Group 1 - The establishment of Zhongmei Science and Technology (Xi'an) Intelligent Complete Equipment Technology Co., Ltd. has been announced, with a registered capital of 2 billion yuan [1] - The company's business scope includes mining machinery manufacturing, sales, equipment research and development, and general equipment manufacturing [1] - Shareholders of the new company include Tiandi Technology, China Coal Science and Technology Group Shanghai Co., Ltd., and Tianma Zhikong [1]

Group 1 - The core point of the article is the establishment of a new company, Zhongmei Kegong (Xi'an) Intelligent Complete Equipment Technology Co., Ltd., with a registered capital of 2 billion yuan [1] - The company's business scope includes artificial intelligence industry application system integration services, artificial intelligence theory and algorithm software development, and digital video monitoring system manufacturing [1] - The company is jointly held by Tiandi Technology (600582) and Tianma Zhikong (688570) [1]

Core Insights - Recently, Zhongmei Science and Technology (Xi'an) Intelligent Complete Equipment Technology Co., Ltd. was established with a registered capital of 2 billion RMB, focusing on mining machinery manufacturing and sales, equipment research and development, and general equipment manufacturing [1] Company Information - The legal representative of the company is Du Yaobo, and it is co-owned by Tiandi Technology (600582), Zhongmei Science and Technology Group Shanghai Co., Ltd., and Tianma Zhikong (688570) [1] - The company is registered in Xi'an Economic and Technological Development Zone, Shaanxi Province, and has a business scope that includes various manufacturing and sales activities related to mining machinery and general equipment [2] Shareholder Structure - Tiandi Technology holds a 60% stake in the company, contributing 1.2 billion RMB - Zhongmei Science and Technology Group Shanghai Co., Ltd., Zhongmei Mining Research Institute Co., Ltd., Beijing Tianma Zhikong Technology Co., Ltd., and Ningxia Tiandi Benniu Industrial Group Co., Ltd. each hold a 10% stake, contributing 200 million RMB each [2]

