Core Viewpoint - The article highlights the implementation of a "five-level" grid management system by Yixing Coal Industry, which enhances the connection between party members and employees, leading to improved operational efficiency and employee satisfaction [2][11]. Group 1: Party Organization and Employee Engagement - Yixing Coal Industry has established a comprehensive grid management system with 260 party members serving over 1,000 employees, enhancing the effectiveness of party leadership and employee services [2][5]. - The "five-level" response mechanism was activated to address employee needs, resulting in the upgrade of labor protection supplies within a week [3][5]. - The party organization actively engages with employees to understand their concerns, leading to a 75% conversion rate of collected suggestions into actionable measures [5][11]. Group 2: Operational Efficiency and Cost Management - The company has implemented over 40 cost-saving measures, resulting in a reduction of operational costs by more than 4 million yuan in the first quarter [5]. - Inventory turnover efficiency improved by 132% due to the reduction of material review cycles from monthly to bi-weekly, with an expected annual inventory decrease of 9% [5]. - Equipment management has been optimized, leading to an 8.9% increase in equipment uptime and a 12.3% reduction in maintenance costs [6]. Group 3: Safety and Innovation - The establishment of safety responsibility zones and demonstration posts by party members has led to a 45% decrease in safety violations in the first quarter [6][8]. - Innovations such as the development of a pneumatic brake device have improved transportation efficiency by 15% and resulted in a national patent [8]. - The integration of party activities with operational tasks has fostered a culture of safety and efficiency among employees [8][12]. Group 4: Community and Employee Welfare - The party organization has facilitated job opportunities for employees' children, demonstrating a commitment to community welfare [9]. - Upgrades to tools and equipment have significantly reduced work time and improved safety for employees [9]. - The initiative has fostered a sense of pride and responsibility among younger employees, encouraging them to take proactive steps in their work [9].

Investment Rating - The report gives a cautious recommendation for the company [1] Core Views - Shanxi Coking Coal is one of the most influential coking coal producers in China, backed by the Shanxi Coking Coal Group, which is controlled by the Shanxi Provincial State-owned Assets Supervision and Administration Commission. The company is focusing on resource integration and eliminating outdated production capacity to strengthen its leading position in the coking coal industry [3][11] - The company is actively expanding its business in electricity and coke, forming a diversified industrial structure that includes coal, electricity, coke, chemicals, and materials. Despite a decline in sales volume due to market conditions, the company maintains a stable cash flow from its electricity and heat products [4][25] Company Overview - Shanxi Coking Coal has a total market capitalization of 369.01 billion yuan and a circulating market capitalization of 306.1 billion yuan. The company has a total share capital of 5.677 billion shares, with a 52-week stock price range of 5.97 to 11.43 yuan [3][4] - The company has 17 mines with a coal resource reserve of 6.53 billion tons, with 16 mines currently in production and one under construction [23][24] Business Operations - The company reported a revenue of 452.90 billion yuan in 2024, a decrease of 18.43% year-on-year, and a net profit of 31.08 billion yuan, down 54.10% year-on-year. The decline is attributed to a reversal in the coal market supply-demand dynamics, leading to a significant drop in coal prices [37][45] - The gross profit margin for 2024 was 31.38%, which, while lower than previous years, remains competitive compared to peers in the industry [4][39] Future Outlook - The supply of coking coal is expected to continue to decline, with domestic production decreasing and imports remaining stable. The demand side is currently weak, but government efforts to stabilize the real estate market may lead to a recovery in demand [5][64] - Revenue forecasts for 2025-2027 are projected at 424.52 billion yuan, 432.59 billion yuan, and 449.42 billion yuan, respectively, with corresponding EPS of 0.46, 0.58, and 0.64 yuan per share [5]

仲夏时节，山西焦煤霍州煤电（以下简称"霍州煤电"）百里矿区漫溢着生态律动—— 霍州煤电将生态环保融入基层治理的"神经末梢"，《生态环境保护规划》《碳达峰行动方案》等纲领性文件相继出台，5项基础制度、 15项专项制度构成的"5+15"环保制度矩阵全面落地，各项具体任务压实到岗，构建起"集团统筹—矿厂主责—班组落实"三级责任体系。 "清库存、补短板、抓专项、控舆情、强应急"五大防线环环相扣；全流程环境考核标准细化到每个监测数据，督导流程规范如精密钟 表……亮点纷呈的监管机制，亦推动治理效能节节攀升。 李雅庄矿的矸石山在阳光中舒展新绿，顶部蔬菜种植区的甘蓝苗破土而出，刷白养护的杨树沿坡列阵，西南侧截排水渠修缮有序，雨 季前将筑起坚固的防洪屏障；吕临能化庞庞塔矿的矿井水处理站里，监测点位组成的"数字化监管网络"闪烁蓝光，中控系统实时记录着浊 水变清流的蜕变；辛置矿等多家单位的矿区上空，无人机搭载热成像设备低空巡航，精准捕捉矸石山隐蔽热源…… 锚定山西焦煤"全力打造国际炼焦煤市场领军级企业"的战略目标，今年以来，根据山西焦煤"10436"生态环保工作路径，明确了霍州煤 电"11336"生态环保工作思路，以系统思维重塑发 ...

