敬请广大投资者注意投资风险。 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。 北京昊华能源股份有限公司（以下简称"公司"）委托信用评 级机构大公国际资信评估有限公司（以下简称"大公国际"）对公 司主体信用状况进行了评级。 大公国际通过对公司主体信用状况进行分析和评估，向公司 出具了《2025 年度信用评级报告》，评定公司主体信用等级为 AAA， 评级展望为稳定，有效期为 2025 年 11 月 10 日至 2026 年 11 月 9 日。 证券代码：601101 证券简称：昊华能源 公告编号：2025-034 北京昊华能源股份有限公司 关于主体信用评级的公告 特此公告。 北京昊华能源股份有限公司 2025 年 11 月 24 日 ...

证券研究报告 日耗偏低累库，关注高股息资产 ——煤炭行业周报（11月第4周） 行业评级：看好 2025年11月24日 分析师 樊金璐 邮箱 fanjinlu@stocke.com.cn 电话 13466717654 证书编号 S1230525030002 摘要 1.煤炭板块收跌，跑输沪深300指数：截止2025年11月21日，本周中信煤炭行业收跌5.67%，沪深300指数下跌3.77%，跑输沪深300指数1.9个百分点。全板块整周0只股价上涨，37只 下跌。中国神华涨幅最高，整周涨幅为-0.05%。 2.重点煤矿周度数据：中国煤炭运销协会数据，2025年11月14日-2025年11月20日，重点监测企业煤炭日均销量为753万吨，周环比增加1.2%，年同比减少2.7%。其中，动力煤周 日均销量较上周增加1%，炼焦煤销量较上周增加0.9%，无烟煤销量较上周增加3.3%。截至2025年11月20日，重点监测企业煤炭日均产量为758万吨，周环比增加0.8%，年同比减 少1.7%；重点监测企业煤炭库存总量（含港存）2461万吨，周环比增加1.3%，年同比减少19%。今年以来，供给端，重点监测企业煤炭累计销量226079 ...

证券研究报告·行业跟踪周报·煤炭开采 煤炭开采行业跟踪周报 港口库存上升，煤价持平运行 2025 年 11 月 23 日 增持（维持） [Table_Tag] [Table_Summary] 行业近况 本周（11 月 17 日至 11 月 21 日）港口动力煤现货价环比持平，报收 834 元/吨。 供给端，本周环渤海四港区日均调入量 204.63 万吨，环比上周上涨 6.93 万吨，涨幅 3.50%。本周产地供应较为稳定，港口供应量有所增加。 需求端，本周环渤海四港区日均调出量 178 万吨，环比上周减少 9.44 万吨，降幅 5.04%。日均锚地船舶共 123 艘，环比上周减少 13 艘，降 幅 10%；环渤海四港区库存端 2593.30 万吨，环比上周上涨 164 万吨， 增幅 6.74% 。港口本周整体调出量减少、库存绝对值上涨，需求释放有 限，煤价持平运行。 我们分析认为：目前港口煤价受货源及发运价倒挂问题有所支撑，短期 北方地区已进入供暖期，南方下周逐步变冷，预计电耗或有所提升，预 计煤价维持震荡走势。 估值与建议： 仍旧关注保险资金增量；保费收入维持正增长，且向头部保险集中。固 收类资产荒依旧，叠 ...

Core Viewpoint - The coal mining industry is experiencing stable supply and slight increases in both input and output volumes, with coal prices showing a fluctuating trend due to various market factors [1][2]. Supply Side - The average daily coal input at the four ports in the Bohai Rim reached 1.977 million tons, an increase of 36,300 tons or 1.87% compared to the previous week [1][2]. - Supply from production areas remains stable, with an increase in port supply [2]. Demand Side - The average daily coal output from the four ports in the Bohai Rim was 1.8744 million tons, up by 14,300 tons or 0.77% from the previous week [1][2]. - The number of anchored vessels increased to 136, representing a rise of 42 vessels or 44% compared to the previous week [1][2]. Inventory - The inventory at the four ports in the Bohai Rim stood at 24.296 million tons, which is an increase of 666,000 tons or 2.82% from the previous week [1][2]. Price Trends - The spot price of thermal coal at the ports increased by 17 yuan per ton, reaching 834 yuan per ton [2]. - The coal price is supported by supply and shipping price discrepancies, with expectations of maintaining a fluctuating trend due to seasonal demand increases in northern regions and cooling temperatures in southern regions [2]. Investment Recommendations - The company suggests focusing on resource stocks, particularly undervalued companies such as Haohua Energy and Guanghui Energy, as the market continues to favor these sectors [3].

