以下文章来源于申万宏源策略 ，作者申万宏源策略 申万宏源策略 . 我们强调体系性、实战性 证券分析师： 陆灏川 A0230520080001、王雪蓉 A0230523070003 牟瑾瑾 A0230524100002、王胜 A0230511060001 研究支持： 王雪蓉 A0230523070003 多重因素共振下，A股红利板块持续调整。 年初至今，中证红利指数跌幅达2.5%，整体股息 率从5.04%提升至6.30%。一方面，降息预期延迟以及股债跷跷板效应显现，10年期国债上行 16BP；另一方面，国产大模型取得突破，成长预期回归，在风险偏好上升阶段，红利板块面临资 金分流压力。 申万三级行业口径下，2025年初至今红利板块内部结构分化显著： 股份行、白酒、 非运动服饰、乳品等板块估值提升；而动力煤、焦煤、炼油化工、房屋建设、教育出版等板块估 值回落、性价比提升， 具体见图一。 港股红利板块稳中有进，相较于A股红利板块的性价比优势缩窄。 年初至今，中证港股通高 息精选指数上涨2.8%。我们梳理A+H两地上市的高股息股票（A股股息率>3%，且港股股息率 AH红利溢价指数(算术平均) AH红利溢价指数(市值加权 ...

Investment Rating - The report assigns a "Buy" rating for key coal companies such as China Shenhua and China Coal Energy, indicating a positive outlook for their stock performance [9]. Core Viewpoints - The report emphasizes the strong support from state-owned enterprises for high-quality development of listed companies, highlighting the importance of maintaining stable profits and optimizing operational efficiency [3][6]. - It notes that despite cyclical fluctuations in coal prices, leading companies have managed to reduce costs and improve efficiency, resulting in performance declines that are significantly lower than the price drops [3]. - The report suggests that the current coal price is at a bottom range, with expectations of recovery driven by domestic policies aimed at stabilizing growth and boosting demand [5][10]. Summary by Sections Industry Overview - The coal mining sector is experiencing a significant adjustment, with major state-owned enterprises actively supporting their listed subsidiaries to enhance investor confidence and market stability [5][6]. - The report highlights the government's commitment to maintaining a stable economic environment, which is expected to benefit the coal sector [3]. Financial Performance - China Shenhua's coal production cost for 2024 is reported at 179 RMB/ton, remaining stable year-on-year, while China Coal Energy's cost is 282 RMB/ton, down 25 RMB/ton from the previous year [10]. - The report indicates that both companies are focusing on increasing shareholder returns through dividends and share buybacks, with China Shenhua planning a cash dividend of 2.26 RMB/share, representing a high payout ratio of 76.5% [10]. Investment Strategy - The report recommends several key stocks in the coal sector, including China Shenhua, China Coal Energy, and others, based on their strong financial performance and potential for future growth [9][10]. - It suggests that the coal sector is well-positioned to benefit from domestic policies aimed at stimulating investment and consumption, which could lead to improved demand for coal [5][10].

