公用事业 行业定期报告 hyzqdatemark 2026 年 02 月 24 日 证券研究报告 投资评级： 看好（维持） 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 邱达治 SAC：S1350525050001 qiudazhi@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 联系人 豆鹏超 doupengchao@huayuanstock.com 2025 国网招标总结 煤炭去库超预期 ——大能源行业 2026 年第 7 周周报（20260222） 煤炭：节前去库超预期，良性供给助节后煤价乐观 板块表现： 国内供给：元旦至春节前的煤矿日均开工率处于近三年较低位；进口供给：截至 2026 年 2 月，进口煤海运发运量维持 4 年较低位。需求：1 月寒潮致需求较 ...

来源：新浪基金∞工作室 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月24日，能源ETF广发（159945）开盘涨1.15%，报1.321元。能源ETF广发（159945）重仓股方面，中 国神华开盘涨0.68%，中国石油涨3.42%，中国石化涨1.57%，陕西煤业涨1.14%，中国海油涨4.10%，杰 瑞股份跌0.41%，兖矿能源涨2.02%，中煤能源涨1.04%，广汇能源涨2.22%，山西焦煤涨0.57%。 能源ETF广发（159945）业绩比较基准为中证全指能源指数，管理人为广发基金管理有限公司，基金经 理为姚曦，成立（2015-06-25）以来回报为30.72%，近一个月回报为7.72%。 ...

经济观察网 中国神华（601088.SH）近期有以下值得关注的事件，基于截至2026年2月的公开信息整 理： 公司项目推进 公司于2026年2月12日获得中国证监会同意注册批复，拟以发行股份及支付现金方式收购国家能源集团 旗下12家核心资产，交易总对价1335.98亿元，创A股历史纪录。交易完成后，公司煤炭可采储量将增至 345亿吨（增长97.71%），发电装机容量提升至6088.1万千瓦（增长27.82%）。该交易已于2026年1月23 日获股东大会通过，并于2026年2月5日经上交所审核通过，后续需关注资产整合及配套资金募集实施情 况。 业绩经营情况 公司于2026年1月30日发布业绩预告，预计2025年度归母净利润为495亿元至545亿元，同比下降7.2%至 15.7%（基于法定披露数据），主要受煤炭销售量价下滑及电力需求疲软影响。2025年第四季度扣非净 利润同比下滑明显，环比下降30.5%，反映短期经营压力。 股票近期走势 如何抓住"黄金牛市"波段机会？升级投资账户，一键配置金+银>> 重组利好兑现后，股价出现波动。例如，2026年2月13日（证监会批复次日）股价下跌2.61%至41.45 元，主力 ...

