Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is experiencing a slow recovery in supply, with coal prices continuing to rise. The port coal price increased by 6 CNY/ton week-on-week, reaching 704 CNY/ton [3][13] - The supply side is constrained due to adverse weather conditions affecting production, particularly in the Ordos region, where capacity utilization has decreased by 1.42 percentage points [3][13] - Demand remains strong due to high temperatures, with daily coal consumption in coastal and inland power plants increasing by 11.2 and 14.8 thousand tons respectively [3][21] - The report highlights the investment value of coal companies, emphasizing their high profitability, cash flow, and dividend yields [70] Summary by Sections 1. Thermal Coal - Supply is tightening again, with port inventories decreasing and prices rising [3][13] - As of August 20, capacity utilization in the Sanxi region decreased to 88.57%, with a weekly production drop of 190 thousand tons [19] - Daily coal consumption in coastal power plants reached 249.6 thousand tons, up 11.2 thousand tons week-on-week [21] - Port inventories in northern regions decreased by 421 thousand tons week-on-week [25] 2. Coking Coal - Coking coal production recovery is limited, with capacity utilization increasing by 0.49 percentage points due to the resumption of previously halted mines [4][69] - The average daily customs clearance at Ganqimaodu port increased to 1212 trucks, up 132 trucks week-on-week [37] - Coking coal prices at the port remained stable at 1610 CNY/ton [34] 3. Coke - The seventh round of price increases for coke has been implemented, with an increase of 50-55 CNY/ton [46] - The overall inventory of coke remains low, with production rates showing some variability [53] - The average profit per ton of coke increased to 23 CNY/ton, up 3 CNY/ton week-on-week [49] 4. Investment Focus - Recommended stocks include China Shenhua, Shaanxi Coal, and others, with a focus on companies with strong cash flow and high dividend yields [70] - The report suggests monitoring the recovery of coal production, iron water output, and market conditions during the upcoming military parade [69][70]

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9] Core Insights - The resilience of demand must be paired with the rigidity of supply to support a stable coal price cycle. Developed countries have already entered a downward supply channel, while countries with current supply growth may face similar risks in the future. The combination of supply rigidity and demand resilience is expected to lead to a stable global coal supply-demand pattern [2][7] Summary by Sections Introduction - The report emphasizes that the stability of coal prices requires a logical closure formed by supply rigidity. It explores the long-term perspectives on demand, supply, and costs, aiming to clarify the medium to long-term price center of coal [5][17] Experience from Developed Countries - Coal supply changes are primarily influenced by resource endowment and demand variations. Countries with shrinking coal supply account for about 19% of global supply, including the US, Europe, Japan, South Korea, Australia, and South Africa. Historical trends indicate that long-term coal supply contraction is typically due to resource depletion, long transportation distances, and stringent environmental policies [5][35] Outlook for Growing Countries - China faces supply growth constraints due to resource depletion in Shanxi and central eastern regions. Indonesia and Russia are experiencing rising costs. Countries with ongoing coal supply growth account for approximately 77% of global supply, with China alone accounting for 50%. Future projections indicate potential supply shortages in China and declining production in Indonesia due to increased export costs [6][7] Investment Recommendations - The report suggests that the combination of supply rigidity and demand resilience will prolong the duration of coal price flattening. It recommends several companies for investment based on their performance and market conditions, including Yanzhou Coal Mining Company, Shanxi Coking Coal Group, and China Shenhua Energy [7][9]

Group 1 - The company will hold its 2025 Fourth Extraordinary General Meeting on September 16, 2025, at 14:00 [3][4] - The meeting will combine on-site voting and internet voting, with the equity registration date set for September 11, 2025 [3][4] - Shareholders or their agents holding shares on the registration date are entitled to attend and vote at the meeting [3][4] Group 2 - The meeting will discuss several proposals, including the election of committee members and amendments to company regulations [35][39][43] - The board of directors has approved the proposals, which will be submitted for shareholder approval [38][40][44] - The company plans to dissolve its supervisory board to enhance governance structure and efficiency [25][46]

