| 市场数据：2025 年 12 | | 月 3 | 日 | | | --- | --- | --- | --- | --- | | 收盘价（元/股）： | | | | 1.65 | | 年内最高/最低（元/ | | | 2.14/1.25 | | | 股）： | | | | | | 流通 股/总股本（亿 A | | | | 218.18/218.18 | | 股）： | | | | | | 流通 A | 股市值（亿元）： | | | 359.99 | | 总市值（亿元）： | | | | 359.99 | 基础数据：2025 年 9 月 30 日 | 基本每股收益(元/股)： | 0.01 | | --- | --- | | 摊薄每股收益(元/股)： | 0.01 | | 每股净资产(元/股)： | 2.39 | | 净资产收益率(%)： | 0.75 | | 资料来源：常闻 | | 邮箱：hubo1@sxzq.com 炼焦煤 永泰能源（600157.SH） 增持-A(维持) 海则滩煤矿工程进度提前，新回购案有望助推公司价值回归 2025 年 12 月 4 日 公司研究/公司快报 投资要点 事件 1：近日公 ...

开源证券研报指出，近期，永泰能源披露公告，其一为海则滩煤矿项目建设进展超预期，其二为拟3-5 亿元回购公司股份用于注销。两大举措分别从业务发展与资本运作层面释放积极信号，彰显公司长期发 展信心。维持2025-2027年盈利预测，预计2025-2027年归母净利润为5.8/10.5/14.7亿元，同 比-62.6%/+79.9%/+40.2%；EPS为0.03/0.05/0.07元，对应当前股价PE为61.4/34.1/24.3倍，海则滩煤矿建 设提速，为公司长期发展注入动力，维持"增持"评级。 ...

巅峰对决，千余家单位竞逐荣誉。此次评比堪称电力行业安全文化建设的"巅峰对决"，吸引了国家电 网、南方电网、各大发电集团及电建单位等行业主力，参赛单位数量达1396家。历经初审、复审及现场 答辩评审等多轮考核，最终仅238家单位获此殊荣。在永泰能源集团股份有限公司的大力支持和全程指 导下，沙洲电力凭借鲜明的安全文化建设特色、扎实的落地成效，赢得了评审专家的一致认可与高度赞 誉。这份荣誉的背后，是全体沙洲人对"安全第一、预防为主、综合治理"理念的坚守与践行。 近日，从中国电力设备管理协会传来喜报：永泰能源（600157.SH）旗下张家港沙洲电力有限公司凭借 扎实的安全文化建设成果、完善的管理体系与创新的实践举措，在"电力安全文化建设精品工程"评比中 脱颖而出，成功获评二等奖，用实力彰显了沙洲电力在安全管理领域的深厚积淀与卓越成效。此次获 奖，是永泰能源企业安全文化的缩影，更折射出公司电力业务对安全生产的追求，在能源保供与安全运 营并重的时代命题下，为行业提供了可借鉴的范本。 多维发力，筑牢安全文化根基。申报评审过程中，沙洲电力全面展现了安全文化建设的多维成果。组织 保障上，构建了"全员参与、层层负责"的安全责任体 ...

Core Viewpoint - Yongtai Energy has announced a significant share buyback plan, aiming to repurchase A-shares worth between 300 million to 500 million yuan at a price not exceeding 2.50 yuan per share, with all purchased shares to be canceled to reduce capital [1][2][3] Financial Performance - For the first three quarters of 2025, Yongtai Energy reported total revenue of 17.728 billion yuan and a net profit attributable to shareholders of 198 million yuan [3][4] - The company achieved a record high power generation of 13.535 billion kWh in the third quarter, marking an 11.65% year-on-year increase [4] Business Operations - The power business is a core segment for Yongtai Energy, contributing significantly to its financial performance, with gross profit from this segment increasing by 26.48% to 2.656 billion yuan [4] - The coal production also showed resilience, with a third-quarter output of 4.4179 million tons, reflecting a 12.02% year-on-year growth [4] Strategic Initiatives - The company is focusing on multi-business collaboration, with ongoing projects such as the Hai Zhe Tan coal mine construction and advancements in energy storage technology [4] - Yongtai Energy has accumulated 26 patents related to energy storage, with significant projects like the 1.5MW/6MWh integrated vanadium battery energy storage station operational for a year, generating substantial savings [4]

