Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - Coal inventory has decreased year-on-year for the first time, indicating a continuous improvement in the fundamentals of the coal industry [1] - The coal sector has underperformed compared to the CSI 300 index, with a decline of 0.77% as of August 15, 2025, while the CSI 300 index rose by 2.37% [2] - Key monitored enterprises reported an average daily coal sales volume of 7.15 million tons, a week-on-week increase of 1.9% and a year-on-year increase of 5.3% [2] - The total coal inventory of key monitored enterprises was 26.18 million tons as of August 14, 2025, a week-on-week decrease of 5.9% and a year-on-year decrease of 3.1% [2] - The supply-demand balance in the coal market is improving, with significant price increases for thermal coal and potential marginal improvements in the coking coal sector due to environmental factors [6] Summary by Sections Thermal Coal Industry Chain - As of August 15, 2025, the price index for thermal coal (Q5500K) in the Bohai Rim was 670 CNY/ton, a week-on-week increase of 0.3% [3] - The average daily sales volume of thermal coal increased by 0.6% week-on-week [2] Coking Coal Industry Chain - The main coking coal price at Jingtang Port was 1,630 CNY/ton, unchanged week-on-week [4] - The inventory of coking coal at Jingtang Port decreased by 5.4% week-on-week [4] Coal Chemical Industry Chain - The price of methanol in East China was 2,354.55 CNY/ton, a week-on-week decrease of 38.86 CNY/ton [5] - The price of urea in Henan was 1,700 CNY/ton, a week-on-week decrease of 50 CNY/ton [5] Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies and coking coal companies undergoing turnaround [6] - Key companies to watch include China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining Company for thermal coal; and Huabei Mining, Shanxi Coking Coal, and Lu'an Environmental Energy for coking coal [6]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Viewpoints - The coal mining industry has seen an unexpected improvement in fundamentals as of July 2025, with significant changes in production and demand dynamics [2][7] - The report highlights a notable decline in coal production and imports in July, alongside a significant increase in thermal power demand due to high temperatures [11][30] - The overall supply of coal has contracted, while demand from key sectors such as electricity generation has shown signs of recovery [12][50] Summary by Sections Recent Trends - The coal mining sector's performance over the last month shows a 6.8% increase over one month, a 3.5% increase over three months, but a 5.2% decrease over twelve months [4] Supply Dynamics - In July 2025, the production of raw coal decreased by 3.8% year-on-year, with a daily average production of 12.29 million tons, reflecting a month-on-month reduction of 1.746 million tons per day [19][21] - The report notes that coal imports in July 2025 were 35.609 million tons, down 23% year-on-year, indicating a tightening supply [9][29] Demand Dynamics - The demand for thermal power increased significantly in July, with a year-on-year growth of 4.3%, marking a 3.2 percentage point increase from June [11][30] - The report estimates that the four major industries (electricity, steel, chemicals, and construction materials) contributed to a 3.8% year-on-year increase in coal consumption in July [50] Inventory Management - By the end of July, coal inventories at production enterprises decreased by 168,000 tons to 4.096 million tons, indicating effective inventory management [51][52] Investment Recommendations - The report suggests focusing on stable companies such as China Shenhua, Shaanxi Coal, and China Coal Energy, as well as companies with greater elasticity in thermal coal like Yanzhou Coal and Jinneng Holding [12][14]

Group 1 - The core viewpoint of the article highlights the growth in China's coal production, with a projected output of 420 million tons by June 2025, reflecting a year-on-year increase of 3% [1] - In the first half of 2025, China's cumulative coal production reached 2.4 billion tons, marking a cumulative growth of 5.4% [1] - The report by Zhiyan Consulting provides an analysis of the supply and demand dynamics in the coal mining industry in China from 2025 to 2031, indicating potential market operation capabilities [1] Group 2 - Listed companies in the coal sector include China Shenhua (601088), Zhongmei Energy (601898), Shanxi Coking Coal (000983), and others, indicating a diverse market landscape [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports and tailored services [2] - Data sources for the report include the National Bureau of Statistics and Zhiyan Consulting, ensuring credibility and accuracy in the presented figures [3]

Group 1 - The core viewpoint of the news is that Huabei Mining Media Technology Co., Ltd. has applied for a patent for a "Multi-dimensional Data Statistics and Intelligent Analysis Management System" aimed at improving data processing efficiency in mining management [1] - The patent application was filed on May 2025, and the publication number is CN120493010A [1] - The system includes several modules: preprocessing, transformation, classification, optimization, risk fusion, and early warning, which collectively enhance data handling accuracy and efficiency compared to existing technologies [1] Group 2 - Huabei Mining Media Technology Co., Ltd. was established in 2014 and is located in Huabei City, primarily engaged in software and information technology services [2] - The company has a registered capital of 3 million RMB and has made investments in 2 enterprises, participated in 225 bidding projects, and holds 38 patents [2] - Additionally, the company possesses 13 administrative licenses, indicating a diverse operational capability [2]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600546 | 山煤国际 | 10.43 | 3.68% | 33.81万 | | 3.49亿 | | 600985 | 淮北矿业 | 13.27 | 2.39% | 16.99万 | | 2.24亿 | | 669109 | 潞安环能 | 13.89 | 2.06% | 30.05万 | | 4.16亿 | | 000983 | 山西焦煤 | 7.28 | 1.68% | 64.96万 | | 4.71亿 | | 601001 | 晋控煤业 | 14.10 | 1.59% | 13.19万 | | 1.85 Z | | 600508 | 上海能源 | 12.30 | 1.57% | 3.72万 | | 4538.55万 | | 601101 | 景华能源 | 7.72 | 1.45% | 9.54万 | | 7329.37万 | | 002128 | 电投能源 | 20.40 | 1.44% | 11.56万 | | 2.35亿 ...

