证券之星消息，8月20日煤炭开采板块较上一交易日上涨0.68%，安源煤业领涨。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。煤炭开采板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600397 | 安源煤业 | 6.68 | 6.37% | 97.03万 | | 6.38亿 | | 601225 | 陕西煤业 | 21.72 | 1.45% | 37.65万 | | - 8.14亿 | | 600403 | 大有能源 | 3.81 | 1.06% | - 14.80万 | | 5583.37万 | | 600395 | 盘江股份 | 5.01 | 1.01% | 12.96万 | | 6459.37万 | | 601088 | 中国神华 | 38.63 | 0.94% | 42.10万 | | 16.13亿 | | 600508 | 上海能源 | 12.30 | 0.90% | 2.82万 | | 345 ...

Core Viewpoint - Huabei Mining (600985) has experienced a decline in stock price and significant decreases in revenue and profit in the latest financial report, indicating potential challenges ahead for the company [1] Financial Performance - As of the first quarter of 2025, Huabei Mining reported total revenue of 10.599 billion yuan, a year-on-year decrease of 38.95% [1] - The net profit attributable to shareholders was 0.692 billion yuan, down 56.50% year-on-year [1] - The non-recurring net profit was 0.674 billion yuan, reflecting a 56.96% decrease compared to the previous year [1] - The company's current ratio is 0.598, and the quick ratio is 0.466, indicating liquidity concerns [1] - The debt-to-asset ratio stands at 46.20%, suggesting a moderate level of financial leverage [1] Stock Market Activity - On August 19, 2025, Huabei Mining's stock closed at 13.1 yuan, down 0.61% with a turnover rate of 0.62% [1] - The trading volume was 166,400 hands, with a transaction amount of 218 million yuan [1] - There was a net outflow of main funds amounting to 18.6512 million yuan, accounting for 8.57% of the transaction amount [1] - Large orders saw a net outflow of 13.0731 million yuan, representing 6.01% of the transaction amount [1] Company Overview - Huabei Mining Co., Ltd. was established in 1999 and is primarily engaged in coal mining and washing [2] - The company has made investments in 8 enterprises and participated in 61 bidding projects [2] - It holds 15 patents and has 26 administrative licenses [2]

淮北矿业（600985.SH）8月19日在投资者互动平台表示，信湖煤矿由于前期人员无法下井，治水工作 进展相对较慢，通过前期的地面排水携沙，2024年底，人员已进入井下进行全面的清淤和系统恢复工 作。目前主井、副井、风井已实现贯通，矿井供电、通风、人员定位等保障系统已全面恢复，永久性排 水系统已建成，下一步将排定恢复生产时间表、路线图，在保证安全的前提下加快进度，力争早日恢复 生产。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问信湖煤矿能在2025年8月复产么？如果8月不能复 产，现在推进的复产进度如何？ ...

Group 1 - The stock price of Huabei Mining (600985) closed at 13.27 yuan on August 15, 2025, with an increase of 2.39% and a trading volume of 169,900 shares, resulting in a transaction amount of 224 million yuan [1] - On August 15, 2025, the net outflow of main funds was 16.56 million yuan, accounting for 7.4% of the total transaction amount, while retail investors had a net inflow of 9.42 million yuan, representing 4.21% of the total transaction amount [2][4] - Huabei Mining received an AAA credit rating from China Chengxin International, with a stable outlook, and the report is valid from August 13, 2025, to August 13, 2026 [2][4] Group 2 - The company has a strong resource endowment with a complete range of coal types, primarily focusing on rare coal types, and is one of the major coal producers in East China [2] - As of 2024, Huabei Mining's total assets amounted to 87.745 billion yuan, with total equity of 46.876 billion yuan, liabilities of 40.869 billion yuan, total operating revenue of 65.875 billion yuan, and a net profit of 4.476 billion yuan [2] - The company faces risks including significant declines in coal resource endowment, obstacles in coal production and sales, major risks in non-coal businesses, and a sharp increase in financial leverage [2]

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [6]. Core Views - The report suggests that coal prices are likely to end the year at their highest point due to increased regulatory checks on production, resilient demand, and potential capacity increases disrupting market expectations [4][11]. Summary by Sections Market Review - The CITIC Coal Index was at 3,523.37 points, down 0.77%, underperforming the CSI 300 Index by 3.14 percentage points, ranking 27th among CITIC sectors [3][83]. Production and Supply - In July, the average daily output of raw coal in China hit a new low since July 2023, marking the first year-on-year decline since May 2024 [2]. - The report highlights that the National Energy Administration's recent measures to check overproduction are crucial for stabilizing coal prices, indicating long-term supply risks [2][3]. Price Trends - Coal prices saw a significant rebound after hitting a low of 618 CNY/ton in mid-June, driven by seasonal demand and regulatory news [3]. - As of August 15, the price of thermal coal at North Port was reported at 696 CNY/ton, reflecting a week-on-week increase of 15 CNY/ton [9][39]. Demand Dynamics - The report notes that while downstream demand remains stable, the enthusiasm for purchasing coal has diminished due to rising prices, leading to a cautious approach from coal mines [9][40]. - The report emphasizes that the overall demand from downstream industries, including metallurgy and chemicals, remains stable despite fluctuations in coal prices [18]. Strategic Recommendations - The report recommends focusing on companies with strong earnings potential, such as China Shenhua, Shaanxi Coal and Chemical Industry, and others, highlighting their resilience in the current market [12]. - It also suggests monitoring the impact of regulatory measures on production and the potential for increased imports of coal [11][12]. Inventory and Stock Levels - The report indicates that coal inventories at ports have been declining, with a total of 2,364 million tons reported as of August 15, down 102 million tons week-on-week [22]. - The report also notes that the overall inventory levels in the coal market remain low, which supports price stability [47].