Group 1: Wind Power Industry - The domestic wind power demand is stable, driven by the "dual carbon" goals and the 2035 plan for 360 GW of installed capacity, with a projected addition of 86.99 GW in 2024 and a total of 272.1 GW from 2021 to 2024, significantly higher than the 145.5 GW added during the 13th Five-Year Plan period [7][8][9] - The "15th Five-Year Plan" aims for annual new installed capacity of no less than 120 GW, with offshore wind power expected to contribute at least 15 GW annually, indicating a robust growth trajectory for the wind power sector [7][8] - The industry is recovering from price wars, with a 9% increase in the average bid price for onshore wind projects in 2025 compared to 2024, suggesting improved profitability for wind turbine manufacturers [9] Group 2: Retail Industry - The retail sector is slowly recovering in 2025, with segments like high-end gold and fashion jewelry experiencing higher demand due to rising gold prices, while cosmetics and medical aesthetics face intense competition [13][15] - "Emotional consumption" is identified as a key driver of market dynamics, with a focus on brands that can leverage consumer insights and differentiate their products [13][15] - Investment strategies should prioritize high-quality segments with both short-term recovery potential and long-term growth prospects, emphasizing companies with competitive advantages and brand strength [13][15] Group 3: Coal Mining Industry - Yongtai Energy's Hai Zetan coal mine project is progressing ahead of schedule, with plans to repurchase shares worth 300-500 million yuan for cancellation, signaling confidence in long-term growth [20][21][22] - The Hai Zetan project has significant resource advantages, with reserves of 1.145 billion tons and a planned production capacity of 6 million tons per year, expected to reach 10 million tons annually upon completion [21][22] - The company maintains profit forecasts for 2025-2027, projecting net profits of 580 million, 1.05 billion, and 1.47 billion yuan, respectively, with a corresponding EPS of 0.03, 0.05, and 0.07 yuan [20][21] Group 4: Chemical Industry - Wankai New Materials is advancing its rPET and oxalic acid projects, which are expected to drive diversified growth, maintaining a "buy" rating [5][23] - The rPET project, in collaboration with Carbios, aims for an initial capacity of 50,000 tons, with a total investment of approximately 922 million yuan, showcasing strong partnership commitment [23][24] - The oxalic acid project, utilizing low-cost natural gas, aims to establish a production capacity of 100,000 tons, enhancing the company's competitive edge in the market [24]

沪指12月3日下跌0.51%，申万所属行业中，今日上涨的有6个，涨幅居前的行业为交通运输、有色金 属，涨幅分别为0.69%、0.63%。煤炭行业位居今日涨幅榜第三。跌幅居前的行业为传媒、计算机，跌 幅分别为2.86%、2.26%。 资金面上看，两市主力资金全天净流出578.83亿元，主力资金净流入的行业仅有3个，有色金属行业净 流入资金44.07亿元；煤炭行业净流入资金2.35亿元；交通运输行业净流入资金533.07万元。 主力资金净流出的行业有28个，计算机行业主力资金净流出规模居首，全天净流出资金91.85亿元，其 次是电子行业，净流出资金为81.63亿元，净流出资金较多的还有电力设备、通信、传媒等行业。 煤炭行业今日上涨0.57%，全天主力资金净流入2.35亿元，该行业所属的个股共37只，今日上涨的有27 只，涨停的有3只；下跌的有8只。以资金流向数据进行统计，该行业资金净流入的个股有17只，其中， 净流入资金超千万元的有5只，净流入资金居首的是大有能源，今日净流入资金2.47亿元，紧随其后的 是华阳股份、新大洲A，净流入资金分别为7669.70万元、5839.93万元。煤炭行业资金净流出个股中， 资金 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential relative price increase of over 15% [16]. Core Insights - The company has announced a share buyback plan with a total amount between 300 million to 500 million RMB, aimed at reducing registered capital by canceling the repurchased shares [2][3]. - The company has been included in the CSI A500 Index, which is expected to enhance its visibility and attract more investments from index funds [3][8]. - The construction of the Haizetang coal mine is progressing steadily, with expectations to begin trial production in July 2026, which is anticipated to significantly improve the company's operational performance [3][9]. Summary by Sections Share Buyback Plan - The company plans to repurchase shares at a maximum price of 2.5 RMB per share, with the buyback period lasting 12 months from the approval date by the shareholders [2][3]. - The estimated number of shares to be repurchased ranges from 120 million to 200 million, accounting for approximately 0.55% to 0.92% of the total share capital [3]. Index Inclusion - The company has been added to the CSI A500 Index, which has a total scale of 195.401 billion RMB, and index funds related to this index are expected to rebalance around December 15, potentially leading to increased holdings in the company [3][8]. Haizetang Coal Mine Project - The Haizetang coal mine is expected to produce high-quality coal with a calorific value of over 6500 kcal and low extraction costs, projected to generate an additional annual revenue of approximately 6.5 billion RMB and a net profit of around 3 billion RMB once fully operational [9]. - The company forecasts net profits of 316 million RMB, 854 million RMB, and 1.558 billion RMB for the years 2025 to 2027, respectively, with corresponding EPS of 0.01 RMB, 0.04 RMB, and 0.07 RMB [10].

