列席人员：公司部分高级管理人员、董事会秘书。 证券代码：002128 证券简称：电投能源 公告编号：2026003 内蒙古电投能源股份有限公司 2026年第一次临时董事会决议公告 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。 一、董事会会议召开情况 （一）内蒙古电投能源股份有限公司（简称"电投能源"或"公 司"）于 2026 年 1 月 15 日、16 日和 20 日分别以电子邮件等形式发 出 2026 年第一次临时董事会会议通知及其补充通知。 （二）会议于 2026 年 1 月 21 日以现场加视频会议方式召开。 现场会议地点为通辽市。 （三）董事会会议应出席董事 12 人，实际出席 12 人。其中： 现场出席会议董事 5 人，分别为王伟光董事长、田钧、李岗、于海涛 董事和马轲职工董事；以视频方式出席会议董事 7 人，分别为胡春艳、 李宏飞、应宇翔董事和陈天翔、李明、陶杨、张启平独立董事。 （四）会议主持人：王伟光 董事长、党委书记。 （五）本次会议的召开符合法律、行政法规、部门规章和《公司 章程》等规定。 二、董事会会议审议情况 - 1 - （一）关于聘 ...

证券代码：002128 证券简称：电投能源 公告编号：2026005 内蒙古电投能源股份有限公司 关于中期利润分配方案公告 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。 为积极响应国务院《关于加强监管防范风险推动资本市场高质量 发展的若干意见》及中国证监会《关于加强上市公司监管的意见（试 行）》等相关政策精神，增强投资者获得感，提振投资者对内蒙古电 投能源股份有限公司（以下简称"公司"）未来发展的信心，结合公 司整体发展战略和实际经营情况，公司拟定中期利润分配方案，具体 情况公告如下： 一、审议程序 （一）内蒙古电投能源股份有限公司（以下简称"公司"）2026 年第一次临时董事会会议，审议通过了《关于中期利润分配方案的议 案》。 （二）本次利润分配方案尚需提交公司股东会审议。 二、中期利润分配方案基本情况 （一）基本内容 1.分配依据：根据电投能源《2025 年第三季度报告》（未经审计）， 截至 2025 年 9 月 30 日，公司合并报表累计未分配利润为 2,677,826.03 万元,合并报表年初到报告期末归属于母公司股东的净利润为 411,794.08 ...

证券代码：002128 证券简称：电投能源 公告编号：2026002 内蒙古电投能源股份有限公司 总经理离任公告 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。 一、总经理离任情况 （一）提前离任的基本情况。内蒙古电投能源股份有限公司（以 下简称"公司"）董事会于 2026 年 1 月 21 日收到公司总经理张昊 先生提交的书面辞职报告。 因工作变动原因，公司总经理张昊先生辞去电投能源总经理职务， 原定第八届经理层任职期限为 2024 年 9 月 14 日至 2027 年 9 月 11 日。张昊先生辞去总经理职务后，不再电投能源及其控股子公司担任 职务，不持有公司股份。 （二）离任对公司的影响。根据《公司法》《公司章程》等有关 规定，辞职报告自送达董事会之日起生效。张昊先生辞去总经理职务 不会影响公司生产经营工作的正常开展。根据《公司章程》规定，公 司将补选因此空缺的总经理职务。 （三）公司发行股份及支付现金购买资产并募集配套资金事项中， 2025 年 5 月 16 日张昊先生作为公司董事、高级管理人员出具了《关 于股份减持计划的承诺函》："1.截至本承诺函出 ...

电投能源（002128.SZ）1月20日在投资者互动平台表示，扎铝二期项目2025年12月20日开始通电调试， 目前正在试生产，部分电解槽产生铝液作为在产铝，用于后续电解槽启动。 每经AI快讯，有投资者在投资者互动平台提问：扎铝二期项目首批电解槽在2025年12月20日成功通 电，请问计划什么时候可以产出铝锭？ （文章来源：每日经济新闻） ...

开源证券近日发布煤炭行业周报：动力煤价格微跌，截至1月17日，秦港Q5500动力煤平仓价为695元/ 吨，环比下降4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。目前回调至 煤电盈利均分的750元价格以下，我们预计未来价格将逐步修复到750元合理价格并保持窄幅波动。 投资建议：周期与红利双逻辑，四主线布局 煤炭股双逻辑之一：周期弹性。当前动力煤和炼焦煤价格仍处于历史低位，为反弹提供了空间。随着供 给端"查超产"政策推动产量收缩，以及需求端进入取暖旺季，煤炭供需基本面有望持续改善，两类煤种 价格均具备向上弹性。其中，动力煤有长协机制修复和"煤和火电企业盈利均分"的逻辑支撑；而炼焦煤 因市场化程度更高，对供需变化更敏感，可能展现出更大的价格弹性。煤炭股双逻辑之二：稳健红利。 多数煤企依然保持了高分红的意愿，中报仍有6家上市煤企发布中期分红方案(中国神华（601088）/山 西焦煤（000983）/陕西煤业（601225）/上海能源（600508）/兖矿能源（600188）/中煤能源 （601898）)。资本市场在全球政经高度不确定以及国内稳经济的预期下，投资行为存在情绪上的脉 冲，煤炭 ...

