Investment Rating - The report maintains a "Positive" investment rating for the coal industry [10] Core Viewpoints - The coal price has experienced unexpected declines in the first quarter, leading to a year-on-year profit drop for most companies. However, companies with a higher proportion of long-term contracts, benefiting from improved calorific value and increased electricity generation, such as Xinji Energy, are expected to perform relatively well [2][7] - Despite the seasonal decline in coal demand post-heating season and high port inventories, the report suggests that the negative factors affecting coal stocks may gradually diminish, recommending a proactive approach towards the coal sector [6][24] Summary by Sections Price Trends - As of March 28, 2025, the average price of Qinhuangdao port Q5500 thermal coal was 722 CNY/ton, a year-on-year decrease of 19.9% and a quarter-on-quarter decrease of 12.2%. The long-term contract price remained more stable at 690 CNY/ton, down 2.6% year-on-year and 1.1% quarter-on-quarter [7][14] - The average price of Shanxi main coking coal at Jing Tang port was 1443 CNY/ton, reflecting a significant year-on-year decline of 40.2% and a quarter-on-quarter decline of 15.4% [15] Production and Sales - In the first two months of 2025, the average monthly coal production in China was 38 million tons, a year-on-year increase of 4%. However, production decreased by 10% compared to the previous quarter [7][17] - Major coal companies like China Shenhua and Shaanxi Coal & Energy reported varied production changes, with Shenhua's production down 2.6% year-on-year and Shaanxi's up 9.4% [17] Profitability Forecast - The report anticipates that key coal companies will see an average profit decline of 7% to 17% year-on-year in Q1 2025, while a quarter-on-quarter increase of 3% to 16% is expected [7][8] - Xinji Energy is highlighted as a company likely to maintain stable performance due to its long-term contracts and operational efficiencies [2][8] Investment Recommendations - The report suggests a marginal allocation strategy focusing on high-quality leaders with stable profits, such as China Shenhua and Shaanxi Coal, as well as growth-oriented companies like Electric Power Investment and Xinji Energy [8]

Core Viewpoint - Investing in high-dividend companies may be a direction to outperform the index in the short term, with a focus on state-owned enterprise dividend ETFs showing slight upward movement [1][2]. Group 1: ETF Performance - As of March 26, 2025, the China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.05%, with component stocks showing mixed performance [1]. - The State-Owned Enterprises Dividend ETF (159515) increased by 0.09%, with the latest price reported at 1.09 yuan [1]. - The latest scale of the State-Owned Enterprises Dividend ETF reached 51.1486 million yuan, marking a one-month high [2]. Group 2: Component Stocks - The top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index accounted for 15.22% of the index, with notable stocks including COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [3]. - The performance of key stocks varied, with COSCO Shipping Holdings down by 0.68% and Shanxi Coal International up by 1.07% [5]. Group 3: Investment Strategy - East Asia Securities suggests that focusing on high-dividend companies based on fundamentals may lead to short-term outperformance [2]. - The report emphasizes the importance of monitoring market rhythm and industry progress, particularly in sectors like artificial intelligence and robotics, which are expected to see growth [2]. - Short-term investment opportunities are highlighted in marine economy, military industry, and consumer sectors with clear policy expectations [2].

Core Viewpoints - The coal sector has experienced a high-level retreat in the first two months of 2025, underperforming the market by 11.8 percentage points, ranking last among all industry indices [4][14]. - The coal price is expected to stabilize and gradually recover due to improved industrial demand, slowing production growth, and reduced import expectations [4][29]. Group 1: Coal Sector Review - In the first two months of 2025, the coal sector has declined by 10.0%, ranking 30th out of 30 in the industry indices [4][14]. - The sub-sectors of thermal coal, coking coal, and coke have seen respective declines of 15.5%, 11.4%, and 7.4% in the first two months [14]. - As of March 18, 2025, the coal sector's price-to-earnings (PE) ratio is at 10.4 times, which is at a historical average level, while the price-to-book (PB) ratio is at 1.33 times, also at a historical average [19][23]. Group 2: Coal Market Review - The growth rate of electricity consumption has dropped to 1.3% in the first two months, while non-electric demand has shown overall improvement [4][29]. - Domestic coal prices have been weak since the beginning of the year, with thermal coal prices stabilizing in March [29]. - The import growth rate of coal has decreased to 1.8% in the first two months of 2025 [4][29]. Group 3: Recent Market Dynamics - Port thermal coal prices have slightly declined, while prices in production areas have generally rebounded [4][29]. - The price of thermal coal is expected to stabilize in the short term due to inventory reductions at southern ports and coastal power plants [4][29]. - Coking coal prices have continued to decline, but demand is expected to improve as the spring construction season approaches [4][29]. Group 4: Industry Outlook - The coal price is expected to find support at the bottom, with the sector's valuation and dividend advantages becoming more pronounced [4][29]. - The anticipated average coal price for 2025 may decline, but leading companies are expected to maintain stable profitability due to effective cost control [4][29]. - Key companies with robust dividends include Shaanxi Coal and China Shenhua, while companies with lower valuations and long-term growth potential include Xinji Energy and Yanzhou Coal [4][29].