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [2] Core Views - The coal price is currently at a bottom level, and there is no need for pessimism [1] - The market is becoming more sensitive to marginal positive news as the negative impact of price drops diminishes [1] - Leading coal companies have reported better-than-expected performance, with significant cost reduction and efficiency improvements [1] Industry Analysis - The CITIC Coal Index was at 3,325.2 points, up 0.55%, outperforming the CSI 300 Index by 1.92 percentage points, ranking 6th in the CITIC sector [1][71] - The coal market is expected to benefit from domestic policies aimed at stabilizing growth and expanding domestic demand [1] - The Newcastle coal futures price on April 4 was reported at $97 per ton, down 4% from $101 per ton on April 2 [1] - The domestic coal price has reached the anticipated bottom, with the largest price drops and speed of decline now behind [1] - The supply of low-calorie coal has slightly increased, while medium to high-calorie coal remains stable [1] - As of April 4, the price of North Port thermal coal was reported at 676 yuan per ton, stable week-on-week [1] - The report emphasizes that while the thermal coal market is entering a traditional off-season, the current prices are at the expected bottom range of 650-686 yuan per ton, and there is no need for excessive pessimism [1] Key Companies - China Shenhua (601088.SH): Buy rating, EPS forecast for 2024A is 2.95 yuan, PE ratio is 12.40 [7] - Shaanxi Coal (601225.SH): Buy rating, EPS forecast for 2025E is 2.26 yuan, PE ratio is 8.88 [7] - New Energy (601918.SH): Buy rating, EPS forecast for 2024A is 0.92 yuan, PE ratio is 7.50 [7] - Jinkong Coal (601001.SH): Buy rating, EPS forecast for 2025E is 1.53 yuan, PE ratio is 7.92 [7] - China Coal Energy (601898.SH): Buy rating, EPS forecast for 2024A is 1.46 yuan, PE ratio is 7.00 [7] - Electric Investment Energy (002128.SZ): Buy rating, EPS forecast for 2024A is 2.49 yuan, PE ratio is 8.50 [7] - Pingmei Shenma (601666.SH): Increase rating, EPS forecast for 2025E is 0.50 yuan, PE ratio is 17.30 [7] - Huai Bei Mining (600985.SH): Buy rating, EPS forecast for 2024A is 1.80 yuan, PE ratio is 7.70 [7]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Viewpoints - The coal price at ports has stabilized, and the investment value of leading coal companies is emphasized [2][4] - The supply constraints in the coal mining industry remain unchanged, while demand may fluctuate, leading to price dynamics and rebalancing [7][74] - The report highlights the strong cash flow and high asset quality of leading coal companies, characterized by high profitability, high cash flow, high barriers to entry, high dividends, and high safety margins [7][74] Summary by Sections 1. Thermal Coal - Port inventory continues to decrease, and port prices have stabilized [10][13] - The production side shows stable supply, with a slight decrease in capacity utilization in the main production areas [13][21] - Demand has improved, with increased daily consumption in coastal and inland power plants [13][24] - The average daily coal input at ports has decreased, leading to a reduction in northern port inventories [29][33] 2. Coking Coal - Production continues to contract, with a decrease in capacity utilization due to previous production issues [39][73] - Demand has improved, with rising daily iron output and reduced inventory at coking enterprises [39][73] - The overall supply-demand situation for coking coal has improved, with a decrease in production enterprise inventory [39][73] 3. Coke - The market anticipates price increases for coke after the Qingming Festival, with rising production rates in coking plants [52][73] - The average profit per ton of coke has decreased, indicating a challenging profitability environment [54][73] 4. Anthracite - The price of anthracite remains stable, with high operating rates in major production areas [68][74] 5. Key Companies and Profit Forecasts - The report identifies key companies to focus on, including China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining Company, among others, with strong investment recommendations [8][75] - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various companies, indicating their investment potential [8][75]

Summary of Key Points from the Conference Call of Hengyuan Coal Power Company Overview - **Company**: Hengyuan Coal Power - **Industry**: Coal and Energy Core Financial Performance - **Coal Sales**: In 2024, total coal sales reached 7.57 million tons, a slight decrease of 0.6% year-on-year. The sales of premium coal increased to 38.17% of total sales [2][3] - **Average Selling Price**: The average selling price of coal was 869.6 RMB/ton, down 9.2% year-on-year, leading to a 9.8% decrease in sales revenue to 6.6 billion RMB [2][3] - **Total Revenue**: Total operating revenue decreased by 10.4% to 7 billion RMB, with net profit dropping significantly by 47% to 470 million RMB, resulting in earnings per share of 0.893 RMB [2][3] - **Cost Management**: Total cost per ton increased by 3.6% to 681 RMB/ton, influenced by rising operational costs [2][3] Financial Management and Cost Control - **Financial Expenses**: The company demonstrated excellent management of financial expenses, projecting continued low levels in 2025 due to no significant capital expenditures anticipated [4] - **Cost Reduction Goals**: The company aims to keep three major expenses under 1.19 billion RMB in 2025 through structural optimization and management efficiency [9] - **Accounts Receivable Management**: The reduction in accounts receivable was attributed to decreased coal sales and improved cash flow management [10] Research and Development Focus - **R&D Investments**: The company focuses on coal mine safety technology, intelligent mining, resource recovery optimization, and green mining practices. R&D is aligned with national strategies and local government requirements [7][8] Operational Challenges and Future Outlook - **Hengtai New Materials**: The subsidiary reported losses in 2024 due to capacity validation issues and market fluctuations, but is expected to recover in 2025 [11] - **Chuangyuan Power and Xinyuan Thermal Power**: These units are facing ongoing losses due to small scale and high energy consumption, with plans to exit these projects by 2025 [12][13] - **Market Conditions**: The company anticipates that coal prices will decline in 2025, but integrated projects may help maintain profit margins of 0.05 to 0.06 RMB per kWh [14] Market Dynamics - **Market Shift**: The coal market has shifted from a seller's market to a buyer's market, influenced by quality demands and supply adjustments [16] - **Cost Increases**: Rising costs in materials, manufacturing, and labor were noted, primarily due to investments in intelligent equipment and increased social security contributions [17] Future Projects and Investments - **New Energy Projects**: The company is investing in new energy projects, including distributed photovoltaic projects, which are expected to contribute to revenue growth [24][25] - **Resource Acquisition**: Plans to actively participate in resource auctions and acquire quality resources to support future growth [27] Conclusion Hengyuan Coal Power is navigating a challenging market environment with a focus on cost control, R&D, and strategic project management. The company is poised to adapt to market changes while aiming for operational efficiency and profitability in the coming years.

