Investment Rating - The report recommends a "Buy" rating for several companies in the coal mining sector, including China Shenhua, Yanzhou Coal, and Shaanxi Coal [3][7]. Core Insights - The ongoing conflict in the Middle East has disrupted India's LNG supply, leading to increased reliance on coal for power generation, which supports global coal prices [2][3]. - The report highlights that the coal market sentiment is improving due to rising demand for coal in various regions, driven by the high prices of LNG [2][3]. Summary by Sections Energy Price Overview - As of March 27, 2026, Brent crude oil futures settled at $112.57 per barrel, a slight increase of $0.38 (+0.34%) from the previous week. WTI crude oil futures rose to $99.64 per barrel, up $1.41 (+1.44%) [1]. - Northeast Asia's LNG spot price was $19.81 per million British thermal units, down $1.73 (-8.05%) from the previous week [1]. - Coal prices showed mixed trends, with European ARA coal at $123.25 per ton, down $5.75 (-4.46%), while Newcastle coal rose to $135.60 per ton, up $0.25 (+0.18%) [1]. Market Dynamics - The conflict in the Middle East has led to a significant drop in India's gas-fired power generation, forcing the country to rely more heavily on coal, which now accounts for over 70% of its total power generation [2][3]. - The report notes that LNG prices have surged, reinforcing coal's position as a balancing fuel in India's power system, which is expected to see peak electricity demand reach 270 GW this summer [2][3]. Key Investment Targets - The report emphasizes several key stocks for investment, including: - China Shenhua (Buy) - Yanzhou Coal (Buy) - Shaanxi Coal (Buy) - China Qinfa (Buy) - Other notable mentions include Peabody, Jin Coal, and Lu'an Environmental Energy [3][7]. Price Trends - The report provides detailed coal price trends, indicating that Newcastle coal prices increased by $0.25 to $135.60 per ton, while South African Richards Bay coal futures decreased by $1.00 to $109.90 per ton [33]. - The European ARA coal price decreased by $5.75 to $123.25 per ton, reflecting the volatility in the coal market [33].

Investment Rating - The report maintains a "Buy" rating for key coal companies such as China Shenhua, Shaanxi Coal and Energy, and Yancoal Australia, while recommending "Hold" for Pingmei Shenma Energy [8]. Core Insights - The coal market is experiencing a seasonal price increase, with domestic thermal coal prices rising by 25 CNY/ton and coking coal prices by 120 CNY/ton, driven by geopolitical tensions and increased demand from the coal chemical sector [1][5]. - The report emphasizes the potential for coal prices to reach the 1000 CNY/ton mark as supply constraints and high demand continue to support price increases [1][5]. - The ongoing geopolitical conflicts, particularly the US-Iran tensions, are expected to further elevate energy prices and reshape global trade dynamics, benefiting domestic coal producers [2][9]. Industry Trends - **Thermal Coal**: The demand for chemical coal is improving, and daily consumption is increasing year-on-year, leading to further price increases. As of March 27, 2026, the price of thermal coal at northern ports reached 762 CNY/ton, up 25 CNY/ton from the previous week [29][35]. - **Coking Coal**: Coking coal prices are also on the rise due to low inventory levels at production sites and increased purchasing activity from downstream industries. The price of low-sulfur coking coal reached 1570 CNY/ton, reflecting a 120 CNY/ton increase week-on-week [36][39]. - **Market Dynamics**: The report notes that while prices are increasing, there is a growing fear of high prices among traders, which may lead to reduced trading activity at northern ports. However, the overall demand from coal chemical sectors and some recovery in steel production is providing support for prices [13][32]. Key Companies to Watch - The report highlights several companies positioned to benefit from the current market conditions, including: - China Shenhua [8] - Shaanxi Coal and Energy [8] - Yancoal Australia [9] - Pingmei Shenma Energy [8] - Other notable mentions include Keda Control and China Qinfa [9].

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Views - The current phase is seen as the beginning of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [11][12] - The coal market is expected to maintain a strong oscillating trend in the short term, despite rising inventories at northern ports, due to a decrease in overall chain inventory and upcoming maintenance on the Daqin line [11][12] - The underlying investment logic of coal capacity shortages remains unchanged, with a balanced short-term supply and demand, and a long-term gap still present [11][12] - The coal price is expected to stabilize at a new higher level, with high-quality coal companies maintaining strong profitability, cash flow, return on equity, and dividends [11][12] Summary by Sections 1. Coal Price Tracking - As of March 28, the market price for Qinhuangdao port thermal coal (Q5500) is 758 RMB/ton, an increase of 27 RMB/ton week-on-week [3][28] - The price for coking coal at Jingtang port is 1720 RMB/ton, up 120 RMB/ton week-on-week [3][30] - International thermal coal prices show mixed trends, with Newcastle coal at 85.1 USD/ton, down 1.2 USD/ton week-on-week [3][28] 2. Supply and Demand Tracking - The capacity utilization rate for thermal coal mines is 92.9%, an increase of 1.8 percentage points week-on-week [3][46] - The daily coal consumption in inland provinces increased by 22.6 thousand tons/day, a rise of 7.47% week-on-week, while coastal provinces saw a decrease of 18.7 thousand tons/day, down 8.8% week-on-week [3][47] - The operating rate of steel blast furnaces is 81.03%, up 1.25 percentage points week-on-week [3][11] 3. Inventory Situation - Coal inventory in inland provinces decreased by 1.557 million tons week-on-week, a decline of 2.04% [3][47] - Coastal provinces' coal inventory fell by 434 thousand tons week-on-week, down 1.28% [3][47] 4. Key Companies to Watch - Focus on stable operators such as China Shenhua, Shaanxi Coal and Energy, and China Coal Energy [12] - Companies with significant performance elasticity include Yancoal Energy, China Power Investment, and Jinneng Holding [12]

