Investment Rating - The report maintains a positive outlook on the coal industry, specifically for central enterprises, with an investment rating of "Overweight" [4]. Core Insights - The report evaluates five central enterprises in the coal industry, highlighting their ESG performance management. Most companies scored above 70, indicating a solid level of ESG management within the industry [4][10]. - The environmental dimension shows maturity, with comprehensive pollution prevention and emission reduction measures, although transparency in energy consumption and carbon emissions data needs improvement [4][19]. - The social dimension emphasizes the active fulfillment of social responsibilities, particularly in rural revitalization and public welfare initiatives [4][41]. - The governance structure is robust, with complete establishment of party-building and professional committees, but the linkage of ESG performance to assessment mechanisms remains weak [4][57]. Summary by Sections Overall Performance - Most coal central enterprises exhibit strong overall performance in ESG assessments, with a majority scoring above 70, and some achieving scores between 80-89 and above 90 [4][10]. Environmental Management - Four enterprises scored over 20 in environmental indicators, reflecting a strong emphasis on environmental protection. However, there are gaps in the disclosure of energy consumption and greenhouse gas emissions data [4][19][25]. Social Responsibility - All five enterprises disclosed specific projects and expenditures related to rural revitalization. They also reported on social welfare actions, with three companies providing details on donation amounts [4][41][46]. Governance Structure - The governance framework is well-established, with all companies disclosing their party-building activities. However, only one company effectively links ESG performance to management assessments [4][57][62].

Core Viewpoint - The coal mining sector experienced a decline of 1.38% on November 11, with Electric Power Investment Energy leading the losses. The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1]. Group 1: Market Performance - The coal mining sector's stocks showed mixed performance, with Daya Energy rising by 10.06% to close at 9.08, while Electric Power Investment Energy fell by 3.66% to 26.88 [1][2]. - The trading volume for Daya Energy was 1.3651 million shares, with a transaction value of 1.158 billion yuan, indicating strong investor interest [1]. - The overall net outflow of main funds in the coal mining sector was 410 million yuan, while retail investors saw a net inflow of 264 million yuan [2]. Group 2: Individual Stock Analysis - Daya Energy had a significant net inflow of 203 million yuan from main funds, while Electric Power Investment Energy experienced a net outflow of 249,100 yuan [3]. - Huabei Mining saw a net inflow of 33.46 million yuan from main funds, indicating a positive sentiment towards the stock despite the overall sector decline [3]. - The stock performance of Electric Power Investment Energy and Shanxi Coking Coal showed notable declines of 3.66% and 2.79%, respectively, reflecting broader market challenges [2].

Core Viewpoint - The stock of Electric Power Investment Energy has experienced fluctuations, with a current price of 27.34 CNY per share, reflecting a year-to-date increase of 45.58% and a recent upward trend over various trading periods [1][2]. Financial Performance - For the period from January to September 2025, Electric Power Investment Energy reported a revenue of 22.403 billion CNY, representing a year-on-year growth of 2.72%. However, the net profit attributable to shareholders decreased by 6.40% to 4.118 billion CNY [2]. - Cumulative cash dividends since the company's A-share listing amount to 11.815 billion CNY, with 4.550 billion CNY distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Electric Power Investment Energy is 27,100, showing a decrease of 11.29% from the previous period. The average number of circulating shares per shareholder increased by 12.72% to 82,831 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 47.2447 million shares, an increase of 18.5055 million shares compared to the previous period [3]. Market Activity - The stock experienced a decline of 2.01% during intraday trading, with a trading volume of 100 million CNY and a turnover rate of 0.16%. The total market capitalization stands at 61.285 billion CNY [1]. - In terms of capital flow, there was a net inflow of 2.8049 million CNY from major funds, with significant buying and selling activities recorded [1]. Business Overview - Electric Power Investment Energy, established on December 18, 2001, and listed on April 18, 2007, is primarily engaged in the production, processing, and sales of coal products, thermal power, and electrolytic aluminum. The revenue composition includes aluminum products (55.11%), coal products (30.29%), power products (13.02%), and others (1.59%) [1]. - The company operates within the coal mining sector, specifically focusing on thermal coal, and is associated with various concepts such as thermal coal, non-ferrous aluminum, low price-to-earnings ratio, and state-owned enterprise reform [1].