1. Report Industry Investment Rating - The investment rating for the coal mining industry is "Bullish" [2] 2. Core Viewpoints of the Report - Currently at the beginning of a new upward cycle in the coal economy, with fundamental and policy factors in resonance, it is advisable to allocate the coal sector at low levels [2][3][11] - The underlying logic of coal supply constraints since July still exists, and there's no need to overly worry about a significant decline in coal prices. The stabilization point of coal prices is approaching [2][3][11] - The underlying investment logic of coal production capacity shortage remains unchanged. Coal prices have established a bottom and are on a new platform, high - quality coal enterprises maintain core asset attributes, and coal assets are relatively undervalued with potential for overall valuation improvement [3][11] - The coal supply bottleneck is expected to last until the "15th Five - Year Plan". The coal sector is a high - performance, high - cash, and high - dividend asset, with high certainty in the profitability and growth of high - quality coal companies [3][12] - The coal sector has a high - dividend safety margin when it adjusts downward and upward elasticity catalyzed by the expected increase in coal prices. It is recommended to focus on the current allocation opportunities in the coal sector [3][12] 3. Summary by Relevant Catalogs 3.1 This Week's Core Viewpoints and Key Concerns - **Core Viewpoints**: The coal economy is in the early stage of a new upward cycle. This week, the utilization rate of sample thermal coal and coking coal mine production capacity decreased. The daily coal consumption in inland 17 provinces and coastal 8 provinces increased, while non - power coal demand decreased. Coal prices showed a mixed trend. Although the current market is weak, after New Year's Day, the coal consumption support is expected to strengthen. The coal allocation logic remains unchanged, and it is recommended to allocate at low levels [11] - **Key Investment Recommendations**: Focus on three types of companies: those with stable operations and performance, those that have fallen sharply previously with high elasticity, and those with special and scarce global metallurgical coal resources. Also, pay attention to other related companies [12] - **Recent Key Concerns**: In November 2025, the total social electricity consumption increased by 6.2% year - on - year. From January to November 2025, US coal production increased by 4.1% year - on - year, and Russian coal production increased by 0.1% year - on - year [13] 3.2 This Week's Performance of the Coal Sector and Individual Stocks - The coal sector fell 0.89% this week, underperforming the broader market. The CSI 300 rose 1.95% to 4657.24 [14] - The thermal coal, coking coal, and coke sectors fell 1.24%, 0.81%, and 0.49% respectively [16] - The top three gainers in the coal mining and washing sector were Anyuan Coal Industry (6.42%), Huayang Co., Ltd. (5.01%), and Inner Mongolia Electric Power Investment Energy Co., Ltd. (2.75%) [19] 3.3 Coal Price Tracking - **Coal Price Index**: As of December 26, the comprehensive transaction price of CCTD Qinhuangdao thermal coal (Q5500) was 695.0 yuan/ton, down 7.0 yuan/ton week - on - week. The comprehensive average price index of Bohai Rim thermal coal (Q5500) was 695.0 yuan/ton, down 4.0 yuan/ton week - on - week. The annual long - term agreement price of CCTD Qinhuangdao thermal coal (Q5500) was 694.0 yuan/ton, up 10.0 yuan/ton month - on - month [23] - **Thermal Coal Price**: As of December 27, the market price of Qinhuangdao Port's Shanxi - produced thermal coal (Q5500) was 677 yuan/ton, down 34 yuan/ton week - on - week. At the production sites, prices in some areas rose or remained flat. International thermal coal FOB prices and some arrival prices fell [27] - **Coking Coal Price**: As of December 26, port and some production - site coking coal prices remained flat, while the arrival price of Australian Peak Downs hard coking coal in China rose 0.3 US dollars/ton week - on - week [29] - **Anthracite and Pulverized Coal Injection Price**: As of December 26, the vehicle - board price of Jiaozuo anthracite remained flat, while the vehicle - board prices of some pulverized coal injection decreased [38] 3.4 Coal Supply and Demand Tracking - **Coal Mine Capacity Utilization**: As of December 26, the capacity utilization rate of sample thermal coal mines was 86.4%, down 4.0 percentage points week - on - week, and that of sample coking coal mines was 84.21%, down 2.4 percentage points week - on - week [45] - **Import Coal Price Difference**: As of December 26, the price difference between domestic and foreign 5000 - kcal and 4000 - kcal thermal coal increased week - on - week [41] - **Coal - fired Power Daily Consumption and Inventory**: In both inland 17 provinces and coastal 8 provinces, coal inventory increased, daily consumption increased, and the number of available days decreased [46] - **Downstream Metallurgical Demand**: As of December 26, the Myspic composite steel price index fell, the price of Tangshan - produced primary metallurgical coke fell, the blast furnace operating rate decreased, the average profit per ton of coke for independent coking enterprises decreased, the profit per ton of steel for blast furnaces increased, the iron - scrap price difference decreased, and the scrap consumption ratio of pure blast furnace enterprises decreased [64][65] - **Downstream Chemical and Building Materials Demand**: As of December 26, the prices of some chemical products showed different trends, the national cement price index fell, the cement clinker capacity utilization rate decreased, the float glass operating rate decreased, and the weekly coal consumption in the chemical industry decreased [68][70] 3.5 Coal Inventory Status - **Thermal Coal Inventory**: As of December 26, the coal inventory at Qinhuangdao Port decreased, the 55 - port thermal coal inventory increased, and the production - site inventory increased [82] - **Coking Coal Inventory**: As of December 26, the production - site, port, coking enterprise, and steel mill coking coal inventories all increased [83] - **Coke Inventory**: As of December 26, the total coke inventory of coking plants decreased, the four - port total coke inventory increased, and the total coke inventory of domestic sample steel mills increased [85] 3.6 Coal Transportation Status - **International and Domestic Coal Transportation**: As of December 24, the Baltic Dry Index (BDI) fell. As of December 25, the average daily coal shipment volume on the Datong - Qinhuangdao Railway decreased week - on - week [98] - **Cargo - to - Ship Ratio at Four Major Ports in the Bohai Rim**: As of December 26, the inventory at the four major ports in the Bohai Rim decreased, the number of anchored ships remained unchanged, and the cargo - to - ship ratio decreased [96] 3.7 Weather Conditions - As of December 26, the Three Gorges outbound flow increased by 0.31% week - on - week [103] - In the next 10 days (December 28, 2025 - January 6, 2026), precipitation in some areas will be higher than normal, and after January 1, the average temperature in most parts of central and eastern China will turn 1 - 2°C lower than normal [103] - In the next 11 - 14 days (January 7 - 10, 2026), precipitation and temperature in different regions will show different trends [103] 3.8 Valuation Table and Key Announcements of Listed Companies - **Valuation Table**: The report provides the valuation data of key listed companies, including net profit attributable to the parent company, EPS, and PE from 2024A to 2027E [104] - **Key Announcements**: There are announcements from multiple companies, such as the share transfer of Jizhong Energy, the completion of the shareholding increase plan of Panjiang Co., Ltd., the acceptance of the application for asset acquisition by Inner Mongolia Electric Power Investment Energy Co., Ltd., the guarantee provided by Kailuan Co., Ltd., and the maintenance of the credit rating of Meijin Energy [105][106][107] 3.9 This Week's Key Industry News - Indonesia plans to impose a 1% - 5% export tax on coal from 2026 [109] - In November 2025, China's coal imports decreased by 19.9% year - on - year, with thermal coal imports increasing by 7.0% month - on - month and coking coal imports increasing by 1.3% month - on - month [109] - 8000 tons of high - quality Mongolian coal arrived in Gannan [109] - As of the end of November 2025, the national cumulative power generation installed capacity increased by 17.1% year - on - year [109]

