证券代码：601666 证券简称：平煤股份 编号：2025-078 平顶山天安煤业股份有限公司 9 月 25 日，平顶山天安煤业股份有限公司（以下简称"公司"） 接到控股股东中国平煤神马控股集团有限公司（以下简称"集团"） 的通知，河南省委、省政府决定对河南能源集团有限公司和中国平煤 神马控股集团有限公司实施战略重组。 截至 2025 年 9 月 20 日，公司控股股东集团及其一致行动人持股 1,151,273,546 股，占比 46.62%。上述重组事项不会对公司生产经营 活动产生重大影响。公司实控人为河南省国资委，公司控制权不发生 变化。 公司将密切关注该事项的进展情况，并按照相关法律法规的规定， 及时履行信息披露义务。 特此公告。 平顶山天安煤业股份有限公司董事会 关于控股股东拟实施战略重组的提示性公告 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个别及连带责任。 2025 年 9 月 26 日 ...

智通财经APP讯，平煤股份(601666.SH)公告，公司接到控股股东中国平煤神马控股集团有限公司的通 知，河南省委、省政府决定对河南能源集团有限公司和中国平煤神马控股集团有限公司实施战略重组。 ...

Report Industry Investment Rating No relevant content provided. Core Views - Coal prices bottomed out and rebounded, and steel industry profits are slowly recovering. Whether it is driven by "anti - involution" remains to be explored [2][89]. - For coal, supply - side factors such as reduced production in major coal - producing areas and shrinking imported coal volumes, along with increased demand from power plants and high - profit steel mills, are expected to lead to a slight year - on - year decrease in coal production this year and a volatile coal price [4][89]. - The steel industry's profit is slowly recovering. Although real estate is a major drag, infrastructure, manufacturing, and exports support demand. However, long - term supply - demand pressure remains significant [4][89]. - In the secondary market, coal bonds have active trading, with the weekly number of traded bonds hitting a new high this year, and medium - to - long - term trading has become more active since the second quarter. Steel bonds have a significantly increased trading proportion in ultra - short - term bonds [4][90]. - In terms of low - valuation trading, there are many low - valuation steel bonds within 1Y, and after the "anti - involution" policy in July, the number of low - valuation medium - to - long - term coal bonds has increased significantly [4][90]. - For investment strategies, for coal enterprises, those with high return requirements can focus on Jizhong Energy, Pingmei Group, and Kailuan Group within 2Y, and high - grade coal bonds can appropriately extend the duration. For steel enterprises, Baoshan Iron & Steel Co., Ltd. and Shougang Group can appropriately extend the duration, and within 1.5Y, Hebei Iron & Steel Group and Shandong Iron & Steel Group can be considered [4][91][92]. Summary by Related Catalogs 1. Anti - Involution Impact 1.1 Coal: Coal Price Bottomed Out and Rebounded - Since 2024, coal prices have been in a downward trend. In 2025, coal prices bottomed out and rebounded in July. The main reasons include reduced coal supply due to extreme rainfall in major coal - producing areas, shrinking imported coal volumes, increased coal demand from power plants due to high temperatures, and high - profit steel mills driving up coking coal demand [4][8][19]. - It is expected that the annual coal production this year may be slightly lower than that in 2024, and coal prices will remain volatile [28][31][89]. 1.2 Steel: Profit Slowly Recovering - Steel prices first declined and then rebounded in 2025. The industry's profit has been repaired to a certain extent, with the total profit from January to July reaching 643.6 billion yuan, a new high in the past three years [32][33]. - On the demand side, real estate is a major drag, but infrastructure, manufacturing, and exports support steel demand. On the supply side, policies are guiding the control of production capacity, and the growth rate of crude steel production has been decreasing [38][39][42]. - Although "anti - involution" may help with profit repair, long - term supply - demand pressure remains [47]. 2. Secondary Market Observation of Coal and Steel Bonds 2.1 Overview of Outstanding Bonds - As of September 23, the outstanding scale of coal bonds is 727.8 billion yuan, and that of steel bonds is 440.6 billion yuan. Both are mainly concentrated in the 1.75 - 2.25% valuation range and are dominated by medium - and short - term bonds [48]. 2.2 Analysis of Coal Bonds - The valuation of coal bonds first increased and then decreased this year. Short - term bond yields are at a historically low level, while long - term yields have increased recently. The credit spreads of 1 - 3Y medium - and high - grade coal bonds have narrowed to a historically low level [56][58]. - For coal enterprises, those with high return requirements can focus on Jizhong Energy, Pingmei Group, and Kailuan Group within 2Y, and high - grade coal bonds can appropriately extend the duration around large and high - quality coal enterprises [61]. 2.3 Analysis of Steel Bonds - The yields of steel bonds with different implicit ratings and maturities have declined to a low level since 2024. After the "anti - involution" policy in July, short - term low - grade steel bonds performed better [64]. - The credit spreads of 1 - 3Y medium - and high - grade steel bonds have continued to decline and are close to a historically low level. The current value of further credit - rating downgrading is not high, and high - grade bonds can appropriately extend the duration to about 3Y [68][70]. - For steel enterprises, Baoshan Iron & Steel Co., Ltd. and Shougang Group can appropriately extend the duration, within 1.5Y, Hebei Iron & Steel Group and Shandong Iron & Steel Group can be considered, and Liuzhou Iron & Steel Group can also be of interest to investors with high return requirements [73]. 2.4 Recent Characteristics of Secondary Market Transactions - Coal bonds have active trading, with the weekly number of traded bonds hitting a new high this year. Medium - to - long - term trading has become more active since the second quarter. Steel bonds have a significantly increased trading proportion in ultra - short - term bonds [77][79]. - Since the first quarter of this year, the weekly number of low - valuation steel bond transactions has increased significantly. After the "anti - involution" policy in July, the number of low - valuation coal bond transactions has also increased, especially for medium - to - long - term coal bonds [83][86]. 3. Summary - Coal production decreased year - on - year in July, and it is expected that the annual coal production will slightly decrease year - on - year, with coal prices remaining volatile. The steel industry's profit is slowly recovering, but long - term supply - demand pressure remains [4][89]. - In the secondary market, coal bonds have active trading, and medium - to - long - term trading has become more active. Steel bonds have a significantly increased trading proportion in ultra - short - term bonds. The number of low - valuation medium - to - long - term coal bond transactions has increased recently [4][90]. - For investment strategies, coal enterprises with high return requirements can focus on certain enterprises within 2Y, and high - grade coal bonds can appropriately extend the duration. Steel enterprises should avoid those with deteriorating profitability and high short - term liquidity pressure, and different steel enterprises can be considered according to different duration and return requirements [4][91][92].