1. Report Industry Investment Rating - The investment rating for the coal mining industry is "Bullish" [2] 2. Core Viewpoints of the Report - Currently, the coal economy is at the beginning of a new upward cycle, with fundamental and policy factors in resonance. It is advisable to allocate the coal sector at low levels [11]. - The underlying investment logic of coal production capacity shortage remains unchanged. The coal price has established a bottom and its central level has reached a new platform. High - quality coal enterprises maintain their core asset attributes, and coal assets are still undervalued with potential for valuation improvement. The coal sector has both dividend characteristics and pro - cyclical elasticity [3]. - In the context of energy inflation, the pattern of tight coal supply and demand in the next 3 - 5 years remains unchanged. High - quality coal enterprises have high - barrier, high - cash, high - dividend, and high - dividend - yield attributes. After a short - term correction, the coal sector has shown high investment value [3]. 3. Summaries Based on Relevant Catalogs 3.1 This Week's Core Viewpoints and Key Concerns - **Core Viewpoints**: In the short - term, coal supply and demand are basically balanced, but there is a long - term gap. Coal prices are expected to rise further due to tight supply and upcoming seasonal demand. Coal assets are cost - effective, with high win - rate and high odds. The report continues to be bullish on coal and suggests allocation at low levels [11]. - **Key Concerns**: From January to October 2025, China's coal imports decreased by 11.0% year - on - year. From January to September 2025, coal and coking coal imports in India decreased by 1.0% year - on - year, and in Japan decreased by 2.3% year - on - year [13] 3.2 This Week's Performance of the Coal Sector and Individual Stocks - The coal sector rose 4.43% this week, outperforming the market. The Shanghai and Shenzhen 300 Index rose 0.82% [14]. - The thermal coal sector rose 4.60%, the coking coal sector rose 2.46%, and the coke sector rose 6.42% [15]. - The top three stocks in terms of gains and losses in the coal mining and washing sector were Huayang Co., Ltd. (11.50%), Jinkong Coal Industry (10.11%), and China National Coal Group Corporation (8.54%) [18] 3.3 Coal Price Tracking - **Coal Price Index**: As of November 7, the comprehensive transaction price of CCTD Qinhuangdao thermal coal (Q5500) was 703.0 yuan/ton, up 10.0 yuan/ton week - on - week. The comprehensive average price index of Bohai Rim thermal coal (Q5500) was 694.0 yuan/ton, up 9.0 yuan/ton week - on - week. The annual long - term contract price of CCTD Qinhuangdao thermal coal (Q5500) was 684.0 yuan/ton, up 8.0 yuan/ton month - on - month [23]. - **Thermal Coal Price**: As of November 8, the market price of Qinhuangdao Port thermal coal (Q5500) from Shanxi was 808 yuan/ton, up 40 yuan/ton week - on - week. International thermal coal FOB prices also increased [29]. - **Coking Coal Price**: As of November 7, the ex - warehouse price of primary coking coal from Shanxi at Jingtang Port was 1800 yuan/ton, up 60 yuan/ton week - on - week. The CIF price of Australian Peak View Mine hard coking coal in China was 212.3 US dollars/ton, up 0.6 US dollars/ton week - on - week [31]. - **Anthracite and Pulverized Coal Price**: As of November 7, the wagon - loading price of Jiaozuo anthracite was 1020.0 yuan/ton, unchanged week - on - week. The wagon - loading prices of pulverized coal in Changzhi Lucheng and Yangquan increased [39] 3.4 Coal Supply and Demand Tracking - **Coal Mine Capacity Utilization**: As of November 7, the capacity utilization rate of sample thermal coal mines was 91.1%, up 0.6 percentage points week - on - week, and that of sample coking coal mines was 83.76%, down 1.0 percentage points week - on - week [46]. - **Import Coal Price Difference**: As of November 7, the price difference between domestic and foreign 5000 - kcal thermal coal was - 79.1 yuan/ton, down 19.5 yuan/ton week - on - week; the price difference for 4000 - kcal thermal coal was - 75.2 yuan/ton, down 20.1 yuan/ton week - on - week [42]. - **Coal - fired Power Consumption and Inventory**: Inland 17 provinces' coal inventory increased, while daily consumption decreased. Coastal 8 provinces' coal inventory decreased, while daily consumption increased [45]. - **Downstream Metallurgical Demand**: As of November 7, the Myspic comprehensive steel price index decreased, the price of Tangshan - produced primary metallurgical coke increased, the blast furnace operating rate increased, and the profit per ton of coke in independent coking enterprises increased [64][65]. - **Downstream Chemical and Building Materials Demand**: As of November 7, the prices of urea in some regions decreased, the national methanol, ethylene glycol, and acetic acid price indices decreased, the synthetic ammonia price index increased, the cement price index increased slightly, the cement clinker capacity utilization rate decreased, the float glass operating rate decreased, and the weekly coal consumption in the chemical industry increased [70][74][76] 3.5 Coal Inventory Situation - **Thermal Coal Inventory**: As of November 7, the coal inventory at Qinhuangdao Port increased to 577.0 tons. The 55 - port thermal coal inventory decreased to 6148.7 tons as of October 31, and the production - area inventory decreased to 292.0 tons [91]. - **Coking Coal Inventory**: As of November 7, the production - area coking coal inventory increased to 165.6 tons, the six - port coking coal inventory increased to 304.3 tons, the coking enterprise inventory increased to 923.8 tons, and the steel mill inventory decreased to 787.3 tons [92]. - **Coke Inventory**: As of November 7, the total coke inventory of coking plants, four - port coke inventory, and the total coke inventory of domestic sample steel mills all decreased [94] 3.6 Coal Transportation Situation - **International and Domestic Coal Transportation**: As of November 7, the Baltic Dry Index (BDI) was 2104.0 points, up 138.0 points week - on - week. As of November 6, the average daily coal shipment volume of the Datong - Qinhuangdao Railway increased slightly week - on - week [108]. - **Ratio of Cargo to Ships at Four Ports in the Bohai Rim**: As of November 7, the inventory of four ports in the Bohai Rim was 1449.0 tons, the number of anchored ships was 106, and the cargo - to - ship ratio was 13.7, down 4.03 week - on - week [106] 3.7 Weather Conditions - As of November 7, the Three Gorges outflow was 10200 cubic meters per second, down 23.88% week - on - week. - In the next 10 days (November 9 - 18), there will be precipitation in some areas, with high - impact weather including cooling in Xinjiang and central - eastern regions. - In the next 11 - 14 days (November 19 - 22), there will be light precipitation in some areas, and the average temperature in some regions will be different from the normal level [113] 3.8 Listed Company Valuation Table and Key Announcements - **Listed Company Valuation Table**: The table provides the closing prices, net profits attributable to the parent company, EPS, and P/E ratios of key listed coal companies from 2024A to 2027E [114]. - **Key Announcements**: Companies such as Meijin Energy, China Shenhua, and Hengyuan Coal and Electricity have made announcements regarding project terminations, asset acquisitions, and corporate restructurings [115][116][118]

