Investment Rating - The industry investment rating is maintained as "Add" [2] Core Insights - The report highlights that the coal price adjustment has been ongoing since Q4 2021, with the market now recognizing the prolonged decline. It suggests that the bottom of the price cycle may be near, urging stakeholders to maintain confidence and focus on the industry's fundamental attributes [6][7] - The report emphasizes the challenges faced by the Russian coal industry, including rising production costs, declining investment, and logistical issues due to sanctions, which have led to a decrease in coal exports [4][5] - The global metallurgical coal market is experiencing a shift, with supply tightening due to disruptions in Australian coal supply, leading to increased prices for high-quality coking coal [5][6] Summary by Sections Coal Mining - As of May 23, 2025, Brent crude oil futures settled at $64.78 per barrel, down $0.63 (-0.96%) from the previous week, while WTI crude oil futures settled at $61.53 per barrel, down $0.96 (-1.54%) [1] - The report notes that the price of coal at Newcastle port (6000K) is $218.9 per ton, unchanged from the previous week, while the price at the European ARA port is $91 per ton, also unchanged [1][38] Production and Demand - Russia's coal production remains around 440 million tons annually, with coking coal production at approximately 110 million tons. Domestic demand for coal in Russia is projected to grow by 13.13% year-on-year in 2024, reaching 205 million tons [4] - The report indicates that the share of electricity coal demand in Russia is about 46% [4] Investment Recommendations - The report recommends several coal companies for investment, including China Shenhua (H+A), China Coal Energy (H+A), and others, highlighting their performance and potential for recovery [6][7] - The report suggests that the domestic coal companies are facing increasing losses, with over 54.8% of coal enterprises reporting losses as of March 2025, indicating a higher likelihood of production cuts [6][7] Market Outlook - The report anticipates that by 2050, global metallurgical coal demand will decrease from 1.099 billion tons in 2024 to 885 million tons, with significant shifts in demand from China to India [5] - It is projected that the price of high-quality Australian coking coal will gradually rise due to long-term structural shortages [5]

Group 1: Financial Performance - The net profit attributable to shareholders for Q1 2025 is CNY 1,559,048,223.47 [5][10] - The company aims to achieve a net profit of CNY 6 billion by 2025 [3] Group 2: Carbon Emission and Environmental Impact - The carbon emission trading amount for 2024 is reported as 0, indicating no sales of carbon credits [3] - The company maintains that the proportion of abandoned wind and electricity in 2024 is in line with regional averages, with slight improvements expected in 2025 [7][8] Group 3: Business Operations and Resource Management - The company is currently assessing its coal resource reserves and the remaining exploitable years for its mining operations [3] - The company plans to enhance profitability through new projects in electrolytic aluminum and renewable energy [5] Group 4: Market and Investment Concerns - Investors have expressed concerns regarding potential dilution of net assets and earnings due to capital increases, requesting assurances from the company [2][9] - The company is committed to adhering to legal regulations and will ensure timely and accurate information disclosure regarding asset evaluations [2][10] Group 5: Future Growth and Strategic Goals - The company has set a profit target of CNY 10 billion by 2030, with growth expected from new projects [3][8] - The company is exploring the integration of additional aluminum assets and the construction of a wind power base in Ulan Chabu [8]

Core Viewpoint - Electric Power Investment Energy plans to acquire 100% equity of Baiyinhu Coal Power from State Power Investment Corporation Inner Mongolia, which is expected to significantly enhance the company's asset scale and business strength [1][3]. Group 1: Acquisition Details - The acquisition will be conducted through a combination of issuing shares and cash payments, with specific transaction prices yet to be determined as the audit and evaluation of the target assets are still ongoing [1][2]. - The transaction is classified as a major asset restructuring and related party transaction [1]. - Baiyinhu Coal Power has shown strong performance, with projected revenue of 11.402 billion yuan and net profit of 1.396 billion yuan for 2024 [1][3]. Group 2: Financial Performance - Baiyinhu Coal Power's revenue for 2023, 2024, and Q1 2025 is reported at 7.362 billion yuan, 11.402 billion yuan, and 2.911 billion yuan, respectively, with corresponding net profits of 543 million yuan, 1.396 billion yuan, and 430 million yuan [3]. - Electric Power Investment Energy's total assets, net assets, and operating income are expected to increase significantly post-acquisition, improving the overall asset quality and profitability of the company [3]. Group 3: Company Background and Business Segments - Electric Power Investment Energy was established in 2001 and has been listed on the Shenzhen Stock Exchange since 2007, rapidly entering the thermal power and electrolytic aluminum sectors through acquisitions [4]. - The company has experienced steady growth in revenue and net profit for four consecutive years, with 2024 revenue reaching 29.859 billion yuan and net profit at 5.342 billion yuan, reflecting year-on-year growth rates of 11.23% and 17.15%, respectively [5]. - The company's business segments include electrolytic aluminum, coal, thermal power, and renewable energy, with revenue contributions of 52.46%, 34.14%, 5.8%, 4.48%, and 0.99% respectively [5]. Group 4: Recent Financial Trends - In Q1 2025, Electric Power Investment Energy reported revenue of 7.537 billion yuan, a year-on-year increase of 2.63%, while net profit decreased by 19.82% to 1.559 billion yuan due to rising operating costs [6]. - Despite the decline in net profit, the company's financial position remains stable, with a net operating cash flow of 1.766 billion yuan, up 31.06% year-on-year, and a debt-to-asset ratio of 24.14%, which has decreased by over 1 percentage point since the beginning of 2025 [6].