Investment Rating - The investment rating for Yongtai Energy is maintained at "Outperform" [1] Core Views - The construction progress of the Haizetang coal mine has exceeded expectations, and the company plans to repurchase shares for cancellation, signaling confidence in long-term development [1][2] - The projected net profit for the years 2025-2027 is estimated at 5.8 billion, 10.5 billion, and 14.7 billion yuan, with corresponding EPS of 0.03, 0.05, and 0.07 yuan, indicating a significant recovery in profitability [1][4] Summary by Sections Project Development - The Haizetang coal mine, a strategic project for the company, has a resource reserve of 1.145 billion tons and an area of approximately 200 square kilometers, with a certified production capacity of 6 million tons per year, expected to increase to 10 million tons per year upon full production [2] - Key construction milestones include the completion of all four shafts, significant progress in the main transport tunnel, and the operation of advanced mining equipment, laying a solid foundation for trial production in July 2026 [2] Financial Performance - The financial summary indicates a decline in revenue from 30.12 billion yuan in 2023 to an estimated 21.463 billion yuan in 2025, followed by a recovery to 27.552 billion yuan in 2027 [4] - The gross profit margin is projected to fluctuate, with a low of 18.1% in 2025 and a recovery to 23.9% by 2027 [4][9] Share Repurchase - The company plans to repurchase 0.55%-0.92% of its shares at a maximum price of 2.5 yuan per share, using 300-500 million yuan of its own and raised funds, with the aim of reducing registered capital [3] - This repurchase is expected to optimize the capital structure and enhance earnings per share, contributing to a return to intrinsic value for the stock [3]

Core Viewpoint - Danyang Zhongxin Huahai Clean Energy Co., Ltd. has successfully completed the operation of the Henghong Packaging branch line, which is expected to add approximately 18,000 tons of steam annually, marking a significant step in promoting green and low-carbon heating while supporting local economic development [1] Group 1: Energy Supply and Efficiency - The replacement of a 5-ton natural gas boiler at Jiangsu Henghong Packaging Co., Ltd. with centralized heating has effectively reduced energy costs and significantly decreased carbon emissions [2] - The Henghong Packaging branch line enhances steam flow efficiency and reduces heat loss during nighttime, improving the economic operation of the pipeline network [2] Group 2: Network Infrastructure and Safety - The operation of the Henghong Packaging branch line strengthens the resilience and coverage of the heating network in the southern area of Danyang, allowing for reverse steam supply and mitigating safety risks associated with aging pipelines [3] - This infrastructure improvement reflects the company's high standards in management and its commitment to social responsibility and energy security [3] Group 3: Sustainable Development and Future Plans - The Danyang Zhongxin Huahai cogeneration project serves as the only centralized heat source in the area, providing clean energy support with advanced technology and low emissions [4] - The company plans to continue expanding the heating network to achieve full coverage in Danyang, thereby meeting the growing heating demand and contributing to high-quality economic development and carbon neutrality goals [4]

为确保充填开采技术顺利实施，柏沟煤矿组织专业技术团队，配合第三方机构开展工程选址、技术设 计、可行性论证、配套建设等工作，形成以总工负责、各专业相互配合的责任体系，建立健全采煤沉陷 区统筹协调和综合治理机制；完善相关新政策、新规范、新标准，制定实施治理规划及方案；优先选用 安全、卫生的工艺设备，加强试生产前设备检修及皮带、泵站等机电设施设备供电安全管理；全面开展 安全风险辨识与隐患排查治理工作，最大限度控制生产过程中的危害因素；强化人员培训，深入研究充 填开采过程中关键环节、工艺、工序，积极探索优化工艺、提升工效的改进措施，为充填开采做好、做 足各项准备工作。 近期，永泰能源（600157.SH）旗下柏沟煤矿090206充填开采工作面正式投入试生产，并顺利采充循 环，实现安全高效运行。该工作面的成功投运，展现了公司积极响应国家绿色低碳发展战略，是煤炭产 业高质量发展的生动实践。 充填开采模式作为煤炭绿色高效开采新模式，是煤炭开采新质生产力的重要体现，不仅是一项技术的突 破，更是一种责任的践行。该模式有助于矿井延长服务年限，提高煤炭资源采出率，改善安全生产条 件，有效处理煤矸石固废堆积，控制地表沉陷，保护生态环 ...