证券代码：002128 证券简称：电投能源 公告编号：2025041 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，内蒙古电投能源股份有限公 司（以下简称"公司"）将参加由内蒙古证监局、内蒙古上市公司协 会与深圳市全景网络有限公司联合举办的"2025 年内蒙古辖区上市 公司投资者集体接待日活动"，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（http://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 7 月 11 日 （周五）16:00-18:00。届时公司高管将在线就公司 2024 年度业绩、 公司治理、发展战略、经营状况和可持续发展等投资者关心的问题， 与投资者进行沟通和交流，欢迎广大投资者踊跃参与！ 特此公告。 内蒙古电投能源股份有限公司董事会 2025 年 7 月 9 日 1 内蒙古电投能源股份有限公司 关于参加内蒙古辖区上市公司2025年投资者 网上集体接待日活动的公告 ...

Group 1 - The year 2025 marks the conclusion of the deepening reform actions for state-owned enterprises, with multiple regions intensifying policies to support mergers and acquisitions of state-owned enterprises [1] - Nanjing Tourism Group is set to integrate with Nanjing Cultural Investment Holding Group and Nanjing Sports Industry Group to create a comprehensive development and operation platform for cultural tourism and sports in Nanjing [1] - The Nanjing municipal government has issued measures to promote high-quality development of mergers and acquisitions, focusing on optimizing equity structure and enhancing operational efficiency [1] Group 2 - Nanjing Tourism Group is advancing a capital injection plan into Nanjing Commercial Tourism Co., which includes acquiring 100% equity of Nanjing Huangpu Grand Hotel through a combination of share issuance and cash payment [2] - The strategic restructuring of Nanjing Commercial Tourism's controlling shareholder aligns with national directives for deepening state-owned enterprise reforms, aiming to enhance the integration of tourism, culture, and sports sectors [2] - The restructuring is expected to significantly influence Nanjing Commercial Tourism's future strategic positioning and business expansion, allowing for the exploration of synergies across industries [2] Group 3 - In addition to the cultural tourism sector, there have been frequent mergers and acquisitions in energy, high-end equipment, and electronic information sectors this year [3] - Inner Mongolia Electric Power Investment Co. announced plans to restructure assets by acquiring 100% equity of Baiyin Hua Coal Power Co. to optimize resource allocation in the region [3] - China Shipbuilding Industry Co. is merging with China Shipbuilding Heavy Industry Co., with the merger approved by the Shanghai Stock Exchange's review committee [3] Group 4 - In the electronic information sector, Guotou Zhonglu Juice Co. plans to acquire 100% equity of China Electronic Engineering Design Institute through share issuance, expanding its business scope beyond juice production [4] - The year 2025 is critical for the deepening reform of state-owned enterprises, emphasizing the need for clear restructuring objectives and effective coordination mechanisms [4]

Summary of Coal Industry Conference Call Industry Overview - The conference call focuses on the coal industry, particularly the dynamics of thermal coal and coking coal markets, and their investment potential through 2025 and beyond [1][4][8]. Key Points and Arguments Demand and Supply Dynamics - In Q1, thermal power generation decreased by nearly 5% year-on-year, with a narrowing decline to about 3% from January to May, primarily due to weak overall electricity demand [1][2]. - GDP growth is approximately 5%, but total electricity consumption only grew by 2.5% in Q1, improving to around 3% from January to May, with industrial and residential electricity growth below expectations [1][2]. - Domestic coal demand shows resilience, but the availability of extractable resources is declining, leading to limited future import increases and rising costs, suggesting a long-term upward trend in coal prices [1][4][8]. Price Trends - Coking coal prices have significantly decreased this year, more so than thermal coal, with profitability for coking coal being worse than that of thermal coal, approaching levels seen in 2014 [5][7]. - The average price of Qinhuangdao 5,500 kcal thermal coal was about 680 RMB, down 20% year-on-year [2]. Regional Supply Insights - Shanxi province's thermal coal supply increased by approximately 15% year-on-year from January to April, contributing to a relaxed supply-demand balance [6][7]. - The coking coal supply is primarily concentrated in Shanxi, where production recovery has been notable, further pressuring coking coal prices [5][6]. Investment Recommendations - Short to mid-term recommendations favor thermal coal due to expected demand increases during the summer peak and traditional high-demand months [9][10]. - Defensive stocks, particularly those with high contract ratios and stable returns on equity (ROE), such as China Shenhua and China Coal, are recommended for investment [14]. - Long-term recommendations include companies with growth potential, such as Yanzhou Coal Mining Company, which aims to significantly increase production by 2030 [15]. Market Outlook - The coal price center is expected to stabilize or even rise in the medium to long term due to resilient demand and limited supply growth, despite short-term pressures [8][12]. - The overall investment attractiveness of coal companies remains low compared to other sectors, but the fundamental value and potential for recovery in the coal market suggest opportunities for investors [11][12]. Global Context - Internationally, countries like India, Indonesia, and Australia face supply constraints due to resource depletion and rising costs, which may limit their contributions to global coal supply [8]. - The experience of developed countries indicates that even with energy transitions, coal demand may remain resilient due to structural changes in electricity consumption [7][8]. Additional Important Insights - The coal industry is facing a complex landscape with both challenges and opportunities, necessitating a careful analysis of individual companies and market conditions to identify viable investment strategies [14][15].

