Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The report indicates that the coal economy is at the beginning of a new upward cycle, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [3][13] - The report highlights that coal prices have shown signs of stabilization, and there is an expectation for price increases due to seasonal demand and supply constraints [5][13] - The report emphasizes the continued investment logic of coal capacity shortages, with a short-term balance and a long-term gap in supply [13][14] Summary by Sections Coal Price Tracking - As of September 19, the market price for Qinhuangdao port thermal coal (Q5500) is 699 CNY/ton, an increase of 21 CNY/ton week-on-week [4][31] - The price for coking coal at Jingtang port is 1610 CNY/ton, up 60 CNY/ton week-on-week [4][33] - International thermal coal prices have also seen fluctuations, with Newcastle thermal coal at 69.6 USD/ton, a week-on-week increase of 0.4 USD/ton [4][31] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.7%, an increase of 2.4 percentage points week-on-week [4][48] - Daily coal consumption in inland provinces has increased by 4.10 thousand tons/day (+1.22%) [5][13] - The report notes that the supply side is still constrained by policies, and the demand is expected to rise as winter heating needs begin [5][13] Industry Performance - The coal sector has shown a weekly increase of 3.59%, outperforming the broader market [16] - The report identifies key companies to focus on, including China Shenhua, Shaanxi Coal, and others, highlighting their stable operations and strong performance [14][16]

（文章来源：证券日报） 证券日报网讯 9月9日晚间，盘江股份发布公告称，公司于2025年9月8日接到公司控股股东贵州能源集 团有限公司（简称"贵州能源"）告知函，贵州能源吸收合并贵州乌江能源集团有限责任公司事项已取得 贵州省人民政府国有资产监督管理委员会批复，吸收合并双方已于2025年9月8日签署《吸收合并协 议》。 ...

证券代码：600395 证券简称：盘江股份 编号：临 2025-045 贵州盘江精煤股份有限公司（以下简称"公司"）于 2025 年 9 月 8 日接 到公司控股股东贵州能源集团有限公司（以下简称"贵州能源"）告知函， 贵州能源吸收合并贵州乌江能源集团有限责任公司（以下简称"乌江能源"） 事项已取得贵州省人民政府国有资产监督管理委员会（以下简称"贵州省 国资委"）批复，吸收合并双方已于 2025 年 9 月 8 日签署《吸收合并协议》。 现将吸收合并事项相关内容公告如下： 一、吸收合并的主要内容 2.吸收合并方式：乌江能源的全部资产、债权债务、证照资质、业务、 对外投资等均纳入本次吸收合并范围。吸收合并后，乌江能源债权债务、 乌江能源持有其他公司的股权均由贵州能源承继。合并后贵州能源继续存 续，乌江能源解散并注销。 贵州盘江精煤股份有限公司 关于控股股东吸收合并的进展公告 3.吸收合并后贵州能源股权结构 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。 | 序号 | 股东名称 | 出资比例（%） | 认缴出资额（万元） | | ...

Core Insights - Guizhou listed companies have shown significant growth in both revenue and net profit, with 25 companies reporting profits and 19 companies achieving year-on-year revenue growth in the first half of 2025 [1][2][3] Revenue Performance - In the first half of 2025, Guizhou listed companies achieved a total revenue of 172.85 billion yuan, representing a year-on-year increase of 6.03% and a 52.29% increase compared to the same period in 2021 [2] - The revenue growth rate of Guizhou listed companies is ranked 4th nationally and 3rd in the western region, surpassing the GDP growth rate of Guizhou by 0.73 percentage points [2] - Among these companies, 18 have revenues exceeding 1 billion yuan, and 6 have revenues exceeding 5 billion yuan, with Kweichow Moutai leading at 89.39 billion yuan [2] Profitability - Guizhou listed companies reported a total net profit of 50.26 billion yuan in the first half of 2025, ranking 9th nationally and 2nd in the western region, with a year-on-year increase of 5.37% and a 60.45% increase compared to 2021 [3] - 71.43% of the companies reported profits, with Kweichow Moutai again leading at 45.40 billion yuan [3] Innovation and R&D - A total of 33 Guizhou listed companies disclosed R&D expenditures, totaling 2.52 billion yuan, a slight increase of 0.04% year-on-year and a 70.18% increase compared to 2021 [4] - 6 companies reported R&D expenditures exceeding 100 million yuan, with Zhongwei Co. leading at 545 million yuan [4] International Business - 13 companies reported overseas business income totaling 18.29 billion yuan, reflecting an 18.66% year-on-year increase, with Zhongwei Co. achieving 10.78 billion yuan in overseas revenue [5] Investor Returns - In the first half of 2025, 7 Guizhou listed companies announced interim dividend plans, with a total dividend amount of 591 million yuan, nearly quadrupling from the previous year [7] - 8 companies engaged in share buybacks, investing a total of 7.14 billion yuan, ranking 6th nationally [7]