电投能源主营业务为煤炭开采、洗选加工及销售，同时涉及电力、热力生产和供应业务。公司所属行业 为煤炭行业，注册地位于内蒙古自治区。 电投能源8月22日股价报19.49元，较前一交易日下跌0.28元，跌幅1.42%。当日开盘价为19.77元，最高 触及19.78元，最低下探至19.42元，成交量为16.46万手，成交金额3.22亿元。 公司8月22日在投资者互动平台回应投资者提问时表示，近期没有新项目投产。这一回应是针对投资者 关于公司近期新项目投产情况及主要产能情况的询问。 8月22日主力资金净流出4410.32万元，占流通市值的0.1%。近五个交易日主力资金累计净流出2.2亿 元，占流通市值的0.5%。 风险提示：股市有风险，投资需谨慎。 ...

Core Insights - The overall activity level of the A-share merger and acquisition market in China has slightly decreased, characterized by high frequency, diverse participants, and broad sectors [1] - A total of 80 merger and acquisition events were disclosed during the period, with a total transaction amount of 601.88 billion RMB, showing a significant increase in both the number and value of major M&A events compared to the previous period [2] - The real estate management and development, other metals and mining, semiconductor products, electronic equipment, instruments and components, electrical equipment, and automotive parts sectors are particularly active in M&A activities [2][3] - Private enterprises and local state-owned enterprises are actively engaging in horizontal integration and strategic cooperation, indicating diverse motivations for mergers and acquisitions [1][2] - The M&A market is expected to further release integration and value reconstruction potential, supported by regulatory policy optimization, economic recovery, policy encouragement, and capital market reforms [1] M&A Market Overview - The number of major M&A events in the A-share market increased by 60% compared to the previous period, with a total disclosed transaction amount of 601.88 billion RMB, representing a 187.97% increase [2] - Key sectors for M&A activities include real estate management and development, other metals and mining, semiconductor products, electronic equipment, instruments and components, electrical equipment, and automotive parts [2] - The market is entering a new phase characterized by "efficiency improvement + structural optimization," driven by policy and proactive corporate adjustments [2] Listed Companies' M&A Plans - A total of 44 listed companies announced or planned M&A activities, with an average stock price fluctuation of 7.53% over two weeks [2] - 22 companies made significant progress after announcing M&A plans, with an average stock price fluctuation of 3.76% [2] - The number of major restructuring events increased by 60% compared to the previous period, with research enthusiasm rising by 11.54% [2] Companies with Significant Progress - Companies such as Yunnan Cheng Investment and AnYuan Coal Industry have made notable advancements in their M&A plans, with various strategic objectives including asset adjustments and diversification [10][11] - The progress of these companies reflects a broader trend of active restructuring and strategic realignment within the A-share market [10][11] Market Sentiment and Performance - The restructuring index showed a fluctuation of 5.10% over the two-week period, indicating a positive sentiment in the M&A market [12] - The average price-to-earnings (PE) ratios and market values of companies involved in M&A activities vary significantly, reflecting diverse market conditions and investor sentiments [7][8]

证券代码：002128 证券简称：电投能源 公告编号：2025047 内蒙古电投能源股份有限公司 本公司及监事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 （一）内蒙古电投能源股份有限公司（简称"公司"）于 2025 年 8 月 17 日以电子邮件等形式发出 2025 年第五次临时监事会会议通 知。 证监会《关于新 <公司法> 配套制度规则实施相关过渡期安排》， 要求上市公司撤销监事会，同时为进一步规范和优化公司治理结构， 提升监督效能，拟撤销监事会，解任现任监事职务，同时废止《监事 会议事规则》。 表决结果：监事 6 票同意，0 票反对，0 票弃权，审议通过该议 案。该议案尚需提交公司股东大会审议。 三、备查文件 （三）监事会会议应出席监事 6 人，实际出席会议并表决监事 6 人（其中：以视频方式出席会议监事 1 人，为唐守国；现场出席会议 监事 5 人，分别为关越、冯树清、应建勋、王国安、潘利）。 （四）会议主持人：公司监事会主席关越。 列席人员：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、部门规章和公司章 程等规 ...

