一揽子金融政策稳市场预期，否极泰来重视煤炭配置 ——行业周报 2025 年 05 月 11 日 投资评级：看好（维持） 行业走势图 -24% -12% 0% 12% 24% 煤炭 沪深300 行 业 周 报 相关研究报告 《红利与周期双逻辑，煤炭攻守兼备 —煤炭行业 2025 年中期投资策略》- 2025.5.8 《政治局会议传递"稳"字当头，否极 泰来重视煤炭配置 —行业周报》- 2025.4.27 《火电降幅收窄叠加进口减量，否极 泰来重视煤炭配置 —行业周报》- 2025.4.20 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 本周要闻回顾：一揽子金融政策稳市场预期，否极泰来重视煤炭配置 （1）动力煤方面：从价格端来看，本周动力煤港口价格小跌，截至 5 月 9 日，秦 港 Q5500 动力煤平仓价为 630 元/吨，环比下跌 20 元/吨，跌幅 3.08%；CCTD 动力 煤现货价（Q5500）为 643 元/吨，环比下跌 14 元/吨，跌幅 2.13%。从供给端来 看，国内生产方面，晋陕蒙煤矿开工率整体延续微跌趋势，截至 5 月 4 日，晋陕蒙 ...

一揽子金融政策稳市场预期，否极泰来重视煤炭配置 ——行业周报 2025 年 05 月 11 日 投资评级：看好（维持） 行业走势图 -24% -12% 0% 12% 24% 煤炭 沪深300 行 业 周 报 《政治局会议传递"稳"字当头，否极 泰来重视煤炭配置 —行业周报》- 2025.4.27 《火电降幅收窄叠加进口减量，否极 泰来重视煤炭配置 —行业周报》- 2025.4.20 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 本周要闻回顾：一揽子金融政策稳市场预期，否极泰来重视煤炭配置 （1）动力煤方面：从价格端来看，本周动力煤港口价格小跌，截至 5 月 9 日，秦 港 Q5500 动力煤平仓价为 630 元/吨，环比下跌 20 元/吨，跌幅 3.08%；CCTD 动力 煤现货价（Q5500）为 643 元/吨，环比下跌 14 元/吨，跌幅 2.13%。从供给端来 看，国内生产方面，晋陕蒙煤矿开工率整体延续微跌趋势，截至 5 月 4 日，晋陕蒙 三省 442 家煤矿开工率 81.1%，环比下跌 0.3 个百分点；进口方面，截至 5 月 9 日，进口印尼 ...

| [Table_StockAndRank] 煤炭开采 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 煤价节后延续弱势，底部渐显无需过忧 [Table_ReportTime] 2025 年 5 月 11 日 证券研究报告 行业研究-周报 [Table_ReportType] 行业周报 左前明：能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com ◆ 动力煤价格方面：本周秦港价格周环比下降，产地大同价格周环比下降。 港口动力煤：截至 5 月 10 日，秦皇岛港动力煤(Q5500)山西产市场价 635 元/吨，周环比下跌 17 元/吨。产地动力煤：截至 5 月 9 日，陕西 榆林动力块煤（Q6000）坑口价 588 元/吨，周环比下跌 2.0 元/吨；内 蒙古东胜大块精煤车板价（Q5500）484 元/吨，周环比下跌 12.7 元/吨; 大同南郊粘煤坑口价(含税)（Q5500）520 元/吨，周环比下跌 6 元/吨。 国际动力煤离岸价：截至 5 月 10 日，纽卡斯尔 NE ...

