证券之星消息，8月13日焦炭板块较上一交易日下跌1.19%，陕西黑猫领跌。当日上证指数报收于 3683.46，上涨0.48%。深证成指报收于11551.36，上涨1.76%。焦炭板块个股涨跌见下表： 从资金流向上来看，当日焦炭板块主力资金净流出5738.5万元，游资资金净流入138.35万元，散户资金净 流入5600.16万元。焦炭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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600408 安泰集团 | | -219.78万 | -3.23% | 119.03万 | 1.75% | 100.75万 | 1.48% | | 600792 云煤能源 | | -264.09万 | -3.32% | -508.09万 | -6.38% | 772.18万 | 9.70% | | 600740 山西焦化 | | -473.73万 | -5.44% | -139.46万 | -1.60% | 613 ...

Market Overview - The coke sector increased by 0.73% on August 6, with Shanxi Coking Coal leading the gains [1] - The Shanghai Composite Index closed at 3633.99, up 0.45%, while the Shenzhen Component Index closed at 11177.78, up 0.64% [1] Individual Stock Performance - Shanxi Coking Coal (600740) closed at 4.09, up 1.49% with a trading volume of 391,000 shares and a turnover of 160 million yuan [1] - Shaanxi Black Cat (601015) closed at 3.77, up 1.07% with a trading volume of 372,100 shares and a turnover of 140 million yuan [1] - Yunwei Co. (600725) closed at 3.31, up 0.91% with a trading volume of 145,500 shares and a turnover of 47.89 million yuan [1] - Antai Group (600408) closed at 2.35, up 0.86% with a trading volume of 534,000 shares and a turnover of 125 million yuan [1] - Yunmei Energy (600792) closed at 3.89, up 0.78% with a trading volume of 256,600 shares and a turnover of 99.71 million yuan [1] - Meijin Energy (000723) closed at 4.64, up 0.43% with a trading volume of 458,900 shares and a turnover of 212 million yuan [1] - Yutailong (601011) closed at 2.78, down 0.36% with a trading volume of 303,600 shares and a turnover of 84.48 million yuan [1] Fund Flow Analysis - The coke sector saw a net inflow of 48.49 million yuan from main funds, while retail funds experienced a net outflow of 36.71 million yuan [1] - Main fund inflows for Shanxi Coking Coal amounted to 26.12 million yuan, while retail funds had a net outflow of 13.35 million yuan [2] - Meijin Energy had a main fund inflow of 16.78 million yuan, with retail funds seeing a net outflow of 1.55 million yuan [2] - Shaanxi Black Cat recorded a main fund inflow of 12.27 million yuan, with retail funds experiencing a net outflow of 12.54 million yuan [2] - Yunmei Energy had a main fund inflow of 3.04 million yuan, while retail funds saw a net outflow of 6.06 million yuan [2]

证券研究报告——煤炭行业周报 北港库存加速去化，焦炭第三轮提涨落地 【2025.7.28-2025.8.3】 行业评级：看好 核心观点 发布日期：2025.8.4 煤炭行情走势图 数据来源：Wind 大同证券 大同证券研究中心 分析师：刘永芳 执业证书编号：S0770524100001 liuyongfang@dtsbc.com.cn 西世贸中心 A 座 F12、F13 网址:http://www.dtsbc.com.cn 风险提示 终端需求大幅回落，板块轮动加快，板块突发利空。 请务必阅读最后一页免责声明 1 北港库存加速去化，动力煤价继续上涨。在暴雨、台风以及能 源局要求煤矿超产自查数据上报的影响下，煤炭供给受到约 束，叠加迎峰度夏高温天增加，有望推动煤格继续上行。 焦炭第三轮提涨落地，焦煤价格继续上涨。山西超产核查进入 数据上报阶段，叠加蒙煤通关恢复缓慢，供应收缩延续，但钢 厂盈利水平尚可且仍在补库，预计焦煤价格将继续上行。 权益市场以跌为主，煤炭板块大幅跑输指数。政治局会议提出 "宏观政策持续发力、适时加力"，中美贸易谈判延长关税展 期 90 天，但在稀土出口管制、芯片封锁等核心矛盾未解等众 多因素作 ...

