Group 1 - The core viewpoint of the article highlights a significant increase in coal stocks in the A-share market, driven by rising oil prices, with notable gains in several companies [1] Group 2 - Jineng Technology saw a rise of 7.29%, with a total market capitalization of 6.992 billion and a year-to-date increase of 34.86% [2] - Yanzhou Coal Mining increased by 5.86%, with a market cap of 214.1 billion and a year-to-date rise of 62.21% [2] - Yongtai Energy rose by 4.59%, with a market cap of 44.7 billion and a year-to-date increase of 30.57% [2] - China Coal Energy experienced a 4.41% increase, with a market cap of 247.9 billion and a year-to-date rise of 50.32% [2] - Electric Power Energy increased by 4.03%, with a market cap of 76.4 billion and a year-to-date rise of 23.25% [2] - Shanxi Coking Coal rose by 3.73%, with a market cap of 12.8 billion and a year-to-date increase of 32.98% [2] - Zhengzhou Coal Electricity increased by 3.85%, with a market cap of 5.909 billion and a year-to-date rise of 16.31% [2] - Shaanxi Black Cat rose by 3.83%, with a market cap of 9.967 billion and a year-to-date increase of 34.81% [2] - Shanghai Energy increased by 3.77%, with a market cap of 9.937 billion and a year-to-date rise of 16.82% [2] - Lu'an Environmental Energy rose by 3.58%, with a market cap of 45 billion and a year-to-date increase of 27.54% [2] - Huaibei Mining increased by 3.40%, with a market cap of 38.5 billion and a year-to-date rise of 28.62% [2]

上海市锦天城律师事务所 关于兖矿能源集团股份有限公司 2021 年 A 股限制性股票激 励计划第三个解除限售期解除限售条件达成、回购注销部分 限制性股票并调整回购价格相关事宜的 法律意见书 锦 天 城 律师事务 所 ALLBRIGHT LAW OFFICES 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话:021-20511000 传真:021-20511999 邮编: 200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于兖矿能源集团股份有限公司 2021 年 A 股限制性股票激励计划第三个解除限售期解除限售条 件达成、回购注销部分限制性股票并调整回购价格相关事宜的 法律意见书 致:衮矿能源集团股份有限公司 上海市锦天城律师事务所(以下简称"锦天城"或"本所")接受兖矿能源集团 股份有限公司(以下简称"公司"或"兖矿能源")的委托,担任公司"2021年 A 股 限制性股票激励计划"(以下简称"本激励计划")的法律顾问,根据《中华人民 共和国公司法》(以下简称"《公司法》")、《中华人民共和国证券法》(以下简称 "《证券法》")、《上市公司股权激励管理办法》 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法 律责任。 股票代码：600188 股票简称：兖矿能源 编号：临 2026-018 兖矿能源集团股份有限公司 关于 2021 年 A 股限制性股票激励计划 第三期解除限售暨上市的公告 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股 数为37,440,936股。 本次股票上市流通总数为37,440,936股。 本次股票上市流通日期为2026 年 3 月 17 日。 兖矿能源集团股份有限公司（"公司"）于 2026 年 2 月 11 日召开第九 届董事会第二十一次会议，通过了《关于审议批准解禁A股限制性股票激 励第三批限售股份的议案》，确认公司 2021 年A股限制性股票激励计划 （"本激励计划"）第三个解除限售期解除限售条件已经达成，同意为 1,161 名激励对象办理相关限制性股票解除限售事宜。根据本激励计划规 定和公司 2022 年度第一次临时股东大会、2022 年度第一次A股及H股类别 股东大会（"股东大会"）授权，现就第三期解除限售暨上市的相关事项说 明 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任 。 兗礦能源集團股份有限公司 YANKUANG ENERGY GROUP COMPANY LIMITED* （在中華人民共和國註冊成立的股份有限公司） （股份代碼：01171） 海外監管公告 於其他市場披露的資料 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條的披露義務而作出。 茲 載 列 兗 礦 能 源 集 團 股 份 有 限 公 司 日 期 為 2026 年 3 月 11 日 ， 在 上 海 證 券 交 易 所 網 站 （www.sse.com.cn）和公司網站（www.ykenergy.com）刊登的《上海市錦天城律師事務所關於兗 礦能源集團股份有限公司2021年A股限制性股票激勵計畫第三個解除限售期解除限售條件達成、 回購註銷部分限制性股票並調整回購價格相關事宜的法律意見書》，僅供參閱。 