Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Views - The report emphasizes the importance of coal as a defensive asset amid unexpected U.S. tariffs, highlighting the need for a balanced approach in coal investments [1][4] - The coal market is currently in a bottoming phase, with potential for price stabilization and rebound supported by various factors including long-term contract price ceilings and self-rescue actions by coal companies [3][4] - The report suggests that the coal sector is entering a new phase of investment opportunities, driven by macroeconomic policies and capital market support [4][12] Summary by Sections Investment Logic - The coal sector is viewed as a stable dividend investment due to weak domestic economic performance and external pressures from U.S. tariff policies, with insurance funds starting new allocations in coal [4][12] - The cyclical elasticity of coal stocks is expected to improve as supply-demand fundamentals continue to enhance, particularly after the March Two Sessions and the arrival of the spring construction season [4][12] Key Market Indicators - The coal sector saw a slight increase of 0.6%, outperforming the CSI 300 index by 1.97 percentage points [7][9] - The current PE ratio for the coal sector is 10.6, and the PB ratio is 1.22, indicating relatively low valuations compared to other sectors [9][12] Coal Price Trends - Port coal prices have stabilized, with CCTD Q5500 coal priced at 676 CNY/ton, remaining unchanged week-on-week [3][15] - The inventory at ports has decreased, with the total inventory in the Bohai Rim area at 30.271 million tons, down 3.08% from the previous week [3][15] Supply and Demand Dynamics - The operating rate of coal mines in Shanxi, Shaanxi, and Inner Mongolia remains steady at 82.1% [3][15] - Daily coal consumption by coastal power plants has decreased to 1.844 million tons, a drop of 3.96% [3][15] Company Performance and Recommendations - Selected coal stocks are expected to benefit from the current market conditions, with recommendations for companies such as China Shenhua, Shaanxi Coal, and China Coal Energy based on their dividend potential [4][12][13] - The report highlights the importance of capital inflows from industry players, indicating a recognition of the current value bottom in the coal sector [4][12]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Viewpoints - The coal price at ports has stabilized, and the investment value of leading coal companies is emphasized [2][4] - The supply constraints in the coal mining industry remain unchanged, while demand may fluctuate, leading to price dynamics and rebalancing [7][74] - The report highlights the strong cash flow and high asset quality of leading coal companies, characterized by high profitability, high cash flow, high barriers to entry, high dividends, and high safety margins [7][74] Summary by Sections 1. Thermal Coal - Port inventory continues to decrease, and port prices have stabilized [10][13] - The production side shows stable supply, with a slight decrease in capacity utilization in the main production areas [13][21] - Demand has improved, with increased daily consumption in coastal and inland power plants [13][24] - The average daily coal input at ports has decreased, leading to a reduction in northern port inventories [29][33] 2. Coking Coal - Production continues to contract, with a decrease in capacity utilization due to previous production issues [39][73] - Demand has improved, with rising daily iron output and reduced inventory at coking enterprises [39][73] - The overall supply-demand situation for coking coal has improved, with a decrease in production enterprise inventory [39][73] 3. Coke - The market anticipates price increases for coke after the Qingming Festival, with rising production rates in coking plants [52][73] - The average profit per ton of coke has decreased, indicating a challenging profitability environment [54][73] 4. Anthracite - The price of anthracite remains stable, with high operating rates in major production areas [68][74] 5. Key Companies and Profit Forecasts - The report identifies key companies to focus on, including China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining Company, among others, with strong investment recommendations [8][75] - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various companies, indicating their investment potential [8][75]

Summary of Coal Industry Conference Call Industry Overview - The coal industry is experiencing significant pressure in Q1 2025 due to a sharp decline in spot prices, impacting profitability across most companies [3][4][10] - The average price of thermal coal at Qinhuangdao Port fell to 722 RMB, a year-on-year decrease of nearly 20% and a quarter-on-quarter decline of about 12% [3][4] - Coking coal prices at Jintang Port averaged 1,443 RMB, reflecting a year-on-year drop of 40% and a quarter-on-quarter decrease of approximately 15% [3][4] Key Points - The decline in coal prices was unexpected, with long-term contract prices remaining relatively stable, showing only a 2.6% year-on-year decrease [4][5] - New Hope Energy outperformed due to increased calorific value, power generation growth, and electricity price compensation, while leading coking coal companies like Shanxi Coking Coal and Pingmei faced negative impacts from falling spot prices [4][6] - National raw coal monthly average production increased by 4% year-on-year but decreased by 10% quarter-on-quarter, with Shanxi showing significant growth while production in Shaanxi and Inner Mongolia declined [4][7] Company Performance - Major companies like Shaanxi Coal, China Shenhua, Yanzhou Coal, and China Coal are expected to see a year-on-year decline in Q1 performance, but overall stability is anticipated [4][8] - Yanzhou Coal is projected to have a growth potential for the year, benefiting from internal growth, increased production in the Shaanxi region, and new mines coming online [4][9] - New Hope Energy is expected to report Q1 earnings of 5.5 to 6.5 billion RMB, maintaining stable performance despite the challenging environment [11] Market Outlook - In the short term, coal prices may bottom out in Q2, but the rate of decline is expected to slow, with the market becoming more sensitive to positive news [4][12] - The coal sector may achieve excess returns due to marginal improvements in supply and demand, risk release from Q1 reports, and upcoming stock registration dates [4][12] - Long-term investment in the coal sector remains attractive, with stable dividend yields from leading companies and a focus on growth potential in companies like Electric Power Investment and New Hope Energy [13] Coking Coal Sector - The coking coal sector shows signs of short-term improvement, with potential for price rebounds due to faster recovery in iron and steel production [14] - Recommendations include prioritizing Huabei Mining for its better safety margins and lower valuations, while Pingmei is suggested for its dividend potential and cost reduction efforts in 2025 [14]