Core Insights - The report emphasizes the potential awakening of the coal sector, suggesting that after a challenging period, coal prices are expected to rise towards the end of the year, providing upward momentum for the sector [2]. Industry Performance - As of September 19, 2025, the coal industry has seen a decline of 2.3% year-to-date, ranking last among 30 industries. However, in the week of September 19, it experienced a weekly increase of 3.6%, ranking second among the industries, indicating a significant contrast in performance [2]. - The report predicts that the coal price will stabilize and potentially reach a peak by the end of the year, which could drive further positive performance in the coal sector [2]. Company Focus - The report highlights several companies to watch within the coal sector: - **Keda Control**: Noted for its focus on smart mining [2]. - **China Coal Energy (H+A)** and **China Shenhua (H+A)**: Major state-owned enterprises in the coal industry [2]. - **China Qinfa**: Recommended for its turnaround potential [2]. - **Shanxi Coal and Electricity, Huainan Mining, and Xinji Energy**: Identified as strong performers [2]. - **Yankuang Energy, Jinkong Coal, and Pingmei Shenma**: Noted for their elasticity and potential for growth [2]. - **Huayang Co. and Gansu Energy**: Suggested as companies with future growth potential [2]. - **Anyuan Coal Industry**: Highlighted for its recent changes in control and ongoing asset restructuring [2].

附注 统计范围： 报告中的产量数据统计口径均为规模以上工业，其统计范围为年主营业务收入2000万元及以上的工业企 业。 由于规模以上工业企业范围每年发生变化，为保证本年数据与上年可比，计算产品产量等各项指标同比 增长速度所采用的同期数与本期的企业统计范围相一致，和上年公布的数据存在口径差异。 上市企业：许继电气（000400）、豫能控股（001896）、森源电气（002358）、林州重机（002535）、 三晖电气（002857）、易成新能（300080）、光力科技（300480）、新强联（300850）、郑州煤电 （600121）、平高电气（600312）、大有能源（600403）、中信重工（601608）、平煤股份 （601666）、郑煤机（601717）、蓝天燃气（605368）、金冠电气（688517）、众智科技（301361）、 许昌智能（831396） 相关报告：智研咨询发布的《2025-2031年中国能源行业市场研究分析及投资前景评估报告》 2025年4月，河南省发电236.5亿千瓦时，同比增长0.6%。2025年1-4月，河南省发电1073.4亿千瓦时，同 比下滑2.8%。分品种看，2025年 ...