Market Overview - The Hang Seng Index opened down 0.25% at 26,501.2 points, while the Hang Seng Tech Index fell 0.19% to 5,350.25 points, and the National Enterprises Index decreased by 0.08% to 9,025.6 points [1] - Major tech stocks experienced declines, with Alibaba down 1.8%, Tencent down 0.38%, and JD.com down 0.85%. However, Netease saw an increase of 1.83% [3][4] Industry Insights - Huatai Securities reported that the Hong Kong market experienced fluctuations last week, driven by global "reflation" trades and upgrades in AI domestic applications, leading to rebounds in resource products and certain software sectors. However, concerns over the intensifying competition among e-commerce giants suppressed the performance of heavyweight stocks [3] - The market remains volatile, with key factors influencing it being US stock performance, consumer activity during the Spring Festival, and advancements in AI technology [3] Regulatory News - The State Administration for Market Regulation held discussions with major platform companies including Alibaba, Douyin, Baidu, Tencent, JD.com, Meituan, and Taobao, emphasizing compliance with various laws and regulations to enhance promotional practices [5] Company Developments - Qunhe Technology received approval from the China Securities Regulatory Commission for overseas issuance and listing, planning to issue up to approximately 312 million shares in Hong Kong, marking a significant step for the company [6] - China Merchants Energy signed shipbuilding contracts for one ethylene ship and eighteen oil tankers, totaling RMB 7.882 billion [7] - China Shenhua reported coal sales of 33.2 million tons in January, a year-on-year increase of 9.9%, and total electricity sales of 20.96 billion kWh, up 34.4% year-on-year [7] - China Southern Airlines saw a 1.1% decrease in passenger capacity and a 2.86% decline in passenger turnover in January, with a seat load factor of 83.26%, down 1.51 percentage points year-on-year [7] - China Eastern Airlines reported a 3.54% decrease in passenger capacity and a 1.03% decline in passenger turnover, with a seat load factor of 85.01%, up 2.16 percentage points year-on-year [7] - Huizhong Network completed the acquisition of a 25% stake in Jintongling, advancing its "production and sales integration" strategy [7] Performance Metrics - China General Nuclear Power completed 1,647.8 GWh of electricity generation in January, a year-on-year increase of 7.9% [8] - R&F Properties reported a contract sales revenue of approximately RMB 720 million in January, down 8.05% year-on-year [9] - Hopson Development Group recorded a contract sales amount of approximately RMB 591 million in January, a year-on-year increase of 24.95% [10] - Kaisa Group reported contract sales of RMB 325 million in January, down 35.3% year-on-year [11] - Jianye Real Estate reported contract sales of RMB 398 million in January, a year-on-year decrease of 31.1% [12] - Shanghai Fudan projected total revenue of approximately RMB 3.982 billion for 2025, a year-on-year increase of 10.92%, but a net profit decrease of 59.42% [12] - Ruian Real Estate issued a profit warning, expecting a net loss of between RMB 1.7 billion and 1.8 billion for the 2025 fiscal year [12]

Core Viewpoint - China Shenhua's major asset restructuring has been approved by the China Securities Regulatory Commission (CSRC), marking a significant step in enhancing its operational scale and profitability through the acquisition of key assets from its parent company, State Energy Group [2][3][4]. Group 1: Restructuring Details - The restructuring involves the acquisition of equity stakes in 12 core enterprises under the State Energy Group for a total transaction price of 133.598 billion yuan, with 30% paid in shares and 70% in cash [2]. - The transaction was processed rapidly, receiving acceptance from the Shanghai Stock Exchange on January 30, approval on February 5, and registration from the CSRC on February 12 [2]. Group 2: Business Impact - The restructuring is expected to significantly enhance the company's business scale, with coal reserves increasing by 64.72%, recoverable coal reserves by 97.71%, and coal production by 56.57% [3]. - The basic earnings per share (EPS) after deducting non-recurring gains and losses is projected to rise to 3.15 yuan per share in 2024, an increase of 6.10%, and to 1.54 yuan per share in the first half of 2025, an increase of 4.40% [3]. Group 3: Strategic Alignment - The restructuring aligns with regulatory policies encouraging industry leaders to efficiently integrate resources, thereby enhancing investment value and eliminating competition within the same industry [4]. - The simplified review process reflects a shift towards differentiated and refined regulation based on company quality, benefiting compliant companies like China Shenhua [4].

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Views - The report indicates that the coal industry is at the beginning of a new upward cycle, with a favorable combination of fundamentals and policies, making it a good time to invest in the coal sector [11][12] - The report highlights a significant increase in coal prices, with Qinhuangdao port's Q5500 coal price reaching 717 CNY/ton, up 24 CNY/ton week-on-week, driven by optimistic market expectations post-holiday and reduced supply from major coal-producing regions [11][30] - The report emphasizes the ongoing supply-demand balance in the short term, with a medium to long-term supply gap expected to persist, reinforcing the investment logic in coal assets [11][12] Summary by Sections 1. Coal Price Tracking - As of February 13, the market price for Qinhuangdao port's Q5500 coal is 717 CNY/ton, reflecting a week-on-week increase of 3.5% [6][30] - International coal prices have also risen, with Newcastle's FOB price for Q5500 coal at 81.5 USD/ton, up 6.5% week-on-week [6][30] 2. Coal Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 84.4%, down 3.1 percentage points week-on-week, while the utilization rate for coking coal mines is 81.39%, down 5.3 percentage points [11][49] - Daily coal consumption in inland provinces decreased by 10% week-on-week, while coastal provinces saw an 18.8% decline [11][50] 3. Coal Inventory Situation - Coal inventory in inland provinces increased by 1.854 million tons week-on-week, while coastal provinces saw a smaller increase of 0.235 million tons [50] 4. Investment Recommendations - The report suggests focusing on stable and high-performing companies such as China Shenhua, Shaanxi Coal, and others, while also considering companies with high elasticity like Yanzhou Coal and others [12]

