格隆汇1月12日丨新集能源(601918.SH)公布2025年度业绩快报，2025年度公司生产原煤2,216.96万吨， 商品煤1,975.82万吨，销售商品煤1,969.29万吨；全年累计发电146.08亿度，上网电量137.91亿度。2025 年度公司预计营业收入123.43亿元；预计利润总额30.71亿元；预计归属于上市公司股东的净利润20.64 亿元。 ...

格隆汇1月12日丨新集能源(601918.SH)公布2025年度业绩快报，2025年度公司生产原煤2,216.96万吨， 商品煤1,975.82万吨，销售商品煤1,969.29万吨；全年累计发电146.08亿度，上网电量137.91亿度。2025 年度公司预计营业收入123.43亿元；预计利润总额30.71亿元；预计归属于上市公司股东的净利润20.64 亿元。 ...

证券代码:601918 证券简称:新集能源 编号:2026-009 中煤新集能源股份有限公司 2025 年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 本公告所载 2025 年度主要财务数据为初步核算数据，未经会计 师事务所审计，具体数据以中煤新集能源股份有限公司（以下简称"公 司"）2025 年年度报告中披露的数据为准，敬请投资者注意投资风险。 一、2025年度主要财务数据和指标 1 单位：万元 项 目 本报告期 上年同期 增减变动 幅度（％） 营业总收入 1,234,312.45 1,272,717.61 -3.02 营业利润 304,314.63 372,874.38 -18.39 利润总额 307,123.07 372,640.44 -17.58 归属于上市公司股东的净利润 206,437.05 239,294.11 -13.73 归属于上市公司股东的扣除非 经常性损益的净利润 207,276.10 238,813.01 -13.21 基本每股收益（元） 0.797 0.924 -13.74 加权平均 ...

新集能源公告称，2025年度公司预计营业收入123.43亿元，同比降3.02%；利润总额30.71亿元，同比降 17.58%；归属于上市公司股东的净利润20.64亿元，同比降13.73%。2025年公司生产原煤2216.96万吨， 商品煤1975.82万吨，销售商品煤1969.29万吨；累计发电146.08亿度，上网电量137.91亿度。公告数据为 初步核算，具体以2025年年度报告为准。 ...

Core Viewpoint - The coal industry is entering a new upward cycle, with fundamental and policy factors aligning, making it an opportune time to invest in coal stocks [5] Price Trends - As of January 10, the market price for Qinhuangdao port thermal coal (Q5500) is 696 RMB/ton, an increase of 17 RMB/ton week-on-week [2] - The price for Shanxi-produced coking coal at Jingtang port remains stable at 1650 RMB/ton as of January 9 [3] - International thermal coal prices show mixed trends, with Newcastle NEWC5500 at 71.8 USD/ton (up 0.3 USD) and ARA6000 at 95.3 USD/ton (down 1.8 USD) [2] Supply and Demand Dynamics - The utilization rate for thermal coal mines is 90.3%, up 8.2 percentage points week-on-week, while coking coal mine utilization is at 85.34%, up 5.7 percentage points [3] - Coastal provinces show an increase in daily coal consumption by 29.90 thousand tons/day (+15.11%), while inland provinces see a decrease of 7.40 thousand tons/day (-1.81%) [4][5] - Chemical coal consumption has increased by 8.36 thousand tons/day (+1.13%) [4] Inventory Levels - As of January 8, coal inventory in coastal provinces decreased by 111.60 million tons (-3.17%), while inland provinces saw a larger drop of 409.00 million tons (-4.15%) [4] Investment Strategy - The coal sector is characterized by high performance, cash flow, and dividends, with a recommendation to invest in quality coal companies [7] - Companies such as China Shenhua, Shaanxi Coal, and others are highlighted for their stable operations and strong performance [7] - The coal market is expected to remain tight in the next 3-5 years, with a focus on the potential for price increases and valuation recovery [6][7]

