1. Report Industry Investment Rating - The investment rating for the coal mining industry is "Bullish" [2] 2. Core Viewpoints of the Report - Currently at the beginning of a new upward cycle in the coal economy, with fundamental and policy factors in resonance, it is advisable to allocate the coal sector at low levels [2][3][11] - The underlying logic of coal supply constraints since July still exists, and there's no need to overly worry about a significant decline in coal prices. The stabilization point of coal prices is approaching [2][3][11] - The underlying investment logic of coal production capacity shortage remains unchanged. Coal prices have established a bottom and are on a new platform, high - quality coal enterprises maintain core asset attributes, and coal assets are relatively undervalued with potential for overall valuation improvement [3][11] - The coal supply bottleneck is expected to last until the "15th Five - Year Plan". The coal sector is a high - performance, high - cash, and high - dividend asset, with high certainty in the profitability and growth of high - quality coal companies [3][12] - The coal sector has a high - dividend safety margin when it adjusts downward and upward elasticity catalyzed by the expected increase in coal prices. It is recommended to focus on the current allocation opportunities in the coal sector [3][12] 3. Summary by Relevant Catalogs 3.1 This Week's Core Viewpoints and Key Concerns - **Core Viewpoints**: The coal economy is in the early stage of a new upward cycle. This week, the utilization rate of sample thermal coal and coking coal mine production capacity decreased. The daily coal consumption in inland 17 provinces and coastal 8 provinces increased, while non - power coal demand decreased. Coal prices showed a mixed trend. Although the current market is weak, after New Year's Day, the coal consumption support is expected to strengthen. The coal allocation logic remains unchanged, and it is recommended to allocate at low levels [11] - **Key Investment Recommendations**: Focus on three types of companies: those with stable operations and performance, those that have fallen sharply previously with high elasticity, and those with special and scarce global metallurgical coal resources. Also, pay attention to other related companies [12] - **Recent Key Concerns**: In November 2025, the total social electricity consumption increased by 6.2% year - on - year. From January to November 2025, US coal production increased by 4.1% year - on - year, and Russian coal production increased by 0.1% year - on - year [13] 3.2 This Week's Performance of the Coal Sector and Individual Stocks - The coal sector fell 0.89% this week, underperforming the broader market. The CSI 300 rose 1.95% to 4657.24 [14] - The thermal coal, coking coal, and coke sectors fell 1.24%, 0.81%, and 0.49% respectively [16] - The top three gainers in the coal mining and washing sector were Anyuan Coal Industry (6.42%), Huayang Co., Ltd. (5.01%), and Inner Mongolia Electric Power Investment Energy Co., Ltd. (2.75%) [19] 3.3 Coal Price Tracking - **Coal Price Index**: As of December 26, the comprehensive transaction price of CCTD Qinhuangdao thermal coal (Q5500) was 695.0 yuan/ton, down 7.0 yuan/ton week - on - week. The comprehensive average price index of Bohai Rim thermal coal (Q5500) was 695.0 yuan/ton, down 4.0 yuan/ton week - on - week. The annual long - term agreement price of CCTD Qinhuangdao thermal coal (Q5500) was 694.0 yuan/ton, up 10.0 yuan/ton month - on - month [23] - **Thermal Coal Price**: As of December 27, the market price of Qinhuangdao Port's Shanxi - produced thermal coal (Q5500) was 677 yuan/ton, down 34 yuan/ton week - on - week. At the production sites, prices in some areas rose or remained flat. International thermal coal FOB prices and some arrival prices fell [27] - **Coking Coal Price**: As of December 26, port and some production - site coking coal prices remained flat, while the arrival price of Australian Peak Downs hard coking coal in China rose 0.3 US dollars/ton week - on - week [29] - **Anthracite and Pulverized Coal Injection Price**: As of December 26, the vehicle - board price of Jiaozuo anthracite remained flat, while the vehicle - board prices of some pulverized coal injection decreased [38] 3.4 Coal Supply and Demand Tracking - **Coal Mine Capacity Utilization**: As of December 26, the capacity utilization rate of sample thermal coal mines was 86.4%, down 4.0 percentage points week - on - week, and that of sample coking coal mines was 84.21%, down 2.4 percentage points week - on - week [45] - **Import Coal Price Difference**: As of December 26, the price difference between domestic and foreign 5000 - kcal and 4000 - kcal thermal coal increased week - on - week [41] - **Coal - fired Power Daily Consumption and Inventory**: In both inland 17 provinces and coastal 8 provinces, coal inventory increased, daily consumption increased, and the number of available days decreased [46] - **Downstream Metallurgical Demand**: As of December 26, the Myspic composite steel price index fell, the price of Tangshan - produced primary metallurgical coke fell, the blast furnace operating rate decreased, the average profit per ton of coke for independent coking enterprises decreased, the profit per ton of steel for blast furnaces increased, the iron - scrap price difference decreased, and the scrap consumption ratio of pure blast furnace enterprises decreased [64][65] - **Downstream Chemical and Building Materials Demand**: As of December 26, the prices of some chemical products showed different trends, the national cement price index fell, the cement clinker capacity utilization rate decreased, the float glass operating rate decreased, and the weekly coal consumption in the chemical industry decreased [68][70] 3.5 Coal Inventory Status - **Thermal Coal Inventory**: As of December 26, the coal inventory at Qinhuangdao Port decreased, the 55 - port thermal coal inventory increased, and the production - site inventory increased [82] - **Coking Coal Inventory**: As of December 26, the production - site, port, coking enterprise, and steel mill coking coal inventories all increased [83] - **Coke Inventory**: As of December 26, the total coke inventory of coking plants decreased, the four - port total coke inventory increased, and the total coke inventory of domestic sample steel mills increased [85] 3.6 Coal Transportation Status - **International and Domestic Coal Transportation**: As of December 24, the Baltic Dry Index (BDI) fell. As of December 25, the average daily coal shipment volume on the Datong - Qinhuangdao Railway decreased week - on - week [98] - **Cargo - to - Ship Ratio at Four Major Ports in the Bohai Rim**: As of December 26, the inventory at the four major ports in the Bohai Rim decreased, the number of anchored ships remained unchanged, and the cargo - to - ship ratio decreased [96] 3.7 Weather Conditions - As of December 26, the Three Gorges outbound flow increased by 0.31% week - on - week [103] - In the next 10 days (December 28, 2025 - January 6, 2026), precipitation in some areas will be higher than normal, and after January 1, the average temperature in most parts of central and eastern China will turn 1 - 2°C lower than normal [103] - In the next 11 - 14 days (January 7 - 10, 2026), precipitation and temperature in different regions will show different trends [103] 3.8 Valuation Table and Key Announcements of Listed Companies - **Valuation Table**: The report provides the valuation data of key listed companies, including net profit attributable to the parent company, EPS, and PE from 2024A to 2027E [104] - **Key Announcements**: There are announcements from multiple companies, such as the share transfer of Jizhong Energy, the completion of the shareholding increase plan of Panjiang Co., Ltd., the acceptance of the application for asset acquisition by Inner Mongolia Electric Power Investment Energy Co., Ltd., the guarantee provided by Kailuan Co., Ltd., and the maintenance of the credit rating of Meijin Energy [105][106][107] 3.9 This Week's Key Industry News - Indonesia plans to impose a 1% - 5% export tax on coal from 2026 [109] - In November 2025, China's coal imports decreased by 19.9% year - on - year, with thermal coal imports increasing by 7.0% month - on - month and coking coal imports increasing by 1.3% month - on - month [109] - 8000 tons of high - quality Mongolian coal arrived in Gannan [109] - As of the end of November 2025, the national cumulative power generation installed capacity increased by 17.1% year - on - year [109]

