【导读】焦煤、焦炭夜盘暴涨，美股下跌 中国基金报记者 泰勒 兄弟姐妹们啊，今晚继续关注海内外的市场消息。 焦煤、 焦炭 夜盘暴涨 7月22日晚间， 焦煤 主力合约 夜盘涨停，收涨11%， 报1135.5元/吨，已连续第二个交易日涨停。 焦炭涨5.29%，纯碱涨 3.84%。 | V | 主力合约报价排名 | | | | --- | --- | --- | --- | | 排序 | 名称 해당 | 最新 | 涨幅 | | 涨幅/跌幅 | 焦煤2509 | 1135.5 | 11.00% | | 持仓量 | 焦炭2509 | 1731.5 | 5.29% | | 总股本 | 纯碱2509 | 1380 | 3.84% | | | 玻璃2509 | 1237 | 2.83% | | 日増減仓 | 纸浆2509 | 5468 | 2.36% | | 资金流向 | 氧化铝2509 | 3515 | 1.83% | | 趋势度 | PVC2509 | 5250 | 1.23% | | | 螺纹钢2510 | 3302 | 1.16% | | 5日涨幅 跌幅 | 烧碱2509 | 2645 | 1.07% | 消息面上，近 ...

【导读】A股大涨，煤炭板块午后直线拉升 中国基金报记者 泰勒 兄弟姐妹们啊，最近的A股市场，表现实在亮眼，每天涨个不停，今天盘中三大指数虽然坐了几回"过山车"，但最后都是以大涨 收尾，相信你们都挣到钱了，没有在其他资产里面躲过这轮牛市吧！ 一起看看今天市场发生了什么！ | 最高:12.60 | 今开:11.54 | 涨停: 12.60 | 成交量: 91.26万手 | | --- | --- | --- | --- | | 最低: 11.46 | 昨收:11.45 | 跌停: 10.31 | 成交额:10.98亿 | | 量K： 2.55 | 换手:3.05% | 市盈率(动)：14.33 | 市盈率(TTM): 20.72 | | 委比: 100.00% | 振幅: 9.96% | 市盈率(静): 15.39 | 市净率:0.80 | | 每股收益:0.61 | 股息(TTM): 0.41 | 总股本: 29.91亿 | 总市值: 376.92亿 | | 每股净资产:15.79 | 股息率(TTM): 3.25% | 流通股: 29.91亿 | 流通值: 376.92亿 | | 52周最高: 18.57 | ...

丨证券研究报告丨 行业研究丨行业周报丨煤炭与消费用燃料 [Table_Title] "反内卷"下哪些煤炭公司弹性较大？ 肖勇 赵超 叶如祯 庄越 韦思宇 报告要点 [Table_Summary] 煤炭板块当前处于产能利用率低&库存偏高&盈利较差状态，说明当前供给过剩程度突出，所以 反内卷可能性较大；此外，煤炭板块估值较低，估值优势排序上焦炭>焦煤>动力煤，由此可见 双焦权益弹性更大。从个股来看，平煤股份、盘江股份、山煤国际、开滦股份、恒源煤电、甘 肃能化弹性较大；但如果把投资安全性（负债率）也考虑进去，则平煤股份、开滦股份、恒源 煤电、晋控煤业较好。 分析师及联系人 [Table_Author] SAC：S0490516080003 SAC：S0490519030001 SAC：S0490517070008 SAC：S0490522090003 SAC：S0490524120007 SFC：BUT918 SFC：BUY139 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 煤炭与消费用燃料 cjzqdt11111 [Table_Title2] "反内卷"下哪些煤 ...

| 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 07 月 20 日 | 相关研究 【兴证煤炭】煤炭行业周报（2025.7.6- 2025.7.12）——"反内卷"行情加持， 煤价持续走高-2025.07.14 【兴证煤炭】周报 24：酷热来袭需求提 速，动煤价格反弹可期（2025.6.29- 2025.7.05）-2025.07.06 行业周报 | 煤炭 证券研究报告 liranran@xyzq.com.cn 煤炭行业周报（2025.7.13-2025.7.19）—— 煤价全面走高，板块有望开启上攻 投资要点： 周观点（2025.7.13-2025.7.19）：1）动力煤：迎峰度夏已至，坑口煤价全面走高。本周， 坑口煤价全面上涨。供应端，主产地供应逐步恢复，晋陕蒙煤炭产量环比增加。进口端， 在国内外煤价倒挂下，进口煤延续减量，6 月进口同比显著下滑 26%，供应整体有所收紧； 需求端，酷热来袭，社会用电需求大幅攀升，日耗走高，相较去年同期已有增长。展望后 市，随着高温天气持续演绎，煤价有望延续走强。2）炼焦煤：焦煤价格全面走高，坑口现 货价格涨至长协之上。本周， ...

