截至2025年7月30日收盘，潞安环能股价报14.42元，较前一交易日下跌1.9%。当日成交量为119.81万 手，成交金额达17.62亿元。该股盘中最高触及15.14元，最低下探至14.20元，振幅为6.39%。 潞安环能主要从事煤炭开采、洗选加工及销售业务，是山西省重点煤炭企业之一。公司所属行业为煤炭 开采洗选业，产品主要包括混煤、洗精煤、喷吹煤等。 数据显示，7月30日潞安环能主力资金净流出1.21亿元。该股当日换手率为4.01%，总市值431.36亿元。 风险提示：股市有风险，投资需谨慎。 ...

| 新股发行及今日交易提示 | 2025/7/30 | 星期三 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/7/30 | 新股上市 | 证券代码 | 证券简称 | 发行价格 | | | | | | 悍高集团 | 15.43 | 001221 | 2025/7/30 | 内地市场权益提示 | | | | | | 类别 | 证券代码 | 证券简称 | 权益日期 | 最新公告链接 | https://www.cninfo.com.cn/new/disclosure/detail?stockCode=001221&announcementId=122432 | 上市首日风险提示 | 001221 | 悍高集团 | | 9066&orgId=9900053810&announcementTime=2025 | -07-30 | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=300280&announcementId=122421 | 30028 ...

策略专题研究 民生研究：2025 年 8 月金股推荐 2025 年 07 月 30 日 ➢ 八月配置策略。本文按照自上而下的逻辑，梳理出 10 只个股与 3 只 ETF。 ➢ 能源开采：潞安环能。1、现货煤比例高，业绩弹性大。2、煤价反弹启动， 需求有望超预期。3、PB 估值较低。 ➢ 有色金属：华友钴业。1、一体化布局优势显著，湿法镍产能增长贡献稳定 增量盈利。2、政策托底镍钴价格中枢抬升，6 月钴进口环比显著下降进入去库节 奏指引钴涨价机遇，印尼镍钴产能布局规模领先显著受益。3、绑定优质海外头 部客户，积极布局海外前驱体正极材料产能。4，大股东增持彰显公司未来发展 信心。 ➢ 汽车：吉利汽车。极氪计划私有化，将成为吉利全资子公司并退市，利于整 合资源、消除决策障碍，增强与吉利品牌协同，落实《台州宣言》，助力降本增效 与竞争力提升。银河品牌有望受益竞争缓解，A7 已预售、8 月上市，M9 预计 2025 年三季度推出。集团将年销量目标从 271 万辆上调 11%至 300 万辆，技 术降本与规模化有望推动主品牌盈利。极氪发布浩瀚-S 架构，高端 SUV9X 两小 时盲订 1 万台，8 月底预售，光辉版车型超 ...

从大盘来看，其实今天整体表现较为平淡，盘面上除了医药、PCB和CPO等几个老牌行业和题材之外，其余个 股皆显得有些疲软。但在午后，市场突然迎来了大反攻。而这其中值得一提的是煤炭。 午后，煤炭板块异动明显。煤炭ETF由跌转涨，一度涨近1%。煤炭企稳最大的好处就是能够带动红利ETF企 稳。今早，红利板块一直是压制大盘的主力，红利ETF一度杀跌近0.8%。而午后，随着煤炭板块的走强，红利 ETF跌幅明显收窄。而随着红利企稳，市场就可以放心展开反攻。 煤炭传来大消息！ 7月29日午后，煤炭板块异动明显。煤炭ETF由跌转涨，一度涨近1%，煤炭开采板块普遍走强，潞安环能一度 狂拉近6%。焦煤、焦炭在经历连续大跌之后，亦于午后有明显起色。 煤炭板块之所以会有如此反应，可能与外围突然传来的一则消息有关：受持续高温天气提振空调用电需求、减 少库存的影响，亚洲煤炭价格基准已攀升至五个月高点。澳大利亚纽卡斯尔动力煤期货价格上涨至每吨115.50 美元，为近月合约自今年2月以来的最高水平。值得注意的是，昨晚国际油价也出现了大涨行情。 那么，这种上涨能否持续？ 大反攻 中金公司认为，下半年动力煤价格反弹回升趋势可期。"迎峰度夏"之后的 ...

