每经AI快讯，11月3日，截至发稿，中国秦发(00866.HK)涨5.48%、兖矿能源(01171.HK)涨3.66%、中煤 能源(01898.HK)涨1.64%。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 ● 本公告全文已于本公告日刊登于上海证券交易所网站、香港联合交易所有限公司网站、本公司网站、 中国证券报、上海证券报、证券时报和证券日报。 ● 投资标的名称：央企战略性新兴产业发展基金有限责任公司（简称"央企战新基金"或"基金"） ● 投资金额：中国中煤能源股份有限公司参与并以自有资金出资人民币100,000万元认购央企战新基金 份额。 一、本次交易概述 （一）基本情况 公司参与出资央企战新基金，该基金为公司制，公司作为股东认购100,000万元的基金份额，占比 1.96%。本次交易总额人民币100,000万元，资金来源为公司的自有资金。 （二）审议情况 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。 重要内容提示： ● 资金来源：公司自有资金。 ● 审议情况：本次交易不构成关联交易，不构成《上市公司重大资产重组管理办法》规定的重大资产重 组。根据《中国中煤能源股份有限公司章程》（简称"《公司章程》"）等相关规定，本次交易无需提交 公司董事会和股东会审议。 本次交易不构成关联交 ...

本报讯 （记者袁传玺）天眼查App显示，近日，中煤（双柏）新能源有限公司成立，注册资本3500万 元，经营范围为发电业务、输电业务、供（配）电业务，由中国中煤旗下中煤绿能科技（北京）有限公 司全资持股。 ...

煤价上行势能积聚，供给库存"双低"或放大价格弹性 [Table_ReportTime] 2025 年 11 月 2 日 证券研究报告 行业研究-周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 煤炭开采 投资评级 看好 上次评级 看好 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 李睿：煤炭钢铁行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 刘波： 煤炭钢铁行业分析师 执业编号：S1500525070001 邮箱：liubo1@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 煤价上行势能积聚，供给库存"双低"或放 大价格弹性 [Table_ReportDate] 2025 年 11 月 2 日 本期内容提要: [Table_Summary] ◆ 我们认为，当前正处在煤炭经济新一轮周期上行的初期，基本面 ...

近期，北方多地遭遇"断崖式"降温，如黑龙江漠河10月25日清晨气温降至-25℃，刷新当地10月下旬历 史最低值;内蒙古呼伦贝尔部分地区跌破-30℃，为近十年同期极寒;黑龙江黑河、漠河等地积雪深度超过 30厘米，部分站点接近或突破50厘米，创下观测史新高。寒潮来袭，张家口、大庆等多地已提前开始供 暖，煤炭季节性消费旺季正式拉开序幕。 需求端，煤炭需求旺季临近，钢厂和火电企业的需求也持续高位，多重因素推动煤价上行;供给端政 策"反内卷"持续，叠加近期安全生产考核巡查将开启，或将对煤炭超能力生产等安全隐患做出整改，也 共同强化了供给收缩的预期，推动煤价企稳回升。 市场层面，资金闻风而动，10月以来富途煤炭指数(LIST1044)已上涨11.19%，申万煤炭指数涨幅也一度 达到16%，10月份北向资金净流入煤炭股超20亿元，使得煤炭成为二级市场上最为火热的板块之一。 回顾2025年上半年，煤炭市场供应整体宽松，需求支撑不足，煤炭价格重心整体延续震荡下行趋势。但 在当前时点，随着旺季需求兑现与供给端政策性收缩形成共振，供需格局的转变或将成为推动煤炭板块 走出低谷、迎来估值修复的重要契机。 煤企Q3基本面已现环比改善 2 ...

Group 1 - The State-owned Assets Supervision and Administration Commission announced the appointment and removal of leadership positions in 11 central enterprises [1] - Pang Songtao has been appointed as the Deputy Secretary and Director of China General Nuclear Power Group, nominated as the candidate for General Manager [3] - Guo Jianhe has been appointed as the Deputy Secretary and Director of China Aneng Construction Group, nominated as the candidate for General Manager [4] Group 2 - Wu Shengyue has been appointed as the Deputy Secretary and Director of China Poly Group, nominated as the candidate for General Manager [5] - Ma Jiru has retired from the position of Chief Accountant at Minmetals Technology Group [6] - Lv Shuzheng has been removed from the position of Deputy Secretary at China Construction Technology Co., Ltd. and has retired [7] Group 3 - Huang Jing'an has retired from the position of Deputy General Manager at China Chengtong Holdings Group [8] - Zhao Rongzhe has been removed from the position of Deputy Secretary and Chief Accountant at China Coal Energy Group and has retired [9] - Shi Yulin has retired from the position of Deputy General Manager at Nanguang Group [10] Group 4 - Shao Lin, Li Shulei, Fan Bing, and Gao Hesheng have been appointed as external directors at China Changan Automobile Group [11] - Dai Deming has been appointed as an external director at China Forestry Group [12] - Li Shaozhu has been appointed as an external director at China Guoxin Holdings [13]

郭建和任中国安能建设集团有限公司党委副书记、董事，提名为中国安能建设集团有限公司总经理人 选。 免去周庆丰的中国安能建设集团有限公司党委副书记、党委常委、董事职务，不再担任中国安能建设集 团有限公司总经理职务，退休。 中国保利集团有限公司 转自：北京日报客户端 中国广核集团有限公司 庞松涛任中国广核集团有限公司党委副书记、董事，提名为中国广核集团有限公司总经理人选。 蔡振任中国广核集团有限公司党委常委，提名为中国广核集团有限公司副总经理人选。 免去高立刚的中国广核集团有限公司党委副书记、党委常委、董事职务，不再担任中国广核集团有限公 司总经理职务，退休。 中国安能建设集团有限公司 吴盛悦任中国保利集团有限公司党委副书记、董事，提名为中国保利集团有限公司总经理人选。 矿冶科技集团有限公司 马继儒（女）不再担任矿冶科技集团有限公司总会计师职务，退休。 吴盛悦不再担任矿冶科技集团有限公司外部董事职务。 中国建设科技有限公司 免去吕书正的中国建设科技有限公司党委副书记职务，退休。 中国诚通控股集团有限公司 黄景安不再担任中国诚通控股集团有限公司副总经理职务，退休。 中国中煤能源集团有限公司 免去赵荣哲的中国中煤能源集 ...