2025年上半年收官之际，十余家煤炭企业中期"成绩单"也陆续揭晓。 据了解，"煤炭一哥"中国神华利润已连续10个季度同比下滑；平煤股份利润同样连续10个季度同比下 滑；淮北矿业利润连续8个季度同比下滑；冀中能源利润连续6个季度同比下滑。 煤炭市场三次大幅波动 继中国神华（601088.SH）披露业绩预告后，7月14日，甘肃能化（000552.SZ）、冀中能源 （000937.SZ）、兰花科创（600123.SH）、永泰能源（600157.SH）、安源煤业（600397.SH）、恒源 煤电（600971.SH）、淮北矿业（600985.SH）、平煤股份（601666.SH）等多家煤炭上市公司密集发布 了上半年的业绩预告，从已公布的信息来看，这些企业无一例外均出现利润显著下滑。 对于煤炭行业利润下滑，一德期货动力煤分析师曾翔告诉《华夏时报》记者，主要是煤炭价格明显回落 所致，截至今年6月30日，北港5500大卡的平仓价为620元/吨，较年初下降接近20%，而煤企的固定成 本基本变化不大，价格回落就会直接体现在利润的收缩上。 净利纷纷预减 7月11日，郑州煤电（600121.SH）、盘江股份（600395.SH）率 ...

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Viewpoints - The report anticipates seasonal improvement in thermal coal demand due to high temperatures in July and August, which may lead to a short-term price recovery for thermal coal. The coal sector is currently underweight, with attractive dividend yields and defensive allocation value [2][25] - For coking coal, there is a rebound in prices driven by strong policy expectations and market sentiment, but the bargaining power of coking coal remains relatively weak in the black industry chain, limiting short-term upside potential [2][34] Supply Summary - Domestic coal production in June reached 42.107 million tons, a year-on-year increase of 3.0% and a month-on-month increase of 4.4%. The total coal production for the first half of the year was 240.5 million tons, up 5.4% year-on-year [6][14] - Coal imports in June fell to 33.04 million tons, a decrease of 25.93% year-on-year and 8.3% month-on-month. Cumulative imports for the first half of the year were 221.7 million tons, down 11.1% year-on-year [18][21] Demand Summary - In June, thermal power generation increased by 1.1% year-on-year and 7.0% month-on-month, with total domestic power generation reaching 796.3 billion kWh, up 1.7% year-on-year [24][27] - Non-electric coal demand, particularly in cement production, saw a decline, with June production at 15.547 million tons, down 5.3% year-on-year [29][33] - The steel sector showed a significant year-on-year decrease in production, with crude steel output in June at 8.318 million tons, down 9.2% year-on-year [33][38] Future Outlook - The report suggests that thermal coal prices may see further support due to seasonal demand increases and the current low inventory levels at power plants. Key factors to monitor include supply conditions, high-temperature weather, and sustained demand release [25][27] - For coking coal, while recent price rebounds are noted, the report indicates limited short-term upside due to weak bargaining power and strong expectations of a seasonal downturn [34][38]

重要内容提示: ●平顶山天安煤业股份有限公司（以下简称"公司"）控股股东 中国平煤神马控股集团有限公司（以下简称"集团"或"中国平煤神 马集团"）持有本公司股份1,100,034,147股，占公司总股本的44.44%， 本次解除部分质押股份前累计质押公司股份640,000,000股，占其持 股比例的58.18%。本次解除200,000,000股质押后，集团剩余质押股 份为440,000,000股，占其持股比例的40%。 证券代码：601666 股票简称：平煤股份 编号：2025-058 平顶山天安煤业股份有限公司 关于控股股东部分股份解除质押的公告 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个别及连带 责任。 ●中国平煤神马控股集团及其一致行动人持有本公司股份 1,151,273,546股，占公司总股本的46.51%，质押情况变动后，累计 质押公司股份440,000,000股，占其所持股份数量的38.23%。 一、上市公司部分股份解除质押情况 单位：股 股东名称 持股数量 持股 比例 （%） 累积被质押 股份数量 占其所 持股份 比 ...