Group 1 - The A-share market has seen a resurgence of environmental issues, with 10 listed companies penalized for violations related to excessive emissions and unapproved environmental facilities [1][3] - Guozhong Water Holdings' Taiyuan Haofeng Wastewater Treatment Co., Ltd. was fined 400,000 yuan for exceeding water pollutant discharge standards, with total nitrogen and ammonia nitrogen levels surpassing national limits [1][3] - Electric Power Investment Energy was fined 350,000 yuan for using environmental protection facilities that had not been approved, highlighting deficiencies in project management and compliance [2][3] Group 2 - Environmental risks are becoming a significant operational risk for listed companies, with 6 out of 10 penalized companies being state-owned enterprises, potentially affecting 887,300 shareholders [3] - The increasing emphasis on ESG (Environmental, Social, and Governance) investment principles is leading investors to prioritize companies' sustainable development capabilities [3] - Companies must enhance their environmental management and compliance levels to protect their brand image and investor confidence [5] Group 3 - The level of public disclosure regarding environmental regulatory information has improved, supported by legal frameworks that ensure citizens' rights to access environmental information [4] - The revised Environmental Protection Law emphasizes the importance of information disclosure and public participation in environmental protection [4]

郑州煤电股份有限公司 周晓东 作为郑州煤电股份有限公司独立董事，本人严格按照《公 司法》《证券法》《上市公司治理准则》《上市公司独立董 事管理办法》等法律法规以及《公司章程》和《郑州煤电股 份有限公司独立董事工作制度》的有关规定，认真审议董事 会各项议案，并对相关事项发表意见，维护全体股东特别是 广大中小股东的合法利益，独立、负责、诚信、谨慎地履行 了职责。 现将 2024 年度任职期内履行职责的情况报告如下： 一、独立董事的基本情况 （一）独立董事人员情况 公司第九届董事会由 9 名董事组成， 其中独立董事 3 人， 占董事会人数三分之一，符合相关法律法规及公司制度的规 定。 （二）任职董事会专门委员会的情况 截至报告期末，本人任职公司第九届董事会专门委员会 情况如下： 参加股东 参加董事会情况 大会情况 董事 是否连续 审计委员会：周晓东（召集人）、李曙衢、李红霞。 提名委员会：李曙衢（召集人）、周晓东、刘君。 薪酬与考核委员会：孙恒有（召集人）、周晓东、张海 洋。 （三）个人工作履历、专业背景以及兼职情况 周晓东，男，1972 年生，西安交通大学应用经济学博士 （公司治理方向），副教授。曾兼任黄河科技学 ...

