贵州盘江精煤股份有限公司 董事会合规与风险管理委员会工作细则 第一章 总则 第一条 为完善贵州盘江精煤股份有限公司（以下简称"公司"）法人治 理结构，建立健全合规与风险管理体系，提高合规管理水平，有效防范各 类风险，根据《中华人民共和国公司法》《上市公司治理准则》《上海证 券交易所上市公司自律监管指引第 1 号——规范运作》等相关法律法规、 监管要求及《公司章程》等有关规定，公司董事会设立合规与风险管理委 员会，并制定本工作细则。 第二条 本工作细则所称合规管理，是指以有效防控合规风险为目的， 以公司和员工经营管理行为为对象，开展包括制度制定、风险识别、合规 审查、风险应对、责任追究、考核评价、合规培训等有组织、有计划的管 理活动。本工作细则所称全面风险管理，是指围绕总体经营目标，通过在 公司运行的各个环节执行风险管理，培育良好的风险管理文化，建立健全 全面风险管理体系，从而为实现风险管理的总体目标提供合理保证的过程 和方法。 第三条 董事会合规与风险管理委员会是公司董事会下设的专门工作 机构，主要负责组织领导和统筹协调合规管理和全面风险管理相关工作。 第二章 人员组成 第四条 合规与风险管理委员会由三名董事 ...

第一章 总则 第一条 为进一步完善贵州盘江精煤股份有限公司（以下简称"公司"） 法人治理结构，规范公司董事、经理层人员的组成，根据《公司法》《上 市公司治理准则》《上海证券交易所上市公司自律监管指引第1号——规范 运作》《公司章程》等有关规定，公司董事会设立提名委员会，并制定本 工作细则。 第二条 董事会提名委员会是公司董事会下设的专门工作机构，主要 负责拟定董事、高级管理人员的选择标准和程序，对董事、高级管理人员 人选及其任职资格进行遴选、审核等。 第二章 人员组成 贵州盘江精煤股份有限公司 董事会提名委员会工作细则 第八条 提名委员会对董事会负责，委员会的提案提交董事会审议决 定；控股股东在无充分理由或可靠证据的情况下，充分尊重提名委员会的 建议，否则，不能提出替代性的董事、高级管理人员人选。 第三条 提名委员会成员由三名董事组成，其中独立董事二名。 第四条 提名委员会委员由董事长、二分之一以上独立董事或者全体 董事的三分之一提名，并由董事会选举产生。 第五条 提名委员会设召集人一名，并由独立董事委员担任，由提名 委员会委员选举产生。 第六条 提名委员会任期与董事会任期一致，连选可以连任。期间如 有委员不 ...

Core Viewpoint - The AI Fund Everbright Prudential Dividend Mixed A (360005) reported a profit of 10.48 million yuan for Q2 2025, with a net asset value growth rate of 4.05% during the period [3][17]. Fund Performance - As of July 18, the fund's unit net value was 1.839 yuan, with a one-year return of 6.53%, ranking 521 out of 601 comparable funds [3][4]. - The fund's three-month return was 8.50%, ranking 402 out of 607, and the six-month return was 9.87%, ranking 348 out of 607 [4]. - Over the past three years, the fund's return was -11.71%, ranking 228 out of 468 [4]. Risk Metrics - The fund's Sharpe ratio over the past three years was -0.1408, ranking 341 out of 468 [10]. - The maximum drawdown over the past three years was 29.06%, with the largest single-quarter drawdown occurring in Q1 2021 at 17.55% [12]. Fund Holdings - As of Q2 2025, the fund's top ten holdings included Kelun Pharmaceutical, Zhaoyi Innovation, Bank of China, CITIC Bank, Huahai Pharmaceutical, China Construction Bank, Ningbo Bank, Yangtze Power, China Shenhua, and Chongqing Rural Commercial Bank [21]. - The average stock position over the past three years was 79.12%, compared to the industry average of 85.36% [15].

Core Viewpoint - The AI Fund Huatai-PineBridge Dividend Growth Mixed A (006259) reported a profit of 5.4346 million yuan for Q2 2025, with a net asset value growth rate of 0.82% and a fund size of 735 million yuan as of the end of Q2 2025 [3][15]. Fund Performance - The fund's weighted average profit per share for the reporting period was 0.0104 yuan [3]. - As of July 18, 2025, the unit net value was 1.598 yuan [3]. - The fund's performance over different time frames includes: - 3-month net value growth rate: 6.13%, ranking 210 out of 256 comparable funds [4]. - 6-month net value growth rate: 9.21%, ranking 144 out of 256 comparable funds [4]. - 1-year net value growth rate: 9.40%, ranking 203 out of 256 comparable funds [4]. - 3-year net value growth rate: -11.24%, ranking 108 out of 239 comparable funds [4]. Investment Strategy and Outlook - The fund manager anticipates a gradual reduction in overseas tariff impacts and a slow improvement in the domestic low-inflation environment, expecting macro policies to support economic recovery [4]. - The liquidity environment is expected to remain ample, with potential interest rate cuts from the Federal Reserve and the domestic central bank [4]. - The fund maintains a balanced industry allocation, focusing on high-quality companies with long-term value in a dividend strategy [4]. Risk Metrics - The fund's Sharpe ratio over the past three years is -0.1277, ranking 160 out of 240 comparable funds [9]. - The maximum drawdown over the past three years is 30.07%, ranking 194 out of 240 comparable funds, with the largest single-quarter drawdown recorded at 20.81% in Q1 2021 [11] [11]. Portfolio Composition - As of June 30, 2025, the fund's average stock position over the past three years was 77.62%, compared to the industry average of 85.68% [14]. - The top ten holdings of the fund include: - Zijin Mining - China Shenhua - Agricultural Bank of China - Tencent Holdings - Shanghai Pudong Development Bank - Shanghai Bank - Beijing Bank - China Yangtze Power - Bank of China - China Pacific Insurance [18].

