Core Insights - The report indicates that the coal industry is entering a new cycle with a significant increase in value, driven by supply-demand restructuring and improved market conditions [1][4]. Group 1: Cycle Review - The coal price center has significantly increased during the 14th Five-Year Plan, and the 15th Five-Year Plan is expected to usher in a new cycle [4][15]. - The report reviews four cycles of the coal industry, highlighting that the current cycle may see a recovery from the bottom in the second half of 2025 [15][16]. - The average price of Qinhuangdao port 5500 kcal thermal coal reached 718 RMB/ton in the second half of 2025, reflecting a 6% increase compared to the first half [20][21]. Group 2: Supply Restructuring - Coal production from 2020 to 2024 increased by 23% to 4.78 billion tons, but growth is expected to slow significantly in 2025, with production growth in Xinjiang only at 2.6% [4][33]. - The report anticipates that coal production will enter a peak and decline phase, with growth rates expected to be between 0.5% and 1.0% from 2026 to 2028 [4][33]. - Regulatory policies are expected to impact coal production, potentially leading to negative growth in certain periods [4][33]. Group 3: Demand Restructuring - The demand for coal is expected to maintain resilience, with electricity consumption projected to grow at around 5% over the next five years, driven by new manufacturing and increased electrification [4][33]. - The report notes that while coal consumption is expected to decline in the short term due to electricity demand pressures, it is likely to recover as macroeconomic policies strengthen in 2026 [4][33]. - Chemical demand is projected to grow at approximately 5%, while declines in steel and construction materials are expected to narrow [4][33]. Group 4: Global and Commodity Perspectives - The report highlights that global coal production is expected to decline, while Southeast Asian demand is projected to grow by 3-5% from 2025 to 2030 [4][33]. - Compared to other commodities, coal has shown weaker performance, with the copper-coal ratio and gold-coal ratio at historical highs [4][33]. - The coal industry's share of industrial profits has dropped to historical lows, while the electricity sector's profit share has reached a high of 10% [4][33]. Group 5: Overall Viewpoint - The report concludes that the coal price center is expected to rise to around 750 RMB/ton in 2026, with leading companies offering dividend yields of 4-6% [4][33]. - Key companies identified include China Shenhua, Yanzhou Coal, and Shaanxi Coal, which are expected to maintain stable profitability [4][33]. - The report emphasizes that after a pessimistic outlook on coal prices is reversed, valuation elasticity is likely to become apparent [4][33].

Group 1 - The A-share and Hong Kong stock markets showed a growth style leading the rally in December, with the ChiNext and North Star 50 indices rising over 5% [1] - The core drivers for the cyclical sector include economic recovery expectations and the revaluation of strategic resources, particularly benefiting from global manufacturing recovery and resource security themes [1][2] - The growth style focuses on technological self-reliance and new productivity, with capital concentrating on sectors like defense, communication, and AI-related high-end manufacturing [1][2] Group 2 - In January, the A-share market will enter a critical data verification period, influenced by policy effects, macro data, corporate performance, and liquidity changes, leading to potential increased volatility [2] - Key sectors such as defense, 6G, and satellite internet will require performance or order validation to digest previous gains, while commercial aerospace and AI computing sectors may still present active opportunities [2] - Strategic resource segments, especially rare metals like antimony, tungsten, and rare earths, are being revalued by the market due to their essential role in advanced technology breakthroughs [2] Group 3 - The company has excellent asset allocation in mineral resources, with a projected CAGR of 24% for copper production and 12% for gold production from 2020 to 2024, leading in growth among major copper/gold mining companies [6] - The company has successfully completed several significant acquisitions, contributing to production and profit, with ongoing projects expected to support sustainable growth in copper and gold businesses [6][8] - The company has effectively controlled costs, with production costs for copper and gold remaining competitive, positioning it within the top 20% globally [7] Group 4 - The company is benefiting from a stable coal production capacity of 48 million tons/year and has seen an increase in profitability due to low extraction costs and high long-term contracts [18] - The company is expanding its electrolytic aluminum capacity, with a projected increase to 121,000 tons/year by the end of 2025, supported by cost advantages from proximity to coal sources [19] - The company is actively promoting clean energy transition, with significant growth in renewable energy installations, aiming for 700,000 kW by the end of the 14th Five-Year Plan [19] Group 5 - The company is a leading supplier of air conditioning refrigeration valves, with rapid growth in automotive and humanoid robot businesses, actively developing new growth curves [47] - The company achieved a revenue of 240.29 billion yuan in the first three quarters of 2025, with a year-on-year increase of 16.86%, and a net profit of 32.42 billion yuan, up 40.85% [47] - The company is focusing on the development of robotic components, with plans for overseas mass production to strengthen its position in the global supply chain [49]

