证券之星消息，截至2025年8月22日收盘，山煤国际(600546)报收于10.23元，上涨0.0%，换手率 0.91%，成交量17.95万手，成交额1.83亿元。 8月22日的资金流向数据方面，主力资金净流出2487.27万元，占总成交额13.62%，游资资金净流入 1423.45万元，占总成交额7.8%，散户资金净流入1063.82万元，占总成交额5.83%。 近5日资金流向一览见下表： 资金流向名词解释：指通过价格变化反推资金流向。股价处于上升状态时主动性买单形成的成交额是推 动股价上涨的力量，这部分成交额被定义为资金流入，股价处于下跌状态时主动性卖单产生的的成交额 是推动股价下跌的力量，这部分成交额被定义为资金流出。当天两者的差额即是当天两种力量相抵之后 剩下的推动股价上升的净力。通过逐笔交易单成交金额计算主力资金流向、游资资金流向和散户资金流 向。 | 指标 | 山煤国际 | 煤炭行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 202.81亿元 | 528.66亿元 | 14 33 | | 净资产 | 205.59亿元 | 457.62亿元 | 13 ...

证券代码：600546 证券简称：山煤国际 公告编号：临 2025-029 号 山煤国际能源集团股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： 会议召开时间：2025 年 9 月 1 日（星期一）下午 15:00-16:00。 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/）。 会议召开方式：上证路演中心网络互动。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 投资者可于 2025 年 8 月 25 日(星期一)至 8 月 29 日(星期五)16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 smzqb@smgjny ...

8月21日，沪深两融数据显示，山煤国际获融资买入额0.17亿元，居两市第1183位，当日融资偿还额0.35 亿元，净卖出1761.47万元。 融券方面，当日融券卖出5.12万股，净卖出0.21万股。 来源：金融界 最近三个交易日，19日-21日，山煤国际分别获融资买入0.26亿元、0.12亿元、0.17亿元。 ...

Group 1 - The core point of the news is that Shanmei International has experienced a net sell-off in financing activities over the recent trading days, indicating a potential decline in investor confidence [1][2][3] Group 2 - On August 20, Shanmei International had a financing buy-in amount of 0.12 billion, ranking 1329th in the market, with a financing repayment amount of 0.34 billion, resulting in a net sell-off of 21.5463 million [1] - Over the last three trading days (August 18-20), Shanmei International received financing buy-ins of 0.48 billion, 0.26 billion, and 0.12 billion respectively [1] - On the same day, the company had a securities lending sell-out of 0.045 million shares, with a net sell-out of 0.045 million shares [2]

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Viewpoints - The combination of "logistics package" and "volume-price linkage" is driving the increase in industry concentration, forcing intermediaries out of the market and enhancing the sensitivity of coal prices [5] - The "logistics package" mechanism significantly reduces comprehensive logistics costs, creating sustainable advantages in delivery certainty and cost, while raising entry barriers for small coal operators [5] - The "volume-price linkage" mechanism strengthens scale premiums, allowing large mining and trading enterprises to gain larger discounts, while smaller entities face profit margin compression [5] - The weakening of intermediary roles is expected to enhance coal price sensitivity, with a clear trend of price reversal under the backdrop of supply contraction expectations [5] - The report emphasizes the importance of evaluating the effectiveness of "anti-involution" policies and their impact on liquidity and risk preferences to seize coal investment opportunities [5] Summary by Sections Policy Focus on Cost Reduction and Efficiency - National policies are continuously promoting the development of logistics package models [14] - The logistics package model is seen as a core strategy to reduce overall logistics costs through integrated services [7] Strengthening Long-term Contract Barriers - Long-term contract policies are reinforcing scale barriers, putting pressure on intermediaries [16] - The proportion of railway coal in total coal shipments has increased significantly in 2023 compared to 2022 [21][20] Volume-Price Linkage Trading Pilot - The introduction of volume-price linkage trading mechanisms is expected to benefit large market players significantly [25] - The rapid decrease in port coal inventories contrasts with weak net inflows, indicating a structural tightening in supply [24][23] - The Taiyuan Coal Trading Center has initiated a volume-price linkage trading mechanism to enhance market liquidity and efficiency [27] Investment Recommendations - The report recommends focusing on elastic stocks in the coal sector, highlighting specific companies likely to benefit from the current market dynamics [10]

Group 1 - The core viewpoint of the news highlights the strong performance of dividend assets, particularly bank stocks, amidst a low interest rate environment, with a consensus on their long-term investment value [1][2] - As of August 18, 2025, 121 listed companies have announced cash dividend plans totaling 108.6 billion yuan, indicating a robust trend in mid-year dividends [1] - The China Securities Index Company notes that the dividend distribution characteristics this year include an increase in the number of companies distributing dividends, larger scales, a higher proportion of net profits, and enhanced sustainability and predictability [1] Group 2 - The CSI State-Owned Enterprises Dividend Index (000824) tracks 100 listed companies with high cash dividend yields and stable distributions, reflecting the overall performance of high-dividend securities among state-owned enterprises [2] - As of July 31, 2025, the top ten weighted stocks in the CSI State-Owned Enterprises Dividend Index account for 16.77% of the index, with significant contributors including COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [2][4] - The National State-Owned Enterprises Dividend ETF (159515) closely follows the CSI State-Owned Enterprises Dividend Index, indicating a growing interest in dividend-focused investment products [2][4]