内蒙古电投能源股份有限公司（以下简称"公司"）于2025年12月25日收到深圳证券交易所出具的《关于 受理内蒙古电投能源股份有限公司发行股份购买资产并募集配套资金申请文件的通知》（深证上审 〔2025〕267号），深圳证券交易所对公司报送的发行股份购买资产并募集配套资金申请文件进行了核 对，认为申请文件齐备，决定予以受理。 公司本次发行股份购买资产并募集配套资金暨关联交易事项尚需经深圳证券交易所审核通过，并经中国 证券监督管理委员会予以注册后方可实施。该事项最终能否通过上述审核或注册以及最终通过时间均存 在不确定性。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002128 证券简称：电投能源 公告编号：2025092 内蒙古电投能源股份有限公司关于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申请文件获得深圳证券 交易所受理的公告 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。 2025年12月26日 公司将根据上述事项的进展情况，及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 内蒙古电投能源股份有限公司董事会 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600348 | 类阳股份 | 8.17 | 6.10% | 113.91万 | | 9.22 6 | | 000571 | 新大洲A | 5.83 | 3.74% | 60.16万 | | 3.47亿 | | 002128 | 电投能源 | 28.02 | 2.19% | 15.44万 | | 4.31亿 | | 600403 | 大有能源 | 7.21 | 1.55% | 28.31万 | | 2.03亿 | | 600121 | 郑州煤电 | 4.29 | 0.94% | 31.97万 | | 1.37亿 | | 601918 | 新集能源 | 6.74 | 0.75% | 26.19万 | | 1.76亿 | | 600188 | 究矿能源 | 13.43 | 0.67% | 26.69万 | | 3.58亿 | | 601001 | 晋控煤业 | 13.35 | 0.60% | 17.87万 | | 2.38亿 | | 6 ...

