证券代码：002128 证券简称：电投能源 公告编号：2025067 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 一、股东会有关情况 （一）原股东会的类型和届次：2025 年第五次临时股东会 （二）原股东会召开日期：2025 年11 月12 日 （三）原股东会股权登记日：2025 年11 月7 日 二、增加临时提案暨延期召开事项涉及的具体内容和原因 （一）增加临时提案的具体情况和原因 1.提案人：持有公司55.77%股份的控股股东中电投蒙东能源集团有限 责任公司（以下或简称"蒙东能源"） 2.提案程序说明 公司已于2025 年10 月28 日公告了股东会召开通知，单独持有55.77% 股份的股东中电投蒙东能源集团有限责任公司在2025 年11 月4 日提出增 加临时提案并书面提交股东会召集人，提请公司董事会在2025 年第五次临 时股东会议程中增加审议《关于补选第八届董事会独立董事的议案》。股 东会召集人按照《深圳证券交易所上市公司自律监管指引第1 号——主板 上市公司规范运作》有关规定，现予以公告。 3.临时提案的具体内容 1 提案名称《关于补选第八届董 ...

证券代码：002128 证券简称：电投能源 公告编号：2025065 内蒙古电投能源股份有限公司 2025年第十二次临时董事会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 （一）内蒙古电投能源股份有限公司（简称"电投能源"或"公 司"）根据《内蒙古电投能源股份有限公司董事会议事规则》临时紧 急会议相关规定，于 2025 年 11 月 4 日以电子邮件等形式发出 2025 年第十二次临时董事会会议通知。 （二）会议于 2025 年 11 月 5 日以通讯方式召开。 （三）董事会会议应出席董事 11 人，以通讯方式出席会议并表 决董事 10 人，分别为王伟光、田钧、于海涛、李岗、胡春艳、应宇 翔、李宏飞董事和陈天翔、陶杨、李明独立董事；独立董事韩放先生 无法取得联系，未出席会议。 （四）会议召集人：董事长、党委书记王伟光。 （五）本次会议的召开符合法律、行政法规、部门规章和《公司 章程》等规定。 二、董事会会议审议情况 （一）关于补选第八届董事会独立董事的议案。 内容详见同日刊登在《中国证券报》《上海证券报》《证券时报》 - 1 ...

Core Points - The Shenzhen State-Owned Enterprises Shareholder Return Index (470064) closed at 2257.45 points, down 0.32%, with a trading volume of 24.053 billion yuan and a turnover rate of 0.97% [1] - Among the index constituents, 27 stocks rose while 22 stocks fell, with Beixin Building Materials leading the gainers at 2.45% and Yun Aluminum leading the decliners at 3.0% [1] Index Constituents Summary - The top ten constituents of the Shenzhen State-Owned Enterprises Shareholder Return Index include: - BOE Technology Group (9.31% weight, latest price 4.00 yuan, market cap 149.656 billion yuan) in the electronics sector - Hikvision (7.97% weight, latest price 31.50 yuan, market cap 288.693 billion yuan) in the computer sector - Wuliangye Yibin (7.71% weight, latest price 116.18 yuan, market cap 450.965 billion yuan) in the food and beverage sector - Luzhou Laojiao (6.59% weight, latest price 132.17 yuan, market cap 194.548 billion yuan) in the food and beverage sector - Xugong Machinery (5.75% weight, latest price 10.79 yuan, market cap 126.815 billion yuan) in the machinery equipment sector - Changan Automobile (3.88% weight, latest price 12.28 yuan, market cap 121.745 billion yuan) in the automotive sector - Shenwan Hongyuan (3.84% weight, latest price 5.45 yuan, market cap 136.468 billion yuan) in the non-banking financial sector - Yun Aluminum (3.81% weight, latest price 22.96 yuan, market cap 79.624 billion yuan) in the non-ferrous metals sector - Yanghe Brewery (3.37% weight, latest price 69.81 yuan, market cap 105.165 billion yuan) in the food and beverage sector - Tongling Nonferrous Metals (3.18% weight, latest price 5.11 yuan, market cap 68.522 billion yuan) in the non-ferrous metals sector [1] Capital Flow Summary - The net outflow of main funds from the index constituents totaled 1.125 billion yuan, while speculative funds saw a net inflow of 243 million yuan and retail investors saw a net inflow of 882 million yuan [3] - Detailed capital flow for selected stocks includes: - Tongling Nonferrous Metals: main net inflow of 88.024 million yuan, speculative net outflow of 53.924 million yuan, retail net outflow of 34.100 million yuan - Luzhou Laojiao: main net inflow of 57.790 million yuan, speculative net outflow of 22.566 million yuan, retail net outflow of 35.224 million yuan - Beixin Building Materials: main net inflow of 56.578 million yuan, speculative net outflow of 24.593 million yuan, retail net outflow of 31.985 million yuan [3]

