Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - Coal prices have rebounded above 700 RMB, with a current price of 704 RMB/ton, reflecting a week-on-week increase of 24 RMB/ton (3.53%) [3][4] - The demand for non-electric coal is expected to be a highlight in the upcoming months, particularly during the "golden September and silver October" period [4] - The report predicts that the current rebound in coal prices is at a turning point, with potential further increases expected as the market stabilizes [4][5] Summary by Sections Investment Logic - The prices of thermal coal and coking coal are at a turning point, with thermal coal prices expected to recover to long-term contract prices, currently above the second target price of around 700 RMB [4][13] - Future expectations indicate that thermal coal prices could reach a third target price of approximately 750 RMB, with a potential peak at around 860 RMB [4][13] Market Performance - The coal index increased by 3.51% this week, outperforming the CSI 300 index by 3.96 percentage points [8][25] - The average PE ratio for the coal sector is 13.59, and the PB ratio is 1.28, ranking low among all A-share industries [25][31] Coal Price Indicators - As of September 19, the Qinhuangdao Q5500 thermal coal price is 704 RMB/ton, with a week-on-week increase of 24 RMB [20] - The price of coking coal at the Jingtang port has risen to 1670 RMB/ton, reflecting a significant increase from earlier months [21][23] Investment Recommendations - The report suggests a dual logic for investment in coal stocks, focusing on both cyclical recovery and stable dividends, with specific stocks recommended for investment [5][14] - Key stocks identified for investment include: - Cyclical logic: Jinko Coal Industry, Yanzhou Coal Mining - Dividend logic: China Shenhua, Zhongmei Energy - Diversified aluminum elasticity: Shenhua Holdings, Electric Power Investment Energy - Growth logic: Xinjie Energy, Guanghui Energy [5][14][15]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The report indicates that the coal economy is at the beginning of a new upward cycle, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [3][13] - The report highlights that coal prices have shown signs of stabilization, and there is an expectation for price increases due to seasonal demand and supply constraints [5][13] - The report emphasizes the continued investment logic of coal capacity shortages, with a short-term balance and a long-term gap in supply [13][14] Summary by Sections Coal Price Tracking - As of September 19, the market price for Qinhuangdao port thermal coal (Q5500) is 699 CNY/ton, an increase of 21 CNY/ton week-on-week [4][31] - The price for coking coal at Jingtang port is 1610 CNY/ton, up 60 CNY/ton week-on-week [4][33] - International thermal coal prices have also seen fluctuations, with Newcastle thermal coal at 69.6 USD/ton, a week-on-week increase of 0.4 USD/ton [4][31] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.7%, an increase of 2.4 percentage points week-on-week [4][48] - Daily coal consumption in inland provinces has increased by 4.10 thousand tons/day (+1.22%) [5][13] - The report notes that the supply side is still constrained by policies, and the demand is expected to rise as winter heating needs begin [5][13] Industry Performance - The coal sector has shown a weekly increase of 3.59%, outperforming the broader market [16] - The report identifies key companies to focus on, including China Shenhua, Shaanxi Coal, and others, highlighting their stable operations and strong performance [14][16]

Core Viewpoint - The modern energy sector in China is experiencing significant growth, driven by policy support and technological advancements, with a focus on energy storage and renewable energy solutions [4]. Group 1: Market Performance - As of September 19, 2025, the China Securities National New State-Owned Enterprise Modern Energy Index decreased by 0.03%, with mixed performance among constituent stocks [3]. - China Coal Energy led the gains with an increase of 3.90%, while China Rare Earths saw a decline of 1.82% [3]. - The Central State-Owned Enterprise Modern Energy ETF (561790) rose by 0.18%, closing at 1.15 yuan, and has accumulated a 1.06% increase over the past two weeks [3]. Group 2: Industry Developments - The 2025 World Energy Storage Conference opened in Ningde, Fujian, showcasing significant advancements in the energy storage sector, including the release of the "China Long-term Energy Storage Industry Blue Book" and the signing of 18 project cooperation agreements with a total planned investment of 24.58 billion yuan [3]. - The industry is witnessing a robust development of a comprehensive new energy storage system, with expectations of doubling large-scale storage capacity in the next two and a half years due to favorable policies [4]. Group 3: ETF and Index Insights - The Central State-Owned Enterprise Modern Energy ETF has seen a significant growth in scale, increasing by 2.11 million yuan over the past year, ranking in the top third among comparable funds [4]. - The index tracks 50 listed companies involved in modern energy sectors, with the top ten weighted stocks accounting for 48.28% of the index [4].

