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].

证券研究报告 ·公司深度报告 类型：首次覆盖 评级：谨慎推荐 当前价格：6.50 （2025.6.11） 0.4 0.6 0.8 1 1.2 1.4 山西焦煤 沪深300 历史股价走势图 数据来源：wind 公司基本数据 52周内股价区间：5.97-11.43 总市值（亿元）：369.01 流通市值（亿元）：3061.01 总股本（亿股）：56.77 分析师介绍 大同证券研究中心 分析师：刘永芳 执业证书编号：S0770524100001 E—mail ： liuyongfang@dtsbc.com.cn 地址：山西太原长治路 111 号 山 西世贸中心A座F12、F13 网址:http://www.dtsbc.com.cn 背靠集团根基，崛起焦煤龙头。山西焦煤是我国最具影响力的炼焦煤生 产企业之一，其控股股东为山西焦煤集团，最终由山西省国资委实际控 制。公司在 2023 年关停西山煤气化，转型开展配煤业务，2025 年关停 西山热电发电机组，并先后收购临汾尧都区 13 个煤矿、华晋焦煤 51%股 权等，以及竞得吕梁市兴县区块煤炭及共伴生铝土矿探矿权，通过淘汰 落后产能和整合资源，打造焦煤龙头企业。 聚焦煤炭 ...

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]

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].

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].

北京市东城区 电话（Tel）： 北三环东路 36 52213236/7 号环球贸易中 邮编（P.C）： 心 B 座 11 层 100013 关于山西焦煤能源集团股份有限公司 法律意见书 君致法字 2025165 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 法律意见书 北京市君致律师事务所 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"）2024年年度股东大会（以下 简称"本次股东大会"）于2025年5月27日（星期二）上午10：00在太原市万柏林区新 晋祠路一段1号山西焦煤大厦三层百人会议室召开，北京市君致律师事务所（以下简称 "本所"）接受公司的委托，指派本所周娅辉律师、梁家辉律师出席见证本次股东大 ...

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 ...

关 于 山 西 焦 煤 能 源 集 团 股 份 有 限 公 司 2024 年 年 度 股 东 大 会 之 法 律 意 见 书 君致法字 2025165 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 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 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 2024年年度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"）2024年年度股东大会（以下 简称"本次股东大会"）于2025年5月27日（星期二）上午1 ...

Core Viewpoint - Shanxi Coking Coal Huajin Coking Coal is leveraging the 100th anniversary of the All-China Federation of Trade Unions to deepen the reform of the industrial worker team, focusing on political assurance, institutional implementation, quality improvement, and rights protection, leading to significant achievements in safety production, technological innovation, and improving livelihoods [1]. Group 1: Reform Initiatives - The company has established six special working groups and detailed 38 key tasks to ensure 100% coverage of the reform work across all systems and units [5]. - A comprehensive theoretical learning system called "Three Halls Joint Learning" has been developed to enhance the political literacy and theoretical level of industrial workers, with 397 sessions organized, covering 11,862 participants [5][6]. - The company emphasizes the integration of party leadership throughout the reform process, holding regular meetings to review and deploy reform initiatives [5]. Group 2: Achievements and Recognition - The research project on strengthening party leadership in grassroots governance won the first prize in national ideological and political research in the coal industry [6]. - Several teams and individuals have received provincial awards, including the "Shanxi Province Worker Pioneer" and "Shanxi Province May Day Labor Medal" [7]. Group 3: Employee Engagement and Development - At the 2025 employee representative conference, 153 frontline worker representatives actively participated in discussions, reflecting increased engagement and influence of workers in corporate strategy [11]. - The company has implemented a "talent empowerment" strategy, resulting in 892 technical personnel achieving senior engineer qualifications, enhancing career development opportunities [11]. - The establishment of standardized teams has been prioritized, integrating various aspects of management to boost team vitality and reform momentum [12]. Group 4: Welfare and Support Initiatives - The company has launched over 200 welfare initiatives, including upgrades to living conditions and health services, to enhance the quality of life for workers [21]. - A health support system has been established, providing convenient medical services and health monitoring for workers [21]. - A targeted assistance program for underprivileged workers has been initiated, providing financial support and educational aid to those in need [22]. Group 5: Future Directions - The company aims to continue focusing on reform tasks, mobilizing over 10,000 industrial workers to contribute to high-quality development and showcase the value of modern coal industry workers in China's modernization efforts [23].

Core Viewpoint - Taiyuan City is focusing on industrial transformation and the cultivation of strategic emerging industries, enhancing innovation and establishing a green manufacturing system to drive high-quality economic development [1][31]. Group 1: Macroeconomic Analysis - Taiyuan's GDP for 2024 is projected to be CNY 541.887 billion, with a growth rate of 1.2%. The primary, secondary, and tertiary industries contribute CNY 4.785 billion, CNY 166.671 billion, and CNY 370.431 billion respectively, with the tertiary sector growing by 1.6% [2][4]. - The proportion of strategic emerging industries in Taiyuan's industrial output is increasing, with a 2024 forecast showing a 37.3% contribution to the total industrial output, up 1.4 percentage points from the previous year [4]. Group 2: Investment Trends - Fixed asset investment in Taiyuan is expected to grow by 0.5% in 2024, with 136 ongoing projects valued over CNY 1 billion, representing 35.9% of total investment [6]. - Industrial investment is projected to account for 27.7% of total investment, with a significant increase of 24.7% year-on-year [6]. Group 3: Industrial Structure - Taiyuan is constructing a modern industrial system centered around the "1233" key industrial chain system, which includes nine major industrial chains contributing approximately 70% of the city's industrial output [10][31]. - The "1233" system focuses on high-end metal materials, advanced carbon-based materials, and advanced biological materials, among others, with 118 key enterprises involved [10][31]. Group 4: Innovation and R&D - In 2023, Taiyuan's R&D expenditure reached CNY 12.79 billion, ranking first in Shanxi Province, indicating a strong focus on innovation [8]. - The city is implementing four major projects to enhance innovation capabilities, including optimizing the innovation ecosystem and promoting the transformation of innovative results [8]. Group 5: Key Industries - The high-end metal materials industry is a pillar of Taiyuan's economy, with significant products including special steel and new magnesium alloys, generating CNY 118.3 billion in revenue in 2023 [19][20]. - The carbon-based materials industry is leveraging local coal resources and advanced research capabilities, with a focus on both traditional and cutting-edge carbon materials [25][27]. - The advanced biological materials and biopharmaceutical industry is developing rapidly, focusing on bio-based new materials and recombinant human collagen protein [29]. Group 6: Policy Framework - Taiyuan has introduced several policies to support high-quality development, including plans for digital transformation and the establishment of advanced manufacturing bases [16][18]. - The city aims to achieve significant results in industrial high-quality development by 2025, enhancing its competitive advantages [16].