经济观察网 根据公开信息，中国神华（601088.SH）千亿级资产重组项目于2026年2月12日获证监会注 册批复，但次日（2月13日）股价下跌2.61%至41.45元。这一市场表现主要受以下因素影响： 股价异动原因 本次交易总对价1335.98亿元，其中现金支付比例高达70%（约935.19亿元）。尽管公司可通过配套融资 募集部分资金，但市场仍关注其短期现金流压力。2025年一季度财报显示经营活动现金流净额同比下降 25.88%，叠加重组后需承担标的公司债务，投资者对高现金支出可能带来的财务负担存在顾虑。 资金面与技术面 发行股份购买资产的定价为29.4元/股，较重组公告前收盘价折价约20%。该折价虽符合重组惯例，但可 能引发短线套利资金抛售，对股价形成压制。2月13日主力资金净流出1.28亿元，换手率仅0.19%，反映 资金参与意愿低迷。 业绩经营情况 未来发展 重组完成后，公司煤炭可采储量将增长97.71%至345亿吨，发电装机容量提升27.82%，并解决与国家能 源集团的同业竞争问题。但市场需时间消化整合风险及行业周期影响。 以上内容基于公开资料整理，不构成投资建议。 公司2025年业绩预告显示，归母 ...

近日，中国神华能源股份有限公司（"本公司"）持股67%的控股子公司国能清远发电有限责任公司 （"清远电力"）二期扩建工程项目（"清远二期"）4号发电机组顺利通过168小时试运行，正式投入商业 运营。至此，清远二期2台100万千瓦超超临界二次再热燃煤发电机组全部建成投运。 试运期间，机组运行平稳，环保指标优秀，实现大气污染物超低排放及废水零排放。清远二期投运后， 清远电力预计每年可提供约200亿千瓦时的清洁高效电能，将有效缓解粤港澳大湾区电力保供压力，助 力地方经济高质量发展。 证券代码：601088 证券简称：中国神华 公告编号：临2026-013 中国神华能源股份有限公司 关于清远二期4号机组通过168小时试运行的公告 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法律责任。 中国神华能源股份有限公司（"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。 ■ 注：2025年春节假期为2025年1月28日至2月4日。 特此公告。 承中国神华能源股份有限公 ...

新闻聚焦 企业新闻 ◐ 中国神华资产重组获证券会同意注册批复。 中国神华2月12日晚发布公告称，公司作价1 335. 98亿元收购控股股东国家能源集 团旗下12家核心企业股权的交易，当日获得中国证监会注册批复。 ◐ 我国首个钙钛矿光伏电池国际标准立项。 据中国华能微信公众号2月12日消息，2月9日，中国华能集团有限公司牵头编制的 IEC国际标准《研发用钙钛矿光伏电池测量规范》(IEC/TS 63 202 - 9 ED1）成功立项，这是我国在钙钛矿光伏领域牵头制定的首 个国际标准。 国际新闻 ◐ 苏丹官员：冲突致该国石油和能源产业损失数十亿美元。 据央视新闻2月1 3日报道，苏丹能源和石油部长穆塔西姆当地时间2 月1 2日表示，苏丹武装冲突给该国石油和能源产业造成数十亿美元的经济损失，相关损害评估工作仍在进行中。 ◐ 涉及化工、冶金等6大行业，工信部243项标准征求意见。 据工信部网站消息，2月13日，工信部发布《硫酸行业节能监察技 术规范》等24 3项行业标准报批征求意见的公示。本次发布的行业标准覆盖化工、黑色冶金、有色金属、建材、机械、船舶等行 业。 国内新闻 ◐我国科研团队破解电合成氨全球难题。 据中国新 ...

