Group 1 - The coke sector experienced a slight decline of 0.1% on December 22, with Yunwei Co. leading the drop [1] - The Shanghai Composite Index closed at 3917.36, up by 0.69%, while the Shenzhen Component Index closed at 13332.73, up by 1.47% [1] - Major stocks in the coke sector showed varied performance, with Shaanxi Black Cat closing at 3.72, up by 0.54%, and Yunwei Co. closing at 4.17, down by 2.34% [1] Group 2 - The net outflow of main funds in the coke sector was 68.56 million yuan, while retail investors saw a net inflow of 71.13 million yuan [1] - Detailed fund flow data indicates that Baotailong had a net outflow of 3.36 million yuan from main funds, while retail investors contributed a net inflow of 1.29 million yuan [2] - Yunwei Co. experienced a significant net outflow of 23.30 million yuan from main funds, but retail investors had a net inflow of 45.99 million yuan [2]

| 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601011 | 宝泰降 | 1.53万 | 0.01% | -566.50万 | -3.18% | 564.97万 | 3.17% | | 601015 陕西黑猫 | | -182.11万 | -1.80% | -427.33万 | -4.23% | 609.44万 | 6.03% | | 600792 云煤能源 | | -397.69万 | -3.99% | -364.51万 | -3.65% | 762.20万 | 7.64% | | 600740 山西焦化 | | -400.87万 | -5.97% | 227.74万 | 3.39% | 173.14万 | 2.58% | | 000723 美锦能源 | | -1502.71万 | -6.23% | -116.44万 | -0.48% | 1619.15万 | 6.71% | | 600725 云维股份 | ...

Core Viewpoint - The coking coal sector experienced a slight increase of 0.12% on December 10, with Antai Group leading the gains, while the overall market showed mixed results with the Shanghai Composite Index down by 0.23% and the Shenzhen Component Index up by 0.29% [1] Coking Coal Sector Performance - Antai Group closed at 4.88, up by 1.46% with a trading volume of 1.3252 million shares and a transaction value of 650 million yuan [1] - Shanxi Coking Coal closed at 3.88, up by 0.26% with a trading volume of 147,600 shares and a transaction value of 57.1645 million yuan [1] - Meijin Energy closed at 4.80, up by 0.21% with a trading volume of 507,800 shares and a transaction value of 24.3 million yuan [1] - Baotailong closed at 3.57, unchanged with a trading volume of 472,700 shares and a transaction value of 169 million yuan [1] - Yunmei Energy closed at 4.20, down by 0.24% with a trading volume of 249,300 shares and a transaction value of 104 million yuan [1] - Shaanxi Black Cat closed at 3.87, down by 0.26% with a trading volume of 244,800 shares and a transaction value of 94.6699 million yuan [1] - Yunwei Co. closed at 3.59, down by 0.83% with a trading volume of 131,500 shares and a transaction value of 47.2622 million yuan [1] Capital Flow Analysis - The coking coal sector saw a net outflow of 72.9341 million yuan from main funds, while retail funds experienced a net inflow of 19.1218 million yuan [1] - The detailed capital flow for individual stocks shows that Yunwei Co. had a net inflow of 2.9502 million yuan from retail investors, while it faced a net outflow of 30,100 yuan from main funds [2] - Shanxi Coking Coal experienced a net outflow of 5.4695 million yuan from main funds but had a net inflow of 4.0735 million yuan from retail investors [2] - Yunmei Energy had a significant net outflow of 13.0670 million yuan from main funds, with a net inflow of 11.0040 million yuan from retail investors [2] - Antai Group faced a net outflow of 19.9106 million yuan from main funds, while retail investors contributed a net inflow of 2.98723 million yuan [2]