行业周报 | 煤炭 证券研究报告 推荐（维持） 报告日期 2025 03 16 相关研究 2025.3.2- 2025.3.8 -2025.03.09 2025 - 2025.03.05 2025.2.23- 2025.3.1 -2025.03.02 分析师：王锟 S0190521010002 wangkun89@xyzq.com.cn 分析师：李冉冉 S0190525010002 liranran@xyzq.com.cn 煤炭行业周报（2025.3.9-2025.3.15）—— 产地煤价回升，静待非电需求复苏 投资要点： 3 9 2742.0 880.3/1211.4/650.3 -1.9/+6.8/-5.0 ⚫ 3 14 1400 / 20 / 1430 / 5# 870 / 5# 1050 / 5 / 3 14 1241 / 43 / 1371 / 21 / 130 / 22 / ⚫ 请阅读最后评级说明和重要声明 1/14 ⚫ ⚫ | | 4 | | --- | --- | | | 4 | | | 8 | | | 9 | | | 10 | | 11 | | | 2025.3.10-2025.3.14 | ...

Investment Rating - The report maintains an "Overweight" rating for the coal industry [2]. Core Views - Short-term stabilization of coal prices is expected, with opportunities for investment in undervalued stocks [7][10]. - The coal market is showing signs of recovery due to supply tightening and increased demand from industrial sectors [7]. - The report emphasizes the importance of value investing in leading companies within the coal sector, particularly those with integrated operations [10]. Summary by Sections 1. Core Views and Business Tracking - The report highlights the importance of dividend policies and growth prospects for key companies in the coal sector [15]. - It tracks the operational performance of listed companies, noting fluctuations in production and sales figures [17]. 2. Coal Price Tracking - Coal prices are being monitored closely, with specific attention to both domestic and international price movements [11]. - The report indicates that the average price of thermal coal at the port has seen a slight decrease, while demand has shown signs of recovery [7][10]. 3. Coal Inventory Tracking - The report provides insights into production levels and inventory status for both thermal and coking coal [11]. - It notes that the average daily production of thermal coal from sample mines is approximately 5.7 million tons, with a slight week-on-week decrease [10]. 4. Downstream Performance of the Coal Industry - The report discusses the consumption patterns of coal in downstream industries, particularly in power generation and steel production [11]. - It highlights the recovery in coal consumption as industrial operations ramp up during the "golden three silver four" period [7]. 5. Performance of the Coal Sector and Individual Stocks - The report analyzes the performance of the coal sector, noting a 0.4% increase week-on-week [11]. - It provides a detailed performance overview of key coal companies, emphasizing their earnings forecasts and market positioning [17].

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 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 一 次 临 时 股 东 大 会 之 法 律 意 见 书 君致法字 2025047 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 / 6 2025年第一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年第一次临时股东大会 （以下简称"本次股东大会"）于2025年3 ...

证券代码：000983 证券简称：山西焦煤 公告编号：2025-012 山西焦煤能源集团股份有限公司 2025 年第一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.本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、会议通知情况：公司董事会于 2025 年 2 月 20 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 年第一次临时股东大会 的通知》（详见公告 2025-010）。 2、召开时间： （1）现场会议时间：2025 年 3 月 11 日（星期二）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 3 月 11 日 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 3 月 11 日上午 9:15 至 2025 年 3 ...

关于 山西焦煤能源集团股份有限公司 所属华晋焦煤有限责任公司沙曲一号煤矿 复产的 临时受托管理事务报告 债券简称：22 焦能 01 债券代码：149765.SZ 债券受托管理人 2025 年 3 月 山西焦煤能源集团股份有限公司所属华晋焦煤有限责任公司（以下简称"华 晋焦煤"）沙曲一号煤矿因安全事故停产（详见公司2025-004号公告）。停产期 间，发行人认真做好煤矿停产整顿工作，对所查问题和隐患进行了整改，吕梁市 应急管理局和吕梁市地方煤矿安全监督管理局组织复产验收组进行了验收。近日， 发行人收到吕梁市应急管理局、吕梁市地方煤矿安全监督管理局《关于对华晋焦 煤有限责任公司沙曲一号煤矿恢复生产的通知》（吕应急发〔2025〕20号），同 意沙曲一号煤矿恢复生产。沙曲一号煤矿按照要求从2月15日起恢复生产。 二、 影响分析和应对措施 根据发行人披露的《山西焦煤能源集团股份有限公司关于所属华晋焦煤有限 责任公司沙曲一号煤矿复产的公告》（公告编号：2025-007），发行人关于上述 重大事项对其产生的影响说明如下： 华晋焦煤是发行人持股51%的子公司，所属沙曲一号煤矿年核定产能450万 吨，占发行人核定总产能的9.2 ...

