【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 | ...

今日市场总体震荡走高，沪指强势走出5连阳，成交额再度放量。值得注意的是，煤炭板块午后突然爆 发，山西焦煤、山煤国际等多股涨停，而引发这一切的是一则疑似煤矿停产整改的小作文：国家能源局 表示，拟于近期在重点产煤省(区)组织开展煤矿生产情况核查工作。 要闻回顾 1、国家能源局：超能力生产煤矿一律责令停产整改 近日，国家能源局综合司发布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。通知指 出：今年以来，全国煤炭价格持续下行，部分煤矿企业"以量补价"，超公告产能组织生产，严重扰乱煤 炭市场秩序。为进一步加强产能管理，规范煤矿企业生产行为，促进煤炭供应平稳有序，国家能源局拟 于近期在重点产煤省(区)组织开展煤矿生产情况核查工作。 雅下水电概念继续发酵，民爆、工程机械、水泥建材、钢铁等板块继续领涨，两大龙头中国电建、中国 能建斩获2连板，中铁工业、华新水泥等超10股也均获2连板。反内卷赛道活跃，煤炭板块异动拉升，潞 安环能涨停；光伏概念股再度反弹，亿晶光电涨停。此外，固态电池板块走高，德新科技等多股涨停； 海南自贸区板块异动，凯撒旅业一度涨停；军工、白酒等板块均有所表现。下跌方面，银行、AI应用 等方向跌幅居前 ...

7月21日，A股市场全面爆发，超4000股收涨，市场交易情绪火热，环比大幅放量1338亿元，沪指再创年内新高！建材、煤炭、石油等顺周期板块冲高， 能源ETF（159930）涨超1%，喜提三连涨，油气资源ETF（159309）涨超1%，喜提四连涨！ 煤炭、油气股多数成分股冲高，三桶油全线收涨，兖矿能源、山西焦煤等涨超3%，美锦能源、中美能源涨超2%，招商轮船、中远海能等收涨。 【能源ETF（159930）标的指数前十大成分股】 【油气资源ETF（159309）标的指数前十大成分股】 | 序号 | 代码 | 名称 | 申万一级行业 | 涨跌幅 | 成交额 | 估算权重▼ | | --- | --- | --- | --- | --- | --- | --- | | 1 | 601857 | 中国石油 | 石油石化 | 0.22% | 7.57亿 | 10.11% | | 2 | 600028 | 中国石化 | 石油石化 | 1.72% | 12.04亿 | 9.90% | | 3 | 600938 | 中国酒酒 | 石油石化 | 0.58% | 7.25 亿 | 9.69% | | 4 | 600256 | 广汇 ...

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 ...

坚定看多煤炭：短期旺季煤价催化，中长期"反内卷"托底有望打开估值 空间 [Table_ReportTime] 2025 年 7 月 20 日 证券研究报告 行业研究-周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 煤炭开采 投资评级 看好 上次评级 看好 左前明：能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 李睿：煤炭行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 坚定看多煤炭：短期旺季煤价催化，中长期 "反内卷"托底有望打开估值空间 [Table_ReportDate] 2025 年 7 月 20 日 本期内容提要: [Tab ...

| | | 07 20 | 行业研究 评级：推荐(维持) | | 2025 年 | 月 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 研究所： | | | [Table_Title] | | | | | | 证券分析师： | 陈晨 | | 三伏天来袭，煤价延续提升 | S0350522110007 | | | | | | | | | chenc09@ghzq.com.cn | | | | | 联系人 ： | 张益 | | | S0350124100016 | | | | | | | | ——煤炭开采行业周报 | zhangy33@ghzq.com.cn | | | | | 联系人 ： | 徐萌 | | | S0350125070001 | | | | | | | | | xum02@ghzq.com.cn | | | | 最近一年走势 | 行业相对表现 | | 2025/07/18 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 煤炭开采 | -0.9% | -2.4% | -1 ...