今日A股市场高开高走，深成指涨超1%，创业板指涨超2%。 沪深两市成交额2.04万亿，较上一个交易日放量3109亿。 盘面上，市场热点快速轮动， 全市场超3400只个股上涨。 从板块来看，福建板块再度爆发，安记食品5连板，舒华体育、福建金森等10余股涨停。 算力硬件概念走强，天孚通信触及20cm涨停创新高。商业航天概念延续强势，顺灏股份7天6板，龙洲股份4连板。下跌方面，煤炭板块表现疲软，安 泰集团、陕西黑猫下挫。 板块方面，算力硬件、能源金属、福建等板块涨幅居前，煤炭、贵金属、油气等板块跌幅居前。 截至收盘，沪指涨0.54%，深成指涨1.39%，创业板指涨2.6%。 创业板指 上证指数 深证成指 -3924.08 -13329.99 -3190.27 +80.97 +2.60% +21.27 +0.54% +182.31 +1.39% 市场概况 2349 1658 626 221 182 165 134 78 79 32 6 4 8 大于 小于 涨停 +8% +6% +4% +2% 0% -2% -4% -6% -8% 跌停 +8% -8% 下跌 1865家 上涨 3409家 持平 182家 涨停 78家 ...

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]

证券之星消息，12月5日焦炭板块较上一交易日下跌1.8%，陕西黑猫领跌。当日上证指数报收于 3902.81，上涨0.7%。深证成指报收于13147.68，上涨1.08%。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2400.03万元，游资资金净流出1870.75万元，散户资金 净流入4270.78万元。焦炭板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000723 | 美锦能源 | 5.01 | 1.42% | 85.40万 | 4.25 乙 | | 600408 | 安泰集团 | 5.26 | 1.15% | 212.50万 | 10.93 Z | | 601011 | 宝泰隆 | 3.76 | 0.80% | 67.52万 | 2.52亿 | | 600725 | 云维股份 | 3.75 | 0.27% | 14.12万 | 5253.58万 | | 600792 | 云煤能源 | 4.46 | 0.22% | 33.64万 | 1.49 ...

Core Insights - The coke sector experienced a 0.93% increase on December 1, with Baotailong leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Coke Sector Performance - Baotailong (601011) closed at 3.76, up 1.90%, with a trading volume of 724,700 shares and a transaction value of 269 million yuan [1] - Meijin Energy (000723) closed at 5.18, up 1.77%, with a trading volume of 1,075,400 shares and a transaction value of 558 million yuan [1] - Yunmei Energy (600792) closed at 4.46, up 1.59%, with a trading volume of 232,400 shares and a transaction value of 103 million yuan [1] - Shaanxi Black Cat (601015) closed at 4.08, up 0.99%, with a trading volume of 302,000 shares and a transaction value of 123 million yuan [1] - Shanxi Coking Coal (600740) closed at 4.01, unchanged, with a trading volume of 208,300 shares and a transaction value of 83.43 million yuan [1] - Antai Group (600408) closed at 4.62, down 1.07%, with a trading volume of 1,384,000 shares and a transaction value of 639 million yuan [1] - Yunwei Co. (600725) closed at 3.75, down 1.32%, with a trading volume of 177,000 shares and a transaction value of 66.64 million yuan [1] Fund Flow Analysis - The coke sector saw a net outflow of 5.7185 million yuan from main funds, while retail investors contributed a net inflow of 30.1792 million yuan [1] - Baotailong experienced a net outflow of 21.5245 million yuan from main funds, with a retail net inflow of 742,170 yuan [2] - Yunwei Co. had a net inflow of 272,730 yuan from main funds, while retail investors had a net outflow of 511,540 yuan [2] - Meijin Energy saw a net outflow of 238,110 yuan from main funds, with a retail net inflow of 541,110 yuan [2] - Shaanxi Black Cat had a net outflow of 980,990 yuan from main funds, with a retail net inflow of 310,290 yuan [2] - Antai Group experienced a net outflow of 1,540,570 yuan from main funds, while retail investors had a net inflow of 3,382,610 yuan [2]

