中信证券股份有限公司 关于内蒙古电投能源股份有限公司 2024 年度持续督导定期现场检查报告 保荐人名称：中信证券股份有限公司（以 下简称"中信证券"或"保荐人"） 被保荐公司简称：电投能源 保荐代表人姓名：钟山 联系电话：13811741855 保荐代表人姓名：张铁柱 联系电话：010-60837212 现场检查人员姓名：钟山、孔培宇 现场检查对应期间：2024 年 1 月 1 日-2024 年 12 月 31 日 现场检查时间：2025 年 4 月 22 日至 2025 年 4 月 25 日 一、现场检查事项 现场检查意见 （一）公司治理 是 否 不适用 现场检查手段： 查阅了上市公司最新章程、三会议事规则及会议材料，取得上市公司董事、监 事、高级管理人员名单及其变化情况，取得上市公司关联方清单，查阅关于公 司控股股东、实际控制人、董事、监事、高级管理人员的信息披露文件及相关 变更决策文件，查看上市公司生产经营场所，对上市公司董事、监事及高级管 理人员进行访谈。 1.公司章程和公司治理制度是否完备、合规 是 2.公司章程和三会规则是否得到有效执行 是 3. 三会会议记录是否完整，时间、地点、出席人员及会议 ...

中信证券股份有限公司关于 内蒙古电投能源股份有限公司 2022 年非公开发行股票持续督导 保荐总结报告书 | | | | 公司名称 | 内蒙古电投能源股份有限公司 | | --- | --- | | 证券代码 | 002128.SZ | | 总股本 | 2,241,573,493 股 | | 注册地址 | 内蒙古霍林郭勒市哲里木大街（霍矿珠斯花区） | | 办公地址 | 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 | | 法定代表人 | 王伟光 | | | 煤炭开采;矿产资源勘查;测绘服务;道路货物运输（不含危险货物）;电气安 | | | 装服务;建设工程设计;建设工程施工;发电业务、输电业务、供（配）电业 | | | 务;热力生产和供应;煤炭及制品销售;土石方工程施工;矿山机械销售;建筑 | | | 工程用机械销售;发电机及发电机组销售;建筑材料销售;化工产品销售（不 | | | 含许可类化工产品）;金属材料销售;电气设备修理;通用设备制造（不含特 | | 经营范围 | 种设备制造）;机械零件、零部件加工;机械零件、零部件销售;普通货物仓 | | | 储服务（ ...

瞒不住了！ 进入2025年以来， 并购六条"政策红利持续释放，电力行业已经成为国企改革核心战场。 包括国电投、华电、电网近10家央国企加速资产大整合，涉及核电、水电、火电、新能源等全产业链布 局。 因为资产并购重组是电力公司实现装机规模提升，增强盈利能力最快的方式 但具备电力重组的公司必须满足三个条件！ 第一：公司的实际控制人承诺过解决同业竞争，减少行业内耗，做大做强 第二：控股人手上拥有大量未上市能源资产，随时可能进行资产注入 第三：公司当前PE远远低于行业标准，有重组自救需求！ 而通过深度复盘，发现目前能看的企业只有6家！ 第一家：远达环保 通过277 亿元并购案转型水电 + 新能源双轮驱动，成为集团境内水电整合唯一平台。 第二家：电投能源 拟收购白音华煤电100% 股权，整合后将形成 "煤 - 电 - 铝 - 新能源" 循环经济产业链，绿电占比提升至 79% 第三家：龙源电力 国家能源集团承诺2028 年前注入超 2000 万千瓦新能源资产，2024 年已完成 203 万千瓦风光项目交割， 剩余 1800 万千瓦待注入 第四家：甘肃能源 2025 年拟收购常乐发电 66% 股权（火电资产），完善 "风光 ...