Investment Rating - The investment rating for the coal industry is "Positive (Maintain)" [1] Core Views - The coal market is experiencing a rebound in prices for thermal coal and coking coal, indicating a favorable fundamental outlook [4][17] - The current price of Qinhuangdao Q5500 thermal coal is 653 CNY/ton, reflecting a 7.2% increase from the lowest price earlier this year [4][35] - The supply side remains constrained with a low operating rate of 81.3% among 442 coal mines in Shanxi, Shaanxi, and Inner Mongolia [4][25] - The demand for electricity coal is high due to the summer peak season, supporting price increases [4][25] - Coking coal prices have also surged, with the price of main coking coal at Jing Tang Port reaching 1680 CNY/ton, a 16.67% increase [4][26] Summary by Sections Investment Perspective - The coal market fundamentals are favorable, and it is time to position for growth as prices are expected to recover towards long-term contract prices around 670 CNY [4][17] - The price of coking coal is more influenced by supply and demand dynamics, with current prices indicating a recovery from previous lows [4][17] Market Performance - The coal index rose by 7.98%, outperforming the CSI 300 index by 6.29 percentage points [28] - Major coal companies have shown significant price increases, with Lu'an Energy up by 31.22% and Jinko Coal up by 18.83% [28] Key Indicators - The average PE ratio for the coal sector is 12.23, and the PB ratio is 1.26, indicating relatively low valuations compared to other sectors [29][32] - The port price for thermal coal has seen a slight increase, with Qinhuangdao Q5500 thermal coal price rising by 1.71% [35][38] Supply and Demand Dynamics - The operating rate of coal mines is at a low level, which may lead to further price increases as supply tightens [4][25] - The demand for non-electric coal remains strong, with methanol production rates at historical highs [4][25] Investment Recommendations - Four main investment lines are suggested: 1. Cycle logic: Jin控煤业 and 兖矿能源 for thermal coal 2. Dividend logic: 中国神华 and 中煤能源 for dividend potential 3. Diversified aluminum elasticity: 神火股份 and 电投能源 4. Growth logic: 新集能源 and 广汇能源 [5][18]

沪指7月28日上涨0.12%，申万所属行业中，今日上涨的有15个，涨幅居前的行业为国防军工、非银金 融，涨幅分别为1.86%、1.51%。跌幅居前的行业为煤炭、钢铁，跌幅分别为2.60%、1.41%。煤炭行业 位居今日跌幅榜首位。 资金面上看，两市主力资金全天净流出185.75亿元，今日有8个行业主力资金净流入，电子行业主力资 金净流入规模居首，该行业今日上涨1.10%，全天净流入资金36.55亿元，其次是通信行业，日涨幅为 1.24%，净流入资金为28.48亿元。 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） | | --- | --- | --- | --- | --- | | 000983 | 山西焦煤 | -6.05 | 3.67 | -17790.28 | | 600157 | 永泰能源 | -3.31 | 3.47 | -14791.79 | | 601699 | 潞安环能 | -2.38 | 4.29 | -10955.17 | | 601666 | 平煤股份 | -5.10 | 2.72 | -5766.98 | | 60012 ...

丨证券研究报告丨 行业研究丨专题报告丨煤炭与消费用燃料 [Table_Title] "反内卷"形势下如何分析煤炭空间？ 报告要点 [Table_Summary] 本文基于净资产收益率均值回归视角以及动力煤&焦煤分别在煤电产业链和煤焦钢产业链中利 润分配的合理水平，对未来煤价位置进行测算。权益端，PB 均值回归视角测算股价弹性，当前 主要弹性煤炭标的距离历史 PB 均值仍有不小弹性。因此，我们看好基本面困境改善叠加宏观 预期升温下煤炭攻守兼备的投资性价比。立足基本面，于短期，我们继续看好季节性日耗抬升 与反内卷催化下的动力煤、焦煤季度级别反弹行情，于长期，我们更重视，在反内卷政策逐步 落实之下，叠加后续接力联储降息/国内稳增长政策加码，煤炭板块迎来反转机会。 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.955 ...

