股票代码：600985 股票简称：淮北矿业 编号：临 2026—004 淮北矿业控股股份有限公司估值提升计划 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。 重要内容提示: 估值提升计划的触发情形及审议程序：淮北矿业控股股份有限公司（以 下简称"公司"）股票已连续 12 个月每个交易日收盘价均低于最近一个会计年 度经审计的每股归属于上市公司股东的净资产,根据《上市公司监管指引第 10 号——市值管理》的相关要求，公司已制定估值提升计划并经第十届董事会第九 次会议审议通过。 估值提升计划概述：公司将通过聚焦主责主业、强化经营管控、积极回 报投资者、提升信息披露质效、加强投资者关系管理、推动股东增持等措施提升 公司整体价值，维护全体股东利益，促进公司长期可持续发展。 相关风险提示：本估值提升计划仅为公司行动计划，不代表公司对业绩、 股价、重大事件等任何指标或事项的承诺。公司业绩及二级市场表现受到宏观形 势、行业政策、市场情况等诸多因素影响，相关目标的实现情况存在不确定性。 一、估值提升计划的触发情形及审议程序 （一）触发情形 自 ...

国海证券研报指出，淮北矿业低估值华东煤焦龙头，2026年量价升、盈利拐点现。公司主营煤炭、煤化 工，2025H1煤炭毛利占比60%、煤化工26%，其他业务占比10%，主要包括矿山业务、民爆器材、电力 业务等。2025年前三季度公司实现归母净利润11亿元，同比-74%，主要系焦煤量价同比双降、煤化工 产品价格同比下降导致。α与β兼具、业绩有增长，公司估值低位、配置价值凸显。业绩方面，预计公 司2025-2027年公司归母净利润分别为14.95/30.0/41.1亿元，同比-69%/+101%/+37%；对应当前股价PE为 23.3/11.6/8.5倍。公司具备煤炭、电力、非煤矿山量增逻辑，行业焦煤价格在市场底、政策底双现下将 中枢抬升，公司煤焦化一体经营稳健，综合看公司投资价值凸显，维持"买入"评级。 ...

Group 1: Core Insights - The report on Proya (603605) highlights its establishment of a big product strategy through effective channel management, marketing, and customer targeting, which has led to the successful launch of popular products like the bubble mask [3][4] - Proya's future growth potential is supported by its ability to quickly adapt to market trends and consumer preferences, particularly among younger demographics, as evidenced by its strategic product iterations and emotional marketing [3][4] - The report indicates that Proya's expansion into multiple product categories is underway, with sub-brands targeting specific consumer pain points, which is expected to enhance its market presence and revenue streams [5] Group 2: Financial Projections - Proya is projected to achieve revenues of 10.93 billion, 12.14 billion, and 13.32 billion yuan for 2025-2027, reflecting growth rates of 1%, 11%, and 10% respectively [6] - The net profit attributable to shareholders is expected to be 1.58 billion, 1.78 billion, and 2.00 billion yuan for the same period, with growth rates of 2%, 13%, and 12% respectively, indicating a stable financial outlook [6] Group 3: Industry Analysis - The report on SF Express (9699.HK) emphasizes the rapid growth of the instant delivery sector, driven by increased consumer acceptance and the expansion of e-commerce platforms, which is expected to enhance local retail penetration [10][11] - SF Express has shown significant revenue growth since its establishment, with a projected revenue of 21.97 billion yuan in 2025, reflecting a year-on-year increase of 39.54% [13] - The report notes that the instant delivery industry is anticipated to maintain a compound annual growth rate (CAGR) of approximately 17% from 2025 to 2028, indicating robust market potential [10][11] Group 4: Competitive Positioning - SF Express is positioned as the largest third-party instant delivery platform in China, benefiting from strong brand recognition and resource backing from its parent company, which enhances its competitive edge [11][12] - The report highlights the importance of technological advancements, such as AI and autonomous delivery vehicles, in improving operational efficiency and service quality, which are critical for sustaining growth in the competitive landscape [12][13] Group 5: Coal Industry Insights - The report on Huaibei Mining (600985) identifies the company as a leading player in the coal and coke industry, with a focus on coal production and chemical processing, projecting a recovery in production and pricing in 2026 [14][15] - Huaibei Mining's coal production is expected to rebound significantly in 2026, driven by the resumption of operations at key mines and improved market conditions, with a projected increase in coal prices [15][16] - The company is anticipated to benefit from a favorable pricing environment and cost management strategies, positioning it well for profitability in the coming years [16][18]

