山西焦化（600740.SH）2025 年半年报点评 25Q2 焦炭主业亏损额收窄，业绩环比减亏 2025 年 08 月 26 日 ➢ 事件：2025 年 8 月 25 日公司发布 2025 年半年报，报告期内公司营业收 入 32.26 亿元，同比减少 18.23%；归属于母公司所有者的净亏损 7761.11 万 元，上年同期净利润 1.84 亿元，由盈转亏。 ➢ 2025 年上半年投资净收益同比下滑。2025 年上半年公司归母净利润同比 由盈转亏，主要由于 1）焦化主业收入下滑；2）参股公司中煤华晋归母净利润减 少，公司确认的投资收益同比下降，2025 年上半年公司确认投资净收益 6.01 亿 元，同比下降 55.35%，其中确认中煤华晋的投资收益 6.00 亿元，同比下降 55.45%。 ➢ 25Q2 公司环比减亏。25Q2 营业收入为 15.44 亿元，同比下降 27.29%， 环比下降 8.2%。归属于上市公司股东的净利润为-735.2 万元，同比由盈转亏， 环比减亏 6291 万元。其中二季度确认投资净收益 2.79 亿元，同比下降 51.91%， 环比下降 13.39%。 ➢ 25Q2 焦炭主业亏 ...

晨报 煤焦 煤焦：焦炭现货第 8 轮提涨 盘面震荡运行 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 成 材：武秋婷 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 2025 年 8 月 26 日 逻辑：昨日，焦煤价格整体震荡偏强运行。时间临近 9.3 阅兵，安全 事故的社会影响值得关注；美联储鲍威尔发言偏鸽，市场开始重新加注九 月降息，促使商品普涨。现货端，部分煤矿点高价资源成交乏力，价格暂 稳运行；昨日河北地区焦企开始第 8 轮提涨。 证监许可【2011】1452 号 观点：海外降息预期升温，市场情绪仍有反复。基本面上原料需求暂 保持良好，短期存在阶段性下滑倾向 ...

财达期货｜焦煤焦炭周报 2025-08-25 市场情绪回落，双焦期价以跌为主 【期现行情】 上周焦煤 2601 合约周五收于 1162，周跌幅 5.53%，现货市场主流地区报价暂 稳运行。 研究员 上周焦炭 2601 合约周五收于 1678.5，周跌幅 2.95%，现货市场主流地区报价 暂稳为主。 姓名：申伟光 【基本面分析】 综合看：上周焦煤供应小幅回落，需求以稳为主，从盘面看，上周焦煤 2601 合约大幅下跌，跌破 20 日均线支撑，短期以空头趋势对待。 请务必阅读正文之后的免责条款部分 数据来源：同花顺、wind，mysteel、财达期货研发部 第 1 页 共 5 页 从 业 资 格 号 ： F03088716 投 资 咨 询 号 ： Z0019628 财达期货｜ 焦煤焦炭周报 财达期货｜ 焦煤焦炭周报 焦煤： 供应端：上周全国 523 家炼焦煤矿山核定产能利用率 85.2%，环比上升 1.5%。 全国 314 家独立洗煤厂产能利用率 36.1%，环比下降 0.41%；精煤日均产量 25.7 万 吨，环比减少 0.7 万吨。煤矿端扰动不断，煤矿主产区超产核查持续进行，部分煤 矿执行 276 工作日生产， ...

| 类型 | 公司e | 主要内容( | | --- | --- | --- | | 财务亏损(2 | 中国奥园< | 预计中期取得净亏损不超过 95 亿元,同比盈转亏2 | | 利润亏损4 | 美锦能源( | 上半年净亏损 6.74 亿元,上年同期净亏损 6.83 亿元2 | | 纠纷诉讼( | 新港开发(1 | 公司对南京建工集团行使的抵销权被判无效(2 | | 债务逾期( | 佛山市交通投资e | 公司子公司及其下属子公司新增债务逾期约 1.799 亿元e2 | | 财务亏损(2 | 佳兆业集团纪 | 预计上半年公司拥有人应占亏损净额不多于 110 亿元e2 | 【中国奥园：预计中期取得净亏损不超过95亿元，同比盈转亏】 中国奥园(03883)发布公告，集团预期截至2025年6月30日止六个月取得亏损净额不超过人民币95亿元(2024相应期间：溢利净额约人 民币221亿元)。2024相应期间的期内溢利净额转为本期间的亏损净额是因为2024相应期间取得境外债务重组收益。如撇除重组收益 的影响，本期间的亏损净额预计较2024相应期间的亏损净额增加不超过人民币50亿元。主要由于可供销售物业减值拨备增加、预期 ...