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9] Core Viewpoints - The coal price has accelerated its upward trend, with the current market price for Qinhuangdao thermal coal reaching 817 RMB/ton, an increase of 47 RMB/ton week-on-week. The report suggests that the price could potentially rise to 931 RMB/ton based on profit recovery scenarios for power plants [2][6][16] - The report emphasizes the importance of understanding cyclical trends over pinpointing absolute price peaks, highlighting a favorable environment for coal investments due to global monetary easing and a rebound in the coal cycle [2][7] Summary by Sections Weekly Tracking Summary - The coal index (Yangtze) increased by 4.53%, outperforming the CSI 300 index by 3.71 percentage points. The thermal coal index rose by 4.84%, while the coking coal index increased by 1.87% [16][20] - As of November 7, the market price for Qinhuangdao thermal coal was 817 RMB/ton, with a week-on-week increase of 47 RMB/ton. The main coking coal price at Jingtang Port was 1860 RMB/ton, up 100 RMB/ton [6][16] Supply and Demand Analysis - The report notes a tightening supply due to production checks and increased winter demand, predicting that coal prices in Q4 may exceed expectations. It highlights the importance of monitoring winter storage and port inventory changes [6][17] - The daily coal consumption across 25 provinces was 511.7 million tons, a decrease of 0.5% week-on-week, while coal supply increased slightly to 547.3 million tons [34] Price Projections - The report provides calculations indicating that if the profit margins for coal-fired power plants return to long-term averages, the acceptable market price for thermal coal could rise to 789 RMB/ton or even 931 RMB/ton under certain conditions [7][12] - The report also discusses the impact of upcoming capacity price adjustments in 2026, which could further influence coal pricing dynamics [7][12] Investment Recommendations - The report suggests a comprehensive embrace of the coal sector's "Davis Double Play" bottom reversal trend, recommending a diversified selection of stocks based on different strategies: balanced, aggressive, and stable leaders [2][7]