Core Viewpoint - The A-share merger and acquisition (M&A) market is experiencing a significant increase in activity, with a notable rise in major asset restructuring announcements and regulatory support from the China Securities Regulatory Commission (CSRC) [1][2][4]. Group 1: M&A Activity and Trends - In the week from May 6 to May 10, 24 A-share listed companies disclosed updates on M&A progress, with a total of 66 major asset restructurings announced year-to-date, representing a year-on-year increase of 144.44% [1]. - Since the introduction of the "Six Guidelines for M&A" in September last year, nearly 1,400 restructuring projects have been disclosed in the Shanghai and Shenzhen markets, marking a 40% increase, with over 160 major asset restructurings, a 2.4-fold increase [2][4]. - The primary purpose of these M&As is industry consolidation, with companies focusing on horizontal or vertical integration to enhance business scale and core competitiveness [2]. Group 2: Sector-Specific Insights - Technology companies are leading the M&A activity, with 13 major asset restructurings in the computer, communication, and electronic equipment manufacturing sectors, followed by 10 in software and information technology services [3]. - Acquisitions of unprofitable companies are becoming a key strategy for technology firms to strengthen their supply chains and enhance critical technology capabilities [3]. Group 3: Regulatory Support and Efficiency - The CSRC is revising the "Management Measures for Major Asset Restructuring of Listed Companies" to further support M&A activities, with an emphasis on improving review efficiency and flexibility in financing and payment methods [1][5][6]. - The approval efficiency for major asset restructurings has significantly improved, with 9 out of 10 major asset restructurings approved this year, compared to only 2 approvals in the same period last year [4]. - The upcoming regulatory changes are expected to enhance market efficiency, support private equity fund participation, and provide clearer guidelines for M&As involving unprofitable technology firms [6].

Investment Rating - The coal industry maintains a "Synchronize with the Market" rating [1] Core Viewpoints - External demand expectations dominate fluctuations, with attention on improving demand during the peak summer season [1] - The coal market has shown weak price performance, with a notable increase in inventory levels and a decline in coal prices [3][4] - Monetary policy easing is expected to support demand for metallurgical coal as it enters the traditional peak season [4][5] - The coal transportation market is experiencing a downturn due to weak demand and falling prices [6] Summary by Sections 1. Coal Industry Dynamic Data Tracking - **Thermal Coal**: Post-holiday inventory levels are high, and port coal prices continue to show weakness. As of May 9, the spot reference price for thermal coal in the Bohai Rim was 643 CNY/ton, a weekly change of -2.13% [3][19] - **Metallurgical Coal**: The easing of monetary policy has led to increased demand as the industry enters its peak season. As of May 9, the price for main coking coal at Jingtang Port was 1320 CNY/ton, a weekly change of -4.35% [4][34] - **Coking Steel Industry Chain**: Downstream operations are improving, stabilizing coking coal prices. The average price for first-grade metallurgical coke was 1530 CNY/ton as of May 9, unchanged from the previous week [5][55] - **Coal Transportation**: The coal price weakness has led to a decline in transportation demand, with the coastal coal transportation price index at 640.35 points, a weekly change of -8.06% [6][65] 2. Coal Sector Market Review - The coal sector has rebounded alongside the broader market but has not outperformed major indices. The CITIC coal index closed at 3191.92 points, with a five-day change of +0.97% [7][72] 3. Industry News Summary - A series of financial policies have been implemented to stabilize the market and expectations, with a focus on maintaining a healthy monetary environment [76][78] - Global thermal coal prices have seen a recovery, with significant increases reported in recent trading sessions [78] - The first quarter of 2025 saw a substantial increase in coal production in Shanxi province, contributing to overall industrial growth [79] 4. Important Announcements from Listed Companies - Announcements from companies such as Anyuan Coal Industry and Meijin Energy regarding management changes and stock pledges have been noted, reflecting ongoing corporate governance activities [80] 5. Next Week's Views and Investment Recommendations - The recovery in coal production and the expected stabilization of prices suggest limited downside for domestic thermal coal prices. Investment recommendations include focusing on undervalued companies with strong performance support, particularly those with low non-coal business ratios [8][81]

