Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report indicates that thermal coal prices are rebounding, aiming for a target of 750 CNY per ton, with a current price of 704 CNY per ton as of August 22, 2025, reflecting a 15.6% increase from the lowest price of 609 CNY per ton earlier this year [4][5] - The report emphasizes that both thermal coal and coking coal prices have reached a turning point, with expectations for further price recovery [5][13] Summary by Sections Thermal Coal Market - As of August 22, 2025, the Qinhuangdao Q5500 thermal coal price is 704 CNY/ton, with a 15.6% increase from the year's lowest price of 609 CNY/ton [4] - The operating rate of 442 coal mines in Shanxi, Shaanxi, and Inner Mongolia is 81.7%, indicating a relatively low supply level [4] - Port inventories have decreased by 29.82% from the highest level of 3,316.3 million tons earlier this year to 2,327.4 million tons [4] - The daily consumption of coal remains high during the summer, with the methanol operating rate at 80.65%, reflecting strong demand [4] Coking Coal Market - The price of coking coal at the Jing Tang Port is 1,610 CNY/ton, rebounding from a low of 1,230 CNY/ton in early July, with a significant increase of 61.61% in futures prices [4][5] - The report notes a tightening supply expectation due to regulatory measures on overproduction in coal mines [5] Investment Logic - The report suggests that the current thermal coal price has surpassed the second target price of around 700 CNY, with expectations to reach the third target price of 750 CNY, which is the breakeven point for coal and power generation companies [5][13] - Coking coal prices are expected to be influenced more by supply and demand fundamentals, with target prices set based on the ratio of coking coal to thermal coal prices [5][13] Investment Recommendations - The report identifies four main investment lines in the coal sector: 1. Cycle logic: Companies like Jinko Coal and Yancoal 2. Dividend logic: Companies like China Shenhua and China Coal Energy 3. Diversified aluminum elasticity: Companies like Shenhua Holdings and Electric Power Investment 4. Growth logic: Companies like Xinji Energy and Guanghui Energy [6][14]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is experiencing a slow recovery in supply, with coal prices continuing to rise. The port coal price increased by 6 CNY/ton week-on-week, reaching 704 CNY/ton [3][13] - The supply side is constrained due to adverse weather conditions affecting production, particularly in the Ordos region, where capacity utilization has decreased by 1.42 percentage points [3][13] - Demand remains strong due to high temperatures, with daily coal consumption in coastal and inland power plants increasing by 11.2 and 14.8 thousand tons respectively [3][21] - The report highlights the investment value of coal companies, emphasizing their high profitability, cash flow, and dividend yields [70] Summary by Sections 1. Thermal Coal - Supply is tightening again, with port inventories decreasing and prices rising [3][13] - As of August 20, capacity utilization in the Sanxi region decreased to 88.57%, with a weekly production drop of 190 thousand tons [19] - Daily coal consumption in coastal power plants reached 249.6 thousand tons, up 11.2 thousand tons week-on-week [21] - Port inventories in northern regions decreased by 421 thousand tons week-on-week [25] 2. Coking Coal - Coking coal production recovery is limited, with capacity utilization increasing by 0.49 percentage points due to the resumption of previously halted mines [4][69] - The average daily customs clearance at Ganqimaodu port increased to 1212 trucks, up 132 trucks week-on-week [37] - Coking coal prices at the port remained stable at 1610 CNY/ton [34] 3. Coke - The seventh round of price increases for coke has been implemented, with an increase of 50-55 CNY/ton [46] - The overall inventory of coke remains low, with production rates showing some variability [53] - The average profit per ton of coke increased to 23 CNY/ton, up 3 CNY/ton week-on-week [49] 4. Investment Focus - Recommended stocks include China Shenhua, Shaanxi Coal, and others, with a focus on companies with strong cash flow and high dividend yields [70] - The report suggests monitoring the recovery of coal production, iron water output, and market conditions during the upcoming military parade [69][70]

来源：金融界 最近三个交易日，20日-22日，山煤国际分别获融资买入0.12亿元、0.17亿元、0.15亿元。 融券方面，当日融券卖出0.07万股，净买入0.14万股。 8月22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1280位，当日融资偿还额0.24 亿元，净卖出933.67万元。 ...

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]