法律意见书 锦 天 城 律师事务 所 ALLBRIGHT LAW OFFICES 地址：上海 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任 。 承董事會命 兗礦能源集團股份有限公司 董事長 李 偉 中國山東省鄒城市 2026年3月11日 兗礦能源集團股份有限公司 YANKUANG ENERGY GROUP COMPANY LIMITED* （在中華人民共和國註冊成立的股份有限公司） （股份代碼：01171） 海外監管公告 於其他市場披露的資料 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條的披露義務而作出。 茲 載 列 兗 礦 能 源 集 團 股 份 有 限 公 司 日 期 為 2026 年 3 月 11 日 ， 在 上 海 證 券 交 易 所 網 站 （www.sse.com.cn）和公司網站（www.ykenergy.com）刊登的《兗礦能源集團股份有限公司關於 2021年A股限制性股票激勵計畫第三期解除限售暨上市的公告》，僅供參閱。 於本公告日期，本公司董事為李偉先生、王九红先生、劉健先生、劉強先生、張海軍先生、蘇力先 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company is expected to benefit from significant growth in coal production capacity, projected to exceed 300 million tons per year by 2026, driven by the consolidation of Northwest Mining and ongoing capacity expansions [5][11] - The company's coal sales structure provides substantial profit elasticity, with a high sensitivity to market coal prices, indicating strong potential for profit growth during price upswings [6][25] - The report highlights the company's dual growth logic of "capacity expansion + price elasticity," positioning it as a structural opportunity in the coal price upcycle [7][8] Summary by Relevant Sections Company Overview - Total share capital is 10,037.48 million shares, with a market price of 20.28 yuan, resulting in a market capitalization of approximately 203.56 billion yuan [1] Financial Forecasts and Valuation - Projected revenues for 2025-2027 are 133.62 billion, 162.73 billion, and 173.42 billion yuan, with growth rates of -4%, 22%, and 7% respectively [10] - Expected net profits for the same period are 10.10 billion, 22.13 billion, and 23.01 billion yuan, with growth rates of -30%, 119%, and 4% respectively [10] - The report anticipates a significant increase in earnings per share, from 1.01 yuan in 2024 to 2.29 yuan in 2026 [3] Growth Potential - The company has completed the consolidation of Northwest Mining, adding 36.05 million tons per year to its production capacity, with further expansions planned [13][15] - The company aims to achieve a total production capacity of 30.59 million tons per year by 2026, with a projected increase in self-produced coal sales to approximately 18.6 million tons by 2027 [17][18] Profit Elasticity - The company's coal business exhibits high profit elasticity, with a profit elasticity coefficient of 5.0 when market coal prices rise by 15% [6][28] - The coal chemical segment is also expected to show significant profit elasticity, with projected net profits of 1.70 billion, 2.21 billion, and 2.74 billion yuan under different price scenarios [31] Investment Logic - The report emphasizes the company's clear capacity growth plan and its ability to leverage high market coal sales to enhance profitability, making it a strong candidate for investment in the coal sector [25][26]

