从财务及固定资产视角看价格支撑 - 煤炭成本专题研究 20250825 摘要 煤炭企业生产成本逐年上升，人工成本占比最高超 20%，材料和动力成 本占比约 20%，折旧及摊销成本在 10%-20%之间，安全维检费在 15%-20%之间，修理费约 5%。 煤炭行业间接费用率整体下降，管理费用占比最大（约 8%），职工薪 酬占管理费用过半。销售费用因运输成本调整大幅下降，财务费用因利 率降低和资产负债结构优化而降低，研发投入则因行业转型升级而提高。 资源税是煤炭企业税金及附加的主要组成部分，部分省份上调资源税以 增加财政收入，如山西和新疆分别上调至 10%和 9%。煤炭企业的税金 及附加大约占吨煤收入的 10%。 2015 年至 2023 年，动力煤吨煤完全平均成本提高约 130 元/吨，炼焦 煤完全平均每吨提高 307 元左右，炼焦煤涨幅更高，主要受人工成本、 安全维检费提高影响。 人工成本上升源于低成本劳动力红利消失、通胀导致工资上涨以及国家 对安全生产规范用工的要求提升，例如取消井下劳务派遣工等政策。 Q&A 煤炭企业的生产成本构成及其变化趋势是什么？ 煤炭企业的生产成本主要由生产成本、间接费用和税金及附加 ...

中國HH 直 爆炭首席分析 ation of the manager of the comments of the comments of the comments of the comments of the series of the series of the series 海 D 0 8月25日-9月4日 & [/Choice]] B & > 同花顺 2 道合 每市 Win.d 同步上线亚台 +86-01053827720(全球 )+852-51089680( 中国香港 )+886-277083288( 中国台湾 ) 从财务及固定资产视角看价格支撑 -- 煤炭成本 时间: 8 月 25 日 20:00 ( 周一 ) 主讲人:黄涛 / 邓城琦 参会密码:509908 煤炭行业 30 年复盘 国泰海通证券 研究所 时间: 8 月 26 日 20:00 ( 周二 ) 主讲人:黄涛 / 邓城琦 / 王楠瑀 参会密码:590444 2025年度报告回顾及观点更新 煤炭开采系列电话会8讲 中国神华 20 年复盘 时间: 8 月 27 日 20:00 ( 周三 ) 主讲人:黄涛 / 邓城琦 / 王楠瑀 参会密码:8 ...

Summary of Conference Call on Coal Market Dynamics Industry Overview - The conference focused on the coal industry, particularly the dynamics of coal imports in China and the impact of international coal pricing, especially from Indonesia and Australia [2][9][10]. Key Points and Arguments 1. **Coal Price Trends**: The price of coal has seen significant fluctuations, with the CG index dropping below 700 RMB, and Indonesian coal prices rebounding to around 48 USD [4][10]. 2. **Impact of Indonesian Policies**: Indonesia's foreign exchange controls and adjustments to the HBA pricing index are expected to influence China's coal import volumes significantly [2][11]. 3. **Electricity Demand**: There is a projected slowdown in electricity consumption in China starting from 2024, which may affect coal demand [3][10]. 4. **Inventory Levels**: Domestic coal inventory levels remain high, particularly in northern ports, leading to concerns about market saturation [6][10]. 5. **Cost Comparisons**: The cost of imported coal, particularly from Indonesia, has been analyzed against domestic coal prices, revealing a narrowing price gap [11][12]. 6. **Market Dynamics**: The influx of imported coal has created pressure on domestic supply, especially in southeastern regions of China [10][12]. 7. **Future Projections**: The future of coal pricing remains uncertain, with expectations that prices may stabilize between 48 to 50 USD in the short term, depending on demand recovery [55][56]. Additional Important Insights 1. **Geopolitical Factors**: The geopolitical landscape, including the Russia-Ukraine conflict, has influenced coal supply chains and pricing dynamics [19][20]. 2. **Regional Demand Variations**: Demand for coal in Southeast Asia, particularly from countries like India and Vietnam, is expected to remain robust, impacting global coal trade [22][23]. 3. **Indonesian Coal Quality Issues**: Concerns regarding the quality of Indonesian coal, including issues of self-ignition and lower calorific value, have been raised, affecting its competitiveness [14][21]. 4. **Long-term Supply Adjustments**: There may be adjustments in Indonesian coal production in response to domestic and international market conditions, which could influence future pricing [42][56]. 5. **Economic Policies**: Indonesia's economic policies, including foreign exchange regulations and resource usage fees, are critical factors affecting coal pricing and supply [29][33][35]. This summary encapsulates the key discussions and insights from the conference call regarding the coal market, highlighting the interplay between domestic demand, international pricing, and geopolitical influences.