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Views - The report emphasizes that coal prices are returning to reasonable levels, reinforcing the logic of stable coal prices. The price of thermal coal has slightly decreased, with the Qinhuangdao Q5500 thermal coal closing at 695 CNY/ton as of January 17, down 4 CNY/ton from the previous period. The report anticipates a gradual recovery to a reasonable price of 750 CNY/ton, with narrow fluctuations expected [3][4] - The long-term investment logic remains unchanged, driven by a dual influence of tightening supply and increasing demand. Supply constraints are a continuation of the strict production checks initiated in July, while demand is rising due to the heating season and increased industrial production [3][4] 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 approaching the breakeven point for power plants, estimated at around 750 CNY/ton for 2025. The upper limit for coal prices is predicted to be between 800-860 CNY/ton [4][15] - Coking coal prices are more influenced by supply and demand fundamentals, with target prices based on the ratio of coking coal to thermal coal prices. The current ratio indicates target prices for coking coal at 1608 CNY, 1680 CNY, 1800 CNY, and 2064 CNY [4][15] Investment Recommendations - The report outlines a dual logic for coal stocks: cyclical elasticity and stable dividends. With both thermal and coking coal prices at historical lows, there is significant room for rebound. The report identifies four main lines for stock selection: 1. Cyclical logic: Jin控煤业, 兖矿能源 for thermal coal; 平煤股份, 淮北矿业, 潞安环能 for metallurgical coal 2. Dividend logic: 中国神华, 中煤能源, 陕西煤业 3. Diversified aluminum elasticity: 神火股份, 电投能源 4. Growth logic: 新集能源, 广汇能源 [5][16] Key Market Indicators - The coal index fell by 3.11% this week, underperforming the CSI 300 index by 2.54 percentage points. The average PE ratio for the coal sector is 15.12, and the PB ratio is 1.33, both ranking among the lowest in the A-share market [10][25][29]