Group 1: Metal Sector - Tianshan Aluminum's net profit forecast for 2025 is 47.71 billion CNY, with a PE ratio of 13.24[10] - Luoyang Molybdenum's net profit is projected to reach 194.40 billion CNY in 2025, with a PE ratio of 19.02[10] Group 2: Building Materials - Huaxin Cement's net profit for 2025 is estimated at 29.38 billion CNY, with a PE ratio of 13.83[10] - China National Materials' net profit is expected to grow to 19.36 billion CNY in 2025, with a PE ratio of 30.63[10] Group 3: Transportation - Eastern Airlines Logistics is projected to have a net profit of 26.46 billion CNY in 2025, with a PE ratio of 9.41[10] - COSCO Shipping Specialized Carriers' net profit is expected to be 19.77 billion CNY in 2025, with a PE ratio of 10.19[10] Group 4: Chemical Sector - Boryuan Chemical's net profit forecast for 2025 is 14.67 billion CNY, with a PE ratio of 17.19[10] - Yara International's net profit is projected to reach 21.09 billion CNY in 2025, with a PE ratio of 18.58[10] Group 5: Energy Sector - Guotou Power's net profit for 2025 is estimated at 69.48 billion CNY, with a PE ratio of 16.67[10] - Shouhua Gas is expected to turn around with a net profit of 0.42 billion CNY in 2025, after a loss in 2024[10]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [2] Core Views - The coal mining industry is expected to perform well during the winter peak season, despite low production levels [2] - The supply of thermal coal has slightly increased, with port prices remaining stable at 770 RMB/ton as of October 31 [4][14] - The overall coal supply-demand situation remains favorable, with expectations of strong support for coal prices due to seasonal demand [7][72] Summary by Sections Thermal Coal - Supply has slightly rebounded, with port coal prices stable at 770 RMB/ton [14][15] - Production capacity utilization in the Sanxi region increased by 0.37 percentage points, mainly due to the resumption of previously halted mines [14][19] - Daily coal consumption at coastal and inland power plants decreased by 0.2 and 19.2 thousand tons respectively [14][22] - Power plant inventories are lower than last year, which may lead to increased replenishment demand if a cold winter materializes [14][31] Coking Coal - Coking coal production capacity utilization decreased by 0.27 percentage points to 84.2% due to inspections and underground issues in some mines [5][39] - The average daily crossing volume at Ganqimaodu port has recovered to over 1,000 trucks, indicating improved logistics [5][43] - Coking coal prices at ports remained stable at 1,760 RMB/ton as of October 31 [5][40] Coke - The supply of coke is stable, with the implementation of price increases, although profit margins for coke producers remain limited due to high coking coal prices [6][52] - The average daily pig iron production decreased by 3.54 thousand tons to 236.31 thousand tons, impacting demand for coke [6][58] - Coke prices at the Rizhao port increased to 1,580 RMB/ton, reflecting a positive trend in the market [6][53] Investment Opportunities - The report highlights several key companies for investment, including China Shenhua, Shaanxi Coal, and Yanzhou Coal, which are expected to perform well due to their strong cash flow and market positioning [7][9] - The report emphasizes the value attributes of the coal sector, particularly in light of recent government support and market conditions [7][74]

Investment Rating - The industry investment rating is "Maintain Buy" [5] Core Views - India's coking coal imports increased by 6% quarter-on-quarter in Q2 FY2026, reflecting growth in the steel industry's capacity and output [2] - Future months are expected to see increased coking coal import demand due to replenishment needs post-monsoon [3] - Key investment recommendations include companies with strong performance elasticity such as Yancoal Energy, Jinkong Coal Industry, and those focused on smart mining like Keda Automation [3] Summary by Sections Coal Mining - In Q2 FY2026, India imported 16.9 million tons of coking coal, up from 16 million tons in Q1, with Australia being the largest supplier at 9.7 million tons, a 14.1% increase [2] - Coking coal prices at major ports showed slight increases, with Newcastle port at $112.7 per ton (+1.85%) and European ARA ports at $97.15 per ton (+1.20%) [1][35] Key Stocks - Recommended stocks include: - China Qinfa (00866.HK) - Buy, EPS forecast for 2026E is 0.27 [7] - Jiangxi Tungsten (600397.SH) - Buy, EPS forecast for 2026E is 0.03 [7] - China Shenhua (601088.SH) - Buy, EPS forecast for 2026E is 2.71 [7] - Jinkong Coal Industry (601001.SH) - Buy, EPS forecast for 2026E is 1.47 [7] - Yancoal Energy (600188.SH) - Buy, EPS forecast for 2026E is 1.18 [7] - Zhongmei Energy (601898.SH) - Buy, EPS forecast for 2026E is 1.29 [7] - Shaanxi Coal (601225.SH) - Buy, EPS forecast for 2026E is 1.86 [7] Market Trends - The report indicates a marginal increase in coal demand, with a focus on the recovery of coal power generation as seasonal demand begins to rise [37]

