证 券 研 究 报 告 能源周报（20250428-20250504） OPEC+继续增产，本周油价下行 行业研究 基础化工 2025 年 05 月 05 日 推荐（维持） 华创证券研究所 证券分析师：杨晖 邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 证券分析师：吴宇 邮箱：wuyu1@hcyjs.com 执业编号：S0360524010002 证券分析师：陈俊新 邮箱：chenjunxin@hcyjs.com 执业编号：S0360525040001 行业基本数据 《能源周报（20250421-20250427）：准东煤制天然 气管道一标段正式开工》 2025-04-28 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 原油：OPEC+继续增产，本周油价下行。本周初，俄罗斯提出俄乌冲突在 5 月 停火三天释放了结束冲突的信号，且美俄双方的立场已经更加接近，有助于俄 乌冲突的结束。另一方面，本周，OPEC 在市场增产的预期下宣布了 6 月份增 产 41.1 万桶/日，目的是惩罚哈萨克斯坦和伊拉克等在配额上作弊的国家，与 此同时，沙特警告生产过剩的 ...

Investment Rating - The report maintains a positive outlook on the coal industry, indicating an "Overweight" rating [1]. Core Insights - The report highlights that coal prices are under pressure during the off-season, with a forecasted contraction in imports expected to support prices [1]. - The report emphasizes that domestic coal production is expected to stabilize, with a potential rebound in coking coal prices as demand increases in the peak season [1]. - Key recommended stocks include China Shenhua, Shaanxi Coal, and China Coal Energy for stable operations and high dividends, while Huabei Mining and Pingmei Shenma are noted for their undervalued growth potential [1]. Summary by Sections Recent Industry Policies and Dynamics - New energy consumption limits for various industries, including coal, are set to take effect, potentially saving 24.52 million tons of standard coal annually [9]. - Coal production in major provinces like Shanxi and Inner Mongolia has seen significant year-on-year growth, contributing to a record high in domestic coal output [9]. Price Trends - As of April 30, 2025, the prices for various grades of thermal coal have seen slight declines, with Q4500, Q5000, and Q5500 thermal coal prices reported at 508, 570, and 650 CNY/ton respectively [1][10]. - Coking coal prices have remained stable, with key prices reported at 1380 CNY/ton for Shanxi's main coking coal [1][13]. Inventory and Demand - The average daily coal inflow to the Bohai Rim ports increased by 4.62% to 1.9614 million tons, while the outflow decreased by 1.14% to 1.9894 million tons [21]. - Port inventories decreased slightly to 31.035 million tons, reflecting a 0.21% drop [21]. Shipping Costs - Domestic coastal shipping costs have risen slightly, with average freight rates reported at 37.57 CNY/ton, marking a 0.31% increase [28]. - International shipping rates have also seen increases, particularly for coal from Indonesia and Australia [28]. Company Valuations - The report includes a valuation table for key companies, highlighting their stock prices, market capitalizations, and earnings per share (EPS) forecasts for 2024 to 2027 [34].

【重大事项】 永安药业：公司实控人、董事长被留置 云南能投：曲靖市马龙区竹园光伏项目全容量并 网发电 大北农：控股子公司大豆产品获批巴西种植许可 中航产融：控股子公司拟协议转让所持中航西 飞和中航机载的股份 津投城开：子公司5.64亿元竞得国有建设用地使用权 *ST恒立：无法在法定期限内 披露定期报告致股票可能被终止上市 *ST工智：深交所拟终止公司股票上市交易 兴业银锡：拟以场外 要约收购方式收购大西洋锡业有限公司 中大力德：拟向永利股份出售柯泰克50%股权 军信股份：全资 孙公司签订伊塞克湖州垃圾科技处置项目框架协议 特锐德：预中标约1.26亿元国家电网采购项目 罗曼 股份：中标4.03亿元光伏电站总承包项目 通达股份：预中标2.07亿元国家电网采购项目 宏盛华源：子公 司预中标约6.16亿元国家电网项目 老凤祥：子公司与上海久事体育等签订战略合作协议 福龙马：4月预 中标3个环卫服务项目 合同总金额为2.45亿元 慧博云通：拟购买宝德计算机控制权 5月6日起停牌 天茂 集团：无法在法定期限内披露定期报告 5月6日起停牌 电投能源：筹划资产重组事项 5月6日起停牌 【业 绩】 长安汽车：4月销量19.07 ...

