证券代码：600985 证券简称：淮北矿业 公告编号：2025-040 淮北矿业控股股份有限公司 关于财务公司与淮北矿业集团签署《金融服务协议补 充协议》暨关联交易的公告 本公司董事会、全体董事及相关股东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： 本次交易简要内容：公司控股子公司淮北矿业集团财务有限公司（下称 "财务公司"）拟与公司控股股东淮北矿业（集团）有限责任公司（下称"淮北 矿业集团"）签署《金融服务协议补充协议》，约定淮北矿业集团及其下属成员单 位（不含本公司及其合并报表范围内的下属公司、安徽华塑股份有限公司及其合 并报表范围内的下属公司，下同）在财务公司的每日最高存款余额（含应计利息） 由不超过 35 亿元调整至不超过 40 亿元；财务公司对淮北矿业集团及其下属成员 单位提供的授信额度、日贷款额度（含应计利息）均由不超过 35 亿元调整至不 超过 40 亿元。 | 关联方在财务公司每日最 高存款余额（含应计利息） | | 400,000.00 万元 | | --- | --- | --- | | 关联方在财务公司每日最 ...

证券代码：600985 证券简称：淮北矿业 公告编号：2025-042 淮北矿业控股股份有限公司 关于召开2025年第二次临时股东会的通知 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： 股东会召开日期：2025年12月24日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 一、召开会议的基本情况 （一）股东会类型和届次 2025年第二次临时股东会 （二）股东会召集人：董事会 （三）投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结 合的方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2025 年 12 月 24 日 10 点 00 分 召开地点：安徽省淮北市人民中路 276 号淮北矿业会议中心 1、各议案已披露的时间和披露媒体 （五）网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 12 月 24 日 至2025 年 12 月 24 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 ...

每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 （记者 曾健辉） 2024年1至12月份，淮北矿业的营业收入构成为：其他业务占比58.53%，煤炭采选业占比25.67%，煤化 工行业占比15.8%。 截至发稿，淮北矿业市值为312亿元。 每经AI快讯，淮北矿业（SH 600985，收盘价：11.6元）12月8日晚间发布公告称，公司第十届第八次董 事会会议于2025年12月8日以现场结合通讯方式召开。会议审议了《关于2026年度日常关联交易预计的 议案》等文件。 ...

淮北矿业控股股份有限公司 第十届董事会第八次会议决议公告 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。 淮北矿业控股股份有限公司（下称"公司"）于 2025 年 11 月 28 日以电子 邮件方式发出召开第十届董事会第八次会议的通知，会议于 2025 年 12 月 8 日以 现场结合通讯方式召开，应参会董事 8 人，实参会董事 8 人，公司部分高管人员 列席会议。会议的召开符合《公司法》和《公司章程》的有关规定。会议由董事 长孙方先生主持，审议通过了以下事项： 一、关于 2026 年度日常关联交易预计的议案 股票代码：600985 股票简称：淮北矿业 编号：临 2025—038 本议案已经公司第十届董事会独立董事专门会议 2025 年第三次会议审议通 过，并同意提交公司董事会审议。 本议案已经公司第十届董事会独立董事专门会议 2025 年第三次会议审议通 过，并同意提交公司董事会审议。 公司 2026 年度预计与关联方发生的日常关联交易总额为 136.70 亿元，其中 与关联方发生的购销、服务类日常关联交易金额为 36.70 ...

从资金流向上来看，当日安徽国企改革板块主力资金净流出2691.67万元，游资资金净流出1665.75万元， 散户资金净流入4357.42万元。安徽国企改革板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 688249 | 晶合隼成 | 2.671Z | 15.43% | -208.46万 | -0.12% | -2.64 Z | -15.31% | | 301217 | 铜冠铜箔 | 8652.13万 | 5.27% | -1.10亿 | -6.70% | 2359.11万 | 1.44% | | 000417 | 合百集团 | 6347.07万 | 8.93% | -3434.37万 | -4.83% | -2912.70万 | -4.10% | | 000630 | 铜陵有色 | 4269.35万 | 1.83% | 3598.36万 | 1.54% | -7867.71万 | -3.37 ...

