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。 一、董事会会议召开情况 陕西煤业股份有限公司（以下简称"公司"）第四届董事会第五次会议通知于2025年12月10日以书面方式 送达，会议于2025年12月16日以通讯表决方式召开。会议应参加表决的董事7名，实际表决的董事7名。 本次会议的召开程序及出席董事人数符合《中华人民共和国公司法》等法律、法规和公司《章程》的规 定。 二、董事会会议审议情况 经与会董事一致同意，会议形成决议如下： 1、通过《关于聘任公司副总经理的议案》。 同意聘任乔少波先生担任公司副总经理，任期自本次董事会审议通过之日起至第四届董事会届满之日 止。 本议案已经提名委员会审议通过。 同意修订公司《总经理工作规则》《总经理向董事会报告工作制度》及《董事长专题会议事规则》。 赞成票：7票，反对票：0票，弃权票：0票。 4、通过《关于修订公司〈内部审计制度〉等三项内部审计相关制度的议案》。 同意修订公司《内部审计制度》《内部控制制度》及《违规经营投资责任追究办法》。 赞成票：7票，反对票：0票，弃权票：0票。 2、 ...

广发证券指出，四季度以来煤炭煤价上涨超预期，10月火电发电量同比增速达7.3%，各环节库存仍低 于去年同期，11月下旬开始季节性需求进一步提升，预计年末及2026年煤价总体延续稳中偏强走势。 国元国际表示，优质煤企凭借资源禀赋及成本优势，能够保持稳健盈利和充裕现金流，分红持续性高， 成为高股息投资标的，资产红利属性不断增强，行业进入"红利+周期"双属性阶段。 中泰证券最新发布的2026年煤炭行业投资策略指出，2026年预核增产能退出规模或超亿吨，带动国内供 应规模收缩，在需求端，电煤需求有望重回增长，非电需求韧性可期。交易面与基本面共振，看好2026 年煤炭板块投资机会。 投资建议方面，中泰证券建议把握三条主线：基于中长期资金持续入市，煤炭"高股息、低估值"投资价 值进一步凸显，积极配置红利属性较强的标的；基于企业自身产能增长逻辑，叠加盈利弹性较大，重点 关注α与β共振的标的；基于煤价见底、盈利改善，重点关注困境反转的炼焦煤。 东方财富Choice数据显示，共有22只煤炭股的股息率(TTM)超2%，其中，冀中能源居首，股息率达 10.20%，中国神华、平煤股份等3股股息率均超7%。 值得注意的是，多数煤炭股今 ...

（来源：陕煤集团） 近日，由陕西省科学技术协会、省发展改革委等多部门联合主办的2025年陕西省科技工作者创新创业大赛圆满落幕。陕煤集团所属企业主导和参与的14项 创新项目获奖，陕煤集团科技信息部获评优秀组织单位。 此次获奖项目涵盖煤炭开采、化工新材料等多个领域，其中，小保当矿业"5-6m煤层大采高工作面年产20Mt柔性生产系统"获一等奖，技术研究院"液态电 石掺配除尘灰定制球团原位反应增产电石新技术"等4个项目获二等奖，榆林化学"新能源制氢耦合可降解材料原料制备技术开发"等9个项目获三等奖，彰 显了集团在核心技术领域的创新实力。 近年来，陕煤集团始终把科技创新工作放在高质量发展全局的核心位置，在煤炭、电力、化工等产业中深化技术革新与模式创新，突破关键核心技术壁 垒，推动产业体系向智能化、高端化、绿色化转型。通过构建以企业为主导的"产学研用"协同创新体系，打造科研攻关"研发—中试—工业化"全生命周期 闭环机制，形成"研究院出技术、产业基地做转化"高效协同模式，加速技术成果从实验室走向生产线、从样品变成产品。在高端聚烯烃、煤焦油基航空航 天油品、高强高模碳纤维等领域，突破多项"卡脖子"技术。同时，以"赛马机制"培 ...