Wind 数据显示， 7 月 21 日至 25 日当周央行公开市场将有 17268 亿元逆回购到期，此外， 7 月 25 日还将有 2000 亿元 MLF 到期， 7 月 22 日将有 1200 亿元国库现金定存到期。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 1. 公开市场操作 // 债市综述 // 央行公告称，7月18日以固定利率、数量招标方式开展了1875 亿元 7 天期逆回购操作，操作利率为 1.4% ，投标量 1875 亿元，中标量 1875 亿元。 Wind 数据显示，当日 847 亿元 逆回购到期 ，据此计算，单日净投放 1028 亿元。 （IMM） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在1.62%附近，较上日小幅下行。 4. 银行间主要利率债收益率 涨跌不一 资金 面整体 略显缓和，不过资金价格回落尚不明显，存款类机构隔夜质押式回购利率小幅下行，目前位于 1.45% 位置。七天质押式回购 利率则下行不足 2 个 bp ，现位于 1.50% 位置 。 海外方面，最新美国隔夜融资担保利率为4.34%。 ...

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 核心观点 本周从地区与行业视角，观察各地区的产业集中度以及各产业在地区层面的集中度。从产业的健康发展角 度，若所有地区都在发展该行业，则或易带来"内卷"。若所有地区在该行业投入都较少，则可能也同样不 易于产业进步。后续需要的关注产业或是这两个极端。 报告摘要 一、地区视角：各省份的核心产业是哪些？ 我们关注各省工业企业的分行业收入数据。基于各省统计年鉴（注：不含西藏），多数省份数据更新至 2023 年，个别例外。 以营收排名第一的行业占该省工业企业收入之比来看， 30 省平均值为 19.7% 。超过 20% 的包括 ：吉林 （汽车， 42.3% ）、山西（煤炭开采， 38.7% ）、河北（黑色金属冶炼及压延， 29.6% ）、北京（电 热， 28.4% ）、广东（电子设备制造业， 25.7% ）、海南（燃料加工业， 25.6% ）、上海（汽车制造 业， 20.9% ）、内蒙（煤炭开采， 20.7% ）、重庆（电子设备制造业， 20.6% ）等。 以营收排名前五的 行业合计 ...

