Core Viewpoint - The news highlights the performance of the Central State-Owned Enterprises Modern Energy Index and its related ETF, emphasizing the integration of artificial intelligence in the energy sector to enhance operational efficiency and support high-quality development [2][3]. Group 1: Market Performance - As of September 15, 2025, the Central State-Owned Enterprises Modern Energy Index increased by 0.48%, with notable gains from Shanghai Electric (+8.60%), China National Materials Technology (+4.70%), and others [2]. - The Central State-Owned Enterprises Modern Energy ETF (561790) rose by 0.69%, marking its third consecutive increase, with the latest price at 1.18 yuan [2]. - Over the past week, the ETF has accumulated a rise of 1.92%, ranking in the top third among comparable funds [2]. Group 2: Liquidity and Trading Volume - The ETF recorded a turnover rate of 0.88% during the trading session, with a transaction volume of 399,500 yuan [2]. - The average daily trading volume of the ETF over the past year was 6.4154 million yuan [2]. Group 3: Policy and Industry Development - On September 8, the National Development and Reform Commission and the National Energy Administration released implementation opinions to promote "Artificial Intelligence + Energy" for high-quality development, outlining phased goals and 37 key tasks across various energy applications [2]. - In the electric power equipment sector, the policy aims to establish an innovative system by 2027, focusing on intelligent forecasting of power supply and demand, and enhancing the management capabilities of the power grid [3]. Group 4: Index Composition - The Central State-Owned Enterprises Modern Energy Index, customized by Guoxin Investment Co., includes 50 listed companies involved in green energy, fossil energy, and energy transmission and distribution, reflecting the overall performance of state-owned enterprises in the modern energy sector [3]. - As of August 29, 2025, the top ten weighted stocks in the index accounted for 48.28% of the total index weight, including companies like Yangtze Power, China National Power, and China Nuclear Power [3].

两融数据显示，该股最新(9月12日)两融余额为15.69亿元，其中，融资余额为15.67亿元，近10日减少 7268.94万元，环比下降4.43%。 机构评级来看，近10日共有1家机构对该股进行评级，9月4日国泰海通证券发布的研报给予公司目标价 为27.72元。 电投能源股价创出历史新高，截至11:13，该股上涨2.38%，股价报22.79元，成交量637.20万股，成交金 额1.42亿元，换手率0.28%，该股最新A股总市值达510.85亿元，该股A股流通市值510.85亿元。 证券时报·数据宝统计显示，电投能源所属的煤炭行业，目前整体涨幅为0.45%，行业内，目前股价上涨 的有11只，涨幅居前的有电投能源、永泰能源、淮河能源等，涨幅分别为2.38%、2.01%、1.76%。股价 下跌的有23只，跌幅居前的有安源煤业、新大洲A、晋控煤业等，跌幅分别为3.07%、2.35%、1.98%。 公司发布的半年报数据显示，上半年公司共实现营业收入144.64亿元，同比增长2.38%，实现净利润 27.87亿元，同比下降5.36%，基本每股收益为1.2400元，加权平均净资产收益率7.78%。 注：本文系新闻报道，不构 ...

Core Viewpoint - The coal supply-demand fundamentals are expected to improve due to the "check overproduction" policy leading to reduced output and the anticipated recovery in non-electric coal demand during the "golden September and silver October" peak season, providing upward price elasticity for both types of coal [1][3]. Group 1: Coal Price Dynamics - Thermal coal is categorized as a policy coal type, with expectations for prices to rebound to long-term contract prices, recently surpassing the second target price of around 700 CNY per ton [2]. - The current adjustment in prices is attributed to the seasonal transition from summer to autumn, which has weakened coal consumption, but the upcoming peak season is expected to drive prices up again, particularly in the chemical sector [2][3]. - Coking coal prices are more influenced by supply-demand fundamentals, with target prices based on the ratio of coking coal to thermal coal prices, indicating potential target prices of 1608 CNY, 1680 CNY, 1800 CNY, and 2064 CNY for different levels of market performance [2]. Group 2: Investment Opportunities - The coal sector exhibits dual attributes of cyclical elasticity and stable dividends, with many coal companies maintaining high dividend yields despite overall profit pressures [3]. - Six listed coal companies have announced interim dividend plans totaling 24.13 billion CNY, reflecting a strong commitment to shareholder returns [3]. - Key coal stocks benefiting from these trends include: - Cycle logic: Jin控煤业, 兖矿能源, 平煤股份, 淮北矿业, 潞安环能 - Dividend logic: 中国神华, 中煤能源, 陕西煤业 - Diversified aluminum elasticity: 神火股份, 电投能源 - Growth logic: 新集能源, 广汇能源 [3].

