周期的潮水退去，煤炭企业价值回归商业本质，未来的制胜之道，源于成本、模式与资本的三大战略抉择... 行业整体表现：景气周期完整演绎，盈利中枢显著抬升 从2015年至2024年，煤炭行业主要上市公司样本（22家）合计经历了一轮完整的"去产能-景气上行-高位回落"的周期。数据显示，行业整体的经营规模、 盈利能力和运营效率均发生了结构性变化。总营业收入在2022年达到十年峰值14,083亿元，较2015年增长179%；总净利润更是在2022年达到惊人的2,912 亿元，是2015年的34.5倍。尽管2023-2024年景气度有所回落，但各项指标仍远高于周期起点，表明行业的价值中枢已得到根本性重塑。从财务数据看行 业周期的三大特征： ▪ 规模扩张与回落：收入增长见顶，体量今非昔比。行业总营业收入从2015年的5,054亿元持续攀升至2022年的14,083亿元，七年间复合增长率达15.8%。 这一增长主要由煤炭价格上涨驱动。2023年起，随着煤价中枢下移，总收入开始回落，但2024年仍保持在12,191亿元的高位，是2015年体量的2.4倍。这说 明行业整体的市场规模已迈上一个全新的台阶。 ▪ 盈利弹性与韧性：利润波 ...

[Table_Title] 钠离子电池：行则将至，未来可期 %% %% %% %% research.95579.com 行业研究丨深度报告丨电气设备 1 丨证券研究报告丨 报告要点 [Table_Summary] 钠电主题在 21-22 年发酵后，因锂价持续回落，逐步淡出新技术主题的视野。但产业链进展始 终在积极推进，钠电产品力提升本身有技术路线突破的变化，同时碳酸锂和铜价格波动进一步 放大钠电的经济性，本文将对此进行详细梳理。 分析师及联系人 [Table_Author] 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 王晓振 请阅读最后评级说明和重要声明 2 / 20 %% %% %% %% research.95579.com 2 电气设备 cjzqdt11111 [Table_Title2] 钠离子电池：行则将至，未来可期 [Table_Summary2] 钠离子电池：未来已来，钠锂共舞 伴随近期锂价波动、头部厂商战略和地缘风险，钠离子电池凭借降本潜力和低温优势重回大众 视野，并逐步从"技 ...

中新网阳泉1月5日电 题：500米井下"煤亮子"告别"黑煤面" 作者 范丽芳 张园园 清冷的月光漫过井架，夜色清寂如水，而山西阳泉——这座"煤城"的深处，500米深的井下，151306智 能化工作面通明如昼，矿工们有条不紊地调试参数，一派繁忙的生产景象。 华阳集团一号煤矿综采三队副队长赵华成坐在集控中心的操作台旁，指尖在按钮上轻轻一点，百米外的 采煤机便发出低沉的轰鸣，乌黑的原煤顺着皮带滚滚而出。 2026年，是他在矿井工作的第30年，与年轻时满脸煤灰、靠蛮力刨煤的"黑煤面"不同，如今的他成了操 控智能设备的"煤亮子"，在地下深处守着千家万户的光与热。 赵华成在 集控中心的操作台旁，轻点按钮，百米外的采煤机即可启动。张圆圆 摄 1997年，21岁的赵华成踏入华阳集团一号煤矿成了一名支架工。他至今记得第一次下井的震撼：上万根 液压单体柱密密麻麻扎在工作面，每根约150斤的单体柱全靠人工搬，一个班40多人围着忙活，两人一 组，每班都要负责至少500根单体柱。 "那会儿井下伸手不见五指，照明灯的光弱得像萤火虫，采煤机一开，煤尘扑得人连眼睛都睁不开。"赵 华成抬手摸了摸眼角的疤痕，一次作业中，飞溅的石粒砸中他的眼角， ...