智通财经APP获悉，中泰证券发布研报称，近期，主产区超产核查影响料持续，且国庆节前煤矿存主动 减产预期，长短期供给收缩预期均强化。库存端，据铁路部门消息，大秦线秋季集中检修将于10月7日 展开，为期20天。一旦检修开始，随着运量的下降，预计秦皇岛港煤炭库存也将跟随减少，使得港口场 存中的优质、可流通的市场煤资源更为紧张。本周港口煤价明显反弹，重新站上700元/吨，展望9月下 旬与10月上旬，预计在"弱平衡"格局下港口资源结构性紧缺情况将主导煤价稳中有升。 中泰证券主要观点如下： 主产区严查煤矿超产，或对后续煤矿产能释放产生持续影响。近期，内蒙古自治区能源局对全区299处 生产煤矿进行核查，发现2024年-2025年6月共有93处煤矿存在超公告产能生产问题，超产比例达31%， 其中鄂尔多斯市问题尤为突出，共有82处煤矿超产。2025年1—6月单月超产10%以上的15处煤矿(均位 于鄂尔多斯市)已被责令停产整改，并将由专家核查后续生产安排，全面整改合格后方可恢复生产。屡 次超产的煤矿将面临从严处罚，自治区内相关盟市需建立动态监管机制，严格落实产能公告制度，从源 头防范超能力生产行为，确保煤矿安全生产秩序。 国庆节 ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [10]. Core Insights - The report highlights the risks of capacity exit under the "anti-involution" policy, suggesting that the marginal supply contraction could catalyze an upward trend in coal prices and the sector [2][7]. Summary by Sections Market Performance - The coal index (Yangtze) increased by 3.50%, outperforming the CSI 300 index by 3.95 percentage points, ranking 1st among 32 industries [6][23]. - As of September 19, the market price for Qinhuangdao thermal coal was 704 RMB/ton, up 24 RMB/ton week-on-week [6][24]. Supply and Demand Analysis - The report notes that despite the end of high-temperature weather, daily coal consumption may decline, but the non-electric demand during the "golden September and silver October" period is expected to support thermal coal demand [6][24]. - The report indicates that the supply from coal-producing regions remains constrained due to overproduction controls, which may lead to stable or rising coal prices in the short term [6][24]. Policy and Regulatory Environment - The "anti-involution" policy is being actively implemented, with a focus on capacity verification in major production areas, which is expected to enhance market confidence in the policy's enforcement [7]. - The report discusses the potential exit risks of previously approved capacity that has not yet completed the necessary replacement procedures, emphasizing the importance of monitoring these developments [7]. Investment Recommendations - The report recommends focusing on coal companies with strong defensive and offensive characteristics, such as Yanzhou Coal Mining Company and China Shenhua Energy, due to their favorable valuation and growth prospects [8]. - It suggests that the coal sector presents a compelling investment opportunity given the expected policy effects and market dynamics [8].

Summary of Coal Industry Conference Call Industry Overview - The coal industry is experiencing a new cycle driven by the recovery of non-electric coal demand, particularly after the end of the hot summer season, which has supported coal prices. Port prices for main coking coal have increased by 130 RMB per ton [1][3]. Key Points and Arguments - **Coal Price Trends**: Recent significant increases in coal prices have been observed, with Qinhuangdao 5,500 kcal thermal coal reaching 704 RMB per ton, up 24 RMB from the previous week. This increase exceeds previous weekly rises, which were typically between 9 to 19 RMB [3]. - **Supply Constraints**: Northern port coal inventories remain low, and significant recovery is not expected until the end of October when maintenance on the Daqin line concludes. This tight supply situation is conducive to further price increases [1][4]. - **Production Challenges**: National raw coal production showed a slight recovery in July and August, but Shanxi province's production has decreased significantly due to strict safety inspections and capacity checks. This trend is expected to continue into Q4 [8][9]. - **Environmental Regulations**: Enhanced environmental inspections in Shanxi are likely to restrict coal production in the second half of the year, with no significant increase in output expected compared to last year [10]. - **Electricity Generation Dynamics**: An increase in hydropower generation, which rose by 10.26% year-on-year in early September, may exert pressure on thermal power generation, necessitating close monitoring of its sustainability [6]. - **Import Coal Market**: Although there has been a 20% month-on-month increase in imported coal, the overall structure remains tight, particularly for high-quality thermal coal, which is in demand from neighboring countries as well [7]. Additional Important Insights - **Future Price Outlook**: The combination of recovering demand and tightening supply is expected to elevate the price center for coal in the near future. If demand does not weaken next year, a bullish outlook on coal prices is anticipated [2][17]. - **Investment Recommendations**: In the current market environment, recommended stocks include Yanzhou Coal Mining Company and Jinneng Holding, among others, focusing on both thermal and coking coal sectors [18]. Conclusion - The coal industry is poised for a period of price increases driven by recovering demand and supply constraints, with regulatory pressures and environmental considerations playing significant roles in shaping future production capabilities and market dynamics.