每经头条（nbdtoutiao）——"太空快递"来了？全国首个民营飞船成功"上天"！背后公司创始人：正积 极开发"中型货运飞船"低成本产品 （记者 王瀚黎） 2025年1至6月份，陕西煤业的营业收入构成为：煤炭采掘业占比87.68%，电力占比8.69%，其他占比 3.26%，铁路运输业占比0.37%。 截至发稿，陕西煤业市值为2072亿元。 每经AI快讯，陕西煤业（SH 601225，收盘价：21.37元）12月17日晚间发布公告称，公司第四届第五次 董事会会议于2025年12月16日以通讯表决方式召开。会议审议了《关于聘任公司副总经理的议案》等文 件。 ...

证券代码：601225 证券简称：陕西煤业 公告编号： 2025-044 陕西煤业股份有限公司 第四届董事会第五次会议决议公告 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。 一、董事会会议召开情况 陕西煤业股份有限公司（以下简称"公司"）第四届董事会第五次会议通知于 2025 年 12 月 10 日以书面方式送达，会议于 2025 年 12 月 16 日以通讯表决方式召开。会 议应参加表决的董事 7 名，实际表决的董事 7 名。本次会议的召开程序及出席董事人 数符合《中华人民共和国公司法》等法律、法规和公司《章程》的规定。 二、董事会会议审议情况 经与会董事一致同意，会议形成决议如下： 1、通过《关于聘任公司副总经理的议案》。 同意聘任乔少波先生担任公司副总经理，任期自本次董事会审议通过之日起至第 四届董事会届满之日止。 赞成票：7 票，反对票：0 票，弃权票：0 票。 本议案已经提名委员会审议通过。 赞成票：7 票，反对票：0 票，弃权票：0 票。 2、通过《关于制定公司经理层成员 2025 年度目标责任书的议案》。 同意 ...

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Insights - The coal mining industry is experiencing a mixed supply and demand scenario, with production and imports declining, while coal prices are on the rise due to seasonal demand and supply constraints [14][21] - The report highlights the resilience of major coal companies, emphasizing their strong cash flow and profitability, which positions them well for future growth despite market fluctuations [14] Supply Side Summary - Coal production in November 2025 was 430 million tons, a year-on-year decrease of 0.5%, but the decline was less severe than in October [20][21] - Coal imports fell by 19.87% year-on-year in November, with a total of 44.05 million tons imported, reflecting supply chain disruptions and high base effects from the previous year [9][28] - Overall coal supply in November showed a year-on-year decline of 2.3%, but the rate of decline narrowed compared to October [28] Demand Side Summary - The demand for coal is being negatively impacted by a 4.2% year-on-year decline in thermal power generation in November, contrasting with a 7.3% increase in October [10][29] - Chemical and metallurgical sectors are showing positive contributions to coal consumption, with chemical industry coal usage increasing by 8.22% year-on-year [12][41] Inventory Summary - Power plants are replenishing their coal inventories, with significant increases noted in November, while upstream coal inventories remain low [13][14] - The inventory levels for coking coal are also rising but are still considered low overall [13] Price Summary - The average price of thermal coal at northern ports rose to 822 RMB per ton in November, reflecting a month-on-month increase of 10% [13] - The report anticipates that coal prices may stabilize due to seasonal demand and supply adjustments, despite the ongoing fluctuations [14] Investment Recommendations - The report suggests focusing on robust coal companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and others, which are expected to perform well in the current market environment [15][14] - It highlights the investment value of coal stocks due to their high dividends and cash flow characteristics, recommending a strategic approach to investing in the sector [14]