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the price of thermal coal has surpassed the target of 800 yuan, with the current price at 834 yuan per ton as of November 14, reflecting a slight increase. The price at Guangzhou Port has reached 880 yuan, achieving the previously set target of 750 yuan for coal-electricity profit sharing. The price increase is attributed to supply contraction and a surge in demand due to the northern cold wave [3][4] - The report outlines that the price of coking coal has rebounded significantly from a low of 1230 yuan in July to 1860 yuan per ton as of November 14, with a notable increase in futures prices as well [3][4] - The investment logic suggests that both thermal and coking coal prices are at a turning point, with thermal coal prices expected to follow a four-step recovery process, ultimately reaching a balance point around 860 yuan [4][13] Summary by Sections Investment Logic - Thermal coal is categorized as a policy-driven commodity, with price recovery expected to follow a structured process involving the restoration of long-term contracts and achieving profit-sharing targets. The ideal target price for coal-electricity profit sharing is projected to be around 750 yuan for 2025, with an anticipated price range of 800-860 yuan [4][13] - Coking coal prices are more influenced by market dynamics, with target prices linked to the ratio of coking coal to thermal coal prices. The current ratio suggests target prices for coking coal at 1608 yuan, 1680 yuan, 1800 yuan, and 2064 yuan corresponding to thermal coal's price targets [4][13] Investment Recommendations - The report identifies four main investment lines in the coal sector: 1. **Cyclical Logic**: Companies like Jinko Coal and Yanzhou Coal Mining are highlighted for their potential in thermal coal. 2. **Dividend Logic**: Companies such as China Shenhua and China Coal Energy are noted for their strong dividend potential. 3. **Diversified Aluminum Elasticity**: Companies like Shenhua Holdings and Electric Power Investment are mentioned. 4. **Growth Logic**: New Energy and Guanghui Energy are recognized for their growth potential [5][14] Key Market Indicators - The coal index experienced a slight decline of 0.96%, outperforming the CSI 300 index by 0.12 percentage points. The average PE ratio for the coal sector is reported at 15.9, while the PB ratio stands at 1.42, indicating a relatively low valuation compared to other sectors [8][26][30]

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The report indicates that the coal consumption is approaching a turning point, with a clear direction and potential for growth. The recent cold wave is expected to increase coal demand as power plants will need to procure more coal, leading to a potential rise in coal prices [6][29] - The report highlights that the average daily coal sales from monitored enterprises increased by 2.7% week-on-week but decreased by 2.4% year-on-year, indicating a mixed demand scenario [2] - The report suggests that the supply-demand balance is expected to gradually improve in the fourth quarter, with coal prices likely to rise steadily [6][29] Summary by Sections Coal Market Performance - The coal sector underperformed slightly, with a decline of 0.78% compared to a 1.08% drop in the CSI 300 index, outperforming it by 0.3 percentage points [2] - The average daily coal production from monitored enterprises was 752 million tons, a 2% increase week-on-week but a 2.2% decrease year-on-year [2] Price Trends - The price of thermal coal (Q5500K) in the Bohai Rim region was 698 RMB/ton, up 0.58% week-on-week, while the import price index for thermal coal was 944 RMB/ton, up 6.19% week-on-week [3] - Coking coal prices also saw increases, with the main coking coal price at 1830 RMB/ton, up 1.7% week-on-week [4] Inventory Levels - Total coal inventory (including port storage) was 24.3 million tons, a 2.1% increase week-on-week but a 19.5% decrease year-on-year [2][8] - The report notes that the overall coal inventory in society was 17.68 million tons, with a week-on-week increase of 374,000 tons but a year-on-year decrease of 873,000 tons [3][28] Investment Recommendations - The report recommends focusing on flexible thermal coal companies and those in turnaround situations in coking coal and coke sectors. Key companies to watch include China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining [6][29]

Group 1 - The core viewpoint of the news highlights the recent trading performance of Haohua Energy, indicating a decline in stock price and a net financing outflow on November 11, with a total trading volume of 134 million yuan [1] - As of November 11, Haohua Energy's financing balance reached 200 million yuan, accounting for 1.70% of its market capitalization, which is above the 70th percentile of the past year [1] - The company reported a significant decrease in revenue and net profit for the first nine months of 2025, with revenue at 6.307 billion yuan, down 7.85% year-on-year, and net profit at 554 million yuan, down 50.50% year-on-year [2] Group 2 - As of September 30, 2025, the number of shareholders for Haohua Energy was 36,800, showing a slight increase, while the average number of circulating shares per person decreased marginally [2] - The top ten circulating shareholders include notable entities such as Hong Kong Central Clearing Limited and Guotai CSI Coal ETF, with varying changes in their holdings compared to the previous period [3]