Mergers and Acquisitions - Xingye Yinxin plans to acquire Atlantic Tin Company for approximately 4.54 billion RMB, with a total investment of about 0.98 million AUD at a price of 0.24 AUD per share [1] - Electric Power Investment Energy is undergoing an asset restructuring with its actual controller, State Power Investment Corporation, involving the acquisition of Inner Mongolia Baiyin Hua Coal Power equity [2] - Huibo Yuntong intends to purchase control of Baode Computer System Co., Ltd. through a combination of share issuance and cash payment, with details to be disclosed in a restructuring report [3] Share Buybacks and Increases - Kesi Technology plans to repurchase shares worth between 30 million and 50 million RMB, using self-owned funds for employee stock ownership plans or capital reduction [4] - Fuchuang Precision's major shareholder, Shenyang Advanced Manufacturing Technology Industry Co., Ltd., aims to increase its stake in the company by 1.2 billion to 2.4 billion RMB over the next 12 months [5] Regulatory and Compliance Issues - Yong'an Pharmaceutical's actual controller and chairman, Chen Yong, is under investigation and has been detained, with the company monitoring the situation closely [6] - *ST Gongzhi received a notice of termination of listing due to financial reporting issues, including an audit report with no opinion expressed for the 2024 fiscal year [8] - Xianju Pharmaceutical was fined 195 million RMB for engaging in monopolistic practices related to the pricing of dexamethasone phosphate sodium raw materials [9] - *ST Hengli failed to disclose periodic reports within the legal timeframe, leading to potential termination of its stock listing [10] - Tianmao Group also failed to disclose its periodic reports on time, resulting in stock suspension [11]

重要公告： 富创精密：沈阳先进拟1.2亿元—2.4亿元增持公司股份 科思科技：拟3000万元—5000万元回购股份 电投能源：筹划资产重组事项，5月6日起停牌 海德股份：董监高及其他管理人员拟不低于2073万元增持公司股票 比亚迪：前4月新能源汽车销量同比增长46.98% 沪市重要公告： 上汽集团：4月新能源汽车销量同比增长71.74% 上汽集团（600104）公告：2025年4月整车销量合计37.65万辆，同比增长4.59%。其中，新能源汽车销 量12.81万辆，同比增长71.74%。 长城汽车：4月销量同比增长5.55% 科思科技（688788）公告：公司拟以3000万元—5000万元回购股份，在未来适宜时机全部用于公司股权 激励或员工持股计划或注销并减少公司注册资本。其中，拟用于股权激励或员工持股计划的股份数量不 低于实际回购总量的50%，拟用于注销并减少注册资本的股份数量不高于实际回购总量的50%。回购价 格不超过80元/股。 中航产融：控股子公司拟协议转让所持中航西飞和中航机载的股份 长城汽车（601633）公告：2025年4月销量总计10.01万辆，同比增长5.55%。 北汽蓝谷：子公司今年累计销 ...

Suspension - Electric Power Investment Energy is planning an asset restructuring, resulting in stock suspension [1] - Huibo Yuntong intends to acquire control of Baode Computer System Co., Ltd., leading to stock suspension [2] Mergers, Acquisitions, and Capital Increases - Xingye Yinxin plans to acquire Atlantic Tin Industry Co., Ltd. for 454 million yuan through an off-market tender offer [3] - Cambrian is looking to raise no more than 4.98 billion yuan through a private placement for projects related to large model chip platforms, software platforms, and to supplement working capital [3] Share Buybacks, Increases, and Equity Transfers - Fuchuang Precision's Shenyang Advanced plans to increase its stake in the company by 120 to 240 million yuan [4] - Wanxing Technology has received a commitment letter for a stock buyback loan of 45 million yuan [5] Daily Operations and External Investments - Huada Technology has secured a customer project with an expected total sales amount of 6.35 billion yuan over its lifecycle [6] - Zijin Mining plans to restructure its overseas gold mining assets under its wholly-owned subsidiary, Zijin Gold International Co., Ltd., and apply for a separate listing on the Hong Kong Stock Exchange [6] - Aolide's subsidiary has signed a sales contract worth 655 million yuan with Chengdu BOE [7] - Shuangjie Electric intends to exchange 21.1883 million shares of Jinli for Foshan Plastic Technology [8] - AVIC Industry's subsidiary plans to transfer shares of AVIC Xi'an Aircraft and AVIC Onboard to its controlling shareholder, AVIC, for 4.067 billion yuan [9] - Kangli Elevator's Zhu Meijuan has inherited 44.89% of the company's shares, becoming the controlling shareholder and actual controller [10] - Zhongdali De plans to sell 50% equity of Ketaike to Yongli Co., Ltd. [11] - Yong'an Pharmaceutical's actual controller and chairman, Chen Yong, is under investigation and has been placed under detention [12] Performance Changes - BYD's new energy vehicle sales increased by 46.98% year-on-year in the first four months [13] - BAIC Blue Valley's subsidiary has accumulated sales of 38,041 vehicles this year, a year-on-year increase of 192.53% [14] - SAIC Group's new energy vehicle sales grew by 71.74% year-on-year in April [15]

