证券研究报告——煤炭行业周报 港口库存压力缓解，动力煤产地价强势反弹 【2025.5.26-2025.6.1】 行业评级：中性 发布日期：2025.6.3 煤炭行情走势图 数据来源：Wind 大同证券 0.7 0.8 0.9 1.0 1.1 1.2 1.3 2024-06-07 2024-07-07 2024-08-07 2024-09-07 2024-10-07 2024-11-07 2024-12-07 2025-01-07 2025-02-07 2025-03-07 2025-04-07 2025-05-07 沪深300 煤炭指数 大同证券研究中心 分析师：刘永芳 执业证书编号：S0770524100001 邮箱： liuyongfang@dtsbc.com.cn 地址：山西太原长治路 111 号山 西世贸中心 A 座 F12、F13 网址:http://www.dtsbc.com.cn 终端需求大幅回落，板块轮动加快，板块突发利空。 请务必阅读最后一页免责声明 1 核心观点 ◆ 港口库存压力缓解，动力煤产地价强势反弹。本周，煤价稳中 有升，随着高温天增加，电煤日耗将进入提升阶段，但当前供 需宽松，预计 ...

Investment Rating - The industry investment rating is Neutral [1] Core Views - Port inventory pressure has eased, leading to a strong rebound in the price of thermal coal at production sites. Despite the increase in coal prices, the market is expected to face resistance in forming an effective rebound due to the current supply-demand balance remaining loose [4][10] - Coking coal prices are stable but declining, with total inventory of coking steel continuing to decrease. The market is under pressure from the second round of price reductions for coke, but due to low inventory levels, coal prices are expected to remain stable [4][25] - The equity market shows mixed performance, with the coal sector slightly underperforming the index. Recent government policies aimed at boosting consumer income and stabilizing the economy have been released, but geopolitical tensions have weakened the overall market performance [4][5] Summary by Sections Market Performance - The equity market experienced mixed results, with the coal sector slightly underperforming the index. The average trading volume was 1.1 trillion yuan, with a decrease in trading heat compared to the previous week [5][4] - The Shanghai Composite Index fell by 0.03% to 3347.49 points, while the CSI 300 Index dropped by 1.08% to 3840.23 points. The coal sector saw a slight decline of 0.33% [5] Thermal Coal - The price of thermal coal at production sites has rebounded strongly, with the average utilization rate of 100 thermal coal mines reaching 93.6%, a decrease of 0.1% from the previous week. However, the market remains under pressure due to a loose supply-demand relationship [9][11] - The average daily consumption of coal at southern power plants was 1.693 million tons, a decrease of 182,000 tons from the previous week, indicating a cautious purchasing attitude among buyers [9][17] Coking Coal - Coking coal prices are stable but declining, with the average utilization rate of 88 sample coking coal mines at 87.7%, a decrease of 0.2% from the previous week. The market is facing pressure from weak demand and oversupply [25][26] - The average price of coking coal in Shanxi was reported at 1,028 yuan/ton, a decrease of 16 yuan/ton from the previous week [27] Shipping Situation - The number of vessels at anchor in the Bohai Rim ports has increased, with an average of 84 vessels per day, a rise of 21 vessels from the previous week. Shipping prices have shown mixed fluctuations [34][35] Industry News - The government of Yulin City is taking measures to address the decline in coal prices by promoting supply-side reforms and increasing coal storage capacity [37] - The Daqin Railway is expected to benefit from the increasing concentration of coal resources in the Shanxi, Shaanxi, and Inner Mongolia regions, which will support coal transportation [37]

