2025.11.30 以下是第一财经对一些重要公告的汇总，供投资者参考。 【品大事】 恩捷股份：筹划购买中科华联100%股权等事项 股票明起停牌 恩捷股份(002812)公告，公司正在筹划发行股份购买中科华联100%股权并募集配套资金。因有关事项尚 存不确定性，公司股票自2025年12月1日开市时起开始停牌。 ST天瑞：控股股东筹划公司控制权变更相关事宜 股票明起停牌 ST天瑞(300165)公告，控股股东、实控人刘召贵正在筹划公司控制权变更相关事宜，该事项可能导致公 司控股股东及实际控制人发生变更。公司股票自2025年12月1日开市起停牌，预计停牌时间不超过2个交 易日。 嘉戎技术：拟向厦门溥玉定增募资不超10亿元并购买杭州蓝然100%股份 嘉戎技术(301148)公告，公司拟通过发行股份及支付现金的方式向19名交易对方购买杭州蓝然100%股 份，并向厦门溥玉发行股份募集配套资金不超过10亿元。本次交易完成后，标的公司成为公司全资子公 司，厦门溥玉预计将成为公司控股股东，胡殿君预计将成为公司实际控制人。 百利天恒：全资子公司收到2.5亿美元里程碑付款 百利天恒(688506)公告，2023年12月11日，全 ...

FF301 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國神華能源股份有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01088 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,377,482,000 | RMB | | 1 | RMB | | 3,377,482,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 3,377,482,000 | RMB | | 1 | RMB | | 3,377,482,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 ...

证券研究报告 • 需求：消费先抑后扬，整体仍有韧性 中枢抬升，价值优先 2026年度投资策略 行业评级：看好（维持） 2025年12月1日 | 分析师 | 樊金璐 | | --- | --- | | 邮箱 | fanjinlu@stocke.com.cn | | 电话 | 13466717654 | | 证书编号 | S1230525030002 | 摘要 ➢ 2025年回顾 • 供给：产量前高后低，增速逐渐转负 ➢ 产量前高后低。2025年1-10月，全国原煤产量累计完成39.73亿吨，同比增长1.5%。全年产量呈前高后低，上半年产量同比增长，7月至10月增速转负。 ➢ 进口同比下降。2025年1-10月，全国累计进口煤及褐煤3.88亿吨，同比减少11%。进口煤年初增长，从3月开始单月增速转负，3-10月进口均为负增长。 ➢ 疆煤外运平稳。截至2025年11月28日，乌铁局已完成8518.01万吨的疆煤外运量，同比增长6.4%。 ➢ 消费先抑后扬。2025年1-10月， 全国商品煤消费总量约42.4亿吨，同比增长0.1%，主因化工用煤增速高、钢铁用煤韧性强。 95% ➢ 行业用煤分化。分行业看，化工用煤3. ...

大千生态：董事长张源辞职 12月1日，大千生态（603955）发布公告称，公司董事会于近日收到公司董事长张源提交的书面辞职报 告，张源因个人原因申请辞去公司董事长、董事及董事会战略委员会委员等职务。 资料显示，大千生态成立于1988年10月，主营业务是城市更新、乡村振兴、生态修复三大业务。 所属行业：建筑装饰–基础建设–园林工程 海利生物：拟使用不超5亿元闲置自有资金委托理财 12月1日，海利生物（603718）发布公告称，公司拟使用不超过5亿元的闲置自有资金购买银行、券商、 信托及基金公司等金融机构发行的理财产品。产品类型包括固定收益型和浮动收益型。 资料显示，海利生物成立于1981年7月，主营业务是体外诊断试剂（IVD）业务板块和口腔组织修复与 再生材料业务板块。 所属行业：农林牧渔–动物保健Ⅱ–动物保健Ⅲ 翔楼新材：向特定对象发行股票获深交所受理 12月1日，翔楼新材（301160）发布公告称，公司向特定对象发行股票的申请已于2025年11月28日获得 深圳证券交易所正式受理。本次发行尚需通过深交所审核，并取得中国证监会同意注册的决定后方可实 施。 资料显示，翔楼新材成立于2005年12月，主营业务是定 ...