证券研究报告|行业深度 gszqdatemark 2026 03 29 年 月 日 作者 煤炭开采 趋势已明，空间大开——25 年全球煤炭市场复盘及展望 根据中国煤炭经济研究会数据，2025 年全球煤炭产量预计略有增加。 2025 年全球海运煤炭贸易量同比下降约 5.1%。据 IEA 预计，2025 年 国际海运煤贸易量累计为 14.68 亿吨，同比下降 5.1%。 2025 年全球煤炭需求增长约 0.45%。根据 IEA 数据，预计 2025 年全年 煤炭需求将达到 88.45 亿吨，增长 0.45%，到 2030 年，全球煤炭需求将 延续平台态势，期末小幅回落至 2023 年水平，区域分化进一步加剧。 印度尼西亚： 俄罗斯： ➢ 2025 年俄罗斯煤炭产量累计为 4.29 亿吨，同比微降 0.2%，CAGR2013- 2025=1.6% 增持（维持） 行业走势 -10% 0% 10% 20% 30% 40% 2025-03 2025-07 2025-11 2026-03 煤炭开采 沪深300 分析师 张津铭 执业证书编号：S0680520070001 邮箱：zhangjinming@gszq.com 分析 ...

Group 1: Metal Sector Insights - Major profit forecasts for Zijin Mining show a net profit of CNY 823.16 million in 2026, with a PE ratio of 10.31[10] - China Hongqiao is expected to achieve a net profit of CNY 324.61 million in 2026, with a PE ratio of 9.37[10] - Dazhong Mining's projected net profit for 2026 is CNY 17.07 million, with a significantly high PE ratio of 38.50[10] Group 2: Lithium Industry Outlook - The lithium industry is expected to see a supply-demand turning point between 2026 and 2027, driven by a decline in supply growth and increased demand from energy storage[15] - Domestic lithium demand is projected to reach 131.10 million tons LCE by 2030, reflecting a year-on-year growth of 23%[15] - The total lithium industry demand is forecasted to be 412.99 million tons LCE by 2030, with a compound annual growth rate of 18%[15] Group 3: Transportation Sector Analysis - The oil transportation sector is anticipated to experience a "spring effect" due to inventory replenishment needs, requiring an additional 57 VLCCs over the next year[41] - The effective supply of VLCCs is projected to be 54 by 2027, which may lead to increased prices once the Strait of Hormuz is navigable again[41] Group 4: Chemical and Power Sector Projections - Wanhua Chemical is expected to generate a net profit of CNY 186.92 million in 2026, with a PE ratio of 13.40[10] - Longyuan Power's projected net profit for 2026 is CNY 61.52 million, with a PE ratio of 18.68[10]

煤炭 2026 年 03 月 29 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2025-03 2025-07 2025-11 煤炭 沪深300 相关研究报告 《煤炭开启新一轮上行，焦煤板块低 位攻守兼备—行业周报》-2026.3.22 《中东局势催化油价，煤化工将持续 受益—行业周报》-2026.3.15 《中东局势短期难以结束，煤价有望 持续催化—行业点评报告》-2026.3.9 日耗保持高位，煤炭价格可期 本周要闻回顾：日耗保持高位，煤炭价格可期 动力煤方面：动力煤价格小涨，截至 3 月 27 日，秦港 Q5500 动力煤平仓价为 761 元/吨，环比上涨 26 元/吨，前期已经完成了我们估算的第四目标价格区间，即 800-860 元区间。目前煤价已经恢复至我们预期的煤电盈利均分线 750 元附近， 并保持窄幅波动。我们认为节后主产区动力煤价格出现小幅上涨，站台及煤场拉 运积极性有所提升，终端补库需求较前期增加，叠加大集团外购价格上涨，市场 情绪改善，坑口价格持续小幅上调。中长期来看，中东局势扰动成为最大的变量， 若战事持续紧张，将催化石油价格 ...

