Mergers and Acquisitions - Guangyang Co., Ltd. is planning to acquire 100% equity of Ningbo Yinqiu Technology Co., Ltd. through a combination of issuing shares and cash payment, along with raising matching funds. The company's stock will be suspended from trading starting May 19, 2025, and the transaction plan is expected to be disclosed within 10 trading days [1] - Electric Power Investment Energy Co., Ltd. is also planning to acquire equity in Inner Mongolia Baiyinhua Coal Power Co., Ltd. through issuing shares and cash payment, with potential matching fund raising. The company's stock will resume trading on May 19, 2025 [2] Risk Matters - Rui Ling Co., Ltd. announced that a significant shareholder, Shenzhen Lihan Investment Consulting Co., Ltd., plans to reduce its stake by up to 13.4867 million shares, which is no more than 3% of the total share capital. Additionally, executives Cheng Jun and Pan Wen plan to reduce their stakes by up to 124,000 shares (0.028%) and 99,000 shares (0.022%), respectively [3] - Yuejian Intelligent Co., Ltd. reported that its controlling shareholders plan to reduce their combined stake by up to 2.99%, with specific reductions from individual shareholders including the chairman and general manager [4] - New Meixing Co., Ltd. announced that its controlling shareholder, He Deping, plans to reduce his stake by up to 8.892 million shares, which is also no more than 3% of the total share capital [5] Delisting Risk Warning - Zitian Technology Co., Ltd. has been under suspension since March 17 and has failed to complete required rectifications by the deadline of May 16. As a result, the company's stock will be subject to a delisting risk warning starting May 20 [6]

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [4][7]. Core Insights - The coal price adjustment has been ongoing for nearly four years since the historical peak in Q4 2021, with prices generally returning to levels before the recent uptrend. The market is now aware of the price decline, indicating that the bottom may be near. It is essential to understand the industry's fundamental attributes and maintain confidence and determination [3]. - As of April 2025, Australian coal exports totaled 104 million tons, a year-on-year decrease of 8.1%. In April alone, exports were 26.53 million tons, down 3.7% year-on-year and 12.3% month-on-month [2][6]. - Domestic coal companies are increasingly facing losses, with over half (54.8%) reporting losses as of March 2025. This trend may lead to both passive and active production cuts as prices continue to decline [3]. Summary by Sections Coal Mining Exports - In the first four months of 2025, Australian coal exports decreased by 8.1% year-on-year, totaling 104 million tons. April's exports were 26.53 million tons, reflecting a 3.7% year-on-year decline and a 12.3% month-on-month decline [2][6]. Price Trends - As of May 16, 2025, coal prices showed mixed trends: Newcastle port coal (6000K) was priced at $99.0 per ton (up 0.1), while European ARA port coal was at $94.5 per ton (down 2.6) [35]. The IPE South African Richards Bay coal futures settled at $87.60 per ton (down 1.4) [35]. Recommended Stocks - The report recommends several coal companies, including: - China Shenhua (601088.SH) - Buy - Shaanxi Coal (601225.SH) - Buy - China Qinfa (00866.HK) - Buy - China Coal Energy (601898.SH) - Buy - Electric Power Energy (002128.SZ) - Buy - Jinneng Holding (601001.SH) - Buy - Yancoal (600188.SH) - Buy - New Hope Energy (601918.SH) - Buy [7].

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Viewpoints - The coal price expectations are beginning to improve as port inventory decreases and power plant replenishment demand becomes evident [1][7] - The supply side is tightening due to safety and environmental inspections leading to temporary mine closures, while demand remains supported by non-electric sectors [5][15] - The report highlights the investment value of coal companies, particularly those with high dividends and strong cash flows, amidst market volatility [7][81] Summary by Sections 1. Thermal Coal - The port coal price decline has narrowed to 16 CNY/ton this week, down from 22 CNY/ton the previous week, indicating a potential stabilization [15][79] - The production capacity utilization in the main producing areas has decreased by 0.99 percentage points due to inspections and maintenance [15][79] - Coastal and inland power plant coal inventories are relatively low compared to last year, with a total of 11,478 million tons as of May 14, 2025, which is 146 million tons lower than the same period last year [15][79] 2. Coking Coal - The production of coking coal remains stable, with the capacity utilization rate unchanged, while imports have increased slightly [5][80] - Coking coal prices have remained stable at ports, with the average price at 1,320 CNY/ton as of May 16, 2025 [47][80] - The inventory of coking coal production enterprises has increased by 23.22 million tons, indicating a slight oversupply [46][80] 3. Coke - The utilization rate of coking enterprises has increased to 76.02%, reflecting high production levels despite a slight decrease in iron output [6][59] - Coke prices have decreased slightly, with the price at 1,400 CNY/ton as of May 16, 2025 [59][60] - The overall profitability in the coke industry has improved, with an average profit of 7 CNY/ton, up by 6 CNY/ton from the previous week [62][66] 4. Anthracite Coal - The price of anthracite coal has remained stable, with the price at 850 CNY/ton as of May 16, 2025 [76][78] - The demand from non-electric sectors, particularly the chemical industry, continues to support the anthracite market [76][78] 5. Key Companies and Investment Logic - The report emphasizes the investment potential in coal companies with strong fundamentals, such as China Shenhua, Shaanxi Coal, and Yancoal [7][81] - The focus is on companies that exhibit characteristics of high profitability, cash flow, and dividend yields, which are attractive in the current market environment [7][81]