Report Industry Investment Rating - Not provided in the report Core Viewpoints of the Report - The market is expected to maintain an oscillating upward trend. With the continuous addition of margin trading funds and the stabilization of Q3 earnings, the medium - term bullish view on stock index direction remains unchanged. In operation, previous medium - term long positions should be held, short - term long positions should set a stop - profit; for options, call options should be held, and short - term stop - profit should be set [16] Summary by Relevant Catalogs 1. Weekly Views and Strategies Fundamental Views - Last week, the broader market rose strongly with heavy volume, breaking through 4,100 points. All four major indices rose, with small and medium - cap indices rising significantly. In terms of style indices, growth and cyclical style indices rose significantly by over 5%, while stable and financial style indices rose less than 1% [7][9][22] - In December 2025, the manufacturing PMI was 50.1%, up 0.9 percentage points from the previous month; the non - manufacturing PMI was 50.2%, up 0.7 percentage points. The supply and demand sides of the manufacturing PMI continued to recover in December, with production and new orders rising by 1.7% and 1.6% respectively [9][41] - The growth rate of medium - and long - term credit has been falling continuously since reaching its peak in May 2023, dropping to 5.89% as of November 2025 [9][52] - Policies include the Politburo's determination to stabilize the real estate market and boost the capital market; the State Council's release of the new Nine - Point Plan to strengthen investor returns; the central bank's creation of two new monetary policy tools; and the implementation plan for promoting the entry of medium - and long - term funds into the market, which is expected to add 800 billion yuan of long - term funds to A - shares annually [9] - In 2025, A - share earnings showed signs of stabilization in Q1, declined in Q2, and continued to stabilize and recover in Q3. The earnings of the four major indices recovered again in Q3 2025 [9][78][82] - The Shanghai Composite Index's valuation is at a high level since 2010, while the ChiNext's valuation is relatively low [11][95][97] Strategy Views and Outlook - The broader market is expected to maintain an oscillating upward trend. Pay attention to the implementation of policy dividends and the policy expectations of the 14th Five - Year Plan. The medium - term bullish view on stock index direction remains unchanged. In operation, hold previous medium - term long positions, set stop - profits for short - term long positions; hold call options and set short - term stop - profits [16] 2. Index and Industry Trends Review - Last week, the broader market rose strongly with heavy volume, breaking through 4,100 points. All four major indices rose, with small and medium - cap indices rising significantly. In terms of style indices, growth and cyclical style indices rose significantly by over 5%, while stable and financial style indices rose less than 1%. Most Shenwan industries rose, with sectors such as comprehensive, military, media, non - ferrous metals, and computer leading the gains. Only the banking sector fell [22][25] 3. Main Contracts and Basis Trends - Among the four major indices, IC and IM rose strongly. In terms of basis, the quarterly main contract basis of IM is at a relatively high level [30] - In terms of arbitrage of main contracts, IC/IF and IC/IH oscillated upward, IH/IF oscillated, IM/IF and IM/IH oscillated upward, and IM/IC continued to decline [35] 4. Policy and Economy Economic Data - In December 2025, the manufacturing PMI was 50.1%, up 0.9 percentage points from the previous month; the non - manufacturing PMI was 50.2%, up 0.7 percentage points. The supply and demand sides of the manufacturing PMI continued to recover in December, with production and new orders rising by 1.7% and 1.6% respectively [41] - Generally, PPI leads the inventory cycle. PPI bottomed out in June 2023, weakened after two months of recovery, and has since shown fluctuations in its decline rate. In November 2025, industrial enterprise revenues continued to fall to 1.6%, and inventories continued to rise to 4.6%, indicating passive inventory replenishment due to falling demand [44] - In November 2025, China's social financing scale was 248.85 billion yuan, an increase