证券代码：002128 证券简称：电投能源 公告编号：2025042 二、本次交易的历史披露情况 1、公司因筹划本次交易事项，根据深圳证券交易所的相关规定， 经公司申请，公司股票（证券品种：A股股票，证券简称：电投能源， 证券代码：002128）自2025年5月6日（星期二）开市起开始停牌。具体 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。 重要风险提示： 1、内蒙古电投能源股份有限公司（以下简称"公司"）于2025年5 月19日披露的《内蒙古电投能源股份有限公司发行股份及支付现金购 买资产并募集配套资金暨关联交易预案》（以下简称"本次交易预案" ）及其摘要中已对本次交易涉及的有关风险因素及尚需履行的审批程 序进行了详细说明，提请广大投资者注意投资风险。 2、截至本公告披露之日，除本次交易预案披露的风险因素外，公 司尚未发现可能导致本次交易中止或者对本次交易方案作出实质性变 更的相关事项，本次交易工作正在有序进行中。 一、本次交易的情况 公司拟通过发行股份及支付现金方式购买国家电投集团内蒙古白 音华煤电有限公司100%股权，并将视具体情况募集配套资金（以下简 ...

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Viewpoints - The report anticipates seasonal improvement in thermal coal demand due to high temperatures in July and August, which may lead to a short-term price recovery for thermal coal. The coal sector is currently underweight, with attractive dividend yields and defensive allocation value [2][25] - For coking coal, there is a rebound in prices driven by strong policy expectations and market sentiment, but the bargaining power of coking coal remains relatively weak in the black industry chain, limiting short-term upside potential [2][34] Supply Summary - Domestic coal production in June reached 42.107 million tons, a year-on-year increase of 3.0% and a month-on-month increase of 4.4%. The total coal production for the first half of the year was 240.5 million tons, up 5.4% year-on-year [6][14] - Coal imports in June fell to 33.04 million tons, a decrease of 25.93% year-on-year and 8.3% month-on-month. Cumulative imports for the first half of the year were 221.7 million tons, down 11.1% year-on-year [18][21] Demand Summary - In June, thermal power generation increased by 1.1% year-on-year and 7.0% month-on-month, with total domestic power generation reaching 796.3 billion kWh, up 1.7% year-on-year [24][27] - Non-electric coal demand, particularly in cement production, saw a decline, with June production at 15.547 million tons, down 5.3% year-on-year [29][33] - The steel sector showed a significant year-on-year decrease in production, with crude steel output in June at 8.318 million tons, down 9.2% year-on-year [33][38] Future Outlook - The report suggests that thermal coal prices may see further support due to seasonal demand increases and the current low inventory levels at power plants. Key factors to monitor include supply conditions, high-temperature weather, and sustained demand release [25][27] - For coking coal, while recent price rebounds are noted, the report indicates limited short-term upside due to weak bargaining power and strong expectations of a seasonal downturn [34][38]

