Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The social inventory of coal continues to decline, and the significant rise in futures prices boosts market confidence [6] - The coal sector has shown a mixed performance, with the CITIC coal industry index rising by 1.23%, underperforming the CSI 300 index which increased by 4.18% [2] - The coal supply-demand balance is improving, with a slight decrease in coal prices during the off-season, while coking coal production may see a marginal improvement due to environmental factors [6] Summary by Sections Coal Market Performance - As of August 22, 2025, the average daily coal sales of monitored enterprises were 7.08 million tons, a week-on-week decrease of 1.1% and a year-on-year decrease of 0.7% [2] - The total coal inventory of monitored enterprises (including port storage) was 26.71 million tons, a week-on-week increase of 2% and a year-on-year decrease of 0.8% [2] Price Trends - The price of thermal coal (Q5500K) in the Bohai Rim was 671 CNY/ton, a week-on-week increase of 0.15% [3] - The price of coking coal at major ports remained stable, while the futures settlement price for coking coal was 1,141.5 CNY/ton, a week-on-week decrease of 6.7% [4] Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies and turnaround coking coal companies, with specific recommendations for companies such as China Shenhua, Shaanxi Coal, and others [6] - The overall coal supply-demand structure is expected to improve, with a gradual balance in supply and demand in the second half of the year [6]

Core Insights - The announcement of the 2025 academician candidate list reflects the landscape of industrial innovation in China, with significant attention from the capital market regarding the implications of this list [1] Group 1: Key Candidates - Wu Kai, Chief Scientist of CATL, is included in the candidate list, representing the trillion-yuan market value of the company [1] - Lian Yubo, Chief Scientist of BYD, is recognized as a representative figure in the electric vehicle sector [1] - Chen Yong, Chief Designer of COMAC's C909, and Deng Jinghui, Chief Designer at Aviation Industry Helicopter Institute, are included from the aerospace sector [1] Group 2: Digital Technology and Software - Wu Qingbo, Chief Scientist of Kirin Software under China Electronics, represents the software industry in the candidate list [1] Group 3: Energy and Materials - Li Zhenguo, founder of LONGi Green Energy, is nominated for the Engineering Academy in the Chemical, Metallurgical, and Materials Engineering division [1] - Shang Jian, Chief Engineer of Shaanxi Coal and Chemical Group, is included in the Energy and Mining Engineering division [1] - Zhang Jianguo, Executive Deputy General Manager of China Pingmei Shenma Group, and Wang Xiangzeng, Chief Scientist and Chief Geologist of Shaanxi Yanchang Petroleum Group, are also nominated in the coal sector [1]

Group 1 - The coal mining sector experienced a slight decline of 0.1% on August 22, with Anyuan Coal Industry leading the drop [1] - The Shanghai Composite Index closed at 3825.76, up by 1.45%, while the Shenzhen Component Index closed at 12166.06, up by 2.07% [1] - Major coal stocks showed mixed performance, with Yongtai Energy closing at 1.47, up by 0.68%, and Anyuan Coal Industry closing at 7.20, down by 2.04% [2] Group 2 - The coal mining sector saw a net outflow of 6.73 billion yuan from institutional investors, while retail investors contributed a net inflow of 4.67 billion yuan [2] - The trading volume for Yongtai Energy was 542.18 million shares, with a transaction value of 7.90 billion yuan [1] - The net inflow from retail investors for Yongtai Energy was 1.29 million yuan, while institutional investors had a net outflow of 14.21 million yuan [3]

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Viewpoints - The combination of "logistics package" and "volume-price linkage" is driving the increase in industry concentration, forcing intermediaries out of the market and enhancing the sensitivity of coal prices [5] - The "logistics package" mechanism significantly reduces comprehensive logistics costs, creating sustainable advantages in delivery certainty and cost, while raising entry barriers for small coal operators [5] - The "volume-price linkage" mechanism strengthens scale premiums, allowing large mining and trading enterprises to gain larger discounts, while smaller entities face profit margin compression [5] - The weakening of intermediary roles is expected to enhance coal price sensitivity, with a clear trend of price reversal under the backdrop of supply contraction expectations [5] - The report emphasizes the importance of evaluating the effectiveness of "anti-involution" policies and their impact on liquidity and risk preferences to seize coal investment opportunities [5] Summary by Sections Policy Focus on Cost Reduction and Efficiency - National policies are continuously promoting the development of logistics package models [14] - The logistics package model is seen as a core strategy to reduce overall logistics costs through integrated services [7] Strengthening Long-term Contract Barriers - Long-term contract policies are reinforcing scale barriers, putting pressure on intermediaries [16] - The proportion of railway coal in total coal shipments has increased significantly in 2023 compared to 2022 [21][20] Volume-Price Linkage Trading Pilot - The introduction of volume-price linkage trading mechanisms is expected to benefit large market players significantly [25] - The rapid decrease in port coal inventories contrasts with weak net inflows, indicating a structural tightening in supply [24][23] - The Taiyuan Coal Trading Center has initiated a volume-price linkage trading mechanism to enhance market liquidity and efficiency [27] Investment Recommendations - The report recommends focusing on elastic stocks in the coal sector, highlighting specific companies likely to benefit from the current market dynamics [10]

证券之星消息，8月20日煤炭开采板块较上一交易日上涨0.68%，安源煤业领涨。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。煤炭开采板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600397 | 安源煤业 | 6.68 | 6.37% | 97.03万 | | 6.38亿 | | 601225 | 陕西煤业 | 21.72 | 1.45% | 37.65万 | | - 8.14亿 | | 600403 | 大有能源 | 3.81 | 1.06% | - 14.80万 | | 5583.37万 | | 600395 | 盘江股份 | 5.01 | 1.01% | 12.96万 | | 6459.37万 | | 601088 | 中国神华 | 38.63 | 0.94% | 42.10万 | | 16.13亿 | | 600508 | 上海能源 | 12.30 | 0.90% | 2.82万 | | 345 ...

