國」）北京市朝陽區黃寺大街1號中煤大廈舉行的2026年第一次臨時股東會（「臨時股東會」）及其任何續會，以考慮並 酌情通過臨時股東會通告所載的決議案，並於臨時股東會（及其任何續會）上代表本人 ╱ 吾等以本人 ╱ 吾等名義按 如下指示就決議案投票 （附註4） 。 中國中煤能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：01898） 2026年1月30日（星期五）舉行的 臨時股東會適用的代表委任表格 本人╱吾等 （附註1） ， 地址為 ， 為中國中煤能源股份有限公司（「本公司」）股本中每股面值人民幣1.00元共 股 （附註2） 的登記持有人，茲委任臨時股東會主席 （附註3） 或 ， 地址為 ， 為本人╱吾等的代表，代表本人╱吾等出席本公司於2026年1月30日（星期五）下午3時正假座中華人民共和國（「中 | | 作為普通決議案 | （附註4） 贊成 | （附註4） 反對 | （附註4） 棄權 | | --- | --- | --- | --- | --- | | 1. | 審議並酌情批准選舉高士崗先生為本公司第五屆董事 | | | | | | 會執行董事 | | | | 簽署 （附註5） ...

中國中煤能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：01898） 臨時股東會通告 茲通告中國中煤能源股份有限公司（「本公司」）謹訂於2026年1月30日（星期五） 下午3時正假座中華人民共和國（「中國」）北京市朝陽區黃寺大街1號中煤大廈舉行本公 司2026年第一次臨時股東會（「本次會議」），藉以考慮並酌情批准下列普通決議案： 作為普通決議案 1. 審議並酌情批准選舉高士崗先生為本公司第五屆董事會執行董事 承董事會命 香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通告全部或任何部份內容而產生或因依賴該等內容而引致的任 何損失承擔任何責任。 中國中煤能源股份有限公司 董事長、執行董事 王樹東 中國北京 2026年1月9日 於本通告刊發日期，本公司的執行董事為王樹東和廖華軍；非執行董事為徐倩； 獨立非執行董事為景奉儒、詹豔景和黃江天。 * 僅供識別 – 1 – 附註： 1. 出席本次會議的資格 凡在2026年1月27日（星期二）名列本公司於香港的H股過戶登記處香港中央證券登記有限公司所存 置本公司股東 ...

Group 1 - The core viewpoint of the news is that China Coal Energy has shown a significant increase in stock price and trading activity, indicating positive market sentiment towards the company [1] - As of January 9, the stock price of China Coal Energy rose by 2.05% to 13.97 CNY per share, with a total market capitalization of 185.22 billion CNY [1] - The company has experienced a year-to-date stock price increase of 12.30%, with a 5-day increase of 12.30%, a 20-day increase of 5.12%, and a 60-day increase of 14.38% [1] Group 2 - For the period from January to September 2025, China Coal Energy reported a revenue of 110.58 billion CNY, a year-on-year decrease of 21.24%, and a net profit attributable to shareholders of 12.49 billion CNY, down 14.57% year-on-year [2] - The company has distributed a total of 45.07 billion CNY in dividends since its A-share listing, with 21.39 billion CNY distributed in the last three years [3] - As of September 30, 2025, the top ten circulating shareholders include China Securities Finance Corporation, holding 336 million shares, and the Guotai CSI Coal ETF, which increased its holdings by 44.11 million shares [3]

Group 1 - The coal mining sector saw a slight increase of 0.35% on January 8, with Dayou Energy leading the gains [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] - Dayou Energy's stock price rose by 6.35% to 8.37, with a trading volume of 1.75 million shares [1] Group 2 - The coal mining sector experienced a net inflow of 140 million yuan from institutional investors, while retail investors contributed a net inflow of 92.66 million yuan [2] - Major stocks in the coal mining sector showed varied performance, with Shanxi Coking Coal experiencing a net inflow of 162 million yuan from institutional investors [3] - The overall trading activity indicated a mixed sentiment, with some stocks like Yanzhou Coal Mining seeing a net outflow from retail investors [3]