Investment Strategy - Crude oil supply is limited while demand remains resilient, leading to expectations of fluctuating prices in the future [9][10] - The global oil and gas capital expenditure trend is declining, with a significant reduction of nearly 22% from the 2014 peak to 2021 [9][10] - Major energy companies are cautious with capital expenditures due to long-term low oil prices and increasing decarbonization pressures [9][10] - OPEC+ has announced no further production increases for the next year, indicating limited supply growth [9][10] Crude Oil - Brent crude oil spot price is $64.58 per barrel, up 0.87% week-on-week, while WTI crude oil spot price is $59.33 per barrel, up 1.23% week-on-week [10][32] - The market is responding to geopolitical risks and expectations of interest rate cuts by the Federal Reserve, which have contributed to price fluctuations [10][32] Coal - The average market price for Qinhuangdao port thermal coal (Q5500) is 802.7 yuan per ton, down 3.32% week-on-week, indicating weak demand and rising inventories [11][12] - Total coal inventory at major ports in the Bohai Rim reached 27.61 million tons, up 3.77% week-on-week, while southern ports reported 6.426 million tons, up 2.57% [11][12] - Domestic key power plants reported a daily coal consumption of 4.77 million tons, down 3.44% week-on-week, with coal inventory at 13.01 million tons, up 2.09% [11][12] Coking Coal - Coking coal prices are declining due to weak supply and demand dynamics, with the price of main coking coal at 1,630 yuan per ton, down 2.40% week-on-week [13][14] - Steel mills are showing cautious purchasing behavior due to lower profitability, impacting coking coal demand [13][14] Natural Gas - The EU has reached an agreement to phase out Russian gas imports by 2027, which may impact global gas supply dynamics [15][16] - The average price of NYMEX natural gas is $4.95 per million British thermal units, up 7.7% week-on-week, while European gas prices have decreased [15][16] Oilfield Services - The oilfield services sector is expected to maintain its growth due to government policies supporting energy security and capital expenditures [17][18] - The number of active drilling rigs globally is reported at 1,800, with a slight decrease in the Middle East and Asia-Pacific regions [17][18]

梳理发现，长三角百强中安徽省有10家企业上榜，其中国有企业5家，民营企业5家；主要分布在汽车及零配件制造、一般有 色、水泥建材、建筑、家电制造、计算机及办公设备等行业，分别是：奇瑞控股集团、铜陵有色、海螺集团、中铁四局有限公 司、联宝科技、合肥比亚迪、安徽建工、美的集团芜湖分公司、淮北矿业、阳光电源。 上榜企业2024年实现营业收入为1.5万亿元，增长率10.90％；净利润537.4亿元，增长率6.51%；资产总额为1.6万亿元，增长率 16.88％；所有者权益4622.7亿元，增长9.35%；纳税总额787.5亿元，增长率59.01%；研发费用356.4亿元，增长率21.77%；员工 人数33.5万人，增长率8.19%。 安徽省上榜企业的7项经营指标增速均明显高于长三角百强的平均值。奇瑞控股和合肥比亚迪营业收入增长较快，成为拉动安 徽上榜企业营业收入较快成长的主要动力。其中，奇瑞控股实现营业收入4295.1亿元，增加1527.7亿元，增长率55.20；合肥比 亚迪实现营业收入1019.4亿元，增加406.6亿元，增长率66.35%。 12月5日，长三角三省一市企联在中国金融信息中心联合召开2025长三角百强 ...