陕西煤业召开2025年上半年工作会。陕西煤业党委书记、董事长赵福堂出席会议并发表讲话。他指出， 上半年，煤炭板块实物量指标再攀新高，实现营收863亿元、利润168亿元，公司市值继续位列全省首 位，综合业绩效益评价位居行业前列。赵福堂强调，下半年是决战决胜"十四五"圆满收官、"十五五"良 好开局的冲刺阶段。煤炭板块要聚力攻坚克难，围绕"保安全、优生产、强管理、提质效、转作风、稳 增长"，以更大力度、更实举措确保三季度"攻九成"、四季度"大收官"，用打造三个标杆，营造一个氛 围的新成效，全面创建世界一流专业领军企业。 ...

Group 1 - The stock price of Shaanxi Coal Industry reached 21.41 yuan as of August 19, 2025, with an increase of 0.24 yuan, representing a rise of 1.13% [1] - The trading volume on the same day was 424,334 hands, with a total transaction amount of 909 million yuan [1] - Shaanxi Coal Industry is a significant coal production enterprise in Shaanxi Province, primarily engaged in coal mining, washing, processing, and sales [1] Group 2 - The company has a total market capitalization of 207.57 billion yuan and a price-to-earnings ratio of 10.80 times [1] - On August 18, a successful long-duration hot test of 1,030 seconds was conducted on a 130-ton liquid oxygen kerosene pump rocket engine, developed in collaboration with China Aerospace Science and Technology Corporation [1] - This technological breakthrough is expected to significantly enhance the operational efficiency of the "500,000 tons/year coal tar hydrogenation to cycloalkane oil project" at Shenmu Coal Chemical Company [1] Group 3 - On August 19, the net inflow of main funds into Shaanxi Coal Industry was 33.86 million yuan, although the overall trend over the past five days showed a net outflow of 159.45 million yuan [1]

Group 1 - The core viewpoint is that coal prices have accelerated, breaking the 700 RMB/ton barrier, with significant developments in state-owned enterprise reforms, particularly the acquisition by China Shenhua [2][4] - As of August 15, the price of Q5500 thermal coal at Huanghua Port is 708 RMB/ton, an increase of 16 RMB/ton (2.3%) from the previous week [4] - In July, the raw coal production was 380 million tons, a month-on-month decrease of 40 million tons, primarily due to extreme weather conditions in Inner Mongolia and Shaanxi [2][4] Group 2 - The forecast for the second half of the year indicates a slight month-on-month decline in national production due to "overproduction checks," with total production expected to be between 2.35-2.4 billion tons, maintaining an annual total of 4.75-4.8 billion tons, which is roughly flat year-on-year [3][4] - The demand side shows a year-on-year increase of 4.3% in thermal power generation in July, with a significant improvement in the supply-demand balance [2][4] - The focus on safety production has intensified, as highlighted by the release of the "Coal Mine Safety Regulations (2026 Edition)" [2] Group 3 - The coal industry is experiencing a turning point in fundamentals, with downwards risks being fully released, making it a favorable environment for long-term capital allocation [3] - The overall supply is expected to remain stable, with domestic production and imports both contributing to this stability [4] - The recommendation for stocks includes China Shenhua, Shaanxi Coal, and China Coal Energy, among others, indicating a positive outlook for these companies [6]

证券研究报告|公司动态点评 2025 年 08 月 18 日 陕西煤业（601225.SH） "反内卷"政策加速落地，有望推动煤炭价格回归合理区间（本报 告仅提供给华能国际电力开发公司） | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 181,472 | 184,145 | 166,362 | 171,797 | 179,153 | | 增长率 yoy（%） | 8.8 | 1.5 | -9.7 | 3.3 | 4.3 | | 归母净利润（百万元） | 23,100 | 22,360 | 18,326 | 19,507 | 20,759 | | 增长率 yoy（%） | -34.4 | -3.2 | -18.0 | 6.4 | 6.4 | | ROE（%） | 27.6 | 28.4 | 19.9 | 19.4 | 18.4 | | EPS 最新摊薄（元） | 2.38 | 2.31 | 1.89 | 2.01 | 2.14 | | P/E（倍） | 9.1 ...

来源：新浪基金∞工作室 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 8月18日，能源ETF（159930）开盘涨0.59%，报1.369元。能源ETF（159930）重仓股方面，中国神华开 盘涨10.01%，中国石油跌0.12%，中国石化涨0.18%，陕西煤业涨1.07%，中国海油跌0.23%，兖矿能源 涨1.00%，杰瑞股份涨0.96%，中煤能源涨1.15%，山西焦煤涨0.14%，美锦能源涨1.31%。 能源ETF（159930）业绩比较基准为中证能源指数，管理人为汇添富基金管理股份有限公司，基金经理 为董瑾，成立（2013-08-23）以来回报为36.12%，近一个月回报为4.40%。 ...