证券代码：000937 证券简称：冀中能源 公告编号：2025 临-058 冀中能源股份有限公司 关于新增 2025 年度关联交易及预计 2026 年度关联交易的公告 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。 一、补充确认 2025 年日常关联交易基本情况 （一）补充确认的关联交易概述 由于生产经营需要，2025年度公司与部分关联方实际发生的日常 关联交易部分具体类别超过经审议的相应预计额度，新增预计金额总 计 125,750.00 万 元 ， 其 中 关 联 采 购 74,000.00 万 元 ， 关 联 销 售 51,750.00万元。 （二）补充确认的关联交易类别及金额 | 单位：万元 | | --- | | 关联交易类 | | 关联交易内 | 2025 年合同 | 2025 年度预计 | 补充确认 | | --- | --- | --- | --- | --- | --- | | 别 | 关联人 | 容 | 签订金额或预 计金额 | 发生金额（未经 审计） | 金额 | | | 供应链科技 邯矿集团 | 材料 材料 | 1,392.65 600.0 ...

关于聘请会计师事务所的公告 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。 重要内容提示： 1、拟聘任会计师事务所名称：利安达会计师事务所（特殊普通 合伙） 2、原聘任会计师事务所名称：中兴财光华会计师事务所（特殊 普通合伙） 证券代码：000937 证券简称：冀中能源 公告编号：2025 临-057 冀中能源股份有限公司 3、变更会计师事务所的简要原因：根据《公司法》《深圳证券 交易所股票上市规则》及《公司章程》《会计师事务所选聘制度（试 行）》等相关规定，为保证审计工作的独立性和客观性，综合考虑公 司业务发展情况和整体审计的需要，公司拟聘请利安达会计师事务所 （特殊普通合伙）为公司 2025 年度审计机构，为公司提供财务审计 及内部控制审计服务。公司已进行了事前沟通，中兴财光华会计师事 务所（特殊普通合伙）已知悉该事项并确认无异议。 冀中能源股份有限公司（以下简称"公司"）于 2025 年 11 月 21 日召开第八届董事会第十九次会议，审议通过了《关于公司聘请 会计师事务所及支付费用的议案》，拟聘任利安达会计师事务所（特 殊普通合伙）（以下简称"利安达"） ...

关于召开 2025 年第三次临时股东大会的通知公告 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。 一、召开会议的基本情况 1、股东大会届次：2025年第三次临时股东大会。 2、会议召集人：公司董事会。经公司第八届董事会第十九次会 议审议通过，公司决定于2025年12月8日（星期一）在公司金牛大酒 店四层第二会议厅以现场表决和网络投票相结合的方式召开2025年 第三次临时股东大会。 证券代码：000937 证券简称：冀中能源 公告编号：2025 临-060 冀中能源股份有限公司 3、会议召开的合法、合规性：本次会议的召集和召开符合法律、 行政法规、部门规章、规范性文件和《公司章程》的规定。 4、会议召开的时间： （1）现场会议时间：2025 年 12 月 8 日下午 2：30 （2）网络投票时间：2025 年 12 月 8 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 12 月 8 日的 9：15～9：25，9：30～11：30 和 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12月 8 日上午 9：15 ...

证券代码：000937 证券简称：冀中能源 公告编号：2025 临-055 冀中能源股份有限公司 第八届监事会第十三次会议决议公告 本公司及监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"）第八届监事会第十 三次会议于2025年11月21日上午11:30在公司金牛大酒店四层第二会 议厅召开。会议应到监事5名，现场出席监事3名，监事张现峰、李为 民先生进行了通讯表决。会议通知已于2日前以专人送达或传真方式 发出。会议由监事会主席张现峰先生主持，董事会秘书和证券事务代 表列席了会议。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。与会监事经过认真审议，以 记名投票的方式通过了以下议案： 一、关于新增2025年度日常关联交易的议案 为了降低公司资金成本费用，便于资金管理，提高资金的运营能 力，2026 年公司继续在财务公司开展存贷款等金融业务。2026 年度， 公司预计关联存贷款等金融业务合计为 950,000.00 万元，其中关联 存款 700,000.00 万元，委托贷款 200,000.00 万元 ...