Core Viewpoint - The article discusses the organizational restructuring and leadership assignments within Jineng Holdings Group, highlighting the roles and responsibilities of key executives [1]. Leadership Assignments - Li Guobiao (Party Secretary, Chairman): Oversees the overall work of the Party Committee and Board of Directors, responsible for the Audit and Risk Control Department [3]. - Cui Shujian (Deputy Party Secretary, Vice Chairman, General Manager): Leads the management team and is responsible for the Comprehensive Office and Enterprise Management Department [4][5]. - Zhao Yuhong (Party Committee Member, Discipline Inspection Group Leader): Heads the discipline inspection work and assists the Party Committee in inspection tasks, overseeing the Inspection Office [6][7]. - Hou Yiming (Party Committee Member, Deputy General Manager): Responsible for electricity, power grid, sales, heating, clean energy, and large-scale wind and photovoltaic base construction in Jinbei mining subsidence area [9][10]. - Lü Weiyun (Party Committee Member, Deputy General Manager): Manages safety, environmental protection, emergency rescue, training, coal sales, and procurement supervision [12][13]. - Li Jianguang (Party Committee Member, Deputy General Manager): Focuses on strategic reform, investment planning, project construction, and energy conservation [15]. - Yao Guoping (Party Committee Member, Deputy General Manager): Responsible for equipment manufacturing, coal machinery repair, and photovoltaic manufacturing [15]. - Zheng Tao: Assists the General Manager in managing diversified and modern service industries [15]. - Gao Feng: Assists the Party Committee in managing ideology, publicity, and administrative services [15]. - Liu Ying (Chief Legal Advisor): Oversees legal affairs, compliance management, and contract review [19][20].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the importance of coal allocation, highlighting a stable economic environment as indicated by the political bureau meeting, which focuses on stability [1][3] - The coal sector is viewed as entering a "Golden Era 2.0," with core value assets expected to rise again due to favorable macroeconomic policies and capital market support [4][12] - The report suggests that coal stocks are attractive for both stable dividend investment and cyclical rebound potential, with expectations of improved demand and prices following policy implementations [4][12] Summary by Sections Investment Logic - The coal sector is seen as a stable dividend investment due to weak domestic economic performance and favorable international monetary policies [4][12] - The cyclical rebound potential is highlighted, with both thermal and coking coal prices expected to stabilize and rebound as supply-demand fundamentals improve [4][12] - The report identifies key coal stocks that are likely to benefit from these trends, categorized into dividend logic, cyclical logic, diversified aluminum elasticity, and growth logic [4][12] Key Indicators Overview - The coal market experienced a slight decline of 0.63%, underperforming the CSI 300 index by 1.02 percentage points [7][9] - The current PE ratio for the coal sector is 10.6, and the PB ratio is 1.2, indicating relatively low valuations compared to other sectors [9] Thermal Coal Industry Chain - As of April 25, the price of Qinhuangdao Q5500 thermal coal is 655 CNY/ton, down 1.21% from the previous week [15] - The operating rate of coal mines in Shanxi, Shaanxi, and Inner Mongolia is 81%, reflecting a slight decrease [15] - The total inventory at ports in the Bohai Rim is 31.09 million tons, down 2.66% from the previous week [15] Coking Coal Industry Chain - The price of main coking coal at the Jing Tang port remains stable at 1380 CNY/ton [16] - The average daily pig iron production from major steel mills is 2.444 million tons, showing a week-on-week increase [16] - The profitability of major steel mills has improved, supporting the demand for coking coal [16]

2025 年 04 月 27 日 政治局会议传递"稳"字当头，否极泰来重视煤炭配置 ——行业周报 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -19% -10% 0% 10% 19% 29% 2024-04 2024-08 2024-12 煤炭 沪深300 相关研究报告 《火电降幅收窄叠加进口减量，否极 泰来重视煤炭配置 —行业周报》- 2025.4.20 《贸易摩擦升级内需有望发力，否极 泰来重视煤炭配置 —行业周报》- 2025.4.13 开 源 证 券 证 券 研 究 煤炭 请务必参阅正文后面的信息披露和法律声明 1/31 《美国关税超预期致市场趋于避险， 重视煤炭攻守兼备 —行业周报》- 2025.4.6 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 本周要闻回顾：政治局会议传递"稳"字当头，否极泰来重视煤炭配置 （1）动力煤方面：从价格端来看，本周动力煤港口价格小跌，截至 4 月 25 日，秦 港 Q5500 动力煤平仓价为 655 元/吨，环比下跌 8 元/吨，跌幅 1.21%；CCTD 动力 煤现货价（Q5500）为 66 ...

证券代码：600508 证券简称：上海能源 编号：临 2025-014 上海大屯能源股份有限公司 2025 年第一季度经营数据公告 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。 根据上海证券交易所《上市公司自律监管指引第 3 号—— 行业信息披露》要求，现将公司 2025 年第一季度经营数据公告 如下： 特此公告。 | 项目 | 2025 年 | 2024 年 | 变动比例 | | --- | --- | --- | --- | | | 1-3 月 | 1-3 月 | （%） | | 一、原煤产量（万吨） | 181.72 | 226.75 | -19.86 | | 二、洗精煤产量（万吨） | 93.28 | 107.14 | -12.94 | | 三、商品煤产量（万吨） | 133.95 | 153.93 | -12.98 | | 四、商品煤销量（万吨） | 120.86 | 130.43 | -7.34 | | 其中：1、外销量（万吨） | 107.84 | 117.58 | -8.28 | | 2、自用量（万吨） | ...

证券代码：600508 证券简称：上海能源 编号：临 2025-015 上海大屯能源股份有限公司 第九届董事会第六次会议决议公告 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。 《上海能源 2025 年第一季度报告》详见上海证券交易所网 站 http://www.sse.com.cn。 二、审议通过关于公司经理层成员 2025 年度经营业绩责任 书的议案 表决结果：同意 8 票，反对 0 票，弃权 0 票。 本议案已经公司董事会薪酬与考核委员会 2025 年第二次会 议审议通过，并形成提交公司董事会审议的审核意见。 特此公告。 公司第九届董事会第六次会议于 2025 年 4 月 24 日在公司行 政研发中心召开。应到董事 8 人，实到 8 人，董事长张付涛先生、 副董事长李跃文先生，董事刘广东先生、吴凤东先生，独立董事 朱凤山先生、朱义军先生现场参加会议；董事朱世艳女士、独立 董事吴娜女士以视频方式参加会议。公司部分监事、高级管理人 员及有关人员列席了会议，符合《公司法》和《公司章程》有关 规定。公司董事长张付涛先生主持会议 ...