内蒙古电投能源股份有限公司 关于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申请文件获得深圳证券交易所 受理的公告 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。 内蒙古电投能源股份有限公司（以下简称"公司"）于 2025 年 12 月 25 日收到深圳证券交易所出具的《关于受理内蒙古电投能源股 份有限公司发行股份购买资产并募集配套资金申请文件的通知》（深 证上审〔2025〕267 号），深圳证券交易所对公司报送的发行股份购 买资产并募集配套资金申请文件进行了核对，认为申请文件齐备，决 定予以受理。 证券代码：002128 证券简称：电投能源 公告编号：2025092 公司将根据上述事项的进展情况，及时履行信息披露义务，敬请 广大投资者注意投资风险。 特此公告。 1 内蒙古电投能源股份有限公司董事会 2025 年 12 月 26 日 2 公司本次发行股份购买资产并募集配套资金暨关联交易事项尚 需经深圳证券交易所审核通过，并经中国证券监督管理委员会予以注 册后方可实施。该事项最终能否通过上述审核或注册以及最终通过时 间均存在不确定性。 ...

Core Viewpoint - The stock of Electric Power Investment Energy has shown a significant increase in price and trading activity, reflecting positive market sentiment despite a slight decline in net profit year-on-year [1][2]. Group 1: Stock Performance - As of December 26, Electric Power Investment Energy's stock price increased by 2.01% to 27.97 CNY per share, with a trading volume of 1.80 billion CNY and a market capitalization of 626.97 billion CNY [1]. - The stock has risen by 48.94% year-to-date, with a 2.57% increase over the last five trading days, 7.45% over the last twenty days, and 25.26% over the last sixty days [1]. Group 2: Financial Performance - For the period from January to September 2025, Electric Power Investment Energy reported a revenue of 22.403 billion CNY, representing a year-on-year growth of 2.72%, while the net profit attributable to shareholders was 4.118 billion CNY, a decrease of 6.40% year-on-year [2]. - The company has distributed a total of 11.815 billion CNY in dividends since its A-share listing, with 4.550 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Electric Power Investment Energy was 27,100, a decrease of 11.29% from the previous period, while the average number of circulating shares per person increased by 12.72% to 82,831 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 47.2447 million shares, an increase of 18.5055 million shares compared to the previous period [3].

Core Viewpoint - The coal mining sector experienced a decline of 0.38% on December 25, with China Coal Energy leading the drop. Meanwhile, the Shanghai Composite Index rose by 0.47% and the Shenzhen Component Index increased by 0.33% [1]. Group 1: Market Performance - The coal mining sector's stocks showed mixed performance, with notable declines in major companies such as China Coal Energy, which fell by 1.40% to a closing price of 12.70 [2]. - The trading volume for China Coal Energy was 160,500 shares, with a transaction value of 205 million yuan [2]. - Other companies in the sector, like Jiangxi Tungsten Equipment and Jinko Energy, also saw declines of 1.17% and 0.97%, respectively [2]. Group 2: Capital Flow - The coal mining sector experienced a net outflow of 359 million yuan from major funds, while retail investors contributed a net inflow of 380 million yuan [2]. - The table of capital flow indicates that retail investors were more active, with significant inflows into stocks like Xin Dazhou A, which saw a net inflow of 852,620 yuan from major funds [3]. - Conversely, stocks like Huaihe Energy and Shanmei International faced net outflows from major and speculative funds, indicating a shift in investor sentiment [3].