Group 1: Market Performance - The coal mining sector increased by 0.03% compared to the previous trading day, with Electric Power Investment leading the gains [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Group 2: Individual Stock Performance - Electric Power Investment (002128) closed at 21.37, up 1.38% with a trading volume of 162,300 shares [1] - Yongtai Energy (600157) closed at 1.49, up 1.36% with a trading volume of 9.64 million shares [1] - China Shenhua (601088) closed at 38.16, up 0.69% with a trading volume of 425,700 shares [1] - Jinko Energy (601001) closed at 12.96, down 2.56% with a trading volume of 226,400 shares [2] Group 3: Capital Flow Analysis - The coal mining sector experienced a net outflow of 420 million yuan from main funds, while retail investors saw a net inflow of 314 million yuan [2] - The main funds showed a negative net flow in several stocks, including Yongtai Energy and Pingmei Shenhua [3] - Retail investors contributed positively to stocks like Gansu Energy and New Dazhou A, indicating varied investor sentiment across the sector [3]

Group 1 - The stock price of Panjiang Coal Industry Co., Ltd. has increased for four consecutive days, with a current price of 5.28 CNY per share and a total market capitalization of 11.334 billion CNY [1] - The company's main business involves coal mining, washing, processing, and sales, as well as electricity production and sales, with revenue composition being 49.71% from coal, 47.47% from electricity, 1.54% from other sources, and 1.28% from machinery [1] Group 2 - According to data, a fund under China Merchants Fund has increased its holdings in Panjiang Coal, with the China Merchants CSI Coal Equal-weighted Index A fund (161724) adding 594,300 shares in the second quarter, bringing total holdings to 5.2652 million shares, accounting for 3.27% of the fund's net value [2] - The fund has generated a floating profit of approximately 2.78 million CNY during the four-day price increase, with a total floating profit of about 158,000 CNY on the day of reporting [2] - The fund manager, Hou Hao, has a tenure of 8 years and 14 days, with a total asset scale of 55.459 billion CNY, while the other manager, Deng Tong, has a tenure of 3 years and 285 days, managing assets of 10.902 billion CNY [2]

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]

Core Viewpoint - The company has shown significant improvement in Q2 earnings, driven by rising coal prices and increased electricity generation, maintaining a "buy" rating. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 5.15 billion yuan, a year-on-year increase of 27.3%, while the net profit attributable to shareholders was a loss of 5.095 million yuan, a decline of 113.67% year-on-year [1] - In Q2 2025, revenue reached 2.67 billion yuan, a quarter-on-quarter increase of 7.6%, with a net profit of 99.477 million yuan, a quarter-on-quarter increase of 200 million yuan [1] - The company has revised its profit forecasts for 2025-2027, expecting net profits of 243 million, 372 million, and 472 million yuan respectively, with year-on-year growth rates of 133.4%, 53.1%, and 26.9% [1] Group 2: Coal and Power Business - In H1 2025, the company produced 5.154 million tons of marketable coal, a year-on-year increase of 15.3%, while external sales decreased by 3.1% to 3.947 million tons [2] - The average selling price of coal in H1 2025 was 684.8 yuan per ton, down 22.3% year-on-year, while the cost per ton was 513.2 yuan, down 20.3% year-on-year [2] - In H1 2025, the company's electricity generation increased significantly, with a total output of 7.13 billion kWh, a year-on-year increase of 380% [2] Group 3: Capacity Expansion and Integration - The company has commenced production at the Mayixi No. 1 mine, which has an annual capacity of 2.4 million tons, and is progressing with the second phase of construction [3] - As of June 2025, the company has established a total installed capacity of 2.64 million kilowatts for thermal power and 3.9396 million kilowatts for renewable energy, forming a multi-energy supply structure [3] - The company is set to benefit from a 15% corporate income tax reduction starting in 2025, along with additional financial incentives totaling 48.563 million yuan [3]