Core Viewpoint - Electric Power Investment Energy has shown a significant increase in stock price and trading volume, indicating positive market sentiment and potential growth opportunities in the coal and aluminum sectors [1][2]. Company Overview - Electric Power Investment Energy Co., Ltd. is located in Tongliao City, Inner Mongolia, and was established on December 18, 2001, with its listing date on April 18, 2007. The company primarily engages in the production, processing, and sales of coal products, thermal power, and electrolytic aluminum [1]. - The main revenue composition includes aluminum products (55.11%), coal products (30.29%), power products (13.02%), and others (1.59%) [1]. Financial Performance - For the period from January to September 2025, Electric Power Investment Energy achieved a revenue of 22.403 billion yuan, representing a year-on-year growth of 2.72%. However, the net profit attributable to shareholders decreased by 6.40% to 4.118 billion yuan [2]. - Cumulative cash dividends since the A-share listing amount to 11.815 billion yuan, with 4.550 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 11.29% to 27,100, while the average circulating shares per person increased by 12.72% to 82,831 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 47.2447 million shares, an increase of 18.5055 million shares compared to the previous period [3]. Market Activity - On November 7, the stock price increased by 2.01% to 27.43 yuan per share, with a trading volume of 289 million yuan and a turnover rate of 0.48%. The total market capitalization reached 61.486 billion yuan [1]. - Year-to-date, the stock price has risen by 46.06%, with notable increases of 8.55% over the last five trading days, 14.63% over the last twenty days, and 33.54% over the last sixty days [1].

Group 1: Stock Performance - The stock price of Electric Power Investment has reached a new historical high, with 12 trading days in the past month where the stock price set new records [2] - As of 09:44, the stock is up 0.60%, priced at 27.05 yuan, with a trading volume of 3.27 million shares and a transaction amount of 87.93 million yuan [2] - The total market capitalization of the stock is currently 60.635 billion yuan [2] Group 2: Industry Overview - The coal industry, to which Electric Power Investment belongs, has an overall decline of 0.08%, with 19 stocks rising and 14 stocks falling [2] - The top gainers in the coal sector include Antai Group, Huayang Co., and Xinjie Energy, with increases of 2.16%, 2.11%, and 1.76% respectively [2] - The top decliners include Shanxi Black Cat, Meijin Energy, and Dayou Energy, with decreases of 3.43%, 1.62%, and 1.60% respectively [2] Group 3: Financial Performance - For the first three quarters, the company achieved an operating income of 22.403 billion yuan, a year-on-year increase of 2.72% [3] - The net profit for the same period was 4.118 billion yuan, reflecting a year-on-year decrease of 6.40% [3] - The basic earnings per share are reported at 1.8400 yuan, with a weighted average return on equity of 11.43% [3] Group 4: Margin Data - As of November 6, the margin balance for the stock is 1.591 billion yuan, with a financing balance of 1.587 billion yuan [2] - In the past 10 days, the margin balance has decreased by 51.72 million yuan, representing a decline of 3.16% [2] Group 5: Analyst Ratings - In the past 10 days, two institutions have rated the stock, with Guotai Junan Securities setting a target price of 32.34 yuan on October 28 [2]