Market Overview - The Shanghai Composite Index rose by 0.43% on June 3, with 20 out of the 28 sectors experiencing gains. The top-performing sectors were Beauty Care and Textile & Apparel, with increases of 3.86% and 2.53% respectively. Conversely, the sectors that saw the largest declines were Household Appliances and Steel, down by 2.10% and 1.37% respectively [1]. Coal Industry Performance - The coal industry experienced a decline of 0.84% today, with a net inflow of main funds amounting to 1.1917 million yuan. Out of 37 stocks in this sector, 10 stocks rose while 21 stocks fell [1]. - Among the stocks with net inflows, China Shenhua led with a net inflow of 75.25 million yuan, followed by Jizhong Energy and Huaihe Energy with net inflows of 26.77 million yuan and 12.99 million yuan respectively [1]. - The stocks with significant net outflows included Anyuan Coal Industry, Lu'an Environmental Energy, and Jinkong Coal Industry, with net outflows of 28.65 million yuan, 22.61 million yuan, and 18.90 million yuan respectively [1]. Coal Industry Fund Flow Data - The following table summarizes the fund flow data for key coal stocks: - China Shenhua: -0.99% change, 0.17% turnover rate, 75.25 million yuan inflow - Jizhong Energy: -1.19% change, 0.85% turnover rate, 26.77 million yuan inflow - Huaihe Energy: 0.56% change, 1.03% turnover rate, 12.99 million yuan inflow - Anyuan Coal Industry: -4.14% change, 3.42% turnover rate, 28.65 million yuan outflow - Lu'an Environmental Energy: -0.47% change, 0.41% turnover rate, 22.61 million yuan outflow - Jinkong Coal Industry: -1.40% change, 0.93% turnover rate, 18.90 million yuan outflow [1].

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [6]. Core Viewpoints - Port coal inventories are declining, and thermal coal prices have stopped falling. As of May 30, the coal inventory at ports in the Bohai Rim was 30.572 million tons, down 4.78% week-on-week but up 18.83% year-on-year. The average closing price for thermal coal at Qinhuangdao port was 611 CNY/ton, remaining stable week-on-week. The approaching summer peak electricity demand is expected to support a rebound in coal prices [1][4]. Summary by Sections Price Trends - The average closing price for thermal coal at Qinhuangdao port was 611 CNY/ton, with a slight decrease of 0.03% week-on-week. The average price for mixed thermal coal at Yulin was 475 CNY/ton, unchanged week-on-week. The FOB price for thermal coal at Newcastle, Australia, was 67 USD/ton, down 2.14% [2]. Production and Utilization - The operating rate of 110 sample coal washing plants was 61.6%, down 0.8 percentage points week-on-week and down 7.3 percentage points year-on-year. The capacity utilization rate of 247 blast furnaces was 90.69%, down 0.63 percentage points week-on-week but up 2.52 percentage points year-on-year. The average daily pig iron output was 2.4185 million tons, down 0.7% week-on-week but up 2.6% year-on-year [3]. Inventory Tracking - As of May 30, the coal inventory at Qinhuangdao port was 6.75 million tons, down 7.53% week-on-week and up 42.41% year-on-year. The Bohai Rim port coal inventory was 30.572 million tons, down 4.78% week-on-week and up 18.83% year-on-year. The inventory levels at independent coking plants and sample steel mills are currently at low levels [4][53]. Investment Recommendations - The report suggests that the seasonal increase in electricity demand during the summer is likely to support a rebound in coal prices. It recommends companies with a high proportion of long-term contracts and stable profitability, specifically China Shenhua and China Coal Energy [4]. Key Company Earnings Forecasts - The report includes earnings per share (EPS) and price-to-earnings (PE) ratios for key companies, with China Shenhua's EPS forecast for 2025 at 2.5 CNY and a PE ratio of 16. The investment rating for China Shenhua is "Accumulate" [5].

