冀中能源股份有限公司（以下简称"公司"）于 2025 年 11 月 5 日召开第八届董事会第十八次会议，会议指定王万强先生代为履行董 事会秘书职责，代行时间不超过董事会审议通过之日起三个月（具体 内容详见公司刊登在《证券时报》《中国证券报》《上海证券报》和 巨潮资讯网上披露的《关于指定公司总会计师代行董事会秘书职责的 公告》（公告编号：2025 临-053））。 截至本公告之日，王万强先生代行董事会秘书职责已满三个月。 根据《深圳证券交易所股票上市规则》的有关规定，公司董事会秘书 空缺时间超过三个月的，董事长应当代行董事会秘书职责。因此，自 本公告披露日起，董事长闫云胜先生将代行董事会秘书职责。公司董 事会将按照相关规定并根据实际情况尽快确定董事会秘书人选，并完 成董事会秘书的选聘工作。 闫云胜先生联系方式如下： 证券代码：000937 证券简称：冀中能源 公告编号：2026 临-002 冀中能源股份有限公司 关于董事长代行董事会秘书职责的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 电话：0319-2098828； 传真：0319-2068666； 电 ...

Group 1 - The coal mining sector experienced a decline of 0.19% on February 3, with Haohua Energy leading the drop [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Key stocks in the coal mining sector showed varied performance, with Jiangte Equipment rising by 6.93% and China Shenhua falling by 1.52% [2] Group 2 - The coal mining sector saw a net outflow of 400 million yuan from major funds, while retail investors contributed a net inflow of 301 million yuan [2] - Major funds showed a mixed trend, with Shaanxi Coal and Chemical Industries receiving a net inflow of 42.73 million yuan, while Jiangte Equipment faced a net outflow of 52.98 million yuan [3] - Retail investors favored stocks like SuNeng Co., which had a net inflow of 357.83 million yuan, despite overall sector challenges [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that coal prices are expected to rebound, with a focus on the cyclical elasticity of both thermal coal and coking coal prices, which are currently at historical lows, providing room for recovery [5][15] - The report emphasizes that the price of thermal coal is influenced by supply constraints and increasing demand due to seasonal factors, while coking coal prices are more market-driven [4][5] Summary by Relevant Sections Investment Logic - Thermal coal prices are expected to rise through a four-step process: repairing central and local long-term contracts, reaching the coal-electricity profit-sharing line, and approaching the breakeven point for power plants, estimated at around 750 RMB per ton for 2025 [4][15] - Coking coal prices are determined by supply and demand fundamentals, with target prices based on the ratio of coking coal to thermal coal prices [4][15] Investment Recommendations - The report suggests a dual logic for coal stocks: cyclical elasticity and stable dividends. Key stocks to consider include: - Cyclical logic: Jin控煤业, 兖矿能源 for thermal coal; 平煤股份, 淮北矿业, 潞安环能 for metallurgical coal - Dividend logic: 中国神华, 中煤能源, 陕西煤业 - Diversification and growth logic: 神火股份, 电投能源, 新集能源, 广汇能源 [5][16] Key Market Indicators - The coal index increased by 3.68%, outperforming the Shanghai and Shenzhen 300 index by 3.6 percentage points [10][25] - As of January 30, the price of Qin港 Q5500 thermal coal was 692 RMB per ton, reflecting a slight increase of 7 RMB from the previous period [21] - The report notes a significant drop in coal inventory at ports, indicating tightening supply conditions [21][23]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that coal prices are expected to rebound, with a focus on the cyclical elasticity of both thermal coal and coking coal prices, which are currently at historical lows, providing room for recovery [5][15] - The report outlines a four-step process for the upward movement of thermal coal prices, including the restoration of long-term contracts and reaching a breakeven point for coal and power companies [4][15] - The report emphasizes that the overall investment logic remains unchanged, driven by a dual influence of tightening supply and increasing demand, particularly during the heating season [3][4] Summary by Sections Investment Logic - Thermal coal and coking coal prices are at a turning point, with thermal coal being a policy-driven commodity. The price recovery is expected to follow a specific process involving the restoration of long-term contracts and reaching a breakeven price of around 750 RMB per ton [4][15] - Coking coal prices are more influenced by market fundamentals, with target prices based on the ratio of coking coal to thermal coal prices, indicating potential target prices of 1608 RMB to 2064 RMB depending on thermal coal price movements [4][15] Investment Recommendations - The report suggests a dual logic for coal stocks: cyclical elasticity and stable dividends. It identifies four main lines for stock selection: 1. Cyclical logic: Jin控煤业 and 兖矿能源 for thermal coal; 平煤股份, 淮北矿业, and 潞安环能 for metallurgical coal 2. Dividend logic: 中国神华, 中煤能源, and 陕西煤业 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][16] Key Market Indicators - The coal index increased by 3.68%, outperforming the Shanghai and Shenzhen 300 index by 3.6 percentage points, with notable gains from companies like 盘江股份 and 山西焦化 [10][25] - The report provides various market indicators, including port prices for thermal coal at 692 RMB per ton, reflecting a slight increase, and coking coal prices remaining stable at 1800 RMB per ton [21][23]