正信期货研究院 黑色产业组 研究员：杨辉 煤矿供应端扰动持续，盘面回调后仍难跌 煤焦周度报告 20250818 投资咨询证号：Z0019319 Email：yangh@zxqh.net | 报告主要观点 | | --- | | 版块 | 关键词 | 主要观点 | | --- | --- | --- | | 焦炭 | 价格 | 上周盘面先涨后跌，短期仍难跌、但向上力度弱化；现货第六轮提涨落地 | | | 供给 | 焦企盈利小幅改善，独立焦企供应微增 | | | 需求 | 铁水维持高位，刚需支撑较强；投机情绪一般，出口利润下滑，建材现货日成交量改善持续性不佳 | | | 库存 | 全环节降库，总库存下降 | | | 利润 | 焦企盈利小幅改善，焦炭盘面利润继续回落 | | | 基差价差 | 焦炭01升水收敛，1-5价差继续走弱 | | | | 上周盘面先涨后跌，周初受唐山钢材限产、山东焦化限产及新版《煤矿安全规程》新闻发布会影响，双焦大幅拉涨；周三大商所调整焦煤交易限额及手 续费，市场情绪转弱，加之上周钢材表需下滑、库存加速积累，焦煤触及前高后大幅回落。截至周五收盘，焦炭01合约跌0.25%至1729.5，焦煤0 ...

Group 1 - The core viewpoint of the articles is that Meijin Energy is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international competitiveness and governance transparency [3] - Meijin Energy is one of the largest independent producers of coking coal and coke in China, with a complete industrial chain of "coal-coke-gas-chemical" and a coking capacity of 7.15 million tons per year [3] - The company reported a significant decline in performance for 2024, with operating revenue of 19.031 billion yuan, a year-on-year decrease of 8.55%, and a net profit attributable to shareholders of -1.143 billion yuan, a decline of 495.31% [4] Group 2 - For the first half of 2025, Meijin Energy expects a net loss attributable to shareholders of 480 million to 700 million yuan, compared to a loss of 683 million yuan in the same period last year [4] - The company attributes its losses to a downward trend in coal and coke prices, which has pressured the gross margin of its main products [4] - Meijin Energy plans to closely monitor market changes and optimize its management mechanisms to mitigate adverse impacts and ensure sustainable development [4]

齐鲁晚报·齐鲁壹点记者于国家铁路局官网了解到，8月12日，其公示了武汉铁路监督管理局行政处罚公开信息〔2025〕第19号。据悉，被行政处罚单位为武 汉平煤武钢联合焦化有限责任公司（下称"平煤武钢联合焦化"）。 内容显示，2025年5月31日，平煤武钢联合焦化未按照《回转式翻车机系统运行维护导则》（DL/T1965-2019）等相关国家标准、行业标准对翻车机进行维 护，造成车辆脱轨，构成铁路交通一般事故。违反《铁路安全管理条例》第二十五条的规定。 国家企业信用信息公示系统显示，武汉平煤武钢联合焦化有限责任公司成立于1998年，注册资本180000万元人民币，法定代表人为黄辉，两股东为中国平煤 神马控股集团有限公司、武汉钢铁有限公司，持股比例各占50%。 产经新闻爆料电话：0531—85193242 2025年8月8日，武汉铁路监督管理局依据《铁路安全管理条例》第八十七条第一项、《违反<铁路安全管理条例>行政处罚实施办法》第二十条第二项之规 定，责令其改正，给予该公司5.5万元罚款的行政处罚。 | | | | # 企业保障机 交流体验证 一般机器机器 四 | | | | --- | --- | --- | --- ...

Report Summary 1) Report Industry Investment Rating No information provided 2) Core View of the Report - Short - term market bullish sentiment remains strong, the futures market sees increased positions and rising prices with intensified price fluctuations. Attention should be paid to the previous high pressure in the short term, and cautious participation is recommended [3] 3) Summary by Related Content Market Performance - Yesterday, the coking coal futures price continued to oscillate upward, breaking through the previous high. On the spot side, high - priced resources at some mines had weak sales, and prices declined. The 6th round of coke price increase was blocked, and there was an expectation of price reduction under the influence of environmental protection production - restriction news [2] Production - Restriction News - Regarding the environmental protection production - restriction for the 9.3 parade, the Tangshan production - restriction notice requires independent steel - rolling enterprises to be ready for shutdown from August 16th to 25th according to weather conditions and shut down from the 25th to September 3rd. From August 26th - September 4th, sintering is expected to be restricted by 40% in Tangshan, and blast furnace reduction depends on air quality after the 25th. In the coking industry, it is rumored that Shandong coking enterprises will limit production by 30% - 50% from August 16th, expected to end in early September, but most coking enterprises are currently operating normally [2] Fundamental Situation - The policy of checking over - production in coal mines is advancing, and with the approaching parade in September, the safety supervision situation is severe, so short - term coal mine production is decreasing. The structural inventory pressure of coking coal has been significantly alleviated. Currently, the raw coal inventory of 523 coal mines is 476.5 million tons, a decrease of 224.5 million tons from the high in June; the clean coal inventory is 245.7 million tons, a decrease of 254.3 million tons from the high in June. On the demand side, the raw material replenishment of coking plants and steel mills has slowed down this week. The average daily hot metal output of steel mills last week was 240.32 million tons, a decrease of 0.39 million tons from the previous week and an increase of 8.62 million tons compared with last year [2]