作者 | 一财资讯 5月5日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 永安药业：公司实控人、董事长被留置 永安药业(002365)公告，公司收到公司实际控制人、董事长陈勇家属的通知，其于近日收到由鹤峰 县监察委员会签发的关于陈勇的《立案通知书》和《留置通知书》，陈勇被立案调查并实施留置。目 前，公司已对相关工作进行了妥善安排。截至本公告披露日，公司其他董事、监事和高级管理人员均 正常履职，公司控制权未发生变化，公司生产经营情况正常，上述事项不会对公司日常经营活动产生 重大影响。 汇洲智能：控股股东及部分董事、高管拟增持公司股份 汇洲智能(002122)公告，基于对公司目前主营业务机床板块、大模型数据服务和投资业务未来发展 前景以及对公司长期投资价值的认可，同时为增强投资者信心，以实际行动保护广大投资者利益，公 司控股股东四合聚力信息科技集团有限公司全资子公司杭州和达四方网络科技有限公司及公司部分董 事、高级管理人员拟在未来6个月内增持公司股份，增持金额合计不低于2920万元且不超过5840万 元。 2025.05. 05 慧博云通：拟购买宝德计算机控 ...

证券代码：002128 证券简称：电投能源 公告编号：2025019 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、停牌事由和工作安排 为贯彻落实国务院关于推动资本市场高质量发展和提高上市公司 质量的有关精神，2025年4月30日，内蒙古电投能源股份有限公司（以 下简称"公司"或"电投能源"）收到实际控制人国家电力投资集团 有限公司（以下简称"国家电投集团"）《关于筹划发行股份及支付 现金购买资产并募集配套资金暨关联交易事项的通知》（以下简称" 《通知》"），拟以国家电投集团内蒙古白音华煤电有限公司股权与 电投能源进行资产重组。电投能源拟通过发行股份及支付现金方式购 买上述标的资产，并将视具体情况募集配套资金（以下简称"本次交 易"）。相关方案尚待进一步商讨确定。 鉴于上述事项尚存在不确定性，为维护投资者利益，避免对公司 股票交易造成重大影响，根据深圳证券交易所的相关规定，经申请， 公司股票（证券简称：电投能源，证券代码：002128）自2025年5月6日 （星期二）开市时起停牌，停牌日期自2025年5月6日起不超过10个交易 日。 公司预计在不超过10 ...

报告要点 [Table_Summary] 五一期间，坑口动力煤价仍有回落，受大秦线检修结束影响，港口调入增加&下游需求疲软致港 口库存高位运行，预计节后煤价仍有回落压力。不过当前煤炭板块仍存积极因素：1）旺季补库 &夏季高温有望推动需求季节性改善；2）进口煤量有望继续收缩；3）估值&持仓在近 2-3 年偏 低；4）煤炭和内需相关性偏高防御属性有望较强，因此建议关注未来 1-2 个季度内动力煤板块 配置价值。 分析师及联系人 [Table_Author] 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] 如何看待 5 月后煤炭板块走势？ 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 肖勇 赵超 叶如祯 庄越 韦思宇 煤炭与消费用燃料 cjzqdt11111 [Table_Title2] 如何看待 5 ...

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [4] Core Viewpoints - The expectation of increased steel import tariffs in India is likely to boost demand for South African thermal coal, as the tariffs aim to protect domestic steel producers from low-priced imports [2] - The report highlights potential investment opportunities in companies such as Shenhua Energy, Shaanxi Coal and Chemical Industry, and others, suggesting that these companies may benefit from the current market dynamics [3][6] Summary by Sections Coal Mining - As of April 30, 2025, coal prices showed mixed trends: Newcastle coal (6000K) increased by $3.8/ton (+4.1%) to $97.5/ton, while European ARA coal decreased by $1.0/ton (-1.1%) to $93.8/ton [1][37] - South African coal exports are expected to rebound to over 6 million tons due to increased demand from the sponge iron industry [7] Investment Recommendations - The report recommends buying shares in companies such as Shaanxi Coal, China Shenhua, and others, with projected earnings per share (EPS) and price-to-earnings (PE) ratios indicating potential growth [6] - Specific companies highlighted for their strong performance include China Coal Energy and Jinneng Holding, with EPS forecasts for 2024 ranging from 1.21 to 2.95 [6] Market Trends - The report notes a significant drop in energy prices, with Brent crude oil down by $3.00/barrel (-4.54%) and WTI down by $4.06/barrel (-6.52%) as of the latest review [1][14] - The overall coal market is experiencing fluctuations, with the potential for increased operational costs due to transportation challenges in South Africa [7]