截至发稿，晋控煤业市值为240亿元。 每经AI快讯，晋控煤业（SH 601001，收盘价：14.31元）12月9日晚间发布公告称，公司第八届第十五 次董事会会议于2025年12月9日在公司二楼会议室以现场及通讯表决方式召开。会议审议了《关于控股 子公司色连煤矿继续将矿井整体委托运营的议案》等文件。 （记者 王瀚黎） 2024年1至12月份，晋控煤业的营业收入构成为：煤炭行业占比97.79%，其他业务占比2.17%，非煤占 比0.04%。 每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 ...

晋控煤业公告称，公司控股子公司色连煤矿拟继续将"色连一号矿井"委托给汇永集团运营并续签合同， 该交易不构成关联交易和重大资产重组。色连煤矿由晋控煤业持股51%，汇永集团2024年营收10.10亿 元、净利润11.46亿元。托管期限初步定为三年，托管费用包括原煤结算等费用，每月结算支付。此举 预计可降成本、增效益，但存在政策、不可抗力和安全生产等风险。 ...

证券研究报告——煤炭行业周报 【2025.12.1-2025.12.7】 行业评级：看好 核心观点 发布日期：2025.12.9 煤炭行情走势图 数据来源：Wind 大同证券 分析师：刘永芳 执业证书编号：S0770524100001 煤炭供需弱平衡，政策或利于红利布局 liuyongfang@dtsbc.com.cn 西世贸中心 A 座 F12、F13 网址:http://www.dtsbc.com.cn 风险提示 终端需求大幅回落，板块轮动加快，板块突发利空。 请务必阅读最后一页免责声明 1 动力煤供给基本稳定，期待需求释放。本周，煤炭主产区供应 量基本稳定，由于终端需求不及预期，煤价继续回调，市场观 望情绪浓烈，随着供暖需求释放，煤价有望企稳回升。 焦煤需求压缩，预计煤价震荡运行。本周，焦炭首轮提降落地， 需求进一步压缩，导致煤价继续承压运行，随着下游冬储补库 需求释放、国内煤矿供应低位，预计煤价震荡运行。 权益市场涨跌互现，煤炭跑赢指数。美股科技继续反弹，外部 流动性宽松预期支撑风险资产；我国金融监管总局调整险资投 资股票的风险因子，预计将为 A 股带来超千亿元增量资金；证 监会放宽券商杠杆限制、起草 ...

Core Viewpoint - Coal will continue to serve as the "ballast" of China's energy system in the long term, supported by ongoing energy security strategies and gradual energy structure transformation [1] Group 1: Coal Price Trends - In 2025, coal prices are expected to show a trend of decline followed by an increase, with high port inventories in the first four months putting downward pressure on prices, while demand recovery in May to August will support prices [2] - The price of coking coal has been rising since July, which has led to multiple price increases in coke [2] Group 2: Supply and Demand Dynamics - Coal supply is expected to improve in 2025 due to a continuous decline in raw coal supply since July, with annual production projected at 4.8 billion tons [3] - The demand for thermal coal is anticipated to recover in the second quarter, with a narrowing decline expected for the year, while non-electric demand remains robust [3] - The supply-demand balance for coking coal is tighter compared to thermal coal, with stable production and reduced imports due to tariffs on U.S. coking coal [3] Group 3: Future Price Outlook - The central price of thermal coal is expected to remain high in 2026, with limited growth potential due to constraints on capacity expansion and regulatory policies [4] - Demand for electricity coal is projected to see slight growth in 2026, while non-electric coal demand may slow down [4] - The coking coal market is expected to maintain a tight balance, with limited imports and stable production, benefiting leading companies through capacity replacement [4] Group 4: Investment Recommendations - Companies with high long-term contract ratios that ensure stable profits include China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy [4] - Companies with cyclical elasticity in thermal coal include Yanzhou Coal Mining, Jinkong Coal Industry, Shanxi Coal International, and Huayang Co., Ltd. [4] - Integrated coal and electricity companies include Xinji Energy, Huaihe Energy, and Shaanxi Energy [4] - Companies with sustainable growth potential include Electric Power Investment Energy [4]