of 15.28 billion yuan year - on - year. New RMB loans were 40.53 billion yuan, a year - on - year decrease of 11.7 billion yuan [47] - The growth rate of medium - and long - term credit has been falling continuously since reaching its peak in May 2023, dropping to 5.89% as of November 2025 [52] Policies - New Nine - Point Plan: Improve listing standards, tighten delisting indicators, and strengthen investor returns [56] - Implementation Plan for Promoting the Entry of Medium - and Long - Term Funds into the Market: Increase the actual investment ratio of medium - and long - term funds in A - shares, extend the assessment cycle, and form a joint force for policy implementation [59] - The Politburo aims to stabilize the real estate market and boost the capital market, including measures such as increasing the entry of medium - and long - term funds, promoting mergers and acquisitions of listed companies, and adjusting housing purchase restrictions [60] - The central bank creates new monetary policy tools, including a swap facility for securities, funds, and insurance companies, and a stock repurchase and increase re - loan [63] - The government implements large - scale debt reduction measures, which will directly increase 1 trillion yuan of local debt reduction funds and significantly reduce local hidden debt pressure from 2024 to 2028 [64] - Promote the high - quality development of the capital market by building first - class investment banks and institutions, implementing differentiated supervision for different types of securities companies [65] - The 14th Five - Year Plan: It is a crucial period for achieving multiple strategic goals. It focuses on developing new - quality productivity, promoting the construction of a unified national market, and expanding domestic demand [68] - The US mid - term elections: The fiscal policy during the mid - term elections is expected to be supportive [71] 5. Revenues and Net Profits of Each Index - The stabilization of listed companies' earnings is an important factor affecting the medium - and long - term market trend. A - share earnings showed signs of stabilization in Q1 2025, declined in Q2, and continued to stabilize and recover in Q3. The earnings of the four major indices recovered again in Q3 2025 [78][82] 6. Valuation - The Shanghai Composite Index's valuation is 17.1354, with an upper - bound value of 15.68, at the 92.93rd percentile since 2010, indicating a high valuation. However, as earnings rise, the valuation will decrease. The ChiNext's valuation is relatively low [11][95][97] 7. Fed Interest Rate - Not provided in the report 8. Capital Flows - Margin trading: In 2024, the net inflow was 274.8 billion yuan; in 2025, it was 670 billion yuan; as of January 8, 2026, the net inflow was 79 billion yuan, with a net inflow of 64.6 billion yuan in the first five trading days [12][102] - As of January 9, 2026, the ETF funds had a small net outflow of 1.2 billion yuan [12][114] - The scale of private securities investment funds increased by 1.8253 trillion yuan in the first 11 months of 2025, with a significant increase of 1.040028 trillion yuan in October. The total scale is currently 7.0076 trillion yuan. The newly registered scale in the first 11 months of 2025 was 433.7 billion yuan [12][105] - In Q3 2025, the market value of A - share stocks held by insurance funds increased by 552.4 billion yuan, a 18.00% increase from the previous quarter, while the CSI 300 index rose 17.90% during the same period. In the first three quarters of 2025, the market value of A - share stocks held by insurance funds increased by 1.193 trillion yuan, and after deducting scale growth, it increased by 758.4 billion yuan [12][107][108] - As of September 30, 2025, the newly established share of equity funds was 323.3 billion yuan, with 137 billion yuan in Q3; the newly established share of hybrid funds was 103.6 billion yuan, with 53 billion yuan in Q3. In 2025, index funds had a net inflow of 104.9 billion yuan, while active equity funds had a net outflow of 444.9 billion yuan, and equity funds had a net outflow of 340 billion yuan [12] - In the period from April 7, 2025, to December 19, 2025, the ETF scale increased by 176.3 billion yuan; last week, it increased by 47.3 billion yuan. As of December 19, 2025, the ETF funds had a net inflow of 79.3 billion yuan [12] 9. Technical Analysis - Not provided in the report