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, supported by both fundamental and policy factors, making it an opportune time to invest in the coal sector [11][12] - The report highlights a tightening supply side due to government policies aimed at curbing overproduction, which is expected to support a rebound in coal prices [3][11] - The underlying investment logic of coal capacity shortages remains unchanged, with a balanced short-term supply-demand situation and a medium to long-term gap still anticipated [11][12] Summary by Sections Coal Price Tracking - As of July 26, the market price for Qinhuangdao port thermal coal (Q5500) is 645 CNY/ton, an increase of 11 CNY/ton week-on-week [30] - The price for coking coal at Jing Tang port is reported at 1650 CNY/ton, up 230 CNY/ton week-on-week [32] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 94%, down 0.6 percentage points week-on-week, while the utilization rate for coking coal mines is 86.9%, up 0.8 percentage points [11][42] - Daily coal consumption in inland provinces has decreased by 51,000 tons/day (-13.04%) and in coastal provinces by 19,600 tons/day (-8.1%) [11][42] Inventory Situation - Coal inventory in coastal provinces increased by 429,000 tons week-on-week, while inland provinces saw a slight increase of 85,000 tons [11] Company Performance - The coal sector has shown strong performance, with the coal mining sector rising by 8.00% this week, outperforming the broader market [15][17] - Key companies to focus on include China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy, which are noted for their stable operations and solid performance [12][13]

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] 如何量化本次煤矿超产管控潜在影响？ 报告要点 [Table_Summary] 本周国家能源局综合司 7 月 10 日印发的《关于组织开展煤矿生产情况核查 促进煤炭供应平稳 有序的通知》在市场广泛传播，点燃煤炭板块"反内卷"交易情绪。如何量化本次煤矿超产管 控潜在影响？通过测算，若本次核查落实到位，下半年主产区边际减产量或达到 1.4 亿吨，占 2024A 全国原煤产量的 3%，供给边际收缩显著，有助于现货煤价反弹至长协价格以上，弹性 想象空间打开。 分析师及联系人 [Table_Author] SAC：S0490516080003 SAC：S0490519030001 SAC：S0490517070008 SAC：S0490522090003 SAC：S0490524120007 SFC：BUT918 SFC：BUY139 肖勇 赵超 叶如祯 庄越 韦思宇 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] 如何 ...

Group 1: Metal Sector - China Hongqiao's net profit forecast for 2024 is CNY 223.72 billion, with a PE ratio of 8.14[12] - Hualing Steel's net profit is projected to increase from CNY 20.32 billion in 2024 to CNY 28.54 billion in 2025, with a PE ratio of 19.72[12] - Xiamen Tungsten's net profit is expected to rise from CNY 17.28 billion in 2024 to CNY 21.01 billion in 2025, with a PE ratio of 22.97[12] Group 2: Construction and Transportation - Sichuan Road and Bridge's net profit is forecasted to grow from CNY 72.10 billion in 2024 to CNY 82.86 billion in 2025, with a PE ratio of 10.35[12] - YTO Express's net profit is expected to decrease from CNY 40.12 billion in 2024 to CNY 35.39 billion in 2025, with a PE ratio of 13.03[12] - China Merchants Highway's net profit is projected to be CNY 55 billion in 2025, with a PE ratio of 14.56[12] Group 3: Chemical and Energy Sector - Yara International's net profit is expected to rise from CNY 9.50 billion in 2024 to CNY 17.94 billion in 2025, with a PE ratio of 30.56[12] - Funiu Power's net profit forecast for 2025 is CNY 28.95 billion, with a PE ratio of 9.18[12] - Huajin's net profit is projected to recover to CNY 0.92 billion in 2025 after a loss of CNY 27.95 billion in 2024[12] Group 4: Strategic Metals and New Materials - Xiamen Tungsten's strategic metal segments are expected to contribute 79% to profits in 2024, with a focus on tungsten and rare earths[21] - Zhongcai Technology's special glass fiber is projected to see significant demand growth due to AI hardware requirements, with expected profits of CNY 0.2 billion in 2024[30] - The company anticipates a profit contribution from special glass fiber of CNY 7.2 billion by 2026[30]