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]

Core Viewpoint - The article discusses the performance of the China Securities State-Owned Enterprises Dividend Index and highlights the importance of stable dividend assets in the current market environment, suggesting a shift from style-driven to stock-driven investment logic in the dividend sector [1][2]. Group 1: Index Performance - As of August 6, 2025, the China Securities State-Owned Enterprises Dividend Index (000824) increased by 0.41%, with notable gains from constituent stocks such as Jinkong Coal Industry (601001) up 6.18%, Weifu High Technology (000581) up 4.99%, and Shaanxi Coal and Chemical Industry (601225) up 4.78% [1]. - The National Enterprise Dividend ETF (159515) rose by 0.35%, marking its third consecutive increase [1]. Group 2: Investment Insights - According to Kaiyuan Securities, the current market uncertainty necessitates a focus on high dividend yields, with stable dividend assets (like banks and public utilities) being more favorable than cyclical dividend stocks [1]. - Everbright Securities notes a transition in the investment logic of the dividend sector from style-driven to stock-driven, with high-quality stocks continuing to attract specific style funds [1]. - The banking sector has emerged as a highlight within high dividend stocks, frequently targeted by insurance and asset management companies, indicating a clear demand for undervalued dividend stocks [1]. Group 3: Index Composition - The China Securities State-Owned Enterprises Dividend Index comprises 100 listed companies selected for their high cash dividend yields, stable dividends, and sufficient scale and liquidity [2]. - As of July 31, 2025, the top ten weighted stocks in the index include COSCO Shipping Holdings (601919), Jizhong Energy (000937), and Lu'an Environmental Energy (601699), collectively accounting for 16.77% of the index [2].

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Shanmei International in the coal industry, noting its current stock price and market capitalization [1][2] - As of August 5, Shanmei International's closing price was 9.8 yuan, with a PE ratio of 10.01 times, and a total market value of 19.428 billion yuan [1] - The average industry PE ratio is 13.06 times, with a median of 13.19 times, placing Shanmei International at the 18th position within the industry [1][2] Group 2 - The company reported a significant decline in its latest quarterly performance, with a revenue of 4.502 billion yuan, down 29.17% year-on-year, and a net profit of 255 million yuan, down 56.29% year-on-year [1] - The sales gross margin for the company stands at 33.13% [1] - As of March 31, 2025, the number of shareholders increased to 72,075, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1]