Investment Rating - The industry rating is "Positive" [1] Core Views - Social inventory has decreased for the first time, and summer demand is expected to remain strong. Domestic power plants are increasing daily coal consumption, leading to rising coal prices. Policies to control production and improve quality are being emphasized, supporting the fundamentals of both coking coal and thermal coal [6][29] - The report highlights that the overall level of social inventory is stable, with a significant increase in daily consumption expected due to hot weather and ongoing replenishment needs at power plants. The coking coal sector may see marginal improvements in performance due to potential declines in capacity utilization driven by environmental factors [6][29] Summary by Sections Coal Sector Performance - The coal sector saw a weekly increase of 0.71%, underperforming the CSI 300 index, which rose by 0.82%. A total of 34 stocks in the sector increased in price, while 3 declined. Meijin Energy had the highest weekly increase at 10.8% [2] - Key monitored enterprises reported an average daily coal sales volume of 7.21 million tons from July 4 to July 10, 2025, a week-on-week increase of 3.7% and a year-on-year increase of 2.8% [2] Price Trends - As of July 11, 2025, the price of thermal coal (Q5500K) in the Bohai Rim was 662 CNY/ton, a week-on-week decrease of 0.3%. The price index for imported thermal coal rose by 1.21% to 750 CNY/ton [3] - The price of coking coal at Jingtang Port was 1310 CNY/ton, up 4.8% week-on-week, while the price of metallurgical coke remained stable at 1320 CNY/ton [4] Supply and Demand Dynamics - The cumulative coal sales volume for key monitored enterprises was 131.73 million tons as of July 10, 2025, a year-on-year decrease of 3.8%. The demand from the power and chemical industries showed a year-on-year decrease of 3% and an increase of 16.6%, respectively [2][28] - The report indicates that the daily coal consumption in the power sector is expected to rise significantly, with the total social inventory of coal at 32.86 million tons, a week-on-week decrease of 2.6% [2][28] Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies and coking coal companies that may experience a turnaround. Key companies to watch include China Shenhua, Shaanxi Coal and Chemical Industry, and Meijin Energy among others [6][29]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is the early stage of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [11][12] - The underlying investment logic of coal capacity shortages remains unchanged, with short-term supply-demand balance and long-term gaps still present [11][12] - Coal prices have established a bottom and are trending towards a new platform, with high profitability, cash flow, return on equity (ROE) of 10-20%, and dividend yields over 5% for quality coal companies [11][12] - The coal sector is relatively undervalued, with overall valuation expected to improve, supported by high premiums in the primary mining rights market and a price-to-book (PB) ratio around 1 for most companies [11][12] - The coal sector is expected to maintain a tight supply-demand balance over the next 3-5 years, with quality coal companies exhibiting high barriers to entry, cash flow, dividends, and yield characteristics [11][12] Summary by Sections Coal Price Tracking - As of July 12, the market price for Qinhuangdao port thermal coal (Q5500) is 624 CNY/ton, an increase of 8 CNY/ton week-on-week [28] - The price for coking coal at Jing Tang port is 1310 CNY/ton, up 60 CNY/ton week-on-week [30] Coal Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 93.7%, down 0.3 percentage points week-on-week, while the utilization rate for coking coal mines is 85.52%, up 1.7 percentage points [11][46] - Daily coal consumption in coastal provinces increased by 6.10 thousand tons/day (+2.92%) week-on-week, while inland provinces saw a decrease of 9.50 thousand tons/day (-2.61%) [11][47] Coal Inventory Situation - As of July 10, coal inventory in coastal provinces decreased by 785 thousand tons (-2.18%) week-on-week, while inland provinces saw a slight decrease of 0.70 thousand tons (-0.01%) [11][47] Key Companies to Watch - Focus on stable and robust performers such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy [12] - Attention to companies with significant upside potential like Yanzhou Coal Mining, China Power Investment, and Guanghui Energy [12]

