Core Viewpoint - The acquisition of a 49% stake in Xilin Energy by Jizhong Energy is a strategic move to enhance coal-electricity integration and leverage synergies in the energy sector, particularly in the context of the ongoing energy transition and carbon neutrality goals [2][3][4]. Group 1: Acquisition Details - Jizhong Energy completed the acquisition of a 49% stake in Xilin Energy for a cash price of 669 million yuan, with the transaction approved by the board on July 11, 2025 [2]. - The net asset valuation of Xilin Energy was assessed at 1.374 billion yuan, reflecting a 22.99% appreciation [2]. - An asset impairment compensation clause was included in the agreement, requiring the seller to compensate Jizhong Energy for any asset impairments within three accounting years post-acquisition, capped at the total transaction price [2]. Group 2: Strategic Implications - The acquisition aims to deepen coal-electricity integration and enhance upstream and downstream synergies, addressing the transformation pressures faced by coal power enterprises amid energy structure adjustments and carbon neutrality targets [3]. - This move is seen as a critical step in vertically integrating Jizhong Energy's power sector, extending operations from coal mining to electricity generation, thereby strengthening the coal-electricity integration model [3]. - The stable operation of the acquired asset is expected to generate continuous cash flow and profits, directly enhancing the company's performance post-acquisition [3]. Group 3: Industry Context - The acquisition aligns with national strategies, positioning Jizhong Energy within the energy hub and facilitating participation in the national unified electricity market [4]. - The coal-electricity integration is anticipated to create a circular economy chain within the company, diversifying coal cycle risks and fostering a second growth curve [5]. - Acquiring mature assets allows for quicker access to power generation qualifications, stable customer resources, and policy support, thus lowering entry barriers compared to new projects [5].

证券代码：000937 证券简称：冀中能源 公告编号：2025 临-048 冀中能源股份有限公司 关于收购京能锡林郭勒能源有限公司 49%股权暨 关联交易的进展公告 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、交易概述 冀中能源股份有限公司（以下简称"公司"）于 2025 年 7 月 11 日召开第八届董事会第十四次会议，审议通过了《关于收购京能锡林 郭勒能源有限公司 49%股权暨关联交易的议案》，同意公司以现金收 购冀中能源峰峰集团有限公司（以下简称"峰峰集团"）持有的京能 锡林郭勒能源有限公司（以下简称"锡林能源"）49%股权。具体内 容详见公司于 2025 年 7 月 12 日刊登在《证券时报》《中国证券报》 《上海证券报》和巨潮资讯网上的《关于收购京能锡林郭勒能源有限 公司 49%股权暨关联交易的公告》（公告编号：2025 临-038）。 二、交易进展情况 近日，锡林能源已完成本次股权转让相关的工商变更登记备案手 续。变更完成后，公司持有锡林能源 49%股权，峰峰集团不再持有锡 林能源股权。 特此公告。 冀中能源股份有限公司董事会 二〇二五年十月 ...

Core Viewpoint - The company has completed the acquisition of a 49% stake in Jingneng Xilin Gol Energy Co., Ltd, resulting in the company holding the entire stake while Fengfeng Group no longer holds any shares in Xilin Energy [1] Group 1 - The acquisition involved the completion of relevant industrial and commercial change registration procedures [1] - The company now fully owns 49% of Xilin Energy, enhancing its position in the energy sector [1] - Fengfeng Group has divested its stake in Xilin Energy, indicating a shift in ownership dynamics [1]

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 ...