本公司及监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。 近日，山西焦煤能源集团股份有限公司（以下简称"公司"）监 事会收到钟晓强先生递交的书面辞职报告，因工作变动原因，钟晓强 先生申请辞去公司监事职务。钟晓强先生辞去上述职务后，不在公司 及公司的子公司担任任何职务。截止本公告披露日，钟晓强先生未持 有公司股票。 证券代码：000983 证券简称：山西焦煤 公告编号：2025-011 关于公司监事辞职的公告 钟晓强先生在担任公司监事职务期间恪尽职守，勤勉尽责，公司 监事会对钟晓强先生在任职期间为公司健康、稳定、高质量发展所作 出的贡献表示衷心的感谢! 特此公告 山西焦煤能源集团股份有限公司监事会 2025 年 3 月 5 日 根据中华人民共和国《公司法》《证券法》等法律及《公司章程》 等有关规定，钟晓强先生的辞职未导致公司监事会成员低于法定最低 人数，该辞职报告自送达公司监事会之日起生效。钟晓强先生的辞职 不会影响公司的正常生产经营。 ...

Summary of Shanxi Coking Coal Conference Call Company Overview - The conference call discusses **Shanxi Coking Coal**, a major player in the coal industry, focusing on its performance and outlook for 2024 and 2025. Key Points 2024 Performance - **Overall Performance Decline**: In 2024, Shanxi Coking Coal's overall performance is expected to decline by **50% to 57%** year-on-year due to poor sales in the first half and a continuous drop in coal prices throughout the year [3][4][5]. - **Sales Impact**: Sales from January to May showed a significant decline, affecting overall performance [3][4]. - **Production Challenges**: The company faced production challenges due to safety regulations and incidents, impacting coal output [4][5]. - **Sector Performance**: Besides coal, the performance in electricity and construction materials was also disappointing, although there was some recovery in electricity and coking businesses [3][4]. 2025 Outlook - **Sales Recovery**: It is anticipated that sales will recover to 2023 levels in 2025, although market pressures remain significant [4][5]. - **Coal Price Stability**: After fluctuations, coal prices are expected to stabilize at previous levels, but the demand from the steel sector may lead to volatility [4][6]. - **Contractual Agreements**: Long-term contracts for thermal coal remain unchanged, but there is a slight decline in customer commitment for coking coal [9][10]. - **Profitability Predictions**: Predictions for profitability in 2025 are considered premature, with cautious optimism regarding future demand [10][11]. Financial and Operational Insights - **Cost Management**: The increase in resource tax and declining sales have raised the cost per ton of coal, but overall expenses are stable [13][14]. - **Focus on Core Business**: The company has closed unprofitable enterprises to concentrate on its core coking coal business, with coking revenue increasing due to reduced coal income [11][12]. - **Safety and Production Capacity**: The company faces significant safety pressures, with geological conditions limiting stable production capacity [15]. Strategic Initiatives - **Investment in Resources**: The company is pursuing new resource investments and asset acquisitions to address competitive challenges [16]. - **Carbon Emission Rights Auction**: A significant investment of over **250 billion** in carbon emission rights is viewed as a strategic long-term move, despite its immediate financial impact [17][18]. - **Dividend Plans**: Discussions on dividends for 2025 are premature, but the company aims to maintain a flexible approach to cash dividends based on market conditions [19]. Market Dynamics - **Electricity Pricing**: The electricity price in Shanxi is currently around **0.32 CNY/kWh**, reflecting a decrease from the previous year [22]. - **Cement Industry**: The cement sector's demand is influenced by downstream spending, with potential for synergy through the sale of by-products from power generation [23]. Contractual and Pricing Issues - **Long-term Contract Adjustments**: There were instances of long-term contract disruptions in 2024 due to price drops, with expectations for clearer pricing trends by March 2025 [24][25]. - **Sales Strategy**: The company continues to sell within the provincial price range, maintaining good relationships with downstream customers [26]. Industry Trends - **Coking Coal Recovery Rates**: The increase in washing rates for coking coal is attributed to advancements in green production technology, although overall trends show a gradual decline in recovery rates due to deeper mining [27]. - **Profitability of Mines**: The most profitable mines are characterized by low costs and high output, with specific mines like Jin Xin Nong showing strong profitability [28]. This summary encapsulates the critical insights from the conference call regarding Shanxi Coking Coal's performance, challenges, and strategic outlook for the coming years.