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [6]. Core Views - Port coal inventories are declining, and thermal coal prices have stopped falling. As of May 30, the coal inventory at ports in the Bohai Rim was 30.572 million tons, down 4.78% week-on-week but up 18.83% year-on-year. The average closing price for thermal coal at Qinhuangdao port was 611 CNY/ton, remaining stable week-on-week. The approaching summer peak electricity demand is expected to support a rebound in coal prices [1][4]. Summary by Sections Price Trends - The average closing price for thermal coal at Qinhuangdao port was 611 CNY/ton, with a slight decrease of 0.03% week-on-week. The average price for mixed thermal coal at the pit in Yulin, Shaanxi, was 475 CNY/ton, unchanged from the previous week [2]. Inventory Tracking - As of May 30, coal inventories at Qinhuangdao port were 6.75 million tons, down 7.53% week-on-week and up 42.41% year-on-year. The Bohai Rim port coal inventory was 30.572 million tons, down 4.78% week-on-week and up 18.83% year-on-year, indicating a high level for the same period [4][53]. Production and Utilization - The operating rate of 110 sample washing coal plants was 61.6%, down 0.8 percentage points week-on-week and down 7.3 percentage points year-on-year. The capacity utilization rate of 247 blast furnaces was 90.69%, down 0.63 percentage points week-on-week but up 2.52 percentage points year-on-year, with an average daily pig iron output of 2.4185 million tons, down 0.7% week-on-week but up 2.6% year-on-year [3][36]. Investment Recommendations - The report suggests that the seasonal increase in electricity demand during the summer is likely to support a rebound in coal prices. It recommends companies with a high proportion of long-term contracts and stable profitability, such as China Shenhua and China Coal Energy [4][5].

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [1] Core Viewpoints - The current coal prices are primarily influenced by high inventory levels and limited upward momentum due to the stable increase in hydropower during the flood season. However, as the peak summer demand period approaches, there is potential for coal prices to rise further [1] - The report emphasizes the importance of monitoring the incremental insurance funds and the positive growth in premium income, which is increasingly concentrated among leading insurance companies. The ongoing scarcity of fixed-income assets and the high levels of dividend assets suggest a shift towards equity allocation, particularly favoring resource stocks [2][35] - The report recommends focusing on elastic targets in the thermal coal sector, specifically highlighting low-valuation stocks such as Haohua Energy and suggesting attention to Guanghui Energy [2][35] Summary by Sections Current Market Review - From May 26 to May 30, the average daily coal inflow to the four ports in the Bohai Rim was 1.786 million tons, an increase of 28,000 tons week-on-week, representing a growth of 1.59%. The average daily outflow was 2.043 million tons, up by 237,100 tons, a rise of 13.13%. The inventory at the Bohai Rim ports decreased to 30.572 million tons, down by 1.534 million tons, a decline of 4.78% [1][25][30] Price Trends - As of May 30, the price of thermal coal at the Dazhou South Suburb was 506 CNY/ton, up by 32 CNY/ton. The price at Inner Mongolia Chifeng remained stable at 380 CNY/ton, while the price at Yanzhou increased by 140 CNY/ton to 850 CNY/ton. The port price for thermal coal remained stable at 611 CNY/ton [16][18] - The thermal coal price index in the Bohai Rim remained unchanged at 669 CNY/ton, while the Qinhuangdao port price index also held steady at 665 CNY/ton [18] Inventory and Shipping - The number of anchored vessels in the Bohai Rim increased to 82, up by 20 vessels, a rise of 33.18%. The coal inventory at the Bohai Rim ports decreased to 30.572 million tons, down by 1.534 million tons, a decline of 4.78% [30][31] Shipping Costs - The average shipping cost on domestic routes increased by 0.24 CNY/ton to 35.83 CNY/ton, reflecting a rise of 0.68% [32]

Group 1 - The core viewpoint of the news highlights the performance of Shanxi Province's power generation in 2025, indicating a slight year-on-year increase in total power generation despite a decline in the first quarter [1] - In March 2025, Shanxi Province generated 37.41 billion kilowatt-hours, representing a year-on-year growth of 1.3% [1] - For the first quarter of 2025, the total power generation in Shanxi Province was 114.83 billion kilowatt-hours, showing a year-on-year decline of 1% [1] Group 2 - In terms of power generation types for the first quarter of 2025, thermal power accounted for 90.76 billion kilowatt-hours, which is 79% of the total, reflecting a year-on-year decrease of 5.4% [1] - Hydropower generation was 1.13 billion kilowatt-hours, making up 1% of the total, with a year-on-year increase of 10.1% [1] - Wind power generation reached 16.96 billion kilowatt-hours, representing 14.8% of the total, with a year-on-year growth of 21.2% [1] - Solar power generation was 5.926 billion kilowatt-hours, accounting for 5.2% of the total, and saw a year-on-year increase of 18.7% [1]

