每经AI快讯，有投资者在投资者互动平台提问：请问贵公司与中国神华有没有合作？ （文章来源：每日经济新闻） 赛摩智能（300466.SZ）8月8日在投资者互动平台表示，赛摩智能与中国神华集团及其下属企业存在业 务合作，多年来为其提供煤炭入厂相关的计量、采样、制样设备及煤场管理数字化产品，也曾参与其下 属部分电厂的升级改造项目。 ...

根据"中国神华"（股票代码：601088）发布的停牌公告，股票自2025年8 月4 日起开始停牌。依据《中 国证券监督管理委员会关于证券投资基金估值业务的指导意见》的规定，经与相关基金托管行协商一 致，本公司决定于 2025 年8月7 日起对旗下基金（交易型开放式指数证券投资基金除外）所持有的"中 国神华"股票采用"指数收益法"进行估值。待该股票复牌交易并且体现出活跃市场交易特征后，将恢复 为采用当日收盘价格进行估值，届时将不再另行公告。 特此公告。 万家基金管理有限公司 2025年8月8日 本公司将严格按照《企业会计准则》、中国证监会的相关规定及基金合同中关于估值的约定对基金所持 有的投资品种进行估值，请广大投资者关注。 ...

Investment Rating - The coal industry is rated as "Leading the Market - A" with an upward adjustment [4] Core Viewpoints - The long-term price inversion of annual contracts has been resolved, boosting market confidence. The previous inversion lasted from February 28, 2025, to August 4, 2025, leading to a decline in contract fulfillment rates. The combination of peak summer demand and anti-involution policies has accelerated the rise in market coal prices, restoring market confidence [1][2] - The bottom of coal prices has been reached, with expectations for price increases potentially exceeding market forecasts. The current rise in coal prices began with thermal coal, and the upward momentum for coking coal has outpaced that of thermal coal. The low point of the year has passed, and it is expected that prices will not decline again in the second half of the year [2] - The resolution of the long-term price inversion is likely to trigger positive feedback, enhancing contract fulfillment rates, improving spot demand, and further increasing spot prices. Coal stocks have shown a strong response to positive news, with significant upward potential remaining [2] Summary by Sections - **Market Dynamics**: The recent increase in the price of thermal coal at Qinhuangdao Port has surpassed the annual contract price, indicating a shift in market dynamics. The market is currently experiencing a recovery in confidence due to the resolution of the long-term price inversion [1][2] - **Investment Recommendations**: With the acceleration of coal price increases, coal stocks are expected to perform well. Key stocks to watch include Huayang Co., Jinkong Coal Industry, Shanmei International, Lu'an Environmental Energy, Shanxi Coking Coal, Pingmei Shenma, and Huaibei Mining. Leading coal companies such as Shaanxi Coal and China Shenhua also present high allocation value [2]

Investment Rating - The report maintains an "Overweight" rating for the coal industry [7] Core Viewpoints - The report suggests that the market does not have significant differences in expectations for short-term coal price increases, but the divergence lies in the price trends during the off-season, which will influence next year's long-term contract negotiations [12][15] - The report identifies three key conditions that will determine whether the off-season will be "not off-season" for coal prices: 1. Production cuts could reduce supply in the second half of 2025 by between 32 million tons and 110 million tons [2][13] 2. If the import pace from the first half of 2024 is maintained, imports in the second half of 2025 could decrease by 72 million tons [3][34] 3. If peak load continues to exceed expectations, coal consumption for thermal power generation could increase by 6.5 million tons year-on-year in the second half of 2025 [4][48] Summary by Sections Section 1: Current Market Conditions - In July, extreme high temperatures combined with reduced water inflow led to a rebound in coal prices, which increased by 51 yuan/ton (8.3%) to 666 yuan/ton as of August 4 [1][22] - The overall electricity demand has significantly increased due to high temperatures, with the highest national electricity load reaching 1.508 billion kilowatts, an increase of 5.7 million kilowatts compared to last year [16] Section 2: Supply and Demand Analysis - The report emphasizes that even without the impact of the current "production cuts," the supply-demand balance for coal will tighten by 11 million tons in the third quarter of 2025 due to increased coal consumption [12][56] - The report outlines three scenarios for potential production cuts, estimating a reduction in supply ranging from 32 million tons to 110 million tons in the second half of 2025 [2][31] Section 3: Import Trends - The report anticipates that if the import levels from the first half of 2025 are maintained, there will be a total reduction of approximately 100 million tons in imports for the year [3][44] - The average monthly import in the first half of 2025 is projected to be 28.13 million tons, down from 35 million tons in 2024 [3][44] Section 4: Thermal Power Consumption - The report maintains an assumption of a 5.5% increase in overall electricity consumption for the year, with thermal power generation expected to increase by 6.1% in the second half of 2025 [4][48] - If peak load continues to exceed expectations, thermal power generation could consume an additional 6.5 million tons of coal year-on-year in the second half of 2025 [4][48] Section 5: Recommendations - The report recommends investing in leading coal companies such as China Shenhua and Shaanxi Coal, predicting that these companies will benefit from the expected increase in coal prices [5][14] - The report estimates that as coal prices rise from 600 yuan/ton to 700 yuan/ton, the profitability of major companies will increase by approximately 4% to 15% [5][65]

