) up by 2.08%, and Jinkong Coal Industry (601001) up by 1.83% [1]. - The National Enterprise Dividend ETF (159515) was adjusted to a latest price of 1.14 yuan, with an intraday turnover of 0.89% and a total transaction of 428,400 yuan [1]. Group 2: Investment Trends - The investment logic in the dividend sector is transitioning from style-driven to stock-driven, with traditional high-dividend industries like construction materials, coal, and steel seeing significant gains [2]. - The China Securities State-Owned Enterprises Dividend Index comprises 100 listed companies selected for their high cash dividend yields and stable dividends, reflecting the overall performance of high-dividend securities among 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 weight, with notable companies including COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [2][4].

Group 1 - The core viewpoint of the article highlights the growth in China's industrial export value, with a reported value of 12,468.8 billion yuan in April 2025, reflecting a year-on-year increase of 0.9% [1] - Cumulative industrial export value from January to April 2025 reached 48,793.3 billion yuan, showing a cumulative year-on-year growth of 5.1% [1] - The article references a report by Zhiyan Consulting, which provides a deep assessment of the industrial cloud market in China from 2025 to 2031, indicating potential investment opportunities [1] Group 2 - The listed companies include Gansu Energy (000552), New Dazhou A (000571), Jizhong Energy (000937), and others, indicating a focus on the energy and industrial sectors [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in comprehensive industry research reports and customized services [1] - The data presented is sourced from the National Bureau of Statistics, emphasizing the reliability of the statistics used in the analysis [1]

Core Viewpoint - The company, Jizhong Energy Co., Ltd., is participating in an online investor reception day and performance briefing for the first half of 2025, aimed at enhancing communication with investors [1]. Group 1 - The event will be held online on September 15, 2025, from 15:00 to 17:00 [1]. - Investors can participate through the "Panjing Roadshow" website [1]. - Key company executives, including the Chairman, General Manager, and Chief Accountant, will address investor concerns regarding governance, development strategy, operational status, and sustainability [1].

证券代码：000937 证券简称：冀中能源 公告编号：2025 临-046 冀中能源股份有限公司 关于参加 2025 年河北辖区上市公司投资者网上集体接待日 暨 2025 年半年报业绩说明会的公告 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。 为进一步加强与投资者的互动交流，冀中能源股份有限公司(以 下简称"公司")将参加由河北省上市公司协会与深圳市全景网络有 限公司联合举办的"2025年河北辖区上市公司投资者网上集体接待日 暨2025年半年报集体业绩说明会"，现将相关事项公告如下: 冀中能源股份有限公司董事会 二〇二五年九月十一日 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站(https://rs.p5w.net)参与本次互动交流，活动时间为2025年9 月15日(星期一)15:00-17:00。 届时公司董事长闫云胜、总经理谢国强、总会计师兼董事会秘书 张文成将在线就公司治理、发展战略、经营状况和可持续发展等投资 者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与! 特此公告。 ...

Group 1: Market Performance - The coal mining sector increased by 0.03% compared to the previous trading day, with Electric Power Investment leading the gains [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Group 2: Individual Stock Performance - Electric Power Investment (002128) closed at 21.37, up 1.38% with a trading volume of 162,300 shares [1] - Yongtai Energy (600157) closed at 1.49, up 1.36% with a trading volume of 9.64 million shares [1] - China Shenhua (601088) closed at 38.16, up 0.69% with a trading volume of 425,700 shares [1] - Jinko Energy (601001) closed at 12.96, down 2.56% with a trading volume of 226,400 shares [2] Group 3: Capital Flow Analysis - The coal mining sector experienced a net outflow of 420 million yuan from main funds, while retail investors saw a net inflow of 314 million yuan [2] - The main funds showed a negative net flow in several stocks, including Yongtai Energy and Pingmei Shenhua [3] - Retail investors contributed positively to stocks like Gansu Energy and New Dazhou A, indicating varied investor sentiment across the sector [3]

Group 1 - The China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.38% as of September 2, 2025, with mixed performance among constituent stocks [1] - The top-performing stocks included Chongqing Rural Commercial Bank (601077) up by 3.45%, Shanghai Rural Commercial Bank (601825) up by 2.97%, and China Merchants Bank (600036) up by 2.22% [1] - The National Enterprise Dividend ETF (159515) was adjusted downwards, with the latest price at 1.14 yuan [1] Group 2 - The National Enterprise Dividend ETF reached a new high in size at 51.2135 million yuan and a new high in shares at 44.7866 million shares in the past month [1] - China Galaxy Securities predicts a volatile upward trend in the A-share market, emphasizing the appeal of dividend assets with high safety margins and low valuations in the current market environment [1] - Everbright Securities highlights the irreplaceable value of dividend assets as core assets in the A-share market, especially with many companies implementing profit distribution plans for the 2024 fiscal year [1] Group 3 - The China Securities State-Owned Enterprises Dividend Index includes 100 listed companies selected for high cash dividend yields, stable dividends, and certain scale and liquidity [2] - As of August 29, 2025, the top ten weighted stocks in the index accounted for 16.84% of the total index weight, with China COSCO Shipping Holdings (601919) being the highest at 2.36% [2][4]