Group 1 - The coal mining sector experienced a slight decline of 0.04% on December 30, with Huaihe Energy leading the drop [1] - The Shanghai Composite Index closed at 3965.12, showing no change, while the Shenzhen Component Index rose by 0.49% to 13604.07 [1] - Key stocks in the coal mining sector showed mixed performance, with notable gainers including Electric Power Investment Energy (+2.38%) and Jiangxi Tungsten Industry (+1.04%) [1] Group 2 - Huaihe Energy saw a significant decline of 2.60%, closing at 3.37, with a trading volume of 624,400 shares and a turnover of 212 million yuan [2] - The coal mining sector faced a net outflow of 201 million yuan from major funds, while retail investors contributed a net inflow of 163 million yuan [2] - The stock performance of various companies indicated a trend of net outflows from major funds, with Shaanxi Coal and Chemical Industries showing a net inflow of 99.04 million yuan [3]

Group 1 - The core point of the news is that Electric Power Investment Energy Co., Ltd. experienced a decline in stock price, closing at 26.94 yuan per share, with a market capitalization of 60.388 billion yuan [1] - The company is primarily engaged in the production, processing, and sales of coal products, with its main business revenue composition being 55.11% from aluminum products, 30.29% from coal products, 13.02% from electricity products, and 1.59% from other sources [1] Group 2 - From the perspective of fund holdings, Xiangcai Fund has a significant position in Electric Power Investment Energy, with the Xiangcai Hongli Quantitative Stock Selection Mixed A fund holding 9,500 shares, representing 2.42% of the fund's net value [2] - The fund has reported a year-to-date return of 12.72% and a one-year return of 12.45%, ranking 5384 out of 8087 and 5296 out of 8085 respectively [2] Group 3 - The fund manager of Xiangcai Hongli Quantitative Stock Selection Mixed A is Bao Jiamin, who has been in the position for 1 year and 302 days, with the fund's total asset size at 509 million yuan [3] - During Bao Jiamin's tenure, the best fund return was 48.13%, while the worst return was -3.09% [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002128 证券简称：电投能源 公告编号：2025093 （一）关于公司经理层成员2024-2027岗位聘任和任期经营业绩指标分解原则的议案； 内蒙古电投能源股份有限公司2025年第十五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（以下简称"公司"）根据公司《董事会议事规则》关于需要尽快召 开董事会临时会议情形的相关规定，于2025年12月26日以电子邮件等形式发出2025年第十五次临时董事 会会议通知。 （二）会议于2025年12月28日以现场与视频结合方式召开。现场会议地点为呼和浩特市。 （三）董事会会议应出席董事11人，实际出席会议并表决董事11人（其中：现场出席会议董事2人，为 王伟光董事长和李岗董事；以视频方式出席会议董事8人，分别为田钧、于海涛、胡春艳、应宇翔董事 和陈天翔、陶杨、李明、张启平独立董事；李宏飞董事因公务原因未能亲自出席会议，以书面方式委托 王伟光董事长代为出席会议并表决）。 （四）会议主持人 ...

序号股东名称持股比例1融电投能源发展（云南）有限公司100% 天眼查显示，近日，融电投能源（寻甸）有限公司成立，法定代表人为姜米芸，注册资本688.23万人民 币，由融电投能源发展（云南）有限公司全资持股。 经营范围含许可项目：供电业务；输电、供电、受电电力设施的安装、维修和试验；发电业务、输电业 务、供（配）电业务；建设工程施工；施工专业作业；建设工程设计；建筑劳务分包；住宅室内装饰装 修。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件 或许可证件为准）信息咨询服务（不含许可类信息咨询服务）；租赁服务（不含许可类租赁服务）；光 伏发电设备租赁；计算机及通讯设备租赁；机械设备租赁；信息系统运行维护服务。（除依法须经批准 的项目外，凭营业执照依法自主开展经营活动） 来源：市场资讯 企业名称融电投能源（寻甸）有限公司法定代表人姜米芸注册资本688.23万人民币国标行业电力、热 力、燃气及水生产和供应业>电力、热力生产和供应业>电力生产地址云南省昆明市寻甸回族彝族自治 县仁德街道办事处凤梧奥城新天地1B1008号企业类型有限责任公司（法人独资）营业期限2025-12-29至 ...