Joy Zhang 28 November 2025 | 12:31PM HKT Equity Research CHINA COMMODITIES Data update; refreshing earnings estimates, mainly to reflect mark to market price changes We refresh our earnings estimates for our China commodities coverage, mainly to reflect mark to market price changes in the 3Q25 and quarter to date. Our target prices changes are -5% to +5%, and our investment ratings are unchanged. We do not view these changes as material, and there is no change to our investment thesis. Key points in our est ...

Industry News - The National Energy Administration has issued a notice for the "Artificial Intelligence + Energy" pilot program, calling for high-value application scenarios that leverage AI technology to achieve quantifiable goals such as cost reduction, efficiency improvement, carbon reduction, and safety assurance [2] - The largest gas-fired power plant in China, the No. 1 unit of the Zhejiang Anji Power Plant, has officially commenced operation, featuring the highest efficiency gas turbine in the country with an efficiency rate of 64.15% [2] - The newly completed 37.8 km gas pipeline in Southern Xinjiang enhances natural gas supply for the upcoming winter and spring seasons [3] - The "Long Electric into Shandong" project has completed all supporting main network framework constructions, enhancing electricity transmission capabilities [3] - The Sichuan Panjiang to Liangshan natural gas pipeline has officially started construction with a total investment of 9.9217 million yuan, designed to transport 630 million cubic meters of gas annually [3] - The first pumped storage project in the Guangdong-Hong Kong-Macao Greater Bay Area has been fully operational, supporting power supply and green transition in the region [3] - The world's first 660 MW ultra-supercritical circulating fluidized bed boiler has passed authoritative evaluation, marking a significant breakthrough in clean power generation technology in China [3] Corporate News - China Shenhua has announced that the No. 3 unit of the Beihai Phase II project has successfully completed a 168-hour trial run and has been transferred to commercial operation, with a designed coal consumption of 266.86 g/kWh [6] - China Datang has successfully put into operation the country's first 1500°C single-shaft heavy-duty gas turbine, marking a significant milestone in domestic energy generation capabilities [6] - Canada plans to build a new oil pipeline aimed at reducing dependence on the U.S. market and enhancing energy exports to Asia, with a capacity to transport at least 1 million barrels of low-emission asphalt daily [5]

2025.11. 30 以下是第一财经对一些重要公告的汇总，供投资者参考。 【品大事】 恩捷股份：筹划购买中科华联100%股权等事项 股票明起停牌 恩捷股份(002812)公告，公司正在筹划发行股份购买中科华联100%股权并募集配套资金。因有关事 项尚存不确定性，公司股票自2025年12月1日开市时起开始停牌。 ST天瑞：控股股东筹划公司控制权变更相关事宜 股票明起停牌 ST天瑞(300165)公告，控股股东、实控人刘召贵正在筹划公司控制权变更相关事宜，该事项可能导 致公司控股股东及实际控制人发生变更。公司股票自2025年12月1日开市起停牌，预计停牌时间不 超过2个交易日。 嘉戎技术：拟向厦门溥玉定增募资不超10亿元并购买杭州蓝然100%股份 嘉戎技术(301148)公告，公司拟通过发行股份及支付现金的方式向19名交易对方购买杭州蓝然100% 股份，并向厦门溥玉发行股份募集配套资金不超过10亿元。本次交易完成后，标的公司成为公司全 资子公司，厦门溥玉预计将成为公司控股股东，胡殿君预计将成为公司实际控制人。 百利天恒：全资子公司收到2.5亿美元里程碑付款 江西铜业：筹划收购境外上市公司SolGold Plc股 ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [1] Core Viewpoints - The coal price has successfully crossed the fourth target, and the logic for price stability remains intact. The current dynamics are influenced by supply contraction and a surge in demand due to seasonal heating needs [3][4] - The report indicates that both thermal coal and coking coal prices are at a turning point, with thermal coal being a policy-driven commodity. The price recovery process involves several stages, including the restoration of long-term contracts and achieving a balance in profitability between coal and power companies [4][13] - The report highlights that the current coal prices are still at historical lows, providing room for a rebound, especially with the onset of the heating season and supply-side policies [5][14] Summary by Sections Industry Investment Rating - The coal industry is rated as "Positive" [1] Price Trends - As of November 28, the price of Qinhuangdao Q5500 thermal coal is 816 CNY/ton, showing a slight decrease from the previous week. The price at Guangzhou Port is 855 CNY/ton, having reached the target of 750 CNY for coal-power profitability [3][4] - Coking coal prices have also seen significant rebounds, with the price at Jing Tang Port reaching 1670 CNY/ton, up from 1230 CNY/ton in July, marking a 48.4% increase [3][4] Investment Logic - The report outlines that the price of thermal coal will follow a recovery process involving the restoration of long-term contracts and achieving a profitability balance for coal and power companies, with an ideal target price of around 750 CNY for 2025 [4][13] - Coking coal prices are more influenced by market dynamics, with target prices based on the ratio of coking coal to thermal coal prices, indicating potential target prices of 1608 CNY to 2064 CNY depending on market conditions [4][13] Investment Recommendations - The report suggests a dual logic for coal stocks: cyclical elasticity and stable dividends. It identifies four main lines for stock selection: cyclical logic, dividend logic, diversified aluminum elasticity, and growth logic [5][14] - Specific companies recommended include Jin控煤业, 兖矿能源 for cyclical logic, 中国神华, 中煤能源 for dividend logic, 神火股份, 电投能源 for diversified aluminum elasticity, and 新集能源, 广汇能源 for growth logic [5][14]

