Investment Rating - The coal industry is rated as "stronger than the market" [7] Core Views - The report emphasizes that the coal industry is currently experiencing a transformation, with policies aimed at energy security and a shift in supply dynamics. The coal price is expected to stabilize, with potential fluctuations in the short term [5][6] - The report highlights the limited elasticity of coal supply due to strict capacity controls and increasing mining difficulties, particularly in eastern regions. This is expected to lead to a concentration of production in western areas, raising supply costs [5] - The report suggests that despite weak macroeconomic conditions affecting coal demand, the rigid supply and rising costs will support coal prices, which are anticipated to maintain a volatile upward trend [5] Summary by Sections 1. Market Overview - The coal index experienced a slight decline of 3.11%, underperforming the Shanghai and Shenzhen 300 index by 2.54 percentage points. Year-to-date, the coal index has increased by 2.96% [13] 2. Thermal Coal - As of January 16, the Qinhuangdao 5500K thermal coal price is 695 CNY/ton, down 4 CNY/ton week-on-week, with a year-on-year decrease of 66 CNY/ton [3][32] - Daily average production from 462 sample mines is 5.467 million tons, a week-on-week increase of 15,000 tons but a year-on-year decrease of 6.2% [3][42] - The report notes a significant drop in daily consumption at major power plants, with inventory levels slightly increasing [3][46] 3. Coking Coal - The price of main coking coal at Jingtang Port has risen to 1,770 CNY/ton, reflecting a week-on-week increase of 150 CNY/ton [4][76] - Daily average production from 523 sample mines is 769,000 tons, with a year-on-year decrease of 2.7% [4][76] - The report indicates that the coking coal market is experiencing upward price adjustments, driven by supply constraints and increased demand from steel production [4][76] 4. Investment Recommendations - The report suggests focusing on companies with strong resource endowments and stable operating performance, such as China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical Industry [6] - Companies with production growth potential and those benefiting from a bottoming coal price cycle are also highlighted, including Yanzhou Coal Mining, Huayang Co., and Gansu Energy [6] - The report recommends considering companies with integrated coal and power operations to mitigate cyclical volatility, such as Shaanxi Energy and Xinji Energy [6]

Investment Rating - The report maintains an "Overweight" rating for the coal industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - The coal market is expected to experience a recovery in demand due to a cold wave, which may stimulate heating needs and lead to increased procurement [7]. - The report highlights that the coal price is likely to stabilize and potentially increase in the latter part of January, driven by a combination of steady supply and moderate demand recovery [7]. - The investment strategy suggests positioning in coal stocks that have shown resilience and potential for growth, particularly those with strong dividend yields and low valuations [8]. Summary by Sections Basic Conditions - The coal industry comprises 37 listed companies with a total market capitalization of 1,905.163 billion yuan and a circulating market value of 1,857.669 billion yuan [2]. Key Company Performance - Major companies such as China Shenhua, Yancoal Energy, and Shanxi Coking Coal are highlighted for their strong earnings per share (EPS) and price-to-earnings (PE) ratios, with recommendations to buy or hold based on their growth potential [5]. Coal Price Tracking - The report notes fluctuations in coal prices, with a recent increase in coking coal prices by 150 yuan/ton, while thermal coal prices have seen a slight decline [8]. - The average daily production of thermal coal from sample mines is reported at 5.467 million tons, reflecting a week-on-week increase of 0.28% [8]. Inventory and Supply Chain - Coal inventory levels at major ports have increased, with a total of 27.012 million tons reported as of January 17, indicating a year-on-year increase of 5.50% [7]. - The report anticipates a tightening supply in the near term due to ongoing safety inspections and the upcoming holiday season affecting production [7]. Investment Opportunities - The report identifies three main investment lines: 1. Companies with strong dividend yields and low valuations, such as China Shenhua and Zhongmei Energy [8]. 2. Companies with growth potential based on their production capacity, such as Yancoal Energy and Shanxi Coking Coal [8]. 3. Companies positioned for recovery in coking coal prices, including Lu'an Huanneng and Pingmei Shenma [8].

Core Viewpoint - Pingmei Shenhua Coal Industry Co., Ltd. has experienced a decline in stock price and significant decreases in revenue and net profit for the year 2025, indicating potential challenges in the coal industry [1][2]. Group 1: Stock Performance - On January 16, Pingmei's stock price fell by 2.06%, reaching 8.09 CNY per share, with a trading volume of 1.21 billion CNY and a turnover rate of 0.60%, resulting in a total market capitalization of 199.77 billion CNY [1]. - Year-to-date, Pingmei's stock has increased by 2.80%, but it has decreased by 3.80% over the last five trading days, increased by 0.62% over the last 20 days, and decreased by 5.49% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Pingmei reported operating revenue of 14.816 billion CNY, a year-on-year decrease of 36.46%, and a net profit attributable to shareholders of 280 million CNY, down 86.32% year-on-year [2]. - Since its A-share listing, Pingmei has distributed a total of 12.782 billion CNY in dividends, with 5.850 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Pingmei increased to 87,800, a rise of 9.76%, while the average circulating shares per person decreased by 8.89% to 28,123 shares [2]. - Among the top ten circulating shareholders, the Guotai CSI Coal ETF (515220) holds 58.8552 million shares, an increase of 35.7928 million shares compared to the previous period [3].