● 本报记者 刘丽靓 在国有经济布局优化和结构调整的棋盘上，央企与地方国资近期同步落下关键棋子。中国神华、中国船 舶、中化系等央企密集发布重组整合方案；宁夏、河南、天津等地方国资同步发力，通过战略性重组重 塑国有经济格局。业内人士认为，随着下半年国企改革深化提升行动冲刺收官，科技创新、国有经济布 局优化等政策举措加速落地，国资央企正以重组整合为支点，撬动发展新动能全面释放。 央企加速布局战新产业 8月4日晚，中国船舶发布关于公司换股吸收合并中国重工暨关联交易事项异议股东收购请求权实施公告 称，本次交易已获得中国证监会批复，公司将尽快办理本次交易的相关事宜。中国船舶、中国重工股票 将于8月13日停牌，中国重工将停牌直至终止上市。这标志着历时多年的"南北船"整合将正式收官。 能源领域重组整合大动作不断。8月1日晚间，中国神华公告称，拟收购控股股东国家能源投资集团持有 的13家能源资产股权，标的范围全面覆盖煤炭开采、坑口煤电、煤制油煤制气煤化工及相关物流运输体 系等产业链核心环节。此举将显著提升中国神华煤炭资源战略储备和一体化运营能力。 8月5日，内蒙华电公告称，拟57.17亿元并购新能源资产申请获上交所受理。交易 ...

近日，A股最大煤炭企业中国神华（601088.SH）发布公告称，拟由上市公司发行股份及支付现金购买 控股股东国家能源集团持有的煤炭、坑口煤电以及煤制油煤制气煤化工等相关资产并募集配套资金。 "中国神华此次大规模资产重组的背景是基于国家能源结构调整和环境保护的要求，以及公司自身发展 的需要。目的是整合资源，优化产业结构，提高运营效率，实现规模经济效益。重组完成后，中国神华 将在煤炭资源储备、生产技术、市场竞争力等方面实现显著提升，特别是在环保压力下，通过煤制油、 煤制气等清洁能源项目的推进，进一步巩固其在清洁能源领域的地位。"港股100强研究中心顾问、经济 学家余丰慧对《华夏时报》记者表示。 拟一次性整合13家企业 具体来看，中国神华本次拟收购的标的公司多达13家。分别是国家能源集团国源电力、中国神华煤制油 化工、新疆能源、乌海能源、包头矿业、神延煤炭、晋神能源、平庄煤业、内蒙建投、煤炭运销公司、 港口公司、航运公司以及国家能源集团电子商务公司。这13家企业精心设计的产业链拼图，旨在打 造"煤炭开采－运输－转化－销售"全链条一体化运营体系。 上述资产中，产能最大的是新疆能源。截至2024年底，新疆能源资产总额4 ...

Core Viewpoint - A significant consolidation wave is occurring in the energy sector, with China Shenhua (601088.SH) planning a large-scale asset restructuring to acquire coal-related assets from its controlling shareholder, State Energy Group, to optimize its industrial structure and enhance operational efficiency [2][3][4] Group 1: Asset Acquisition Details - China Shenhua intends to acquire 13 companies, including Xinjiang Energy and Uhuai Energy, to create an integrated operation system covering the entire coal industry chain from mining to sales [3][4] - Xinjiang Energy has total assets of 40 billion yuan, with coal reserves of 3.56 billion tons and an annual coal production capacity of 10.15 million tons [3] - Uhuai Energy focuses on coking coal, with coal reserves of 1.592 billion tons and an annual production capacity of 15 million tons [3] Group 2: Strategic Implications - The restructuring aims to resolve long-standing issues of intra-industry competition and enhance integrated operational capabilities, ensuring efficient resource utilization and supply chain stability [4][5] - The transaction is expected to significantly improve China Shenhua's coal resource reserves and operational capabilities, aligning with national energy reform strategies [5][7] Group 3: Market Position and Financial Outlook - China Shenhua's total market capitalization is 731.7 billion yuan, with a projected cash dividend of nearly 45 billion yuan in 2024, ranking it among the top in A-shares [4] - Despite a forecasted 13.2% to 20% decrease in net profit in the first half of 2025 due to falling coal prices, the synergies from the restructuring are anticipated to unlock future profit potential [4][6] Group 4: Industry Context and Policy Support - Recent regulatory changes, including the "Six Merger Rules" from the CSRC, encourage mergers and acquisitions across industries, supporting the integration of quality assets in key industrial chains [7] - The restructuring is seen as a benchmark case for state-owned enterprises responding to national strategies, enhancing profitability and value creation through capital market engagement [7][8] Group 5: Long-term Investment Opportunities - The restructuring is expected to enhance cost control and efficiency, boosting profitability through resource integration and industry chain synergies [8] - Development of clean energy projects, such as coal-to-oil and coal-to-gas, will expand market opportunities and provide stable returns for investors [8]