Investment Rating - The report maintains a rating of "Increase" for the coal industry [5]. Core Viewpoints - The coal price rebound is expected to exceed expectations due to continuous improvement in supply and demand margins [1]. - The report highlights strong support for coal prices driven by increased electricity demand during high-temperature weather, with significant historical peaks in power load recorded [7]. - The "anti-involution" policy is anticipated to create long-term uncertainties in domestic coal supply, while short-term supply is affected by heavy rainfall [6][8]. Summary by Sections 1. Industry Overview - The coal industry consists of 37 listed companies with a total market value of 17,077.38 billion yuan and a circulating market value of 16,672.70 billion yuan [2]. 2. Price Tracking - The report notes that the price of thermal coal at the Qinhuangdao port was 637 yuan/ton, reflecting a week-on-week increase of 9 yuan/ton [8]. - The average daily production of thermal coal from 462 sample mines was 5.642 million tons, showing a slight decrease compared to the previous week [8]. 3. Supply and Demand Dynamics - The report indicates that the demand for thermal coal is expected to rise due to increased electricity consumption during the summer heat, with a historical peak load of 2.52 million kilowatts recorded in the southern power grid [7]. - The supply side is constrained by heavy rainfall affecting production capacity, with the utilization rate of coal mines in the Shanxi, Shaanxi, and Inner Mongolia regions at 80.4% [6]. 4. Company Performance and Recommendations - Key companies recommended for investment include Yancoal Energy, Guohui Energy, and Shanxi Coal International, which are expected to benefit from the rebound in coal prices [6][7]. - The report emphasizes the importance of focusing on high-elasticity stocks in the coal sector, particularly those related to thermal and coking coal [6][7].

Group 1 - The core announcement is about the adjustment of the conversion price for the exchangeable bonds issued by the controlling shareholder, Shanxi Coking Coal Group [1][2] - The controlling shareholder issued the bonds on July 27, 2023, with a total scale of 2.5 billion yuan and a maturity of 3 years at a coupon rate of 0.01% [1] - The initial conversion price was set at 10.62 yuan per share, which has been adjusted to 9.82 yuan per share [1][2] Group 2 - Following the profit distribution plan for 2024, the company announced a cash dividend of 2.2 yuan per 10 shares, with the record date on July 10, 2025, and the ex-dividend date on July 11, 2025 [2] - The conversion price for the bonds will be adjusted from 9.82 yuan to 9.60 yuan per share effective from July 11, 2025, based on the formula provided in the bond issuance prospectus [2]

证券代码：000983 证券简称：山西焦煤 公告编号：2025-030 山西焦煤能源集团股份有限公司 关于控股股东非公开发行可交换公司债券 换股价格调整的提示性公告 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。 山西焦煤能源集团股份有限公司（以下简称"公司"）近日接到 控股股东山西焦煤集团有限责任公司（以下简称"焦煤集团"）关于 山西焦煤集团有限责任公司 2023 年面向专业投资者非公开发行科技 创新可交换公司债券（第一期）（以下简称"本期债券"）换股价格 调整的通知，具体事项如下： 一、控股股东可交换公司债券的基本情况 2023-042）。本期债券的换股价格自 2024 年 7 月 12 日起由 10.62 元 /股调整为 9.82 元/股。具体详见公司于 2024 年 7 月 5 日刊登在巨潮 资讯网（www.cninfo.com.cn）上的《山西焦煤能源集团股份有限公 司关于控股股东非公开发行可交换公司债券换股价格调整的提示性 公告》（公告编号：2024-031）。 二、控股股东可交换公司债券本次调整换股价格情况 2025 年 5 月 27 日，公司 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 4、本次实施利润分配方案距离股东大会审议通过的时间未超过两个月。 二、本次实施的利润分配方案 本公司2024年年度权益分派方案为：以公司现有总股本5,677,101,059股为基数，向全体股东每10股派 2.20元人民币现金（含税；扣税后，通过深股通持有股份的香港市场投资者、境外机构（含QFII、 RQFII）以及持有首发前限售股的个人和证券投资基金每10股派1.98元；持有首发后限售股、股权激励 限售股及无限售流通股的个人股息红利税实行差别化税率征收，本公司暂不扣缴个人所得税，待个人转 让股票时，根据其持股期限计算应纳税额【注】；持有首发后限售股、股权激励限售股及无限售流通股 的证券投资基金所涉红利税，对香港投资者持有基金份额部分按10%征收，对内地投资者持有基金份额 部分实行差别化税率征收），【注：根据先进先出的原则，以投资者证券账户为单位计算持股期限，持 股1个月（含1个月）以内，每10股补缴税款0.44元；持股1个月以上至1年（含1年）的，每10股补缴税 款0.22元；持股超过1年的，不需补缴税款。】 三、分红派息日期 本次利润分配股权登记日为：202 ...

