经济观察网 近7天（2026年2月9日至16日），中国自然资源板块热点集中在政策支持、大宗商品价格上 行及企业重大重组。主要事件包括：四川省新一轮找矿行动探获亿吨级磷矿和萤石资源；自然资源部推 出四方面举措支持现代化首都都市圈空间协同规划，强化矿业开发与生态保护协同；中国神华于2月13 日完成1335.98亿元收购国家能源集团12家企业股权，创A股最大重组纪录，提升清洁能源布局；稀土价 格持续攀升，氧化镨钕等产品年内涨幅超40%；碳酸锂、镍等商品期货价格显著上涨，受供需格局改善 驱动。 以上内容基于公开资料整理，不构成投资建议。 股票近期走势 如何抓住黄金波段机会？聪明钱的选择，黄金+股票一键搞定>> 华泰证券等机构指出，稀土行业供需格局改善，2025年迎来景气拐点，政策管控加强叠加新能源汽车、 机器人等领域需求增长，长期成长空间被看好。针对商品市场，分析认为碳酸锂需求"淡季不淡"，中长 期看涨情绪主导；镍价受印尼配额缩减支撑，但短期供需两弱限制涨幅。 盛和资源（600392.SH）股价于2月12日创历史新高，收盘报31.21元，单日涨幅8.41%，近5日累计上涨 27.39%，成交金额达23.52亿元，主要 ...

Core Viewpoint - China Shenhua's major asset restructuring has been approved by the China Securities Regulatory Commission (CSRC), marking a significant step in enhancing its operational scale and profitability through the acquisition of key assets from its parent company, State Energy Group [2][3][4]. Group 1: Restructuring Details - The restructuring involves the acquisition of equity stakes in 12 core enterprises under the State Energy Group for a total transaction price of 133.598 billion yuan, with 30% paid in shares and 70% in cash [2]. - The transaction was processed rapidly, receiving acceptance from the Shanghai Stock Exchange on January 30, approval on February 5, and registration from the CSRC on February 12 [2]. Group 2: Business Impact - The restructuring is expected to significantly enhance the company's business scale, with coal reserves increasing by 64.72%, recoverable coal reserves by 97.71%, and coal production by 56.57% [3]. - The basic earnings per share (EPS) after deducting non-recurring gains and losses is projected to rise to 3.15 yuan per share in 2024, an increase of 6.10%, and to 1.54 yuan per share in the first half of 2025, an increase of 4.40% [3]. Group 3: Strategic Alignment - The restructuring aligns with regulatory policies encouraging industry leaders to efficiently integrate resources, thereby enhancing investment value and eliminating competition within the same industry [4]. - The simplified review process reflects a shift towards differentiated and refined regulation based on company quality, benefiting compliant companies like China Shenhua [4].

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Views - The report indicates that the coal industry is at the beginning of a new upward cycle, with a favorable combination of fundamentals and policies, making it a good time to invest in the coal sector [11][12] - The report highlights a significant increase in coal prices, with Qinhuangdao port's Q5500 coal price reaching 717 CNY/ton, up 24 CNY/ton week-on-week, driven by optimistic market expectations post-holiday and reduced supply from major coal-producing regions [11][30] - The report emphasizes the ongoing supply-demand balance in the short term, with a medium to long-term supply gap expected to persist, reinforcing the investment logic in coal assets [11][12] Summary by Sections 1. Coal Price Tracking - As of February 13, the market price for Qinhuangdao port's Q5500 coal is 717 CNY/ton, reflecting a week-on-week increase of 3.5% [6][30] - International coal prices have also risen, with Newcastle's FOB price for Q5500 coal at 81.5 USD/ton, up 6.5% week-on-week [6][30] 2. Coal Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 84.4%, down 3.1 percentage points week-on-week, while the utilization rate for coking coal mines is 81.39%, down 5.3 percentage points [11][49] - Daily coal consumption in inland provinces decreased by 10% week-on-week, while coastal provinces saw an 18.8% decline [11][50] 3. Coal Inventory Situation - Coal inventory in inland provinces increased by 1.854 million tons week-on-week, while coastal provinces saw a smaller increase of 0.235 million tons [50] 4. Investment Recommendations - The report suggests focusing on stable and high-performing companies such as China Shenhua, Shaanxi Coal, and others, while also considering companies with high elasticity like Yanzhou Coal and others [12]