Core Viewpoint - The coal prices are expected to continue to decline year-on-year until the third quarter of 2025, but there has been a significant recovery in coal prices on a quarter-on-quarter basis in Q3 2025, leading to improved performance for coal companies. The supply constraints from production policies and the upcoming winter demand are expected to support coal prices, indicating a potential bottoming out of coal company performance [1][10]. Summary by Sections Coal Price and Company Performance - In Q3 2025, coal prices showed a significant quarter-on-quarter recovery, with Qinhuangdao power coal (Q5500, Shanxi origin) averaging 672 RMB/ton, up 6.47%, and Beijing-Tangshan coking coal averaging 1562 RMB/ton, up 18.76% [2]. - The 28 coal companies monitored by Guotai Junan achieved a total revenue of 302.30 billion RMB in Q3 2025, a quarter-on-quarter increase of 11%, and a net profit attributable to the parent company of 31.61 billion RMB, up 21% [2]. - Year-to-date performance for these companies showed a total revenue of 856.22 billion RMB, down 15.5% year-on-year, and a net profit of 113.46 billion RMB, down 28.1% year-on-year [3]. Cost and Expense Analysis - Total expenses for the 28 coal companies decreased by 3.1% year-on-year to 60.77 billion RMB in the first three quarters of 2025, with management expenses down 5.6% [4]. - The expense ratio increased to 12.20%, up 1.24 percentage points year-on-year, influenced by the decline in revenue [4]. Cash Flow and Debt - Operating cash flow for the 28 coal companies totaled 179.73 billion RMB, down 21% year-on-year, while interest-bearing debt increased by 21.46% to 573.07 billion RMB [8]. - The average asset-liability ratio was 51.3%, a slight decrease of 0.2 percentage points year-on-year [8]. Inventory and Receivables - The average accounts receivable turnover days increased to 31 days, up 19.5% year-on-year, indicating weakened collection capabilities [9]. - Inventory turnover days also increased to 28 days, reflecting a 20% year-on-year rise [9]. Investment Recommendations - The coal sector is characterized by low valuations, high dividend yields, and strong cash flow, presenting a bottoming investment opportunity [10][11]. - Key companies to watch include China Shenhua, Shaanxi Coal, and China Coal Energy, among others, categorized by stability and elasticity in coal prices [12].

Group 1: Stock Performance - The stock price of Electric Power Investment has reached a historical high, with 11 trading days in the past month setting new records [2] - As of 10:47, the stock is up 3.82%, priced at 26.38 yuan, with a trading volume of 10.14 million shares and a transaction amount of 264 million yuan [2] - The total market capitalization of the stock is currently 59.133 billion yuan [2] Group 2: Industry Overview - The coal industry, to which Electric Power Investment belongs, has an overall increase of 0.98%, with 26 stocks rising, including Electric Power Investment, which has a rise of 3.82% [2] - Other notable gainers in the industry include Shaanxi Black Cat and Meijin Energy, with increases of 10.00% and 3.70%, respectively [2] - Conversely, 10 stocks in the industry have declined, with the largest drop being 9.71% for Dayou Energy [2] Group 3: Financial Performance - For the first three quarters, the company reported a total revenue of 22.403 billion yuan, reflecting a year-on-year growth of 2.72% [3] - The net profit for the same period was 4.118 billion yuan, showing a year-on-year decrease of 6.40% [3] - The basic earnings per share stand at 1.8400 yuan, with a weighted average return on equity of 11.43% [3] Group 4: Margin Data - As of November 5, the margin balance for the stock is 1.585 billion yuan, with a financing balance of 1.581 billion yuan, which has decreased by 56.8597 million yuan over the past 10 days, a decline of 3.47% [2] Group 5: Analyst Ratings - In the past 10 days, two institutions have rated the stock, with Guotai Junan Securities setting a target price of 32.34 yuan on October 28 [2]

Group 1 - The company announced the removal of independent director Han Fang and proposed Zhang Qiping as a candidate for the eighth board of directors [1][2][16] - Zhang Qiping has not yet obtained the independent director qualification certificate recognized by the Shenzhen Stock Exchange but has committed to participate in the training [2][3] - The company will hold the fifth extraordinary general meeting of shareholders on November 14, 2025, instead of the originally scheduled date of November 12, 2025, due to organizational needs [5][6][22] Group 2 - The proposal to elect an independent director will be submitted for approval at the upcoming shareholders' meeting, contingent upon Zhang Qiping's qualification being approved by the Shenzhen Stock Exchange [6][22] - The controlling shareholder, China Electric Power Investment Group Inner Mongolia Energy Co., Ltd., holds 55.77% of the company's shares and initiated the proposal to add the election of the independent director to the agenda [5][17] - The company ensures that all disclosures are truthful, accurate, and complete, with no misleading statements or significant omissions [1][10]