兖矿能源集团股份有限公司 关于挂牌转让全资子公司 100%股权交易结果的公告 股票代码：600188 股票简称：兖矿能源 编号：临 2026-017 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完 整性承担法律责任。 一、交易情况概述 经总经理办公会审议批准，兖矿能源集团股份有限公司（"公司"） 全资子公司——兖矿能源（鄂尔多斯）有限公司在山东产权交易中心 公开挂牌转让内蒙古鑫泰煤炭有限公司（"鑫泰公司"）100%股权（"本 次股权转让"）。 根据北京中企华资产评估有限责任公司出具的评估报告，鑫泰公 司股东全部权益价值为 62,354.09 万元，挂牌价格为 67,001 万元。 山东产权交易中心于 2026 年 1 月 30 日组织网络竞价。 三、交易对方情况 （一）企业名称：鄂尔多斯市乌兰煤炭（集团）有限责任公司 1 （二）统一社会信用代码：91150627733286675H （三）法定代表人：梁耀义 （四）注册资本：人民币 20,180 万元 （五）注册地址：内蒙古自治区鄂尔多斯市伊金霍洛旗阿镇可汗 路北 有关详情请参见公司日期为 20 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任。 兗礦能源集團股份有限公司 茲提述本公司日期為2026年2月1日的關於掛牌轉讓全資子公司100%股權的内幕消息公告（「該公 告」）。根據該公告，經總經理辦公會審議批准，本公司全資子公司兗礦能源（鄂爾多斯）有限公司 （「鄂爾多斯公司」）在山東產權交易中心有限公司（「山東產權交易中心」）公開掛牌轉讓內蒙古鑫 泰煤炭有限公司（「鑫泰公司」）100%股權（「本次股權转让」）。 根據北京中企華資產評估有限責任公司出具的評估報告，鑫泰公司股東全部權益價值為人民幣 62,354.09萬元，掛牌價格為人民幣67,001萬元。山東產權交易中心於2026年1月30日組織網絡競價。 二、掛牌進展情況 根據山東產權交易中心出具本次股權转让的《結果通知單》，受讓方為鄂爾多斯市烏蘭煤炭（集團） 有限責任公司，交易價格為人民幣305,001萬元。2026年3月6日，轉讓方兗礦能源（鄂爾多斯）有 限公司與受讓方正式簽署《產權交易合同》（「 ...

Core Viewpoint - Bank of America Securities has shifted its outlook on Chinese coal to neutral by early 2026 due to government controls on supply and prices offsetting weak demand [1] Group 1: Market Conditions - Recent tensions have heightened supply risks in the coal market, despite previous reductions in import expectations [1] - Uncertainty in policy execution poses potential crises for supply disruptions, which may boost market sentiment and accelerate stockpiling, ultimately driving up coal prices [1] Group 2: Company Forecasts - The earnings forecast for Yanzhou Coal Mining Company has been raised by 29% and 34% for the next two years, with the target price increased from HKD 11.5 to HKD 17, and the rating upgraded from "neutral" to "buy" [1] - China Shenhua Energy's earnings forecast for 2026 to 2027 has been increased by 10% to 12%, with the target price raised from HKD 43 to HKD 50, and the rating upgraded from "neutral" to "buy" [1]

Group 1 - Bank of America Securities has raised the profit forecasts for Yanzhou Coal Mining Company (01171) by 29% and 34% for this year and next year respectively [1] - The target price for Yanzhou Coal has been increased from HKD 11.5 to HKD 17, and the rating has been upgraded from "Neutral" to "Buy" [1] - China Shenhua Energy (01088) has also seen its profit forecasts for 2026 to 2027 raised by 10% to 12%, with the target price increased from HKD 43 to HKD 50, and its rating upgraded from "Neutral" to "Buy" [1] Group 2 - The government’s control over supply and prices has largely offset the impact of weak demand, leading to a neutral outlook on Chinese coal as of early 2026 [1] - Recent tensions have heightened supply risks, despite previous reductions in expectations for Chinese coal imports [1] - The uncertainty in policy execution and potential supply disruptions may pose additional challenges to the market, potentially boosting market sentiment and accelerating stockpiling, which could ultimately drive up coal prices [1]