Investment Rating - The report maintains a "Buy" rating for the coal sector, with specific recommendations for several companies [2][3]. Core Insights - The report highlights a positive outlook for the coal market post-Chinese New Year, driven by supply constraints and inventory depletion, with expectations of significant price increases [9][11]. - Domestic coal prices are stabilizing with slight fluctuations, while port coal prices are accelerating upward [12][11]. - The report anticipates that coal prices will return to a balanced supply-demand state in 2023-2024, with prices expected to fluctuate between 750-1000 RMB/ton [11][12]. Summary by Sections Company Earnings Forecast, Valuation, and Ratings - Recommended companies include: - Jinko Coal Industry (601001): EPS forecast of 1.68 RMB for 2024, with a PE of 10 [2]. - Shanxi Coal International (600546): EPS forecast of 1.14 RMB for 2024, with a PE of 10 [2]. - Lu'an Environmental Energy (601699): EPS forecast of 0.82 RMB for 2024, with a PE of 17 [2]. - Huayang Co., Ltd. (600348): EPS forecast of 0.62 RMB for 2024, with a PE of 15 [2]. - Yancoal Energy (600188): EPS forecast of 1.44 RMB for 2024, with a PE of 12 [2]. - China Shenhua Energy (601088): EPS forecast of 2.95 RMB for 2024, with a PE of 14 [2]. - Shaanxi Coal and Chemical Industry (601225): EPS forecast of 2.31 RMB for 2024, with a PE of 10 [2]. - China Coal Energy (601898): EPS forecast of 1.46 RMB for 2024, with a PE of 10 [2]. - CGN Mining (1164.HK): EPS forecast of 0.04 HKD for 2024, with a PE of 108 [2]. - Xinji Energy (601918): EPS forecast of 0.92 RMB for 2024, with a PE of 8 [2]. - Huaibei Mining (600985): EPS forecast of 1.80 RMB for 2024, with a PE of 7 [2]. - Lanhua Sci-Tech (600123): EPS forecast of 0.49 RMB for 2024, with a PE of 13 [2]. Market Performance - The coal sector outperformed the broader market, with a weekly increase of 1.9% compared to the 0.4% increase in the CSI 300 index [20][17]. - The thermal coal sub-sector showed the highest increase of 3.0%, while the coking coal sub-sector experienced a decline of 3.9% [20][17]. Industry Dynamics - The report notes that domestic coal supply is tightening due to the Chinese New Year holiday, with a significant decrease in port inventory levels compared to the previous year [11][9]. - The report emphasizes the importance of high spot market exposure and recommends focusing on companies with strong balance sheets and high cash flow [12][11].

经济观察网 根据公开信息，中国神华（601088.SH）千亿级资产重组项目于2026年2月12日获证监会注 册批复，但次日（2月13日）股价下跌2.61%至41.45元。这一市场表现主要受以下因素影响： 股价异动原因 本次交易总对价1335.98亿元，其中现金支付比例高达70%（约935.19亿元）。尽管公司可通过配套融资 募集部分资金，但市场仍关注其短期现金流压力。2025年一季度财报显示经营活动现金流净额同比下降 25.88%，叠加重组后需承担标的公司债务，投资者对高现金支出可能带来的财务负担存在顾虑。 资金面与技术面 发行股份购买资产的定价为29.4元/股，较重组公告前收盘价折价约20%。该折价虽符合重组惯例，但可 能引发短线套利资金抛售，对股价形成压制。2月13日主力资金净流出1.28亿元，换手率仅0.19%，反映 资金参与意愿低迷。 业绩经营情况 未来发展 重组完成后，公司煤炭可采储量将增长97.71%至345亿吨，发电装机容量提升27.82%，并解决与国家能 源集团的同业竞争问题。但市场需时间消化整合风险及行业周期影响。 以上内容基于公开资料整理，不构成投资建议。 公司2025年业绩预告显示，归母 ...