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [10] Core Viewpoints - The coal price has experienced unexpected declines in the first quarter, leading to a year-on-year profit drop for most companies. However, companies with a higher proportion of long-term contracts, benefiting from improved calorific value and increased electricity generation, such as Xinji Energy, are expected to perform relatively well [2][7] - Despite the seasonal decline in coal demand post-heating season and high port inventories, the report suggests that the negative factors affecting coal stocks may gradually diminish, recommending a proactive approach towards the coal sector [6][24] Summary by Sections Price Trends - As of March 28, 2025, the average price of Qinhuangdao port Q5500 thermal coal was 722 CNY/ton, a year-on-year decrease of 19.9% and a quarter-on-quarter decrease of 12.2%. The long-term contract price remained more stable at 690 CNY/ton, down 2.6% year-on-year and 1.1% quarter-on-quarter [7][14] - The average price of Shanxi main coking coal at Jing Tang port was 1443 CNY/ton, reflecting a significant year-on-year decline of 40.2% and a quarter-on-quarter decline of 15.4% [15] Production and Sales - In the first two months of 2025, the average monthly coal production in China was 38 million tons, a year-on-year increase of 4%. However, production decreased by 10% compared to the previous quarter [7][17] - Major coal companies like China Shenhua and Shaanxi Coal & Energy reported varied production changes, with Shenhua's production down 2.6% year-on-year and Shaanxi's up 9.4% [17] Profitability Forecast - The report anticipates that key coal companies will see an average profit decline of 7% to 17% year-on-year in Q1 2025, while a quarter-on-quarter increase of 3% to 16% is expected [7][8] - Xinji Energy is highlighted as a company likely to maintain stable performance due to its long-term contracts and operational efficiencies [2][8] Investment Recommendations - The report suggests a marginal allocation strategy focusing on high-quality leaders with stable profits, such as China Shenhua and Shaanxi Coal, as well as growth-oriented companies like Electric Power Investment and Xinji Energy [8]

内蒙古电投能源股份有限公司第八届董事会 第三次独立董事专门会议审核意见 根据《上市公司独立董事管理办法》《深圳证券交易所股票上市规则》 《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作》及《内蒙古电投能源股份有限公司章程》《内蒙古电投能源股份有 限公司独立董事制度》等法律法规和规章制度的有关规定，内蒙古电投能 源股份有限公司（以下简称"电投能源"或"公司"）全体独立董事于 2025 年 3 月 24 日以通讯方式召开第八届董事会第三次独立董事专门会议，本 次会议应参加的独立董事四名，实际参加的独立董事四名。作为公司的独 立董事，对公司 2025 年第二次临时董事会相关审议事项发表审核意见如 下： 一、关于审议 2025 年度日常关联交易预计情况的议案 经审查，我们认为:公司及全资、控股子公司根据生产、经营与基础 建设需要，对拟发生的 2025 年度煤炭、铝产品及其他日常关联交易情况 进行了预计，关联交易事项包括购买商品、接受劳务、销售商品、提供劳 务、出租、承租车辆及房屋等类型。我们认为上述的关联交易事项属公司 生产经营事项，审议的各类关联交易均有明确的定价原则，交易遵循了公 平、公允 ...

内蒙古电投能源股份有限公司投资管理规定 第一章 总则 第四条 本规定所称投资，指公司及所属单位在境内、外， 将一定数量的货币、实物、股权、无形（包括土地使用权、技 术、数据等）资产等投入到某个企业、项目或对象，以取得一 定经济效益、社会效益的行为或活动。 — 1 — 本规定所称主业是指由集团公司确定的主要经营业务；非 主业是指主业以外的其他经营业务。 按投资性质划分，包括固定资产投资和股权投资。其中： 固定资产投资包括基本建设、更新改造、科研项目、数字化， 购置固定资产、无形资产等投资行为。股权投资包括为取得被 投资企业股权而发生的并购、参股等投资行为。 第五条 公司投资实行专业分类管理。按照投资方式、所 处境域及产业领域等，将投资划分为境内基本建设投资、境内 股权投资、境外投资、科研投资、数字化投资、固定资产更新 改造投资等。其中： （一）境内基本建设投资是指在境内开展的大中型基建投 资和小型基建投资行为。 大中型基建投资是指以扩大生产能力或工程效益为主要目 的，开展的建设工程及有关实体性投资行为，类型分为常规、 战略性、创新示范大中型基建投资项目。 第一条 为履行中央企业责任，落实国家"四个革命，一 个合 ...

