Group 1 - The company will participate in the "2025 Anhui Listed Companies Investor Online Collective Reception Day" to enhance interaction with investors [1] - The event will be held online on September 15, 2025, from 15:00 to 17:00 [1] - Company executives will communicate with investors regarding performance, governance, development strategy, operational status, financing plans, and sustainable development [1]

Group 1 - The company Huabei Mining announced its participation in the "2025 Anhui Listed Companies Investor Online Collective Reception Day" [2] - The event is scheduled to take place on September 15, 2025 [2]

2025 年 9 月 9 日 为进一步加强与投资者的互动交流，淮北矿业控股股份有限公司（以下简称 "公司"）将参加由安徽证监局指导，安徽上市公司协会与深圳市全景网络有限 公司联合举办的"2025 年安徽上市公司投资者网上集体接待日"活动，现将相 关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载"全景路演" APP,参与本次互动交流，活动时间为 2025 年 9 月 15 日（周一）15:00-17:00。 届时公司高管将在线就公司业绩、公司治理、发展战略、经营状况、融资计划和 可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊 跃参与！ 特此公告。 淮北矿业控股股份有限公司董事会 股票代码：600985 股票简称：淮北矿业 编号：临 2025—034 淮北矿业控股股份有限公司 关于参加 2025 年安徽辖区上市公司投资者 网上集体接待日活动的公告 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。 ...

Core Viewpoint - The coal industry is expected to see a rebound in performance as the negative impacts from Q2 earnings reports have been exhausted, with the upcoming peak demand season and supply contraction expectations supporting coal prices [1] Supply - In July, coal production decreased significantly due to rainfall and checks on overproduction, with a reduction of 4 million tons month-on-month and 900 thousand tons year-on-year [2] - The four major coal-producing regions all experienced a decline in output, with Xinjiang showing the largest month-on-month reduction [2] - Domestic coal prices increased in July, and while imports saw a slight recovery, they remained at relatively low levels compared to historical data [2] Demand - July marked the beginning of the demand peak season, with a notable increase in thermal power generation and sustained demand for chemical coal [3] - National coal consumption in July reached 450 million tons, a year-on-year increase of 1.9% and a month-on-month increase of 12.5% [3] - The upcoming non-electric demand peak season in September, along with winter storage needs, is expected to support coal demand [3] Inventory - Inventory levels across various sectors have decreased, with port inventories lower than the same period last year, which may provide support for coal prices [4] - Key coal mines in six major regions saw a month-on-month inventory reduction of 8.63%, although year-on-year levels increased by 15.04% [4] Price - The coal price is expected to stabilize and rebound due to supply contraction expectations and the upcoming non-electric demand peak season [5] - In the thermal coal sector, prices have rebounded by nearly 100 yuan per ton, although they have recently declined from peak levels [5]

Core Viewpoint - The coal market is experiencing a slight price decline, but there are positive factors that may support a rebound in coal prices, particularly in the non-electric coal sector during the upcoming demand season [1][2]. Group 1: Coal Price Trends - As of September 5, the Qinhuangdao Q5500 thermal coal price is 679 RMB/ton, down 11 RMB/ton or 1.59% from the previous period [2]. - The current price is below 700 RMB/ton, following a rebound above this level [2]. - The market is transitioning from summer to autumn, with expectations for increased non-electric coal demand in September and October [1][2]. Group 2: Supply and Demand Factors - The operating rate of coal mines in Shanxi, Shaanxi, and Inner Mongolia is at a low level of 79.5%, down 0.4 percentage points as of August 31 [2]. - Port inventories are decreasing, with the inventory in the Bohai Rim at 22.66 million tons, down 1.48% as of September 5, and Guangzhou Port inventory declining by over 7% [2]. - Non-electric coal demand, particularly from the coal chemical sector, is expected to increase, with methanol operating rates at 83.72%, up 1.41 percentage points [2]. Group 3: Coking Coal Market - As of September 5, the price of coking coal at Jingtang Port is 1540 RMB/ton, rebounding from a low of 1230 RMB/ton in early July [2]. - Coking coal futures have seen a significant increase, rising from 719 RMB in early June to 1159 RMB, a cumulative increase of 61.2% [2]. - The coking coal market is characterized by strong expectations but weak realities, with supply tightening due to regulatory measures [2]. Group 4: Investment Logic - The price of thermal coal is expected to rebound to long-term contract prices, currently above 700 RMB, with a target of around 750 RMB by 2025 [3]. - The breakeven point for power plants is estimated at around 860 RMB, which could serve as a price ceiling [3]. - The price ratio of coking coal to thermal coal is 2.4, with target prices for coking coal set at 1608 RMB, 1680 RMB, 1800 RMB, and 2064 RMB corresponding to thermal coal price targets [4]. Group 5: Investment Recommendations - The coal sector is seen as having both cyclical and dividend attributes, making it a favorable time for investment [5]. - Four main investment lines are identified: - Cyclical logic: Jin控煤业, 兖矿能源 - Metallurgical coal: 平煤股份, 淮北矿业, 潞安环能 - Dividend potential: 中国神华, 中煤能源, 陕西煤业 - Diversified growth: 神火股份, 电投能源, 新集能源, 广汇能源 [5].