Core Viewpoint - Shanxi Coal International's stock closed at 10.2 yuan, down 1.16%, with a trading volume of 20.77 million shares and a transaction amount of 2.12 billion yuan [1] Financial Performance - For Q1 2025, the company reported total operating revenue of 4.502 billion yuan, a year-on-year decrease of 29.17% [1] - The net profit attributable to shareholders was 255 million yuan, down 56.29% year-on-year [1] - The non-recurring net profit was 269 million yuan, a decrease of 55.38% year-on-year [1] - Current ratio stands at 0.967, quick ratio at 0.852, and debt-to-asset ratio at 50.86% [1] Capital Flow - Main funds saw a net outflow of 19.8264 million yuan, accounting for 9.36% of the transaction amount [1] - Large orders experienced a net outflow of 22.5636 million yuan, representing 10.65% of the transaction amount [1] - Small orders had a net inflow of 12.7287 million yuan, making up 6.01% of the transaction amount [1] Company Overview - Shanxi Coal International Energy Group Co., Ltd. was established in 2000 and is based in Taiyuan, primarily engaged in coal mining and washing [2] - The company has invested in 43 enterprises and participated in 4,901 bidding projects [2] - It holds 28 patents and has 2 administrative licenses [2]

证券之星消息，截至2025年8月19日收盘，山煤国际(600546)报收于10.2元，下跌1.16%，换手率 1.05%，成交量20.77万手，成交额2.12亿元。 8月19日的资金流向数据方面，主力资金净流出1982.64万元，占总成交额9.36%，游资资金净流入 709.76万元，占总成交额3.35%，散户资金净流入1272.87万元，占总成交额6.01%。 近5日资金流向一览见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 该股主要指标及行业内排名如下： | 指标 | 山煤国际 | 煤炭行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 202.21亿元 | 523.66亿元 | 14 33 | | 净资产 | 205.59亿元 | 458.02亿元 | 13 33 | | 净利润 | 2.55亿元 | 8.75亿元 | 14 33 | | 市盈率(动) | 19.83 | 1.82 | 14 33 | | 市净率 | 1.31 | 2.18 | 22 33 | | 毛利率 ...

Group 1 - The core viewpoint of the articles highlights that Shanmei International's stock closed at 10.2 yuan, down 1.16%, with a rolling PE ratio of 10.42 times and a total market value of 20.221 billion yuan [1] - The average PE ratio for the coal industry is 13.29 times, with a median of 13.49 times, placing Shanmei International at the 17th position within the industry [1] - As of March 31, 2025, the number of shareholders for Shanmei International increased to 72,075, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Group 2 - Shanmei International's main business includes coal production, sales, and logistics, with primary products being self-produced coal and washed coal [1] - The latest quarterly report for Q1 2025 shows that the company achieved an operating revenue of 4.502 billion yuan, a year-on-year decrease of 29.17%, and a net profit of 255 million yuan, down 56.29% year-on-year, with a sales gross margin of 33.13% [1] - In comparison to industry peers, Shanmei International's PE ratio of 10.42 is lower than the industry average and median, indicating potential undervaluation relative to its competitors [2]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Viewpoints - The coal mining industry is experiencing a slow recovery in supply due to the impact of overproduction checks, with strong fundamentals in the coal market continuing [1][8] - The report highlights that the port coal prices have increased by 16 CNY/ton week-on-week, with prices in Shanxi and Inner Mongolia also rising [4][14] - The overall production recovery is cautious due to policies and maintenance issues, leading to tight supply conditions [4][14] Summary by Sections 1. Thermal Coal - Supply recovery remains limited, with port inventories decreasing and prices rising [14] - As of August 15, the Qinhuangdao port price for thermal coal reached 698 CNY/ton, up 16 CNY/ton week-on-week [15] - The production capacity utilization in the Sanxi region slightly increased by 0.13 percentage points [20] 2. Coking Coal - The production capacity utilization for coking coal decreased by 0.62 percentage points due to safety and overproduction checks [39] - The average customs clearance at Ganqimaodu port was 1,081 trucks, down 69 trucks week-on-week [43] - Coking coal prices at the port remained stable at 1,610 CNY/ton as of August 15 [40] 3. Coke - The demand for coke remains strong, with inventory levels at a yearly low [49] - The average profit per ton of coke increased to approximately 20 CNY/ton, up 36 CNY/ton week-on-week [53] - The production rate of independent coking plants was 74.15%, with a slight increase [56] 4. Anthracite - Anthracite prices remained stable, with the price for small blocks at 900 CNY/ton as of August 15 [69] - The demand from downstream power plants is stable, providing support for the market [69] 5. Key Companies and Investment Logic - The report emphasizes the investment value of leading coal companies, highlighting their strong cash flow and profitability [8] - Recommended stocks include China Shenhua, Shaanxi Coal, and Yanzhou Coal, among others [9]