电投能源（002128.SZ）9月17日在投资者互动平台表示，公司所属扎铝二期工程按照计划正常推进，预 计年底投产，经过调试后，2026年逐步释放产能，贡献利润。公司所属霍煤鸿骏铝电公司现有产能86万 吨，扎铝二期达产后产能35万吨。白音华煤电公司核定电解铝产能40.53万吨。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问扎铝二期建设进展如何？ ...

Group 1 - The report highlights that the overall fund inflow into stock ETFs shows a reverse correlation with the market trend, indicating a lag in retail investor sentiment and behavior during market uptrends [2][24][25] - It notes that since the beginning of the year, net inflows have been particularly strong in technology growth, non-bank financials, and certain core assets [2][24] - The report suggests that while high levels of ETF fund inflows do not correlate with significant stock price increases, the pricing power of ETFs has been increasing from May to September, indicating a shift towards more informed investment behavior [2][24][26] Group 2 - The fixed income section discusses the current state of the bond market, indicating that without a strong configuration of buyers, the market remains in a state of fluctuation, particularly for long-term bonds [3][32] - It emphasizes that the lack of demand from banks and insurance companies for long-term bonds is a persistent issue, compounded by increased supply pressures [3][32][34] - The report projects that the yield on 10-year government bonds may face resistance in the range of 1.80%-1.90%, while the 30-year bonds do not show signs of reaching a peak yet [3][34] Group 3 - The report on the chemical industry indicates that the revenue and net profit of listed companies in the basic chemical sector showed slight year-on-year growth in the first half of 2025, with total revenue reaching 1.12 trillion yuan, up 3.1% [8] - It highlights that the second quarter of 2025 saw a slight increase in revenue but a decrease in profit margins, indicating a challenging environment for profitability [8] - The report notes a significant decline in the growth rate of construction projects, suggesting a potential bottoming out of profitability in the sector [8] Group 4 - The report on Tonghe Technology indicates that the company is positioned to be a leader in the charging module sector, with expectations of significant growth driven by the data center HVDC power module market [7][22] - It forecasts revenue growth from 13.3 billion yuan in 2025 to 21.9 billion yuan by 2027, with net profit expected to increase significantly during the same period [7][22] - The report assigns a price-to-earnings ratio of 43x for 2026, suggesting a target price of 43.7 yuan per share, reflecting a positive outlook for the company's future performance [7][22] Group 5 - The report on electric power companies indicates that the investment in the power grid is expected to exceed 825 billion yuan in 2025, reflecting a significant increase in infrastructure spending [20] - It highlights the establishment of settlement companies to address renewable energy subsidy gaps, indicating a proactive approach to financing renewable energy projects [20] - The report suggests that investors should focus on companies involved in renewable energy operations and those transitioning from coal to renewable sources [20]

Meeting Overview - The shareholder meeting was held on September 16, 2025, with both on-site and online voting options available [3][4] - A total of 133 shareholders participated, representing 1,393,553,875 shares, which is 62.1686% of the total voting shares [4] Voting Results - Proposal 1.01 to amend the company's articles of association received 99.1609% approval from the total voting shares [13] - Proposal 1.02 to amend the rules of procedure for shareholder meetings received 99.8505% approval from the total voting shares [15] - Proposal 1.03 to amend the rules of procedure for board meetings received 99.1590% approval from the total voting shares [17] - Proposal 2.00 to abolish the supervisory board received 99.8624% approval from the total voting shares [19] Small Shareholder Participation - Small shareholders accounted for 6.4031% of the total voting shares, with 132 small shareholders participating [7] - Small shareholders showed strong support for the proposals, with Proposal 1.01 receiving 91.8529% approval from small shareholders [14] Legal Compliance - The meeting was conducted in accordance with relevant laws and regulations, and the voting results were deemed valid by the legal counsel [21]