智通财经APP获悉，海通国际发布研报称，11月以来国内煤价结束上涨转入理性回落态势，后续煤价止 跌核心看后续冬季需求，若是12月-1月气温下滑超预期，可能短期推高居民用电需求，带动电厂耗煤量 上升，进而使得煤价止跌。从全球能源格局看，煤电的压舱石地位短期难以动摇，建议关注泛电力相关 资产的长期机会。 截至2025年12月12日，京唐港主焦煤库提价1650元/吨(0.0%)，港口一级焦1686元/吨(-3.2%)，炼焦煤库 存三港合计301.0万吨(3.8%)，200万吨以上的焦企开工率为73.16%(-0.68PCT)。 澳洲纽卡斯尔港Q5500离岸价下跌8美元/吨(-8.8%)，北方港(Q5500)下水煤较澳洲进口煤成本低14元/ 吨；澳洲焦煤到岸价224美元/吨，较前一周上涨3美元/吨(1.4%)，京唐港山西产主焦煤较澳洲进口硬焦 煤成本低166元/吨。 标的方面 从板块角度，依然建议重点关注红利核心中国神华(601088.SH,01088)、陕西煤业(601225.SH)、中煤能 源(601898.SH,01898)；继续关注兖矿能源(600188.SH,01171)、晋控煤业(601001.SH)。 ...

Investment Rating - The report maintains a positive investment outlook on the coal sector, recommending a focus on key players such as China Shenhua Energy, Shaanxi Coal and Chemical Industry, and China Coal Energy, while also keeping an eye on Yanzhou Coal Mining and Jinneng Holding [3][4]. Core Insights - The coal sector has reached a cyclical bottom in Q2 2025, with a reversal in supply-demand dynamics and sufficient release of downward risks [1]. - Coal prices have recently entered a rational decline after a period of increase, with future price stability dependent on winter demand [3][4]. - The report highlights the ongoing global energy challenges, particularly in the U.S., where electricity supply issues are exacerbated by rising demand driven by AI and extreme weather [3][4]. Summary by Sections Coal Price Tracking - As of December 12, 2025, the price of Q5500 coal at Huanghua Port is 763 RMB/ton, down 38 RMB/ton (-4.7%) from the previous week [5][6]. - The price of Q5000 coal at Huanghua Port is 662 RMB/ton, down 39 RMB/ton (-5.6%) [5][6]. - Inventory levels have increased across major ports, with Qinhuangdao's inventory rising to 7.3 million tons, up 480,000 tons (7.0%) [19][20]. Coking Coal Data Tracking - The price of main coking coal at Jingtang Port remains stable at 1650 RMB/ton, while other grades have seen slight declines [36]. - The average price of primary metallurgical coke at major domestic ports is 1686 RMB/ton, down 55 RMB/ton (-3.2%) [61]. Global Coal Market Dynamics - The offshore price of Newcastle Q5500 coal has decreased by 8 USD/ton (-8.8%), making domestic coal more cost-effective compared to imports [15][22]. - The report notes that Australian coking coal prices have increased by 3 USD/ton (1.4%), while costs for domestic coking coal remain lower than imported options [47]. Long-term Contracts and Pricing Trends - The annual long-term contract price for Q5500 coal at Northern Ports has increased to 694 RMB/ton, up 10 RMB/ton (1.5%) from the previous month [26]. - The comprehensive trading price for Q5500 coal in Qinhuangdao is 709 RMB/ton, down 6 RMB/ton (-0.8%) from the previous week [38].

