行 业 及 产 业 煤炭/ 煤炭开采 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 严天鹏 A0230524090004 yantp@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 施佳瑜 A0230521040004 shijy@swsresearch.com 研究支持 施佳瑜 A0230521040004 shijy@swsresearch.com 联系人 施佳瑜 A0230521040004 2026 年 01 月 23 日 下半年煤价及行业利润边际改善， 煤价筑底、盈利回升可期 看好 ——煤炭行业 2025 年年报业绩前瞻 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 - shijy@swsresearch.com ⚫ 供给端，2025 年国内原煤产量小幅增长，但煤炭进口量下降。据统计局数据，2025 年 全国原煤产量为 48.32 亿吨，同比增长 1.2%，其中 10、11、12 月单月产量分别为 4.07、4.27、4.37 亿吨，同比 ...

沪指1月23日上涨0.33%，申万所属行业中，今日上涨的有23个，涨幅居前的行业为电力设备、有色金 属，涨幅分别为3.50%、2.73%。跌幅居前的行业为通信、银行，跌幅分别为1.52%、0.90%。煤炭行业 位居今日跌幅榜第三。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600403 | 大有能源 | -1.35 | 5.16 | -18922.81 | | 002128 | 电投能源 | 0.66 | 0.94 | -7525.51 | | 601088 | 中国神华 | -1.60 | 0.20 | -7208.27 | | 600348 | 华阳股份 | 0.22 | 1.58 | -2667.87 | | 600408 | 安泰集团 | -0.24 | 8.35 | -2657.50 | | 600188 | 兖矿能源 | -1.42 | 0.64 | -2621.84 | | 600397 | 江钨装备 | 5.03 | 5.56 | -1886.42 | | 600157 | ...

证券之星消息，1月23日煤炭开采板块较上一交易日下跌1.26%，中煤能源领跌。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。煤炭开采板块个股涨跌见下表： 从资金流向上来看，当日煤炭开采板块主力资金净流出3.49亿元，游资资金净流入2.7亿元，散户资金净 流入7822.7万元。煤炭开采板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 868109 | 中煤能源 | 13.06 | -2.46% | 32.28万 | 4.25亿 | | 601225 | 陕西煤业 | 21.41 | -2.19% | 45.49万 | 9.80亿 | | 601001 | 晋控煤业 | 14.66 | -1.68% | 18.06万 | 2.65 Z | | 601088 | 中国神华 | 40.00 | -1.60% | 1 33.74万 | 13.56亿 | | 600188 | 究矿能源 | 13.85 | -1.42% | 37. ...

AI基金诺安新动力灵活配置混合A（320018）披露2025年四季报，第四季度基金利润499.71万元，加权平均基金份额本期利润0.2548元。报告期内，基金净 值增长率为7.26%，截至四季度末，基金规模为6581.23万元。 该基金属于灵活配置型基金。截至1月22日，单位净值为3.565元。基金经理是李晓杰，目前管理的4只基金近一年均为正收益。其中，截至1月21日，诺安低 碳经济股票A近一年复权单位净值增长率最高，达48.16%；截至1月22日，诺安汇利混合A最低，为5.05%。 基金管理人在四季报中表示，本基金四季度持仓以银行、石油石化和非银金融等红利相关资产为主，其中降低了银行板块配置，增加非银金融和石油石化等 板块配置。 截至1月22日，诺安新动力灵活配置混合A近三个月复权单位净值增长率为2.18%，位于同类可比基金1015/1286；近半年复权单位净值增长率为2.83%，位于 同类可比基金1146/1286；近一年复权单位净值增长率为16.89%，位于同类可比基金980/1286；近三年复权单位净值增长率为-15.38%，位于同类可比基金 1190/1286。 通过所选区间该基金净值增长率分位图， ...

Core Viewpoint - The report highlights the significant inflow of main capital into various stocks, with specific companies showing remarkable performance in terms of net capital inflow and stock price changes [1][2]. Group 1: Main Capital Inflow - A total of 88 stocks have experienced a net inflow of main capital for five consecutive days or more, indicating strong investor interest [1]. - Hangzhou Bank leads with 16 consecutive days of net inflow, followed by Yunnan Baiyao with 14 days [1]. - Midea Group has the highest total net inflow amounting to 1.582 billion yuan over seven days, while Hangzhou Bank follows closely with 1.489 billion yuan over 16 days [1]. Group 2: Performance Metrics - The stock with the highest net inflow ratio relative to trading volume is Fenglong Co., which has surged by 359.76% over the past 16 days [1]. - Other notable stocks include Guotai Junan Securities with a net inflow of 1.109 billion yuan over 11 days and China Ping An with 1.074 billion yuan over six days, although their stock prices have seen declines of 2.46% and 3.28% respectively [1]. - The report includes a detailed table of stocks with their respective net inflow amounts, inflow ratios, and cumulative price changes, providing a comprehensive overview of market trends [1][2].

