Group 1 - The core point of the article is that Xinjie Energy announced the early release of 72.7 million shares from pledge by its major shareholder, Xinjie Coal Power, which is a significant development for the company [1] - The early release of shares was completed on February 12, 2026, and the shares were pledged to Guoyuan Securities [1] - The announcement coincided with a notable investment from prominent investors Ge Weidong and Fang Wenyuan, each contributing 1 billion yuan, which led to a surge in the company's stock price [1]

证券代码:601918 证券简称:新集能源 编号:2026-013 一、上市公司股份解除质押情况 2026年2月12日，公司接到持股5%以上股东新集煤电的通知，新 集煤电将其质押在国元证券股份有限公司无限售流通股股票共计 72,700,000股提前解除质押，并完成股份解除质押登记手续。具体情 况如下： | 股东名称 | 新集煤电 | | --- | --- | | 本次解除质押股份 | 股 72,700,000 | | 占其所持股份比例 | 39.11% | 1 | 占公司总股本比例 | | | 2.81% | | --- | --- | --- | --- | | 解除质押时间 | 年 2026 2 | 月 | 日 11 | | 持股数量 | 185,902,860 | | 股 | | 持股比例 | | | 7.18% | | 剩余被质押股份数量 | 19,450,000 | | 股 | | 剩余被质押股份数量占其所持股份比例 | | | 10.46% | | 剩余被质押股份数量占公司总股本比例 | | | 0.75% | 中煤新集能源股份有限公司 关于持股 5%以上股东部分股份解除质押的 公告 本公司董事 ...

Group 1 - The core point of the article is the resignation of Wu Fengdong from the board of directors of China Coal Xinji Energy Co., Ltd. due to work changes, effective February 9, 2026 [1] - Wu Fengdong held multiple positions including director, member of the Strategic Development Committee, and member of the Nomination Committee [1] - The article also highlights the trend of young leaders, specifically mentioning a 26-year-old who has recently taken on significant roles in A-share companies, raising expectations for performance [1]

证券代码:601918 证券简称:新集能源 编号:2026-012 中煤新集能源股份有限公司 关于公司董事离任的公告 1 姓名 离任职务 离任时间 原定任期 到期日 离任 原因 是否继续 在上市公 司及其控 股子公司 任职 是否存 在未履 行完毕 的公开 承诺 吴凤东 公司董事、董事 会战略发展委员 会委员和董事会 提名委员会委员 2026 年 2 月 9 日 2028 年 6 月 25 日 工作 变动 否 否 一、董事提前离任的基本情况 序尽快完成董事的补选工作。 吴凤东先生在担任公司董事、董事会战略发展委员会委员和董 事会提名委员会委员期间认真履行工作职责，充分行使职权，恪尽 职守，勤勉尽职，为公司的规范治理和健康发展发挥了重要作用。 公司董事会对吴凤东先生在任期内为公司发展所做出的贡献表示衷 心感谢。 特此公告。 中煤新集能源股份有限公司董事会 2026 年 2 月 10 日 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。 2026 年 2 月 9 日，中煤新集能源股份有限公司（以下简称"公司"） 董事会收到公司董事吴凤 ...

Core Viewpoint - Xinjie Energy (601918.SH) announced the resignation of director Wu Fengdong due to work changes, effective February 9, 2026 [1] Group 1 - The company’s board received a written resignation letter from director Wu Fengdong [1] - Wu Fengdong resigned from his positions on the 11th board of directors, the Strategic Development Committee, and the Nomination Committee [1]

Group 1: Coal Prices - Qinhuangdao port thermal coal (Q5500) price increased to 692 CNY/ton, up 1 CNY/ton week-on-week as of February 7 [1] - Datong thermal coal price (Q5500) decreased to 567 CNY/ton, down 1 CNY/ton week-on-week as of February 5 [1] - International thermal coal prices: Newcastle NEWC5500 at 76.3 USD/ton, up 1.5 USD/ton week-on-week; ARA6000 at 101.6 USD/ton, down 1.5 USD/ton [1] Group 2: Coking Coal Prices - Beijing Tangshan port coking coal price decreased to 1700 CNY/ton, down 80 CNY/ton week-on-week as of February 5 [2] - Linfen coking coal price decreased to 1570 CNY/ton, down 80 CNY/ton week-on-week as of February 6 [2] - Australian hard coking coal price at 265.6 USD/ton, up 1.5 USD/ton week-on-week as of February 5 [2] Group 3: Production and Consumption - Sample thermal coal mine capacity utilization at 87.5%, down 0.8 percentage points week-on-week; coking coal mine utilization at 86.67%, down 2.5 percentage points [2] - Coastal provinces' coal consumption decreased by 16.3 million tons/day, down 7.22% week-on-week as of February 4 [3] - Inland provinces' coal consumption decreased by 81.8 million tons/day, down 18.1% week-on-week as of February 4 [3] Group 4: Market Outlook - Current coal market is at the beginning of a new upward cycle, with fundamental and policy support [4] - Indonesian government reduced coal production quotas by 40% to 70% compared to 2025 levels, impacting global coal supply [4] - Domestic coal supply is expected to remain constrained, with potential for price recovery due to demand resilience [5] Group 5: Investment Recommendations - Coal sector remains attractive due to high performance, cash flow, and dividends; recommended to focus on quality coal companies [6] - Suggested companies include China Shenhua, Shaanxi Coal, and Yancoal Australia among others [6] - Emphasis on the importance of coal assets as they are undervalued and have high potential for appreciation [5]

