1.煤炭板块收涨，跑赢沪深300指数：截止2025年9月5日，中信煤炭行业收涨0.1%，沪深300指数下跌0.81%，跑赢沪深300指数0.91个百分点。全板块整周12只股价上涨，24只下跌，1只持 平。云煤能源涨幅最高，整周涨幅为4.03%。 2.重点煤矿周度数据：中国煤炭运销协会数据，2025年8月29日-2025年9月4日，重点监测企业煤炭日均销量为667万吨，周环比增加0.9%，年同比减少1.9%。其中，动力煤周日均销量较上 周增加3.9%，炼焦煤销量较上周减少7.5%，无烟煤销量较上周减少9.9%。截至2025年9月4日，重点监测企业煤炭日均产量为664万吨，周环比减少0.1%，年同比减少1.7%；重点监测企业煤 炭库存总量（含港存）2585万吨，周环比减少0.7%，年同比减少9.1%。今年以来，供给端，重点监测企业煤炭累计销量170603.8万吨，同比减少2.7%；其中动力煤、焦煤、无烟煤累计销量 分别同比-3.7%、-3%、7.1%。需求端，电力、化工行业累计耗煤分别同比减少2.6%、增加16.5%。铁水产量同比增加0.6%。 添加标题 95% 3.动力煤产业链：截止2025年9月5日，价格方面 ...

转自：证券时报 人民财讯9月6日电，据证券时报·数据宝统计，截至周五收盘，本周（9月1日至9月5日），59家机构合 计进行1678次"买入型"（包括买入、增持、推荐、强烈推荐、强烈买入）评级，合计覆盖929只个股。 本周获"买入型"评级的个股中，截至9月5日，以最新股东户数与二季度末对比，有89只个股的股东户数 有所下降，其中降幅超过10%的个股有41只，主要分布于基础化工、机械设备、电子、计算机等行业。 结合市场表现来看，截至9月5日，上述41只筹码大幅集中的个股年内平均涨幅超过20%，涨幅超50%的 个股有6只，包括奥赛康、腾亚精工等。 15只个股跑输上证指数同期涨幅13.75%，浙江鼎力、淮河能源、淮北矿业等8股年内股价下跌。 | | | | | 评级目筹码大幅集中的滞涨股 | | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 间称 | | 手净利润 | 年净利润同 | 東京都 中六 教学二季度 | 行化 | | | | | (亿元) | 比增幅(% | 未降幅(%) | | | 603338 | 浙江鼎力 | -17.96 | 10. 52 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [20]. Core Views - The company's performance is under pressure due to declining coal prices, with a significant year-on-year revenue drop of 44.6% in H1 2025 and a net profit decrease of 64.9% [2][4]. - Despite the challenges, there was a quarter-on-quarter improvement in production and sales volumes in Q2 2025, with coal production increasing by 6.8% and sales volume rising by 17.9% compared to the previous quarter [4][3]. - The company is expected to benefit from its coal type and geographical advantages, leading to industry-leading coal prices, alongside potential capacity increases from new mining projects [6][4]. Summary by Sections Financial Performance - In H1 2025, the company reported revenues of 20.61 billion yuan, with a net profit of 1.03 billion yuan, resulting in a net profit margin of 5.0% [2]. - The coal business generated revenues of 5.4 billion yuan in H1 2025, down 41.2% year-on-year, with a gross profit of 2.4 billion yuan, reflecting a 49.1% decline [4]. - The average selling price of coal in H1 2025 was 835 yuan per ton, a decrease of 27.0% year-on-year [4]. Production and Sales - The total coal production for H1 2025 was 8.91 million tons, down 13.7% year-on-year, while sales volume was 6.48 million tons, down 19.4% [4]. - In Q2 2025, coal production was 4.6 million tons, with sales volume reaching 3.5 million tons, marking a quarter-on-quarter increase [4][3]. Future Outlook - The report forecasts net profits for 2025-2027 to be 2.68 billion, 3.25 billion, and 3.54 billion yuan respectively, with corresponding EPS of 1.00, 1.21, and 1.32 yuan per share [6]. - The company is expected to see growth from its coal chemical products, with significant increases in ethanol production volumes [5].

| 其 | | | | | | 晨会纪要 | | --- | --- | --- | --- | --- | --- | --- | | 他 研 | 2025 年 | 09 月 | 05 日 | | | 开源晨会 0905 | | 究 | | | | | | ——晨会纪要 | | | 沪深300 | | 及创业板指数近1年走势 | | | 吴梦迪（分析师） | | | | 沪深300 | | | 创业板指 | wumengdi@kysec.cn 证书编号：S0790521070001 | | | 120% 90% | | | | | 观点精粹 | | | 60% 30% | | | | | 总量视角 | | 晨 | 0% | | | | | 【固定收益】债券市场收益率下行趋势或改变——固收专题-20250904 | | 会 纪 | -30% 2024-09 | 2025-01 | | 2025-05 | | 行业公司 | | 要 | 数据来源：聚源 | | | | | 【食品饮料】中报综述：传统消费微光渐明，新消费繁花正盛——行业投资策略 | | | | 昨日涨跌幅前五行业 | | | | -20250904 ...