Group 1 - The core viewpoint of the articles highlights that the recent release of new restructuring regulations is expected to revitalize the mergers and acquisitions market, as evidenced by companies like Guangyang Co. and Electric Investment Energy quickly announcing significant asset restructuring plans [1][2] - Guangyang Co. plans to issue shares and pay cash to acquire 100% of Yinqiu Technology, with the transaction expected to constitute a major asset restructuring, and the company will suspend trading from May 19 for up to 10 trading days [1] - Yinqiu Technology is a precision bearing manufacturer with an annual production capacity of 900 million sets, serving various industries including home appliances and automotive, which aligns with Guangyang Co.'s focus on the bearing sector, indicating potential for industrial synergy [1] Group 2 - Electric Investment Energy intends to acquire 100% of Baiyinhua Coal Power from the State Power Investment Corporation through a combination of share issuance and cash payment, which will significantly enhance the company's asset scale and business strength [2] - The recent amendments to the "Major Asset Restructuring Management Measures for Listed Companies" by the CSRC encourage private equity participation in mergers and acquisitions, introducing simplified review processes and new regulatory adjustments [2] - Since the introduction of the "M&A Six Guidelines" last September, over 1,400 asset restructuring cases have been disclosed, with significant increases in both the number and value of major asset restructurings compared to the previous year [2]

【深圳商报讯】（记者陈燕青）在重组新规发布后，光洋股份、电投能源等公司第一时间推出了定增收 购资产的重大资产重组方案。业内认为，随着新规的发布，未来并购重组市场将进一步回暖。 5月18日晚间，光洋股份公告称，公司正在筹划发行股份及支付现金方式购买银球科技100%股权并募集 配套资金。本次交易预计构成重大资产重组，不构成重组上市，公司股票自5月19日开市起停牌，预计 在不超过10个交易日的时间内披露本次交易方案。 官网显示，银球科技是一家集研发、生产、销售为一体的精密轴承制造商，具备年产9亿套轴承的能 力，产品应用于家电、汽车、工业电机、纺织机械、高速吸尘器等领域。银球科技与光洋股份均深耕轴 承领域，此次交易有助于实现产业协同。 同日，电投能源披露重组预案称，公司拟通过发行股份及支付现金的方式购买国家电投集团内蒙古能源 有限公司持有的白音华煤电100%股权并通过定增募集配套资金。本次交易预计构成重大资产重组和关 联交易。此前，电投能源已于5月6日开市起停牌，公司股票5月19日开市起复牌。 电投能源主营业务收入主要包括煤炭产品、电力产品、电解铝产品。白音华煤电主营业务为煤炭、铝及 电力产品的生产和销售，拥有白音华 ...

证券代码：002128 证券简称：电投能源 公告编号：2025028 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 5 月 20 日（周二）14:00 互联网投票系统投票时间：2025 年 5 月 20 日（周二）9:15—15:00 交易系统投票时间：2025 年 5 月 20 日（周二）9:15—9:25,9:30 —11:30 和 13:00—15:00 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。 内蒙古电投能源股份有限公司 2024年度股东大会决议公告 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208人，代表股份1,416,149,684股， 占公司有表决权股份总数的 63.1766％ ...

北京市通商律师事务所 关于内蒙古电投能源股份有限公司 2024 年度股东大会的法律意见书 1．本所律师仅就本次会议的召集与召开程序、召集人和出席现场会议人员 资格、会议表决程序及表决结果的合法性发表意见，不对本次会议所审议的议案 内容及该等议案所表述的事实或数据的真实性、准确性和完整性发表意见； 2．本所律师无法对网络投票过程进行见证，参与本次会议网络投票的股东 资格、网络投票结果均由相应的证券交易所交易系统和互联网投票系统予以认证； 3．本所及经办律师依据《中华人民共和国证券法》《律师事务所从事证券法 律业务管理办法》《律师事务所证券法律业务执业规则》等规定及本法律意见书 出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和 诚实信用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准 确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者 重大遗漏，并承担相应法律责任； 中国北京建国门外大街 1 号国贸写字楼 2 座 12-15 层 100004 12-15th Floor, China World Office 2, No. 1 Jianguomenwai A ...