行 业 及 产 业 煤炭/ 煤炭开采 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 严天鹏 A0230524090004 yantp@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 施佳瑜 A0230521040004 shijy@swsresearch.com 研究支持 施佳瑜 A0230521040004 shijy@swsresearch.com 联系人 施佳瑜 A0230521040004 shijy@swsresearch.com 重要信息回顾： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 2026 年 01 月 04 日 持续降温提振日耗，叠加年底安监 趋严，预计煤价上涨 看好 ——煤炭行业周报（2025.12.28-2026.1.4） 本期投资提示： ⚫ 动力煤方面，截至 2026 年 1 月 4 日，据中国煤炭市场网，秦皇岛港口 Q4500、 Q5000、 Q5500 动力煤现货价收报 505、593、682 元/吨，环比+18、+14、+6 元 ...

当新年的第一缕晨光洒向矿山，赵华成结束了跨年值守。他站在设备列车旁，望着源源不断运出的原 煤，心中满是期许："从人工刨煤到智能采煤，煤矿装备越来越先进，安全保障也越来越足。新的一 年，希望职工们都平平安安，继续给老百姓的日子添柴加火，把光明和温暖送到千家万户！" 综采三队副队长赵华成坐在集控中心的操作台旁，指尖在按钮上轻轻一点，百米外的采煤机便发出低沉 的轰鸣，乌黑的原煤顺着皮带滚滚而出。这是他在井下度过的又一个元旦，与年轻时满脸煤灰、靠力气 刨煤的"黑煤面"不同，如今的他成了操控智能设备的"煤亮子"，在地下深处守着千家万户的光与热。 走出集控中心，设备列车巷道里的灯带照亮了每个角落，地面扫得干干净净，煤尘几乎不见踪影。"以 前升井时，浑身都是黑煤灰，现在不一样了，我们也从'黑煤面'变成了'煤亮子'。"智能化重塑了矿井的 生产方式，也彻底改变了矿工的"模样"，让这份职业少了几分粗糙，多了几分体面。 "现在下井拼的是脑力。"赵华成说，矿上现在招人的门槛提高了，专科以上学历成了标配，队里还有研 究生加入，年轻人带着专业知识扎根井下，把采煤这活儿做得更精细、更高效，为矿井发展注入了新活 力。 2026年元旦零点的钟 ...

Core Insights - The report indicates that the coal industry is entering a new cycle with a significant increase in value, driven by supply-demand restructuring and improved market conditions [1][4]. Group 1: Cycle Review - The coal price center has significantly increased during the 14th Five-Year Plan, and the 15th Five-Year Plan is expected to usher in a new cycle [4][15]. - The report reviews four cycles of the coal industry, highlighting that the current cycle may see a recovery from the bottom in the second half of 2025 [15][16]. - The average price of Qinhuangdao port 5500 kcal thermal coal reached 718 RMB/ton in the second half of 2025, reflecting a 6% increase compared to the first half [20][21]. Group 2: Supply Restructuring - Coal production from 2020 to 2024 increased by 23% to 4.78 billion tons, but growth is expected to slow significantly in 2025, with production growth in Xinjiang only at 2.6% [4][33]. - The report anticipates that coal production will enter a peak and decline phase, with growth rates expected to be between 0.5% and 1.0% from 2026 to 2028 [4][33]. - Regulatory policies are expected to impact coal production, potentially leading to negative growth in certain periods [4][33]. Group 3: Demand Restructuring - The demand for coal is expected to maintain resilience, with electricity consumption projected to grow at around 5% over the next five years, driven by new manufacturing and increased electrification [4][33]. - The report notes that while coal consumption is expected to decline in the short term due to electricity demand pressures, it is likely to recover as macroeconomic policies strengthen in 2026 [4][33]. - Chemical demand is projected to grow at approximately 5%, while declines in steel and construction materials are expected to narrow [4][33]. Group 4: Global and Commodity Perspectives - The report highlights that global coal production is expected to decline, while Southeast Asian demand is projected to grow by 3-5% from 2025 to 2030 [4][33]. - Compared to other commodities, coal has shown weaker performance, with the copper-coal ratio and gold-coal ratio at historical highs [4][33]. - The coal industry's share of industrial profits has dropped to historical lows, while the electricity sector's profit share has reached a high of 10% [4][33]. Group 5: Overall Viewpoint - The report concludes that the coal price center is expected to rise to around 750 RMB/ton in 2026, with leading companies offering dividend yields of 4-6% [4][33]. - Key companies identified include China Shenhua, Yanzhou Coal, and Shaanxi Coal, which are expected to maintain stable profitability [4][33]. - The report emphasizes that after a pessimistic outlook on coal prices is reversed, valuation elasticity is likely to become apparent [4][33].