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 07 月 20 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 邱达治 SAC：S1350525050001 qiudazhi@huayuanstock.com 板块表现： 重视港股电力设备核心资产 6 月能源数据分析 风电设备：（1）风机快速大型化导致新产品的推出周期大幅变短，而大型电力设备的新产品利润率此时 通常会走低（前期更注重份额且成本不易控制）；（2）整机环节集中度持续走高且无新竞争者进入足以 证明风电整机壁垒够高。当前风机大型化速度显著放缓，因此我们看好风电整机利润改善。 投资分析意见：重视港股电力设备核心资产投资机会，煤电核准强度超出预期，抽蓄建设维持高位，风 电需求稳 ...

| 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， ...

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The report indicates that the negative impact from the mid-year report has been fully absorbed, and the fundamentals of the coal industry remain upward [1] - The coal sector has underperformed the CSI 300 index, with a decline of 0.74% compared to a 1.09% increase in the index, resulting in a relative underperformance of 1.83 percentage points [2] - Key monitored enterprises reported an average daily coal sales volume of 7.31 million tons, which is a week-on-week increase of 2.8% and a year-on-year increase of 4.7% [2] - The report highlights a decrease in coal inventory by 4% week-on-week, while year-on-year inventory has increased by 19.8% [2] Summary by Sections Coal Market Performance - The coal sector saw 6 stocks rise and 31 stocks fall during the week, with ST Dazhou showing the highest increase of 4.89% [2] - The average daily sales of thermal coal increased by 3.2% week-on-week, while coking coal sales rose by 1.9% [2] Price Trends - As of July 18, 2025, the price index for thermal coal (Q5500K) in the Bohai Rim was 663 RMB/ton, reflecting a week-on-week increase of 0.15% [3] - The price of coking coal at Jing Tang Port was 1420 RMB/ton, with a week-on-week increase of 8.4% [4] Investment Recommendations - The report suggests that social inventory continues to decline, and current demand remains promising, with domestic power plants showing a significant increase in daily coal consumption [6] - The report recommends focusing on high-dividend thermal coal companies and coking coal companies that are experiencing turnaround potential, such as China Shenhua, Shaanxi Coal, and others [6]

Investment Rating - The report maintains a "Buy" rating for several companies in the coal sector, highlighting their stable performance and growth potential [3][12]. Core Insights - National electricity load has reached new highs, with peak season demand expected to drive coal prices upward. The report anticipates that by mid-August, prices may exceed 750 RMB/ton, with a price center around 700 RMB/ton for the second half of the year [2][7]. - Coal supply is decreasing significantly, with June 2025 coal imports down by 11.1% year-on-year, and domestic coal production showing mixed results. The overall capacity utilization rate in the coal mining sector has dropped to 69.3%, the lowest since Q1 2020 [2][21][38]. - The demand side shows a positive trend, with thermal power generation growth turning positive since late May, and electricity consumption reaching record levels due to rising temperatures [2][7][33]. Summary by Sections Investment Recommendations - Recommended stocks include: 1. Huayang Co., Ltd. for stable performance and year-on-year production growth 2. Jinko Coal Industry for high net cash growth potential 3. Industry leaders like Shaanxi Coal and China Shenhua for stable earnings 4. Shanmei International for recovery in production 5. Xinji Energy for coal-electricity integrated growth 6. CGN Mining for benefiting from nuclear power growth [3][12]. Market Performance - As of July 18, 2025, the coal sector has seen a weekly decline of 0.7%, underperforming compared to the broader market indices [13][15]. - Yunnan Coal Energy has shown the highest weekly increase at 4.11%, while Dayou Energy has experienced the largest decline at 10.33% [18][19]. Industry Dynamics - The report notes that coal prices are on an upward trend, with significant increases in both port and production prices. For instance, Qinhuangdao port's Q5500 coal price reached 634 RMB/ton, a weekly increase of 10 RMB/ton [8][10]. - The report highlights the structural tightness in coal supply, with power plants' coal inventories dropping below levels seen in 2023 and 2024 [2][7].