8月22日，华阳股份盘中下跌2.03%，截至10:28，报7.23元/股，成交9494.47万元，换手率0.36%，总市值260.82亿元。 截至8月8日，华阳股份股东户数9.00万，较上期减少7.22%；人均流通股40083股，较上期增加7.78%。2025年1月-3月，华阳股份实现营业收入58.17亿元，同比减少5.53%；归母净利润5 分红方面，华阳股份A股上市后累计派现129.30亿元。近三年，累计派现58.14亿元。 机构持仓方面，截止2025年3月31日，华阳股份十大流通股东中，香港中央结算有限公司位居第二大流通股东，持股2852.53万股，相比上期减少1539.88万股。南方中证500ETF（510500） 责任编辑：小浪快报 今年以来华阳股份已经1次登上龙虎榜，最近一次登上龙虎榜为3月25日，当日龙虎榜净买入1.59亿元；买入总计2.69亿元 ，占总成交额比27.83%；卖出总计1.10亿元 ，占总成交额比11.4 资料显示，山西华阳集团新能股份有限公司位于山西省阳泉市桃北西街2号，成立日期1999年12月30日，上市日期2003年8月21日，公司主营业务涉及主要从事煤炭生产、洗选加工、销售, ...

主力资金净流出居前的分别为北方国际（9878.72万元）、中洲特材（5202.55万元）、华阳股份 （3330.25万元）、特变电工（3215.31万元）、久立特材（3200.27万元）。 8月19日，超超临界发电概念上涨0.28%，今日主力资金流出9093.52万元，概念股18只上涨，22只下 跌。 序号代码名称最新价涨跌幅主力净流入主力净占比1002272川润股份18.0210.019275.54万元 5.38%2600027华电国际5.360.757774.79万元16.92%3600805悦达投资5.9110.064895.30万元 29.82%4600481双良节能6.220.654456.44万元6.26%5600744华银电力7.31.393335.56万元2.53%6000928中 钢国际6.650.152536.21万元10.26%7600011华能国际7.270.141856.03万元3.42%8002608江苏国信 7.590.01144.96万元11.13%9600509天富能源6.720.31091.28万元5.22%10000543皖能电力7.10.14525.34万 元4.04% ...

丨证券研究报告丨 行业研究丨点评报告丨煤炭与消费用燃料 [Table_Title] 7 月统计局数据点评 ——原煤产量同比转负，旺季火电增幅扩大 报告要点 [Table_Summary] 展望后市：1）动力煤：随着高温天气继续推升日耗刺激电厂采购需求释放，及后续"金九银十" 非电旺季有望维持用电韧性，或为动力煤价持续上行带来期待，后续关注产地超产核查情况、 高温天气催化及终端需求释放持续性，考虑到当前煤炭红利板块依旧低配，股息率性价比较高， 防御配置价值凸显。2）焦煤：超产管控、阅兵前安监偏严及部分矿井自发实行"276"限产共同 使得供给整体偏紧，铁水高位震荡下终端用煤刚需有支撑但采购需求或阶段性放缓，短期焦煤 价格或趋稳运行，在政策预期催化及中报利空释放后有望博弈焦煤阶段性配置机会。 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 ...

| | | 年 2025 | | 月 | | 08 | 日 | 行业研究 评级：推荐(维持) | 17 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 研究所： | | | | | | | | [Table_Title] 查超产影响下供给恢复偏慢， | | | 证券分析师： | | 陈晨 | S0350522110007 | | | | | | | | | | | | | | chenc09@ghzq.com.cn | | | | | 联系人 | ： | 张益 | S0350124100016 | | | | | 煤炭基本面旺季强势依旧 | | | | | | | | | zhangy33@ghzq.com.cn | | | | | 联系人 | ： | 徐萌 | S0350125070001 | | | | | | | | | | | | | xum02@ghzq.com.cn | | | ——煤炭开采行业周报 | | 最近一年走势 | 行业相对表现 | | | 2025/08/15 | | --- | --- | --- | ...

丨证券研究报告丨 行业研究丨行业周报丨煤炭与消费用燃料 [Table_Title] 钢铁限产，焦煤价格就一定回落吗？ 报告要点 [Table_Summary] 近期钢铁限产预期增强，市场普遍担忧钢铁限产往往会导致焦煤需求回落，从而抑制焦煤价格。 然而历史上来看并非如此：由于钢铁行政性限产往往引发钢厂利润快速修复，因此减弱了钢厂 对上游原材料的压价意愿，最终形成钢焦共振上涨格局，权益端也存在绝对收益；然而若钢铁 因亏损较多而导致自发性减产，则钢焦价格往往共振回落，权益端表现同样较差。展望 2025 年，当前钢厂利润依旧较优，自发性减产动力不足；若后续存行政性减产可能，有望使得钢焦 价格共振上涨，权益端也有望获得绝对收益。 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 %% %% %% %% research.95579 ...