Investment Rating - The report maintains a positive outlook on the coal industry, suggesting that the demand during the peak season remains resilient, and coal prices are expected to rise after adjustments [2]. Core Views - The report highlights that the supply side is constrained due to increased safety and environmental inspections, while demand is bolstered by winter heating needs, leading to an anticipated rebound in coal prices [2][8]. - The report recommends focusing on companies with elastic demand for thermal coal, such as Jinkong Coal Industry, Huayang Co., and TBEA, as well as undervalued stocks like Shanxi Coking Coal and Huaibei Mining [2]. Summary by Sections 1. Recent Industry Policies and Dynamics - The 2026 National Coal Trading Conference is scheduled for December 3-5 in Rizhao, Shandong [7]. - The Longwanggou Coal Mine's capacity replacement plan has been approved, marking a significant development in coal production capacity [7]. - Shanxi has established 281 green mines, enhancing the province's coal production capabilities [7]. 2. Price Trends of Thermal and Coking Coal - As of November 28, thermal coal prices have decreased slightly, with prices reported at 619, 713, and 816 RMB/ton for different grades [2]. - Coking coal prices have shown stability with minor declines, such as the price for low-sulfur coking coal at 1580 RMB/ton [2][11]. 3. International Oil Price Movements - Brent crude oil futures settled at 63.2 USD/barrel, reflecting a 1.02% increase [14]. 4. Inventory Levels in the Bohai Rim - The average daily coal inflow in the Bohai Rim ports decreased to 2.0511 million tons, while the outflow increased to 1.9854 million tons, indicating a supply-demand adjustment [18]. - The total coal inventory at the Bohai Rim ports rose to 26.671 million tons, marking a 2.65% increase [18]. 5. Coastal Shipping Rates - Domestic coastal shipping rates have decreased to 42.62 RMB/ton, a drop of 9.84% [27]. - International shipping rates have seen an increase, with Indonesian coal prices rising to 10.36 USD/ton [27]. 6. Key Company Valuation Table - The report includes a valuation table for key companies, indicating stock prices and market capitalizations, such as China Shenhua at 41.14 RMB with a market cap of 817.4 billion RMB [33].

目前，北海二期4号发电机组建设工作稳步推进，计划于2025年12月投运。北海二期全部投运后，将进 一步优化区域电源结构，提高电网安全稳定水平，有效满足区域中长期负荷增长需求，为我国西部陆海 新通道建设及区域经济社会发展提供重要支撑。 智通财经APP讯，中国神华(01088)发布公告，近日，公司持股约52%的控股子公司国能广投北海发电有 限公司二期扩建工程项目("北海二期")3号机组顺利通过168小时试运行，移交商业运营。 北海二期位于广西壮族自治区北海市铁山港区兴港镇，规划建设2 台100万千瓦超超临界一次再热燃煤 发电机组，是广西壮族自治区能源发展"十四五"规划重点工程。项目采用超净燃煤发电、深度调峰、灵 活运行等先进技术，调峰深度达到国内领先水平，设计供电煤耗 266.86g/kWh，实现废水、固废零排放 和大气污染物超低排放。 ...