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - Shenhua plans to acquire group assets, and coal prices are expected to rise in August. Domestic power plants maintain daily coal consumption, leading to continued price increases. The coal association has advocated for controlling production and improving quality, while the Central Financial Committee emphasized the need to regulate low-price competition and promote the orderly exit of backward production capacity. The coking coal sector may see marginal improvements in performance due to environmental factors affecting capacity utilization, with supply and demand gradually balancing in the second half of the year [6][42]. Summary by Sections Coal Market Performance - The coal sector declined, underperforming the CSI 300 index by 2.81 percentage points, with a drop of 4.56% as of August 1, 2025. Among 37 stocks, Chengzhi Co. had the smallest decline at 0.89% [2]. - Key monitored enterprises reported an average daily coal sales volume of 6.64 million tons from July 25 to July 31, 2025, a week-on-week decrease of 6.9% but a year-on-year increase of 0.1%. The total coal inventory was 28.87 million tons, down 5.5% week-on-week and up 15.1% year-on-year [2]. Price Trends - As of August 1, 2025, the price of thermal coal (Q5500K) in the Bohai Rim was 665 CNY/ton, up 0.15% week-on-week. The price of imported thermal coal was 763 CNY/ton, up 0.13% week-on-week. Prices at various ports, including Qinhuangdao and Huanghua, also saw increases [3]. - For coking coal, the main coking coal price at Jingtang Port was stable at 1,650 CNY/ton, while prices for metallurgical coke increased by 3.4% for first-grade and 3.94% for second-grade [4]. Supply and Demand Dynamics - The cumulative coal sales volume for key monitored enterprises was 146.43 million tons, a year-on-year decrease of 3.3%. Power and chemical industries saw coal consumption changes of -2.7% and +16.9% respectively [2][41]. - The chemical industry’s total coal consumption was reported at 21.39 million tons as of August 1, 2025, reflecting a year-on-year increase of 16.9% [41]. Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies and turnaround coking coal companies. Key companies to watch include China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining Company for thermal coal, and Huabei Mining and Shanxi Coking Coal for coking coal [6][42].

证券代码：601015 证券简称：陕西黑猫 公告编号：2025-033 陕西黑猫焦化股份有限公司 关于控股股东股份解除质押的公告 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个别及连带责任。 重要内容提示: ●陕西黑猫焦化股份有限公司（简称"公司"）控股股东陕西黄河矿业（集团） 有限责任公司（简称"黄河矿业"）持有公司股份 922,028,420 股，占公司总股本 的 45.14%；黄河矿业累计质押本公司股份 393,000,000 股，占其所持公司股份的 42.62%，占公司总股本的 19.24%。 近日，公司收到控股股东黄河矿业的通知，黄河矿业将其原质押给平安银行 股份有限公司西安分行的公司无限售流通股 56,000,000 股进行了解除质押，现将 相关情况公告如下： | 股东名称 | 陕西黄河矿业（集团）有限责任公司 | | --- | --- | | 是否为第一大股东 | 是 | | 本次解质股份（股） | 56,000,000 | | 质权人 | 平安银行股份有限公司西安分行 | | 占其所持股份比例（%） | 6.07 | ...

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - Coal prices have rebounded significantly, with the central price level continuing to rise. Domestic power plants have increased daily coal consumption, leading to further price increases for both coking coal and thermal coal. The report emphasizes that the industry is supported by both policy and fundamental factors, maintaining a "Positive" rating for the coal sector [6][41]. Summary by Sections Coal Market Performance - The coal sector outperformed the CSI 300 index, with a weekly increase of 8% compared to a 1.69% rise in the index, resulting in a 6.31 percentage point outperformance. A total of 37 stocks in the sector saw price increases, with Lu'an Huanneng showing the highest weekly gain of 31.22% [2]. Key Data on Coal Sales and Inventory - The average daily coal sales for monitored enterprises from July 18 to July 24, 2025, were 7.14 million tons, a week-on-week decrease of 2.4% but a year-on-year increase of 3.4%. The total coal inventory (including port storage) was 30.55 million tons, down 2.3% week-on-week but up 20.5% year-on-year [2][8]. Thermal Coal Industry Chain - As of July 25, 2025, the price index for thermal coal (Q5500K) in the Bohai Rim was 664 CNY/ton, reflecting a week-on-week increase of 0.15%. The inventory at Qinhuangdao port was 5.85 million tons, with a week-on-week increase of 70,000 tons [3]. Coking Coal Industry Chain - The main coking coal price at Jingtang Port was 1,650 CNY/ton, up 16.2% week-on-week. The inventory at Jingtang Port decreased by 11.16% week-on-week, while the total inventory at independent coking plants increased by 56.27% [4]. Coal Chemical Industry Chain - The price of Yanquan anthracite coal remained stable at 820 CNY/ton. The methanol market price in East China rose to 2,476.14 CNY/ton, an increase of 100.91 CNY/ton week-on-week [5]. Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies and coking coal companies undergoing turnaround. Key companies to watch include China Shenhua, Shaanxi Coal and Chemical Industry, and Huainan Mining for thermal coal, and Huai Bei Mining and Shanxi Coking Coal for coking coal [6][41].

