Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [4] Core Views - The coal market is expected to perform well post-holiday, driven by domestic price increases as demand shifts towards domestic coal procurement due to rising overseas prices [1][7] - The focus for the coal market this year is on overseas developments rather than domestic factors, with potential "black swan" events in the overseas market, particularly related to U.S. demand and Indonesian production cuts, being crucial for price movements [2] - The report emphasizes the importance of Indonesian coal supply and its impact on global coal prices, suggesting that significant production cuts could lead to a tight global coal market and higher prices [2] Summary by Sections Market Review - The CITIC Coal Index reached 3940.86 points, up 1.86%, outperforming the CSI 300 Index by 1.5 percentage points during the week of February 9 to February 13, 2026 [77] - Domestic coal production was largely halted during the holiday, but overseas coal prices continued to rise, leading to an expectation of increased domestic prices as demand shifts [1][7] Key Areas of Analysis - **Thermal Coal**: Supply constraints have led to stable price increases before the holiday, with port inventories declining and daily consumption at power plants decreasing [11][27][30] - **Coking Coal**: Prices remained stable as downstream inventory replenishment ended, with a focus on the impact of Mongolian coal imports [35][42] - **Coke**: The market is expected to remain stable post-holiday, with attention on downstream demand recovery [53][75] Key Companies - The report highlights several companies as key investment targets, including: - China Shenhua (601088.SH) with a "Buy" rating and projected EPS growth [9] - Shaanxi Coal and Chemical Industry (601225.SH) also rated "Buy" [9] - New Energy (601918.SH) and Jinneng Holding (601001.SH) with "Buy" ratings [9] - Companies with overseas operations such as China Qinfa (Indonesia), Power Development (South Africa), and Yancoal Australia are noted for their potential benefits from overseas market dynamics [10]

每经AI快讯，2月24日，火电指数盘中强势上涨3%，成分股表现活跃。其中，豫能控股涨停，晋控电力 上涨7.69%，电投绿能上涨7.02%，新能泰山上涨5.99%，东方电气上涨5.84%。 （文章来源：每日经济新闻） ...

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Views - The report indicates that the coal industry is at the beginning of a new upward cycle, with a favorable combination of fundamentals and policies, making it a good time to invest in the coal sector [11][12] - The report highlights a significant increase in coal prices, with Qinhuangdao port's Q5500 coal price reaching 717 CNY/ton, up 24 CNY/ton week-on-week, driven by optimistic market expectations post-holiday and reduced supply from major coal-producing regions [11][30] - The report emphasizes the ongoing supply-demand balance in the short term, with a medium to long-term supply gap expected to persist, reinforcing the investment logic in coal assets [11][12] Summary by Sections 1. Coal Price Tracking - As of February 13, the market price for Qinhuangdao port's Q5500 coal is 717 CNY/ton, reflecting a week-on-week increase of 3.5% [6][30] - International coal prices have also risen, with Newcastle's FOB price for Q5500 coal at 81.5 USD/ton, up 6.5% week-on-week [6][30] 2. Coal Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 84.4%, down 3.1 percentage points week-on-week, while the utilization rate for coking coal mines is 81.39%, down 5.3 percentage points [11][49] - Daily coal consumption in inland provinces decreased by 10% week-on-week, while coastal provinces saw an 18.8% decline [11][50] 3. Coal Inventory Situation - Coal inventory in inland provinces increased by 1.854 million tons week-on-week, while coastal provinces saw a smaller increase of 0.235 million tons [50] 4. Investment Recommendations - The report suggests focusing on stable and high-performing companies such as China Shenhua, Shaanxi Coal, and others, while also considering companies with high elasticity like Yanzhou Coal and others [12]

每经AI快讯，有投资者在投资者互动平台提问：2026年1月，公司下属煤矿获得核定产能新增200万 吨，未见到有公告。请问该核定，对公司有什么影响？ 电投能源（002128.SZ）2月11日在投资者互动平台表示，公司现有煤炭产能4800万吨/年，具体情况请 参见公司披露的2024年年度报告。 （记者 王晓波） ...