《内蒙古电投能源股份有限公司投资管理规定》 （修订）新旧条款对照表 | 序 号 | 修订前条款 | 修订后 | | --- | --- | --- | | | 第一条 为加强内蒙古电投能源股份有限公司（以下 | 第一条 为履行中央企业责任，落实国家"四个革命，一个合作"能 | | | 简称"公司"）投资管理，规范投资行为，防范和控制投 | 源安全新战略，助力国家"碳达峰、碳中和"目标，实现国有资本优化布 | | | 资风险，提高投资收益，实现国有资产保值增值，根据 | 局和保值增值，保证国家电力投资集团有限公司（以下简称"集团公司"） | | 1 | 国家投资项目审批制度、国务院国资委关于中央企业投 | "均衡增长战略"落地，切实加强内蒙古电投能源股份有限公司（以下简 | | | 资监管要求及国家电力投资集团有限公司（以下简称"集 | 称"公司"）投资管理，规范投资行为，防范和控制投资风险，提高投资 | | | 团公司"）投资管理规定，制定本办法。 | 收益，根据国家投资项目审批制度、国务院国资委关于中央企业投资监管 | | | | 和集团公司投资管理要求，制定本规定。 | | 2 | 第二条 公司以集团公司 ...

证券代码：002128 证券简称：电投能源 公告编号：2025006 内蒙古电投能源股份有限公司 关于通过国家电投集团财务有限公司提供委托贷款暨 关联交易公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不 存在虚假记载、误导性陈述或者重大遗漏。 重要内容提示： 1. 概述 为满足控股子公司内蒙古霍煤鸿骏铝电有限责任公司（以下或简 称"霍煤鸿骏铝电公司"）、晋中电投晟辉智慧能源有限公司、达拉 特旗那仁太新能源有限公司、内蒙古巴音新能源有限公司（以下或简 称"巴音新能源公司"）、阿拉善右旗电投新能源有限公司、扎鲁特 旗电投新能源有限公司、山东那仁太新能源有限公司、通辽市青格洱 新能源有限公司、内蒙古电投新能源生态建设有限责任公司（以下或 简称"通辽新能源生态建设公司"）、阿巴嘎旗绿能新能源有限公司 的资金需要，内蒙古电投能源股份有限公司（以下或简称"电投能 源"）、扎鲁特旗扎哈淖尔煤业有限公司（以下或简称"扎哈淖尔煤 业公司"）、通辽霍林河坑口发电有限责任公司（以下或简称"霍林 河坑口发电公司"）、内蒙古电投霍白配售电有限公司（以下或简称 "配售电公司"）拟通过国家电投集团财务有限公司（以下或简称"财 ...

证券代码：002128 证券简称：电投能源 公告编号：2025005 内蒙古电投能源股份有限公司 关于公司2025年度日常关联交易预计情况公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不 存在虚假记载、误导性陈述或者重大遗漏。 一、关联交易概述 （一）关联交易审议情况 2025 年 3 月 25 日公司 2025 年第二次临时董事会和公司 2025 年 第一次临时监事会审议通过了《关于公司 2025 年度日常关联交易预 计情况的议案》。公司及子公司 2025 年度拟发生日常关联交易，预 计总金额 2,033,385.49 万元（不含税），2024 年度公司同类交易实 际发生总金额 1,657,097.21 万元（未经审计、不含税）。 该议案为关联交易议案，关联董事王伟光、田钧、张昊、于海涛、 胡春艳履行了回避表决义务。根据《深圳证券交易所股票上市规则》， 此关联交易议案尚须获得股东大会的批准，与该项议案中交易事项存 在关联关系的股东中电投蒙东能源集团有限责任公司和内蒙古霍林 河煤业集团有限责任公司将回避在股东大会上对该议案的投票权。 （二）公司 2025 年度日常关联交易预计情况 单位：万元 1 ...

证券代码：002128 证券简称：电投能源 公告编号：2025007 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、召开会议基本情况 （一）股东大会届次：2025年第二次临时股东大会 1.股东大会召集人：内蒙古电投能源股份有限公司（以下简称"公司"） 2025年第二次临时董事会决定召开公司2025年第二次临时股东大会。 2.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。 （二）会议时间 1.现场会议召开时间：2025年4月15日（周二）14:00 2.互联网投票系统投票时间：2025年4月15日（周二）9:15—15:00 —4— 2.公司董事、监事和高级管理人员； 3.公司聘请的律师。 （六）现场会议召开地点：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 3.交易系统投票时间：2025年4月15日（周二）9:15—9:25,9:30—11:30和 13:00—15:00 （三）会议召开方式：现场表决与网络投票相结合 （四）股权登记日：2025年4月8日（周二） （五）出席会 ...