证券日报网讯12月18日，山西焦煤（000983）在互动平台回答投资者提问时表示，公司产品销售采取长 协加市场模式。2025年下半年，公司产品价格环比逐步增长，长协合同兑现率逐月回升。 ...

人民财讯12月18日电，山西焦煤（000983）12月18日在互动平台表示，公司产品销售采取长协加市场模 式。2025年下半年，公司产品价格环比逐步增长，长协合同兑现率逐月回升。 ...

Group 1 - The three major indices opened lower on December 18, with the CSI High Dividend Strategy Index (H30366.CSI) rising by 0.18%. Among its constituent stocks, Shanxi Coking Coal rose nearly 2%, while five other stocks, including Shanxi Coal International and Lu'an Environmental Energy, increased by over 1%. Additionally, Huabei Mining and China Petroleum saw nearly 1% gains [1] - The High Dividend ETF (563180) closely tracks the CSI High Dividend Strategy Index, which selects 80 stocks with high dividend yields and stable dividend payments. The ETF has two off-market linked funds (A: 022144, C: 022145) [2] - As of December 17, the latest circulating share count for the High Dividend ETF was 148 million shares, with a circulating scale of 166 million yuan [1] Group 2 - The National Development and Reform Commission, along with several other ministries, issued a notice regarding the "Key Areas for Clean and Efficient Utilization of Coal Benchmark Levels and Baseline Levels (2025 Edition)." This new version includes indicators for coal consumption in coal-fired power generation and coal-to-natural gas, updating technical indicators based on recent national standards and policies [1] - The notice emphasizes the need for categorized implementation of upgrades to enhance utilization levels, leveraging existing policy tools and mechanisms to accelerate the pace of enterprise upgrades in coal clean and efficient utilization [1] - In a low interest rate environment, demand for stable cash flows from long-term funds such as insurance capital, pension funds, and bank wealth management has significantly increased. By the first three quarters of 2025, new equity allocations from listed insurance companies exceeded 410 billion yuan, with high dividend assets accounting for over half of the new positions [2]

Core Viewpoint - The coal prices have risen unexpectedly since the fourth quarter, with October thermal power generation increasing by 7.3% year-on-year, and inventory levels remaining lower than the same period last year, indicating a strong demand outlook for the coal sector into 2026 [1] Group 1: Industry Outlook - The coal price is expected to maintain a steady yet strong trend towards the end of the year and into 2026, driven by seasonal demand increases starting from late November [1] - The coal industry is entering a "dividend + cycle" phase, with high-quality coal companies benefiting from resource endowments and cost advantages, leading to robust profitability and high cash flow [1] - The anticipated exit of over 100 million tons of pre-approved production capacity by 2026 will lead to a contraction in domestic supply, while demand for thermal coal is expected to rebound [1] Group 2: Investment Strategy - Investment strategies suggested by Zhongtai Securities include focusing on high-dividend, low-valuation coal stocks, particularly those with strong dividend attributes [1] - Companies with growth in production capacity and significant profit elasticity should be prioritized, especially those showing resonance between alpha and beta [1] - Attention should be given to coking coal stocks that are expected to reverse from difficulties, as coal prices stabilize and profitability improves [1] Group 3: Performance Metrics - Among coal stocks, 22 have a dividend yield (TTM) exceeding 2%, with Jizhong Energy leading at 10.20%, followed by China Shenhua and Pingmei Shenma, both above 7% [1] - Despite a decline in performance for most coal stocks in the first three quarters, 14 stocks showed a quarter-on-quarter net profit increase in Q3, with SuNeng Co. nearly doubling its net profit [2][3] - Notable performers in Q3 include Jizhong Energy with a net profit of 0.59 billion and a 102.69% increase, and China Shenhua with a net profit of 144.11 billion and a 13.54% increase [3]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Insights - The coal mining industry is experiencing a mixed supply and demand scenario, with production and imports declining, while coal prices are on the rise due to seasonal demand and supply constraints [14][21] - The report highlights the resilience of major coal companies, emphasizing their strong cash flow and profitability, which positions them well for future growth despite market fluctuations [14] Supply Side Summary - Coal production in November 2025 was 430 million tons, a year-on-year decrease of 0.5%, but the decline was less severe than in October [20][21] - Coal imports fell by 19.87% year-on-year in November, with a total of 44.05 million tons imported, reflecting supply chain disruptions and high base effects from the previous year [9][28] - Overall coal supply in November showed a year-on-year decline of 2.3%, but the rate of decline narrowed compared to October [28] Demand Side Summary - The demand for coal is being negatively impacted by a 4.2% year-on-year decline in thermal power generation in November, contrasting with a 7.3% increase in October [10][29] - Chemical and metallurgical sectors are showing positive contributions to coal consumption, with chemical industry coal usage increasing by 8.22% year-on-year [12][41] Inventory Summary - Power plants are replenishing their coal inventories, with significant increases noted in November, while upstream coal inventories remain low [13][14] - The inventory levels for coking coal are also rising but are still considered low overall [13] Price Summary - The average price of thermal coal at northern ports rose to 822 RMB per ton in November, reflecting a month-on-month increase of 10% [13] - The report anticipates that coal prices may stabilize due to seasonal demand and supply adjustments, despite the ongoing fluctuations [14] Investment Recommendations - The report suggests focusing on robust coal companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and others, which are expected to perform well in the current market environment [15][14] - It highlights the investment value of coal stocks due to their high dividends and cash flow characteristics, recommending a strategic approach to investing in the sector [14]