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is experiencing a price increase, with northern port coal prices reaching a new high of 761 RMB/ton as of March 27, 2026, reflecting a week-on-week increase of 26 RMB/ton [4][14] - The supply side shows a slight increase in domestic production, while the demand side remains robust, particularly in non-electric sectors such as metallurgy and chemicals, influenced by geopolitical tensions in the Middle East [14][39] - The report emphasizes the long-term upward trend in coal prices driven by factors such as rising labor costs, increased safety and environmental investments, and higher taxation by local governments [7] Summary by Sections 1. Thermal Coal - As of March 27, 2026, northern port thermal coal prices are at 761 RMB/ton, up 26 RMB/ton week-on-week [14][15] - Production capacity utilization in the Sanxi region increased by 2.04 percentage points week-on-week, primarily due to the resumption of previously halted mines [14][23] - Daily consumption by six major power plants increased by 73,000 tons week-on-week, indicating strong demand despite the traditional off-season [14][24] - The inventory at six major power plants decreased by 391,000 tons to 12.75 million tons, reflecting a significant reduction compared to the same period last year [14][33] 2. Coking Coal - The utilization rate of sample coking coal mines decreased by 1.16 percentage points to 86.0%, mainly due to production constraints in some mines [39][40] - The average price of main coking coal at the port increased to 1,750 RMB/ton, up 130 RMB/ton week-on-week [41] - Downstream demand remains strong, with iron and steel production increasing by 29,500 tons week-on-week [39][62] 3. Coke - The report notes that major coking enterprises have initiated the first round of price increases, with a rise of 50-55 RMB/ton set to take effect on April 1, 2026 [62] - The production rate of independent coking plants increased to 73.72%, reflecting a positive trend in production efficiency [68] - The average profit per ton of coke decreased to 21 RMB/ton, down 17 RMB/ton week-on-week, indicating pressure on profitability [65] 4. Anthracite - The price of anthracite coal has risen, with the market experiencing a tightening of supply due to production conditions [82] - The price of small block anthracite from Yangquan reached 930 RMB/ton, up 30 RMB/ton week-on-week [82] 5. Key Companies and Profit Forecasts - The report highlights several key companies in the coal mining sector, including China Shenhua, Shaanxi Coal, and Yanzhou Coal, recommending a focus on their value attributes [7][9]

[Table_Page] 投资策略周报|煤炭开采 证券研究报告 [Table_Title] 煤炭行业周报（2026 年第 12 期） 地缘冲突延续，煤炭价格进一步上涨 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-03-29 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]沈涛 SAC 执证号：S0260523030001 SFC CE No. AUS961 010-59136686 shentao@gf.com.cn 分析师： 安鹏 SAC 执证号：S0260512030008 SFC CE No. BNW176 021-38003693 anpeng@gf.com.cn 分析师： 宋炜 SAC 执证号：S0260518050002 SFC CE No. BMV636 021-38003691 songwei@gf.com.cn -10% 0% 10% 20% 30% 40% 03/25 06/25 08/25 11/25 01/ ...

北京市中咨律师事务所 关于内蒙古电投能源股份有限公司 2026 年第二次临时股东会 的法律意见书 北京市西城区平安里西大街 26 号 新时代大厦 5-8 层 邮编：100034 电话：+86-10-66091188 传真：+86-10-66091616 网址：http://www.zhongzi.com.cn/ $$\exists{\mathrm{O}}\exists{\mathrm{A}}\exists{\mathrm{B}}$$ 法律意见书 北京市中咨律师事务所 关于内蒙古电投能源股份有限公司 2026 年第二次临时股东会的法律意见书 致:内蒙古电投能源股份有限公司 北京市中咨律师事务所（以下简称"本所"）接受内蒙古电投能源股份有限 公司（以下简称"公司"）的委托，指派本所律师王淼律师、袁华律师出席公司 2026 年第二次临时股东会（以下简称"本次股东会"）并对本次股东会的有关 事项依法进行见证。 本所依据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民 共和国证券法》（以下简称"《证券法》"）《上市公司股东会规则》《深圳证 券交易所上市公司股东会网络投票实施细则》（以下简称"《网络投票实施细 ...

证券代码：002128 证券简称：电投能源 公告编号：2026016 内蒙古电投能源股份有限公司 2026年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1.本次股东会无否决议案的情形。 2.本次股东会不涉及变更以往股东会已通过的决议。 5.主持人:董事胡春艳（经半数以上董事推荐） 6.出席情况： 1 通过现场和网络投票的股东 162 人，代表股份 1,353,451,149 股， 占公司有表决权股份总数的 60.3795%。 一、会议召开和出席情况 1.召开时间 现场会议召开时间：2026 年 03 月 23 日 14:30 网络投票时间：通过深圳证券交易所系统进行网络投票的具体时 间为 2026 年 03 月 23 日 9:15-9:25，9:30-11:30，13:00-15:00；通 过深圳证券交易所互联网投票系统投票的具体时间为 2026 年 03 月 23 日 9:15 至 15:00 的任意时间。 2.地点:内蒙古自治区通辽市经济技术开发区清沟大街 1 号内蒙古电 投能源股份有限公司办公楼。 3.会议召开方 ...