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - A V-shaped reversal in coal prices is anticipated, with winter prices expected to reach 800 CNY/ton. The long-term contracts are supporting spot prices, and policy-driven sentiment is leading to significant price increases. The long-term contract prices for September are 674, 613, and 551 CNY/ton for 5500, 5000, and 4500 kcal respectively, with the CCI index showing slight variations [6][26] - The coal market is expected to see a balance between supply and demand gradually, with prices steadily rising. The report maintains a "Positive" rating for the industry and suggests focusing on flexible thermal coal companies and those in turnaround situations in coking coal and coke sectors [6][26] Summary by Sections Coal Sector Performance - The coal sector outperformed the CSI 300 index, with a weekly increase of 3.59% as of September 19, 2025, while the index fell by 0.44%, resulting in a 4.03 percentage point outperformance. A total of 24 stocks in the sector rose, with Yongtai Energy showing the highest increase of 13.42% [2] - Key monitored enterprises reported an average daily coal sales volume of 7.22 million tons for the week of September 12-18, 2025, a week-on-week increase of 5.3%. The average daily production was 7.18 million tons, also up 4.8% week-on-week and 4.4% year-on-year [2][24] Price Trends - As of September 19, 2025, the price of thermal coal (Q5500K) in the Bohai Rim was 676 CNY/ton, a week-on-week increase of 0.15%. The import price index for thermal coal was 812 CNY/ton, up 4.5% week-on-week. Prices at various ports and production areas also showed increases [3] - The price of coking coal at Jingtang Port was 1610 CNY/ton, up 3.9% week-on-week, while the futures settlement price for coking coal was 1216 CNY/ton, reflecting a 6.9% increase [4] Supply and Demand Dynamics - The total coal inventory monitored was 25.54 million tons as of September 18, 2025, a decrease of 1% week-on-week and 6% year-on-year. The cumulative sales volume of key monitored enterprises was 180.46 million tons, down 2.4% year-on-year [2][24] - The report indicates that the demand from the power and chemical industries has varied, with coal consumption in the power sector down 2.9% year-on-year, while the chemical sector saw an increase of 16% [2][24] Investment Recommendations - The report recommends focusing on companies in the thermal coal sector such as China Shenhua, Shaanxi Coal and Chemical Industry, and others, as well as coking coal companies like Huabei Mining and Shanxi Coking Coal. It also highlights companies in the coke sector that are expected to see profit improvements [6][26]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - Coal prices have rebounded above 700 RMB, with a current price of 704 RMB/ton, reflecting a week-on-week increase of 24 RMB/ton (3.53%) [3][4] - The demand for non-electric coal is expected to be a highlight in the upcoming months, particularly during the "golden September and silver October" period [4] - The report predicts that the current rebound in coal prices is at a turning point, with potential further increases expected as the market stabilizes [4][5] Summary by Sections Investment Logic - The prices of thermal coal and coking coal are at a turning point, with thermal coal prices expected to recover to long-term contract prices, currently above the second target price of around 700 RMB [4][13] - Future expectations indicate that thermal coal prices could reach a third target price of approximately 750 RMB, with a potential peak at around 860 RMB [4][13] Market Performance - The coal index increased by 3.51% this week, outperforming the CSI 300 index by 3.96 percentage points [8][25] - The average PE ratio for the coal sector is 13.59, and the PB ratio is 1.28, ranking low among all A-share industries [25][31] Coal Price Indicators - As of September 19, the Qinhuangdao Q5500 thermal coal price is 704 RMB/ton, with a week-on-week increase of 24 RMB [20] - The price of coking coal at the Jingtang port has risen to 1670 RMB/ton, reflecting a significant increase from earlier months [21][23] Investment Recommendations - The report suggests a dual logic for investment in coal stocks, focusing on both cyclical recovery and stable dividends, with specific stocks recommended for investment [5][14] - Key stocks identified for investment include: - Cyclical logic: Jinko Coal Industry, Yanzhou Coal Mining - Dividend logic: China Shenhua, Zhongmei Energy - Diversified aluminum elasticity: Shenhua Holdings, Electric Power Investment Energy - Growth logic: Xinjie Energy, Guanghui Energy [5][14][15]