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The transition from thermal coal to non-thermal coal is expected to support coal prices, with a stable layout in the coal sector [12] - The current dynamics in the coal market indicate that both thermal coal and coking coal prices have reached a turning point, suggesting potential price recovery [12] - The report highlights that the demand for non-thermal coal, particularly from the coal chemical sector, is anticipated to be a key driver for future price increases [4][12] Summary by Sections Investment Logic - Thermal coal prices are expected to rebound to long-term contract prices, currently above the second target price of around 700 CNY per ton [4][12] - The forecast for thermal coal prices suggests a potential rise to 750 CNY per ton, which is seen as a profit-sharing point for coal and power generation companies [4][12] - Coking coal prices are more influenced by supply and demand fundamentals, with target prices set at 1608 CNY, 1680 CNY, 1800 CNY, and 2064 CNY corresponding to thermal coal price targets [4][12] Investment Recommendations - The report identifies four main investment lines in the coal sector: 1. Cycle logic: Companies like Jinko Coal and Yanzhou Coal Mining 2. Dividend logic: China Shenhua and China Coal Energy 3. Diversified aluminum elasticity: Shenhua Holdings and Electric Power Investment 4. Growth logic: New Energy and Guanghui Energy [5][13] Key Market Indicators - The coal index increased by 0.31%, outperforming the CSI 300 index by 1.12 percentage points [7][9] - The average PE ratio for the coal sector is 13.2, and the PB ratio is 1.23, ranking low among all A-share industries [27][32] - As of September 5, 2025, the price of Qinhuangdao Q5500 thermal coal is 679 CNY per ton, reflecting a slight decrease of 1.59% [19][31] Coking Coal Market - The price of main coking coal at Jingtang Port is currently 1540 CNY per ton, down from 1610 CNY [20][22] - The report notes a significant rebound in coking coal futures prices, which have increased by 61.2% since June [4][12] Non-Thermal Coal Sector - The methanol operating rate is currently at 83.72%, indicating a slight increase, while the urea operating rate has decreased significantly [11][19] - The report emphasizes the importance of non-thermal coal demand, particularly from the coal chemical industry, as a stabilizing factor for coal prices [4][12]

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Viewpoints - The report indicates that after a significant rise in coking coal futures by 6%, the price support for coking coal remains strong due to tight supply and replenishment effects. In the medium to long term, the focus will be on "anti-involution" and price stability, with potential for a demand recovery driven by economic stimulus, which could lead to a "Davis Double" for coking coal [2][7] - The coal index (Yangtze) increased by 0.34%, outperforming the CSI 300 index by 1.15 percentage points, ranking 9th out of 32 industries [6][15] - The report emphasizes the importance of price stability as indicated by recent policies from Shanxi and Shaanxi provinces, which aim to promote stable coal market operations [6][7] Summary by Sections Coking Coal Market - As of September 5, the price of main coking coal at Jingtang Port was 1540 RMB/ton, a decrease of 70 RMB/ton week-on-week. The report suggests that while short-term fluctuations may increase due to a slowdown in downstream purchasing demand, the medium to long-term outlook remains positive with potential for price support [6][7][17] Thermal Coal Market - The market price for thermal coal at Qinhuangdao Port was 679 RMB/ton as of September 5, down 11 RMB/ton week-on-week. Despite a seasonal transition from peak to off-peak demand, the report anticipates limited downside for coal prices due to ongoing supply constraints and replenishment needs [6][16] Investment Recommendations - The report recommends a focus on companies with improving fundamentals under the "anti-involution" theme, suggesting a mix of elastic stocks and stable profit leaders. Specific companies highlighted include Yanzhou Coal Mining Company, China Shenhua Energy, and others [8][29]