Core Viewpoint - Inner Mongolia Electric Power Investment Energy Co., Ltd. plans to acquire 100% equity of National Energy Investment Group Inner Mongolia Baiyinhua Coal Power Co., Ltd. through a combination of share issuance and cash payment, while also raising supporting funds for this transaction [1] Group 1: Asset Transactions Overview - In the past twelve months, the company has engaged in several asset transactions, including a capital increase for Inner Mongolia Electric Power New Energy Ecological Construction Co., Ltd., raising its registered capital from 10 million to 1.3573 billion yuan, with the company contributing 943.11 million yuan [2] - The company transferred 100% equity of its wholly-owned subsidiary Tongliao Tongfa New Energy Co., Ltd. to its controlling shareholder, China Electric Power Investment Group Inner Mongolia Energy Group Co., Ltd., for a price of 196.3043 million yuan [3] - The company plans to include the relevant amounts from these transactions in the cumulative calculation to determine if the current acquisition constitutes a major asset restructuring [2][3] Group 2: Capital Increases and Related Transactions - The company proposed to increase the registered capital of Inner Mongolia Huokai Hongjun Aluminum Power Co., Ltd. from 3.3 billion yuan to 5.65 billion yuan using undistributed profits, with the change completed by March 2025 [4] - The company is also investing in the Kurenqi Rural Energy Revolution Pilot County Project, planning to increase the registered capital of Kurenqi Electric Power New Energy Co., Ltd. from 5 million to 53 million yuan, which is still pending registration [4] - The company has not engaged in any other asset transactions that require inclusion in the cumulative calculation under the Major Asset Restructuring Management Measures [5]

内蒙古电投能源股份有限公司董事会 关于本次交易履行法定程序的完备性、合规性及提交的法律文件的 有效性的说明 内蒙古电投能源股份有限公司（以下简称"公司"）拟通过发行股份及支付现 金方式购买国家电投集团内蒙古能源有限公司（以下简称"交易对方"）持有的国 家电投集团内蒙古白音华煤电有限公司 100%股权（以下简称"本次发行股份及支 付现金购买资产"），同时向不超过 35 名符合条件的特定对象发行股份募集配套 资金（以下简称"本次交易"）。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司重大 资产重组管理办法》《上市公司监管指引第 9 号——上市公司筹划和实施重大 资产重组的监管要求》及《公开发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》等法律、法规、规范性文件及《公司章程》的相 关规定，公司董事会对于本次重大资产重组履行法定程序的完备性、合规性及提 交的法律文件的有效性进行了认真审核，认为公司就本次交易相关事项履行了现 阶段必需的法定程序，该等法定程序完备、合规，符合法律、法规和规范性文件 的相关规定，提交的法律文件合法有效，并说明如下： 一、关于公司本次交易履行法定程 ...

股票代码：002128 股票简称：电投能源 上市地点：深圳证券交易所 内蒙古电投能源股份有限公司 发行股份及支付现金购买资产 并募集配套资金暨关联交易预案摘要 交易类型 交易对方名称 发行股份及支付现金购买资产 国家电投集团内蒙古能源有限公司 募集配套资金 不超过 35 名符合条件的特定对象 二〇二五年五月 内蒙古电投能源股份有限公司发行股份及支付现金购买资产并募集配套资金暨关联交易预案摘要 上市公司声明 本公司控股股东及全体董事、监事、高级管理人员承诺：如为本次交易所提 供或披露的信息涉嫌虚假记载、误导性陈述或者重大遗漏，并被司法机关立案侦 查或者被中国证监会立案调查的，在形成调查结论以前，不转让在上市公司拥有 权益的股份，并于收到立案稽查通知的两个交易日内将暂停转让的书面申请和股 票账户提交上市公司董事会，由董事会代为向证券交易所和证券登记结算机构申 请锁定；未在两个交易日内提交锁定申请的，授权董事会核实后直接向证券交易 所和证券登记结算机构报送身份信息和账户信息并申请锁定；董事会未向证券交 易所和证券登记结算机构报送身份信息和账户信息的，授权证券交易所和证券登 记结算机构直接锁定相关股份。如调查结论发现 ...