Group 1 - The first domestically produced large-scale intelligent pressure coupling equipment has been successfully developed, marking a significant achievement in China's capability for key equipment autonomy in this field [1] - The equipment addresses the long-standing challenges of heat hazards in coal mines, providing a solution that avoids the drawbacks of traditional high-pressure heat exchange systems and the high costs associated with importing foreign equipment [1] - Key breakthroughs in technology include innovative structural design and pressure pre-balancing strategies, which eliminate water hammer phenomena and enable efficient energy conversion between high-pressure and low-pressure fluids [1] Group 2 - The equipment features high reliability, capable of withstanding harsh conditions such as high pressure and frequent temperature changes, while also exhibiting long lifespan and low flow resistance [2] - It incorporates advanced artificial intelligence architecture for dynamic sensing, precise control, and real-time safety monitoring of the ground cooling system, promoting the intelligent development of mining cooling systems [2] - The equipment has been in stable operation for over three months in the manufacturing testing workshop of De Mining Jiuding (Tianjin) Technology Co., Ltd., with performance indicators reaching international advanced levels, and is scheduled for deployment in Liu Zhuang Coal Mine's western area in the first half of this year [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]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that coal prices are expected to recover gradually to a reasonable price level of around 750 CNY/ton, influenced by supply constraints and increasing demand due to seasonal factors [3][5] - The report highlights that the price of thermal coal has reached a turning point, with a projected upward trajectory supported by policy adjustments and market dynamics [5][14] - The focus on both cyclical recovery and dividend stability presents a dual investment logic for coal stocks, suggesting that now is an opportune time for investment [6][15] Summary by Sections Investment Logic - Thermal coal prices are expected to rise through a four-step process: repairing central and local long-term contracts, reaching the coal-electricity profit-sharing line, and potentially exceeding the breakeven point for power plants, estimated at 860 CNY [5][14] - Coking coal prices are more influenced by supply-demand fundamentals, with target prices based on the ratio of coking coal to thermal coal prices [5][14] Key Market Indicators - As of February 6, the price of Qinhuangdao Q5500 thermal coal was 695 CNY/ton, reflecting a slight increase of 3 CNY from the previous week [3][20] - The report notes a decrease in the production rate of coal mines, with the operating rate for 442 coal mines in Shanxi, Shaanxi, and Inner Mongolia at 82.7% [20][21] Investment Recommendations - The report suggests four main lines for selecting coal stocks: 1. Cyclical logic: companies like Jinko Coal and Yanzhou Coal 2. Dividend logic: China Shenhua and Zhongmei Energy 3. Diversified aluminum elasticity: Shenhuo Co. and Electric Power Investment 4. Growth logic: Xinjie Energy and Guanghui Energy [6][15] Company Performance - The coal index experienced a slight decline of 0.62%, outperforming the CSI 300 index by 0.71 percentage points [8][24] - Major coal companies showed varied performance, with some experiencing significant gains while others faced declines [24][26]

Investment Rating - The report maintains an "Accumulate" rating for the industry [2] Core Insights - The China Electricity Council forecasts a 5%-6% growth in electricity consumption for 2026, with a significant decline in proxy electricity prices in February [5][12] - Over 80% of provinces and cities reported a year-on-year decrease in proxy electricity prices in February, with Jiangsu, Inner Mongolia, and Liaoning experiencing the largest declines of 29.3%, 25.6%, and 23.1% respectively [5][14] - The report anticipates that by the end of 2026, the installed capacity of solar power will exceed that of coal power for the first time, with renewable energy sources accounting for half of the total installed capacity [5][14] Summary by Sections Industry Outlook - The report predicts that by 2026, the total installed capacity of renewable energy will reach half of the total installed capacity, with solar power surpassing coal power for the first time [5][14] - The total electricity consumption in China is expected to be between 10.9 and 11 trillion kilowatt-hours, reflecting a year-on-year growth of 5%-6% [5][14] Investment Trends - In January 2026, the State Grid completed fixed asset investments of 30.8 billion yuan, a year-on-year increase of 35.1% [6][14] - The Southern Power Grid plans to invest over 24 billion yuan in the first quarter of 2026, marking a year-on-year increase of over 20% [7][14] Proxy Electricity Prices - The report highlights that proxy electricity prices have generally decreased, with significant drops in various regions, indicating a more favorable supply-side environment [5][14] Key Companies and Recommendations - The report suggests focusing on high-dividend coal-fired power leaders and companies with stable electricity prices and integrated coal power operations, such as Huaneng International and Huadian International [8][14] - It also recommends monitoring companies in the wind and solar sectors, including Xintian Green Energy and Longyuan Power [8][14]