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [1] Core Viewpoints - The coal price has slightly declined due to weakening demand as temperatures drop, with the current port price for thermal coal at 679 RMB/ton, down 11 RMB/ton week-on-week [1] - Supply remains stable, with an average daily inflow of 1.8214 million tons to the four ports in the Bohai Rim, a decrease of 0.0084 million tons or 0.46% from the previous week [1] - Daily outflow from the same ports is 1.8393 million tons, down 0.0574 million tons or 3.03% week-on-week, indicating a slight reduction in demand [1] - The total inventory at the Bohai Rim ports is 22.71 million tons, down 0.37 million tons or 1.60% from the previous week, reflecting a slight decrease in overall inventory levels [1] - The report suggests that as the peak season for coal approaches its end, the combination of strong supply and weak demand may put pressure on inventory depletion in the short term, with coal prices expected to remain volatile [1] Summary by Sections 1. Weekly Market Review - The Shanghai Composite Index closed at 3,812.51 points, down 63.02 points or 1.63% week-on-week, with the coal sector index at 2,634.16 points, down 9.33 points or 0.35% [10] 2. Domestic Coal Prices - Domestic thermal coal prices have shown mixed trends, with some regions experiencing price increases while port prices have decreased [16][18] 3. International Prices - International thermal coal prices have shown a slight decline, with the Newcastle coal price index down 0.87 USD/ton to 109.30 USD/ton [18] 4. Inventory and Shipping - The average daily inflow and outflow of coal at the Bohai Rim ports have both decreased, indicating a slowdown in coal movement [27][30] - The average shipping cost on domestic routes has decreased by 3.9 RMB/ton to 29.81 RMB/ton, a drop of 11.57% [32] 5. Recommendations - The report emphasizes the importance of monitoring insurance capital inflows and suggests focusing on resource stocks, particularly recommending companies like Haohua Energy and Guanghui Energy as elastic targets in the thermal coal sector [35]

Investment Rating - The coal industry is rated as "stronger than the market" [6] Core Viewpoints - The report emphasizes that the fundamental goal is to reverse the Producer Price Index (PPI), which has been declining, with July's PPI showing a year-on-year decrease of 3.6%. The stability of coal prices is closely linked to PPI, and the lowest coal prices in 2025 may represent a policy bottom, with expectations for more supply-side policies to be introduced [5][6] - The coal industry is currently undergoing a significant transformation, with strict capacity controls and increasing operational difficulties leading to a tighter supply. The report suggests that coal will remain a key energy source in the short term, despite macroeconomic weaknesses affecting demand [5][6] - The report identifies several investment opportunities in the coal sector, focusing on companies with strong resource endowments, stable operating performance, and high or potentially increasing dividend ratios [6] Summary by Sections 1. Market Overview - The coal index increased by 0.31% this week, outperforming the Shanghai and Shenzhen 300 index, which decreased by 0.81%. Year-to-date, the coal index has dropped by 9.32%, while the Shanghai and Shenzhen 300 index has risen by 13.35% [11][12] 2. Thermal Coal 2.1 Key Indicators - As of September 5, 2025, the Qinhuangdao 5500K thermal coal price was 679 CNY/ton, down 1.6% week-on-week. The average daily production from 462 sample mines was 5.379 million tons, a year-on-year decrease of 6.5% [3][21] 2.2 Annual Long-term Contract Price - The long-term contract price for Qinhuangdao thermal coal (Q5500) was 674 CNY/ton, with a month-on-month increase of 0.9% and a year-on-year decrease of 3.3% [23] 2.3 Spot Prices - The report details various spot prices for thermal coal across different regions, indicating slight fluctuations in prices [27][28] 2.4 Supply and Demand - The report notes a slight decrease in daily consumption by major power plants, with a total inventory of 13.388 million tons, reflecting a minor decline [37][48] 3. Coking Coal 3.1 Key Indicators - The report highlights the price changes for coking coal, with the main coking coal price at Jing Tang Port dropping to 1540 CNY/ton, a decrease of 4.3% week-on-week [62][63] 3.2 Spot Prices - Various spot prices for coking coal are provided, showing both increases and decreases across different regions [66][68]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The coal sector has shown resilience, with a slight increase in prices and a positive outlook for the second half of the year, suggesting a potential balance between supply and demand [6][23] - The report highlights the importance of positioning in high-dividend coal companies and those undergoing turnaround in coking coal and coke sectors [6][23] Summary by Sections Market Performance - As of September 5, 2025, the CITIC coal industry index rose by 0.1%, outperforming the CSI 300 index, which fell by 0.81%, resulting in a 0.91 percentage point advantage [2] - The highest weekly stock price increase was seen in Yunmei Energy, with a rise of 4.03% [2] Supply and Demand Data - Average daily coal sales for monitored enterprises were 6.67 million tons, a week-on-week increase of 0.9% but a year-on-year decrease of 1.9% [2] - The average daily coal production was 6.64 million tons, showing a week-on-week decrease of 0.1% and a year-on-year decrease of 1.7% [2] - Total coal inventory (including port storage) was 25.85 million tons, down 0.7% week-on-week and down 9.1% year-on-year [2] Price Trends - The price index for thermal coal (Q5500K) was 676 CNY/ton, reflecting a week-on-week increase of 0.75% [3] - The average price for coking coal at Jing Tang Port was 1550 CNY/ton, down 4.9% week-on-week [4] - The report notes fluctuations in prices across various coal types, with some showing declines while others have remained stable [4][5] Investment Recommendations - The report suggests that coal prices are expected to rebound in September, with long-term contract prices for different grades of coal being 674, 613, and 551 CNY/ton respectively [6][23] - Recommended companies for investment include major thermal coal firms such as China Shenhua, Shaanxi Coal, and others, as well as coking coal companies like Huabei Mining and Shanxi Coking Coal [6][23]