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is experiencing a tightening supply in safety production month, with daily consumption increasing week-on-week and port inventories decreasing [2][5] - The report highlights the potential for a rebound in thermal coal prices as the summer peak season approaches, supported by low inventory levels at power plants [5][16] - The overall coal market fundamentals have improved significantly compared to previous periods, with expectations for price stabilization and recovery [5][16] Summary by Sections Thermal Coal - Port inventories continue to decrease, with a week-on-week drop of 125.3 thousand tons, indicating a tightening supply [30] - Daily consumption at coastal and inland power plants has increased, with a week-on-week rise of 2.0 and 24.9 thousand tons respectively [25][31] - The average price of thermal coal at Qinhuangdao port has decreased by 2 yuan/ton week-on-week, now at 609 yuan/ton [17] Coking Coal - Supply of coking coal has contracted, with a week-on-week decrease in production capacity utilization by 0.87 percentage points [41] - The average customs clearance volume of Mongolian coal has decreased by 234 trucks week-on-week [45] - Coking coal prices at major ports have decreased, with the price at Jing Tang port dropping by 30 yuan/ton to 1270 yuan/ton [42] Coke - The implementation of the third round of price reductions has led to a decrease in the operating rate of coke enterprises, down 0.15 percentage points to 76.04% [53] - Coke prices have decreased by 70 yuan/ton week-on-week, now at 1280 yuan/ton [53] - The average profit per ton of coke has improved by 20 yuan/ton week-on-week, now at -19 yuan/ton [57] Investment Opportunities - The report suggests focusing on companies with strong cash flow and high profitability, such as China Shenhua, Shaanxi Coal, and China Coal Energy [78] - It emphasizes the value attributes of the coal sector, particularly in the context of recent government support and market stability [77][78]

Group 1 - The coal sector experienced initial fluctuations but moved higher, with Dayou Energy (600403) hitting the daily limit up [1] - Shanxi Coking Coal (000983), Zhengzhou Coal Electricity (600121), Jinkong Coal Industry (601001), and Shaanxi Black Cat (601015) all saw increases in their stock prices [1]

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [6]. Core Views - Port coal inventories are declining, and thermal coal prices have stopped falling. As of May 30, the coal inventory at ports in the Bohai Rim was 30.572 million tons, down 4.78% week-on-week but up 18.83% year-on-year. The average closing price for thermal coal at Qinhuangdao port was 611 CNY/ton, remaining stable week-on-week. The approaching summer peak electricity demand is expected to support a rebound in coal prices [1][4]. Summary by Sections Price Trends - The average closing price for thermal coal at Qinhuangdao port was 611 CNY/ton, with a slight decrease of 0.03% week-on-week. The average price for mixed thermal coal at the pit in Yulin, Shaanxi, was 475 CNY/ton, unchanged from the previous week [2]. Inventory Tracking - As of May 30, coal inventories at Qinhuangdao port were 6.75 million tons, down 7.53% week-on-week and up 42.41% year-on-year. The Bohai Rim port coal inventory was 30.572 million tons, down 4.78% week-on-week and up 18.83% year-on-year, indicating a high level for the same period [4][53]. Production and Utilization - The operating rate of 110 sample washing coal plants was 61.6%, down 0.8 percentage points week-on-week and down 7.3 percentage points year-on-year. The capacity utilization rate of 247 blast furnaces was 90.69%, down 0.63 percentage points week-on-week but up 2.52 percentage points year-on-year, with an average daily pig iron output of 2.4185 million tons, down 0.7% week-on-week but up 2.6% year-on-year [3][36]. Investment Recommendations - The report suggests that the seasonal increase in electricity demand during the summer is likely to support a rebound in coal prices. It recommends companies with a high proportion of long-term contracts and stable profitability, such as China Shenhua and China Coal Energy [4][5].