Macro and Strategy - June financial data shows a significant rebound in credit, with new social financing reaching 4.20 trillion yuan, exceeding expectations of 3.71 trillion yuan, and new RMB loans at 2.24 trillion yuan, surpassing the forecast of 1.84 trillion yuan [8][9][10] - The M2 money supply grew by 8.3% year-on-year, indicating a recovery in domestic economic momentum as private sector balance sheet expansion improves [8][9] - The "seesaw effect" between government financing and corporate loans has weakened, suggesting a shift in credit dynamics as local governments approach their annual debt targets [9][10] Retail Industry - The jewelry market is projected to grow steadily, with the market size reaching 728 billion yuan in 2024, reflecting a compound annual growth rate of 3.6% since 2019 [11][12] - The top five companies in the jewelry sector hold a market share of 41.4%, indicating increasing industry concentration as consumer preferences shift towards quality and design [11][12] - The retail sector is benefiting from the recent Amazon Prime Day, which generated an estimated $24.1 billion in sales, a 30% increase year-on-year, highlighting the growth potential in cross-border e-commerce [13][14] Food and Beverage Industry - The food and beverage sector saw a 0.92% increase, underperforming the Shanghai Composite Index by 0.17 percentage points [14] - The liquor market is stabilizing, with major brands focusing on brand positioning and market health, while the overall demand remains under pressure [15][16] - Recommendations include leading brands like Kweichow Moutai and Wuliangye, which have shown resilience and potential for recovery [15][16] Construction and Building Materials - The construction materials sector is expected to improve due to a shift towards healthy competition and urban renewal initiatives, with a focus on technological innovation [17][18] - Cement prices have stabilized, with a slight decrease of 0.4% week-on-week, while demand remains steady despite seasonal fluctuations [17][18] - Recommendations include companies like Three Trees and China National Building Material, which are well-positioned to benefit from domestic demand [18] Computer Industry - The AI ASIC market is rapidly expanding, with a projected market size growth from $14.8 billion in 2024 to $83.8 billion by 2030, reflecting a compound annual growth rate of 33.5% [19][20] - The price advantage of AI ASIC chips over GPUs is significant, with average prices of $5,236 compared to $8,001 for GPUs, making them more attractive for specific applications [19][20] - Companies like Google and Amazon are accelerating their development of ASIC chips, indicating strong future demand in this sector [21] Home Appliances - The home appliance sector is experiencing stable growth in domestic sales, driven by government subsidies, while exports face challenges due to high bases and tariff impacts [22][23] - White goods are seeing a slight increase in domestic sales, with air conditioning units showing a 9.5% growth in domestic shipments [22][23] - Recommendations include leading brands such as Midea and Gree, which are expected to maintain strong performance [22][23] Pharmaceutical Industry - Merck's acquisition of Verona for $10 billion aims to enhance its portfolio with a new COPD treatment, indicating strong growth potential in respiratory therapies [27][28] - WuXi AppTec is projected to achieve a 102% increase in net profit for the first half of 2025, reflecting robust operational performance [29] - The pharmaceutical sector is showing resilience, with a focus on innovative treatments and strategic acquisitions [27][28] Coal Industry - The coal market is expected to stabilize as domestic production increases and imports decrease, with a projected production of 4.85 billion tons in 2025, a 2% increase year-on-year [31][32] - Demand for coal is anticipated to improve in the second half of the year, particularly for non-electric uses such as chemical production [33] - Recommendations include leading coal companies like China Shenhua and China Coal Energy, which are well-positioned to benefit from market dynamics [34] Electronics Industry - The electronics sector is experiencing positive momentum, with a 0.93% increase in stock performance, driven by strong demand in the optical and semiconductor segments [34] - The industry is expected to see significant catalysts in the coming months, particularly in the context of AI and cloud computing advancements [34] - Companies involved in ASIC development are likely to benefit from the ongoing trends in computing and data processing [34]

Supply: Marginal Increment Significantly Reduced - Domestic coal production from January to May increased by approximately 130 million tons year-on-year, while imports decreased by about 16 million tons, indicating an overall increase in supply [3][7] - The domestic raw coal production reached 1.99 billion tons from January to May, reflecting a year-on-year increase of 6%. However, the growth rate is expected to narrow in the second half of the year, with an estimated total production of around 4.85 billion tons for 2025, representing a year-on-year increase of 9 million tons (2%) [3][9] - The decrease in imports is attributed to weak demand, high inventory levels, and diminishing price advantages of imported coal. For the first five months of 2025, coal imports totaled 19 million tons, a year-on-year decrease of approximately 16 million tons (8%) [3][64] Demand: Short-term Improvement Expected, Medium-term Resilience Visible - National commodity coal consumption from January to May reached 2.05 billion tons, showing a slight year-on-year increase of 0.1 billion tons (0.5%). The demand is expected to improve in the second half of the year as the consumption peak season approaches [3][4] - In the thermal power sector, the demand is under pressure due to slowing electricity growth and competition from renewable energy. However, the demand for thermal power is expected to rebound in the second half of the year [3][4] - Non-electric demand, particularly from the chemical sector, remains strong, with significant year-on-year growth in coal-to-PVC, coal-to-ethylene glycol, and coal-to-methanol production [3][4] Inventory: High Port Inventory Declining, De-stocking Remains Focus - Port inventories are currently at high levels but are expected to decline as demand improves in the peak consumption season. The focus will remain on de-stocking [4] Price: Thermal Coal Prices at Bottom, Coking Coal Prices Showing Stages of Rebound - The average market price of Qinhuangdao Q5500 thermal coal fell by approximately 199 yuan/ton in the first half of 2025, a year-on-year decrease of 23%. However, there is potential for price rebound as supply-demand dynamics improve [3][57] Investment Recommendations: High Dividend Value Still Exists, Stage Game Elasticity - The report suggests that despite the downward pressure on coal prices, there is still potential for a rebound in the second half of the year. The resilience of coal demand is viewed positively in the medium term [3][4] - Key investment targets include stable-performing coal companies such as China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical Industry, as well as elastic stocks like Electric Power Investment and Jinko Coal Industry [3][4]

Core Viewpoint - Gansu Electric Power Investment Energy Development Co., Ltd. has decided to terminate its credit rating cooperation with China Chengxin International Credit Rating Co., Ltd., leading to the invalidation of its credit ratings for both the company and its related debt instruments [3]. Group 1 - Gansu Energy's credit rating was maintained at AA with a stable outlook as of June 20, 2024, while its debt instruments "22 Gansu Electric Power GN001" and "23 Gansu Electric Power GN001" were rated AAA [2]. - The credit ratings for "24 Gansu Electric Power MTN001" and "25 Gansu Electric Power MTN001" were also rated AAA, reflecting the unconditional and irrevocable joint liability guarantees provided by Gansu Electric Power Investment Group [2]. - The termination of the credit rating was communicated to China Chengxin International on June 18, 2025, with the company ceasing to provide necessary materials for the rating process [3].

