大同证券给予山煤国际谨慎推荐评级：公司积极拓展市场，二季度业绩边际转好

Group 1 - The core viewpoint of the report is a cautious recommendation for Shanmei International (600546.SH) due to various operational factors [1] - Coal production increased in the first half of the year, but sales did not rise correspondingly, leading to a compression in coal trade volume [1] - The company has successfully reduced costs, resulting in improved net cash flow from operating activities on a quarter-over-quarter basis [1] - There is an active effort to expand market presence and enhance operational management capabilities [1] Group 2 - The report highlights the increased uncertainty in the international environment, which may affect coal demand [1]