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [10]. Core Insights - The recent environmental inspections by the Ministry of Ecology and Environment in five provinces are expected to influence coal supply and prices, but their impact may not be significant enough to drive price increases alone. However, if these inspections coincide with improved demand, there could be upward pressure on coal prices [2][7]. - The coal index (Yangtze) decreased by 0.27% this week, outperforming the CSI 300 index by 0.82 percentage points, ranking 26th out of 32 industries [6][25]. - As of May 30, the market price for thermal coal at Qinhuangdao was 611 RMB/ton, remaining stable week-on-week. The price for coking coal at Jingtang Port was 1270 RMB/ton, down 30 RMB/ton from the previous week [6][25]. Summary by Sections Environmental Inspections Impact - The Ministry of Ecology and Environment has initiated inspections in Shanxi, Inner Mongolia, Shandong, Shaanxi, and Ningxia, lasting about one month. Historical data suggests that previous inspections did not significantly suppress coal supply, indicating that the current inspections may not independently drive price increases [2][7]. Market Performance - The coal sector's performance this week showed a decline of 0.27%, with thermal coal and coking coal indices experiencing slight variations. The thermal coal index fell by 0.09%, while the coking coal index dropped by 0.85% [25][28]. - The report highlights that the demand for thermal coal is expected to rise as the summer peak approaches, with power plants gradually increasing their inventory needs [6][25]. Price Trends - The report notes that the price of thermal coal is expected to stabilize and potentially rebound due to seasonal demand increases and cost support from production and imports [6][25]. - The average daily coal consumption across 25 provinces was reported at 4.517 million tons, reflecting a decrease of 10.4% week-on-week [41]. Investment Recommendations - The report suggests marginal allocation to leading companies with stable profits, including China Coal Energy, China Shenhua Energy, and Shaanxi Coal and Chemical Industry [8]. - It also identifies companies with growth potential and those with elastic growth characteristics, such as Electric Power Investment Energy and Yanzhou Coal Mining [8].

Core Viewpoint - The article discusses the transformation of Shanxi Province from a coal-dominated economy to a greener model through innovative mining practices and technologies, emphasizing the shift from "black gold" to "green gold" [1][2]. Group 1: Green Mining Innovations - Shanxi coal mining companies are implementing green mining techniques, including backfilling with wash waste and pillarless mining, which are reshaping traditional mining practices [2][3]. - The use of hydraulic supports to backfill 780,000 tons of wash waste has minimized surface subsidence to within 3 millimeters [3]. - The "110 method" of pillarless mining has allowed the extraction of 300,000 tons of coal pillars safely, while real-time monitoring with 5G sensors has facilitated the recovery of an additional 340,000 tons of resources [3]. Group 2: Waste Utilization - Coal gangue, previously seen as an environmental burden, is being transformed into valuable industrial materials, with 2,400 tons processed daily into construction aggregates [4]. - The production of over one million bricks annually from coal gangue at the Guandi Mine has significantly reduced the volume of waste, with each brick consuming 10 kilograms of gangue [4]. - Investments of 1.12 billion yuan have been made to rehabilitate ten gangue hills, resulting in the establishment of six ecological parks [4]. Group 3: Water Treatment Innovations - The introduction of intelligent water treatment systems has optimized chemical dosing, saving over one million yuan annually in reagent costs [5]. - The upgraded wastewater treatment facilities can process 1,700 cubic meters of mine water per hour, with a new ceramic membrane system achieving a 98% removal rate of suspended solids [5]. - The implementation of a smart water management platform allows real-time monitoring of wastewater treatment metrics across 42 facilities, leading to a reduction of over 55 tons in COD emissions and a total annual treatment capacity of 22.5 million tons [7].

Group 1 - The legal opinion letter is issued by Junzhi Law Firm regarding the 2024 Annual General Meeting of Shanxi Coking Coal Energy Group Co., Ltd. scheduled for May 27, 2025 [1][2] - The meeting will be held at the company's headquarters in Taiyuan, and the law firm has been appointed to witness the meeting and provide legal opinions [1][2] - The meeting will combine on-site voting and online voting, with specific time frames for online participation [3][4] Group 2 - The meeting was convened based on a resolution from the company's board of directors, and the notice was disclosed on April 29, 2025 [2][3] - A total of 3,261,265,876 shares, representing 57.4460% of the voting shares, were represented by shareholders and proxies present at the meeting [3][4] - The meeting had no temporary proposals, and all resolutions were as listed in the meeting notice [4][5] Group 3 - The voting procedures and results were verified and found to comply with relevant laws, regulations, and the company's articles of association [5] - The legal opinion concludes that the meeting's convening, attendance, and voting procedures were all valid and in accordance with legal requirements [5]

证券代码：000983 证券简称：山西焦煤 公告编号：2025-028 山西焦煤能源集团股份有限公司 2024 年年度股东大会决议公告 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 4 月 29 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 2024 年年度股东大会的通知》 （详见公告 2025-023）。 2、召开时间： （1）现场会议时间：2025 年 5 月 27 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 5 月 27 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 5 月 27 日上午 9:15 至 2025 年 5 月 27 日 ...