证券代码：000937 证券简称：冀中能源 公告编号：2025 临-054 冀中能源股份有限公司 第八届董事会第十九次会议决议公告 同意 11 票 反对 0 票 弃权 0 票 二、关于修订、制定公司部分治理制度的议案 为进一步完善公司治理制度体系，提升公司规范运作水平，根据 《公司法》《证券法》《上市公司治理准则》《上市公司章程指引》 及《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—规范运作》等相关规定，结合《公司章程》修改及 公司实际，公司修订了《公司累积投票制实施细则》等二十八项制度， 制订了《董事会秘书工作细则》《董事、高级管理人员离职管理制度》 《信息披露暂缓与豁免制度》三项制度（具体内容详见公司同日《证 券时报》《中国证券报》《上海证券报》和巨潮资讯网上披露的《关 于修订<公司章程>及部分制度的公告》）。 关于《公司独立董事工作制度》《公司募集资金管理办法》《公 司累积投票制实施细则》《会计师事务所选聘制度》《关联交易管理 制度》五项制度的修订，尚需提请公司 2025 年第三次临时股东大会 审议。 同意 11 票 反对 0 票 弃权 0 票 三、关于公司聘请会计师事 ...

上市企业：中国神华（601088）,中煤能源（601898）,山西焦煤（000983）,潞安环能（601699）,淮北矿 业（600985）,平煤股份（601666）,山煤国际（600546）,冀中能源（000937）,陕西煤业（601225）,华 阳股份（600348） 2020-2025年1-9月中国原煤产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《中国煤炭产业全景调研及未来发展趋势研判报告（2026版）》 根据国家统计局数据显示：2025年9月中国原煤产量为4.1亿吨，同比下降1.8%；2025年1-9月中国原煤 累计产量为35.7亿吨，累计增长2%。 ...

Core Insights - The coal industry in China is experiencing a recovery in profitability despite a year-on-year decline in coal prices and corporate earnings [2][3][4]. Group 1: Industry Performance - The total electricity generation from coal-fired power plants in Q3 reached 1.76 trillion kWh, a year-on-year increase of 1% [2]. - Coal production and sales for 23 listed companies in the first three quarters were 940 million tons and 1.11 billion tons, respectively, with a slight quarter-on-quarter increase in Q3 [3]. - The average price of thermal coal at Huanghua Port rose from 641.7 yuan/ton to 679 yuan/ton, while the price of coking coal at Jingtang Port increased from 1315.3 yuan/ton to 1566.7 yuan/ton [2]. Group 2: Company Performance - The total profit for the coal industry in Q3 reached 75.5 billion yuan, a quarter-on-quarter increase of 9.7% [2]. - Among 37 listed coal companies, the net profit for Q3 was 29.942 billion yuan, up 22.83% from the previous quarter [3]. - Leading companies like China Shenhua reported a Q3 net profit of 14.7 billion yuan, a quarter-on-quarter increase of 13%, driven by strong performance in the power sector [4]. Group 3: Market Outlook - As of November 12, the spot price for 5500 kcal coal in the Bohai Rim region reached 828 yuan/ton, exceeding the price at the beginning of the year [5]. - The coal market sentiment is currently high, with coastal power plant inventories down 5%-6% year-on-year due to slow replenishment during the off-season [5].