北京市中咨律师事务所 关于内蒙古电投能源股份有限公司 2025 年第四次临时股东大会 的法律意见书 北京市西城区平安里西大街 26 号 新时代大厦 5-8 层 邮编：100034 电话：+86-10-66091188 传真：+86-10-66091616 网址：http://www.zhongzi.com.cn/ 二〇二五年九月 法律意见书 北京市中咨律师事务所 关于内蒙古电投能源股份有限公司 2025 年第四次临时股东大会的法律意见书 致:内蒙古电投能源股份有限公司 北京市中咨律师事务所（以下简称"本所"）接受内蒙古电投能源股份有限 公司（以下简称"公司"）的委托，指派本所律师王淼律师、袁华律师出席公司 2025 年第四次临时股东大会（以下简称"本次股东大会"）并对本次股东大会 的有关事项依法进行见证。 本所依据《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》"）《上市公司股东会规则》《深圳证 券交易所上市公司股东大会网络投票实施细则》（以下简称"《网络投票实施细 则》"）《律师事务所从事证券法律业务管理办法》（以下简称"《证券法律业 务管理办法》"）《律师 ...

证券代码：002128 证券简称：电投能源 公告编号：2025054 2.本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1.召开时间 现场会议召开时间：2025 年 9 月 16 日（周二）14:00 互联网投票系统投票时间：2025 年 9 月 16 日（周二）9:15—15:00 内蒙古电投能源股份有限公司 2025年第四次临时股东大会决议公告 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。 特别提示： 1.本次股东大会无否决议案的情形。 交易系统投票时间：2025 年 9 月 16 日（周二）9:15—9:25,9:30 —11:30 和 13:00—15:00 2.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。 3.会议召开方式:现场表决与网络投票相结合的方式 4.会议召集人:公司董事会 5.主持人:董事胡春艳（经半数以上董事推荐） 6.出席情况： 股东出席的总体情况： 1 通过现场和网络投票的股东133人，代表股份1,393,553,875股， 占公司有表决权股份总数的62.16 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company reported a stable performance in its fundamentals, awaiting the completion of the acquisition of the Baiyinhu coal and power assets [1] - The coal and electricity sectors are under short-term pressure due to declining prices and production volumes [2] - The electrolytic aluminum segment showed stable performance, with domestic aluminum prices remaining high [2] - The company is positioned for future growth with significant capacity expansion plans and a focus on green energy [3] - Profit forecasts have been adjusted, with expected net profits for 2025-2027 at 55.31 billion, 60.17 billion, and 62.57 billion respectively [3] Financial Performance Summary - For H1 2025, the company achieved revenue of 14.464 billion, a year-on-year increase of 2.38%, and a net profit of 2.787 billion, a decrease of 5.36% [1] - The coal segment's revenue for H1 2025 was 4.381 billion, down 2.67% year-on-year, while the thermal power segment's revenue was 0.800 billion, down 5.66% [2] - The electrolytic aluminum segment generated revenue of 7.970 billion, up 3.06% year-on-year, despite a decrease in gross profit [2] - The company is expected to achieve revenue growth rates of 0.20%, 11.23%, 4.32%, 14.40%, and 8.11% from 2023 to 2027 [3] Capacity and Growth Potential - The company is the sole platform for coal, thermal power, and electrolytic aluminum resource integration in Inner Mongolia under the State Power Investment Corporation [3] - The acquisition of Baiyinhu assets will add 15 million tons/year of lignite capacity, 2.62 million kW of thermal power, and 40.53 thousand tons/year of electrolytic aluminum capacity [3] - The company is advancing the construction of the Zaha Naohuer 350,000 tons green electricity aluminum project, expected to be operational by the end of 2025 [3] - The green transition is accelerating, with significant contributions from wind and solar power segments, which saw gross profits increase by 53.18% and 41.23% respectively [3]

Group 1 - The board meeting of Inner Mongolia Electric Power Investment Energy Co., Ltd. was held on September 15, 2025, via communication methods [2][4] - All 11 directors attended the meeting and voted, with unanimous approval for the agenda items [2][7] - The meeting was convened by the chairman and party secretary Wang Weiguang [3] Group 2 - The board reviewed the proposal regarding the assessment and annual performance compensation distribution for the management team for 2024 [5] - The proposal was approved by the Compensation and Assessment Committee prior to the board meeting [6] - The voting result showed 11 votes in favor, with no opposition or abstentions [7] Group 3 - The meeting resolutions and the third meeting resolution of the Compensation and Assessment Committee for 2025 are available for review [8]