记者丨崔文静 实习生张长荣 编辑丨张星 央企并购重组浪潮再起。继中国船舶吸收合并中国重工后，日前，中国神华抛出重磅计划——拟收购13 家能源企业股权，覆盖煤炭开采、煤电、煤化工、物流运输全链条，打造超级能源航母。 此次中国神华系列收购所用资金，拟由上市公司发行股份及支付现金购买国家能源集团持有的相关资产 并募集配套资金。 值得注意的是，央企大手笔战略并购，仅是当前上市公司并购重组的新特点之一。除此以外，伴随2024 年9月24日"并购六条"、2025年5月《上市公司重大资产重组管理办法》的修订实施等，A股并购重组市 场系列新趋势日渐清晰。 这些趋势包括产业整合支持力度加大，监管包容度提升，跨行业转型升级加速等。 此外，对于市场颇为关注的亏损上市公司能否收购其他企业，从实践来看审核严格，但对于有助于补链 强链、提升关键技术水平的优质资产，即使未盈利，也有望得到市场及监管机构的认可。2025年6月通 过审核的芯联集成发行股份收购芯联越州72.3333%股权，收购双方均处亏损状态。 趋势一：全产业链整合创纪录 此次中国神华重大重组是2025年规模最大的央企并购案，总资产规模将超过6500亿元。 其计划收购的13家公 ...

央企并购重组浪潮再起。继中国船舶吸收合并中国重工后，日前，中国神华抛出重磅计划—— 拟收购13家能源企业股权，覆盖煤炭开采、煤电、煤化工、物流运输全链条，打造超级能源航 母。 值得注意的是，央企大手笔战略并购，仅是当前上市公司并购重组的新特点之一。除此以外， 伴随2024年9月24日"并购六条"、2025年5月《上市公司重大资产重组管理办法》的修订实施 等，A股并购重组市场系列新趋势日渐清晰。 这些趋势包括产业整合支持力度加大，监管包容度提升，跨行业转型升级加速等。 此外，对于市场颇为关注的亏损上市公司能否收购其他企业，从实践来看审核严格，但对 于有助于补链强链、提升关键技术水平的优质资产，即使未盈利，也有望得到市场及监管 机构的认可。2025年6月通过审核的芯联集成发行股份收购芯联越州72.3333%股权，收购 双方均处亏损状态。 这是一次规模可观的收购计划。根据受访人士分析， 其推出是对并购重组新规"鼓励引导头部 上市公司立足主业，加大对产业链上市公司的整合"的积极响应。 此次中国神华系列收购所用资金，拟由上市公司发行股份及支付现金购买国家能源集团持有的 相关资产并募集配套资金。 趋势一：全产业链整合创纪 ...

煤炭反内卷加码，详解供需影响 20250806 摘要 国家对煤炭行业监管趋严，旨在通过合理回升煤价来稳定电力价格，从 而托底整体经济环境，避免长协电价大幅下调不利于通胀的局面。此举 体现了政策一致性，对稳定市场预期具有重要意义。 山西焦煤下属矿山缩短工作日是企业为避免超产而采取的个例措施，不 具备行业普遍性。但该事件反映出国家能源局介入后，煤炭产能利用率 边际提升空间受限，未来或将收敛。 2025 年上半年全国煤炭产量经历先增后减，受运费补贴影响，新疆、 内蒙古产量增加。但随着补贴取消及监管趋严，预计 8-9 月及下半年这 两大区域产量将环比下降。 新疆地区煤炭生产依赖露天矿，超产幅度领先全国，但面临国家能源局 回溯超产问题及运费优惠取消的双重压力，预计下半年产量将受到抑制， 环比 6 月产量下降。 预计 2025 年下半年全国单月煤炭产量将环比 6 月下降约 2000 万吨， 全年总产量预计为 48 亿吨，同比略增。增幅低于年初预期，主要受限 产和超产监管政策影响。 Q&A 最近煤炭行业的反内卷措施引起了广泛关注，国家能源局直接插手煤炭超产问 题的背景及其影响是什么？ 国家能源局在 2025 年 7 月底越 ...