Core Viewpoint - The independent director of Huabei Mining Holding Co., Ltd. reports on the performance of duties during the 2024 term, emphasizing adherence to legal regulations and the importance of independent oversight for the company's healthy development [2][5]. Group 1: Independent Director's Background and Responsibilities - The independent director, Li Guichen, has a strong academic background with a PhD and experience in mining engineering, having served in various academic and research roles [2]. - The director confirms compliance with independence requirements as per relevant regulations, ensuring unbiased decision-making [2]. Group 2: Attendance and Participation in Meetings - The independent director attended 5 board meetings, with 3 via communication and 2 in person, and participated in 1 shareholder meeting, voting in favor of all submitted proposals [3]. - The director served on several committees, including the audit, nomination, and strategy committees, attending all relevant meetings and voting positively on all matters [3]. Group 3: Oversight and Communication - The director actively engaged with the internal audit team to enhance audit effectiveness and ensure compliance with internal controls [4]. - Communication with minority shareholders was prioritized through participation in quarterly earnings calls and shareholder meetings, gathering feedback to protect their interests [4]. Group 4: Key Focus Areas During the Term - The company adhered to regulations regarding related party transactions, ensuring compliance and fairness in decision-making processes [5]. - Financial reports were prepared and disclosed timely, reflecting accurate financial data and operational status, with all reports approved by the board and management [6]. - The company successfully reappointed external auditors, confirming their qualifications and compliance with legal requirements [6]. - The director reviewed the appointment of the financial officer, affirming the candidate's qualifications and suitability for the role [6]. - The nomination and appointment processes for board members and senior management were conducted in accordance with legal and regulatory standards [7]. Group 5: Overall Evaluation and Recommendations - The independent director emphasizes the importance of maintaining independence and fulfilling responsibilities to protect the interests of all shareholders, particularly minority shareholders [7].

Investment Rating - The industry rating is "Outperform" (maintained) [5] Core Insights - AI is expected to significantly reduce operational costs in the oil and gas sector, with estimates suggesting a potential reduction of approximately $7 per BOE, translating to a decrease of about 17.5% [43] - The coal industry is witnessing advancements in smart mining, with AI applications enhancing disaster warning systems and operational efficiency, potentially increasing profits by 7%-12% and improving ROI by 2%-3% [46] - In the chemical industry, AI is being integrated into material research and intelligent manufacturing, with significant potential for innovation and efficiency improvements [70] Summary by Sections AI in Oil and Gas Exploration - AI is being utilized in geophysical exploration, drilling, and reservoir engineering, with companies like EOG demonstrating a reduction in operational costs through AI integration [12][17][27] - Domestic oil and gas companies are leading in AI deployment, focusing on building high-quality data sets and AI models for exploration and operational optimization [22] AI in Coal Industry - The coal sector is advancing towards smart mining, with companies implementing AI technologies to enhance safety and operational efficiency [44] - The potential for profit enhancement through AI in coal mining is significant, with studies indicating a profit increase of 7%-12% [46] AI in Chemical Industry - AI is being applied in material research and synthesis, with the potential to accelerate the discovery of new materials and optimize production processes [50][70] - The integration of AI in chemical manufacturing is expected to improve production efficiency and quality control, with notable projects already underway [71]

Core Viewpoints - The coal sector has experienced a high-level retreat in the first two months of 2025, underperforming the market by 11.8 percentage points, ranking last among all industry indices [4][14]. - The coal price is expected to stabilize and gradually recover due to improved industrial demand, slowing production growth, and reduced import expectations [4][29]. Group 1: Coal Sector Review - In the first two months of 2025, the coal sector has declined by 10.0%, ranking 30th out of 30 in the industry indices [4][14]. - The sub-sectors of thermal coal, coking coal, and coke have seen respective declines of 15.5%, 11.4%, and 7.4% in the first two months [14]. - As of March 18, 2025, the coal sector's price-to-earnings (PE) ratio is at 10.4 times, which is at a historical average level, while the price-to-book (PB) ratio is at 1.33 times, also at a historical average [19][23]. Group 2: Coal Market Review - The growth rate of electricity consumption has dropped to 1.3% in the first two months, while non-electric demand has shown overall improvement [4][29]. - Domestic coal prices have been weak since the beginning of the year, with thermal coal prices stabilizing in March [29]. - The import growth rate of coal has decreased to 1.8% in the first two months of 2025 [4][29]. Group 3: Recent Market Dynamics - Port thermal coal prices have slightly declined, while prices in production areas have generally rebounded [4][29]. - The price of thermal coal is expected to stabilize in the short term due to inventory reductions at southern ports and coastal power plants [4][29]. - Coking coal prices have continued to decline, but demand is expected to improve as the spring construction season approaches [4][29]. Group 4: Industry Outlook - The coal price is expected to find support at the bottom, with the sector's valuation and dividend advantages becoming more pronounced [4][29]. - The anticipated average coal price for 2025 may decline, but leading companies are expected to maintain stable profitability due to effective cost control [4][29]. - Key companies with robust dividends include Shaanxi Coal and China Shenhua, while companies with lower valuations and long-term growth potential include Xinji Energy and Yanzhou Coal [4][29].