公募基金二季报本周进入密集披露期，部分头部基金及知名基金经理的调仓动向也备受市场关注。 综合来看，各家基金在二季度保持了高仓位运作，新能源产业链、医药消费等成为关注重点。 此外，睿远基金傅鹏博管理的基金则对光伏行业板块个股更为关注。综合季报，通威股份、迈为股 份等新晋十大重仓股，大族激光、先导智能等退出前十大重仓股序列；由傅鹏博、朱璘管理的睿远成长 价值混合基金前十大重仓股为三安光电、中国移动、立讯精密、东方雨虹、万华化学、通威股份、吉利 汽车、沃森生物、迈为股份、国瓷材料。相比一季度，该基金新进持仓了通威股份、吉利汽车、迈为股 份，而先导智能、大族激光、卫宁健康则被调出十大重仓股序列；广发基金刘格菘持仓结构没有出现大 幅调整。其前十大重仓股当中，亿纬锂能、龙佰集团的持仓量不变，国联股份、福莱特分别新晋成为第 七大重仓股和第九大重仓股。另外，晶澳科技、隆基绿能、锦浪科技等多只个股持股数量均较一季度末 有所增长。 Wind数据显示，截至7月20日记者发稿时，已经有多家基金公司旗下1338只股票型开放式基金（未 合并A/C）发布了二季度报告，其中不乏头部基金公司和张坤、刘格菘、傅鹏博、李晓星等知名基金经 理。易方 ...

最近三个交易日，7日-11日，山煤国际分别获融资买入0.26亿元、0.22亿元、0.15亿元。 8月11日，沪深两融数据显示，山煤国际获融资买入额0.15亿元，居两市第1118位，当日融资偿还额0.19 亿元，净卖出442.65万元。 融券方面，当日融券卖出0.19万股，净买入0.70万股。 来源：金融界 ...

证券代码：600546 证券简称:山煤国际 公告编号：临 2025-028 号 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。 山煤国际能源集团股份有限公司（以下简称"公司"）委托信用评级机构中 诚信国际信用评级有限责任公司（以下简称"中诚信国际"）对公司主体信用状 况进行了评级。 中诚信国际在对公司生产经营状况及相关行业情况进行综合分析与评估的 基础上，于 2025 年 8 月 8 日出具了《2025 年度山煤国际能源集团股份有限公司 信用评级报告》，评定公司主体信用等级为 AAA，评级展望为稳定，有效期为 2025 年 8 月 8 日至 2026 年 8 月 8 日。 特此公告。 山煤国际能源集团股份有限公司 关于主体信用评级结果的公告 山煤国际能源集团股份有限公司 董事会 2025 年 8 月 11 日 1 ...

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [1] Core Viewpoints - The coal mining industry is experiencing a supply-demand match, leading to a continuous increase in coal prices. As of August 8, 2025, the spot price of thermal coal at ports rose by 19 CNY/ton to 682 CNY/ton. The average daily inflow to the four ports in the Bohai Rim increased by 79,900 tons week-on-week, a growth of 5.19%. However, the average daily outflow decreased by 258,000 tons, a decline of 13.92%, indicating a stable supply with rising demand due to high temperatures [1][2][28] - The report suggests that the coal industry has entered a peak season due to sustained high temperatures, with continued growth in residential and industrial electricity consumption. It is anticipated that with stable supply and rising demand, coal prices may further increase [1][2] Summary by Sections 1. Weekly Market Review - The Shanghai Composite Index rose by 1.45% to 3635.13 points during the week of August 4 to August 8, 2025. The coal sector index increased by 3.02% to 2699.31 points, with a trading volume of 39.022 billion CNY, down 30.02% from the previous week [10][12] 2. Domestic Coal Prices - As of August 8, 2025, the price of thermal coal in major production areas showed a steady increase. For instance, the price of 5500 kcal thermal coal in Datong rose by 13 CNY/ton to 585 CNY/ton, while the price of 6000 kcal thermal coal in Yanzhou increased by 20 CNY/ton to 970 CNY/ton [17][22] 3. Inventory and Shipping - The average daily coal inflow to the Bohai Rim ports was 1.6194 million tons, up 5.19% week-on-week, while the outflow was 1.5951 million tons, down 13.92%. The total inventory at the ports decreased by 0.28% to 24.659 million tons [28][32] 4. Recommendations - The report emphasizes the importance of monitoring the influx of insurance funds and suggests focusing on resource stocks. It recommends specific coal companies such as Haohua Energy and Guanghui Energy as potential investment targets due to their low valuations and elasticity [2][37]