格隆汇9月3日丨淮北矿业(600985.SH)在互动平台表示，目前，聚能发电2*660MW超超临界燃煤发电机 组项目已进入建设冲刺阶段，2#冷却塔外筒顺利到顶，铁路专用线和电力送出线路建设正在加快推进， 力争2025年底前实现双机双投。 ...

Group 1: Market Performance - The coal mining sector increased by 0.03% compared to the previous trading day, with Electric Power Investment leading the gains [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Group 2: Individual Stock Performance - Electric Power Investment (002128) closed at 21.37, up 1.38% with a trading volume of 162,300 shares [1] - Yongtai Energy (600157) closed at 1.49, up 1.36% with a trading volume of 9.64 million shares [1] - China Shenhua (601088) closed at 38.16, up 0.69% with a trading volume of 425,700 shares [1] - Jinko Energy (601001) closed at 12.96, down 2.56% with a trading volume of 226,400 shares [2] Group 3: Capital Flow Analysis - The coal mining sector experienced a net outflow of 420 million yuan from main funds, while retail investors saw a net inflow of 314 million yuan [2] - The main funds showed a negative net flow in several stocks, including Yongtai Energy and Pingmei Shenhua [3] - Retail investors contributed positively to stocks like Gansu Energy and New Dazhou A, indicating varied investor sentiment across the sector [3]

Group 1: Company Analysis - Weichai Power - Weichai Power's 2025 interim report shows significant growth in data center large-capacity engines, with nearly 600 units sold, representing a 491% year-on-year increase [4] - The company's AIDC business is rapidly developing, and the KION logistics equipment business is expected to improve profitability after management optimization [2][4] - Weichai Power's revenue for the first half of 2025 was CNY 1131.5 billion, a slight increase of 0.6% year-on-year, while net profit attributable to shareholders was CNY 56.4 billion, down 4.4% year-on-year [3][4] Group 2: Company Analysis - Tuojing Technology - Tuojing Technology's advanced process verification equipment has successfully passed customer certification and is gradually entering the mass production phase, leading to a significant improvement in profitability [13][14] - The company's revenue for the first half of 2025 reached CNY 1.954 billion, a year-on-year increase of 54.25%, with a net profit of CNY 38.18 million, up 91.35% year-on-year [14] - The sales gross margin for Q2 2025 was 38.82%, indicating a clear upward trend in profitability [14] Group 3: Company Analysis - Iwu Biological - Iwu Biological's core product, dust mite drops, is steadily growing, while the new product, Artemisia annua drops, is rapidly gaining market share [17][18] - The company reported a revenue of CNY 484 million for the first half of 2025, a year-on-year increase of 12.81%, and a net profit of CNY 177 million, up 18.61% year-on-year [17][18] - The company is focusing on new research directions, including stem cells and natural medicines, which may enhance its growth potential [18] Group 4: Industry Analysis - Textile and Apparel - The textile and apparel industry faces significant operational challenges, with A-share apparel revenue declining in Q2, although some companies are showing strong performance [7][10] - The retail sales of clothing and accessories in China showed a year-on-year increase of 1.8% in July, indicating a slight recovery in consumer demand [9] - The export of textiles and garments from China saw a year-on-year decline of 0.3% in July, with garment exports weakening [9][11]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 14.64 CNY [4][11]. Core Views - The company's performance is under pressure due to declining market demand, and it is currently experiencing the most significant year-on-year pressure. However, it is identified as a growth stock in the coking coal sector, with potential industry growth expected in 2025-2026 [2][11]. - The company has shown signs of recovery in coal production and sales, with a notable increase in output in Q2 2025 compared to Q1 2025, indicating a potential improvement in performance in Q3 2025 [11]. Financial Summary - For the first half of 2025, the company reported total revenue of 20.682 billion CNY, a year-on-year decrease of 44.58%, and a net profit attributable to shareholders of 1.032 billion CNY, down 64.85% year-on-year [11]. - The average selling price of coking coal in Q2 2025 was 747 CNY/ton, a decrease of 364 CNY/ton year-on-year, while the cost per ton decreased to 425 CNY/ton, showing effective cost control [11]. - The company is expected to see a significant improvement in performance in Q3 2025 due to increased sales volume and price adjustments [11]. Production and Sales Insights - In H1 2025, the company produced 8.908 million tons of commodity coal, a year-on-year decrease of 13.7%, with sales of 6.476 million tons, down 19.38% year-on-year. However, Q2 2025 saw a production increase to 4.6 million tons, up from 4.3 million tons in Q1 2025 [11]. - The company’s coking business remained stable, with H1 2025 production of 1.7 million tons and sales of 1.68 million tons, while the average selling price dropped by 33% year-on-year [11]. Future Growth Potential - The company is positioned as a growth stock in the coking coal sector, with expected industry increments in 2025-2026. New projects, including a DMC project and a methanol utilization project, are set to contribute to future production capacity [11][12].

