Core Viewpoint - The coal sector continues to experience an upward trend, driven by supply-side tightening and improving coal price sentiment, with expectations for better demand and pricing in the coming years [1] Group 1: Stock Performance - China Coal Energy (601898) increased by 6.39%, trading at HKD 10.99 - Yanzhou Coal Mining (600188) rose by 3.28%, trading at HKD 11.34 - China Shenhua Energy (601088) saw a 2.36% increase, trading at HKD 40.76 - Yancoal Australia (03668) gained 1.27%, trading at HKD 28.74 [1] Group 2: Industry Analysis - According to Founder Securities, the introduction of production exceeding documents has significantly impacted coal price sentiment, indicating a shift from oversupply to a more balanced supply-demand scenario [1] - The coal demand is expected to rise due to high consumption levels during the summer of 2025, leading to an improved coal supply-demand structure [1] - The gradual implementation of "anti-involution" policies may also restrict imported coal in the future [1] Group 3: Profit Outlook - Guosen Securities noted that while coal prices have been declining and profits for coal companies have been poor in early 2024, a rebound in coal prices is anticipated in the second half of 2025, which could improve profitability for coal enterprises [1] - The fourth quarter is expected to show upward price elasticity for coal, with the coal sector's performance lagging behind other sectors but showing clear bottoming signals [1]

国信证券发布研报称，在2024年中至今，前期由于煤价下行、煤企利润不佳导致，但是2025年下半年煤 价反弹后，煤企利润有望改善且四季度煤价具备向上弹性，叠加本轮市场转好后，煤炭板块表现明显弱 于其他板块，且底部明确，看好板块四季度反弹。 方正证券发布研报称，产地查超产文件出台后，对煤价情绪影响较为明显，当前煤炭行业的供给侧收紧 成为投资主题，煤炭供大于求的局面有望逐步扭转，煤价也有望继续提升，2025年夏天高温带来的日耗 维持高位，煤炭需求起量，煤炭供需格局有所好转，随着今后"反内卷"政策的逐步落实，未来也可展望 对于进口煤的限制。 智通财经APP获悉，煤炭股延续近期上涨，截至发稿，中煤能源(01898)涨6.39%，报10.99港元；兖矿能 源(01171)涨3.28%，报11.34港元；中国神华(01088)涨2.36%，报40.76港元；兖煤澳大利亚(03668)涨 1.27%，报28.74港元。 ...

2025 年Q2 业绩下滑，主要是煤价下跌。当前煤炭行业的供给侧收紧成为投资主题，随着反内卷政策的 落实，2025 年三季度焦煤期货收盘均价1074 元/吨，环比Q2+24.7%，主焦煤港口均价1528 元/吨，环比 Q2+16.2%。当前焦煤需求维持高位，煤炭供需格局或有所好转，未来也可展望对于进口煤的限制。 2025 年中报公司每股派发现金股利0.036 元（ 含税） ， 共计派发204,375,638.12 元，全部为现金分红， 占2025 半年度归母净利润20.16%，对应8 月29 股息率0.5%。 事件：公司发布2025 年中报，2025 年H1 公司实现营业收入181 亿元，同比-16.3%；实现归母净利润 10.14 亿，同比-48.44%。2025 年Q2 公司实现营业收入90.28 亿元，同比下降18.06%；实现归母净利润 为3.33 亿元，同比下降67.26%。 煤炭业务：2025 年H1 公司实现煤炭收入104 亿元，同比-13.48%；公司实现煤炭成本54.5 亿元，同 比-0.82%，毛利方面，公司实现煤炭毛利49.4 亿元，同比-24.15% 电力热力业务：2025 年H1 电 ...