每经AI快讯，9月1日，神火股份公告，李炜先生、崔建友先生因年龄原因退休，分别辞去副董事长、 董事等职务；吴长伟先生因工作变动辞去副总经理职务。三人的辞职均自送达董事会之日起生效。 （文章来源：每日经济新闻） ...

证券代码：000933 证券简称：神火股份 公告编号：2025-055 河南神火煤电股份有限公司 关于董事及副总经理辞职的公告 二、公司副总经理辞职情况 根据《公司法》等法律、法规及《公司章程》的有关规定，吴长 伟先生的辞职报告自送达董事会之日起生效，其辞职不会影响公司生 产经营和管理的正常进行。吴长伟先生已向董事会确认，其与公司无 任何意见分歧，亦无任何事宜须提请公司董事会及公司股东注意。辞 职后，吴长伟先生除继续在公司下属子公司郑州裕中煤业有限公司担 任董事长，许昌神火矿业集团有限公司、郑州神火矿业有限公司、河 1 南有色金属控股股份有限公司、沁阳沁澳铝业有限公司担任执行董事 及参股公司河南省新郑煤电有限责任公司担任副董事长职务外，不再 担任公司其他职务。 截至本公告披露之日，吴长伟先生持有公司股票 25.00 万股，该股 份为公司实施 2021 年限制性股票激励计划所授予的股份，吴长伟先生 不存在应当履行而未履行的承诺事项。本次辞去副总经理职务后，吴 长伟先生所持公司股份将继续严格按照《上市公司股权激励管理办法》 《上市公司股东减持股份管理暂行办法》《深圳证券交易所上市公司 自律监管指引第 18 号—— ...

河南神火煤电股份有限公司 关于召开 2025 年半年度业绩说明会并征集问题的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 河南神火煤电股份有限公司（以下简称"公司"）已于 2025 年 8 月 19 日在巨潮资讯网（www.cninfo.com.cn）披露了《2025 年半年度 报告》及相关文件，为便于广大投资者进一步了解公司 2025 年半年 度经营业绩等情况，公司将召开 2025 年半年度业绩说明会，与投资 者进行沟通和交流，并听取投资者的意见和建议。 一、业绩说明会安排 证券代码：000933 证券简称：神火股份 公告编号：2025-054 联系部门：董事会办公室 联系电话：0370-6062466/6062933 1 1、召开时间：2025 年 9 月 9 日（星期二）15:00-17:00 2、召开方式：网络远程互动方式 3、出席人员：公司董事长李宏伟先生、独立董事黄国良先生、 总会计师陈光先生、董事会秘书李元勋先生。（如有特殊情况，参会 人员可能进行调整。） 4、参会方式：投资者可登录深圳证券交易所互动易平台"云访 谈"（http://ir ...

Investment Rating - The report maintains an "Overweight" rating for the non-ferrous metals sector [1]. Core Views - The non-ferrous metals sector saw a strong performance with a weekly increase of 7.16%, ranking second among all primary industries [14]. - The optimism in the industrial metals market is driven by expectations of a demand peak in China and the anticipation of interest rate cuts by the Federal Reserve [1][27]. - Gold is expected to have significant upward potential due to challenges to the independence of the Federal Reserve and declining real interest rates [4][50]. Summary by Sections Market Review - The Shanghai Composite Index rose by 0.84%, with the non-ferrous metals sector outperforming by 6.32 percentage points [14]. - All sub-sectors within non-ferrous metals experienced gains, with small metals up 12.02%, new materials up 5.67%, energy metals up 2.89%, precious metals up 7.22%, and industrial metals up 6.95% [14]. Industrial Metals - **Copper**: As of August 29, LME copper closed at $9,902/ton, up 1.08% week-on-week, while SHFE copper closed at ¥79,410/ton, up 0.91% [34]. Supply is tightening due to maintenance in domestic smelting plants and a reduction in Codelco's production target [34]. - **Aluminum**: LME aluminum closed at $2,619/ton, down 0.11%, while SHFE aluminum closed at ¥20,740/ton, up 0.53% [37]. The theoretical operating capacity of China's electrolytic aluminum industry increased to 44.035 million tons [39]. - **Zinc**: LME zinc closed at $2,814/ton, up 0.30%, while SHFE zinc closed at ¥22,140/ton, down 0.61% [41]. - **Tin**: LME tin closed at $34,950/ton, up 3.26%, and SHFE tin closed at ¥278,650/ton, up 4.78% [46]. Precious Metals - **Gold**: As of August 29, COMEX gold closed at $3,516.10/oz, up 2.89%, and SHFE gold closed at ¥785.12/g, up 1.52% [50]. The report highlights the significant challenge to the Federal Reserve's independence and the potential for further declines in real interest rates, which could drive gold prices higher [4][51]. The demand for gold in China is strong, with net imports through Hong Kong expected to reach 43.923 tons by July 2025, reflecting a 126.81% increase [51].

