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。 （二）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 向山西西山华通水泥有限公司提供委托贷款的关联交易的议案》。（详见 1 公告2025-050） 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。 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 ...

每经头条（nbdtoutiao）——专访管涛：美国政府经济贸易政策正逐渐动摇美元本位国际货币体系，利 多因素下人民币汇率有可能破7 （记者 张明双） 2025年1至6月份，山西焦煤的营业收入构成为：工业占比100.0%。 截至发稿，山西焦煤市值为368亿元。 每经AI快讯，山西焦煤（SZ 000983，收盘价：6.48元）12月11日晚间发布公告称，公司第九届第十六 次董事会会议于2025年12月11日会议以通讯方式召开。会议审议了《关于2026年度日常关联交易预计的 议案》等文件。 ...

山西焦煤公告称，公司拟通过山西焦煤集团财务有限责任公司，向控股子公司山西西山华通水泥有限公 司提供3.5亿元委托贷款，期限3年，贷款利率3.0%，手续费3.5万元。西山华通注册资本36,851万元，公 司出资35,745万元，占比97%。财务公司属公司控股股东山西焦煤集团有限责任公司控股子公司，公司 与财务公司属关联关系，本次交易构成关联交易。该事项已获董事会审议通过。 ...

第九届董事会独立董事专门会议 2025 年 第五次会议的审查意见 根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司独立董事管理办法》《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——主板上市公司规范运 作》及《山西焦煤能源集团股份有限公司章程》，山西焦煤能源集团 股份有限公司（以下简称"公司"）独立董事于 2025 年 12 月 10 日 以通讯方式召开第九届董事会独立董事专门会议 2025 年第五次会 议，就审议事项发表如下审查意见： 一、关于 2026 年度日常关联交易预计的议案 根据《深圳证券交易所股票上市规则》等有关规定并结合公司实 际，我们认真审核了公司 2026 年度日常关联交易预计情况。我们认 为该事项真实、准确地反映了公司日常关联交易情况，公司与关联方 交易遵循平等自愿原则，交易价格公允，不会对公司独立性构成不利 影响，不存在损害公司及中小股东利益的情况，符合法律法规和《公 司章程》的要求。 公司对 2025 年度实际发生的日常关联交易的说明符合煤炭行业 变化、市场行情和公司的实际情况，已发生的日常关联交易均为公司 正常经营业务所需，符合公司的经 ...

山西焦煤能源集团股份有限公司 关于向山西西山华通水泥有限公司 提供委托贷款的关联交易公告 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。 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 控股子公司山西西山华通水泥有限公司（以下简称"西山华通"或"借 款人"）签订《委托贷款借款合同》。 证券代码：000983 证券简称：山西焦煤 公告编号：2025-050 司属于受同一法人焦煤集团控制的关联关系，故本次交易构成关联交 易。 西山华通由本公司和华通路桥集团有限公司（以下简称"华通路 桥"）共同出资设立，注册资本36,851万元，其中：本公司出资35,745 万元，占总投资的97%；华通路桥出资1,106万元，占总投资的3%。 为保障西山华通正常的生产经营，公司拟通过财务公司向西山华 通提供委托贷款人民币35,000万元，期限3年，贷款利率3.0%，手续 费按0.01%（人民币3.5万元）由财务公司一次性收取。 2 ...

证券代码：000983 证券简称：山西焦煤 公告编号：2025-049 山西焦煤能源集团股份有限公司 2026 年度日常关联交易预计公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整,没有虚假记载、 误导性陈述或者重大遗漏。 一、日常关联交易基本情况 （一）日常关联交易概述 1、为满足日常生产经营的需要，山西焦煤能源集团股份有限公司（以 下简称"公司"）将与山西焦煤集团有限责任公司（以下简称"焦煤集团"）、 西山煤电（集团）有限责任公司（以下简称"山焦西山"）等关联企业发 生日常关联交易，涉及向关联方采购原材料及产成品、销售原材料及产成 品、提供劳务、接受劳务等。2025 年 1-11 月，公司与上述关联方共发 生日常关联交易金额 627614 万元，预计 2026 年度关联交易总额 968008 万元（以下所涉及增值税应税项目均为不含税价）。 2、2025 年 12 月 11 日，公司召开第九届董事会第十六次会议审议 通过了《关于 2026 年度日常关联交易预计的议案》，关联董事王强、胡 文强、樊大宏、王慧玲、焦宇强、孟奇已对此项议案回避表决，具有表决 权的独立董事一致通过上述议案。 上述议案已 ...

Core Viewpoint - Shanxi Coking Coal Energy Group Co., Ltd. is experiencing a decline in stock price and trading volume, indicating potential challenges in the market [1][4]. Company Overview - Shanxi Coking Coal's main business includes coal production, washing, processing, sales, and power generation, along with mining development and equipment production [2][7]. - The company is a state-owned enterprise controlled by the Shanxi Provincial Government's State-owned Assets Supervision and Administration Commission [3]. Financial Performance - For the period from January to September 2025, Shanxi Coking Coal reported revenue of 27.175 billion yuan, a year-on-year decrease of 17.88%, and a net profit attributable to shareholders of 1.434 billion yuan, down 49.62% year-on-year [7]. - The company's revenue composition includes 57.58% from coal, 23.18% from coke and tar, 17.42% from electricity and heat, and 1.67% from other sources [7]. Market Activity - On December 11, the stock price of Shanxi Coking Coal fell by 1.22%, with a trading volume of 160 million yuan and a turnover rate of 0.53%, leading to a total market capitalization of 36.788 billion yuan [1]. - The stock has seen a net outflow of 26.818 million yuan from major investors, indicating a lack of clear trend in investor sentiment [4][5]. Institutional Holdings - As of September 30, 2025, major shareholders include the Guotai Zhongzheng Coal ETF, which increased its holdings by 6.848 million shares, while other ETFs reduced their holdings [9]. Technological Developments - Shanxi Coking Coal has signed a framework agreement with three technology companies to develop intelligent robots for mining operations, aiming to enhance automation and efficiency in coal mining [3].