Group 1: Coal Industry Overview - The coal industry is expected to maintain a balanced supply and demand in 2024, with domestic production initially declining before increasing, and imports exceeding expectations throughout the year [4] - National coal production is projected to reach 4.759 billion tons in 2024, a year-on-year increase of 2.16%, with an additional 101 million tons compared to the previous year [4] - The major coal-producing regions, including Shanxi, Shaanxi, and Inner Mongolia, are expected to contribute 3.89 billion tons, accounting for 81.7% of total production, with significant capacity increases in Xinjiang [4] Group 2: Financial Performance of Coal Companies - In 2024, sample coal companies are expected to see a decline in net profit due to falling coal prices and rigid costs, despite an increase in production [4][5] - The average coal sales price for 25 sample coal companies is projected to be 622 RMB/ton, a decrease of 7.54% year-on-year, while the average net profit per ton is expected to drop by 21.48% to 92.49 RMB/ton [4] - The total dividend amount declared by these companies is estimated at 87.9 billion RMB, a decrease of 14.99% year-on-year, with the dividend payout ratio increasing to approximately 60.82% of net profit [4] Group 3: Investment Strategy in Coal Sector - The market anticipates lower performance in the coal sector, but leading companies are expected to outperform expectations through cost reduction and efficiency improvements [5] - The investment strategy suggests focusing on undervalued companies with strong performance support, such as Xinjie Energy and Huahua Energy, while also considering companies with significant non-coal business [5] - The report highlights the attractiveness of high-dividend stocks and stable high-dividend varieties, recommending companies like China Shenhua and Shaanxi Coal Industry for their strong financial returns [5] Group 4: Telecommunications Industry Insights - Huawei's recent release of the Cloudmatrix384 technology significantly enhances inference efficiency through a soft-hard collaborative approach [6] - The CM384 architecture utilizes a fully interconnected UB bus to minimize communication latency, allowing for efficient workload management across 384 NPUs and 192 CPUs [6][7] - The report indicates a positive outlook for the computing power sector in Q2, driven by significant AI deployment projects across Europe and the easing of market sentiment [7] Group 5: Company-Specific Analysis - Daqo New Energy - Daqo New Energy is experiencing short-term pressure on performance but maintains a strong cash position with 4.32 billion RMB in liquid assets [8][12] - The company has proactively reduced production to manage inventory, with a projected production of 11-14 thousand tons of polysilicon in 2025 [12] - The stock buyback and share cancellation plan reflects the company's confidence in future growth and aims to enhance financial metrics such as earnings per share [16]