Investment Rating - The report maintains a "Buy" rating for Huabei Mining [1] Core Views - Huabei Mining is positioned as a leading coal and coke enterprise in East China, with expected increases in both volume and price in 2026, indicating a potential turning point in profitability [7] - The company has a strong competitive advantage due to its abundant coal resources and favorable location in a region with high demand but limited supply [31] - The report highlights the company's effective cost control measures, which have led to a significant reduction in unit costs [50] Summary by Sections Company Overview - Huabei Mining is a leading integrated coal and coke operator in East China, with its main business segments including coal, coal chemical products, electricity, and construction materials [11][13] - The company is controlled by the Anhui Provincial State-owned Assets Supervision and Administration Commission, with a significant shareholding by Huabei Mining Group [11] Coal Business - The company expects a recovery in coal production in 2026, driven by the resumption of operations at the Xinhukou Mine and the commissioning of the Taohutu Mine [36] - As of H1 2025, the company has a coal reserve of over 2 billion tons and an approved annual production capacity of 34.25 million tons, with a potential lifespan of nearly 60 years based on current reserves [31][29] - The average selling price of coal is expected to rise, with January 2026 prices at 1,660 RMB per ton, reflecting a 28 RMB increase from Q4 2025 [45] Coal Chemical Business - The coal chemical segment is anticipated to reach a profitability turning point, with new projects expected to contribute positively to earnings [7] - The company has a total annual production capacity for coal chemicals of 440,000 tons for coke, 90,000 tons for methanol, and 60,000 tons for ethanol [7] Other Business Segments - The company has additional projects in electricity generation and limestone production, which are expected to enhance overall performance in 2026 [7] - A new 2×660MW ultra-supercritical coal-fired power project is expected to contribute approximately 196 million RMB in annual profit once operational [7] Earnings Forecast and Investment Recommendation - The report forecasts net profits for the company to be 1.495 billion RMB in 2025, 3 billion RMB in 2026, and 4.106 billion RMB in 2027, indicating a significant recovery trajectory [8] - The current price-to-earnings (P/E) ratio is projected to be 23.3 for 2025, dropping to 11.6 for 2026, suggesting a favorable valuation for investors [8]

Group 1: Industry Overview - The coal market is experiencing a potential turnaround due to Indonesia's significant reduction in production quotas, which have dropped by 40% to 70% compared to the same period in 2025, tightening global coal supply [1] - The expectation of price recovery is rising, with four distinct companies in the coal sector: China Shenhua, Shaanxi Coal, Pingmei Shenma, and Huabei Mining, each with unique operational strengths [5][19] Group 2: Company Financial Performance - China Shenhua has a remarkable net profit margin of 22.01%, indicating strong profitability, but its total asset turnover is low at 0.325 times, reflecting a conservative operational style [9][15] - Shaanxi Coal boasts the highest total asset turnover at 0.506 times and a net profit margin of 16.88%, showcasing efficient asset utilization and strong profitability [10][15] - Pingmei Shenma, despite having the highest financial leverage at 2.715 times, struggles with a low net profit margin of 1.99% and the lowest total asset turnover at 0.185 times, indicating operational inefficiencies [6][16] - Huabei Mining has a moderate return on equity (ROE) of approximately 1.76%, with a net profit margin of 2.50% and total asset turnover of 0.361 times, reflecting a balanced but unremarkable performance [12][16] Group 3: Market Dynamics and Implications - The reduction in Indonesian coal production is expected to impact international coal prices, potentially increasing costs for countries reliant on imported coal, including China [19] - China Shenhua and Shaanxi Coal, primarily focused on thermal coal, will be more directly affected by fluctuations in the international thermal coal market, while Pingmei Shenma's coking coal prices are closely tied to the steel industry's demand [19] - Internal restructuring efforts, such as Pingmei Shenma's strategic reorganization with Henan Energy Group, may enhance resource allocation and market synergy, presenting long-term growth potential [20]

国家能源局网站2月9日消息，为加快煤矿智能化关键技术攻关和推广应用，迭代提升煤矿智能化建设运行水平，根据《国家能源局综 合司关于开展煤矿智能化技术升级应用试点工作的通知》（国能综通煤炭〔2025〕12 0号），经组织申报、初审推荐、专家评审和网 上公示等程序，确定"煤巷钻锚铺一体化智能快速掘进试点项目"等77个项目为煤矿智能化技术升级应用试点项目。现将试点项目名单 予以公布。 以下为原文 国家能源局综合司关于印发煤矿智能化技术升级应用试点项目名单的通知 国能综通煤炭〔2026〕14号 山西省、内蒙古自治区、云南省能源局，河北省、安徽省、山东省、四川省、陕西省、宁夏回族自治区、新疆维吾尔自治区发展改革 委，河南省工业和信息化厅，中国华能集团有限公司、中国大唐集团有限公司、中国华电集团有限公司、国家电力投资集团有限公司、 一、科学编制试点项目实施方案。项目建设单位要以突破智能化关键技术瓶颈、推进智能系统优化升级为目标，聚焦典型应用场景，科 学编制试点项目建设实施方案，明确试点建设目标、技术方案、攻关重点、进度安排、资金支持、保障措施等。其中，建设目标、攻关 重点等要对照国能综通煤炭〔2025〕120号文中的技术指 ...