Company News - China Power (02380.HK) signed three independent general contracting agreements with State Nuclear Power Technology Corporation and Shandong Institute, involving a total investment of 768 million yuan [1] - Huitongda Network (09878.HK) completed the acquisition of a 25% stake in Jintongling (300091.SZ), accelerating the implementation of its "integrated production and sales" strategy [1] - CGN New Energy (01811.HK) reported a power generation of 1,647.8 GWh in January, an increase of 7.9% year-on-year [1] - R&F Properties (02777.HK) recorded a contract sales revenue of approximately 720 million yuan in January, a decrease of 8.05% year-on-year [1] - Hopson Development (00754.HK) reported a contract sales amount of approximately 591 million yuan in January, an increase of 24.95% year-on-year [1] - Aoyuan Group (01813.HK) reported contract sales of 325 million yuan in January, a decrease of 35.3% year-on-year [1] - Jianye Real Estate (00832.HK) reported a contract sales amount of 398 million yuan in January, a decrease of 31.1% year-on-year [1] Financial Performance - Shanghai Fudan (01385.HK) projected total revenue of approximately 3.982 billion yuan for 2025, a year-on-year increase of 10.92%, while net profit is expected to be around 232 million yuan, a decrease of 59.42% year-on-year [2] - Ruian Real Estate (00272.HK) issued a profit warning, expecting a net loss attributable to shareholders between 1.7 billion yuan and 1.8 billion yuan for the 2025 fiscal year [2] - YTO Express (06123.HK) issued a profit warning, anticipating a net loss of approximately 145 million to 154 million HKD for the 2025 fiscal year [3] - Baisheng Group (03368.HK) issued a profit warning, expecting a net loss attributable to shareholders of approximately 186 million yuan for the 2025 fiscal year [3] - IFBH (06603.HK) expects a year-on-year decrease in net profit of approximately 27% to 32% for 2025 [4] Strategic Developments - Yingxing Holdings (01440.HK) is exploring the establishment of its AI infrastructure and Software as a Service (SaaS) capabilities to support its AI-driven business plans [5] - Yinger International (08379.HK) has decided to focus on new business in artificial intelligence and industrial digital transformation, concentrating on technology research and commercial applications in the field of digital finance [5] - Samsonite (01910.HK) is seeking shareholder approval for a dual listing share issuance authorization [5] Buyback Activities - Xiaomi Group-W (01810.HK) repurchased 2.7 million shares for a total of approximately 98.36 million HKD, with a buyback price ranging from 36.30 to 36.48 HKD [6] - Geely Automobile (00175.HK) repurchased 1.595 million shares for approximately 26.91 million HKD, with a buyback price ranging from 16.71 to 16.98 HKD [6] - NetEase Cloud Music (09899.HK) repurchased 92,000 shares for approximately 14.96 million HKD, with a buyback price ranging from 160.3 to 166.5 HKD [6] - Kingsoft (03888.HK) repurchased 725,000 shares for approximately 19.99 million HKD, with a buyback price ranging from 27.38 to 27.76 HKD [6] Industry Performance - China Shenhua (01088.HK) reported coal sales of 33.2 million tons in January, an increase of 9.9% year-on-year, and total electricity sales of 20.96 billion kWh, an increase of 34.4% year-on-year [7] - China Southern Airlines (01055.HK) reported a year-on-year decrease of 1.10% in passenger capacity input and a decrease of 2.86% in passenger turnover, with a seat occupancy rate of 83.26%, down 1.51 percentage points year-on-year [7] - China Eastern Airlines (00670.HK) reported a year-on-year decrease of 3.54% in passenger capacity input and a decrease of 1.03% in passenger turnover, with a seat occupancy rate of 85.01%, up 2.16 percentage points year-on-year [7]