近日，中国神华能源股份有限公司（"本公司"）持股67%的控股子公司国能清远发电有限责任公司 （"清远电力"）二期扩建工程项目（"清远二期"）4号发电机组顺利通过168小时试运行，正式投入商业 运营。至此，清远二期2台100万千瓦超超临界二次再热燃煤发电机组全部建成投运。 试运期间，机组运行平稳，环保指标优秀，实现大气污染物超低排放及废水零排放。清远二期投运后， 清远电力预计每年可提供约200亿千瓦时的清洁高效电能，将有效缓解粤港澳大湾区电力保供压力，助 力地方经济高质量发展。 证券代码：601088 证券简称：中国神华 公告编号：临2026-013 中国神华能源股份有限公司 关于清远二期4号机组通过168小时试运行的公告 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法律责任。 中国神华能源股份有限公司（"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。 ■ 注：2025年春节假期为2025年1月28日至2月4日。 特此公告。 承中国神华能源股份有限公 ...

新闻聚焦 企业新闻 ◐ 中国神华资产重组获证券会同意注册批复。 中国神华2月12日晚发布公告称，公司作价1 335. 98亿元收购控股股东国家能源集 团旗下12家核心企业股权的交易，当日获得中国证监会注册批复。 ◐ 我国首个钙钛矿光伏电池国际标准立项。 据中国华能微信公众号2月12日消息，2月9日，中国华能集团有限公司牵头编制的 IEC国际标准《研发用钙钛矿光伏电池测量规范》(IEC/TS 63 202 - 9 ED1）成功立项，这是我国在钙钛矿光伏领域牵头制定的首 个国际标准。 国际新闻 ◐ 苏丹官员：冲突致该国石油和能源产业损失数十亿美元。 据央视新闻2月1 3日报道，苏丹能源和石油部长穆塔西姆当地时间2 月1 2日表示，苏丹武装冲突给该国石油和能源产业造成数十亿美元的经济损失，相关损害评估工作仍在进行中。 ◐ 涉及化工、冶金等6大行业，工信部243项标准征求意见。 据工信部网站消息，2月13日，工信部发布《硫酸行业节能监察技 术规范》等24 3项行业标准报批征求意见的公示。本次发布的行业标准覆盖化工、黑色冶金、有色金属、建材、机械、船舶等行 业。 国内新闻 ◐我国科研团队破解电合成氨全球难题。 据中国新 ...