Investment Rating - The investment rating for China Coal Energy (601898.SH) is "Recommended" [1] Core Views - The report highlights that the company's self-produced coal cost reduction and the recovery of coal prices have led to a significant improvement in gross profit on a quarter-on-quarter basis [1][7] - The company is expected to achieve a net profit attributable to shareholders of 162.4 billion, 172.6 billion, and 181.8 billion for the years 2025 to 2027, respectively, maintaining a stable profit outlook [7] Summary by Relevant Sections Financial Performance - In Q3 2025, the company reported revenue of 361.48 billion, a year-on-year decrease of 23.8%, and a net profit of 47.80 billion, a decrease of 1.0% [4] - For the first three quarters of 2025, revenue totaled 1,105.84 billion, down 21.2% year-on-year, with a net profit of 124.85 billion, down 14.6% [4] Coal Production and Sales - In Q3 2025, the company's self-produced coal output was 34.24 million tons, a year-on-year decrease of 4.4%, while total sales volume was 61.68 million tons, down 14.3% year-on-year [7] - The average selling price of self-produced coal was 483 yuan/ton, down 11.5% year-on-year but up 7.5% quarter-on-quarter [7] Market Outlook - The report indicates that since Q3 2025, market coal prices have stopped declining and are on the rise, with the Qinhuangdao port Q5500 thermal coal price increasing by 6% to approximately 672 yuan/ton [7] - The company is positioned as a leading thermal coal producer in China and is advancing its ongoing projects, which are expected to enhance its profit structure [7] Financial Projections - The projected revenue for 2025 is 168.53 billion, with a net profit of 16.24 billion, reflecting a year-on-year decrease of 16.0% [6] - The gross profit margin is expected to remain stable at around 24.5% for the coming years [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown significant improvement in performance with stable production and cost control despite a decline in coal prices and challenges in the chemical business due to maintenance [5][6] - The company is expected to maintain a high proportion of long-term contracts, enhancing revenue stability, and has potential for increased dividends due to strong cash reserves and low debt levels [6][7] Summary by Sections Market Performance - The closing price is 13.82 yuan, with a one-year high of 14.09 yuan and a low of 9.42 yuan [3] Financial Data - Total market capitalization is approximately 183.23 billion yuan, with a total share capital of 13,258.66 million shares and a debt-to-asset ratio of 45.82% [3] Business Performance - In the first three quarters of 2025, the company achieved revenues of 1105.8 billion yuan, a year-on-year decrease of 21.2%, and a net profit of 124.8 billion yuan, down 14.6% year-on-year [6] - The company produced 101.58 million tons of commodity coal, a slight decrease of 0.7% year-on-year, with stable production of thermal coal [6][7] Pricing and Cost Management - The average selling price of self-produced commodity coal was 474 yuan per ton, down 17.0% year-on-year, but the decline was less than the industry average due to a high proportion of long-term contracts [6] - The unit sales cost of self-produced commodity coal decreased by 10.1% year-on-year to 258 yuan per ton [6] Future Outlook - The company forecasts net profits of 167.9 billion yuan, 178.2 billion yuan, and 189.1 billion yuan for 2025-2027, with corresponding P/E ratios of 10.9, 10.3, and 9.7 [7][8] - The company is expected to continue benefiting from cost control measures and stable coal prices, with potential for dividend increases [7]

Core Viewpoint - The Hong Kong stock market experienced a decline in October, with all three major indices ending the month lower after a brief rise at the beginning. The Hang Seng Index fell by 3.53%, the Hang Seng China Enterprises Index dropped by 4.05%, and the Hang Seng Tech Index saw the largest decline at 8.62. The Hang Seng Index fell below the 26,000-point mark, while the Hang Seng Tech Index fell below 6,000 points [1]. Sector Performance - The coal, port transportation, oil, and airline sectors showed positive performance, with China Eastern Airlines rising by 19.8%, China Southern Airlines increasing by 12.5%, and China Petroleum gaining over 13%. China National Offshore Oil Corporation rose nearly 4%. In the coal sector, China Coal Energy surged nearly 18%, while China Shenhua Energy increased by 12% and Shougang Resources rose by 9.7% [1]. - Conversely, the Apple concept stocks, biopharmaceuticals, domestic real estate, automotive, and semiconductor sectors experienced significant declines. Highway Electronics led the Apple concept sector with a drop of 20.7%, followed by Sunny Optical with a decline of 16.8% and Q Technology down by 15.8%. In the automotive sector, Li Auto fell by 21.35%, Leap Motor dropped by 12.13%, and BYD shares decreased by 8.7%. Although SMIC reached a new high during the month, it still fell by 5.7% [1]. Large Technology Stocks - Among large technology stocks, Xiaomi saw a significant drop of 20%, Kuaishou fell by 14.48%, Baidu decreased by 11.71%, NetEase dropped by 8.36%, JD.com fell by 7.87%, Alibaba decreased by 6.72%, Tencent dropped by 5.13%, and Meituan fell by 2.39% [1].