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The coal sector has seen a rise, but it underperformed compared to the CSI 300 index, with a weekly increase of 0.77% against the CSI 300's 1.28% [2] - Inventory levels are increasing due to supply policies, while coal prices are declining rapidly. Despite increased production, supply constraints are expected to persist, leading to potential coal shortages in certain regions [6][32] - The report anticipates a rise in the coal price center in the fourth quarter, with current coal asset dividends being reasonable [6][32] Summary by Sections Coal Market Performance - As of December 5, 2025, the coal sector's performance was 0.77% up, lagging behind the CSI 300 index by 0.51 percentage points. A total of 21 stocks rose, while 14 fell, with New Dazhou A showing the highest increase of 14.98% [2] Key Data on Coal Sales and Inventory - The average daily coal sales for monitored enterprises from November 28 to December 4, 2025, were 6.98 million tons, down 5% week-on-week and down 9.5% year-on-year. Total coal inventory was 24.67 million tons, a decrease of 0.3% week-on-week and 20.5% year-on-year [2][30] Price Trends in Coal Types - As of December 5, 2025, the price of thermal coal (Q5500K) was 706 CNY/ton, up 1.15% week-on-week, while the price of imported thermal coal fell by 4.69% to 874 CNY/ton. Prices for coking coal and anthracite also showed declines [3][4] Investment Recommendations - The report suggests prioritizing investments in high-dividend thermal coal companies such as China Shenhua, Shaanxi Coal, and others. For coking coal, companies like Huaibei Mining and Shanxi Coking Coal are recommended. Additionally, companies with improved profits in the coking sector are highlighted [6][32]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Viewpoints - The coal price has upward momentum in December, driven by seasonal demand increases and supply constraints [4][7] - The coal mining industry is characterized by high asset quality and strong cash flow among leading companies, indicating a favorable long-term outlook for coal prices [7] Summary by Sections 1. Thermal Coal - As of December 5, the price of thermal coal at northern ports is 785 RMB/ton, a decrease of 31 RMB/ton week-on-week [14] - Production in the Sanxi region has seen a slight decrease in capacity utilization, down 0.61 percentage points [14][21] - Coastal and inland power plants have increased daily coal consumption by 7.3 and 35.3 thousand tons respectively [14][23] - The inventory of power plants in 25 provinces is 136.12 million tons, down 115 thousand tons year-on-year [14][34] 2. Coking Coal - The capacity utilization rate for coking coal mines has decreased by 0.17 percentage points to 84.5% [5][40] - The average crossing volume at Ganqimaodu port has increased, indicating stable import levels [5][44] - The price of main coking coal at ports is 1,630 RMB/ton, down 40 RMB/ton week-on-week [5][41] 3. Coke - The production rate of independent coking plants has increased slightly to 72.66% [53][59] - The average profit per ton of coke has decreased to approximately 30 RMB/ton, down 16 RMB/ton week-on-week [57] - The price of coke at Rizhao port is 1,630 RMB/ton, a decrease of 50 RMB/ton week-on-week [54] 4. Anthracite - The price of anthracite remains stable, with the small block price at 930 RMB/ton [69] 5. Key Companies and Profit Forecasts - Key companies to focus on include China Shenhua, Shaanxi Coal, and Yanzhou Coal, all rated as "Buy" [9]

Investment Rating - The report maintains an "Increase" rating for the coal mining industry [4] Core Viewpoints - Indonesia plans to impose a coal export tax starting in 2026 to increase national revenue, which has faced strong opposition from the coal mining association [2][8] - The report recommends companies with strong earnings elasticity such as Yancoal Energy, Jinkong Coal Industry, and focuses on Keda Automation in the smart mining sector [2] - Key companies to watch include major state-owned enterprises like China Coal Energy and China Shenhua, as well as turnaround candidates like China Qinfa [2] Summary by Sections Industry Overview - Global energy prices have shown mixed trends, with Brent crude oil futures at $63.75 per barrel (+0.87%) and WTI at $60.08 per barrel (+2.61%) as of December 5, 2025 [1] - Coal prices have seen slight adjustments, with Newcastle coal at $109.5 per ton (-1.44%) and South African Richards Bay coal at $90.8 per ton (+5.13%) [1][36] Key Companies and Recommendations - Recommended stocks include: - China Coal Energy: Buy with EPS estimates of 1.46, 1.21, 1.29, and 1.39 for 2024A to 2027E [7] - China Shenhua: Buy with EPS estimates of 2.95, 2.56, 2.71, and 2.86 for 2024A to 2027E [7] - Jinkong Coal Industry: Buy with EPS estimates of 1.68, 1.23, 1.47, and 1.62 for 2024A to 2027E [7] - Yancoal Energy: Buy with EPS estimates of 1.44, 0.99, 1.18, and 1.37 for 2024A to 2027E [7] - China Qinfa: Buy with EPS estimates of 0.20, 0.06, 0.27, and 0.47 for 2024A to 2027E [7] Market Trends - The coal industry is facing challenges due to the proposed export tax, which may impact its competitiveness in the global market [2][8] - The report highlights the importance of monitoring coal demand and pricing trends as the industry navigates these changes [2][36]