2025年9月25日晚间，A股市场迎来一则重磅消息：中国平煤神马集团与河南能源集团正式启动战略重 组。五家上市公司——平煤股份、神马股份、易成新能、硅烷科技、大有能源同步发布公告，宣布河南 省委、省政府推动两大省管能源巨头整合。这场重组涉及超5500亿元资产，覆盖煤炭、化工、新能源全 产业链，标志着河南能源产业进入"航母级"发展新阶段。 重组背景：政策与市场的双重驱动 此次重组并非偶然。在国企改革深化背景下，能源行业正经历从"规模扩张"向"质量提升"的转型。河南 能源集团作为省内煤炭资源储备龙头，拥有284亿吨煤炭储量、8865万吨产能及近1000万吨化工产能； 而中国平煤神马集团则以尼龙化工、硅碳材料等特色产业链见长，其尼龙66盐、工程塑料产能居亚洲前 列，硅烷气、超高功率石墨电极、碳化硅粉体产能全国领先。 市场观点认为，河南能源在基础资源端优势突出，平煤神马在技术延伸端更具竞争力，重组可实现"煤 —焦—化—新能源"全链条贯通，减少同质化竞争，降低运营成本。数据显示，2024年两家集团营收合 计达2898亿元，重组后新集团有望冲击3000亿元营收目标。 战略蓝图：打造全球功能材料领军者 3．绿色转型：推进煤 ...

沪指9月29日上涨0.90%，申万所属行业中，今日上涨的有26个，涨幅居前的行业为非银金融、有色金 属，涨幅分别为3.84%、3.78%。跌幅居前的行业为煤炭、银行，跌幅分别为0.84%、0.46%。煤炭行业 位居今日跌幅榜首位。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600403 | 大有能源 | 0.00 | 4.02 | -8795.45 | | 000983 | 山西焦煤 | -2.52 | 1.77 | -8353.54 | | 601088 | 中国神华 | -1.06 | 0.19 | -7548.62 | | 601699 | 潞安环能 | 1.20 | 1.05 | -3844.25 | | 600397 | 江钨装备 | -6.28 | 5.01 | -3533.79 | | 000723 | 美锦能源 | 0.21 | 1.29 | -2944.48 | | 601918 | 新集能源 | -1.42 | 1.87 | -2758.45 | | 601225 | 陕 ...

国泰海通发布研报称，近日，平煤股份（601666）等5家上市公司同步发布公告，宣布接到控股股东通 知，河南省委、省政府决定对河南能源和中国平煤神马控股集团实施战略重组。此次河南省国资委超过 市场预期的快速的能源体系大合并，也是深化国企改革的重要落地。此次收购国企改革在煤电行业的重 大突破，有望带动A股国企改革的新一轮热潮。此外，随着7月国家能源局插手煤炭"反内卷"，7-8月煤 炭全国产量为3.8亿、3.9亿吨，明显弱于过去1年半的月均产量(约4亿吨)，实际煤炭产量收缩在所有反 内卷行业内领跑。 国泰海通主要观点如下： 国企改革带来的投资机会需要重视，有望形成板块效应 动力煤：价格淡季回升 截至2025年9月26日，北方黄骅港Q5500平仓价713元/吨，较前一周上涨0.6%。从供给看，国内稳定， 进口继续缩量：预计全年国内加进口总供给基本维持稳定下滑；需求端，预计6-8月需求大幅度改善， Q3盈利有望迎来反弹。 焦煤：期现共反弹，铁水有望淡季不淡 截至2025年9月26日，京唐港主焦煤库提价(山西产)1710元/吨，较前一周上涨(6.2%)。 上周日均铁水产量环比微降，需求端有望淡季不淡 行业回顾：1)截至2 ...

Investment Rating - The report rates the coal industry as "Overweight" [4]. Core Viewpoints - Coal prices are expected to rebound in the off-season, with pressure anticipated in the first half of 2026, but the year-on-year decline compared to 2025 will ease. It is projected that coal prices could exceed 800 RMB/ton in the second half of 2026 [2]. Summary by Sections Investment Highlights - The report recommends maintaining positions in key companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy, while also continuing to recommend Yanzhou Coal Mining and Jinneng Holding. The investment opportunities arising from state-owned enterprise reforms should be emphasized, which may create a sector-wide effect [4]. - The demand side shows a significant recovery, with total electricity consumption in August growing by 4.6%, compared to only 2.5% in Q1, and is expected to exceed a 5% growth rate for the year. This contradicts previous market pessimism [4]. - On the supply side, the output of raw coal in August was 390 million tons, a year-on-year decrease of 3.2%, but a month-on-month increase of 10 million tons. The total coal production for the year is expected to be stable at around 475-480 million tons, with a slight decline in H2 due to "overproduction checks" [4]. Coal Price Tracking - As of September 26, 2025, the price of Q5500 coal at Huanghua Port was 713 RMB/ton, up 0.6% from the previous week. The price of Q5000 coal at the same port was 622 RMB/ton, up 0.5% [7][10]. - The price of coking coal at Jingtang Port was 1710 RMB/ton, an increase of 6.2% from the previous week [35]. Inventory and Supply Chain - The inventory at Qinhuangdao decreased by 12.2% to 5.4 million tons as of September 25, 2025. The total inventory at northern ports was 29.64 million tons, down 0.9% [20]. - The report notes a decrease in both port and steel mill inventories, indicating a tightening supply situation [54][56]. International Coal Prices - The report highlights that Australian Newcastle coal prices have decreased, with the price of Q5500 coal at Newcastle being 71 USD/ton, up 1 USD (1.3%) from the previous week. The cost of domestic coal is lower than that of Australian imports by 7 RMB/ton [18][19].