安全费用与资源税影响：安全费用计提标准上调，从 2004 年每吨 8 元 （煤与瓦斯突出矿井）到 2022 年 50 元，增加企业刚性成本。资源税 从按量计征改为按销售金额计征，山西已上调税率，未来不排除进一步 上调，增加企业税负压力。 动力煤市场盈利波动：2024 年动力煤市场价格波动，6 月中旬河南坑口 价格亏损 75 元/吨，11 月中旬盈利 88 元/吨。山西、内蒙古、陕西和安 徽盈利情况各异，反映市场动态变化。 焦煤市场经营压力：焦煤市场各地区生产成本差异显著，山西、安徽、 河南、河北成本各异。2015 年至 2024 年样本焦煤企业平均成本增长 显著，企业经营压力大。 来整体行业盈利水平和分红能力超预期释放。长期来看，能源结构转型是一个 漫长且复杂的过程，因此短期内煤炭作为保供压舱石的战略地位无法替代。 摘要 煤炭企业完全成本显著上升：2015 年至 2024 年，动力煤样本企业完 全成本从 216 元增至 306 元，焦煤样本企业从 546 元大幅增至 1,051 元，年化增幅 7.6%，主要受原材料、人工和折旧摊销成本驱动，使得 煤价难以回落至 2015 年水平。 下游需求与库存：12 月下游 ...

Investment Rating - The report recommends an "Outperform" rating for key companies in the coal and energy sectors, including China Shenhua, Shaanxi Coal and Chemical Industry, Yanzhou Coal Mining, and others [10]. Core Insights - The report identifies the growing electricity shortage in the U.S. driven by AI demand, suggesting a systematic solution on the power supply side, particularly focusing on natural gas, wind, solar, and storage solutions [1][3]. - It emphasizes the need for a multi-energy system to address the challenges posed by aging infrastructure and increasing demand, particularly from AI data centers [8][50]. Summary by Sections Investment Overview - The report highlights the critical role of affordable and reliable electricity in the U.S. energy landscape, particularly in the context of national energy dominance and the ongoing electricity shortage [7]. The Impossible Triangle of the U.S. Power System under AI Impact - The report discusses the conflicting goals of reliability, decarbonization, and cost-speed efficiency in the U.S. power system, exacerbated by the rapid growth of AI-related electricity demand [13][19]. - It notes that the Trump administration's policies are likely to prioritize energy security and cost over decarbonization in the short to medium term [45]. U.S. Power Supply Needs a Comprehensive Multi-Energy System Solution - The current U.S. energy structure is dominated by natural gas and clean energy, with coal's share dropping below 15% [50]. - The report outlines a projected power supply balance for 2030, indicating that wind and solar storage will contribute approximately 40% of new electricity, with natural gas remaining a core component [9][50]. Key Companies and Investment Recommendations - The report recommends investing in companies with growth potential in the coal and energy sectors, such as China Shenhua, Shaanxi Coal, and Yanzhou Coal, which are expected to benefit from the evolving energy landscape [10].