证券代码：600508 证券简称：上海能源 编号：临 2025-016 上海大屯能源股份有限公司 关于部分董事、监事、高级管理人员及中层管理人员 增持公司股份计划的公告 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： 上海大屯能源股份有限公司（以下简称"公司"）部分董事、 监事、高级管理人员及中层管理人员拟自 2025 年 4 月 26 日起 6 个月内，以其自有资金通过上海证券交易所采用集中竞价交易方 式增持公司 A 股股份，合计增持股份金额不低于人民币 700 万 元（以下简称"本次增持计划"）。 本次权益变动属于增持，不触及要约收购，不会导致公司 控股股东及实际控制人发生变化。 本次增持计划实施可能存在因资本市场情况发生变化、增 持资金筹措进度不及预期等因素，导致增持计划延迟实施或无法 实施的风险。如增持计划实施过程中出现相关风险情形，公司将 及时履行信息披露义务。 一、增持主体 （一）增持主体：公司董事张付涛、李跃文、刘广东，监事 袁辉、罗彩云，高级管理人员张成斌、翁明月、吴宇、倪先杰、 段建军及部分中 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,736,025,328.01, a decrease of 25.16% compared to ¥2,319,567,984.56 in the same period last year[5] - Net profit attributable to shareholders was ¥104,605,869.62, down 65.45% from ¥302,764,646.91 year-on-year[5] - The basic earnings per share decreased by 66.67% to ¥0.14 from ¥0.42 in the same period last year[5] - Total operating revenue for Q1 2025 was CNY 1,736,025,328.01, a decrease of 25.1% compared to CNY 2,319,567,984.56 in Q1 2024[17] - Operating profit for Q1 2025 was CNY 129,120,423.49, a decline of 68.9% from CNY 414,829,774.69 in Q1 2024[17] - The total revenue for Q1 2025 was approximately CNY 1.77 billion, a decrease of 26.4% compared to CNY 2.41 billion in Q1 2024[21] - The net profit for Q1 2025 was CNY 94.53 million, down 68.4% from CNY 299.32 million in Q1 2024[18] - The total comprehensive income for Q1 2025 was CNY 94.78 million, significantly lower than CNY 299.06 million in Q1 2024[18] Cash Flow and Liquidity - The net cash flow from operating activities was -¥191,240,655.73, a decline of 373.87% compared to ¥69,829,769.13 in the previous year[5] - The operating cash flow for Q1 2025 showed a net outflow of CNY 191.24 million, contrasting with a net inflow of CNY 69.83 million in Q1 2024[21] - The company incurred a total operating cash outflow of CNY 1.96 billion in Q1 2025, compared to CNY 2.34 billion in Q1 2024[21] - Cash and cash equivalents decreased to CNY 2,251,680,593.43 as of March 31, 2025, from CNY 2,704,463,608.98 at the end of 2024, a reduction of 16.7%[12] - The cash and cash equivalents at the end of Q1 2025 were CNY 1.81 billion, a decrease from CNY 2.59 billion at the end of Q1 2024[22] - The company raised CNY 53 million through borrowings in Q1 2025, an increase from CNY 46 million in Q1 2024[22] - The company’s cash flow from investing activities showed a net outflow of CNY 269.97 million in Q1 2025, compared to CNY 158.09 million in Q1 2024[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥19,505,564,926.88, a slight decrease of 0.93% from ¥19,688,050,576.37 at the end of the previous year[5] - Total assets as of March 31, 2025, were CNY 19,505,564,926.88, a decrease of 0.9% from CNY 19,688,050,576.37 at the end of 2024[14] - Total liabilities decreased to CNY 6,636,639,471.12 as of March 31, 2025, down 4.2% from CNY 6,924,621,416.89 at the end of 2024[14] - Non-current liabilities increased to CNY 3,749,853,125.22 in Q1 2025, up 1.7% from CNY 3,687,129,882.20 in Q4 2024[14] - Accounts receivable increased to CNY 487,455,882.28 in Q1 2025, up 41.7% from CNY 344,111,309.29 in Q4 2024[12] - Inventory rose to CNY 413,563,552.21 in Q1 2025, an increase of 62.7% compared to CNY 254,284,824.18 in Q4 2024[12] Production and Operational Efforts - The company produced 1.8172 million tons of self-produced coal and 0.9328 million tons of washed coal during Q1 2025[11] - The company generated 898 million kWh of electricity and processed 28,900 tons of aluminum during the same period[11] - The company is actively working to stabilize production capacity and improve coal quality in response to market challenges[7] - The company aims to enhance cost reduction and efficiency improvement measures to achieve production and operational targets[7] Return on Equity - The weighted average return on equity decreased to 0.81% from 2.37% year-on-year[5] Impairment Loss - The company reported a net credit impairment loss of CNY -1,421,693.99 in Q1 2025, compared to CNY -92,800.98 in Q1 2024[17] - The company reported a decrease in other comprehensive income, with a net amount of CNY 248,898.88 in Q1 2025, compared to a loss of CNY 259,539.54 in Q1 2024[18]