Group 1 - The Energy ETF Guangfa (159945) opened down 0.54% at 1.100 yuan [1] - Major holdings in the Energy ETF Guangfa include China Shenhua down 0.08%, China Petroleum down 0.24%, China Petrochemical down 0.18%, Shaanxi Coal and Chemical Industry down 0.53%, China National Offshore Oil Corporation down 0.41%, Guanghui Energy unchanged, Yanzhou Coal Mining down 0.22%, Jereh down 0.39%, China Coal Energy down 0.34%, and Shanxi Coking Coal down 1.20% [1] - The performance benchmark for the Energy ETF Guangfa is the CSI All Share Energy Index, managed by Guangfa Fund Management Co., Ltd., with a fund manager named Yao Xi [1] Group 2 - Since its establishment on June 25, 2015, the Energy ETF Guangfa has returned 10.82%, with a return of 0.38% over the past month [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000983 证券简称：山西焦煤 公告编号：2025-040 山西焦煤能源集团股份有限公司 2025年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误导性陈述或者重大 遗漏。 特别提示： 1.本次股东大会没有出现否决议案的情形。 2.本次股东大会涉及变更前次股东大会决议的情形具体如下：本次股东大会审议通过的《关于公司为控 股子公司山西西山华通水泥有限公司提供担保发生变更的议案》，对2025年5月27日召开的2024年年度 股东大会通过的《关于公司为控股子公司山西西山华通水泥有限公司提供担保的议案》进行了变更。 一、会议召开情况 1、会议通知情况：公司董事会于2025年8月28日在《中国证券报》《证券时报》《上海证券报》《证券 日报》和巨潮资讯网（www.cninfo.com.cn）发布《关于召开2025年第二次临时股东大会的通知》（详 见公告2025-037）。 2、召开时间： （1）现场会议时间：2025年9月17日（星期三）上午10:00开始。 通过现场和网络投票的股东1,518人，代表股份3 ...

Summary of Shanxi Coking Coal Conference Call Company Overview - **Company**: Shanxi Coking Coal - **Industry**: Coking Coal Production Key Points Price and Production Trends - In 2024, the comprehensive selling price of coking coal decreased by approximately 300 RMB per ton, with a recovery observed post-July due to national policy changes, leading to a current price close to 1,400 RMB per ton, an increase from August [2][3][5] - The initial benchmark price for main coking coal was 1,580 RMB per ton, dropping to a low of 1,150 RMB per ton in mid-June before gradually recovering to around 1,400 RMB per ton [2][6] - In the first half of 2025, Shanxi Coking Coal's raw coal output was 23.35 million tons, an increase of about 3 million tons year-on-year, while commodity coal sales reached 13.03 million tons, up over 2 million tons from the previous year [2][13] Cost Management - The total cost of raw coal is approximately 270 RMB per ton, with washing costs near 100 RMB per ton, leading to a total cost of under 400 RMB per ton [2][13] - The company aims to reduce costs by 10% this year compared to last year, which had higher costs due to significant production cuts in the first half [2][15] Market Dynamics - The increase in sales volume and price in August was attributed to market alignment after a significant drop in June [4] - The company operates under a pricing mechanism that allows for monthly negotiations, adjusting prices when the difference between contract and market prices exceeds 100 RMB [2][16] Electric Power Segment - The gross margin in the electric power segment improved due to lower oil prices, carbon emission reward policies, and the closure of loss-making power plants [2][17] New Mining Projects - A new mining project has been initiated, with a dedicated command established for preliminary exploration, expected to take about 8 years to complete due to the project's scale and complexity [4][9][10] - The project involves both coal and associated bauxite resources, with the exploration process expected to take 1 to 2 years before transitioning to mining rights [11] Regulatory Environment - The "anti-involution" policy has minimal impact on Shanxi Coking Coal's production, as the company does not have excess production capacity and is more influenced by price changes [4][12] - The company anticipates that the national government will maintain a stable environment for the coal industry, monitoring price fluctuations to avoid volatility [4][19] Financial Considerations - Last year, the company paid over 24 billion RMB in carbon rights fees, primarily funded through loans and cash, with loans accounting for about 20 billion RMB [24] - The management remains committed to maintaining dividend plans despite the financial demands of new projects, with dividends contingent on annual profitability [25] Future Outlook - The coal industry faces complex supply-demand dynamics, influenced by both supply-side factors and downstream demand from sectors like steel [19] - The company expects a controlled approach to coal imports, which will impact future supply and pricing strategies [19] This summary encapsulates the essential insights from the conference call, highlighting the operational performance, market conditions, and strategic initiatives of Shanxi Coking Coal.