南方中证1000ETF（512100）成立日期2016年9月29日，最新规模649.53亿。今年以来收益25.56%，同 类排名2090/4220；近一年收益53.35%，同类排名1382/3835；成立以来收益11.11%。 南方中证1000ETF（512100）基金经理为崔蕾。 9月29日，大有能源涨5.42%，截至发稿，报4.28元/股，成交2.22亿元，换手率2.23%，总市值102.33亿 元。 资料显示，河南大有能源股份有限公司位于河南省义马市千秋路6号，成立日期1998年1月15日，上市日 期2003年10月9日，公司主营业务涉及原煤开采、煤炭批发经营、煤炭洗选加工。主营业务收入构成 为：煤炭90.75%，其他收入3.21%，资产出租1.92%，材料销售1.56%，运输服务1.31%，地质服务 1.26%。 从大有能源十大流通股东角度 数据显示，南方基金旗下1只基金位居大有能源十大流通股东。南方中证1000ETF（512100）二季度增 持100.64万股，持有股数445.03万股，占流通股的比例为0.19%。根据测算，今日浮盈赚取约97.91万 元。 截至发稿，崔蕾累计任职时间6年328天，现 ...

长江商报消息●长江商报记者 沈右荣 国企改革持续发力，河南两大能源集团将实施联合重组。 9月25日晚，A股公司平煤股份（601666.SH）发布公告称，收到公司控股股东中国平煤神马控股集团有限公司 （以下简称"平煤神马集团"）的通知，河南省委、省政府决定，对河南能源集团有限公司（以下简称"河南能源集 团"）和平煤神马集团实施战略重组。 平煤神马集团与河南能源集团此前均经历过产业重组，目前同为河南省国资委控制的能源化工巨头，实力不菲。 "2025年中国企业500强"榜单显示，平煤神马集团、河南能源集团分别以营收1688.45亿元、1210.51亿元位居第159 位、221位。 如果两大集团成功完成战略重组，总资产将达5521.35亿元，或将成为仅次于中国神华的煤化能源巨头。 两大集团旗下合计有5家A股上市公司。9月26日，易成新能（300080.SZ）等3家公司股价涨停。 5521亿能源巨头或诞生 河南省两大能源集团将实施战略重组。 9月25日晚，包括平煤股份在内的5家A股公司发布公告，当日，收到公司控股股东的通知，河南省委、省政府决 定，对河南能源集团和平煤神马集团实施战略重组。 公告称，上述重组事项不会对公 ...

01 最终，还是合并在了一起。 9月25日，大有能源、平煤股份、易成新能、神马股份、硅烷科技同日公告，接到控股股东通知，河南 省委、省政府决定对河南能源集团有限公司和中国平煤神马控股集团有限公司实施战略重组。 官网显示，作为河南省的两大能源巨头，中国平煤神马集团和河南能源集团的实际控制人均为河南省国 资委。其中，平煤股份、神马股份均隶属于中国平煤神马集团，目前市值都超过百亿。中国平煤神马集 团在2008年由原平顶山煤业（集团）有限责任公司和原中国神马集团有限责任公司重组而成。 而原平煤集团为国家"一五"规划的重点项目之一，是新中国自行勘探设计、开发建设的第一个特大型煤 炭基地；原神马集团是改革开放之初国家第一批引进的9个重点建设项目之一。经过多年发展，已逐步 形成以煤盐为源头的多条特色产业链，成长为跨区域、跨行业、跨所有制经营的国有特大型集团，资产 规模超过2800亿元。 2010年第一次行业重组后，河南能源集团（合并义煤集团前，曾叫"河南煤化集团"）、平煤神马集团、 郑州煤电集团成为首批年产能突破5000万吨的大型煤炭企业，初步实现行业资源向优势企业集中、产业 集中度迅速提升的目的。 不过，河南煤炭资源经过 ...