每经头条（nbdtoutiao）——直击茅台经销商大会：2000多人周末齐聚！重大变革公布：涉及茅台酒价 格、分销等，董事长陈华：经销商不能再"躺着赚钱" 2025年1至6月份，电投能源的营业收入构成为：有色金属冶炼占比55.85%，煤炭行业占比31.02%，新 能源发电行业占比7.58%，煤电电热力行业占比5.54%。 每经AI快讯，电投能源（SZ 002128，最新价：27.71元）12月29日午间发布公告称，公司2025年第十五 次董事会临时会议于2025年12月28日以现场与视频结合方式召开。会议审议了《关于公司经理层成员 2024-2027岗位聘任和任期经营业绩指标分解原则的议案》等文件。 （记者 王瀚黎） ...

电投能源公告称，2025年12月28日，公司以现场与视频结合方式召开第十五次临时董事会会议。会议审 议通过《关于公司经理层成员2024 - 2027岗位聘任和任期经营业绩指标分解原则的议案》。还通过《关 于2026年霍林河地区火电企业灰渣石膏等固废物处置采购方式的议案》，其控股子公司霍煤鸿骏铝电电 力分公司与通朗环保签1年期合同，预算费用3360万元（含税）；全资子公司通辽霍林河坑口发电公司 也与通朗环保签1年期合同，预算费用2752万元（含税）。 ...

证券代码：002128 证券简称：电投能源 公告编号：2025093 内蒙古电投能源股份有限公司 2025年第十五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（以下简称"公司"）根据 公司《董事会议事规则》关于需要尽快召开董事会临时会议情形的相 关规定，于 2025 年 12 月 26 日以电子邮件等形式发出 2025 年第十五 次临时董事会会议通知。 （三）董事会会议应出席董事 11 人，实际出席会议并表决董事 11 人（其中：现场出席会议董事 2 人，为王伟光董事长和李岗董事； 以视频方式出席会议董事 8 人，分别为田钧、于海涛、胡春艳、应宇 翔董事和陈天翔、陶杨、李明、张启平独立董事；李宏飞董事因公务 原因未能亲自出席会议，以书面方式委托王伟光董事长代为出席会议 并表决）。 （四）会议主持人：董事长、党委书记王伟光。 列席人员：公司部分高级管理人员、董事会秘书。 （五）本次会议的召开符合法律、行政法规、部门规章和《公司 - 1 - 章程》等规定。 二、董事会会议审议情况 （ ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the coal industry [6]. Core Insights - The coal pricing policy in China has shifted from administrative price stabilization to market-oriented flexible regulation from 2022 to 2025, with a focus on optimizing supply structure and enhancing cost support [1][17]. - The complete cost of coal enterprises in major production areas provides a bottom support for port prices, with the support level estimated at approximately 574 RMB/ton for Shanxi and Shaanxi regions [2][30]. - The coal industry is expected to maintain its role as a cornerstone of China's energy system, with supply constraints and gradual energy structure transformation supporting a high price level for coal [11]. Summary by Sections 1. Special Research - The shift in coal pricing policy aims to stabilize energy supply while ensuring reasonable profits for coal and electricity sectors [1]. - The complete cost structure of coal enterprises includes production costs, period expenses, and taxes, with a focus on maintaining energy security and sustainable development [21]. 2. Market Review - The Shanghai Composite Index rose by 1.91% from December 13 to December 26, while the coal index fell by 0.35%, underperforming the overall market [3][32]. 3. Market Information Tracking - As of December 24, 2025, the average price of thermal coal in the Bohai Rim was reported at 695 RMB/ton, reflecting a decrease of 8 RMB/ton from December 10, 2025 [4]. - The price of coking coal at Jing Tang Port was reported at 1740 RMB/ton, an increase of 110 RMB/ton from December 12, 2025 [9]. 4. Industry Dynamics - The National Development and Reform Commission has issued guidelines to enhance the clean and efficient utilization of coal, encouraging upgrades and improvements in coal projects [10]. - The 2026 National Energy Work Conference emphasized the importance of policy support in addressing development challenges within the energy sector [10]. 5. Investment Portfolio and Recommendations - The report suggests focusing on companies with high long-term contract ratios for stable profits, such as China Shenhua, Shaanxi Coal, and China Coal Energy [11]. - It also highlights cyclical stocks like Yanzhou Coal and Jinkong Coal, as well as integrated coal and power companies like Xinji Energy and Huaihe Energy as potential investment opportunities [11].