Supply Side - The domestic raw coal production target for 2025 is approximately 4.8 billion tons, with slight increases expected in major production areas and continued growth in Xinjiang coal output, although the growth rate may decline due to fluctuating coal prices [1][2] - In April 2025, coal production contracted by over 50 million tons month-on-month due to low coal prices, while a slight recovery was observed in May in preparation for summer energy supply [1][2] - As of May 2025, 53.61% of coal companies are operating at a loss, indicating a persistent low price environment and potential production cuts among small and medium-sized coal enterprises [2] Import Side - The expected coal import volume for 2025 is 51 million tons, which, while lower than in 2024, remains at a high level, contributing to downward pressure on prices due to sufficient domestic supply [2] - Cumulative coal imports as of May 2025 reached 18.9 million tons, a year-on-year decrease of 7.95%, marking three consecutive months of decline [2] Demand Side - In the first five months of 2025, cumulative thermal power generation was 2,444.8 billion kWh, accounting for 65.60% of total generation, with a year-on-year decline of 2.88% due to competition from renewable energy sources [3] - Chemical coal demand has significantly increased, with high operating rates for methanol and urea, and construction material coal demand is expected to remain stable as the real estate sector stabilizes [3] - The supply of coking coal is expected to be ample, which may suppress coking coal prices, especially with seasonal declines in steel demand anticipated in July and August [3] Investment Recommendations - The coal sector is viewed as a high dividend target with long-term investment value, especially in the context of ongoing uncertainties in international relations and trade conflicts [4] - Companies recommended for attention include high-dividend, stable profit leaders like China Shenhua (601088.SH) and China Coal Energy (601898.SH), as well as companies that can mitigate price volatility like Xinjie Energy (601918.SH) [5]

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - The report regularly updates the latest information on private exchangeable bond (private EB) projects from public channels and conducts basic element tracking on private exchangeable bond projects, emphasizing that the issuance terms and progress may change, and the final prospectus and relevant underwriters should be referred to [1]. 3. Summary by Relevant Catalogs 3.1 New Project Information - There is no new project information this week, and some projects are not listed due to compliance reasons [2]. 3.2 Project Status Table - The table lists the details of multiple private EB projects, including bond names, lead underwriters, scales, underlying stocks, project statuses, and update dates. Projects include those from companies such as Shudao Investment Group Co., Ltd., China Pingmei Shenma Group Co., Ltd., and Guangdong Shunde Holdings Group Co., Ltd., with statuses of "Passed", "Feedback Received", and "Accepted" [3].

Investment Rating - The coal mining industry is rated as "Recommended" [7] Core Views - The coal supply-demand relationship continues to optimize under high-temperature conditions, with port coal prices rising and inventory decreasing [4][72] - The production side shows a tightening trend, with a decrease in capacity utilization in Shanxi and a reduction in transportation volumes [4][72] - The demand side is supported by power plants replenishing inventory in anticipation of increased consumption due to high temperatures [4][72] Summary by Sections 1. Thermal Coal - Port coal prices increased to 623 RMB/ton, up 3 RMB/ton week-on-week [4][72] - Inventory at northern ports decreased by 797,000 tons week-on-week [30] - Daily consumption at coastal power plants rose by 80,000 tons week-on-week [24][72] 2. Coking Coal - Supply of coking coal has improved, with capacity utilization rising by 1.04 percentage points [5][41] - Coking coal prices at ports remained stable, with the average price at 1,230 RMB/ton [42] - Coking coal inventories at production enterprises decreased by 586,200 tons week-on-week [47] 3. Coke - Coking enterprises are experiencing a decline in production rates due to rising costs from coking coal prices [50] - The average profit per ton of coke is approximately -46 RMB, indicating a decrease in profitability [54] - Steel mills are replenishing raw material inventories, leading to a reduction in coke inventories [62] 4. Anthracite - Anthracite prices remained stable, with the price at 820 RMB/ton [68] - Demand from non-electric sectors remains weak, with procurement primarily focused on long-term contracts [68] 5. Key Companies and Profit Forecasts - Key companies to focus on include China Shenhua, Shaanxi Coal, and Yanzhou Coal, all rated as "Buy" [8] - The report highlights the strong cash flow and asset quality of leading coal companies, emphasizing their investment value [7][8]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4][106]. Core Views - The report highlights that copper prices are experiencing fluctuations due to the interplay of the 232 investigation and interest rate cut expectations, with recent price changes showing a mixed trend [5]. - The report emphasizes the importance of low inventory levels in supporting copper prices, while also noting the potential impact of the 232 copper import investigation and upcoming interest rate decisions by the Federal Reserve [5]. - The report suggests monitoring companies such as Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Western Mining for investment opportunities [5]. Summary by Sections 1. Industry Overview - The report provides insights into macroeconomic indicators, including U.S. employment data, which may influence market conditions [9]. - The non-ferrous metals sector's performance is analyzed, with the sector underperforming compared to the Shanghai Composite Index [11]. 2. Industrial Metals 2.1 Copper - Recent price movements show LME copper up by 0.25%, while SHFE copper is down by 0.24% [25]. - Inventory levels for copper have increased, indicating a potential shift in market dynamics [25]. 2.2 Aluminum - LME aluminum prices increased by 0.41%, with inventory levels also rising [35]. - The report notes a decrease in aluminum smelting profits, attributed to rising costs [35]. 2.3 Lead and Zinc - Lead prices have seen a slight increase, while zinc prices have decreased [48]. - Inventory levels for both metals are discussed, highlighting market supply conditions [48]. 2.4 Tin and Nickel - Tin prices have decreased slightly, while nickel prices have shown an upward trend [62]. - The report discusses profitability metrics for nickel producers in both domestic and international markets [62]. 3. Energy Metals 3.1 Lithium - Lithium prices have shown a slight rebound, with specific price changes noted for lithium carbonate and lithium spodumene [74]. - The report indicates that supply-side adjustments are anticipated, which may affect future pricing [74]. 3.2 Cobalt - Cobalt prices have increased domestically due to export bans from the Democratic Republic of Congo, which may create supply constraints [86]. - The report highlights the profitability of domestic cobalt refining operations [86].