Investment Rating - The coal industry maintains a rating of "Synchronize with the Market - A" [1] Core Viewpoints - External demand expectations dominate fluctuations, with a focus on improving demand during the peak summer season [1] - The coal production recovery post-holiday has led to increased supply, while electricity coal demand enters a low season, compounded by tariff disputes affecting external demand expectations [8][81] - The recent monetary policy easing is expected to support the macroeconomic environment, with anticipated continued recovery in coal prices due to the upcoming peak summer demand [8][81] Summary by Sections 1. Coal Industry Dynamic Data Tracking - **Thermal Coal**: Post-holiday inventory has risen, and port coal prices remain weak. As of May 9, the spot reference price for thermal coal in the Bohai Rim was 643 CNY/ton, a weekly change of -2.13% [3][23] - **Metallurgical Coal**: Monetary policy easing has led to increased demand entering the traditional peak season. As of May 9, the price for main coking coal at Jingtang Port was 1320 CNY/ton, a weekly change of -4.35% [4][35] - **Coking Steel Industry Chain**: Downstream operations have improved, stabilizing coking coal prices. As of May 9, the average price for first-grade metallurgical coke at Tianjin Port was 1530 CNY/ton, unchanged from the previous week [5][55] - **Coal Transportation**: Weak coal prices have led to a decline in transportation demand, with the coastal coal transportation price index at 640.35 points, a weekly change of -8.06% [6][65] - **Coal-related Futures**: Tariff disputes dominate expectations, with futures prices for coking coal and coke showing fluctuations [8][70] 2. Coal Sector Market Review - The coal sector has rebounded alongside the broader market but has not outperformed major indices. The CITIC Coal Index closed at 3191.92 points, with a five-day change of +0.97% [7][72] 3. Industry News Summary - A comprehensive financial policy has been implemented to stabilize the market, with the People's Bank of China emphasizing a moderately loose monetary policy to support economic recovery [76][78] - Global thermal coal prices have seen an increase, with a reported rise of 8.8% over eight trading days [78] - The first quarter of 2025 saw a significant increase in coal production in Shanxi Province, with a year-on-year growth of 19.1% [79] 4. Important Announcements from Listed Companies - Announcements from companies such as Anyuan Coal Industry and Meijin Energy regarding management changes and stock pledges have been noted [80] 5. Next Week's Views and Investment Recommendations - The report suggests focusing on undervalued companies with strong performance support, particularly those with low non-coal business ratios such as Xinjie Energy and Zhongmei Energy [81]

广发证券联席 首席金工分析师 陈原文 SAC: S0260517080003 chenyuanwen@gf.com.cn 广发证券首席金工分析师 安宁宁 SAC: S0260512020003 anningning@gf.com.cn 广发证券资深金工分析师 张钰东 SAC: S0260522070006 zhangyudong@gf.com.cn 广发金工安宁宁陈原文团队 摘要 研究背景： 近年来，指数化投资理念愈发受到投资者认可。根据指数编制规则，上证50、沪深300和中证500等宽基指数于每年的6月和12月定期调仓，成 分股名单会部分调入调出。跟踪相应指数的指数型基金，同样会参照指数编制规则，被动调整持仓成分股。当前的被动型基金规模屡创新高，若指数成分 股存在较大变动，则可能带来潜在的投资机会。 指数类产品规模统计： 规模继续增长。根据Wind，截至4月30日，1969只被动指数型基金（ETF和场外被动指数型基金）规模合计3.4万亿元，346只增强 指数型基金规模合计2211亿元，合计规模高于偏股混合型基金（2.07万亿元）。根据跟踪指数的不同，统计各类指数的产品跟踪情况，跟踪指数产品规模 靠前的指数分 ...