Core Insights - The coal industry has undergone a significant transformation from 2015 to 2024, moving from a historical low in profitability to a new phase characterized by elevated profit levels and improved development quality [2][29] - The industry's overall prosperity is giving way to pronounced differentiation among companies, driven by strategic choices in business models, cost control, and asset management [29] Industry Performance - The coal industry's total revenue reached a peak of 1,408.3 billion yuan in 2022, a 179% increase from 2015, with net profit soaring to 291.2 billion yuan, 34.5 times that of 2015 [2] - Despite a downturn in 2023-2024, key financial metrics remain significantly above the starting point of the cycle, indicating a fundamental reshaping of the industry's value center [2][4] Financial Characteristics - Revenue growth peaked, with a compound annual growth rate (CAGR) of 15.8% from 2015 to 2022, primarily driven by rising coal prices [3] - Profitability has shown significant elasticity, with net profit margins increasing from 2% in 2015 to a peak of 21% in 2022, demonstrating a qualitative change in profitability [3] - Operational efficiency has improved, with the overall expense ratio declining from 18% in 2015 to 7%-8% post-2021, indicating a shift from extensive to refined development models [3][4] Revenue Structure Analysis - In 2024, total revenue for sample companies is expected to remain above 1.2 trillion yuan, although growth momentum is slowing [6] - Major players like China Shenhua and China Coal Energy dominate the revenue rankings, benefiting from integrated business models that combine coal production with stable electricity and transportation operations [6][7] Profitability Insights - Profitability is highly concentrated among leading firms, with China Shenhua and Shaanxi Coal Industry together accounting for over 1 billion yuan in net profit, highlighting the significant head effect [9] - Integrated leaders demonstrate resilience during market downturns, with minor profit declines, showcasing the advantages of their business models [9][10] Cost and Efficiency Analysis - High gross margins are linked to resource endowments, with companies like Jinko Coal enjoying high margins due to the scarcity and high value of their products [15][16] - Cost control is critical, as evidenced by Shaanxi Coal's ability to maintain a gross margin of 32.7% despite being a standard coal producer [17] - Companies with high expense ratios, such as Anyuan Coal and Dayou Energy, face significant profitability challenges due to poor cost management [18][19] Strategic Choices and Future Outlook - The future of coal companies hinges on strategic decisions regarding business model evolution, cost control, and proactive asset management [29] - Companies must transition from reliance on price fluctuations to building robust operational defenses, leveraging digital and intelligent technologies for integrated operations [29]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Report Core View - On the night of January 7th, the JM05 contract of coking coal futures jumped up by 6.95% to 1,215 yuan/ton, mainly due to the rising market risk - preference, the rotation of futures and stocks, and the fundamentals and futures market conditions [1] Group 3: Summary by Related Catalog Reasons for the sharp rise in coking coal futures - The Shanghai Composite Index (000001) breaking through a ten - year high indicates that the overall market risk preference is rising [1] - After the bulls in the futures market have snapped up various metals, they noticed that coking coal futures hadn't risen [1] - The sharp rise of stocks in the non - ferrous sector and the rise of the CSI Coal Index (399998) by 3.73% show the rotation of stock sectors and the linkage between futures and stocks [1] Fundamentals and futures market conditions - The inventory of Qinhuangdao thermal coal has decreased from 7.37 million tons on December 22nd, 25 to 5.25 million tons on January 7th, and the CCTD Bohai Rim 5500 - calorie thermal coal index has found support at 680 yuan/ton [2] - The first - quarter long - term contract price of imported Mongolian coal is about 66 - 69 US dollars, equivalent to 800 - 830 yuan/ton in the spot market and 920 - 950 yuan/ton in the futures market [2] - On January 3rd, the JM futures increased positions by 53,000 contracts, and the small decline of 34.5 yuan at the close indicates that the resistance to long - position trading is the smallest, and the potential upward price movement (300 yuan) is greater than the downward movement (100 yuan) [2] Policy analysis - Policies such as the over - production inspection in July 25 and the capacity verification of coal - supply guarantee mines in Shaanxi in 26 do not conflict with the increase in coal production [2]

煤炭 煤炭行业 2026 年策略报告 领先大市-A(维持) 【山证煤炭】煤炭进口数据拆解：25 年 11 月进口煤价继续提升 2025.12.30 【山证煤炭】煤炭月度供需数据点评 11 月：煤价环比上涨，反内卷初心未变 2025.12.17 胡博 执业登记编码：S0760522090003 邮箱：hubo1@sxzq.com 程俊杰 执业登记编码：S0760519110005 邮箱：chengjunjie@sxzq.com 将反内卷进行到底 2026 年 1 月 7 日 行业研究/行业年度策略 投资要点： 首选股票 评级 反内卷扭转煤炭市场预期。2025 年以来，煤炭股受累于煤价下 降，108 号文流向市场后，煤炭股悲观预期随即得到显著缓释。从 核心宏观目标来说，反内卷主要是为了扭转通缩趋势，传导链条为 "通缩→反内卷→盈利提升→通胀"。对煤炭而言，短期看供给控 制，中长期看需求复苏。反内卷需要上下游维持合理利润。"政策 顶"和"政策底"推动合理煤价中枢逐步形成。2016 年供给侧改革 和 2024 年山西查三超是反内卷运动的可比事件，底层驱动影响调 控效果，供给侧改革是债务驱动，山西查三超是安全生产驱动。 ...

Group 1 - The coal stocks have generally risen, with notable increases in companies such as Shougang Resources (up 7.64% to HKD 3.24), China Qinfa (up 5.23% to HKD 3.02), Yanzhou Coal (up 4.57% to HKD 10.53), and China Coal Energy (up 3.65% to HKD 10.78) [1] - On January 7, the Dalian Commodity Exchange's main contract for coking coal hit the limit up at CNY 1164 per ton, reflecting a 7.98% increase, while the main contract for coke rose by 6.7% to CNY 1752 per ton [1] - Guohai Securities forecasts an improvement in the supply-demand relationship in the coal industry by 2026, with expected increases in coal price averages, projecting the northern port thermal coal price to stabilize around CNY 750 and the main coking coal price around CNY 1550, indicating potential recovery in industry profitability [1] Group 2 - Tianfeng Securities reported that Shougang Resources primarily engages in coking coal mining and the production and sale of raw and refined coking coal, with three active coal mines in Shanxi Province, each with a capacity of 1.75 million tons per year, totaling 5.25 million tons [1] - The company exhibits a conservative and stable operational approach, as indicated by its expense ratio and debt-to-asset ratio, while demonstrating strong profitability reflected in its gross and net profit margins [1]

Group 1 - The majority of Hong Kong automotive stocks experienced an increase, with Feishang Non-Ferrous Coal (01738.HK) rising over 33% [1] - Shougang Resources (00639.HK) saw an increase of over 8% [1] - China Qinfa (00866.HK) rose by more than 5% [1] - Both China Coal Energy (01898.HK) and Yanzhou Coal Mining (01171.HK) increased by nearly 4% [1]

Group 1 - The Hong Kong stock market saw a strong performance in coal stocks, with Feishang Anthracite rising by 33% [1] - Shougang Resources and Mongol Mining both increased by over 5% [1] - Companies such as Power Development, Yida Commodity, and Yanzhou Coal Mining rose by more than 3% [1] - China Coal Energy, China Qinfa, and South Gobi also experienced gains of over 2% [1]