Group 1 - The core viewpoint of the news is that Electric Power Investment Energy has experienced a stock price decline of 2.01% on December 25, with a current price of 26.83 yuan per share and a total market capitalization of 60.141 billion yuan [1] - The company has seen a year-to-date stock price increase of 42.86%, with a recent 5-day decline of 1.00%, a 20-day increase of 3.27%, and a 60-day increase of 18.25% [2] - As of September 30, the company reported a revenue of 22.403 billion yuan for the first nine months of 2025, representing a year-on-year growth of 2.72%, while the net profit attributable to shareholders decreased by 6.40% to 4.118 billion yuan [2] Group 2 - The main business segments of Electric Power Investment Energy include aluminum products (55.11% of revenue), coal products (30.29%), and electricity products (13.02%) [2] - The company has distributed a total of 11.815 billion yuan in dividends since its A-share listing, with 4.550 billion yuan distributed in the last three years [3] - As of September 30, 2025, the number of shareholders decreased by 11.29% to 27,100, while the average circulating shares per person increased by 12.72% to 82,831 shares [2]

Core Insights - In 2025, coal prices significantly declined, leading to a return of sector profitability to the lowest levels in the past decade. However, the outlook for 2026 suggests potential demand improvement and limited supply capacity utilization, which may lead to a recovery in coal price levels [2][5][6]. - The report emphasizes that with a clear supply-demand improvement and the presence of both defensive and offensive investment opportunities, the likelihood of success for selected stocks is high. If demand is strong and coal prices improve beyond expectations, attention should be given to currently undervalued stocks with low liquidity and lower profit margins [2][7]. Industry Overview - The coal industry faced a challenging year in 2025, with thermal coal prices dropping from 855 CNY/ton in 2024 to 697 CNY/ton, an 18% decrease. The profitability of the sector fell to the 30th percentile of the past decade due to weak demand driven by warm weather and sluggish manufacturing electricity consumption [5][16]. - Coking coal prices also saw a significant decline, dropping 26% from 2024's 2022 CNY/ton to 1502 CNY/ton, with profitability at the 10th percentile of the past decade. This was primarily due to strong supply, with a 1.5% year-on-year increase in coking coal supply in the first three quarters of 2025 [5][16]. Demand and Supply Dynamics - For thermal coal in 2026, demand improvement is anticipated, with limited supply growth expected. The report identifies three key questions regarding market resilience: whether negative growth in thermal power will become the norm, if domestic supply can be controlled, and whether rising coal prices will increase imports [6][30]. - The report suggests that the central government's focus on controlling "involution" competition will continue to limit supply growth in 2026, despite some new production capacity coming online. Long-term resource depletion may also exert upward pressure on domestic coal prices [6][30]. Investment Recommendations - The report advocates for investment in the coal sector in 2026, highlighting the potential for a bottom reversal. It suggests that the timing for investment should align with capital flows, particularly in the first quarter when there is often a demand for increased allocation to dividend-paying sectors [7][30]. - Recommended stocks include Yanzhou Coal Mining Company and China Shenhua Energy, which are expected to benefit from a recovery in coal prices to a range of 750-800 CNY/ton. Additionally, stocks with significant growth potential and low valuations, such as Huayang Co. and Jinkong Coal Industry, are highlighted as potential targets if demand and price improvements exceed expectations [7][30].

Market Overview - The Shanghai Composite Index rose by 0.53% on December 24, with 26 out of the 28 sectors experiencing gains, led by defense and electronics, which increased by 2.88% and 2.12% respectively [1] - The coal industry saw a decline of 0.70%, ranking second in terms of the largest drop [1] Capital Flow - The net inflow of capital in the two markets was 10.37 billion yuan, with 17 sectors experiencing net inflows. The electronics sector had the highest net inflow of 8.68 billion yuan, followed by the power equipment sector with a net inflow of 3.76 billion yuan [1] - Conversely, 14 sectors experienced net outflows, with the non-ferrous metals sector leading with a net outflow of 1.635 billion yuan, followed by the basic chemicals sector with a net outflow of 1.212 billion yuan [1] Coal Industry Analysis - Within the coal industry, there were 37 stocks, with 18 rising and 15 falling. The net outflow of capital for the coal sector was 73.72 million yuan [2] - The top three stocks with the highest net inflow in the coal sector were Jiangxi Tungsten Equipment (47.77 million yuan), Shanxi Coal International (22.18 million yuan), and Shanxi Coking Coal (16.85 million yuan) [2] - The stocks with the largest net outflows included Shaanxi Coal and Chemical Industry (48.62 million yuan), Yongtai Energy (44.88 million yuan), and Electric Power Investment Energy (34.78 million yuan) [2] Individual Stock Performance - The top performers in terms of capital inflow included Jiangxi Tungsten Equipment (4.77%), Shanxi Coking Coal (0.53%), and Baotailong (1.77%) [3] - The stocks with the largest declines included Shaanxi Coal and Chemical Industry (-0.32%), Yongtai Energy (0.00%), and Electric Power Investment Energy (-1.05%) [3]

（文章来源：证券日报） 证券日报网讯 12月23日，电投能源在互动平台回答投资者提问时表示，扎铝二期项目首批电解槽在12 月20日成功通电。 ...