Meeting Overview - The second extraordinary general meeting of shareholders was held on December 25, 2025, at the Tianma Zhikong Innovation Industrial Base in Shunyi District, Beijing [2] - All directors, supervisors, and the board secretary attended the meeting, with a total of 9 directors and 3 supervisors present [3] Voting and Resolutions - No resolutions were rejected during the meeting [2] - The following key resolutions were passed: - Proposal to cancel the supervisory board and amend the Articles of Association [4] - Amendments to various corporate governance rules, including: - Shareholders' meeting rules [5] - Board meeting rules [5] - Independent directors' work system [5] - Fund management measures [5] - Related party transaction management system [5] - Behavior norms for controlling shareholders and actual controllers [5] - Approval of estimated related party transactions for 2026 [6] - Use of part of the raised funds to permanently supplement working capital [6] - Approval of the investment adjustment plan for 2025 [6] - Use of raised funds to increase capital in wholly-owned subsidiaries for project implementation [6] - Establishment of a joint venture for the development of a major intelligent complete equipment research center for coal mining [6] Legal Compliance - The meeting was witnessed by Beijing Jiayuan Law Firm, confirming that the convening, procedures, and voting were in compliance with relevant laws and regulations [7]

Core Viewpoint - Tianma Intelligent Control announced that it will hold the second extraordinary general meeting of shareholders for 2025 on December 25, 2025, to review multiple proposals, including the proposal for the expected daily related transactions for the year 2026 [2] Group 1 - The company will convene a shareholder meeting to discuss important proposals [2] - The agenda includes the review of expected daily related transactions for 2026 [2]

北京市嘉源律师事务所 关于北京天玛智控科技股份有限公司 2025 年第二次临时股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 天玛智控 2025 年第二次临时股东大会 嘉源 · 法律意见书 嘉濕律师事务所 IA YUAN LAW OFFICES 关于北京天玛智控科技股份有限公司 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONGKONG · 广州 GUANGZHOU· 西安 XI`AN 致:北京天玛智控科技股份有限公司 北京市嘉源律师事务所 为出具本法律意见书,本所指派律师现场见证了本次股东大会,查阅了公司 提供的与本次股东大会有关的文件和资料,并进行了必要的审查和验证。在前述 审查和验证的过程中,本所律师得到公司的如下承诺和保证:就本所认为出具本 法律意见书所必需审查的事项而言,公司已经提供了全部相关的原始书面材料、 副本材料或口头证言,该等资料均属真实、准确、完整及有效,有关复印件与原 件一致、副本与正本一致。 在本法律意见书中,本所律师仅对本次股东大会的召集、召开程序、出席会 议人员资格、召集人资格、会议表决程序、表决结果 ...

证券代码：688570 证券简称：天玛智控 公告编号：2025-043 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 北京天玛智控科技股份有限公司 2025年第二次临时股东大会决议公告 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 12 月 25 日 （二） 股东大会召开的地点：北京市顺义区林河南大街 27 号（科技创新功能区） 天玛智控顺义创新产业基地 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 124 | | --- | --- | | 普通股股东人数 | 124 | | 2、出席会议的股东所持有的表决权数量 | 356,845,646 | | 普通股股东所持有表决权数量 | 356,845,646 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例 | 82.4123 | | （%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例 ...

Core Viewpoint - On December 24, 3754 stocks in the A-share market received financing funds, with 444 stocks having a buy amount exceeding 100 million yuan [1] Group 1: Financing Buy Amount - The top three stocks by financing buy amount were Zhongji Xuchuang, Xinyi Sheng, and Shenghong Technology, with buy amounts of 2.726 billion yuan, 2.318 billion yuan, and 2.074 billion yuan respectively [1] - Seven stocks had financing buy amounts accounting for over 30% of the total transaction amount on that day [1] Group 2: Financing Buy Proportion - The stocks with the highest financing buy amount proportion relative to total transaction amount were Guannong Co., Tianma Zhikong, and Hanbang Technology, with proportions of 42.81%, 36.84%, and 35.14% respectively [1] Group 3: Net Financing Buy Amount - A total of 43 stocks had a net financing buy amount exceeding 100 million yuan [1] - The top three stocks by net financing buy amount were Zhaoyi Innovation, Tianji Co., and SMIC, with net buy amounts of 399 million yuan, 397 million yuan, and 349 million yuan respectively [1]

Core Viewpoint - The meeting of Tianma Intelligent Control's second Technology Committee aims to enhance technological innovation and strategic planning in alignment with Xi Jinping's thoughts on innovation, summarizing the achievements of the first committee and outlining future work plans [1][7]. Group 1: Meeting Overview - The meeting was guided by Xi Jinping's thoughts on technological innovation and aimed to summarize the first committee's achievements while planning for future initiatives [1][7]. - Key figures present included Liu Zhiguo, the company's Party Secretary and Chairman, and Wang Guofa, the Chief Scientist and Director of the Technology Committee [10][15]. Group 2: Committee's Role and Strategy - The Technology Committee is identified as the core institution for the company's technological governance, responsible for top-level design, decision-making on technological innovation, and coordination of research resources [3][9]. - The company emphasizes a development strategy based on coal, while also diversifying into non-coal sectors, aiming for a collaborative development model between coal and non-coal industries [11]. Group 3: Discussions and Future Focus - Participants engaged in discussions on technology strategy, resource coordination, and innovation breakthroughs, providing constructive and actionable suggestions [5][13]. - The new committee will focus on core technology challenges, strengthen collaboration between industry, academia, and research, and optimize the innovation ecosystem to establish the company as a leader in technology [5][13].