Meeting Overview - The first temporary shareholders' meeting of Inner Mongolia Electric Power Investment Energy Co., Ltd. was held on February 9, 2026, with a total of 246 shareholders present, representing 1,429,837,138 shares, which is 63.7872% of the total voting shares [3][4]. Voting Method and Attendance - The meeting utilized a combination of on-site voting and online voting, with the on-site meeting held at the company's office in Tongliao City, Inner Mongolia [3][4]. - The attendance included 4 shareholders voting on-site, representing 1,258,759,983 shares (56.1552%), and 242 shareholders voting online, representing 171,077,155 shares (7.6320%) [4]. Proposal Review and Voting Results - Proposal 1: The expected situation of daily related transactions for 2026 was approved with 136,087,711 shares in favor, accounting for 99.9527% of the valid votes [6][7]. - Proposal 2: The mid-term profit distribution plan was approved with 1,429,764,638 shares in favor, accounting for 99.9949% of the valid votes [9][10]. Legal Opinion - The legal opinion provided by Beijing Zhongzi Law Firm confirmed that the meeting's procedures, qualifications of attendees, voting procedures, and results complied with relevant laws and regulations, making the voting results valid [12].

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 年第一次临时股东会 的法律意见书 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 年第一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 年第一次临时股东会（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"《网络投票实施细则》"） 《律师事务所从事证券法律业务管理办法》（以下简称"《证券法律业务管理办 法》"）《律师事务所证券法律业务执业规则（试行）》等法律、法规和规范性 文件及《内蒙古电投能源股份有限公司章程》（以下简称"《公司章程》"），就 公司本次股东会的召集、召开程序、出席会议人员的资格、召集人资格、提案审 议情况、表决程序、表决结果等合法性进行审核和见证并出 ...

证券代码：002128 证券简称：电投能源 公告编号：2026010 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。 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 02 月 09 日（周一）14:30 内蒙古电投能源股份有限公司 2026年第一次临时股东会决议公告 互联网投票系统投票时间：2026 年 02 月 09 日（周一）9:15— 15:00 交易系统投票时间：2026 年 02 月 09 日（周一）9:15—9:25,9:30 —11:30 和 13:00—15:00 其中：通过现场投票的股东 4 人，代表股份 1,258,759,983 股， 占公司有表决权股份总数的 56.1552%。 通过网络投票的股东 242 人，代表股份 171,077,155 股，占公司 有表决权股份总数的 7.6320%。 中小股东出席的总体情况： 通过现场和网络投票的中小股东 245 人，代表股份 179,814,417 股，占公司有表决权股份总数的 ...

Group 1: Coal Prices - Qinhuangdao port thermal coal (Q5500) price increased to 692 CNY/ton, up 1 CNY/ton week-on-week as of February 7 [1] - Datong thermal coal price (Q5500) decreased to 567 CNY/ton, down 1 CNY/ton week-on-week as of February 5 [1] - International thermal coal prices: Newcastle NEWC5500 at 76.3 USD/ton, up 1.5 USD/ton week-on-week; ARA6000 at 101.6 USD/ton, down 1.5 USD/ton [1] Group 2: Coking Coal Prices - Beijing Tangshan port coking coal price decreased to 1700 CNY/ton, down 80 CNY/ton week-on-week as of February 5 [2] - Linfen coking coal price decreased to 1570 CNY/ton, down 80 CNY/ton week-on-week as of February 6 [2] - Australian hard coking coal price at 265.6 USD/ton, up 1.5 USD/ton week-on-week as of February 5 [2] Group 3: Production and Consumption - Sample thermal coal mine capacity utilization at 87.5%, down 0.8 percentage points week-on-week; coking coal mine utilization at 86.67%, down 2.5 percentage points [2] - Coastal provinces' coal consumption decreased by 16.3 million tons/day, down 7.22% week-on-week as of February 4 [3] - Inland provinces' coal consumption decreased by 81.8 million tons/day, down 18.1% week-on-week as of February 4 [3] Group 4: Market Outlook - Current coal market is at the beginning of a new upward cycle, with fundamental and policy support [4] - Indonesian government reduced coal production quotas by 40% to 70% compared to 2025 levels, impacting global coal supply [4] - Domestic coal supply is expected to remain constrained, with potential for price recovery due to demand resilience [5] Group 5: Investment Recommendations - Coal sector remains attractive due to high performance, cash flow, and dividends; recommended to focus on quality coal companies [6] - Suggested companies include China Shenhua, Shaanxi Coal, and Yancoal Australia among others [6] - Emphasis on the importance of coal assets as they are undervalued and have high potential for appreciation [5]