证券研究报告·行业跟踪周报·煤炭开采 煤炭开采行业跟踪周报 旺季期待不减，煤价持续上行 2025 年 07 月 20 日 增持（维持） [Table_Tag] [Table_Summary] 行业近况 本周（7 月 14 日至 7 月 18 日）港口动力煤现货价环比上涨 10 元/吨， 报收 642 元/吨。 供给端，本周环渤海四港区日均调入量 174.31 万吨，环比上周下降 3.09 万吨，降幅 1.74%。矿山产地煤矿正常供应，港口供给略有下降。 需求端，本周环渤海四港区日均调出量171.69万吨，环比上周下降12.69 万吨，降幅 6.88%；日均锚地船舶共 99 艘，环比上周减少 1 艘，降幅 1.60%。库存端，环渤海四港区库存端 2693.5 万吨，环比上周增加 4.5 万吨，涨幅 0.17%。港口本周日均调入调出环比均有下降，整体库存绝 对值上行，主要由于市场情绪较好，但煤价上行真实成交不足导致。 我们分析认为：目前伴随高温天气持续，煤炭行业已逐步进入旺季，居 民及工业用电持续增长，我们预计伴随供给稳定，需求上行，煤价或有 进一步触底上行可能。 估值与建议： 仍旧关注保险资金增量；保费收入维持 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Report's Core View The report comprehensively tracks national news, economic data, and market trends in multiple areas including national policies, Henan's economy, bond markets, stock markets, and the brokerage sector. It presents the latest policies, economic indicators, and market performance, aiming to provide a basis for investment analysis and decision - making. 3. Summary by Directory 3.1 National News and Data Tracking - **National Policies**: From July 14 - 20, 2025, multiple important policies were issued, such as the "Green Finance Support Project Directory (2025 Edition)" by the central financial regulatory authorities, aiming to promote green financial development [10][11]. - **Economic Data**: In June 2025, new social financing was 4.20 trillion yuan, an increase of 900.8 billion yuan year - on - year, with a growth rate of 8.9%. In the first half of 2025, national GDP showed stable growth in various aspects such as agriculture, industry, and consumption [20][28]. 3.2 Henan Economic and Policy Tracking - **Policies**: Henan issued the "Opinions on Building a Pro - clean Government - business Relationship and Creating a First - class Business Environment" and held a work promotion meeting on integrating into and serving the national unified market [38][39]. - **Economic Situation**: In the first half of 2025, Henan's economy showed strong demand - side pull, emerging kinetic energy growth, and improved development quality and efficiency. For example, high - tech manufacturing investment increased by 12.1%, and online retail sales increased by 16.3% [46]. 3.3 Bond Market Operation Tracking - **Interest Rates**: This week, short - term government bond yields declined, while long - term yields increased. Credit bond yields also showed different degrees of decline [55][62]. - **Liquidity**: The net investment in the open market and MLF this week was 126.11 billion yuan, and the money market interest rate increased [59]. - **Supply Structure**: As of July 18, 2025, the cumulative issuance of national bonds and local government bonds increased compared to the same period in 2024, while the issuance of short - term financing and corporate bonds decreased [60]. 3.4 Stock Market Operation Tracking - **Global Markets**: Among global markets, the Russian index led with a 4.82% increase, while the Dow Jones Industrial Average lagged with a - 0.07% change [73][74]. - **Domestic Markets**: In the domestic A - share market, the ChiNext Index led with a 3.17% increase, and the top three industries with the highest increases were communication (7.56%), pharmaceutical biology (4%), and automobiles (3.28%) [79][82]. 3.5 Brokerage Sector Weekly Market Tracking - **Brokerage Index**: The securities II index of the CITIC secondary industry had a - 0.95% change this week, with an excess return of - 2.04% compared to the CSI 300 index. The top three brokerage firms with the highest increases were Huaxi Securities (3.27%), Guoxin Securities (3.26%), and China Merchants Securities (2.46%) [106]. - **Valuation**: As of the end of this week, the average P/B of the brokerage sector was 1.46 times, with 28 companies having a PB lower than the industry average, an increase of 1 compared to the previous period [110].

坚定看多煤炭：短期旺季煤价催化，中长期"反内卷"托底有望打开估值 空间 [Table_ReportTime] 2025 年 7 月 20 日 证券研究报告 行业研究-周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 煤炭开采 投资评级 看好 上次评级 看好 左前明：能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 李睿：煤炭行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 坚定看多煤炭：短期旺季煤价催化，中长期 "反内卷"托底有望打开估值空间 [Table_ReportDate] 2025 年 7 月 20 日 本期内容提要: [Tab ...

Investment Rating - The report maintains a "Buy" rating for the coal mining industry [1] Core Viewpoints - The coal supply-demand relationship continues to optimize, with port inventories decreasing and coal prices rising. Port coal prices increased by 10 CNY/ton week-on-week, while pit coal prices saw significant increases of 30 CNY/ton, 22 CNY/ton, and 14 CNY/ton in Shanxi, Inner Mongolia, and Shaanxi respectively [4][13][69] - The report highlights the impact of high temperatures on electricity consumption, with the maximum national electricity load exceeding 1.5 billion kilowatts, which is an increase of 0.55 billion kilowatts compared to last year. This trend is expected to support further increases in coal prices [4][13][69] - The report emphasizes the importance of monitoring the recovery of coal production after the flood season and the ongoing demand from power plants due to rising temperatures [4][13][69] Summary by Sections 1. Thermal Coal - Port inventories continue to decrease, with a week-on-week increase in port coal prices [10][13] - The production capacity utilization rate in the Sanxi region increased by 0.49 percentage points, reaching 90.83% as of July 16 [20][69] - The average daily coal intake at ports increased by 21,600 tons week-on-week [13][69] 2. Coking Coal - The production capacity utilization rate for sample coal mines decreased by 0.18 percentage points due to production adjustments [5][36] - Coking coal prices at ports increased, with the price at Jing Tang Port rising by 90 CNY/ton week-on-week [37][69] - The inventory of coking coal production enterprises decreased by 255,600 tons week-on-week [44][69] 3. Coke - The report notes that coking enterprises are facing cost pressures due to rising coking coal prices, leading to a decrease in production rates [6][45] - The average profit per ton of coke has improved slightly, indicating a potential recovery in the sector [51][69] 4. Anthracite - The price of anthracite remained stable, with no significant changes reported [63][69] 5. Key Companies and Investment Logic - The report suggests focusing on companies with strong cash flow and high asset quality, such as China Shenhua, Shaanxi Coal, and Yanzhou Coal [7][8][69] - It highlights the investment value of coal companies as stable assets amid market fluctuations [7][69]