证券研究报告 | 2025 年 09 月 02 日 晨会集萃 制作：产品中心 重点推荐 《策略|中观景气度高频跟踪及运用——中观景气度数据库和定量模型应 用》 1、从整体的行业景气度方面来看，本周电子、医药生物、纺织服饰、家 用电器、非银金融、房地产、环保等行业整体呈上行趋势；食品饮料、银 行、公用事业、商贸零售等行业整体呈下行趋势。2、本周，我们预测了 未来 4 周表现较优的申万二级行业。重视自动化设备、通用设备、摩托车 及其他、工程机械、包装印刷、商用车、铁路公路、房地产开发、房地产 服务、小家电、医药商业、电机Ⅱ、光学光电子、燃气Ⅱ、化学制药等申 万二级行业。相较于上周，新增了通用设备、商用车、房地产开发等。3、 行业配置建议：赛点 2.0 第三阶段攻坚不易，波折难免，重视恒生互联网。 根据经济复苏与市场流动性，可以把投资主线降维为三个方向：1） Deepseek 突破与开源引领的科技 AI，2）消费股的估值修复和消费分层 逐步复苏，3）低估红利继续崛起。红利回撤常在有强势产业趋势出现的 时候，因此低估红利的高度取决于 AI 产业趋势的进展，而 AI 产业趋势的 进展又取决于 AI 应用端和消费端的突破 ...

Core Viewpoint - Yanzhou Coal Mining Company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the coal sector despite some operational improvements and strategic acquisitions [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 59.349 billion yuan, a year-on-year decrease of 17.93% [1]. - The net profit attributable to shareholders was 4.652 billion yuan, down 39.38% year-on-year, while the net profit after deducting non-recurring items was 4.430 billion yuan [1]. - For Q2 2025, the company reported a single-quarter operating revenue of 29.037 billion yuan, a decline of 11.13% year-on-year, and a net profit of 1.942 billion yuan, down 49.03% year-on-year [1]. Group 2: Production and Sales - The company saw a steady increase in coal production, achieving a commodity coal output of 73.6 million tons, up 6.54% year-on-year, while coal sales were 64.81 million tons, down 4.51% [2]. - In the chemical products segment, the company produced 4.745 million tons, an increase of 13.47% year-on-year, with sales reaching 4.171 million tons, up 11.32% [2]. Group 3: Strategic Developments - The company completed the acquisition of Northwest Mining in July 2025, adding 6.352 billion tons of coal resources and 3.652 billion tons of recoverable reserves, enhancing its long-term growth potential [2]. - The board proposed a mid-term dividend of 0.18 yuan per share, totaling 1.8 billion yuan, which represents 38.7% of the net profit for the first half of the year, reflecting a commitment to shareholder returns [2]. Group 4: Future Outlook - The company is expected to continue growing towards becoming a "clean energy supplier and world-class enterprise" as production capacity is released and quality assets are injected into the group [2].

Core Viewpoint - Yancoal Energy demonstrates strong anti-cyclical capabilities by increasing coal production and improving chemical segment profitability despite declining coal prices in domestic and international markets [1][3] Coal Production Growth - In the first half of the year, Yancoal Energy achieved a record coal output of 73.6 million tons, a year-on-year increase of 6.5% [1] - The company’s chemical product output reached 4.74 million tons, up 13.5% year-on-year [1] - The overall coal market is characterized by a loose supply-demand balance, leading to price pressures [3] - Yancoal's production from its Shaanxi and Mongolia bases increased by 2.15 million tons and 11% respectively [3] - The company predicts a stable recovery in coal prices, with an expected growth in national electricity consumption of 6% to 8% in the second half of the year [3] Chemical Segment Performance - The chemical segment contributed approximately 1.1 billion yuan to net profit, a year-on-year increase of 9.5 billion yuan [5] - The company has developed numerous coal chemical products over 20 years, effectively hedging against market fluctuations [5] - The chemical industry is expected to maintain a stable performance with good profit margins due to improved demand in manufacturing sectors [5] Strategic Investments and Dividends - Yancoal completed the acquisition of Northwest Mining, adding 6.4 billion tons of resource volume and 3.7 billion tons of recoverable reserves [4] - The company plans to distribute an interim cash dividend of 0.18 yuan per share, totaling 1.8 billion yuan, which accounts for 40% of the net profit for the first half of 2025 [6] - A share buyback plan is also in place, with an allocation of 50 million to 100 million yuan for A-shares and 150 million to 400 million yuan for H-shares [6]

高盛发布研报称，兖矿能源（600188）(01171)上半年纯利同比跌39%至47.3亿元人民币，剔除主要由于 减损和资产处置等一次性支出，经常性净利润为46.5亿元人民币，较去年同期下降39%，低于预期。中 期每股股息派0.18元人民币，派息率达38%。该行指，将兖矿能源今年及明年盈利预测分别下调7.8%及 9.5%，2027年则维持大致上不变，同时将目标价由7港元上调至7.8港元，维持其评级为"中性"。 ...

天风证券研报指出，兖矿能源2025H1实现归母净利润46.5亿元，同比-38.5%；单Q2看，实现归母净利 润19.4亿元，环比-28.3%。自产煤量价齐跌致业绩承压，成本下降致煤化工&电力盈利改善。单Q2来 看，公司商品煤产/销量为3680/3339万吨，环比-0.02%/+6.2%，其中自产煤/贸易煤销量3185/153万吨， 环比+4.5%/+64.1%。公司拟中报分红+回购回馈股东，未来公司业绩有望受煤价触底反弹驱动，叠加公 司煤炭产能增量逐渐释放，维持"买入"评级。 ...