Group 1 - The core viewpoint of the news is that the State-owned Enterprise Dividend Index has shown positive performance, with significant increases in specific constituent stocks, indicating a favorable environment for dividend-paying stocks [1][2]. - As of December 15, 2025, the State-owned Enterprise Dividend Index rose by 0.56%, with notable stock performances including COFCO Sugar rising by 9.99% and Shanxi Coal International by 4.00% [1]. - The State-owned Enterprise Dividend ETF (159515) also experienced an increase of 0.53%, reflecting strong investor interest in dividend-paying assets [1][2]. Group 2 - The liquidity of the State-owned Enterprise Dividend ETF has improved, with an average daily transaction volume of 2.7164 million yuan over the past month and a weekly scale growth of 2.3717 million yuan [1]. - The ETF's share count increased by 3 million shares in the past week, indicating a significant uptick in investor participation [1]. - The State-owned Enterprise Dividend Index is designed to reflect the performance of 100 listed companies with high cash dividend yields and stable dividend policies, which are selected from state-owned enterprises [2]. Group 3 - The report highlights that dividend assets are attractive in a low-interest-rate environment, appealing to risk-averse investors seeking stable returns [2]. - The manufacturing PMI showed a slight recovery to 49.2% in November, indicating improvements in both production and demand, which supports the overall economic stability [2]. - The top ten weighted stocks in the State-owned Enterprise Dividend Index account for 16.99% of the index, with companies like COSCO Shipping and Jizhong Energy among the leaders [2][4].

南方财经12月12日电，山西焦煤（000983.SZ）公告，预计2026年度与山西焦煤集团、西山煤电等关联 方发生日常关联交易总额968008万元，其中关联采购755367万元，关联销售212641万元。交易内容涵盖 原材料采购、燃料动力、设备租赁、劳务服务及产品销售等，定价遵循市场价或协议价。 ...

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：2025-048 山西焦煤能源集团股份有限公司 第九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。 一、董事会会议召开情况 山西焦煤能源集团股份有限公司（以下简称"公司"）第九届董事会第十六次会议以通讯方式于2025年12 月11日召开。公司已于2025年12月1日以传真、邮件及专人送达的方式通知了全体董事。本次会议应到 董事10人，实际参加表决董事10人。会议由董事樊大宏先生主持。会议的召开和表决程序符合《公司 法》和《公司章程》的规定。 二、董事会会议审议情况 （一）会议以4票同意，0票反对，0票弃权的表决结果通过了《关于2026年度日常关联交易预计的议 案》。（详见公告2025-049） 该议案已经公司独立董事专门会议审议通过。该议案属于关联交易，根据《深圳证券交易所股票上市规 则》规定，公司6名关联董事王强、胡文强、樊大宏、王慧玲、焦宇强、孟奇回避表决，由公司4名非关 联董事对该议案进行了表决。 本议案需提交2025年 ...

提供委托贷款的关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：000983 证券简称：山西焦煤 公告编号：2025-051 山西焦煤能源集团股份有限公司 关于向武乡西山发电有限责任公司 1 权的表决结果审议通过了《关于向武乡西山发电有限责任公司提供委 托贷款的关联交易的议案》。 上述议案属于关联交易，根据《深圳证券交易所股票上市规则》 规定，公司6名关联董事王强、胡文强、樊大宏、王慧玲、焦宇强、 孟奇回避表决，由公司4名非关联董事对该议案进行了表决。 一、关联交易概述 1、山西焦煤能源集团股份有限公司（以下简称"公司"或"委 托人"）拟与山西焦煤集团财务有限责任公司（以下简称"财务公司" 或"受托人"）签订《委托代理协议》；公司拟与财务公司和公司的 全资子公司武乡西山发电有限责任公司（以下简称"武乡西山发电" 或"借款人"）签订《委托贷款借款合同》。 为保障武乡西山发电正常的生产经营，公司拟通过财务公司向武 乡西山发电提供委托贷款人民币40,000万元，期限3年，贷款利率 3.0%，手续费按0.01%（人民币4万元）由财务公司一次性收 ...

证券代码：000983 证券简称：山西焦煤 公告编号：2025-052 山西焦煤能源集团股份有限公司 关于召开 2025 年第三次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1．股东会届次：2025年第三次临时股东会 2．股东会的召集人：公司董事会 3．会议召开的合法、合规性：本次股东会的召开经第九届董事 会第十六次会议审议通过，符合有关法律法规和《公司章程》的规定。 4．会议召开的日期、时间： （1）现场会议时间：2025年12月29日（星期一）上午10:00开始。 （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12月29日上午9:15至9:25，9:30至11:30， 13:00至15:00；通过深圳证券交易所互联网投票的具体时间为2025年 12月29日上午9:15至2025年12月29日下午3:00期间的任意时间。 5．会议的召开方式：本次股东会采用现场投票与网络投票相结 合的方式。公司将通过深圳证券交易所交易系统和互联网投票系统 （http://wltp.cninfo. ...