Core Viewpoint - The A-share market has shown overall stability, but nearly 230 stocks have seen their closing prices fall below the level recorded on September 24, 2024, accounting for approximately 4.3% of the total market [1]. Industry Analysis - The pharmaceutical sector has the highest number of stocks below the September 24 closing price, making up 18.7% of the total. Other sectors with significant representation include food and beverage, coal, public utilities, basic chemicals, and transportation, each exceeding 10% [2]. - Among the sub-sectors, stocks in the liquor, traditional Chinese medicine, thermal coal, coking coal, and residential development categories are the most affected, with a notable presence of chemical preparations, in vitro diagnostics, and medical consumables [2]. Market Capitalization Insights - The average total market capitalization of the over 200 stocks currently below the September 24 closing price is approximately 43.6 billion, with a median market capitalization of 10.8 billion. Stocks with a market capitalization below 5 billion account for nearly 30%, while those above 100 billion represent close to 10% [5]. - Notably, China Mobile, the only stock with a market capitalization exceeding 1 trillion, has seen a decline of about 3.7% from its September 24 closing price, currently fluctuating around 96 yuan [5]. Performance of Major Stocks - Key large-cap stocks that have fallen below the September 24 closing price include China Petroleum, Yangtze Power, China Telecom, Wuliangye, and others. Six stocks, including Pizaihuang and Daqin Railway, have experienced declines exceeding 10% [7]. - The performance of the dividend index has lagged behind the broader market, with a cumulative increase of only 5.9% since September 24, while other indices have shown more substantial gains [8]. Index Performance Overview - As of January 21, all 31 first-level industry indices are above their September 24 levels, with an average increase of approximately 58.12% and a median increase of 53.42%. The communication, non-ferrous metals, electronics, and comprehensive sectors have seen increases exceeding 130% [10]. - Conversely, sectors such as coal, food and beverage, public utilities, banking, and transportation have shown relatively lower growth, with the coal sector only increasing by 0.6% [10].

Market Overview - The Shanghai Composite Index rose by 0.08% on January 21, with 18 out of the 28 sectors experiencing gains. The top-performing sectors were non-ferrous metals and electronics, with increases of 2.79% and 2.62% respectively [1] - The coal industry saw a decline of 1.57%, ranking second in terms of the largest drop [1] Capital Flow - The net inflow of capital in the two markets was 11.98 billion yuan, with 14 sectors experiencing net inflows. The electronics sector led with a net inflow of 16.37 billion yuan, followed by the non-ferrous metals sector with a net inflow of 7.29 billion yuan [1] - In contrast, 17 sectors experienced net outflows, with the power equipment sector leading at a net outflow of 6.69 billion yuan, followed by the defense and military industry with a net outflow of 2.91 billion yuan [1] Coal Industry Analysis - Within the coal industry, there were 37 stocks, of which 4 rose and 30 fell. The net inflow of capital for the coal sector was 34.15 million yuan [2] - The top three stocks with the highest net inflow were Shaanxi Coal and Chemical Industry with 102 million yuan, followed by China Shenhua and Yanzhou Coal with net inflows of 37.21 million yuan and 28.83 million yuan respectively [2] - The stocks with the largest net outflows included Yongtai Energy, Electric Power Investment Energy, and Dayou Energy, with net outflows of 67.19 million yuan, 39.60 million yuan, and 37.50 million yuan respectively [2] Individual Stock Performance - The performance of individual stocks in the coal sector showed significant declines, with Dayou Energy dropping by 8.31% and Yongtai Energy by 1.20% [3] - Other notable declines included Zhengzhou Coal Electricity at -4.05% and Shaanxi Black Cat at -3.54% [3]

Group 1 - The coal mining sector experienced a decline of 1.77% on January 21, with Dayou Energy leading the drop [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - Key stocks in the coal mining sector showed varied performance, with Jiangte Equipment rising by 4.11% and Dayou Energy falling by 8.31% [1][2] Group 2 - The coal mining sector saw a net inflow of 136 million yuan from institutional investors, while retail investors experienced a net outflow of 257 million yuan [2] - Major stocks like Shaanxi Coal and China Shenhua had significant net inflows from institutional investors, indicating potential interest despite overall sector decline [3] - The trading volume for Dayou Energy was 953,600 shares, with a transaction value of 649 million yuan, reflecting its significant market activity despite the price drop [2][3]

（文章来源：证券时报网） 据Wind统计，截至1月20日，沪深两市共有142只个股连续5日或5日以上获主力资金净买入。连续获主 力资金净买入天数最多的股票是锋龙股份，已连续15个交易日获净买入；连续获主力资金净买入天数较 多的还有安徽合力、*ST国化、康辰药业、九鼎投资、陕西煤业、伊利股份、微电生理、赣粤高速等 股。 ...

Group 1: Market Performance - The coal mining sector increased by 1.28% compared to the previous trading day, with Dayou Energy leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Group 2: Individual Stock Performance - Dayou Energy (600403) closed at 7.34, up 10.04% with a trading volume of 764,600 shares and a transaction value of 539 million [1] - Zhengzhou Coal Power (600121) closed at 4.69, up 3.99% with a trading volume of 1,053,500 shares [1] - Yongtai Energy (600157) closed at 1.66, up 2.47% with a trading volume of 9,156,800 shares [1] - Other notable stocks include Jinkong Coal Industry (601001) at 14.51, up 2.40%, and Shanxi Coking Coal (000983) at 6.94, up 2.36% [1] Group 3: Capital Flow Analysis - The coal mining sector saw a net inflow of 371 million from main funds, while retail funds experienced a net outflow of 143 million [2] - Dayou Energy had a main fund net inflow of 176 million, representing 32.63% of its trading volume, while retail funds saw a net outflow of 112 million [3] - Yongtai Energy recorded a main fund net inflow of 141 million, with a retail net outflow of 64.86 million [3]