Investment Rating - The report maintains an "Overweight" rating for the coal mining sector [4] Core Insights - The coal market is currently influenced by external factors, particularly the proposed significant production cuts by Indonesia, which could lead to a global coal supply shortage and increased prices [2][13] - The report emphasizes the importance of overseas markets over domestic ones, suggesting that any "black swan" events in these markets could significantly impact coal prices [2] - The report highlights the "Overseas 3 Small Coal" concept, focusing on companies with international operations that are likely to benefit from the anticipated price increases [2][13] Summary by Sections Market Overview - The CITIC Coal Index was reported at 3868.96 points, a decrease of 0.61%, outperforming the CSI 300 Index by 0.72 percentage points [76] - The report notes that the coal market lacks imagination under current fundamental conditions, but high coal prices could enhance company valuations if unexpected events occur [1][2] Key Areas of Analysis - The report discusses the impact of Indonesia's proposed production cuts, which could reduce output by 40% to 70% compared to 2025 levels, potentially leading to a significant tightening of the global coal market [1][2] - It also mentions that the domestic coal market is expected to experience a dual weakness in supply and demand as the Chinese New Year approaches, with prices likely to stabilize [33][38] Investment Strategy - The report recommends focusing on companies with international coal sales, specifically highlighting China Qinfa (Indonesia), Power Development (South Africa), and Yancoal Australia (Australia) as key investment opportunities [2][13] - It also suggests that Yancoal Australia's parent company, Yanzhou Coal, should be closely monitored [13] Price Trends - As of February 6, 2026, the spot price for thermal coal at northern ports was reported at 697 RMB/ton, reflecting a slight increase of 2 RMB/ton week-on-week [33] - The report indicates that while the market is currently stable, the sentiment is optimistic due to the supply constraints from Indonesia, which may lead to price increases post-holiday [33][35] Focused Companies - The report recommends several companies for investment, including China Shenhua, Shaanxi Coal, and Zhongmei Energy, based on their performance and market positioning [10][13] - It also highlights the importance of companies like Keda Control and China Qinfa, which are positioned to benefit from market changes [13]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that coal prices are expected to recover gradually to a reasonable price level of around 750 CNY/ton, influenced by supply constraints and increasing demand due to seasonal factors [3][5] - The report highlights that the price of thermal coal has reached a turning point, with a projected upward trajectory supported by policy adjustments and market dynamics [5][14] - The focus on both cyclical recovery and dividend stability presents a dual investment logic for coal stocks, suggesting that now is an opportune time for investment [6][15] Summary by Sections Investment Logic - Thermal coal prices are expected to rise through a four-step process: repairing central and local long-term contracts, reaching the coal-electricity profit-sharing line, and potentially exceeding the breakeven point for power plants, estimated at 860 CNY [5][14] - Coking coal prices are more influenced by supply-demand fundamentals, with target prices based on the ratio of coking coal to thermal coal prices [5][14] Key Market Indicators - As of February 6, the price of Qinhuangdao Q5500 thermal coal was 695 CNY/ton, reflecting a slight increase of 3 CNY from the previous week [3][20] - The report notes a decrease in the production rate of coal mines, with the operating rate for 442 coal mines in Shanxi, Shaanxi, and Inner Mongolia at 82.7% [20][21] Investment Recommendations - The report suggests four main lines for selecting coal stocks: 1. Cyclical logic: companies like Jinko Coal and Yanzhou Coal 2. Dividend logic: China Shenhua and Zhongmei Energy 3. Diversified aluminum elasticity: Shenhuo Co. and Electric Power Investment 4. Growth logic: Xinjie Energy and Guanghui Energy [6][15] Company Performance - The coal index experienced a slight decline of 0.62%, outperforming the CSI 300 index by 0.71 percentage points [8][24] - Major coal companies showed varied performance, with some experiencing significant gains while others faced declines [24][26]