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 对本法律意见书的出具，本所律师特作如下声明： 北京国枫律师事务所 关于山西华阳集团新能股份有限公司 2025 年第三次临时股东会的 法律意见书 国枫律股字[2025]A0648 号 致：山西华阳集团新能股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2025 年第三次临时股东会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法律 业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法 律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《山西华阳集团新能 股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会议的召集与召开程 序、召集人资格、 ...

| 证券代码：600348 | 证券简称：华阳股份 | | | 公告编号：2025-045 | | --- | --- | --- | --- | --- | | 债券代码：240807 | 债券简称：华阳 | YK01 | | | | 债券代码：240929 | 债券简称：华阳 | YK02 | | | | 债券代码：241770 | 债券简称：24 | 华阳 | Y1 | | | 债券代码：241771 | 债券简称：24 | 华阳 | Y2 | | | 债券代码：241972 | 债券简称：24 | 华阳 | Y4 | | | 债券代码：244056 | 债券简称：25 | 华阳 | Y1 | | | 债券代码：244057 | 债券简称：25 | 华阳 | Y2 | | | 债券代码：244293 | 债券简称：25 | 华阳 | Y3 | | 山西华阳集团新能股份有限公司 2025年第三次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出 ...

Group 1 - The coal mining sector increased by 0.2% compared to the previous trading day, with Huayang Co. leading the gains [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] - Key stocks in the coal mining sector showed varied performance, with Huayang Co. closing at 8.43, up 3.18%, and other notable stocks like Xinda Zhou A and Jinkong Coal Industry also showing positive gains [1] Group 2 - The coal mining sector experienced a net outflow of 72.687 million yuan from main funds, while retail investors saw a net inflow of 21.4726 million yuan [2] - Major stocks like Shanxi Coal and Electricity and China Shenhua saw significant net inflows from retail investors, while others like Huaihe Energy experienced net outflows [3] - The data indicates a mixed sentiment among investors, with some stocks attracting retail interest while others faced selling pressure from main funds [3]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the coal industry [6]. Core Insights - The coal pricing policy in China has shifted from administrative price stabilization to market-oriented flexible regulation from 2022 to 2025, with a focus on optimizing supply structure and enhancing cost support [1][17]. - The complete cost of coal enterprises in major production areas provides a bottom support for port prices, with the support level estimated at approximately 574 RMB/ton for Shanxi and Shaanxi regions [2][30]. - The coal industry is expected to maintain its role as a cornerstone of China's energy system, with supply constraints and gradual energy structure transformation supporting a high price level for coal [11]. Summary by Sections 1. Special Research - The shift in coal pricing policy aims to stabilize energy supply while ensuring reasonable profits for coal and electricity sectors [1]. - The complete cost structure of coal enterprises includes production costs, period expenses, and taxes, with a focus on maintaining energy security and sustainable development [21]. 2. Market Review - The Shanghai Composite Index rose by 1.91% from December 13 to December 26, while the coal index fell by 0.35%, underperforming the overall market [3][32]. 3. Market Information Tracking - As of December 24, 2025, the average price of thermal coal in the Bohai Rim was reported at 695 RMB/ton, reflecting a decrease of 8 RMB/ton from December 10, 2025 [4]. - The price of coking coal at Jing Tang Port was reported at 1740 RMB/ton, an increase of 110 RMB/ton from December 12, 2025 [9]. 4. Industry Dynamics - The National Development and Reform Commission has issued guidelines to enhance the clean and efficient utilization of coal, encouraging upgrades and improvements in coal projects [10]. - The 2026 National Energy Work Conference emphasized the importance of policy support in addressing development challenges within the energy sector [10]. 5. Investment Portfolio and Recommendations - The report suggests focusing on companies with high long-term contract ratios for stable profits, such as China Shenhua, Shaanxi Coal, and China Coal Energy [11]. - It also highlights cyclical stocks like Yanzhou Coal and Jinkong Coal, as well as integrated coal and power companies like Xinji Energy and Huaihe Energy as potential investment opportunities [11].