证券代码：002128 证券简称：电投能源 公告编号：2025046 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， （二）股东大会的召集人：内蒙古电投能源股份有限公司（以下简称"公 司"）第八届董事会第四次会议决定召开公司2025年第四次临时股东大会。 （三）会议召开的合法、合规性：本次股东大会的召开符合法律法规、深 圳证券交易所业务规则和公司章程等规定。 没有虚假记载、误导性陈述或重大遗漏。 一、召开会议的基本情况 （一）股东大会届次：2025年第四次临时股东大会 （五）会议召开方式：现场表决与网络投票相结合 （六）会议的股权登记日：2025年9月11日（周四） （七）出席对象： 于股权登记日下午收市时在结算公司登记在册的公司全体普通股股东均有 权出席股东大会，并可以以书面形式委托代理人出席会议和参加表决，该股东 代理人不必是本公司股东（授权委托书模板详见附件2）。 （四）会议召开的时间 —4— （八）现场会议地点：内蒙古自治区通辽市经济技术开发区清沟大街1号 内蒙古电投能源股份有限公司办公楼。 二、会议审议事项 备注 提案编码 提案名称 该列打勾的栏目可 以投票 非累积投票提 案 √作为投票 ...

Group 1 - The company, Electric Power Investment Energy, announced the convening of its eighth board meeting on August 20, 2025, to discuss the election of new committee members [1] - For the year 2024, the revenue composition of Electric Power Investment Energy is as follows: non-ferrous metal smelting accounts for 53.22%, coal industry 35.45%, coal power and thermal power industry 5.8%, and renewable energy generation industry 5.53% [1] - As of the report date, the market capitalization of Electric Power Investment Energy is 44.3 billion yuan [1]

内蒙古电投能源股份有限公司 董事会议事规则修订对比表 | 原条款 | 修订后条款 | | --- | --- | | | 第一章 总则 | | 第一章 总则 | 第一条 为进一步规范内蒙古电投能源股份有 | | 第一条 为进一步规范内蒙古电投能源股 | | | 份有限公司（以下简称"公司"）董事会决策 | 限公司（以下简称"公司"）董事会决策机制， | | 机制，确保董事会高效规范运作和科学决策， | 确保董事会高效规范运作和科学决策，根据 | | 根据《中华人民共和国公司法》等有关法律、 | 《中华人民共和国公司法》等有关法律、法规 | | 法规以及《内蒙古电投能源股份有限公司章 | 以及《内蒙古电投能源股份有限公司章程》（以 | | 程》（以下简称"公司章程"）、中国证券监督 | 下简称"公司章程"）、中国证券监督管理委员 | | 管理委员会《上市公司治理准则》《上市公司 | 会《上市公司治理准则》《上市公司章程指引》、 | | 章程指引》、深圳证券交易所《股票上市规则》 | | | | 深圳证券交易所《股票上市规则》《上市公司 | | 《上市公司自律监管指引第 1 号——主板上市 | 自律监管指引第 1 ...

内蒙古电投能源股份有限公司股东会议事规则 第一条 为规范内蒙古电投能源股份有限公司（以下简称公 司）股东会及其参加者的行为，保证股东会依法行使职权，根据 《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》）、《深圳证券交易所股票上市 规则》《上市公司股东会规则》和《内蒙古电投能源股份有限公 司章程》（以下简称《公司章程》），制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用 本规则。 第三条 公司应当严格按照法律、行政法规、本规则及公司 章程的相关规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公 司全体董事应当勤勉尽责，确保股东会正常召开和依法行使职权。 第四条 股东会应当在《公司法》和公司章程规定的范围内 行使职权。 第一章 总 则 第五条 股东会分为年度股东会和临时股东会。年度股东会 每年召开一次，应当于上一会计年度结束后的六个月内举行。临 时股东会不定期召开，出现《公司法》第一百一十三条规定的应 当召开临时股东会的情形时，临时股东会应当在两个月内召开。 — 1 — 公司在上述期限内不能召开股东会的 ...