| | | 年 2025 | | 月 | | 08 | 日 | 行业研究 评级：推荐(维持) | 17 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 研究所： | | | | | | | | [Table_Title] 查超产影响下供给恢复偏慢， | | | 证券分析师： | | 陈晨 | S0350522110007 | | | | | | | | | | | | | | chenc09@ghzq.com.cn | | | | | 联系人 | ： | 张益 | S0350124100016 | | | | | 煤炭基本面旺季强势依旧 | | | | | | | | | zhangy33@ghzq.com.cn | | | | | 联系人 | ： | 徐萌 | S0350125070001 | | | | | | | | | | | | | xum02@ghzq.com.cn | | | ——煤炭开采行业周报 | | 最近一年走势 | 行业相对表现 | | | 2025/08/15 | | --- | --- | --- | ...

2025 年 8 月 17 日 行业研究 新版《煤矿安全规程》发布，安监形势仍然趋严 ——煤炭开采行业周报（2025.8.11~2025.8.17） 要点 新版《煤矿安全规程》发布，安监形势仍然趋严。（1）2025 年 8 月 13 日， 国家矿山安全监察局举行新版《煤矿安全规程》专题新闻发布会，新版《煤矿 安全规程》共 34 章、777 条，与上版相比新增 56 条、实质性修改 353 条，可 以说是最彻底的一次修订；（2）煤矿安全监察司副司长朱林表示，此次修订致 力于解决煤矿企业安全管理上的"草台班子"问题；（3）截至本周，Mysteel 统计的 462 家动力煤矿山产能利用率仍低于去年同期水平，523 家炼焦煤矿山 开工率更是处于近 4 年同期最低水平，显示出当前安监形势仍然趋严。 本周港口煤价延续上涨，海外油、气价格回落。（1）本周（8.11-8.15）秦皇 岛港口动力煤平仓价（5500 大卡周度平均值）为 692 元/吨，环比+18 元/吨 （+2.61%）；（2）陕西榆林动力混煤坑口价格（5800 大卡）周度平均值为 547 元/吨，环比+4 元/吨（+0.74%）；（3）澳大利亚纽卡斯尔港动力煤 ...

足及五光 煤炭/ 1 - 7 - 7 - 1 - 2 - 2025 年 08 月 17 日 主产地供应偏紧, 旺季度同刻原 价预计仍将上涨;看好需求恢复 鳥煤价格再次回升 煤炭行业周报 (2025.8.9-2025.8.15) 寿研究报 证券分析师 严天鹏 A0230524090004 yantp@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 施佳瑜 A0230521040004 shijy@swsresearch.com 研究支持 施佳瑜 A0230521040004 shijy@swsresearch.com 联系人 施佳瑜 (8621)23297818× shijy@swsresearch.com 申万宏源研究微信服务号 本期投资提示: 动力煤方面,截至 8 月 15 日,据中国煤炭市场网,秦皇岛港口 Q4500、Q5000、 Q5500 动力煤现货价收报 559、643、698 元/吨,环比上涨 5、14、16 元/吨。供给端, 据中国煤炭市场网，环渤海四港区本周日均调入量 164.77 万吨，环比上周增加 2.83 万 吨、涨幅 1 ...

煤炭 2025 年 08 月 17 日 动力煤有望越过 700 剑指 750 元，煤炭布局稳扎稳打 ——行业周报 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-08 2024-12 2025-04 煤炭 沪深300 相关研究报告 《动力煤有望修复第二目标 700 元， 煤炭布局稳扎稳打 —行业周报》- 2025.8.10 《煤价上涨即将修复央企长协，煤炭 布局稳扎稳打—行业周报》-2025.8.3 《煤炭基本面利多持续，拐点右侧布 局 进 行 时 — 行 业 点 评 报 告 》- 2025.7.28 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 本周要闻回顾：动力煤有望越过 700 元剑指 750 元 动力煤方面：动力煤价格持续反弹，截至 8 月 15 日，秦港 Q5500 动力煤平仓价为 698 元/吨，今年上半年最低价格为 609 元，已累计上涨 14.61%。目前动力煤基本 面持续利多：从供给端来看，国内生产方面，主产区受查超产和降雨影响，叠加大 矿竞拍热情上涨，产地货源供应偏弱，截 ...

丨证券研究报告丨 行业研究丨行业周报丨煤炭与消费用燃料 [Table_Title] 钢铁限产，焦煤价格就一定回落吗？ 报告要点 [Table_Summary] 近期钢铁限产预期增强，市场普遍担忧钢铁限产往往会导致焦煤需求回落，从而抑制焦煤价格。 然而历史上来看并非如此：由于钢铁行政性限产往往引发钢厂利润快速修复，因此减弱了钢厂 对上游原材料的压价意愿，最终形成钢焦共振上涨格局，权益端也存在绝对收益；然而若钢铁 因亏损较多而导致自发性减产，则钢焦价格往往共振回落，权益端表现同样较差。展望 2025 年，当前钢厂利润依旧较优，自发性减产动力不足；若后续存行政性减产可能，有望使得钢焦 价格共振上涨，权益端也有望获得绝对收益。 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 %% %% %% %% research.95579 ...