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - Coal inventory has decreased year-on-year for the first time, indicating a continuous improvement in the fundamentals of the coal industry [1] - The coal sector has underperformed compared to the CSI 300 index, with a decline of 0.77% as of August 15, 2025, while the CSI 300 index rose by 2.37% [2] - Key monitored enterprises reported an average daily coal sales volume of 7.15 million tons, a week-on-week increase of 1.9% and a year-on-year increase of 5.3% [2] - The total coal inventory of key monitored enterprises was 26.18 million tons as of August 14, 2025, a week-on-week decrease of 5.9% and a year-on-year decrease of 3.1% [2] - The supply-demand balance in the coal market is improving, with significant price increases for thermal coal and potential marginal improvements in the coking coal sector due to environmental factors [6] Summary by Sections Thermal Coal Industry Chain - As of August 15, 2025, the price index for thermal coal (Q5500K) in the Bohai Rim was 670 CNY/ton, a week-on-week increase of 0.3% [3] - The average daily sales volume of thermal coal increased by 0.6% week-on-week [2] Coking Coal Industry Chain - The main coking coal price at Jingtang Port was 1,630 CNY/ton, unchanged week-on-week [4] - The inventory of coking coal at Jingtang Port decreased by 5.4% week-on-week [4] Coal Chemical Industry Chain - The price of methanol in East China was 2,354.55 CNY/ton, a week-on-week decrease of 38.86 CNY/ton [5] - The price of urea in Henan was 1,700 CNY/ton, a week-on-week decrease of 50 CNY/ton [5] Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies and coking coal companies undergoing turnaround [6] - Key companies to watch include China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining Company for thermal coal; and Huabei Mining, Shanxi Coking Coal, and Lu'an Environmental Energy for coking coal [6]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Viewpoints - The coal mining industry has seen an unexpected improvement in fundamentals as of July 2025, with significant changes in production and demand dynamics [2][7] - The report highlights a notable decline in coal production and imports in July, alongside a significant increase in thermal power demand due to high temperatures [11][30] - The overall supply of coal has contracted, while demand from key sectors such as electricity generation has shown signs of recovery [12][50] Summary by Sections Recent Trends - The coal mining sector's performance over the last month shows a 6.8% increase over one month, a 3.5% increase over three months, but a 5.2% decrease over twelve months [4] Supply Dynamics - In July 2025, the production of raw coal decreased by 3.8% year-on-year, with a daily average production of 12.29 million tons, reflecting a month-on-month reduction of 1.746 million tons per day [19][21] - The report notes that coal imports in July 2025 were 35.609 million tons, down 23% year-on-year, indicating a tightening supply [9][29] Demand Dynamics - The demand for thermal power increased significantly in July, with a year-on-year growth of 4.3%, marking a 3.2 percentage point increase from June [11][30] - The report estimates that the four major industries (electricity, steel, chemicals, and construction materials) contributed to a 3.8% year-on-year increase in coal consumption in July [50] Inventory Management - By the end of July, coal inventories at production enterprises decreased by 168,000 tons to 4.096 million tons, indicating effective inventory management [51][52] Investment Recommendations - The report suggests focusing on stable companies such as China Shenhua, Shaanxi Coal, and China Coal Energy, as well as companies with greater elasticity in thermal coal like Yanzhou Coal and Jinneng Holding [12][14]

煤炭周报 供给收缩显现，港口库存再度下滑，煤价弹性充足 2025 年 08 月 16 日 ➢ 供给收缩显现，港口库存再度下滑，煤价弹性充足。因前期低煤价持续，4 月以来国内新疆产量和进口量明显收缩，7 月全国原煤产量年内首次同比负增长， 降幅达 3.8%。7 月底国家能源局发文对重点省区煤矿展开生产核查，产地煤矿 进入自查阶段，部分超产矿井已自发减量，预计 8 月下旬超产矿井全面减产，减 量幅度加大，同时产能核减政策有望跟进，增产保供期间核增的产能预计部分转 为储备产能，届时供给收缩力度再度加强。受减产影响，港口实现淡季去库存， 近期伴随需求释放且发运倒挂严重，本周港口库存已显著低于去年同期，电厂库 存亦然。需求方面，6 月以来总发电量恢复增长，火电负增长不再且增速扩大， 7 月全国发电量同比增速 3.1%（环比+1.4pct）、火电发电量同比增速 4.3%（环 比+3.2pct），同时钢铁、煤化工等下游需求边际好转。7 月初以来，煤价已从 615 元/吨反弹至 700 元/吨，且涨幅逐步扩大，伴随供需持续改善，煤价有望淡 季延续涨势，回到 24Q3 水平，底部价格 800 元/吨以上，高点有望突破 1000 ...

Group 1 - The core viewpoint of the article highlights the growth in China's coal production, with a projected output of 420 million tons by June 2025, reflecting a year-on-year increase of 3% [1] - In the first half of 2025, China's cumulative coal production reached 2.4 billion tons, marking a cumulative growth of 5.4% [1] - The report by Zhiyan Consulting provides an analysis of the supply and demand dynamics in the coal mining industry in China from 2025 to 2031, indicating potential market operation capabilities [1] Group 2 - Listed companies in the coal sector include China Shenhua (601088), Zhongmei Energy (601898), Shanxi Coking Coal (000983), and others, indicating a diverse market landscape [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports and tailored services [2] - Data sources for the report include the National Bureau of Statistics and Zhiyan Consulting, ensuring credibility and accuracy in the presented figures [3]

截至2025年8月13日15时，华阳股份股价报7.49元，较前一交易日下跌0.07元，跌幅0.93%。当日开盘价 为7.56元，最高触及7.56元，最低下探至7.42元，成交量为34.38万手，成交额2.57亿元。 华阳股份主营业务为煤炭开采、洗选加工及销售，同时涉及煤化工领域。公司所属板块包括煤炭行业、 山西板块、稀缺资源等。 数据显示，华阳股份最新股东户数为9万户，较上期减少7.22%，已连续4期下降。 8月13日，华阳股份主力资金净流出4760.07万元，占流通市值的0.18%。近5日主力资金累计净流出2.27 亿元，占流通市值的0.84%。 风险提示：股市有风险，投资需谨慎。 ...