Report Industry Investment Rating - The investment rating for the coal mining industry is "Bullish" [2] Report's Core View - The coal industry is at the beginning of a new upward cycle, with fundamental and policy factors in resonance. It is advisable to allocate coal stocks on dips. The underlying investment logic of coal production capacity shortage remains unchanged, and coal prices have established a bottom and are expected to rise. High - quality coal enterprises have core asset attributes such as high profitability, high cash flow, high ROE, and high dividends. The coal sector is still undervalued, and its valuation is expected to increase. The coal supply bottleneck is expected to last until the "15th Five - Year Plan", and coal prices are likely to remain high. The report continues to be bullish on the coal sector and recommends top - down attention to several types of coal companies [3][11][12] Summary by Directory 1. This Week's Core View and Key Focus - **Core View**: The coal industry is in the early stage of a new upward cycle. The supply side shows an increase in the utilization rate of sample power and coking coal mine wells. On the demand side, there are differences in coal consumption between inland and coastal areas, and non - electric demand also shows different trends. Coal prices stopped falling and rebounded since late December, but the rebound momentum weakened this week. In the future, inventory depletion and the upcoming cold wave will support coal prices, and the market is expected to be stable and slightly strong before the holiday. The coal sector has high - dividend support and upward elasticity, making it a cost - effective investment [11] - **Investment Suggestions**: Focus on companies with stable operations and performance, those with large previous declines and high elasticity, and high - quality metallurgical coal companies. Also, pay attention to other related companies [12] - **Key Focus**: In 2025, China's coal imports decreased by 9.6% year - on - year; India's coal production was basically flat with a slight decline; global seaborne coal trade decreased by 2.8% [13] 2. This Week's Performance of the Coal Sector and Individual Stocks - The coal sector fell 3.33% this week, underperforming the broader market. The CSI 300 fell 0.57% to 4731.87. The top - three sectors in terms of gains were computer, electronics, and media [14] - The power coal, coking coal, and coke sectors fell 3.46%, 3.66%, and 4.38% respectively [17] - The top - three gainers in the coal mining and washing sector were Anyuan Coal Industry (3.97%), Huayang Co., Ltd. (2.90%), and Diantou Energy (0.81%) [20] 3. Coal Price Tracking - **Coal Price Index**: As of January 16, the comprehensive transaction price of CCTD Qinhuangdao thermal coal (Q5500) was 688.0 yuan/ton, up 2.0 yuan/ton week - on - week; the comprehensive average price index of Bohai Rim thermal coal (Q5500) was 686.0 yuan/ton, up 1.0 yuan/ton week - on - week; the annual long - term agreement price of CCTD Qinhuangdao thermal coal (Q5500) was 684.0 yuan/ton, down 10.0 yuan/ton month - on - month [24] - **Thermal Coal Price**: At ports, the market price of Qinhuangdao Port thermal coal (Q5500) from Shanxi was 697 yuan/ton on January 17, up 1 yuan/ton week - on - week. At production sites, prices in some areas were stable while in Datong, it decreased. Internationally, FOB and CIF prices showed different trends [30] - **Coking Coal Price**: At ports, the prices of coking coal in Jingtang Port and Lianyungang increased. At production sites, prices in some areas increased while in others they were stable. The CIF price of Australian Peak Downs hard coking coal in China increased [32] - **Anthracite and Pulverized Coal Injection Price**: The coking anthracite car - loading price in Jiaozuo was flat, while the prices of pulverized coal injection in Changzhi and Yangquan decreased [40] 4. Coal Supply and Demand Tracking - **Coal Mine Capacity Utilization**: As of January 16, the capacity utilization rate of sample power coal mine wells was 90.6%, up 0.3 percentage points week - on - week; the capacity utilization rate of sample coking coal mine wells was 88.47%, up 3.1 percentage points week - on - week [47] - **Import Coal Price Difference**: As of January 16, the price difference between domestic and foreign 5000 - kcal and 4000 - kcal thermal coal decreased [43] - **Coal - fired Power Consumption and Inventory**: Inland 17 provinces saw a decrease in coal inventory and an increase in daily consumption, while coastal 8 provinces saw a decrease in both inventory and consumption [44] - **Downstream Metallurgical Demand**: The Myspic composite steel price index increased slightly, the price of first - grade metallurgical coke was flat, the blast furnace operating rate decreased, the profit per ton of coke decreased, the profit per ton of steel in the blast furnace increased, the iron - scrap price difference decreased, and the blast furnace scrap consumption ratio decreased [65][66] - **Downstream Chemical and Building Materials Demand**: Urea prices in some regions increased, the national methanol price index decreased, the national ethylene glycol price index decreased, the national acetic acid price index increased, the national synthetic ammonia price index increased, the national cement price index decreased, the cement clinker capacity utilization rate decreased, the float glass operating rate decreased, and chemical weekly coal consumption increased [72][76] 5. Coal Inventory Situation - **Thermal Coal Inventory**: Qinhuangdao Port's coal inventory increased to 550.0 tons; 55 ports' thermal coal inventory decreased to 6830.8 tons; the inventory of 462 sample mines decreased to 283.9 tons [91] - **Coking Coal Inventory**: The production - site inventory decreased to 272.4 tons, the six - port inventory decreased to 298.9 tons, the inventory of independent coking plants increased to 954.8 tons, and the inventory of sample steel mills increased to 802.2 tons [92] - **Coke Inventory**: The inventory of coking plants decreased to 40.6 tons, the four - port inventory increased to 188.1 tons, and the inventory of sample steel mills increased to 650.33 tons [94] 6. Coal Transportation Situation - **International and Domestic Coal Transportation**: As of January 16, the China Yangtze River Coal Transportation Comprehensive Freight Index (CCSFI) was 704 points, down 3.6 points week - on - week [107] - **Ratio of Cargo to Ships at Four Northern Ports**: As of January 16, the inventory at four ports in the Bohai Rim was 1465.2 tons, the number of anchored ships was 99, and the ratio of cargo to ships was 14.8, down 1.96 week - on - week [102] - **Daqin Line Coal Transportation**: The average daily coal shipment volume on the Daqin Line this week was 118.0 tons, up 9.75 tons week - on - week [107] 7. Weather Situation - As of January 16, the Three Gorges outbound flow was 9180 cubic meters per second, up 23.22% week - on - week [114] - In the next 10 days, there will be precipitation in some areas, and a cold wave will affect many regions with significant temperature drops [114] - In the long - term (January 27 - 30), there will be precipitation in some areas, and the average temperature in some regions will be lower or higher than normal [114] 8. Listed Company Valuation Table and Key Announcements - **Listed Company Valuation Table**: The table shows the closing prices, net profit attributable to shareholders, EPS, and PE of key listed companies from 2024A to 2027E [115] - **Key Announcements**: Xinji Energy released its 2025 performance report; Pingdingshan Tianan Coal Mining Co., Ltd. announced the progress of its controlling shareholder's strategic restructuring; Guanghui Energy announced a guarantee - related关联交易; Meijin Energy announced a guarantee for its subsidiary and its 2025 performance forecast [116][117][118] 9. This Week's Important Industry News - By 2030, Guizhou's coal production and trial - operation capacity will reach 260 million tons per year [119] - Yunnan will increase coal resource exploration and promote the release of advanced coal production capacity [119] - 20 coal mines in Ordos passed the intelligent acceptance [119] - Guizhou has made breakthroughs in the coal and unconventional natural gas fields [119] - Jiangsu released its 2026 major project list, including one coal - related project [120]