内蒙古电投能源股份有限公司董事会 关于本次交易符合《上市公司重大资产重组管理办法》第十一条及 第四十三条有关规定的说明 内蒙古电投能源股份有限公司（以下简称"公司"）拟通过发行股份及支付现 金方式购买国家电投集团内蒙古白音华煤电有限公司 100%股权，并募集配套资 金（以下简称"本次交易"）。 公司董事会对本次交易是否符合《重组管理办法》第十一条及第四十三条的 规定进行了审慎分析，公司董事会认为： 一、本次交易符合《重组管理办法》第十一条规定 （一）本次交易符合国家产业政策和有关环境保护、土地管理、反垄断、外 商投资、对外投资等法律和行政法规的规定； （七）本次交易有利于上市公司保持健全有效的法人治理结构。 二、本次交易符合《重组管理办法》第四十三条规定 （一）本次交易有利于提高上市公司资产质量、改善财务状况和增强持续经 营能力，有利于上市公司增强独立性，不会新增显失公平的关联交易或重大不利 影响的同业竞争； （二）上市公司最近一年及一期财务会计报告被会计师事务所出具无保留意 见审计报告； （二）本次交易不会导致上市公司不符合股票上市条件； （三）本次交易所涉及的资产定价公允，不存在损害公司和股东合法权益的 ...

根据《深圳证券交易所上市公司自律监管指引第8号——重大资产 重组（2023年修订）》的规定，公司首次披露重组事项至召开相关股 东大会前，如本次交易涉嫌内幕交易被中国证券监督管理委员会立案 调查或者被司法机关立案侦查的，交易存在被暂停、被终止的风险。 证券代码：002128 证券简称：电投能源 公告编号：2025025 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。 截至本公告披露日，本次交易涉及的标的资产的审计、评估或估 值等工作尚未完成。公司将在相关工作完成后，再次召开董事会会议 审议本次交易的相关事项，并由董事会召集股东大会审议与本次交易 相关的议案。 为贯彻落实国务院关于推动资本市场高质量发展和提高上市公司 质量的有关精神，内蒙古电投能源股份有限公司（以下简称"公司" 或"电投能源"）正在筹划发行股份及支付现金购买资产并募集配套 资金暨关联交易事项，拟通过发行股份及支付现金方式购买国家电投 集团内蒙古白音华煤电有限公司股权，并将视具体情况募集配套资金 （以下简称"本次交易"）。2025年5月16日，公司2025年第四次临时 董事会会议审议通过了与本次交易 ...

剔除采矿业因素影响涨跌幅 -2.47% 内蒙古电投能源股份有限公司董事会 关于公司股票价格在本次交易首次公告日前 20 个交易日内波动情况的说明 内蒙古电投能源股份有限公司（以下简称"公司"）拟通过发行股份及支付现 金方式购买国家电投集团内蒙古白音华煤电有限公司 100%股权，并募集配套资 金（以下简称"本次交易"），本公司股票（证券简称：电投能源，证券代码：002128） 自 2025 年 5 月 6 日开市起开始停牌。 公司董事会现就公司股票在停牌前 20 个交易日期间的涨跌幅情况，以及同 期大盘指数、行业指数的涨跌幅情况说明如下： | 停牌前第 | | 21 | 个交易日 | | 停牌前 | | 1 | 个交易日 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 项目 | | | | | | | | | 涨跌幅 | | （2025 | 年 | 4 | 月 2 | 日） | （2025 | 年 | 4 | 月 30 | 日） | | 上市公司股票收盘价 | | | | | | | | | | | （元/股） | | | ...

Core Viewpoint - The company intends to acquire 100% equity of Inner Mongolia Baiyinhua Coal Power Co., Ltd. from State Power Investment Corporation through a combination of share issuance and cash payment, while also raising supporting funds for this transaction [1][2] Summary by Relevant Sections - The board of directors has determined that the company does not fall under any prohibitive conditions outlined in Article 11 of the Administrative Measures for the Registration of Securities Issuance by Listed Companies, which includes various financial and regulatory compliance criteria [1][2] - Specific conditions that were assessed include: - No unauthorized changes in the use of previously raised funds without shareholder approval [1] - Recent financial statements comply with accounting standards and disclosure rules, with no adverse audit opinions [1] - Current directors and executives have not faced administrative penalties from the China Securities Regulatory Commission in the last three years [1] - There are no ongoing criminal investigations or regulatory inquiries against the company or its executives [1] - No significant legal violations by controlling shareholders that could harm the company's interests or investors' rights in the last three years [1] - No major legal violations affecting investors' rights or public interests in the last three years [1]