Investment Strategy - Crude oil supply is expected to remain limited due to declining global oil and gas capital expenditures, with a significant reduction of nearly 122% from 2014 levels to $351 billion in 2021 [9][30][31] - Geopolitical tensions, particularly the Russia-Ukraine conflict, have exacerbated concerns over energy supply, with the EU planning to reduce oil imports from Russia by 90% by the end of 2022 [10][31] - Brent crude oil prices increased to $71.97 per barrel, up 2.95% week-on-week, while WTI prices rose to $67.93 per barrel, up 2.46% [11][32] Coal Industry - The average market price for Qinhuangdao port thermal coal (Q5500) rose to 628 RMB/ton, a 1.06% increase from the previous week, driven by improved demand and trading conditions [12][13] - Coal production is gradually recovering, with total inventory at ports reported at 26.9 million tons, down 2.46% week-on-week, indicating a tightening supply [12][13] - The domestic coal consumption for key power plants increased to 4.88 million tons per day, a 6.09% rise from the previous week, reflecting higher electricity demand due to ongoing high temperatures [12][13] Coking Coal - Coking coal prices have seen a slight increase, with the price for Shanxi main coking coal at 1,350 RMB/ton, up 9.76% week-on-week, as supply conditions improve [14][15] - The overall supply-demand situation for coking coal is improving, with increased orders from steel mills and a decrease in inventory levels [14][15] Natural Gas - The EIA projects that U.S. natural gas production and consumption will reach record highs in 2025, with expected consumption of 91.4 billion cubic feet per day [16][17] - U.S. natural gas prices decreased to $3.33 per million British thermal units, down 2.9% from the previous week, while European gas prices increased [16][17] - The EU has reached an agreement on a natural gas price cap, which may lead to liquidity issues and potential supply shortages [17] Oilfield Services - The oilfield services sector is experiencing a recovery in demand due to increased capital expenditures from major oil companies, which are projected to reach 581.738 billion RMB in 2023, reflecting a compound annual growth rate of 6% since 2018 [18][19] - The number of active drilling rigs globally decreased to 1,576, with a notable decline in the Middle East and the U.S. [19]