机器学习因子选股月报（2025 年 9 月） 截至 2025 年 8 月，8 月当期多头组合超额收益最高的五个行业（除综合）分 别为纺织服饰、公用事业、汽车、非银金融、医药生物，多头组合相对行业指 数超额收益分别为 5.19%、3.62%、3.29%、2.56%以及 1.47%。此外在 30 个申万一级行业（除综合）中，有 13 个行业多头组合未跑赢行业指数。 近一年来看，多头组合月平均超额收益最高的五个行业（除综合）分别为家用 电器、建筑材料、公用事业、食品饮料、纺织服饰，超额收益分别为 4.97%、 4.11%、3.94%、3.86%以及 3.35%。且 30 个申万一级行业（除综合）中， GAN_GRU 因子多头组合近一年均跑赢对应申万一级行业指数。 摘要 西南证券研究院 [Table_Author] 分析师：郑琳琳 执业证号：S1250522110001 邮箱：zhengll@swsc.com.cn 联系人：祝晨宇 邮箱：zhcy@swsc.com.cn [Table_ReportInfo] 2025 年 08 月 31 日 证券研究报告•金融工程报告 机器学习金融工程月报 相关研究 机器学习金融工程 ...

神火股份 20250827 摘要 神火股份电解铝业务受益于新疆低火电成本和云南水电资源，新疆 80 万吨产能配套自供电力，云南 90 万吨产能为绿色铝，具出口竞争力。 2025 年上半年新疆吨净利近 3,000 元，云南约 2000 元，盈利能力处 于历史高位。 公司煤炭业务以河南无烟煤为主，产能约 720 万吨，受益于焦煤价格反 弹，2025 年上半年保持盈利。公司积极拓展煤电一体化项目，若煤炭 市场维持震荡向上周期，盈利贡献可观。 铝箔业务面临产能过剩挑战，盈利能力一般，公司对云南铝箔项目二期 持谨慎态度。新疆风电项目建成后，清洁能源电力占比提升，但可能减 少火电机组发电量。 氧化铝依赖外购，价格波动对利润影响大。2024 年四季度因氧化铝高 价亏损，2025 年价格回落释放盈利，预计全年均价回落将继续提升利 润。 电解铝行业正经历从周期股向红利股转变，上游原材料和制造端产能天 花板限制，公司盈利及铝价预期稳定，提高分红比例成为趋势。 Q&A 神火股份的基本情况及其主要业务是什么？ 神火股份是一家以煤炭和电解铝为双轮驱动的公司。公司最早是一家纯煤炭公 司，后来在 2010 年前后开始转型，并在 2015 ...