本报（chinatimes.net.cn）记者李佳佳 李未来 北京报道 9月25日晚间，平煤股份（601666.SH）、神马股份（600810.SH）、易成新能（300080.SZ）、硅烷科技 （838402.BJ）和大有能源（600403.SH）5家上市公司纷纷公告，河南省委、省政府决定对河南能源集 团有限公司（下称"河南能源集团"）和中国平煤神马控股集团有限公司（下称"中国平煤神马集团"）实 施战略重组。 香颂资本执行董事沈萌告诉《华夏时报》记者，国企整合可形成业绩改善预期，特别是优质资产重组， 能够提升市场竞争力。 中国企业资本联盟副理事长柏文喜分析认为，此次集体上涨是典型的"事件性脉冲"，定价的是"合并预 期"而非"合并价值"。短期能否继续冲高，取决于市场对后续方案细节的想象空间和大盘情绪，波动性 大。中长期能否"站稳"甚至再上一个台阶，要看重组方案能不能带来每股盈利的真实增厚、负债率的下 降、现金流的改善，以及河南国资能否真正兑现"一体化"协同。 两大集团均有"重组基因" 作为河南省的两大能源巨头，中国平煤神马集团和河南能源集团的实际控制人均为河南省国资委。 据公开资料，中国平煤神马集团由原平煤集团 ...

Core Viewpoint - The strategic restructuring of two major energy state-owned enterprises in Henan, namely Henan Energy Group and Pingmei Shenma Group, has commenced, leading to significant stock price increases for several related companies [2][4]. Group 1: Strategic Restructuring Details - The restructuring involves five listed companies: Dayou Energy, Pingmei Shares, Yicheng New Energy, Shenma Shares, and Silane Technology, with the control remaining under the Henan Provincial State-owned Assets Supervision and Administration Commission [2][3]. - The combined total assets of the new group will exceed 500 billion yuan, with nearly 300,000 employees and a restructuring of the energy landscape in Henan [4][6]. Group 2: Financial Performance - As of mid-2023, Pingmei Shenma's total assets reached 288.48 billion yuan, while Henan Energy's total assets were 263.65 billion yuan [4]. - In the first half of 2023, Pingmei Shenma reported revenue of 78.82 billion yuan, and Henan Energy reported revenue of 63.76 billion yuan [4]. Group 3: Industry Context and Implications - The restructuring is seen as a response to the complex dynamics in the coal industry, characterized by stable demand, optimized supply, and increasing transformation pressures [5][6]. - The merger aims to address issues such as resource depletion in certain mining areas and the inefficiencies of existing coal enterprises, promoting a "strong union" to enhance resource allocation and reduce costs [5][6]. Group 4: Broader Trends in Energy Sector - The restructuring aligns with national trends of consolidating energy enterprises to enhance energy security and competitiveness, as seen in other provinces like Hunan and Sichuan [7][8]. - This trend is expected to continue, with more provinces likely to adopt similar strong union restructuring models as part of state-owned enterprise reforms and energy transition efforts [8].

Core Viewpoint - The strategic restructuring of Henan Energy Group and China Pingmei Shenma Group is aimed at enhancing operational efficiency and expanding their market presence, with both companies being significant players in the energy sector of Henan Province [1][2]. Group 1: Company Overview - China Pingmei Shenma Group and Henan Energy Group are both controlled by the Henan Provincial State-owned Assets Supervision and Administration Commission, with projected revenues of 168.8 billion yuan and 121 billion yuan respectively by the end of 2024 [1]. - Henan Energy Group has a registered capital of 21 billion yuan and operates in coal, chemical new materials, electricity, and renewable energy, with coal reserves of 28.4 billion tons and a chemical production capacity of nearly 10 million tons [1][2]. - China Pingmei Shenma Group was formed from the merger of Pingmei Group and Shenma Group in 2008 and has several listed subsidiaries, including six on the New Third Board [1][2]. Group 2: Strategic Developments - The restructuring aims to promote asset securitization and establish overseas financing platforms to support international expansion, with plans to have 6 to 7 listed companies by 2028 [3]. - Pingmei Shenma Group is actively pursuing listings in Hong Kong, with specific plans for Henan Pingmei Shenma Superhard Materials Co., Ltd. to complete its listing process by September 2026 [3]. Group 3: Recent Transactions and Projects - On September 25, 2023, Shenma Co. announced a plan to acquire a 2.16% minority stake in its subsidiary, Henan Shenma Nylon Chemical Co., increasing its ownership from 72.06% to 74.22% [4]. - Shenma Co. has made significant investments in its nylon chemical subsidiary, including a previous acquisition of a 10.27% stake for 952 million yuan, raising its total stake to 72.06% [4]. Group 4: Innovations and Achievements - Shenma Co. has made advancements in high-temperature nylon materials, with the first batch of equipment for a 1,000-ton/year high-temperature nylon 6T resin project arriving, which is expected to fill a gap in high-performance nylon materials in China [5]. - The company has successfully developed an 11-dtex ultra-high-strength nylon 66 industrial yarn, marking a significant technological achievement in the aviation tire material sector [5].