摘要 国家能源局启动煤矿生产核查，旨在规范煤炭产能，重点关注超核定能 力生产行为，尤其是在 2025 年 1-6 月单月产量超过公告产能 10%的情 况，可能导致相关煤矿停产。 预核增产能政策始于 2022 年，旨在保障能源供应，但部分预核增产能 （约占 40%）尚未完成合法化手续，面临到期后的处理问题，可能影响 未来的煤炭产量。 煤矿产能置换指标价格高昂，加之环评等前置条件未完成，导致煤矿企 业购买指标的积极性下降，部分煤矿即使完成置换也因亏损而停产。 尽管资本市场对核查反应强烈，但实际影响可能有限，因矿山安全检查 一直严格执行，且此次核查文件层级相对较低，更倾向于常规管理。 2025 年上半年全国煤炭产能利用率降至 70%以下，表明超产并非普遍 现象，主要原因是煤价下行导致企业亏损面扩大，降低了生产积极性。 官方供给管控意味着供给边际收缩预期增强，不规范、不合法的产能退 出可能性增大，预计下半年煤炭市场供需格局将好于上半年，价格将更 为乐观，或回到 700 元以上区间。 煤炭消费预计在 2028 年前后达到峰值，并持续到 2030 年甚至 2031- 32 年才逐渐缓慢衰减，因此十五五期间煤炭需求总量不会 ...

Group 1 - The company held its fourth temporary supervisory board meeting on June 25, 2025, via both in-person and video conference, with all six supervisors present for voting [1][2] - The meeting was chaired by the chairman of the supervisory board, Mr. Guan Yue, and included attendance from senior management and the board secretary [1] - The meeting's proceedings complied with legal, administrative regulations, departmental rules, and the company's articles of association [1] Group 2 - The supervisory board approved a proposal for a perpetual trust business and related transactions with Baorui Trust Co., Ltd., with a unanimous vote of 6 in favor [2][3] - A proposal for the procurement of IT operation and maintenance services for 2025 and related transactions was also unanimously approved by the supervisory board [2][3] - The board approved a proposal regarding the procurement method for the desulfurization system maintenance project at Hohhot Pit Power Company, with a unanimous vote [2][3] - A proposal for the investment purchase method to implement capacity replacement indicators at the South Open-pit Coal Mine was unanimously approved by the supervisory board [2][3]