Investment Rating - The coal mining industry is rated as "Recommended" [7] Core Views - The coal supply-demand relationship continues to optimize under high-temperature conditions, with port coal prices rising and inventory decreasing [4][72] - The production side shows a tightening trend, with a decrease in capacity utilization in Shanxi and a reduction in transportation volumes [4][72] - The demand side is supported by power plants replenishing inventory in anticipation of increased consumption due to high temperatures [4][72] Summary by Sections 1. Thermal Coal - Port coal prices increased to 623 RMB/ton, up 3 RMB/ton week-on-week [4][72] - Inventory at northern ports decreased by 797,000 tons week-on-week [30] - Daily consumption at coastal power plants rose by 80,000 tons week-on-week [24][72] 2. Coking Coal - Supply of coking coal has improved, with capacity utilization rising by 1.04 percentage points [5][41] - Coking coal prices at ports remained stable, with the average price at 1,230 RMB/ton [42] - Coking coal inventories at production enterprises decreased by 586,200 tons week-on-week [47] 3. Coke - Coking enterprises are experiencing a decline in production rates due to rising costs from coking coal prices [50] - The average profit per ton of coke is approximately -46 RMB, indicating a decrease in profitability [54] - Steel mills are replenishing raw material inventories, leading to a reduction in coke inventories [62] 4. Anthracite - Anthracite prices remained stable, with the price at 820 RMB/ton [68] - Demand from non-electric sectors remains weak, with procurement primarily focused on long-term contracts [68] 5. Key Companies and Profit Forecasts - Key companies to focus on include China Shenhua, Shaanxi Coal, and Yanzhou Coal, all rated as "Buy" [8] - The report highlights the strong cash flow and asset quality of leading coal companies, emphasizing their investment value [7][8]

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [10]. Core Insights - The current profitability of the coal industry is better than that before the supply-side reform in 2016, but coking coal profitability is lower than thermal coal, indicating a stronger necessity for reform [7][8]. - The "anti-involution" measures in the coal industry are expected to primarily involve production limits and capacity exits, which could raise the price baseline in a favorable demand environment. However, the current demand pressure is greater than in 2016 [6][7]. - Short-term price elasticity may be limited due to high inventory and suppressed demand, but unexpected demand improvements could lead to price rebounds [6][7]. Summary by Sections Market Performance - The coal index (Yangtze) increased by 1.67%, outperforming the CSI 300 index by 0.13 percentage points, ranking 11th out of 32 industries [21]. - As of July 4, the market price for Qinhuangdao thermal coal was 623 RMB/ton, a weekly increase of 3 RMB/ton [21]. Thermal Coal Analysis - Daily coal consumption in 25 provinces reached 573.3 million tons, a week-on-week increase of 3.3% [22]. - The inventory of power plants was 125.22 million tons, with a usable days count of 21.8 days, a decrease of 0.4 days week-on-week [22]. Coking Coal Analysis - The price for main coking coal at Jingtang Port was stable at 1230 RMB/ton as of July 4 [21]. - Coking coal inventory increased by 0.55% week-on-week, indicating a need to monitor supply recovery and seasonal demand [22][53]. Investment Recommendations - Recommended stocks include long-term stable profit leaders such as China Coal Energy, China Shenhua Energy, and Shaanxi Coal and Chemical Industry [8]. - Growth-oriented companies include Electric Power Investment and New Hope Liuhe, while flexible growth stocks include Yanzhou Coal Mining and Huayang Co [8].

Group 1 - The company has approved the profit distribution plan for the fiscal year 2024, which allocates 40.19% of the consolidated net profit attributable to shareholders to all shareholders based on a total share capital of 5,677,101,059 shares as of the equity registration date [1][2] - The profit distribution will be implemented with a tax-inclusive approach, where different tax rates apply based on the type of shareholder and their holding period [1][2] - The equity registration date for the profit distribution is set for July 10, 2025, and the ex-dividend date will follow [1][2] Group 2 - The distribution will be directly credited to the shareholders' accounts through their custodial securities companies on July 11, 2025 [2] - The distribution applies to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shenzhen Branch as of the registration date [2] - The company assumes all legal responsibilities for any insufficient cash dividends distributed by the China Securities Depository and Clearing Corporation Limited [2]

证券代码：000983 证券简称：山西焦煤 公告编号：2025-029 山西焦煤能源集团股份有限公司 1、山西焦煤能源集团股份有限公司（以下简称"公司"或"本 公司"）2024 年度利润分配方案已获 2025 年 5 月 27 日召开的公司 2024 年年度股东大会审议通过，股东大会决议公告刊登于 2025 年 5 月 28 日的《证券时报》《中国证券报》《上海证券报》《证券日报》 和巨潮资讯网（www.cninfo.com.cn）。2024 年度利润分配方案为： 以公司股权登记日总股本 5,677,101,059 股为基数，向全体股东每 10 股派现金股利人民币 2.2 元（含税），共计 1,248,962,232.98 元， 占 2024 年度合并报表归属于上市公司股东净利润的 40.19%。若在实 施权益分派股权登记日之前，公司总股本发生变动的，公司拟维持分 配总额不变，相应调整每股分配比例。 2、自 2024 年度利润分配方案披露至实施期间，公司股本总额未 发生变化。 3、本次实施的利润分配方案与股东大会审议通过的分配方案一 致。 4、本次实施利润分配方案距离股东大会审议通过的时间未超过 两个月。 二 ...