Market Overview - The Shanghai Composite Index rose by 3.49% and the CSI 300 Index increased by 4.18% during the week of August 18-22 [2][3] - The SW Nonferrous Metals Index saw a gain of 1.33%, while COMEX gold and silver prices increased by 1.05% and 2.26%, respectively [2][3] Industrial Metals - Industrial metal prices showed mixed movements: LME aluminum +0.73%, copper +0.50%, zinc +0.32%, lead +0.56%, nickel -1.45%, and tin +0.70% [2][3] - The SMM imported copper concentrate index reported a decrease of $3.47/ton to $-41.15/ton, while the copper rod enterprises' operating rate rose to 71.80%, up by 1.20 percentage points [3] - Domestic electrolytic aluminum social inventory decreased by 11,000 tons, totaling 596,000 tons, indicating a slight increase in production and improved demand expectations [3] - Recommended companies in the industrial metals sector include Zijin Mining, Luoyang Molybdenum, Minmetals Resources, China Nonferrous Mining, and others [3] Energy Metals - Cobalt raw material imports continue to decline, suggesting a potential price surge for cobalt, while lithium supply disruptions remain a concern [4] - Carbonate lithium prices have rebounded due to increased market activity, with expectations for a strong short-term performance [4] - Cobalt prices are expected to strengthen as domestic inventory continues to deplete, with stable price increases for cobalt sulfate [4] - Recommended companies in the energy metals sector include Cangge Mining, Huayou Cobalt, and others [4] Precious Metals - The expectation of interest rate cuts by the Federal Reserve has positively influenced gold prices, with the People's Bank of China continuing to increase gold reserves for nine consecutive months [5] - Silver prices are also rising due to its industrial properties and recovery dynamics [5] - Recommended companies in the precious metals sector include Shandong Gold, Tongguan Gold, and others, with a focus on potential opportunities if gold prices stabilize above $3,500/oz [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report indicates that thermal coal prices are rebounding, aiming for a target of 750 CNY per ton, with a current price of 704 CNY per ton as of August 22, 2025, reflecting a 15.6% increase from the lowest price of 609 CNY per ton earlier this year [4][5] - The report emphasizes that both thermal coal and coking coal prices have reached a turning point, with expectations for further price recovery [5][13] Summary by Sections Thermal Coal Market - As of August 22, 2025, the Qinhuangdao Q5500 thermal coal price is 704 CNY/ton, with a 15.6% increase from the year's lowest price of 609 CNY/ton [4] - The operating rate of 442 coal mines in Shanxi, Shaanxi, and Inner Mongolia is 81.7%, indicating a relatively low supply level [4] - Port inventories have decreased by 29.82% from the highest level of 3,316.3 million tons earlier this year to 2,327.4 million tons [4] - The daily consumption of coal remains high during the summer, with the methanol operating rate at 80.65%, reflecting strong demand [4] Coking Coal Market - The price of coking coal at the Jing Tang Port is 1,610 CNY/ton, rebounding from a low of 1,230 CNY/ton in early July, with a significant increase of 61.61% in futures prices [4][5] - The report notes a tightening supply expectation due to regulatory measures on overproduction in coal mines [5] Investment Logic - The report suggests that the current thermal coal price has surpassed the second target price of around 700 CNY, with expectations to reach the third target price of 750 CNY, which is the breakeven point for coal and power generation companies [5][13] - Coking coal prices are expected to be influenced more by supply and demand fundamentals, with target prices set based on the ratio of coking coal to thermal coal prices [5][13] Investment Recommendations - The report identifies four main investment lines in the coal sector: 1. Cycle logic: Companies like Jinko Coal and Yancoal 2. Dividend logic: Companies like China Shenhua and China Coal Energy 3. Diversified aluminum elasticity: Companies like Shenhua Holdings and Electric Power Investment 4. Growth logic: Companies like Xinji Energy and Guanghui Energy [6][14]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is experiencing a slow recovery in supply, with coal prices continuing to rise. The port coal price increased by 6 CNY/ton week-on-week, reaching 704 CNY/ton [3][13] - The supply side is constrained due to adverse weather conditions affecting production, particularly in the Ordos region, where capacity utilization has decreased by 1.42 percentage points [3][13] - Demand remains strong due to high temperatures, with daily coal consumption in coastal and inland power plants increasing by 11.2 and 14.8 thousand tons respectively [3][21] - The report highlights the investment value of coal companies, emphasizing their high profitability, cash flow, and dividend yields [70] Summary by Sections 1. Thermal Coal - Supply is tightening again, with port inventories decreasing and prices rising [3][13] - As of August 20, capacity utilization in the Sanxi region decreased to 88.57%, with a weekly production drop of 190 thousand tons [19] - Daily coal consumption in coastal power plants reached 249.6 thousand tons, up 11.2 thousand tons week-on-week [21] - Port inventories in northern regions decreased by 421 thousand tons week-on-week [25] 2. Coking Coal - Coking coal production recovery is limited, with capacity utilization increasing by 0.49 percentage points due to the resumption of previously halted mines [4][69] - The average daily customs clearance at Ganqimaodu port increased to 1212 trucks, up 132 trucks week-on-week [37] - Coking coal prices at the port remained stable at 1610 CNY/ton [34] 3. Coke - The seventh round of price increases for coke has been implemented, with an increase of 50-55 CNY/ton [46] - The overall inventory of coke remains low, with production rates showing some variability [53] - The average profit per ton of coke increased to 23 CNY/ton, up 3 CNY/ton week-on-week [49] 4. Investment Focus - Recommended stocks include China Shenhua, Shaanxi Coal, and others, with a focus on companies with strong cash flow and high dividend yields [70] - The report suggests monitoring the recovery of coal production, iron water output, and market conditions during the upcoming military parade [69][70]

证券研究报告 2025年08月24日 有色金属 铝行业周报：美联储降息预期强化，下游需求继续回升 最近一年走势 相关报告 -11% 2% 16% 30% 43% 57% 2024/08 2024/11 2025/02 2025/05 2025/08 有色金属 沪深300 《铝行业周报：下游铝加工开工率回升，静待库存拐点（推荐）*有色金属*王 璇，陈晨》——2025-08-17 《铝行业周报：美联储降息预期提升，淡季累库趋势延续（推荐）*有色金属* 王璇，陈晨》——2025-08-11 《铝行业周报：美国非农就业低于预期，国内淡季累库趋势延续（推荐）*有 色金属*王璇，陈晨》——2025-08-04 沪深300表现 评级：推荐(维持) 陈晨(证券分析师) 王璇(证券分析师) S0350522110007 S0350523080001 chenc09@ghzq.com.cn wangx15@ghzq.com.cn | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 有色金属 | 8.2% | 25.0% | 51.3% | | 沪深300 | 6.3% | 11. ...