行 业 及 产 业 煤炭/ 煤炭开采 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 严天鹏 A0230524090004 yantp@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 施佳瑜 A0230521040004 shijy@swsresearch.com 研究支持 施佳瑜 A0230521040004 shijy@swsresearch.com 联系人 施佳瑜 A0230521040004 shijy@swsresearch.com 2025 年 12 月 08 日 冷空气来袭、库存有望去化，旺季 煤价仍有支撑 看好 ——煤炭行业周报（2025.11.29-2025.12.5） 本期投资提示： ⚫ 动力煤方面，截至12月5日，据中国煤炭市场网，秦皇岛港口Q4500、Q5000、 Q5500 动力煤现货价收报 589、683、785 元/吨，均环比下跌 30、30、31 元/吨。供给端，据 中国煤炭市场网，环渤海四港区本周日均调入量 194.76 万吨，环比上周减少 10.36 万 吨，但同比上升 7. ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the coal industry [6]. Core Viewpoints - The coal industry is expected to remain a cornerstone of energy supply in China, with supply-demand dynamics improving and supporting higher coal prices [4]. - In 2025, coal prices are projected to show a trend of decline followed by recovery, driven by seasonal demand and supply constraints [1][12]. - The supply of raw coal has been contracting since July 2025, leading to a tighter supply-demand balance, with an annual production target of approximately 4.8 billion tons [2]. Summary by Sections 1. 2025 Price Review - Thermal coal prices rebounded to new highs in 2025 due to supply constraints and recovering demand [1][16]. - Coking coal prices saw strong increases in the second half of 2025, driven by supply tightening and increased demand from steel production [14]. 2. 2025 Supply and Demand Review - Domestic raw coal supply showed a "high before low" trend, with a total production of 3.57 billion tons from January to September 2025, a year-on-year increase of 2.7% [18]. - The total coal import volume for 2025 is expected to be below 500 million tons, significantly lower than in 2024, with thermal coal imports down by 12.5% [26][32]. - Electricity demand from thermal power is expected to see slight growth in 2026, while non-electric demand from coal chemical industries remains robust [3][48]. 3. 2026 Supply and Demand Outlook - The coal price center is expected to maintain a high level in 2026, with potential for upward movement due to ongoing supply constraints and gradual energy structure transformation [3][4]. - The supply of thermal coal is projected to improve, with a slight increase in demand expected, particularly from the chemical sector [3][70]. 4. Investment Recommendations - The report suggests focusing on companies with high long-term contract ratios for stable profits, such as China Shenhua, Shaanxi Coal, and China Coal Energy [4]. - It also highlights cyclical stocks like Yancoal Energy and Jinzhong Coal, as well as integrated coal-electricity companies like Xinji Energy and Huaihe Energy [4].

Investment Rating - The report maintains a positive investment outlook for the coal sector, recommending a focus on key players such as China Shenhua Energy, Shaanxi Coal and Chemical Industry, and China Coal Energy, while also keeping an eye on Yanzhou Coal Mining and Jinneng Holding [3]. Core Insights - The coal sector has reached a cyclical bottom in Q2 2025, with supply-demand dynamics showing signs of reversal and downward risks being fully released [1]. - Domestic coal prices have transitioned from an upward trend to a rational decline, with a focus on whether winter demand will exceed expectations [3]. - The introduction of a new long-term coal contract mechanism for 2026 is expected to support industry profitability at the bottom of the cycle [3]. - The report highlights the ongoing importance of coal in the global energy landscape, particularly in light of electricity supply issues in the U.S. [3]. Summary by Sections Coal Price Trends - As of December 5, 2025, the price of Q5500 coal at Huanghua Port is 801 RMB/ton, down 27 RMB/ton (-3.3%) from the previous week [6][12]. - The report notes a significant improvement in demand during the off-season, with Q3 profits expected to rebound [3]. Supply and Demand Analysis - Domestic coal supply remains stable, with imports continuing to decline; total supply is expected to maintain a steady decline throughout the year [3]. - The report indicates that if temperatures drop significantly in December and January, residential electricity demand may rise, potentially halting the decline in coal prices [3]. Long-term Contract Mechanism - The 2026 long-term coal contract mechanism has been clarified, allowing for more market-driven pricing adjustments, which is expected to enhance the industry's valuation [3]. Inventory and Market Dynamics - As of December 5, 2025, Qinhuangdao's coal inventory is 6.82 million tons, an increase of 820,000 tons (13.7%) from the previous week [24]. - The report notes that the average price of primary metallurgical coke at major domestic ports has decreased by 43 RMB/ton (-2.41%) [70]. Focus on Key Companies - The report emphasizes the importance of monitoring the performance of major coal companies, particularly in light of changing market conditions and pricing mechanisms [3].

证券之星消息，12月8日山西国企改革板块较上一交易日下跌0.81%，华阳股份领跌。当日上证指数报收 于3924.08，上涨0.54%。深证成指报收于13329.99，上涨1.39%。山西国企改革板块个股涨跌见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000737 | 北方铜业 | = 1.13 Z | 6.16% | -4365.40万 | -2.38% | -6907.47万 | -3.77% | | 002500 山西证券 | | 1641.87万 | 5.94% | -222.82万 | -0.81% | -1419.05万 | -5.14% | | 600780 通宝能源 | | 748.75万 | 12.13% | 377.35万 | 6.11% | -1126.10万 | -18.24% | | 000968 | 蓝焰控股 | 309.61万 | 4.01% | 341.19万 | 4.4 ...