Group 1 - The coal mining sector increased by 0.66% on September 1, with Xindazhou A leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] - Key stocks in the coal mining sector showed varied performance, with Xindazhou A rising by 4.85% and Huaihe Energy declining by 1.14% [2] Group 2 - The coal mining sector experienced a net outflow of 165 million yuan from institutional investors and 124 million yuan from retail investors, while retail investors saw a net inflow of 289 million yuan [2] - Specific stock fund flows indicated that Yongtai Energy had a net outflow of 43.62 million yuan from institutional investors, while Yanzhou Coal had a net inflow of 31.27 million yuan [3] - The overall trading volume and turnover for key stocks in the coal mining sector varied, with significant transactions recorded for stocks like Anyuan Coal and China Shenhua [1][2]

丨证券研究报告丨 行业研究丨专题报告丨煤炭与消费用燃料 [Table_Title] 煤价阶梯探底趋稳，业绩回落降幅明显 ——煤炭行业 2025 年中报综述 报告要点 [Table_Summary] 经营情况来看，量增价跌下，2025H1 年煤炭板块实现营业收入 5485.5 亿元，同比-19.5%；实 现归母净利润 527.6 亿元，同比-31.6%。2025Q2，煤价持续下探压制盈利，煤炭板块实现营 业收入 2691.7 亿元，同比-19.6%，环比-3.7%；实现归母净利润 241.2 亿元，同比-35.5%，环 比-15.8%。展望下半年，当前煤企利润底基本呈现，可关注板块底部修复机会，看好基本面困 境改善叠加"反内卷"主线下煤炭攻守兼备的投资性价比。 分析师及联系人 [Table_Author] SAC：S0490516080003 SAC：S0490519030001 SAC：S0490517070008 SAC：S0490522090003 SAC：S0490524120007 SFC：BUT918 SFC：BUY139 肖勇 赵超 叶如祯 庄越 韦思宇 请阅读最后评级说明和重要声明 %% %% ...

公司报告 | 半年报点评 兖矿能源（600188） 证券研究报告 煤炭量价齐跌致业绩承压，中报分红+回购回馈股东 公司发布 2025H1 业绩，2025H1 归母净利润同比-38.5% 公司发布 2025 年中报，2025H1 公司实现营业收入 593.5 亿元，同比-17.9%； 实现归母净利润 46.5 亿元，同比-38.5%；实现扣非归母净利润 44.3 亿元， 同比-39.3%；单 Q2 看，实现营业收入 290.4 亿元，环比-4.2%，实现归母 净利润 19.4 亿元，环比-28.3%，实现扣非归母净利润 17 亿元，环比-37.7%。 自产煤量价齐跌致业绩承压，成本下降致煤化工&电力盈利改善 煤炭业务：2025H1 公司商品煤产/销量为7360/6481 万吨，同比+6.5%/-4.5%， 其中自产煤/贸易煤销量 6234/247 万吨，同比-2.2%/-40%；2025H1 公司商 品 煤 / 自 产 煤 / 贸 易 煤 单 吨 售 价 532/529/593 元 / 吨，同比 -23.8%/-20.7%/-49%，商品煤/自产煤/贸易煤单吨成本 367/362/507 元/吨， 同比-14% ...

格隆汇9月1日｜港股煤炭股普遍上涨，其中，兖矿能源绩后涨超4%，中国神华涨超3%，南南资源涨 1.6%，兖煤澳大利亚、中煤能源涨1%。 消息上，兖矿能源8月29日晚间发布2025年半年报，报告期内，实现营业收入593.49亿元，归母净利润 46.52亿元。持续进行中期分红，拟现金分红0.18元/股，总额18亿元，约占2025年上半年归母净利润的 40%。同时，该公司推出回购计划，拟出资0.5亿元—1亿元回购A股股份、1.5亿元—4亿元回购H股股 份。此外，控股股东山东能源作出"不减持+适时增持"承诺，彰显发展信心。 展望下半年，多重积极因素逐步显现。从行业端来看，6月底以来，随着国内高温扩散，电厂日耗增 加，煤价筑底反弹。兖矿能源表示，在政府"反内卷"、查超产的政策支持下，下半年煤炭市场供需关系 有望边际改善，煤炭价格修复性回升。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 01171 | 充矿能源 | 9.410 | 3.98% | | 01088 | 中国神农 | 35.980 | 3.15% | | 01229 | 南南资源 | ...

Core Viewpoint - Yanzhou Coal Mining Company (兖矿能源) reported a decline in sales revenue and net profit for the first half of 2025, but the stock price increased by over 4% due to positive market sentiment and future growth prospects from recent acquisitions [1]. Financial Performance - Sales revenue for the first half of 2025 was 53.966 billion RMB, a year-on-year decrease of 13.17% [1]. - Shareholder profit attributable to the company was 4.731 billion RMB, down 38.7% year-on-year [1]. - The board proposed an interim dividend of 0.18 RMB per share (including tax), totaling 1.8 billion RMB in dividends [1]. Share Buyback and Shareholder Commitment - The company plans to spend 0.5 to 1 billion RMB on repurchasing A-shares and 1.5 to 4 billion RMB on repurchasing H-shares [1]. - The controlling shareholder has committed to "no reduction in holdings and timely increase in holdings" [1]. Acquisition and Resource Expansion - The acquisition of Northwest Mining added 6.352 billion tons of coal resources and increased recoverable reserves by 3.652 billion tons [1]. - The company produces various types of coal, including thermal coal, injection coal, and coking coal, to meet diverse market demands [1]. Future Outlook - According to Minsheng Securities, the consolidation of Northwest Mining in Q3 2025, along with a rebound in coal prices in the second half of the year, is expected to improve the company's performance [1].