Core Viewpoint - The long-term price inversion of annual coal contracts has been resolved, boosting market confidence as the Qinhuangdao port's 5500 kcal thermal coal spot price rose to 667 RMB/ton on August 4, 2025, exceeding the annual contract price for the same grade coal [1][2][3]. Group 1: Market Dynamics - The recent price inversion lasted from February 28, 2025, to August 4, 2025, leading to a decline in contract fulfillment rates during this period [3]. - The combination of peak summer demand and anti-involution policies has accelerated the rise in market coal prices, restoring market confidence [3]. Group 2: Price Expectations - The bottom for coal prices has been established, with expectations for price increases potentially exceeding market forecasts [3]. - The rise in coal prices began with thermal coal, but the increase in coking coal has outpaced expectations, indicating a stronger market than anticipated [3]. Group 3: Stock Market Implications - Coal stocks are responding positively to favorable market conditions, with significant upward potential remaining [3]. - The market is increasingly focused on policy implementation and supply-demand dynamics, with several short-term supply constraints expected to benefit coal prices [3]. Group 4: Investment Recommendations - Companies to watch include Huayang Co., Jinkong Coal, Shanmei International, Lu'an Environmental Energy, Shanxi Coal, Pingmei Shares, and Huaibei Mining, which are considered elastic stocks [4]. - Leading coal enterprises such as Shaanxi Coal, China Coal Energy, and China Shenhua are still viewed as having high allocation value [4].

Investment Rating - The coal industry is rated as "Leading the Market - A" with an upward adjustment [4] Core Viewpoints - The long-term price inversion of annual contracts has been resolved, boosting market confidence. The previous inversion lasted from February 28, 2025, to August 4, 2025, leading to a decline in contract fulfillment rates. The combination of peak summer demand and anti-involution policies has accelerated the rise in market coal prices, restoring market confidence [1][2] - The bottom of coal prices has been reached, with expectations for price increases potentially exceeding market forecasts. The current rise in coal prices began with thermal coal, and the upward momentum for coking coal has outpaced that of thermal coal. The low point of the year has passed, and it is expected that prices will not decline again in the second half of the year [2] - The resolution of the long-term price inversion is likely to trigger positive feedback, enhancing contract fulfillment rates, improving spot demand, and further increasing spot prices. Coal stocks have shown a strong response to positive news, with significant upward potential remaining [2] Summary by Sections - **Market Dynamics**: The recent increase in the price of thermal coal at Qinhuangdao Port has surpassed the annual contract price, indicating a shift in market dynamics. The market is currently experiencing a recovery in confidence due to the resolution of the long-term price inversion [1][2] - **Investment Recommendations**: With the acceleration of coal price increases, coal stocks are expected to perform well. Key stocks to watch include Huayang Co., Jinkong Coal Industry, Shanmei International, Lu'an Environmental Energy, Shanxi Coking Coal, Pingmei Shenma, and Huaibei Mining. Leading coal companies such as Shaanxi Coal and China Shenhua also present high allocation value [2]

证券之星消息，截至2025年8月7日收盘，山煤国际(600546)报收于10.4元，上涨1.36%，换手率2.52%， 成交量49.9万手，成交额5.14亿元。 8月7日的资金流向数据方面，主力资金净流出8731.03万元，占总成交额16.98%，游资资金净流出 1187.64万元，占总成交额2.31%，散户资金净流入9918.67万元，占总成交额19.29%。 近5日资金流向一览见下表： | | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净占比 散户净流入 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-08-07 | 10.40 1.36% | | -8731.03万 | -16.98% | -1187.64万 | -2.31% | 9918.67万 | 19.29% | | 2025-08-06 | 10.26 | 4.69% | -641.49万 | -0.91% | -3799.18万 | -5.36% | 4440.67万 | 6.27% | | 2025-08-05 ...

Group 1 - The coal sector experienced a day of fluctuating rebounds on August 6, with notable increases in stock prices [1] - Jinko Coal Industry saw a rise of over 7%, while Shanxi Coal International and Shaanxi Coal Industry both increased by over 5% [1] - Other companies such as Huayang Co., Haohua Energy, Yanzhou Coal Mining, and Pingmei Shenma also reported significant gains [1]

| 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 616109 | 中远海控 | 0.71% | 2.36% | | 000937 | 冀中能源 | 1.47% | 2.00% | | 600546 | 山煤国际 | 3.78% | 1.47% | | 000983 | 山西焦煤 | 1.64% | 1.46% | | 669109 | 潞安环能 | 0.77% | 1.44% | | 600971 | 恒源煤电 | 1.58% | 1.40% | | 601328 | 交通银行 | -0.64% | 1.33% | | 600153 | 建发股份 | 0.00% | 1.30% | | 600755 | 厦门国贸 | -0.63% | 1.29% | | 600282 | 南钢股份 | -0.65% | 1.23% | (以上所列示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况不代表基金未来的投资方 向，也不代表具体的投资建议，投资方向、基金具体持仓可能发生变化。市场有风险，投资需谨慎。) 国企红利ETF(159515)，场外联接(鹏扬中证 ...