Market Overview - The coke sector experienced a slight decline of 0.14% on November 26, with Antai Group leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index rose by 1.02% to 12907.83 [1] Individual Stock Performance - Meijin Energy (000723) saw an increase of 1.40%, closing at 5.06 with a trading volume of 1.6783 million shares and a turnover of 862 million yuan [1] - Yunwei Co. (600725) rose by 0.28%, closing at 3.64 with a trading volume of 159,400 shares and a turnover of 58.5147 million yuan [1] - Shanxi Coking Coal (600740) decreased by 0.25%, closing at 4.00 with a trading volume of 180,700 shares and a turnover of 72.4357 million yuan [1] - Shaanxi Black Cat (601015) fell by 0.49%, closing at 4.03 with a trading volume of 347,300 shares and a turnover of 140 million yuan [1] - Baotailong (601011) dropped by 1.37%, closing at 3.59 with a trading volume of 640,700 shares and a turnover of 232 million yuan [1] - Yunmei Energy (600792) decreased by 2.06%, closing at 4.27 with a trading volume of 289,000 shares and a turnover of 124 million yuan [1] - Antai Group (600408) led the decline with a drop of 3.08%, closing at 4.41 with a trading volume of 1.3839 million shares and a turnover of 610 million yuan [1] Fund Flow Analysis - The coke sector experienced a net outflow of 14.0321 million yuan from main funds, while retail investors saw a net inflow of 46.2353 million yuan [1] - Major stocks like Meijin Energy had a net inflow of 21.4245 million yuan from main funds, while Antai Group faced a net outflow of 7.6066 million yuan [2] - Retail investors showed significant interest in Yunmei Energy, which had a net inflow of 20.5776 million yuan, despite a net outflow from main and speculative funds [2]

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The coal sector has seen a decline, underperforming the CSI 300 index by 1.9 percentage points, with a weekly drop of 5.67% as of November 21, 2025 [2] - Short-term coal consumption is low, leading to an increase in social inventory, but it remains below last year's levels. There is a need to ensure supply while releasing production safely [5][29] - The report anticipates a gradual balance in supply and demand in the fourth quarter, with coal prices expected to rise steadily, targeting 850 CNY/ton [5][29] Summary by Sections Coal Market Performance - As of November 21, 2025, the average daily coal sales from monitored enterprises were 7.53 million tons, a week-on-week increase of 1.2% but a year-on-year decrease of 2.7% [2] - The total coal inventory (including port storage) was 24.61 million tons, up 1.3% week-on-week but down 19% year-on-year [2][6] Price Trends - The price index for thermal coal (Q5500K) was stable at 698 CNY/ton, while the imported thermal coal price index was 944 CNY/ton, also unchanged [3] - The price of coking coal at major ports showed a decline, with the main coking coal price at 1,790 CNY/ton, down 2.2% week-on-week [4] Investment Recommendations - The report suggests prioritizing investments in high-dividend thermal coal companies, specifically mentioning China Shenhua, Shaanxi Coal, and others [5][29] - Focus on coking coal companies such as Huabei Mining and Shanxi Coking Coal, as well as coking companies with improved profits like Jinneng Technology and others [5][29]

Core Insights - The coke sector experienced a decline of 2.54% on November 20, with Antai Group leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Sector Performance - The following table summarizes the closing prices and percentage changes of key stocks in the coke sector: - Baotailong (601011): Closed at 3.87, up 0.52% - Shanxi Coking (600740): Closed at 4.17, down 1.18% - Yunwei Co. (600725): Closed at 3.75, down 1.32% - Shaanxi Black Cat (601015): Closed at 4.19, down 2.10% - Meijin Energy (000723): Closed at 5.37, down 2.54% - Yunmei Energy (600792): Closed at 4.55, down 3.81% - Antai Group (600408): Closed at 5.07, down 9.63% [1] Capital Flow - The coke sector saw a net outflow of 152 million yuan from main funds, while retail investors contributed a net inflow of 166 million yuan [1] - The following table details the capital flow for individual stocks: - Antai Group (600408): Main funds net outflow of 3.38 million yuan, retail net inflow of 2.73 million yuan - Yunwei Co. (600725): Main funds net outflow of 2.05 million yuan, retail net outflow of 0.73 million yuan - Baotailong (601011): Main funds net outflow of 13.72 million yuan, retail net outflow of 20.12 million yuan - Shanxi Coking (600740): Main funds net outflow of 17.10 million yuan, retail net inflow of 13.75 million yuan - Shaanxi Black Cat (601015): Main funds net outflow of 18.61 million yuan, retail net inflow of 22.14 million yuan - Yunmei Energy (600792): Main funds net outflow of 20.40 million yuan, retail net inflow of 27.00 million yuan - Meijin Energy (000723): Main funds net outflow of 83.22 million yuan, retail net inflow of 56.04 million yuan [2]