Core Viewpoint - Haohua Energy's stock price has shown a slight decline recently, with a year-to-date increase of 4.22%, indicating mixed market sentiment towards the company [1][2]. Financial Performance - For the period from January to September 2025, Haohua Energy reported a revenue of 6.307 billion yuan, a year-on-year decrease of 7.85%, and a net profit attributable to shareholders of 554 million yuan, down 50.50% year-on-year [2]. - The company has distributed a total of 4.351 billion yuan in dividends since its A-share listing, with 1.653 billion yuan distributed over the past three years [2]. Stock Market Activity - As of November 11, Haohua Energy's stock was trading at 8.10 yuan per share, with a market capitalization of 11.664 billion yuan [1]. - The stock experienced a net outflow of 3.2465 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Structure - As of September 30, 2025, Haohua Energy had 36,800 shareholders, with an average of 39,117 circulating shares per shareholder, a slight decrease from the previous period [2][3]. - The top ten circulating shareholders include notable entities such as Hong Kong Central Clearing Limited and various ETFs, with changes in their holdings indicating shifting investor interest [3].

Core Viewpoint - The report from Zheshang Securities indicates that coal prices are experiencing a strong upward trend, with expectations for further increases in the fourth quarter, driven by supply constraints and rising demand from power plants [1] Group 1: Coal Market Overview - As of November 6, 2025, the average daily coal sales from key monitored enterprises reached 7.25 million tons, a week-on-week increase of 0.6% and a year-on-year increase of 0.1% [1] - The average daily coal production from key monitored enterprises was 7.37 million tons, a week-on-week increase of 2.5% but a year-on-year decrease of 0.4% [1] - Total coal inventory (including port storage) stood at 23.8 million tons, a week-on-week increase of 3.8% and a year-on-year decrease of 19.9% [1] Group 2: Price Trends - The price of thermal coal (Q5500K) in the Bohai Rim region was 694 CNY/ton as of November 7, 2025, reflecting a week-on-week increase of 1.31% [2] - The price of coking coal at Jingtang Port was 1800 CNY/ton, with a week-on-week increase of 3.4% [3] - The price of anthracite coal in Yangquan remained stable at 930 CNY/ton [4] Group 3: Supply and Demand Dynamics - The report anticipates a supply-demand gap to widen, with an expected increase in coal consumption of approximately 50 million tons due to heating needs, potentially leading to localized coal shortages [1] - The cumulative coal sales from key monitored enterprises this year reached 215.6 million tons, a year-on-year decrease of 2.4% [1] Group 4: Investment Recommendations - The report suggests focusing on flexible thermal coal companies such as China Shenhua (601088), Shaanxi Coal and Chemical Industry (601225), and others, as well as coking coal companies like Huaibei Mining (600985) and Shanxi Coking Coal (000983) [5][6]

Core Insights - The China Securities State-Owned Enterprises Dividend Index (000824) has shown a positive performance with a 0.54% increase as of November 10, 2025, with notable gains in constituent stocks such as Luxi Chemical (000830) up by 9.99% and Shaanxi鼓动力 (601369) up by 2.90% [1] - The National State-Owned Enterprises Dividend ETF (159515) has also increased by 0.25%, indicating a favorable market sentiment towards dividend-paying stocks [1] - Analysts suggest that the fourth quarter may see increased policy measures aimed at stabilizing growth and promoting consumption, which could benefit stable dividend-paying companies [1] Market Performance - The National State-Owned Enterprises Dividend ETF recorded a turnover rate of 1.26% with a transaction volume of 568,400 yuan, and an average daily transaction volume of 4.0748 million yuan over the past month [1] - The top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index account for 17.08% of the index, with China COSCO Shipping (601919) being the largest component [2] Investment Strategy - The current market environment, characterized by high historical index levels and profit-taking pressures, suggests that dividend stocks may offer better value during periods of market volatility [1] - The index comprises 100 listed companies selected for their high cash dividend yields and stable dividend distributions, reflecting the overall performance of high-dividend securities among state-owned enterprises [1]