登录新浪财经APP 搜索【信披】查看更多考评等级 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。 重要风险提示： 1、内蒙古电投能源股份有限公司（以下简称"公司"）于2025年5月19日披露的《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》（以下简称"本次交易预案"）及 其摘要中已对本次交易涉及的有关风险因素及尚需履行的审批程序进行了详细说明，提请广大投资者注 意投资风险。 3、公司于2025年6月20日披露《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事项的进 展公告》（公告编号：2025032）。 4、公司于2025年7月17日披露《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事项的进 展公告》（公告编号：2025042）。 5、公司于2025年8月16日披露《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事项的进 展公告》（公告编号：2025044）。 2、截至本公告披露之日，除本次交易预案披露的风险因素外，公司尚未发现可能导致本次交易中止或 者对本次交易方案作出实质性变更的相关事项，本次 ...

一、本次交易的情况 证券代码：002128 证券简称：电投能源 公告编号：2025052 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。 重要风险提示： 1、内蒙古电投能源股份有限公司（以下简称"公司"）于2025年 5月19日披露的《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》（以下简称"本次交易预案" ）及其摘要中已对本次交易涉及的有关风险因素及尚需履行的审批程 序进行了详细说明，提请广大投资者注意投资风险。 2、截至本公告披露之日，除本次交易预案披露的风险因素外，公 司尚未发现可能导致本次交易中止或者对本次交易方案作出实质性变 更的相关事项，本次交易工作正在有序进行中。 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，并将视具体情况募集配套资金（以下简 称"本次交易"）。本次交易预计构成重大资产重组，构成关联交易， 不构成重组上市。 二、本次交易的历史披露情况 1、公司因筹划本次交易事项，根据深圳证券交易所的相关规定， 经公司申请，公司股票（证券品种：A股股票，证券简称：电投 ...

Group 1 - The core viewpoint of the article highlights the growth in China's industrial export value, with a reported value of 12,468.8 billion yuan in April 2025, reflecting a year-on-year increase of 0.9% [1] - Cumulative industrial export value from January to April 2025 reached 48,793.3 billion yuan, showing a cumulative year-on-year growth of 5.1% [1] - The article references a report by Zhiyan Consulting, which provides a deep assessment of the industrial cloud market in China from 2025 to 2031, indicating potential investment opportunities [1] Group 2 - The listed companies include Gansu Energy (000552), New Dazhou A (000571), Jizhong Energy (000937), and others, indicating a focus on the energy and industrial sectors [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in comprehensive industry research reports and customized services [1] - The data presented is sourced from the National Bureau of Statistics, emphasizing the reliability of the statistics used in the analysis [1]

（编辑 袁冠琳） 证券日报网讯 电投能源9月11日在互动平台回答投资者提问时表示，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，并将视具体情况募集配套资金事项，公司 及相关各方正在积极推进相关工作。截至目前，本次交易相关的审计、评估等工作尚未完成，公司将在 本次交易涉及的审计、评估等事项完成后，再次召开董事会会议审议本次交易的相关议案，公司董事会 再次审议通过后提交公司股东大会审议，并经相关监管机构批准后方可正式实施。 ...