本报（chinatimes.net.cn）记者刘昱汝 徐芸茜 北京报道 记者注意到，电投综能的迁址，是雄安新区市场化疏解模式的典型缩影，更是国家电投八年来在雄安系 统性布局的厚积薄发。不同于传统行政指令推动的疏解模式，此次电投综能落户雄安，核心驱动力源于 业务发展与区域需求的双向奔赴，彰显了雄安市场化疏解路径的成熟度。 回溯布局历程，国家电投与雄安新区的缘分早已开启。2018年，新区设立初期，国家电投便率先注册成 立国家电投集团雄安能源有限公司，成为首批进驻雄安的能源央企子公司，率先在分布式能源、多能互 补、智能微网等领域落地多项示范项目；2025年8月，国家电投集团雄安基地项目完成土地出让，正加 快推动开工建设；同年10月，国电投置业（雄安）有限公司揭牌成立；同年11月，国家电投子公司—— 中国电能成套设备有限公司，成功竞得雄安新区启动区总部区88.16亩宗地，正在办理相关手续，即将 开工建设。 河北雄安新区商务和投资促进局有关负责人表示，国家电投集团的系统性布局是雄安新区以承接疏解带 动区域发展、引领科技创新、加速产业集聚的生动实践。 此次迁址后，电投综能将深度参与雄安新区能源体系建设，重点围绕启动区、起 ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the coal industry, including Shanxi Coking Coal, Lu'an Mining, Yancoal Energy, China Shenhua, Shaanxi Coal and Chemical Industry, and others [5]. Core Views - The coal market is expected to see strong marginal improvements in supply and demand, leading to a stabilization and potential increase in coal prices. The report anticipates that coal prices will continue to rise due to high electricity demand during the cold weather and a reduction in port inventories [6][8]. - The demand side remains resilient, with non-electric demand and electricity demand both expected to maintain high levels. The report highlights that steel production and chemical industry coal consumption are driving this demand [8]. - On the supply side, there are expectations of reduced coal production due to regulatory changes and potential capacity cuts in key mining regions, which could further tighten supply [8]. - The report suggests that investors should consider low-entry opportunities in the coal sector, focusing on companies with strong dividend yields and low valuations, as well as those with significant production capacity growth [8]. Summary by Sections 1. Core Views and Operational Tracking - The report emphasizes the importance of dividend policies and growth prospects for listed companies in the coal sector, indicating a focus on stable earnings and potential for future growth [12][14]. 2. Coal Price Tracking - The report provides detailed tracking of coal prices, including indices for thermal coal and coking coal, highlighting recent price movements and trends in both domestic and international markets [9][10]. 3. Coal Inventory Tracking - There is a focus on coal production levels and inventory status, with recent data showing a decrease in port coal inventories, indicating improved supply-demand dynamics [8][10]. 4. Downstream Performance in the Coal Industry - The report tracks downstream consumption patterns, including daily coal usage by power plants and trends in steel and cement prices, which are critical for understanding overall coal demand [9][10]. 5. Recent Performance of the Coal Sector and Individual Stocks - The report analyzes the recent performance of the coal sector, noting fluctuations in stock prices and market sentiment, while also providing forecasts for key companies [8][10].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 进一步统计，近3个月内该股累计发生1笔大宗交易，合计成交金额为260.07万元。该股近5个交易日累 计上涨6.20%，主力资金合计净流出2250.76万元。 责任编辑：小浪快报 1月9日，新集能源收涨1.01%，收盘价为7.02元，发生1笔大宗交易，合计成交量37.1万股，成交金额 260.07万元。 第1笔成交价格为7.01元，成交37.10万股，成交金额260.07万元，溢价率为-0.14%，买方营业部为华泰 证券股份有限公司深圳益田路证券营业部，卖方营业部为华泰证券股份有限公司深圳益田路证券营业 部。 ...

| 仅条垫立 日志 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | | 卖出营业部 | 是否为" | | 026-01-09 | 新集能源 | 601918 | 7.01 260.07 | 37.1 | 委會長發醫習落學 | 茶園景發替當品為屋 | | | 1月9日，新集能源大宗交易成交37.1万股，成交额260.07万元，占当日总成交额的0.69%，成交价7.01 元，较市场收盘价7.02元折价0.14%。 ...