Summary of Pingmei Shenma Energy Company Conference Call Company Overview - **Company**: Pingmei Shenma Energy Company - **Industry**: Coal and Coking Industry Key Points Strategic Focus and Production Plans - The company continues its strategy of focusing on high-quality coal, with the proportion of premium coal exceeding 70% as of now. Plans for 2026 include increasing production based on approved capacity while enhancing cost control, aiming to reduce coal costs by 50-55 RMB per ton compared to 2025 [2][6] - The Xinjiang Sike Tree Mine is expected to generate revenue of 280 million RMB and profit of approximately 30 million RMB in 2026, with a capacity of 1.2 million tons, expandable to 1.5 million tons after technical upgrades [2][8] - The Tiechangou Mine is under construction, projected to start production in 2028 with a designed capacity of 3 million tons and a coal cost of about 180 RMB per ton [2][8] Financial Performance and Market Outlook - The coking business is expected to achieve slight profitability in 2025, with optimistic expectations for better performance in 2026 despite macroeconomic uncertainties [2][7] - The company maintains a stable pricing strategy for its main coking coal, with a long-term contract price of 1,660 RMB per ton, while the market price is around 1,400 RMB. The company remains optimistic about current pricing and will adjust based on supply-demand dynamics and overseas market conditions [2][11] Cost Management and Capital Expenditure - The company aims to further reduce costs in 2026 by enhancing cost control across various aspects, including materials and equipment [2][5] - Capital expenditures for the Tiechangou project will proceed according to engineering progress without affecting existing projects. The company plans to maintain stable capital expenditures primarily for equipment updates and safety improvements [2][11] Regulatory Environment and Policy Impact - National policies regarding capacity reduction in Henan province do not impact the company, as all necessary procedures are complete [2][9] - The company is not currently involved in overseas coal business developments, although there are group-level plans [2][13] Dividend Policy and Shareholder Returns - The company plans to maintain stable and genuine dividends to return value to the market and small investors, although specific ratios have not been determined [2][12] Future Considerations - The company is evaluating the profitability of the Xia Tian and 220 Nine mines, which have shown improvement but have not yet met original profitability expectations. Future decisions regarding their inclusion in the listed company’s assets will consider various factors to ensure they do not drag down profitability [2][10] - The company is currently not planning any significant expansions into coal chemical strategies or power generation in Xinjiang, focusing instead on its core business and existing profitability [2][16] Inventory and Market Conditions - Current inventory levels are relatively high, primarily consisting of thermal coal, while coking coal remains in a state of full production and sales [2][14] Future Financing and Project Funding - The Tiechangou project is funded through a 15-year long-term loan with interest rates aligned with or slightly below the LPR, with capital already allocated and financing costs decreasing [2][13] Overall Market Sentiment - The company expresses a positive outlook on the current market conditions and pricing strategies, indicating a stable operational environment moving forward [2][11]

Group 1 - The Henan Provincial State-owned Assets Supervision and Administration Commission (SASAC) will increase capital in China Pingmei Shenma Group by transferring 100% equity of Henan Energy Group at assessed fair value, making Henan Energy Group a wholly-owned subsidiary of China Pingmei Shenma Group after the capital increase [1][4] - On September 26, 2025, Pingdingshan Tianan Coal Industry Co., Ltd. (Pingmei Co.) announced the strategic restructuring plan of its controlling shareholder, China Pingmei Shenma Group, as per the notice from the Henan Provincial Government [3][4] - The strategic restructuring framework agreement was signed on November 11, 2025, between Henan SASAC, Henan Energy Group, and China Pingmei Shenma Group [1][4]