广发证券联席 首席金工分析师 陈原文 SAC: S0260517080003 chenyuanwen@gf.com.cn 广发证券首席金工分析师 安宁宁 SAC: S0260512020003 anningning@gf.com.cn 广发证券资深金工分析师 张钰东 SAC: S0260522070006 zhangyudong@gf.com.cn 广发金工安宁宁陈原文团队 摘要 指数定期调整预测。 中证指数有限公司及深圳证券信息有限公司在每年的6月及12月会根据指数编制方案对主要的宽 基核心指数成分股进行定期的调整。 上证50指数调整预测。 根据上证50指数编制规则，2025年6月将会有中国海油、上汽集团等5只个股被调入上证50指 数，而海天味业等5只个股被调出上证50指数。 深证100指数调整预测。 根据深证100指数编制规则，2025年6月将会有中航成飞、光启技术等4只个股被调入深证100 指数，而TCL中环、康龙化成等4只个股被调出深证100指数。 科创50指数调整预测。 根据科创50指数编制规则，2025年6月将会有百济神州、华虹公司等4只个股被调入科创50指 数，而华大智造、天岳先进等4只个股被调 ...

一揽子金融政策稳市场预期，否极泰来重视煤炭配置 ——行业周报 2025 年 05 月 11 日 投资评级：看好（维持） 行业走势图 -24% -12% 0% 12% 24% 煤炭 沪深300 行 业 周 报 相关研究报告 《红利与周期双逻辑，煤炭攻守兼备 —煤炭行业 2025 年中期投资策略》- 2025.5.8 《政治局会议传递"稳"字当头，否极 泰来重视煤炭配置 —行业周报》- 2025.4.27 《火电降幅收窄叠加进口减量，否极 泰来重视煤炭配置 —行业周报》- 2025.4.20 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 本周要闻回顾：一揽子金融政策稳市场预期，否极泰来重视煤炭配置 （1）动力煤方面：从价格端来看，本周动力煤港口价格小跌，截至 5 月 9 日，秦 港 Q5500 动力煤平仓价为 630 元/吨，环比下跌 20 元/吨，跌幅 3.08%；CCTD 动力 煤现货价（Q5500）为 643 元/吨，环比下跌 14 元/吨，跌幅 2.13%。从供给端来 看，国内生产方面，晋陕蒙煤矿开工率整体延续微跌趋势，截至 5 月 4 日，晋陕蒙 ...

Core Insights - The report emphasizes the importance of coal allocation in the current market environment, highlighting a basket of financial policies aimed at stabilizing market expectations [1][2] - The coal sector is viewed as entering a "golden era 2.0," with core value assets expected to rebound due to favorable macroeconomic policies and capital market support [2][10] Coal Market Overview - As of May 9, 2025, the price of Q5500 thermal coal at Qinhuangdao port was 630 CNY/ton, a decrease of 20 CNY/ton or 3.08% from the previous week [1][13] - The operating rate of coal mines in the Shanxi, Shaanxi, and Inner Mongolia regions was 81.1%, reflecting a slight decline of 0.3 percentage points [1][13] - In April 2025, China imported 37.825 million tons of coal, a year-on-year decrease of 16.41% [1] Demand and Supply Dynamics - The daily coal consumption of coastal power plants reached 1.734 million tons, an increase of 235,000 tons week-on-week [1][9] - The inventory at ports in the Bohai Rim increased to 33.051 million tons, up 201,800 tons or 6.5% [1][9] - The operating rates for methanol and urea production were 84.1% and 87.35%, respectively, indicating a stable demand for coal in chemical production [1][9] Investment Logic - The report outlines a robust dividend investment logic for coal stocks, suggesting that they remain a preferred choice for institutional investors due to their stable returns and low risk associated with state-owned enterprises [2][10] - The cyclical elasticity of coal stocks is highlighted, with expectations for price recovery as supply-demand fundamentals improve post-policy implementation [2][10] Key Indicators - The coal sector's PE ratio was reported at 11.6, and the PB ratio was 1.16, indicating relatively low valuations compared to other sectors [5][7] - The report identifies key coal stocks that are expected to benefit from the current market conditions, including China Shenhua, Shaanxi Coal, and China Coal Energy [2][10] Focused Stock Recommendations - The report suggests a selection of coal stocks based on different investment themes: - Dividend logic: China Shenhua, Shaanxi Coal, China Coal Energy - Cyclical logic: Pingmei Shenma, Huabei Mining - Diversified aluminum elasticity: Shenhua Energy, Electric Power Energy - Growth logic: Guanghui Energy, New Hope Energy [2][10]