Investment Rating - The report maintains an "Overweight" rating for the coal industry [2][5]. Core Views - The coal market is experiencing a recovery in demand, leading to a rebound in pithead coal prices. As of May 30, 2025, pithead prices for various coal types have increased significantly due to improved demand expectations and a slight contraction in supply [7][8]. - The report highlights the upcoming peak electricity demand season and the easing of tariff issues, which are expected to support coal demand. Additionally, the reduction in coal imports is anticipated to alleviate oversupply pressures [7][8]. - The report suggests that high-dividend, low-valuation coal stocks remain attractive for investment, with recommendations for specific companies such as China Shenhua and Shaanxi Coal and Energy [8]. Summary by Sections 1. Industry Overview - The coal industry consists of 37 listed companies with a total market capitalization of 17,587.15 billion CNY and a circulating market value of 17,200.33 billion CNY [2][5]. 2. Coal Price Tracking - As of May 30, 2025, the pithead price for weakly caking coal in Datong is 476.0 CNY/ton, up 32.0 CNY/ton from the previous week, marking a 7.2% increase. The price for Yulin's coking coal is 490.0 CNY/ton, up 90.0 CNY/ton, a 22.5% increase [7]. - The report notes that the average daily coal consumption across 25 provinces is 451.70 million tons, a decrease of 10.36% week-on-week [8]. 3. Company Performance Tracking - Key companies such as China Shenhua, Shaanxi Coal, and Yancoal are highlighted for their operational performance, with specific metrics on coal production and sales [14][15]. - The report tracks the production levels and sales volumes of major coal companies, indicating a mixed performance across the sector [15]. 4. Investment Recommendations - The report recommends focusing on leading companies with integrated operations and strong dividend policies, such as China Shenhua and Shaanxi Coal, as well as companies like Xinji Energy and Huaihe Energy that are involved in coal-electricity integration [8][13]. - It also suggests that undervalued stocks, particularly those with significant market capitalization management potential, are worth considering for investment [8].

法律意见书 国浩律师（太原）事务所 关于 山西潞安环保能源开发股份有限公司 2024 年年度股东大会 N 國浩律師(太原)事務所 GRANDALL LAW FIRM (TAIYUAN) 山西省太原市万柏林区长兴路1 号华润大厦 T4 楼 21 层邮编：030021 21/F,TowerT4,ChinaResourcesBuilding,No.1ChangxingRoad,WanbailinDistrict,Taiyuan,Shanxi 电话/Tel:(+86)(351)7032237/38/39 传真/Fax:(+86)(351)7024340 网址/Website:www.grandall.com.cn 2025年5月 国浩律师(太原)事务所 法律意见书 国浩律师(太原) 事务所 关于山西潞安环保能源开发股份有限公司 2024 年年度股东大会 之 法律意见书 编号:GPBA3877001 致:山西潞安环保能源开发股份有限公司 国浩律师(太原)事务所(以下简称"本所")接受山西潞安环保能源开发 股份有限公司（以下简称"潞安环能"或"公司"）的委托，指派弓建峰、鲁悦欣 律师出席了潞安环能于 2025年5月29日 ...

证券代码：601699 证券简称：潞安环能 公告编号：2025-026 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 山西潞安环保能源开发股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 29 日 (二)股东大会召开的地点：山西潞安环保能源开发股份有限公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 770 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,026,631,715 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例（%） | 67.7483 | 本次股东会由公司董事会召集，董事长王志清先生主持。本次会议采取现场 投票和网络投票相结合的方式，会议的召集、召开及表决均符合《公司法》及《公 司章程》 ...