Core Viewpoint - The report from Guosheng Securities indicates a significant decline in coal imports and a downward trend in reliance on thermal coal, with a projected annual decrease in thermal coal imports by 4.9% for 2025 [1][3]. Group 1: Coal Production and Import Trends - In April 2025, the raw coal production decreased by 5 million tons month-on-month, with a total output of 390 million tons, reflecting a year-on-year growth of 3.8% [2]. - The total coal imports in April 2025 were 37.83 million tons, a decrease of 16.41% compared to the same month last year [3]. - For the first four months of 2025, coal imports totaled 152.67 million tons, down 5.3% year-on-year [3]. Group 2: Power Generation Insights - In April 2025, the industrial power generation was 711.1 billion kWh, showing a year-on-year increase of 0.9% [4]. - The thermal power generation in April 2025 saw a year-on-year decline of 2.3%, maintaining the same decline rate as in March [4]. - Renewable energy sources such as wind and solar power showed accelerated growth rates of 12.7% and 16.7% respectively in April 2025 [4]. Group 3: Steel Production and Market Dynamics - The crude steel production in April 2025 was 86.02 million tons, remaining flat year-on-year [5]. - The average daily iron water production from 247 sample steel mills was 2.448 million tons, reflecting a year-on-year increase of 3.3% [5]. - The market anticipates a seasonal peak in steel demand, with potential downward pressure on iron water production due to slowing inventory depletion [5]. Group 4: Investment Recommendations - The report recommends key coal enterprises such as China Shenhua (601088) and China Coal Energy (601898) for investment [6]. - It highlights the potential of companies like Xinji Energy (601918) and Shaanxi Coal (601225) based on performance metrics [6][7]. - The report also notes the importance of monitoring the impact of coal imports and domestic policy changes on market dynamics [5][6].

Investment Rating - The industry investment rating is maintained as "Increase" [6] Core Viewpoints - The coal mining industry is expected to see improved demand as effective supply decreases, presenting a good investment opportunity since the beginning of the year [1] - In April 2025, the raw coal production decreased by 50 million tons month-on-month, with an annual growth rate of 3.8% [1][12] - The forecast for 2025 indicates a net increase in production of only 55-60 million tons, with a year-on-year growth rate of approximately 1.2-1.3%, continuing to slow down compared to 2024 [1][12] Summary by Sections Production - In April 2025, the raw coal production was 390 million tons, with a year-on-year increase of 3.8% [1][12] - The average daily production in April was 12.98 million tons [1][12] Import - In April 2025, coal imports were 37.83 million tons, a decrease of 16.41% year-on-year [2][16] - For the first four months of 2025, total coal imports were 152.67 million tons, down 5.3% year-on-year [2][16] - The forecast for 2025 suggests that thermal coal imports may stabilize or decline slightly, with an expected total of around 385 million tons, a year-on-year decrease of 4.9% [2][16] Demand - In April 2025, the industrial power generation was 711.1 billion kWh, with a year-on-year growth of 0.9% [3][19] - The industrial thermal power generation decreased by 2.3% year-on-year, remaining stable compared to March [3][19] - The growth rates for wind and solar power generation increased to 12.7% and 16.7% respectively in April [3][19] Investment Recommendations - Key recommendations include major coal enterprises such as China Shenhua (H+A), China Coal Energy (H+A), and turnaround opportunities like China Qinfa [5][37] - Other recommended stocks include new energy companies with strong performance such as Xinjie Energy, Shaanxi Coal, and Electric Power Energy [5][37] - Companies with potential for future growth include Huayang Co. and Gansu Energy [5][37]

Investment Rating - The industry investment rating is "Maintain Buy" [6] Core Viewpoints - The coal mining industry is expected to see improved demand and effective supply reduction, presenting a good investment opportunity since the beginning of the year [1] - In April 2025, the raw coal production decreased by 50 million tons month-on-month, with a total output of 390 million tons, reflecting a year-on-year growth of 3.8% [12][13] - The report anticipates a net increase in coal production of only 55 to 60 million tons in 2025, representing a year-on-year growth of approximately 1.2% to 1.3%, indicating a continued slowdown compared to 2024 [1][12] Production Summary - In April 2025, the raw coal production was 390 million tons, with a daily average of 12.98 million tons [12][13] - The cumulative raw coal production from January to April 2025 reached 1.58 billion tons, showing a year-on-year increase of 6.6% [12] Import Summary - In April 2025, coal imports were 37.83 million tons, a decrease of 16.41% year-on-year and a 2.34% decrease month-on-month [2][16] - From January to April 2025, total coal imports amounted to 152.67 million tons, down 5.3% year-on-year [16] - The report forecasts that the total annual coal imports for 2025 may be around 385 million tons, reflecting a year-on-year decline of 4.9% [2][16] Demand Summary - In April 2025, the industrial power generation was 711.1 billion kWh, with a year-on-year growth of 0.9% [3][19] - The industrial thermal power generation saw a year-on-year decline of 2.3%, remaining consistent with the previous month [3][19] - Renewable energy sources such as wind and solar power showed significant growth, with wind power increasing by 12.7% and solar power by 16.7% year-on-year [3][19][32] Investment Recommendations - Key recommended stocks include China Shenhua (H+A), China Coal Energy (H+A), and China Qinfa, among others [5][37] - The report emphasizes the importance of performance in stock selection, highlighting companies like Xinjie Energy and Shaanxi Coal and Chemical Industry [5][37]