Investment Rating - The report maintains a "Buy" rating for several coal companies, including China Shenhua, Shaanxi Coal and Chemical Industry, and Xinji Energy, among others [9]. Core Insights - The coal market is experiencing a potential turning point driven by AI reshaping demand in the U.S. and supply constraints from Indonesia [2][3]. - The report highlights the importance of monitoring "black swan" events that could significantly impact coal prices, particularly changes in domestic policies and increased demand from the U.S. [3]. - The report indicates that the coal market lacks imagination under current fundamentals but could see price increases if unexpected events occur [3]. Market Overview - The CITIC Coal Index was reported at 3690.69 points, down 3.34%, underperforming the CSI 300 Index by 2.77 percentage points [4][74]. - As of January 16, 2026, the price of thermal coal at North Port was 704 RMB/ton, reflecting a week-on-week increase of 3 RMB/ton [30]. Key Areas of Analysis - **Thermal Coal**: Daily consumption remains strong, and pre-holiday production cuts are expected, suggesting a continued upward trend in coal prices [15]. - **Coking Coal**: Increased purchasing by steel companies is driving coking coal prices higher, with significant price increases noted in various coal types [35][48]. - **Market Sentiment**: The sentiment in the coal market is mixed, with some participants optimistic about future demand due to weather changes and others concerned about weak terminal demand [32]. Company Recommendations - The report recommends focusing on companies with strong fundamentals, such as China Shenhua, Yancoal, and others, which are expected to perform well in the upcoming periods [11][10]. - Companies like Keda Control and China Qinfa are highlighted for their potential recovery and growth prospects [11]. Price Trends - Coking coal prices have seen significant increases, with low-sulfur coking coal prices rising by 100 RMB/ton week-on-week [35]. - The report notes that the average profit per ton of coking coal has decreased, indicating pressure on margins for some producers [72]. Inventory and Supply Dynamics - As of January 16, 2026, the inventory of thermal coal at major ports was reported at 6440 million tons, showing a week-on-week decrease of 6 million tons [16]. - The report emphasizes the importance of monitoring inventory levels and production rates, particularly as the Chinese New Year approaches, which typically affects supply [15]. Conclusion - The coal industry is at a critical juncture, with potential for price increases driven by demand shifts and supply constraints. Investors are advised to focus on companies with strong market positions and growth potential in this evolving landscape [3][11].

证券之星消息，1月15日煤炭开采板块较上一交易日下跌0.46%，大有能源领跌。当日上证指数报收于 4112.6，下跌0.33%。深证成指报收于14306.73，上涨0.41%。煤炭开采板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603071 | 物产环能 | 13.93 | 2.13% | 4.25万 | 5928.26万 | | 600397 | 江钨装备 | 9.40 | 1.73% | 38.69万 | 3.64亿 | | 002128 | 电投能源 | 30.55 | 1.13% | 25.98万 | 7.99亿 | | 000571 | 新大洲A | 5.89 | 0.68% | 21.43万 | 1.25亿 | | 600997 | 开滦股份 | 5.92 | 0.68% | 9.25万 | 5448.91万 | | 601101 | 美华能源 | 7.43 | 0.54% | 6.45万 | 4778.88万 | | 601001 | 晋控煤业 | 14. ...

635亿史诗级并购落地！A股新"铝王"要来了 2025末，铝行业资本运作迎来里程碑式突破——宏创控股（002379.SZ）正式公告，其拟以635.18亿元收购宏拓实业100%股权的重大重组事项，已于12月 31日获证监会核准通过。这一重大重组事件，将不仅创下"并购六条"发布以来A股民营企业并购最大规模的纪录，也将成为跨境资产整合、产业升级与资 本市场改革深度融合的典型范本，这也意味着A股市场很快又即将迎来一个的千亿市值铝业新巨头！ 国资重拳整合！又一场百亿级能源资产整合拉开序幕 2025年12月15日，内蒙古电投能源公告，其发行股份及支付现金收购国家电投集团内蒙古白音华煤电100%股权方案获国务院国资委原则同意。该交易是 年内能源行业备受关注的重大重组，亦为2025年央企重组提速趋势的最新体现。此前中国电建整体上市、国电电力收购新能源资产等案例接连落地，国资 委"推动优质资产向上市公司集中"的政策导向正加速落地。 | 2025 年 12 月并购重组市场概览 . | | --- | | 12 月新披露并购重组事件情况 . | | 交易所项目审核动态 | | 并购重组关键指标速览 . | | 上市公司控制权变更动 ...