Core Viewpoint - The financial performance of Panjiang Co., Ltd. (600395) for the first half of 2025 shows a significant increase in revenue but a substantial decline in net profit, indicating challenges in profitability despite revenue growth [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 5.152 billion yuan, a year-on-year increase of 27.34% compared to 4.046 billion yuan in 2024 [1]. - The net profit attributable to shareholders was -5.0951 million yuan, a decline of 113.67% from a profit of 37.2748 million yuan in the previous year [1]. - The gross profit margin decreased to 21.79%, down 17.06% year-on-year, while the net profit margin fell to -0.44%, a drop of 128.38% [1]. - Accounts receivable increased significantly by 62.98%, reaching 910 million yuan, compared to 558 million yuan in the previous year [1]. Cost and Expense Analysis - Total operating costs increased by 35.08%, driven by higher material consumption in power generation and other business costs [3]. - Selling, general, and administrative expenses totaled 777 million yuan, accounting for 15.09% of revenue, a decrease of 21.1% year-on-year [1]. - Financial expenses surged by 105.67%, attributed to increased interest expenses as projects moved into operation [4]. Cash Flow and Asset Management - Operating cash flow per share improved significantly by 184.55%, reaching 0.14 yuan, compared to 0.05 yuan in the previous year [1]. - The company reported a decrease in cash and cash equivalents by 5.34%, totaling 2.52 billion yuan [1]. - The ratio of cash to current liabilities stands at 23.98%, indicating potential liquidity concerns [8]. Investment and R&D - R&D expenses increased by 18.87%, reflecting the company's commitment to innovation and technology [5]. - The return on invested capital (ROIC) was reported at 1.5%, indicating weak capital efficiency [8]. Market Position and Future Outlook - Analysts project a net profit of 236 million yuan for 2025, with an average earnings per share of 0.11 yuan [8]. - The company’s reliance on coal and power generation remains a critical factor for future performance, necessitating close monitoring of capital expenditures and operational efficiency [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 earnings have significantly improved, driven by rising coal prices and increased electricity generation [3] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 243 million, 372 million, and 472 million yuan respectively, reflecting year-on-year growth of 133.4%, 53.1%, and 26.9% [3] - The company's coal production capacity is expected to grow, and the integration of coal, electricity, and renewable energy is progressing steadily [3] Financial Performance Summary - In H1 2025, the company achieved revenue of 5.15 billion yuan, a year-on-year increase of 27.3%, while the net profit attributable to shareholders was a loss of 5.1 million yuan, down 113.67% year-on-year [3] - In Q2 2025, revenue reached 2.67 billion yuan, up 7.6% quarter-on-quarter, with a net profit of 99.48 million yuan, an increase of 200 million yuan quarter-on-quarter [3] - The average selling price of coal in H1 2025 was 684.8 yuan per ton, down 22.3% year-on-year, while the cost per ton was 513.2 yuan, down 20.3% year-on-year [4] - The company's electricity generation in H1 2025 was 7.13 billion kWh, a year-on-year increase of 380% [4] Capacity and Project Development - The company has commenced production at the Mayixi No. 1 well, contributing an annual capacity of 2.4 million tons, with further projects underway [5] - As of June 2025, the company has established a total installed capacity of 2.64 million kilowatts for thermal power generation and 3.9396 million kilowatts for renewable energy [5] - The company benefits from policy incentives, including a 15% corporate income tax reduction starting in 2025, which supports its expansion in renewable energy [5]