证券日报网讯电投能源（002128）9月11日在互动平台回答投资者提问时表示，截至2025年6月30日，公 司普通股股东总数30，505户。 ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [11]. Core Insights - The report emphasizes that the systematic increase in coal costs over the past decade has solidified the safety margin for coal prices, with current cash cost support for port thermal coal prices at approximately 550 RMB/ton [3][9]. - It highlights that the coal price bottom is unlikely to return to the low levels seen in 2015, reinforcing the profitability and dividend safety margins for coal companies [3][9]. Summary by Sections Introduction - The report introduces the importance of cost research in establishing the safety margin for coal prices, indicating that a high cost-supported price bottom can enhance dividend value [6][20]. Overall Cost Trends - Over the past decade, coal company costs have increased by nearly 50%, with a CAGR of approximately 4% [6][24]. - The weighted average sales cost for coal in 2024 is projected to be 300 RMB/ton, down 2% year-on-year, while the complete cost is expected to be 380 RMB/ton, down 3% year-on-year [6][24]. Cost Structure - The cost structure for coal companies in 2024 is composed of labor costs (32%), other expenses (30%), raw materials (14%), depreciation (12%), safety costs (9%), and manufacturing costs (3%) [7][41]. - Labor costs, depreciation, and safety expenses have seen the most significant increases over the past decade, with labor costs rising by 28 RMB/ton [7][41]. Cost Curve Analysis - The cash cost curve for port thermal coal has shifted, with the 90th percentile cash cost now supporting prices around 550 RMB/ton [8][9]. - The complete cost curve for thermal coal has also increased, with the 90th percentile complete cost now between 370-423 RMB/ton [8][9]. Investment Recommendations - The report suggests that the systematic increase in costs has solidified the safety margin for coal prices, recommending several companies for investment based on their resilience and growth potential [9][11]. - Recommended companies include Yanzhou Coal Mining Company, Jinneng Holding, and China Shenhua Energy [9].

Investment Rating - The report maintains a "Buy" rating for the coal mining sector, indicating a positive outlook for the industry moving forward [5]. Core Insights - The report emphasizes that the coal industry is experiencing a reversal rather than a rebound, with expectations for profitability to improve as coal prices have likely reached their lowest point [12][10]. - The report highlights that coal prices have begun to stabilize and recover, particularly in the context of both thermal and coking coal [15][19]. Summary by Sections Market Overview - As of September 1, 2025, the spot price for Q5500 thermal coal is reported at 695 CNY/ton, down 73 CNY/ton from the beginning of the year but up 77 CNY/ton from the lowest price in June [19]. - The average spot price for Q5500 thermal coal in Q2 2025 was 642 CNY/ton, reflecting a year-on-year decline of 211 CNY/ton (24.7%) and a quarter-on-quarter decline of 91 CNY/ton (12.5%) [19]. - Coking coal prices have also shown resilience, with the price for low-sulfur coking coal reported at 1480 CNY/ton, up 100 CNY/ton from the start of the year [23]. Performance Overview - The report notes that the coal sector has underperformed compared to the broader market, with the CSI 300 index rising by 16.37% from April 1 to September 1, 2025, while the coal index only increased by 8.99% [2][29]. - Among 26 sampled coal companies, 19 saw their stock prices rise, while 7 experienced declines during the same period [2]. Fund Holdings - As of Q2 2025, active funds held 0.43% of their portfolios in the coal sector, a slight decrease from Q1, while passive funds held 0.71%, also down from the previous quarter [3][34]. - The combined holding of both active and passive funds in the coal sector is 0.55%, reflecting a decline of 0.06 percentage points from Q1 2025 [3]. Financial Performance - The report indicates that coal companies' profits have been under pressure due to declining coal prices, with a total profit decline of 5.4% to 113.7% among the sampled companies [3][12]. - Notably, companies like Electric Power Energy and Kailuan achieved profit growth despite the overall downward trend in the sector [3]. Operational Insights - Coal companies are focusing on increasing production, improving quality, and reducing costs to mitigate the impact of falling prices [4][12]. - The total coal production for the sampled companies in H1 2025 was 586 million tons, a year-on-year increase of 4.5% [12]. Investment Recommendations - The report recommends stocks with strong earnings elasticity such as Lu'an Energy, Yanzhou Coal, and Jinkong Coal, while also highlighting key state-owned enterprises like China Shenhua and China Coal Energy for potential investment [10][11].