Group 1 - The core viewpoint of the articles highlights the significant increase in mergers and acquisitions (M&A) activities among state-controlled listed companies in the A-share market, driven by government reforms and policies [1][2] - As of July 13, 2023, there have been a total of 849 M&A cases involving state-controlled listed companies, representing a substantial increase of approximately 182% compared to the same period last year [1] - The number of major asset acquisitions, disposals, or swaps has also doubled from 12 cases last year to 25 cases this year, indicating a trend towards more significant transactions [1] Group 2 - The restructuring of state-owned enterprises (SOEs) is focused on enhancing core competitiveness and addressing external challenges, particularly in the context of economic transformation and upgrading [1][2] - Notable examples of industry consolidation include the restructuring of the China Ordnance Equipment Group and significant asset acquisitions in the non-ferrous metals and energy sectors, such as Zijin Mining's acquisition of a stake in Zangge Mining [2] - The restructuring efforts are characterized by a strong focus on core responsibilities, resource integration, high marketization, and significant synergy effects, with innovative restructuring models emerging [2] Group 3 - In the "hard technology" sector, state-owned enterprises are increasingly engaging in M&A to strengthen their independent control over core technologies, reflecting a strategic shift from scale expansion to innovation-driven and value-creating approaches [3] - The integration of industrial chains through policy guidance, market operations, and technological innovation is expected to accelerate the development of core technologies and enhance the self-sufficiency of the industry [3] - Future restructuring of SOEs is anticipated to effectively utilize the advantages of strategic emerging industries, promoting rapid market application and facilitating the integration of new productive forces [3]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the prices of thermal coal and coking coal are on the rebound, suggesting a turning point in the market [4][12] - The fundamentals for thermal coal remain favorable, with a current price of 632 CNY/ton for Qinhuangdao Q5500 thermal coal, reflecting a 3.8% increase from the lowest price of 609 CNY/ton earlier this year [3][4] - Coking coal prices have also seen significant increases, with the price at Jing Tang Port reaching 1350 CNY/ton, a 9.76% rise from the previous low of 1230 CNY/ton [4][20] Summary by Sections Investment Logic - Thermal coal is categorized as a policy coal type, with expectations for prices to rebound towards long-term contract prices around 670 CNY/ton, potentially exceeding 700 CNY/ton if favorable fundamentals persist [4][12] - Coking coal is more influenced by market dynamics, with current prices indicating a state of overselling, and supply-side tightening expected due to policy changes [4][12] Key Indicators Overview - The report highlights a slight decrease of 1.08% in the coal sector, underperforming the CSI 300 index by 1.9 percentage points [7] - The current price-to-earnings (PE) ratio for the coal sector is 11.48, and the price-to-book (PB) ratio is 1.18, indicating relatively low valuations compared to other sectors [9] Thermal Coal Market Insights - As of July 11, the inventory at ports has decreased by 19% from the highest level of 3316.3 million tons earlier this year, currently standing at 26.89 million tons [3][4] - Daily coal consumption in coastal provinces has increased to 2.148 million tons, driven by seasonal demand [4][19] Coking Coal Market Insights - The report notes a significant rebound in coking coal prices, with futures rising from 719 CNY to 913 CNY, a cumulative increase of 27% [4][20] - The average daily pig iron production remains high at 2.408 million tons, although there are signs of potential declines due to seasonal factors [4][20] Investment Recommendations - The report suggests a dual logic of cycles and dividends for investment in the coal sector, identifying four main lines for stock selection: dividend logic, cyclical logic, diversified aluminum elasticity, and growth logic [5][13] - Specific companies recommended for investment include China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical Industry [5][13]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is the early stage of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [11][12] - The underlying investment logic of coal capacity shortages remains unchanged, with short-term supply-demand balance and long-term gaps still present [11][12] - Coal prices have established a bottom and are trending towards a new platform, with high profitability, cash flow, return on equity (ROE) of 10-20%, and dividend yields over 5% for quality coal companies [11][12] - The coal sector is relatively undervalued, with overall valuation expected to improve, supported by high premiums in the primary mining rights market and a price-to-book (PB) ratio around 1 for most companies [11][12] - The coal sector is expected to maintain a tight supply-demand balance over the next 3-5 years, with quality coal companies exhibiting high barriers to entry, cash flow, dividends, and yield characteristics [11][12] Summary by Sections Coal Price Tracking - As of July 12, the market price for Qinhuangdao port thermal coal (Q5500) is 624 CNY/ton, an increase of 8 CNY/ton week-on-week [28] - The price for coking coal at Jing Tang port is 1310 CNY/ton, up 60 CNY/ton week-on-week [30] Coal Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 93.7%, down 0.3 percentage points week-on-week, while the utilization rate for coking coal mines is 85.52%, up 1.7 percentage points [11][46] - Daily coal consumption in coastal provinces increased by 6.10 thousand tons/day (+2.92%) week-on-week, while inland provinces saw a decrease of 9.50 thousand tons/day (-2.61%) [11][47] Coal Inventory Situation - As of July 10, coal inventory in coastal provinces decreased by 785 thousand tons (-2.18%) week-on-week, while inland provinces saw a slight decrease of 0.70 thousand tons (-0.01%) [11][47] Key Companies to Watch - Focus on stable and robust performers such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy [12] - Attention to companies with significant upside potential like Yanzhou Coal Mining, China Power Investment, and Guanghui Energy [12]

Group 1: Company Operations and Performance - The main source of alumina is from Shandong and Hebei, with an average inventory duration of about 20 days [1] - The company’s electrolytic aluminum production capacity will reach 1.61 million tons after the completion of the Zha Aluminum Phase II project [2] - The company has a low price-to-earnings ratio compared to peers, indicating it is undervalued despite being a comprehensive energy company [3] Group 2: Investor Relations and Transparency - The company adheres to regulatory policies by regularly disclosing quarterly reports but does not provide monthly operational updates [2] - There is a suggestion from investors for the company to improve transparency and provide more frequent operational data to enhance market valuation [2] - The company has a market value management system in place and is open to strategic investors joining [2] Group 3: Asset Management and Restructuring - The company is currently undergoing asset restructuring, with no specific timeline provided for completion [5] - Concerns were raised regarding the slow progress of the White Yin Hua coal power asset integration, which has been under management for several months [4] - The company is evaluating the assets involved in the restructuring, but the assessment process is still ongoing [5]