Group 1 - The company expects to achieve a net profit attributable to shareholders of the parent company between 230 million to 270 million yuan for the first half of 2025, representing a decrease of 112.263 million to 116.263 million yuan compared to the same period last year, which is a year-on-year decline of 80.61% to 83.48% [1][2] - The expected net profit after deducting non-recurring gains and losses is projected to be between 260.26 million to 300.26 million yuan, with a decrease of 110.821 million to 114.821 million yuan compared to the same period last year, reflecting a year-on-year decline of 78.68% [2] - The main reason for the decline in profit is attributed to the decrease in prices of the company's primary coal products during the reporting period [2] Group 2 - The profit for the same period last year was 2.07119 billion yuan, with a net profit attributable to shareholders of the parent company reported [2] - The earnings per share for the previous year was 0.5776 yuan per share [2]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the prices of thermal coal and coking coal are on the rebound, suggesting a turning point in the market [4][12] - The fundamentals for thermal coal remain favorable, with a current price of 632 CNY/ton for Qinhuangdao Q5500 thermal coal, reflecting a 3.8% increase from the lowest price of 609 CNY/ton earlier this year [3][4] - Coking coal prices have also seen significant increases, with the price at Jing Tang Port reaching 1350 CNY/ton, a 9.76% rise from the previous low of 1230 CNY/ton [4][20] Summary by Sections Investment Logic - Thermal coal is categorized as a policy coal type, with expectations for prices to rebound towards long-term contract prices around 670 CNY/ton, potentially exceeding 700 CNY/ton if favorable fundamentals persist [4][12] - Coking coal is more influenced by market dynamics, with current prices indicating a state of overselling, and supply-side tightening expected due to policy changes [4][12] Key Indicators Overview - The report highlights a slight decrease of 1.08% in the coal sector, underperforming the CSI 300 index by 1.9 percentage points [7] - The current price-to-earnings (PE) ratio for the coal sector is 11.48, and the price-to-book (PB) ratio is 1.18, indicating relatively low valuations compared to other sectors [9] Thermal Coal Market Insights - As of July 11, the inventory at ports has decreased by 19% from the highest level of 3316.3 million tons earlier this year, currently standing at 26.89 million tons [3][4] - Daily coal consumption in coastal provinces has increased to 2.148 million tons, driven by seasonal demand [4][19] Coking Coal Market Insights - The report notes a significant rebound in coking coal prices, with futures rising from 719 CNY to 913 CNY, a cumulative increase of 27% [4][20] - The average daily pig iron production remains high at 2.408 million tons, although there are signs of potential declines due to seasonal factors [4][20] Investment Recommendations - The report suggests a dual logic of cycles and dividends for investment in the coal sector, identifying four main lines for stock selection: dividend logic, cyclical logic, diversified aluminum elasticity, and growth logic [5][13] - Specific companies recommended for investment include China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical Industry [5][13]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is the early stage of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [11][12] - The underlying investment logic of coal capacity shortages remains unchanged, with short-term supply-demand balance and long-term gaps still present [11][12] - Coal prices have established a bottom and are trending towards a new platform, with high profitability, cash flow, return on equity (ROE) of 10-20%, and dividend yields over 5% for quality coal companies [11][12] - The coal sector is relatively undervalued, with overall valuation expected to improve, supported by high premiums in the primary mining rights market and a price-to-book (PB) ratio around 1 for most companies [11][12] - The coal sector is expected to maintain a tight supply-demand balance over the next 3-5 years, with quality coal companies exhibiting high barriers to entry, cash flow, dividends, and yield characteristics [11][12] Summary by Sections Coal Price Tracking - As of July 12, the market price for Qinhuangdao port thermal coal (Q5500) is 624 CNY/ton, an increase of 8 CNY/ton week-on-week [28] - The price for coking coal at Jing Tang port is 1310 CNY/ton, up 60 CNY/ton week-on-week [30] Coal Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 93.7%, down 0.3 percentage points week-on-week, while the utilization rate for coking coal mines is 85.52%, up 1.7 percentage points [11][46] - Daily coal consumption in coastal provinces increased by 6.10 thousand tons/day (+2.92%) week-on-week, while inland provinces saw a decrease of 9.50 thousand tons/day (-2.61%) [11][47] Coal Inventory Situation - As of July 10, coal inventory in coastal provinces decreased by 785 thousand tons (-2.18%) week-on-week, while inland provinces saw a slight decrease of 0.70 thousand tons (-0.01%) [11][47] Key Companies to Watch - Focus on stable and robust performers such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy [12] - Attention to companies with significant upside potential like Yanzhou Coal Mining, China Power Investment, and Guanghui Energy [12]