特别提示： 1.本次股东大会没有出现否决议案的情形。 证券代码：000983 证券简称：山西焦煤 公告编号：2025-040 山西焦煤能源集团股份有限公司 2025 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 2.本次股东大会涉及变更前次股东大会决议的情形具体如下：本次股东大 会审议通过的《关于公司为控股子公司山西西山华通水泥有限公司提供担保发生 变更的议案》，对 2025 年 5 月 27 日召开的 2024 年年度股东大会通过的《关于 公司为控股子公司山西西山华通水泥有限公司提供担保的议案》进行了变更。 一、会议召开情况 1、会议通知情况：公司董事会于 2025 年 8 月 28 日在《中国证 券报》《证券时报》《上海证券报》《证券日报》和巨潮资讯网 （www.cninfo.com.cn）发布《关于召开 2025 年第二次临时股东大会 的通知》（详见公告 2025-037）。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投 票的具体时间为：2025 年 9 月 17 日 9:15 至 9:25,9:30 至 1 ...

北京市东城区 北三环东路 36 号环球贸易中 心 B 座 11 层 电话（Tel）： 52213236/7 邮编（P.C）： 100013 关 于 山 西 焦 煤 能 源 集 团 股 份 有 限 公 司 2025 年 第 二 次 临 时 股 东 大 会 之 法 律 意 见 书 君致法字 2025261 号 北 京 市 君 致 律 师 事 务 所 北京市东城区北三环东路 36 号环球贸易中心 B 座 11 层 邮编(100013) Add: 11/F, Tower B, Global Trade Center, No.36 North Third Ring Road East, Dongcheng District, Beijing, 100013, PRC Tel: 010-52213236/7 www.junzhilawyer.com 1 / 7 法律意见书 北京市君致律师事务所 关于山西焦煤能源集团股份有限公司 2025年第二次临时股东大会之法律意见书 致：山西焦煤能源集团股份有限公司 山西焦煤能源集团股份有限公司（以下简称"公司"）2025年第二次临时股东大会（以 下简称"本次股东大会"）于2025年9 ...

Group 1: Market Performance - The coal mining sector increased by 1.86% compared to the previous trading day, with Lu'an Huanneng leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Group 2: Individual Stock Performance - Lu'an Huanneng (code: 669109) closed at 14.63, up 6.40%, with a trading volume of 1.0454 million shares and a transaction value of 1.499 billion [1] - Jinko Coal Industry (code: 601001) closed at 14.11, up 5.53%, with a trading volume of 682,400 shares and a transaction value of 951 million [1] - Huai Bei Mining (code: 600985) closed at 12.62, up 4.82%, with a trading volume of 619,200 shares and a transaction value of 769 million [1] - Other notable performers include Zhongmei Energy (code: 601898) up 3.47%, Shanxi Coking Coal (code: 000983) up 2.74%, and Shaanxi Coal Industry (code: 601225) up 2.66% [1] Group 3: Capital Flow Analysis - The coal mining sector saw a net inflow of 296 million from main funds, while retail funds experienced a net outflow of 59.216 million [2] - Major stocks like Jinko Coal Industry had a net inflow of 120 million from main funds, but a net outflow of 68.97 million from retail investors [3] - Shanxi Coking Coal also reported a net inflow of 75.661 million from main funds, with retail investors withdrawing 37.116 million [3]

