沪指12月17日上涨1.19%，申万所属行业中，今日上涨的有28个，涨幅居前的行业为通信、有色金属， 涨幅分别为5.07%、3.03%。跌幅居前的行业为农林牧渔、国防军工、煤炭，跌幅分别为0.54%、 0.20%、0.11%。煤炭行业位居今日跌幅榜第三。 煤炭行业资金流向排名 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600725 | 云维股份 | 9.97 | 7.58 | 5425.03 | | 601918 | 新集能源 | 0.15 | 1.13 | 2821.11 | | 600397 | 江钨装备 | 1.95 | 2.02 | 2587.15 | | 601001 | 晋控煤业 | -2.12 | 1.18 | 1734.62 | | 601225 | 陕西煤业 | -1.16 | 0.29 | 1316.96 | | 600408 | 安泰集团 | -0.87 | 10.15 | 1030.46 | | 600188 | 兖矿能源 | 0.76 | 0.40 | 664.82 ...

证券之星消息，12月17日煤炭开采板块较上一交易日下跌0.27%，晋控煤业领跌。当日上证指数报收于 3870.28，上涨1.19%。深证成指报收于13224.51，上涨2.4%。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 | 江钨装备 | 6.80 | 1.95% | 20.05万 | 1.36亿 | | 600348 | रक्त 10 18 | 7.76 | 0.91% | 31.84万 | 2.45亿 | | 002128 | 电投能源 | 26.93 | 0.86% | 10.96万 | 2.94亿 | | 600188 | 発矿能源 | 13.23 | 0.76% | 23.87万 | 3.14亿 | | 600403 | 大有能源 | 6.88 | 0.58% | 49.33万 | 3.35亿 | | 661699 | 潞安环能 | 12.05 | 0.50% | 20.80万 | 2.50亿 | | 603071 | 物产环能 | 1 ...

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]

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].

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。 | 运营指标 | 单位 | 2025 | 年 | 11 | 月 | 2024 | 年 | 11 月 | 同比变化（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 本月 | | 累计 | | 本月 | | 累计 | 本月 | 累计 | | 原煤产量 | 万吨 | 432 | | 5138 | | 509 | | 5225 | -15.13 | -1.67 | | 商品煤销量 | 万吨 | 407 | | 4550 | | 536 | | 4709 | -24.07 | -3.38 | 证券代码：601699 证券简称：潞安环能 编号：2025-055 山西潞安环保能源开发股份有限公司 2025 年 11 月主要运营数据公告 2025 年 12 月 16 日 以上主要运营数据来自本公司初步统计，可能与公司定期报告披 露的数据有差异，仅供投资者及时了解公司生产经营状况 ...

智通财经APP讯，潞安环能(601699.SH)发布公告，公司2025年11月商品煤销量407万吨，同比下降 24.07%;累计商品煤销量4550万吨，同比下降3.38%。 ...

潞安环能（601699）(601699.SH)发布公告，公司2025年11月商品煤销量407万吨，同比下降24.07%;累 计商品煤销量4550万吨，同比下降3.38%。 ...

潞安环能公告称，2025 年 11 月，公司原煤产量 432 万吨，累计 5138 万吨，同比分别降 15.13%、 1.67%；2024 年 11 月原煤产量 509 万吨，累计 5225 万吨。2025 年 11 月商品煤销量 407 万吨，累计 4550 万吨，同比分别降 24.07%、3.38%；2024 年 11 月商品煤销量 536 万吨，累计 4709 万吨。以上为 初步统计数据，可能与定期报告有差异。 ...

截至2025年12月15日 10:34，中证国有企业红利指数上涨0.56%，成分股中粮糖业上涨9.99%，山煤国际上涨4.00%，鲁西化工上涨3.85%，厦门银行上涨 3.57%，昊华能源上涨3.05%。国企红利ETF(159515)上涨0.53%。（文中所列示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况不代表基金未 来的投资方向，也不代表具体的投资建议，投资方向、基金具体持仓可能发生变化，投资需谨慎） 据WInd数据显示，流动性方面，截至12月12日，国企红利ETF近1月日均成交271.64万元。规模方面，国企红利ETF近1周规模增长237.17万元。份额方面， 国企红利ETF近1周份额增长300.00万份，实现显著增长。 消息面上，国资委将"市值管理"纳入央企负责人考核，直接推动了央企通过回购、增持和提高分红比例来回报股东。由于央企具备极强的经营稳定性和现金 流创造能力（如水电、高速、能源），在经济波动期，资金愿意给予溢价。 源达信息指出，红利资产由于其稳定的高股息和低估值属性，在低利率环境下，对风险偏好较低的资金有吸引力。在当前经济景气水平总体平稳的背景下， 11月制造业PMI小幅回升至49. ...

Investment Rating - The report maintains an investment rating of "stronger than the market" for the coal industry, indicating an expected increase in performance relative to the benchmark index [2][13]. Core Insights - The central economic work emphasizes "anti-involution," with limited month-on-month growth in coal imports in November. The Xinjiang railway has seen coal transportation exceed 90 million tons, a year-on-year increase of 6.9% [1]. - November coal imports reached 44.05 million tons, showing a month-on-month increase of 5.6% but a year-on-year decrease of 19.9%. Cumulative imports from January to November totaled 432 million tons, down 12% year-on-year [1]. - The report anticipates that supply-side growth will remain limited, while demand is expected to be relatively stable, potentially shifting from a loose supply-demand situation to a balanced or slightly tight one [1]. Summary by Sections Supply and Demand Dynamics - The report notes that coal prices have accelerated their decline due to weak demand, with Qinhuangdao coal prices at 753 RMB/ton, down 4.8% month-on-month and 5.2% year-on-year [1]. - Average daily coal consumption in power plants across 25 provinces was 5.81 million tons, down 6.8% year-on-year, while average inventory stood at 135.46 million tons, a slight decrease of 0.2% year-on-year [1]. - The report suggests that while coal prices are expected to continue declining, the extent of the decline will be limited due to seasonal demand recovery and ongoing supply-side optimization [1]. Price Trends and Market Outlook - The report indicates that the coal price is likely to experience limited declines in the short term, with a focus on economic recovery and macro policies influencing actual demand release [1]. - The report highlights that the second round of price reductions for coke has been implemented, with a decrease of 50-55 RMB/ton, while the main coking coal prices remain stable [7]. - The report emphasizes the need to monitor the production and profitability of steel mills, as well as the overall demand for coking coal, which may influence future price movements [7]. Investment Recommendations - The report recommends focusing on companies that are expected to benefit from stable dividends, such as China Coal Energy, China Shenhua, and Shaanxi Coal and Chemical Industry [8]. - It also suggests monitoring companies that may benefit from coal capacity reserve policies and intelligent safety upgrades in coal mines, as well as those involved in the Belt and Road Initiative [8].