Core Viewpoint - The company's performance is significantly impacted by declining market demand, with the current period being the most challenging year-on-year. However, the company is positioned as a growth stock in the coking coal sector, with potential industry increments expected in 2025-2026 [1] Financial Performance - The company maintained a "Buy" rating, with total revenue of 20.682 billion yuan in the first half of 2025, a year-on-year decrease of 44.58%. The net profit attributable to shareholders was 1.032 billion yuan, down 64.85%, slightly below market expectations. In Q2, revenue was 10.08 billion yuan, a decline of 49.47%, and net profit was 340 million yuan, down 74.7% [2] - EPS forecasts for 2025-2027 are 0.72, 1.21, and 1.91 yuan, respectively, with a target price of 14.64 yuan based on a 12x PE ratio for 2025 [2] Coal Business Performance - The coal business is still affected by the Xinhu mine, but sales volume began to recover in Q2 2025. The commodity coal production in H1 2025 was 8.908 million tons, a year-on-year decrease of 13.7%, while sales were 6.476 million tons, down 19.38%. Q2 production was 4.6 million tons, showing a 30,000-ton increase from Q1 [3] - The average selling price of commodity coal in Q2 was 747 yuan/ton, a decrease of 364 yuan/ton year-on-year. The cost per ton decreased nearly 100 yuan to 425 yuan/ton due to improved cost control and increased production [3] - Expectations for Q3 2025 indicate a significant improvement in performance due to increased sales and price adjustments [3] Coking and Ethanol Business - The coking business negatively impacted performance, with H1 2025 coking production at 1.7 million tons, roughly flat, and sales at 1.68 million tons, down 1.2%. The average selling price was 1,418 yuan/ton, a year-on-year decrease of 33% [4] - The company reported a loss of 206 million yuan in H1 2025 but is expected to turn profitable in Q3. The official launch of the ethanol project contributed positively, with H1 production of 229,000 tons and sales of 220,000 tons at an average price of 4,895 yuan/ton [4] Future Growth Potential - The company is identified as a growth stock in the coking coal sector, with expected industry increments in 2025-2026. Upcoming projects include the DMC project with a new capacity of 100,000 tons/year and the ethanol project with a capacity of 600,000 tons/year [4] - Additional capacity of 8 million tons from the Inner Mongolia Taoqitu coal mine and other projects are expected to be completed by 2025 [4]

丨证券研究报告丨 行业研究丨专题报告丨煤炭与消费用燃料 [Table_Title] 煤价阶梯探底趋稳，业绩回落降幅明显 ——煤炭行业 2025 年中报综述 报告要点 [Table_Summary] 经营情况来看，量增价跌下，2025H1 年煤炭板块实现营业收入 5485.5 亿元，同比-19.5%；实 现归母净利润 527.6 亿元，同比-31.6%。2025Q2，煤价持续下探压制盈利，煤炭板块实现营 业收入 2691.7 亿元，同比-19.6%，环比-3.7%；实现归母净利润 241.2 亿元，同比-35.5%，环 比-15.8%。展望下半年，当前煤企利润底基本呈现，可关注板块底部修复机会，看好基本面困 境改善叠加"反内卷"主线下煤炭攻守兼备的投资性价比。 分析师及联系人 [Table_Author] SAC：S0490516080003 SAC：S0490519030001 SAC：S0490517070008 SAC：S0490522090003 SAC：S0490524120007 SFC：BUT918 SFC：BUY139 肖勇 赵超 叶如祯 庄越 韦思宇 请阅读最后评级说明和重要声明 %% %% ...