Group 1 - The core viewpoint of the news highlights the performance of the Zhongzheng Dividend Low Volatility 100 Index and its constituent stocks, with significant gains observed in companies like Tebian Electric Apparatus and Pudong Construction [2] - As of September 17, 2025, the Zhongzheng Dividend Low Volatility 100 ETF has seen a price increase of 0.28%, reaching 1.07 yuan, and a cumulative increase of 3.52% over the past three months [2] - The liquidity of the Zhongzheng Dividend Low Volatility 100 ETF is noted, with a turnover of 1.04% and a trading volume of 13.73 million yuan on September 16, 2025 [2] Group 2 - The State-owned Assets Supervision and Administration Commission (SASAC) reported that central enterprises have invested 8.6 trillion yuan in strategic emerging industries since the 14th Five-Year Plan, significantly increasing from the previous period [2] - The investment focus includes sectors such as integrated circuits, biotechnology, and new energy vehicles, with notable advancements in humanoid robots and superconducting quantum computing [2] - According to Everbright Securities, the investment logic in the dividend sector is shifting from style-driven to stock-driven, with traditional high-dividend industries like construction materials and coal showing strong performance [3] Group 3 - The latest scale of the Zhongzheng Dividend Low Volatility 100 ETF reached 1.317 billion yuan, marking a one-year high, with the number of shares also reaching 1.238 billion, another one-year high [3] - The ETF has experienced continuous net inflows over the past five days, with a peak single-day net inflow of 26.6582 million yuan, totaling 59.1668 million yuan in net inflows [3] - The Zhongzheng Dividend Low Volatility 100 Index tracks 100 stocks characterized by good liquidity, continuous dividends, high dividend yields, and low volatility, reflecting the overall performance of such securities [3]

证 券 研 究 报 告 "反内卷"下，看好旺季煤价反弹，带来焦煤及弹性标的业绩修复 2025年8月煤炭行业热点事件复盘及投资策略 证券分析师：严天鹏 A0230524090004 施佳瑜 A0230521040004 闫海 A0230519010004 研究支持： 施佳瑜 A0230521040004 联系人： 施佳瑜 A0230521040004 2025.09.16 主要内容 2 2. 供给端：国内产量增速放缓，进口量同比 下滑 3. 需求端：动力煤需求边际改善，钢铁利润 改善促使焦煤价格修复 4. 投资分析意见与风险提示 8月热点事件汇总：关注反内卷、印尼及蒙古煤炭行业变化 www.swsresearch.com 证券研究报告 3 资料来源：中国煤炭市场网，多彩蒙古公众号，申万宏源研究 ◼ 8月4日，国家能源局综合司关于开展煤矿智能化技术升级应用试点工作的通知。 ➢ 要点：内容包括：井工煤矿智能掘进系统、井工煤矿智能采煤系统、露天煤矿智能采剥系统、智能选煤 系统、辅助及其他智能系统；数量：每地方（企业）推荐项目一般不超过5个（山西、内蒙古、陕西不超 过10个）。8月6日，山西：煤矿智能化建设制定评定办法 ...

Core Viewpoint - The coal industry is experiencing a downward trend in prices, with significant declines in both thermal and coking coal prices in the first half of 2025 compared to the previous year [2][3]. Price Trends - In H1 2025, the average price of Qinhuangdao thermal coal (Shanxi origin) Q5500 was 676 CNY/ton, down 22.8% year-on-year. In Q2 2025, the price dropped significantly to an average of 632 CNY/ton, a decrease of 12.4% quarter-on-quarter [1][2]. - The average price of coking coal at Jingtang Port (Shanxi origin) in H1 2025 was 1379 CNY/ton, down 38.8% year-on-year, with Q2 2025 averaging 1315 CNY/ton, a quarter-on-quarter decline of 8.8% [1][2]. Company Performance - In H1 2025, 27 listed coal companies (excluding Shanxi Coking Coal) produced a total of 610 million tons of coal, a year-on-year increase of 2.5%, but sales fell to 650 million tons, down 5.4% year-on-year. The total revenue for these companies was 538.4 billion CNY, a decrease of 18.1% year-on-year, and net profit attributable to shareholders was 56 billion CNY, down 31.7% year-on-year [3][4]. - The weighted average gross margin for these companies was 28.8%, down 2.1 percentage points year-on-year, while the net margin was 13.3%, down 2.6 percentage points year-on-year. The weighted average return on equity (ROE) was 4.8%, down 2.5 percentage points year-on-year [3]. Future Outlook - The coal price is expected to rebound due to policy support and market dynamics, with thermal coal prices projected to recover to long-term contract prices around 700 CNY/ton. The forecast for thermal coal prices in 2025 is around 750 CNY/ton, with a potential peak at 860 CNY/ton [5][6]. - Coking coal prices are anticipated to be influenced by supply-demand fundamentals, with target prices based on the ratio of coking coal to thermal coal prices. The current ratio suggests target prices for coking coal of 1608 CNY, 1680 CNY, 1800 CNY, and 2064 CNY for various scenarios [6]. - Despite the overall profit pressure in 2025, many coal companies maintain high dividend yields, with six listed companies announcing interim dividend plans totaling 24.13 billion CNY, indicating a strong commitment to shareholder returns [6].

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].