Investment Rating - The report maintains a "Buy" rating for key coal companies including China Qinfa, China Coal Energy, and AnYuan Coal Industry [3][6]. Core Insights - The global coal production is expected to reach a historical high of 924.2 million tons in 2024, with a year-on-year growth of 0.9%. The Asia-Pacific region continues to expand production, with India and Indonesia increasing output by 7% and 8% respectively [7]. - Global coal demand is projected to grow to 165.06 exajoules (EJ) in 2024, reflecting a year-on-year increase of 1%. However, demand in Europe is declining rapidly, with a decrease of 7% [7]. - The report highlights the stability of coal prices, with Newcastle port coal prices at $110.85 per ton, up 4.35 dollars per ton (+4.08%) from the previous week [34]. Summary by Sections Coal Mining - The report indicates that coal prices at European ARA ports have risen to $107.25 per ton, an increase of 3.90 dollars per ton (+3.77%) [34]. - The report emphasizes the importance of monitoring coal production and demand trends, particularly in the Asia-Pacific region, which is driving growth [7]. Investment Recommendations - Key recommended stocks include China Coal Energy, China Shenhua, and the turnaround story of China Qinfa. Other notable mentions are Shaanxi Coal and Energy, and Yancoal Energy, which show potential for growth [3][6]. - The report also suggests keeping an eye on AnYuan Coal Industry, which is undergoing significant changes in its shareholder structure and asset swaps [3]. Market Trends - The report notes that global coal trade volume is expected to reach 35.99 EJ in 2024, marking a year-on-year increase of 1.3%. Indonesia remains the largest coal exporter, accounting for 29.8% of total exports [7]. - The report provides a detailed analysis of coal price movements, indicating a stable trend in shipping coal prices [30].

Core Points - The CSWD M&A Index increased by 0.21% to 1737.31 points with a trading volume of 30.173 billion yuan on July 3 [1] - Over the past month, the CSWD M&A Index has risen by 2.21%, while it has increased by 0.84% over the last three months, and has decreased by 0.08% year-to-date [1] Index Composition - The CSWD M&A Index is composed of the top 100 securities based on the total value of assets involved in M&A or restructuring processes [1] - The top ten weighted securities in the index are: Luxshare Precision (5.59%), Top Group (5.53%), China Shipbuilding (5.14%), OFILM (4.64%), China Communications Construction (4.43%), Shanghai Silicon Industry (4.27%), BGI Genomics (3.53%), State Power Investment Corporation (3.16%), New Hope Liuhe (2.6%), and Hailanxin (1.88%) [1] Market Distribution - The market distribution of the CSWD M&A Index shows that the Shenzhen Stock Exchange accounts for 51.33%, the Shanghai Stock Exchange for 48.38%, and the Beijing Stock Exchange for 0.30% [1] Industry Breakdown - The industry composition of the index includes: Information Technology (27.44%), Industrials (23.69%), Materials (12.43%), Consumer Discretionary (11.53%), Communication Services (7.09%), Financials (6.45%), Utilities (5.30%), Health Care (2.93%), Real Estate (2.18%), and Consumer Staples (0.95%) [2] Sample Adjustment - The index samples are adjusted quarterly, with adjustments occurring on the first trading day of March, June, September, and December [2] - New samples ranked within the top 80 are prioritized for inclusion, while existing samples ranked within the top 120 are preferred for retention [2]