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoint of the Report - On August 12, the iron ore futures market showed an upward trend. The price of iron ore will gradually return to the fundamentals, and it is expected that the short - term iron ore price will show a high - level consolidation trend. The actual impact of production cuts in Tangshan needs to be observed to see if it will have a negative impact on the fundamentals [7][11]. 3. Summary by Relevant Catalogs 3.1 Market Review and Future Outlook 3.1.1 Futures Market Performance - On August 12, the main 2601 contract of iron ore futures fluctuated upward, opening higher and then rising, closing at 801.0 yuan/ton, up 2.36%. Other steel futures also showed different degrees of increase, such as RB2510 up 0.96%, HC2510 up 1.40%, and SS2510 up 0.38% [5][7]. 3.1.2 Spot Market and Technical Analysis - On August 12, the main iron ore outer - disk quotes increased by 1 US dollar/ton compared with the previous trading day, and the prices of main - grade iron ore at Qingdao Port increased by 10 yuan/ton compared with the previous trading day. Technically, the daily KDJ indicator of the iron ore 2601 contract continued to rise, and the green column of the daily MACD indicator of the iron ore 2601 contract narrowed for two consecutive trading days [9]. 3.1.3 Future Outlook - News: Tangshan issued a notice on August 9, requiring independent rolling steel enterprises to stop production at any time from August 16 to 25 based on meteorological conditions and to stop production from August 25 to September 3, which is expected to affect the daily output of 35 billet - rolling section steel enterprises by about 90,000 tons. A coking enterprise in Shandong plans to limit production by 30% from August 16 - 25, 50% from August 26 - September 3, and resume normal production at 0:00 on September 4, with an estimated cumulative impact on coke production of about 41,000 tons [10][11]. - Fundamentals: In terms of supply, the weekly shipping volume of 19 ports in Australia and Brazil decreased slightly last week, and the total shipping volume in the past four weeks decreased by 6.2% compared with the previous four weeks. Considering the shipping time, the subsequent arrival volume may fluctuate at a medium - low level. On the demand side, the demand for downstream steel products is still seasonally declining, inventory is gradually accumulating, and pig iron production has declined for three consecutive weeks but remains at a relatively high level of over 2.4 million tons. Steel mills' profitability has increased again, and with sufficient profits, steel mills maintain strong production. In the short term, the demand for iron ore remains strong, supporting the ore price. The actual impact of production cuts in Tangshan needs to be observed [11]. 3.2 Industry News - A coking enterprise in Shandong plans to limit production by 30% from August 16 - 25, 50% from August 26 - September 3, and resume normal production at 0:00 on September 4, with an estimated cumulative impact on coke production of about 41,000 tons. The current operating rate of this coking enterprise is 90% [10][11][12]. 3.3 Data Overview - The report provides various data charts related to the iron and steel industry, including the prices of main iron ore varieties at Qingdao Port, the price differences between high - grade and low - grade ores and PB powder, the basis between iron ore spot and the January contract at Qingdao Port, the shipping volume of iron ore from Brazil and Australia, the arrival volume at 45 ports, domestic mine capacity utilization, the trading volume of main ports, the number of days of steel mills' iron ore inventory, the inventory of imported sintered powder ore, port iron ore inventory and port clearance volume, the cost of pig iron without tax for sample steel mills, blast furnace and electric furnace operating rates and capacity utilization rates, national daily average pig iron production, the apparent consumption of five major steel products, the weekly output of five major steel products, and the steel mills' inventory of five major steel products [18][25][29].

Group 1 - The "Two Mountains" concept emphasizes the balance between economic development and environmental protection, proposing a new path that integrates both aspects [3][5][11] - Since the introduction of the "Two Mountains" concept, significant advancements in ecological civilization have been made, showcasing the economic value inherent in good ecological practices [5][7][9] - The concept encourages innovation in traditional industries and the growth of new industries, highlighting the role of technology in achieving green and low-carbon development [8][12][13] Group 2 - The increasing public awareness of environmental issues reflects a shift in societal values, where the demand for a better living environment is now prioritized alongside economic growth [9][11] - China's ecological civilization initiatives are being recognized globally, with successful projects in various countries demonstrating the potential for sustainable development [12][16] - The ongoing commitment to ecological civilization is seen as essential for overcoming current economic challenges and ensuring long-term sustainable growth [6][13][16]