南财智讯1月30日电，冀中能源发布2025年度业绩预告，预计2025年全年归属于上市公司股东的净利润 为4.70亿元—6.30亿元，同比预减47.86%—61.10%；预计2025年全年归属于上市公司股东的扣除非经常 性损益的净利润为3.20亿元—4.80亿元，同比预减61.63%—74.42%。本报告期公司业绩同比下降，是因 为煤炭市场受供求关系影响，煤炭价格整体处于低位运行，公司煤炭售价同比有所下降；公司非煤板块 受市场环境影响，主要产品价格同比下降，整体收入减少。 ...

Core Viewpoint - The company, Jizhong Energy, anticipates a significant decline in net profit for the fiscal year 2025, projecting a range of 470 million to 630 million yuan, which represents a decrease of 47.86% to 61.10% compared to the previous year [1] Financial Performance - The net profit attributable to shareholders is expected to be between 470 million and 630 million yuan, reflecting a substantial year-on-year decline [1] - The net profit after excluding non-recurring gains and losses is projected to be between 320 million and 480 million yuan, indicating a decrease of 61.63% to 74.42% year-on-year [1] Market Conditions - The decline in performance is attributed to the coal market's supply and demand dynamics, leading to overall low coal prices [1] - The company's non-coal segment has also been adversely affected by market conditions, with major product prices decreasing year-on-year, resulting in a reduction in overall revenue [1]

证券代码：000937 证券简称：冀中能源 公告编号：2026 临-001 本报告期公司业绩同比下降，是因为煤炭市场受供求关系影响， 煤炭价格整体处于低位运行，公司煤炭售价同比有所下降；公司非煤 板块受市场环境影响，主要产品价格同比下降，整体收入减少。 冀中能源股份有限公司 2025 年度业绩预告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、本期业绩预计情况 1.业绩预告期间：2025年1月1日—2025年12月31日 | | | | 项目 | 本报告期 | | | 上年同期 | | | --- | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利：47,000 | 万元–63,000 | 万元 | 盈利：120,830.17 | 万元 | | | 比上年同期下降：47.86% | | -61.10% | | | | 扣除非经常性损 益后的净利润 | 盈利：32,000 | 万元–48,000 | 万元 | 盈利：125,102.24 | 万元 | | | 比上年同期下降：61.63% | | -74 ...

证券研究报告 黑金破晓，焦煤崛起 ——焦煤行业研究深度报告 行业评级：看好 2026年1月27日 分析师 樊金璐 邮箱 fanjinlu@stocke.com.cn 电话 13466717654 证书编号 S1230525030002 投资建议：焦煤作为战略资源，其地位源于稀缺性与不可替代性。美国能源部将炼钢用冶金煤（炼焦煤）列入关键材料清单，体现了焦煤的全 球价值。2024年以来，受蒙煤进口增量、国内钢铁需求下行等因素影响，焦煤价格持续下行，焦煤企业面临经营压力。随着焦煤供应刚性和需 求抬升，焦煤价值有望重塑。展望"十五五"，全球焦煤供弱需强，供需格局逆转，产量下降，需求向上，价格有望抬升，叠加成本下行，预 计业绩显著改善；焦煤产能刚性，若价格上涨供给难增，价格弹性较大。根据我们年度策略报告的观点，动力煤价格中枢800-850元/吨，考虑 焦煤供需格局逆转，焦煤/动力煤比价提高到约2.5倍，焦煤价格中枢提高到约2000元/吨，价格区间1500-2500元/吨。维持行业"看好"评级。 建议关注有增量和吨煤市值低的焦煤企业平煤股份、恒源煤电、山西焦煤、冀中能源、潞安环能、淮北矿业等。 1、全球焦煤供给收缩，重点 ...

Group 1 - The fiberglass sector showed initial strength, with Jiuding New Materials hitting the daily limit up [1] - Other companies such as Jin'an Guoji, China Jushi, China National Building Material, and Jizhong Energy also experienced gains [1]

证券日报网讯1月6日，冀中能源（000937）在互动平台回答投资者提问时表示，截至2025年12月31日， 公司股东总数为80793户。 ...