淮北矿业控股股份有限公司 信用评级报告 编号：CCXI-20253024M-01 信用评级报告 声 明 根据相关监管规定以及评级委托协议约定，中诚信国际将在评级结果有效期内进行跟踪评级。 中诚信国际将在评级结果有效期内对评级对象风险程度进行全程跟踪监测。发生可能影响评级对象信用水平的重大 事项，评级委托方或评级对象应及时通知中诚信国际并提供相关资料，中诚信国际将就有关事项进行必要调查，及 时对该事项进行分析，据实确认或调整评级结果，并按照相关规则进行信息披露。 如未能及时提供或拒绝提供跟踪评级所需资料，或者出现监管规定的其他情形，中诚信国际可以终止或者撤销评级。 | 中诚信国际信用评级有限责任公司 | | | | | | --- | --- | --- | --- | --- | | 信用评级报告 | | | | | | 评级对象 淮北矿业控股股份有限公司 | | | | | | 主体评级结果 AAA/稳定 | | | | | | 中诚信国际肯定了淮北矿业控股股份有限公司（以下简称"淮北矿业"或"公 | | | | | | 司"）煤种齐全且以稀缺煤种为主、资源禀赋很强，公司为华东地区主要煤 | | | | | ...

Summary of Conference Call on Coal Industry Outlook Industry Overview - The conference call discusses the coal industry, specifically focusing on coking coal and thermal coal prices and market dynamics for 2025 [1][5][6]. Key Points and Arguments - **Government Policies**: The government's regulation of coal prices aims to promote a reasonable recovery of prices and reduce disorderly competition through production control policies. Adjustments will be made based on coal price changes to prevent economic damage from price surges [1][3]. - **Supply and Demand Dynamics**: In the first half of 2025, coking coal supply and demand are expected to be tight, with inventory decreasing. By mid-year, market expectations are anticipated to reverse due to strong steel demand and a decline in domestic production and imports [1][4]. - **Price Recovery Expectations**: Coking coal and thermal coal prices are projected to return to or exceed early-year levels by the end of 2025, driven by ongoing supply constraints and demand recovery [1][5][6]. - **Market Sentiment**: Current market expectations for coal stocks are not fully reflected, with stock prices higher than 2020 levels despite poor earnings in the first half of 2025. This indicates that market pessimism is less severe than in previous downturns [1][8]. - **Investment Timing**: For long-term investors, this is considered a good time to buy coal stocks, particularly coking coal companies, which are less affected by price controls and show greater price elasticity compared to thermal coal [2][10]. Additional Important Insights - **Short-term Focus**: Investors should monitor upcoming mid-year reports and government policy adjustments, as poor earnings could impact stock market performance [1][7]. - **Valuation of Coking Coal Companies**: Coking coal companies are currently valued at historical lows, with a price-to-book (PB) ratio only about 20% away from historical minimums, making them more attractive compared to thermal coal companies [12]. - **Investment Recommendations**: Specific coking coal companies to watch include Lu'an Huanneng, Shenhua Group, Huabei Mining, and Shanxi Coking Coal, all of which have strong potential for profitability and growth [11]. Market Trends and Predictions - **Market Cycles**: Historical patterns suggest that coal stocks do not immediately surge when coal prices rise; significant price increases typically follow clear improvements in earnings [9]. - **Future Outlook**: The current market cycle is expected to resemble previous cycles from 2016-2017 and 2020-2022, with a potential two-year upward trend in coal company profitability [13].

2025 年度 淮北矿业控股股份有限公司 信用评级报告 编号：CCXI-20253024M-01 2025 年度淮北矿业控股股份有限公司 信用评级报告 声 明 跟踪评级安排 中诚信国际信用评级有限责任公司 2025 年 8 月 13 日 2 ⚫ 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 ⚫ 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 ⚫ 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 ⚫ 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 ⚫ 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售 ...

中诚信国际在对公司生产经营状况、宏观经济和政策环境及相关行业情况进 行综合分析与评估的基础上，于 2025 年 8 月 13 日出具了《2025 年度淮北矿业 控股股份有限公司信用评级报告》，评定公司主体信用等级为 AAA，评级展望为 稳定，有效期为 2025 年 8 月 13 日至 2026 年 8 月 13 日。 本次评级报告详见公司同日在上海证券交易所网站（www.sse.com.cn）披露 的《2025 年度淮北矿业控股股份有限公司信用评级报告》。 特此公告。 股票代码：600985 股票简称：淮北矿业 编号：临 2025—025 淮北矿业控股股份有限公司 关于主体信用评级结果的公告 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。 淮北矿业控股股份有限公司（下称"公司"）委托信用评级机构中诚信国际 信用评级有限责任公司（下称"中诚信国际"）对公司主体信用状况进行了评级。 淮北矿业控股股份有限公司董事会 2025 年 8 月 15 日 ...

上市企业：皖能电力（000543）、国轩高科（002074）、中电兴发（002298）、铜冠铜箔（301217）、 淮河能源（600575）、恒源煤电（600971）、淮北矿业（600985）、新集能源（601918）、安孚科技 （603031）、皖天然气（603689）、科威尔（688551） 统计范围： 报告中的产量数据统计口径均为规模以上工业，其统计范围为年主营业务收入2000万元及以上的工业企 业。 由于规模以上工业企业范围每年发生变化，为保证本年数据与上年可比，计算产品产量等各项指标同比 增长速度所采用的同期数与本期的企业统计范围相一致，和上年公布的数据存在口径差异。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 数据来源：国家统计局，智研咨询整理 相关报告：智研咨询发布的《2025-2031年中国能源行业市场研究分析及投资前景评估报告》 2025年6月，安徽省发电279.9亿千瓦时，同比增长 ...