Group 1 - The coal sector is experiencing a significant upward trend, with New Dazhou A (000571) hitting the daily limit increase [1] - Lu'an Environmental Energy (601699) has risen over 3%, indicating strong market performance [1] - Other companies such as Shaanxi Black Cat (601015), Pingmei Shenma (601666), and Baotailong (601011) are also seeing gains, reflecting a broader positive movement in the coal industry [1]

Core Viewpoint - The coal sector is expected to benefit from a new round of anti-involution and capacity reduction measures initiated by the National Energy Administration, aimed at stabilizing coal supply and optimizing industry order [2][3][9]. Group 1: Policy Announcement - The National Energy Administration issued a notification on July 10, 2025, regarding the organization of coal mine production situation checks to promote stable and orderly coal supply [2][5]. - The notification indicates that the coal supply-demand situation has been generally loose this year, with prices continuously declining, leading some coal enterprises to produce beyond their announced capacity, disrupting market order [3][4]. Group 2: Inspection Scope and Requirements - The inspection will cover coal mines in eight provinces, including Shanxi, Inner Mongolia, and Anhui, focusing on whether the annual coal output exceeds announced capacity and if production plans are reasonable [5][6]. - Violations will be categorized and dealt with according to the nature and severity, with corrective actions mandated for companies exceeding production limits [6][7]. Group 3: Market Reaction and Investment Outlook - Following the announcement, the coal sector saw a significant increase, with a rise of over 6% on July 22, 2025, although it experienced a slight decline the following day [9][10]. - Analysts suggest that the anti-involution measures will help stabilize supply-demand relationships and optimize industry order, with high-quality coal companies still showing strong attributes such as high barriers to entry and cash flow [2][9]. - The current proportion of loss-making companies in the coal industry stands at 53.6%, significantly higher than 35% in 2016, indicating a pressing need for the anti-involution actions to restore profitability [9][11]. Group 4: Price Trends and Future Expectations - As of July 21, 2025, the price of Qinhuangdao 5500 kcal thermal coal was 642 RMB/ton, reflecting a week-on-week increase of 12 RMB/ton, and a rebound of 27 RMB/ton from the yearly low [10]. - Analysts predict that with improved demand and more rational supply releases, coal prices are expected to rise further, creating a safer and more sustainable development environment for the industry [10][11].

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The report indicates that the negative impact from the mid-year report has been fully absorbed, and the fundamentals of the coal industry remain upward [1] - The coal sector has underperformed the CSI 300 index, with a decline of 0.74% compared to a 1.09% increase in the index, resulting in a relative underperformance of 1.83 percentage points [2] - Key monitored enterprises reported an average daily coal sales volume of 7.31 million tons, which is a week-on-week increase of 2.8% and a year-on-year increase of 4.7% [2] - The report highlights a decrease in coal inventory by 4% week-on-week, while year-on-year inventory has increased by 19.8% [2] Summary by Sections Coal Market Performance - The coal sector saw 6 stocks rise and 31 stocks fall during the week, with ST Dazhou showing the highest increase of 4.89% [2] - The average daily sales of thermal coal increased by 3.2% week-on-week, while coking coal sales rose by 1.9% [2] Price Trends - As of July 18, 2025, the price index for thermal coal (Q5500K) in the Bohai Rim was 663 RMB/ton, reflecting a week-on-week increase of 0.15% [3] - The price of coking coal at Jing Tang Port was 1420 RMB/ton, with a week-on-week increase of 8.4% [4] Investment Recommendations - The report suggests that social inventory continues to decline, and current demand remains promising, with domestic power plants showing a significant increase in daily coal consumption [6] - The report recommends focusing on high-dividend thermal coal companies and coking coal companies that are experiencing turnaround potential, such as China Shenhua, Shaanxi Coal, and others [6]

Core Viewpoint - The coal and electricity sectors are experiencing declines, while the company "Shangwei New Materials" is seeing a surge with five consecutive trading limits [2][10][26]. Market Overview - On July 15, the A-share market showed mixed performance, with the Shanghai Composite Index down 0.93% to 3486.88 points, while the ChiNext Index rose 0.64% [2][5]. - The total market turnover reached 1.1 trillion yuan, indicating a significant increase compared to the previous day [5]. Sector Performance - The communication sector performed well, with significant gains in optical modules, optical chips, and optical communication stocks [5][6]. - The coal sector saw major declines, with companies like Dayou Energy and Shaanxi Black Cat experiencing drops of 8.61% and 7.08% respectively [10][11]. - The electricity sector also faced downturns, with Huayin Power and Tuo Ri New Energy dropping by 9.60% and 8.72% respectively [12][13]. Company-Specific Developments - Shangwei New Materials achieved a 20.01% increase in stock price, marking its fifth consecutive trading limit [26][27]. - The company announced that its price-to-earnings ratio is significantly higher than the industry average, advising investors to be cautious [27]. - The acquisition of a 63.62% stake by Zhiyuan Robotics is set to change the controlling shareholder and actual controller of Shangwei New Materials [27]. Earnings Forecasts - Several companies, including Ando Mai A and Tongding Interconnection, are expected to report losses for the first half of the year, leading to significant stock price declines [17][20][23]. - The coal industry is facing challenges due to a mismatch in supply and demand, prompting calls for improved contract management and industry self-regulation [15].