Core Viewpoint - The coal market is expected to stabilize and recover in price due to seasonal demand increases and supply constraints as the year-end safety inspections become stricter [1][2]. Group 1: Market Overview - In October, electricity consumption exceeded expectations with a growth of 10.4%, while non-electric demand remained weak, leading to a 9.7% year-on-year decline in coal imports [1]. - Domestic coal prices saw fluctuations in November, with a rise followed by a decline, while long-term contract prices were adjusted upwards [1]. - International coal prices, particularly for Australian thermal and coking coal, continued to rise in November [2]. Group 2: Supply and Demand Dynamics - Domestic coal production decreased by 2.3% year-on-year in October, and coal imports fell by 12.0% in November [1]. - The global seaborne coal loading volume dropped by 3.6% year-on-year in the first ten months, but demand from emerging markets remained strong [1]. - Seasonal demand is expected to increase from December to January, supporting coal prices as supply remains relatively low due to stricter safety regulations [2]. Group 3: Key Companies - Companies with stable earnings and dividends include China Shenhua (601008.SH), Shaanxi Coal and Chemical Industry (601225.SH), and China Coal Energy (601898.SH) [3]. - Companies likely to benefit from improved demand expectations and supply reductions include Shanxi Coking Coal (000983.SZ) and Lu'an Environmental Energy (601699.SH) [3]. - Companies with notable long-term growth potential include Baofeng Energy (600989.SH) and China Qinfa (00866) [3].

Group 1: Oil Market Insights - The report indicates that the oil price is expected to trend downward, with Brent crude oil potentially averaging around $52 per barrel in 2026 due to OPEC+ production increases and geopolitical tensions providing temporary support [3][16][20] - In 2025, Brent and WTI crude oil prices averaged $63.8 and $59.0 per barrel, reflecting year-on-year declines of 16.8% and 19.3% respectively, driven by oversupply and geopolitical uncertainties [13][16] - OPEC+ is expected to continue releasing production capacity, with a forecasted increase in global oil supply of approximately 1.3 million barrels per day in 2026, while demand growth is projected to be around 1.1 million barrels per day [20][24][29] Group 2: Natural Gas Market Insights - The report highlights that global LNG supply is expected to become more abundant in 2026, with significant projects from the US, Qatar, and Canada coming online, leading to a potential decrease in LNG prices in Asia and Europe [3][9][20] - The report anticipates that US natural gas prices may rise due to increased demand from liquefaction facilities, while European gas prices could decline as the region adjusts its import structure [3][20] - Seasonal weather patterns, including a potential cold snap in late 2025, may drive up natural gas prices temporarily, particularly in Europe [3][20] Group 3: Coal Market Insights - The coal market is expected to experience a tightening supply situation in the second half of 2025, with domestic production constraints and inventory reductions leading to a price rebound [3][20] - The report forecasts that the reasonable price level for thermal coal at Qinhuangdao Port will be around 750 RMB per ton in 2026, while coking coal prices are expected to range between 1600-1800 RMB per ton [3][20] - Demand for thermal coal is projected to stabilize as coal-fired power generation reaches its peak, while coking coal demand may see slight increases due to improved steel manufacturing and export needs [3][20] Group 4: Investment Recommendations - The report suggests focusing on resource-leading companies with high dividends and cost advantages in the oil and gas sector, such as China National Petroleum, Sinopec, and CNOOC, as well as diversified urban gas companies like China Gas and Kunlun Energy [8] - In the coal sector, companies with integrated operations in coal, electricity, and chemicals, such as China Coal Energy and China Shenhua Energy, are recommended due to their resilient performance and potential for price recovery [8]

Core Viewpoint - The Energy ETF Guangfa (159945) experienced a slight decline of 0.26% as of the midday close on December 10, with a trading volume of 0.9884 million yuan [1] Group 1: ETF Performance - The Energy ETF Guangfa (159945) closed at 1.160 yuan, reflecting a decrease of 0.26% [1] - The fund's performance benchmark is the CSI All Share Energy Index, managed by Guangfa Fund Management Co., Ltd. [1] - Since its inception on June 25, 2015, the fund has achieved a return of 16.53%, while its return over the past month has been -4.62% [1] Group 2: Major Holdings Performance - Major holdings within the Energy ETF include: - China Shenhua: down 0.77% - China Petroleum: down 0.82% - Shaanxi Coal: down 0.27% - China Petrochemical: down 0.84% - China National Offshore Oil: up 0.18% - Jereh: up 1.42% - Yanzhou Coal: up 0.15% - Guanghui Energy: up 0.61% - China Coal Energy: down 0.45% - Shanxi Coking Coal: up 0.61% [1]