Core Insights - The report maintains a "recommended" investment rating for the coal mining industry, highlighting a tightening supply and expected demand release during winter, which is anticipated to stabilize coal prices within a reasonable range [1][2]. Policy Impact - The 2025 coal industry policies focus on "ensuring supply and stabilizing prices" and "controlling production and improving quality," with measures to enhance supply resilience and promote industry transformation towards carbon neutrality [6][11]. - The implementation of the overproduction inspection policy in July 2025 aims to curb excessive competition and stabilize coal prices, which had been under pressure earlier in the year [12][11]. Supply and Demand Analysis - For thermal coal, supply is expected to contract while demand is projected to grow, with coal production growth slowing down and imports anticipated to decline by about 10% in 2025 [6][35]. - The demand for thermal coal is expected to remain stable, supported by a potential cold winter and increased electricity consumption during peak seasons [38][39]. Price Dynamics - The report indicates that the price of thermal coal is likely to recover due to a combination of supply constraints and seasonal demand increases, with the price expected to rise from approximately 620 CNY/ton in July 2025 to around 820 CNY/ton by November 2025 [18][6]. Coking Coal Outlook - Coking coal, being a scarce resource, is expected to see limited supply growth, but demand may rebound due to recovery in the real estate and infrastructure sectors, which could stimulate steel production and, consequently, coking coal consumption [6][42]. - The report emphasizes that coking coal prices are more elastic and could see significant growth potential in response to demand recovery [6][7]. Investment Strategy - The coal sector is viewed as having long-term investment value, driven by both dividend and cyclical factors, with recommendations to focus on leading companies with strong dividend yields and potential for growth [7][6]. - Key companies to watch include China Shenhua and Shaanxi Coal and Chemical Industry for stable dividends, and Yanzhou Coal Mining, Lu'an Environmental Energy, and Huaibei Mining for their market-driven growth potential [7][6].

Group 1 - The report discusses the high volatility of Japanese government bonds (JGBs) due to a shift in monetary policy and concerns over long-term debt sustainability, leading to a rapid increase in JGB yields since early 2024 [3][4] - The report highlights the divergence between the rising JGB yields and the depreciation of the Japanese yen, attributing this to market concerns over fiscal health and capital outflows driven by trade agreements [3][4] - The outlook suggests continued upward pressure on JGB yields, while the divergence between the yen and interest rate differentials may not persist long-term, potentially leading to yen appreciation as market concerns ease [4] Group 2 - The Central Economic Work Conference emphasized the importance of a proactive fiscal policy, maintaining a fiscal deficit around 4% for 2025, which is higher than previous years, to support economic stability [5][8][9] - The report indicates that China's government debt ratio remains significantly lower than that of major economies, providing ample fiscal space for expansionary policies [8][9] - The focus on optimizing fiscal expenditure structure aims to transition from production-oriented to welfare-oriented spending, with significant allocations for education, social security, and healthcare [10] Group 3 - The report outlines the commitment to expanding domestic demand as a primary driver of economic growth, with a focus on increasing consumption and investment to stabilize the economy [13][14] - It highlights the need to boost consumer spending, noting that the contribution of final consumption to GDP growth was 53.5% in the first three quarters of 2025 [14][15] - The investment strategy includes increasing central budget investments and optimizing local government special bond usage to stimulate effective investment [15][26] Group 4 - The report discusses the establishment of a unified national market to combat "involution" in competition, emphasizing the need for standardized regulations and improved resource allocation [16][17] - It notes the progress in reducing logistics costs and increasing inter-provincial trade, indicating a move towards a more integrated market [16][17] - The focus on creating a competitive market order aims to enhance efficiency and support high-quality development across various industries [17] Group 5 - The chemical industry is identified as entering a favorable phase driven by global supply dynamics and increasing demand for AI technologies [30][31] - The report lists key players in various segments of the chemical industry, including gas turbines, refrigerants, and energy storage, highlighting potential investment opportunities [31][32] - It emphasizes the importance of value-driven strategies in the chemical sector, with a focus on enhancing dividend yields and addressing supply-side challenges [32] Group 6 - The report on credit bonds indicates a need for strategies that focus on attracting incremental funds and adapting to market conditions, with a recommendation for short-term and mid-to-long-term strategies [34][35] - It highlights the ongoing challenges in the municipal bond market, suggesting a cautious approach to investment in lower-rated bonds while seeking opportunities in higher-quality assets [36] - The financial bond market is expected to face limited supply pressures, with a focus on maintaining asset quality amid changing market dynamics [37] Group 7 - The report on social financing data indicates a stable growth rate in loans, primarily driven by corporate lending, while consumer borrowing remains cautious [38][39] - It notes a significant increase in direct financing, reflecting a positive trend in market development, despite a decline in household leverage [39][40] - The overall financial environment suggests continued support for fiscal and monetary policies to sustain economic growth [39]