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the price of thermal coal has surpassed the target of 800 yuan, with the current price at 834 yuan per ton as of November 14, reflecting a slight increase. The price at Guangzhou Port has reached 880 yuan, achieving the previously set target of 750 yuan for coal-electricity profit sharing. The price increase is attributed to supply contraction and a surge in demand due to the northern cold wave [3][4] - The report outlines that the price of coking coal has rebounded significantly from a low of 1230 yuan in July to 1860 yuan per ton as of November 14, with a notable increase in futures prices as well [3][4] - The investment logic suggests that both thermal and coking coal prices are at a turning point, with thermal coal prices expected to follow a four-step recovery process, ultimately reaching a balance point around 860 yuan [4][13] Summary by Sections Investment Logic - Thermal coal is categorized as a policy-driven commodity, with price recovery expected to follow a structured process involving the restoration of long-term contracts and achieving profit-sharing targets. The ideal target price for coal-electricity profit sharing is projected to be around 750 yuan for 2025, with an anticipated price range of 800-860 yuan [4][13] - Coking coal prices are more influenced by market dynamics, with target prices linked to the ratio of coking coal to thermal coal prices. The current ratio suggests target prices for coking coal at 1608 yuan, 1680 yuan, 1800 yuan, and 2064 yuan corresponding to thermal coal's price targets [4][13] Investment Recommendations - The report identifies four main investment lines in the coal sector: 1. **Cyclical Logic**: Companies like Jinko Coal and Yanzhou Coal Mining are highlighted for their potential in thermal coal. 2. **Dividend Logic**: Companies such as China Shenhua and China Coal Energy are noted for their strong dividend potential. 3. **Diversified Aluminum Elasticity**: Companies like Shenhua Holdings and Electric Power Investment are mentioned. 4. **Growth Logic**: New Energy and Guanghui Energy are recognized for their growth potential [5][14] Key Market Indicators - The coal index experienced a slight decline of 0.96%, outperforming the CSI 300 index by 0.12 percentage points. The average PE ratio for the coal sector is reported at 15.9, while the PB ratio stands at 1.42, indicating a relatively low valuation compared to other sectors [8][26][30]

Core Viewpoint - The China Coal Economic Research Association reports significant structural changes in the coal transportation system during the "14th Five-Year Plan" period, enhancing the national allocation capacity of coal resources and promoting a smart and green transformation in coal transportation [1][2]. Group 1: Market Performance - As of November 13, 2025, the CSI State-Owned Enterprises Dividend Index (000824) decreased by 0.27%, with component stocks showing mixed performance [1]. - Leading gainers included Luxi Chemical (000830), while Sichuan Road and Bridge (600039) led the declines [1]. Group 2: Coal Transportation Developments - The National Railway Group reported that coal transportation reached 1.57 billion tons in the first nine months of the year, a year-on-year increase of 11.1%, with thermal coal accounting for 1.1 billion tons, up 17% [2]. - The successful operation of the new Shuo Railway, capable of 20,000-ton heavy-load transport, marks a significant advancement in coal transportation capabilities [1][2]. Group 3: Investment Strategies - CITIC Securities suggests that in the context of a weak macroeconomic recovery, high dividend strategies remain attractive, particularly for large-cap stocks in sectors like coal and photovoltaics [2]. - The CSI State-Owned Enterprises Dividend ETF closely tracks the CSI State-Owned Enterprises Dividend Index, which includes 100 listed companies with high and stable cash dividend yields [2].

Core Insights - The China Securities State-Owned Enterprises Dividend Index (000824) has shown a positive performance with a 0.54% increase as of November 10, 2025, with notable gains in constituent stocks such as Luxi Chemical (000830) up by 9.99% and Shaanxi鼓动力 (601369) up by 2.90% [1] - The National State-Owned Enterprises Dividend ETF (159515) has also increased by 0.25%, indicating a favorable market sentiment towards dividend-paying stocks [1] - Analysts suggest that the fourth quarter may see increased policy measures aimed at stabilizing growth and promoting consumption, which could benefit stable dividend-paying companies [1] Market Performance - The National State-Owned Enterprises Dividend ETF recorded a turnover rate of 1.26% with a transaction volume of 568,400 yuan, and an average daily transaction volume of 4.0748 million yuan over the past month [1] - The top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index account for 17.08% of the index, with China COSCO Shipping (601919) being the largest component [2] Investment Strategy - The current market environment, characterized by high historical index levels and profit-taking pressures, suggests that dividend stocks may offer better value during periods of market volatility [1] - The index comprises 100 listed companies selected for their high cash dividend yields and stable dividend distributions, reflecting the overall performance of high-dividend securities among state-owned enterprises [1]