Core Viewpoint - Huabei Mining is positioned in East China and possesses scarce coking coal resources, showing steady growth through new project investments [1] Group 1: Industry Outlook - The coking coal sector is expected to experience a weak start followed by a strong recovery in 2025, with a potential turnaround in 2026 [1] - The company is currently at a low point in terms of market conditions, but is anticipated to see performance improvements in the future [1] Group 2: Company Developments - The company primarily focuses on high-quality coking coal, with new contributions expected from the resumption of operations at Xinhu and the launch of Taohutu [1] - The company is developing coking processes and integrating fine chemicals to enhance profit margins across the industry chain [1] Group 3: Financial Performance - With the improvement of coal fundamentals and ongoing project advancements, the company retains growth potential alongside a favorable market environment [1] - The company is rated as "strongly recommended" based on its growth prospects and market conditions [1]

Group 1 - The core viewpoint of the report is that Huaibei Mining, located in East China, possesses scarce coking coal resources and is steadily growing through new project investments [1] - The coking coal sector is expected to experience a weak start followed by a strong recovery in 2025, with a potential improvement in 2026 as new projects are launched [1] - The company is currently at a low point in terms of market conditions but is anticipated to see performance improvements in the future [1] Group 2 - The company primarily focuses on high-quality coking coal, with the resumption of operations at Xinhu and the commissioning of Taohutu providing additional output [1] - The profitability of coking coal enterprises is expected to rebound due to sustained demand and a reduction in competition [1] - The company is developing coking processes and integrating fine chemicals to enhance profit margins across the industry chain [1] Group 3 - With the improvement of the coal market fundamentals and the continuous advancement of new projects, the company still holds growth potential [1] - The report gives a "strong buy" rating based on the positive outlook for the company's future performance [1]

Core Viewpoint - Huabei Mining, located in East China, is steadily growing through investment in new projects and possesses scarce coking coal resources, with a positive outlook for performance improvement in the coming years [1][2] Company Overview - Huabei Mining is a coal listed platform under Huai Mining Group, primarily engaged in coking coal and fat coal production, with additional ventures in coking and fine chemicals, including methanol, ethanol, and ethylamine [1] - The company has a coal production capacity of 31.25 million tons per year, with an equity capacity of approximately 29.83 million tons per year, and currently operates 15 coal mines [1] Production and Capacity - The company is preparing for the resumption of production at the Xinhui coal mine, which has been halted due to a water inrush incident, and is expected to turn profitable upon resumption [1] - A high-calorific coal mine in Ordos, with a designed capacity of 8 million tons per year and a calorific value exceeding 6000 kcal, is nearing completion [1] Industry Outlook - The coking coal sector is expected to experience a rebound in profitability due to the reduction of overproduction and the exit of outdated capacity, with demand for coking coal in India increasing and supply bottlenecks in Mongolia [2] - The coking coal industry is projected to be at the bottom in 2025, with gradual improvement anticipated thereafter [2] Strategic Development - The company has established a coking capacity of 4.4 million tons through Linhuan Coking and is expanding its fine chemical production, including methanol, anhydrous ethanol, and DMC, to enhance profit margins [2] - The development of ethylamine, a high-value-added product, is expected to further improve the company's gross profit levels in the chemical sector [2]

Investment Rating - The report maintains an "Overweight" rating for the coal mining sector [4] Core Insights - The coal market is currently influenced by external factors, particularly the proposed significant production cuts by Indonesia, which could lead to a global coal supply shortage and increased prices [2][13] - The report emphasizes the importance of overseas markets over domestic ones, suggesting that any "black swan" events in these markets could significantly impact coal prices [2] - The report highlights the "Overseas 3 Small Coal" concept, focusing on companies with international operations that are likely to benefit from the anticipated price increases [2][13] Summary by Sections Market Overview - The CITIC Coal Index was reported at 3868.96 points, a decrease of 0.61%, outperforming the CSI 300 Index by 0.72 percentage points [76] - The report notes that the coal market lacks imagination under current fundamental conditions, but high coal prices could enhance company valuations if unexpected events occur [1][2] Key Areas of Analysis - The report discusses the impact of Indonesia's proposed production cuts, which could reduce output by 40% to 70% compared to 2025 levels, potentially leading to a significant tightening of the global coal market [1][2] - It also mentions that the domestic coal market is expected to experience a dual weakness in supply and demand as the Chinese New Year approaches, with prices likely to stabilize [33][38] Investment Strategy - The report recommends focusing on companies with international coal sales, specifically highlighting China Qinfa (Indonesia), Power Development (South Africa), and Yancoal Australia (Australia) as key investment opportunities [2][13] - It also suggests that Yancoal Australia's parent company, Yanzhou Coal, should be closely monitored [13] Price Trends - As of February 6, 2026, the spot price for thermal coal at northern ports was reported at 697 RMB/ton, reflecting a slight increase of 2 RMB/ton week-on-week [33] - The report indicates that while the market is currently stable, the sentiment is optimistic due to the supply constraints from Indonesia, which may lead to price increases post-holiday [33][35] Focused Companies - The report recommends several companies for investment, including China Shenhua, Shaanxi Coal, and Zhongmei Energy, based on their performance and market positioning [10][13] - It also highlights the importance of companies like Keda Control and China Qinfa, which are positioned to benefit from market changes [13]