Core Viewpoint - The 2025 High-Quality Development Forum and the 27th Golden Bull Award Ceremony highlighted the importance of high-quality development in the capital market, with Electric Power Investment Energy receiving the "2024 Most Investment Value Award" and its chairman winning the "Golden Bull Entrepreneur Achievement Award" [1] Group 1: Company Achievements - Electric Power Investment Energy has seen its market value increase from 16.7 billion to approximately 57 billion since its listing in 2007, reflecting its commitment to green transformation and high-quality development [2] - The company has established a "coal-new energy-electricity-aluminum" circular economy model, enhancing its asset securitization level and showcasing a distinctive path of differentiated, green, and clustered economic development [2] Group 2: Future Directions - The company aims to continue focusing on clean energy development, enhancing its core competitiveness, and actively returning value to shareholders, aspiring to become a significant player in the clean comprehensive energy sector [2]

Core Points - The 2024 "Most Investment Value Award" was awarded to Electric Power Investment Energy for its rapid growth, stable market performance, and outstanding leadership [1] - The chairman of Electric Power Investment Energy, Wang Weiguang, received the "Golden Bull Entrepreneur Achievement Award" [1] - The Golden Bull Award has been held for 27 years and serves as an important benchmark for measuring the comprehensive strength of listed companies in China [1] Company Overview - Since its listing in 2007, Electric Power Investment Energy has adhered to the principles of green transformation and high-quality development, creating a circular economy model integrating coal, new energy, electricity, and aluminum [2] - The company's market value has increased from 16.7 billion to approximately 57 billion [2] - Electric Power Investment Energy is focused on enhancing its core competitiveness in clean energy and aims to become a significant player in the clean comprehensive energy sector [2]

Core Viewpoint - The company reported a net profit attributable to shareholders of 4.118 billion yuan for the first three quarters of 2025, a year-on-year decline of 282 million yuan (-6.4%) [1] Group 1: Financial Performance - In Q3 2025, the company achieved a net profit of 1.331 billion yuan, down 124 million yuan year-on-year (-8.5%), but up 104 million yuan quarter-on-quarter (+8.5%) [1] - The company's coal business profitability improved quarter-on-quarter due to coal price stabilization and potential production release [2] - The average selling price of domestic electrolytic aluminum in Q3 2025 was 20,711 yuan/ton, an increase of 516 yuan/ton (+2.6%) quarter-on-quarter and 1,149 yuan/ton (+5.9%) year-on-year [2] Group 2: Business Segments - The coal business saw improved profitability due to a stable sales price and potential production release, with actual coal production in H1 2025 at 22.63 million tons, less than 50% of the annual target [2] - The power generation business is expected to continue its growth in profitability due to the release of new energy installations [2] - The company incurred an operating expense of 83 million yuan due to carbon emission trading in Q3 2025 [2] Group 3: Future Outlook - The company has ongoing projects in wind and solar energy, as well as electrolytic aluminum capacity, which could enhance future performance [3] - A potential asset injection from Baiyinhua Coal and Electricity could significantly improve future earnings growth, with a projected dividend yield of 3.7% based on 2025 earnings of 5.7 billion yuan [3] - The company’s earnings forecast for 2025-2027 is 5.7 billion, 6.3 billion, and 6.3 billion yuan, corresponding to PE ratios of 9.59, 8.69, and 8.65 times [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a net profit attributable to shareholders of 4.118 billion yuan for the first three quarters of 2025, a year-on-year decrease of 282 million yuan (-6.4%). In Q3 2025, the net profit was 1.331 billion yuan, down 124 million yuan year-on-year (-8.5%) but up 104 million yuan quarter-on-quarter (+8.5%). The performance in Q3 2025 met expectations, with the quarter-on-quarter improvement mainly driven by the release of coal production and an increase in aluminum prices [2][6][12]. - Looking ahead, the company has ongoing projects in wind and electrolytic aluminum production, and there are plans to inject the Baiyinhu Coal Power project, which has a coal production capacity of 15 million tons, a thermal power installed capacity of 2.62 million kilowatts, and an electrolytic aluminum capacity of 40.53 thousand tons. If this injection occurs, the company's future growth potential is significant [2][12]. Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved a net profit of 4.118 billion yuan, a decrease of 282 million yuan (-6.4%) year-on-year. In Q3 2025, the net profit was 1.331 billion yuan, down 124 million yuan (-8.5%) year-on-year but up 104 million yuan (+8.5%) quarter-on-quarter [2][6]. - The Q3 performance was supported by stable coal prices due to production checks and an increase in aluminum prices, with the average domestic electrolytic aluminum price at 20,711 yuan/ton, up 516 yuan/ton (+2.6%) quarter-on-quarter and up 1,149 yuan/ton (+5.9%) year-on-year [12]. Future Outlook - The company has ongoing construction of wind and electrolytic aluminum capacity, and the potential injection of the Baiyinhu Coal Power project could significantly enhance future earnings growth. The projected cash dividend ratio for 2024 is 35.67%, with an estimated dividend yield of 3.7% based on a projected annual profit of 5.7 billion yuan for 2025 [12]. - Earnings forecasts for 2025-2027 are 5.7 billion, 6.3 billion, and 6.3 billion yuan, respectively, with corresponding price-to-earnings ratios of 9.59, 8.69, and 8.65 times [12].