Core Viewpoint - The company is undergoing a strategic restructuring involving its controlling shareholder, which is expected to enhance operational efficiency without affecting its normal business activities [1][2]. Group 1: Strategic Restructuring - On September 26, 2025, the company announced the intention of its controlling shareholder to implement a strategic restructuring [1]. - The Henan Provincial Government has decided to restructure Henan Energy Group and China Pingmei Shenma Group [1]. - A framework agreement for the strategic restructuring was signed between the Henan Provincial State-owned Assets Supervision and Administration Commission, Henan Energy Group, and China Pingmei Shenma Group on November 11, 2025 [1]. Group 2: Capital Increase Agreement - On January 13, 2026, the company received a written notice from its controlling shareholder regarding the formal signing of a capital increase agreement [2]. - According to the agreement, the Henan Provincial State-owned Assets Supervision and Administration Commission will increase capital in China Pingmei Shenma Group by transferring 100% equity of Henan Energy Group at fair value [2]. - Following the completion of the capital increase, Henan Energy Group will become a wholly-owned subsidiary of China Pingmei Shenma Group [2]. Group 3: Regulatory Compliance - The strategic restructuring has completed necessary audits and evaluations in accordance with relevant regulations and has received approval from the State Administration for Market Regulation regarding antitrust review [2]. - The restructuring will not significantly impact the company's normal production and operations, nor will it change the controlling shareholder or actual controller of the company [2].

Core Viewpoint - Pingdingshan Tianan Coal Industry Co., Ltd. announced the signing of a capital increase agreement between Henan State-owned Assets Supervision and Administration Commission, Henan Energy Group, and China Pingmei Shenma Group, marking a strategic restructuring in the coal industry [2] Group 1 - The capital increase agreement involves Henan State-owned Assets Commission increasing capital in China Pingmei Shenma Group using its 100% stake in Henan Energy Group at fair market value [2] - Following the capital increase, Henan Energy Group will become a wholly-owned subsidiary of China Pingmei Shenma Group [2] - The strategic restructuring has completed necessary audits and evaluations in accordance with regulatory requirements and received approval from the State Administration for Market Regulation regarding antitrust review [2] Group 2 - In September 2025, Pingdingshan Tianan Coal Industry Co., Ltd. received notification from its controlling shareholder about the strategic restructuring decision by the Henan Provincial Party Committee and Government [2] - In November 2025, the strategic restructuring framework agreement was signed, confirming the capital increase plan [2] - The agreement stipulates that the capital increase will be based on the assessed fair value of the 100% stake in Henan Energy Group [2]

平顶山天安煤业股份有限公司 会议资料 平顶山天安煤业股份有限公司 2026 年第一次临时股东会会议资料 2026 年 1 月 平顶山天安煤业股份有限公司 会议资料 目 录 关于2025年日常关联交易执行情况及2026年发生额预计情况的议案 ......................................................... 1 关于 2025 年日常关联交易执行情况及 2026 年发生额预计情况的议案 各位股东： 一、日常关联交易基本情况 （一）前次日常关联交易的预计和执行情况 2025 年，平顶山天安煤业股份有限公司（以下简称"公司"） 与控股股东中国平煤神马控股集团有限公司（以下简称"中国平煤神 马集团"）及其子公司等关联方日常关联交易实际发生额为 2,145,969.22 万元，与预计金额 2,450,000.00 万元相比，降幅为 12.41%，明细如下： 1 单位：万元 关联交易类 别 关联人 2025 年预计金 额 （万元） 2025 年实际 发生金额（万 元） 预计金额与实 际发生金额差 异较大的原因 向关联人购 买原煤和材 料 中国平煤神马集团 430,000.0 ...

平顶山天安煤业股份有限公司 关于控股股东实施战略重组的进展公告 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个别及连带责任。 平顶山天安煤业股份有限公司（以下简称"公司"）于 2025 年 9 月 26 日发布了《关于控股股东拟实施战略重组的提示性公告》（公 告编号：2025-078），河南省委、省政府决定对河南能源集团有限公 司（以下简称"河南能源集团"）和中国平煤神马控股集团有限公司 （以下简称"中国平煤神马集团"）实施战略重组。2025 年 11 月 11 日，公司发布了《关于控股股东拟实施战略重组的进展公告》（公告 编号：2025-087），河南省人民政府国有资产监督管理委员会(以下 简称"河南省国资委")与河南能源集团、中国平煤神马集团已签署 《战略重组框架协议》。 2026 年 1 月 13 日，公司收到控股股东中国平煤神马集团书面通 知，获悉河南省国资委与河南能源集团、中国平煤神马集团于通知当 日正式签署《中国平煤神马控股集团有限公司增资协议》。根据协议 约定，河南省国资委以其持有的河南能源集团 100%股权按照经评估 ...

Group 1 - The company announced a strategic restructuring involving its controlling shareholder, with the Henan Provincial Party Committee and Government deciding to restructure Henan Energy Group and China Pingmei Shenma Group [1] - A strategic restructuring framework agreement was signed by the three parties on November 11, 2025 [1] - The Henan Provincial State-owned Assets Supervision and Administration Commission officially signed an investment agreement with the two parties on January 13, 2026, where the former will increase capital in China Pingmei Shenma Group by using its 100% stake in Henan Energy Group, making Henan Energy Group a wholly-owned subsidiary [1] Group 2 - The restructuring will not affect the company's operations and will not change the controlling shareholder or actual controller [1]