Company News - China Power (02380.HK) signed three independent general contracting agreements with State Nuclear Power Technology Corporation and Shandong Institute, involving a total investment of 768 million yuan [1] - Huitongda Network (09878.HK) completed the acquisition of a 25% stake in Jintongling (300091.SZ), accelerating the implementation of its "integrated production and sales" strategy [1] - CGN New Energy (01811.HK) reported a power generation of 1,647.8 GWh in January, an increase of 7.9% year-on-year [1] - R&F Properties (02777.HK) recorded a contract sales revenue of approximately 720 million yuan in January, a decrease of 8.05% year-on-year [1] - Hopson Development (00754.HK) reported a contract sales amount of approximately 591 million yuan in January, an increase of 24.95% year-on-year [1] - Aoyuan Group (01813.HK) reported contract sales of 325 million yuan in January, a decrease of 35.3% year-on-year [1] - Jianye Real Estate (00832.HK) reported a contract sales amount of 398 million yuan in January, a decrease of 31.1% year-on-year [1] Financial Performance - Shanghai Fudan (01385.HK) projected total revenue of approximately 3.982 billion yuan for 2025, a year-on-year increase of 10.92%, while net profit is expected to be around 232 million yuan, a decrease of 59.42% year-on-year [2] - Ruian Real Estate (00272.HK) issued a profit warning, expecting a net loss attributable to shareholders between 1.7 billion yuan and 1.8 billion yuan for the 2025 fiscal year [2] - YTO Express (06123.HK) issued a profit warning, anticipating a net loss of approximately 145 million to 154 million HKD for the 2025 fiscal year [3] - Baisheng Group (03368.HK) issued a profit warning, expecting a net loss attributable to shareholders of approximately 186 million yuan for the 2025 fiscal year [3] - IFBH (06603.HK) expects a year-on-year decrease in net profit of approximately 27% to 32% for 2025 [4] Strategic Developments - Yingxing Holdings (01440.HK) is exploring the establishment of its AI infrastructure and Software as a Service (SaaS) capabilities to support its AI-driven business plans [5] - Yinger International (08379.HK) has decided to focus on new business in artificial intelligence and industrial digital transformation, concentrating on technology research and commercial applications in the field of digital finance [5] - Samsonite (01910.HK) is seeking shareholder approval for a dual listing share issuance authorization [5] Buyback Activities - Xiaomi Group-W (01810.HK) repurchased 2.7 million shares for a total of approximately 98.36 million HKD, with a buyback price ranging from 36.30 to 36.48 HKD [6] - Geely Automobile (00175.HK) repurchased 1.595 million shares for approximately 26.91 million HKD, with a buyback price ranging from 16.71 to 16.98 HKD [6] - NetEase Cloud Music (09899.HK) repurchased 92,000 shares for approximately 14.96 million HKD, with a buyback price ranging from 160.3 to 166.5 HKD [6] - Kingsoft (03888.HK) repurchased 725,000 shares for approximately 19.99 million HKD, with a buyback price ranging from 27.38 to 27.76 HKD [6] Industry Performance - China Shenhua (01088.HK) reported coal sales of 33.2 million tons in January, an increase of 9.9% year-on-year, and total electricity sales of 20.96 billion kWh, an increase of 34.4% year-on-year [7] - China Southern Airlines (01055.HK) reported a year-on-year decrease of 1.10% in passenger capacity input and a decrease of 2.86% in passenger turnover, with a seat occupancy rate of 83.26%, down 1.51 percentage points year-on-year [7] - China Eastern Airlines (00670.HK) reported a year-on-year decrease of 3.54% in passenger capacity input and a decrease of 1.03% in passenger turnover, with a seat occupancy rate of 85.01%, up 2.16 percentage points year-on-year [7]

商品煤产量2740万吨，同比增长10.0% 一、核心数据 煤炭业务： 中国神华2026年1月运营数据公告要点 煤炭销售量3320万吨，同比增长9.9% 运输业务： 自有铁路运输周转量257亿吨公里，同比增长9.8% 黄骅港装船量1850万吨，同比增长20.9% 总发电量222.2亿千瓦时，同比增长34.2% 总售电量209.6亿千瓦时，同比增长34.4% 煤化工业务： 聚乙烯销售量3.1万吨，同比下降2.5% 聚丙烯销售量2.9万吨，同比下降2.7% 二、重要说明 公司指出，煤炭、铁路、港口及发电业务同比增长主要因2025年1月春节假期导致基数较低。月度运营 数据可能受天气、检修、季节性等因素影响存在波动。 航运周转量61亿吨海里，同比下降16.4% 发电业务： ...

2月 12日，中国 神华拟以1335.98亿元购买控股股东国家能源集团旗下12家核心企业股权的交易，正式获证监会注册批复。 这也意味着， 去年 5月证监会发布修订后的《上市公司重大资产重组管理办法》以来，A股市场首单适用"2+5+5"简易审核程序的千亿级 央企重组，已走完注册流程，即将进入实施阶段。 从时间线来看，该项目于 2026年 1月30日获上交所受理，从受理到通过交易所审核，仅用时四个交易日；2月5日即向证监会提交注册申 请，又于四个工作日后（2月11日）迅速获注册生效。 在业内人士看来，此次重组交易不仅显著提升了中国神华在核心业务领域的产能规模与资源储备水平，进一步增强了公司的资源保障能力 与产业协同效应，也为后续深入推进清洁生产、优化产能结构、提升综合盈利能力奠定了坚实基础。同时，该项目从受理到注册生效的快 速推进，充分彰显了资本市场在制度创新方面的持续突破与审核效率的显著提升，为同类重大资产重组提供了可复制的示范路径。 在南开大学金融学教授田利辉看来， 2026年 A股并购市场将聚焦硬科技、周期整合与国企改革三大主线，产业逻辑主导下，需警惕估值分 歧与财务风险。但并购重组整体走向理性化、价值化， ...