云煤能源（600792）发布异动公告，经自查并向控股股东书面发函询证，除公司前期已披露的信息外， 公司及控股股东均不存在应披露而未披露的重大事项。公司2024年度及2025年1-3月份实现归属于公司 股东的净利润均为负值，主要原因是钢铁及焦化行业整体震荡下行，产品毛利下滑。公司生产经营未发 生重大变化，敬请广大投资者注意投资风险，理性投资。 ...

煤焦：库存压力较大 盘面反弹表现乏力 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 晨报 煤焦 重要声明： 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 6 月 16 日 逻辑：上周，煤焦价格整体低位震荡运行，反弹表现乏力。现货端， 产地焦炭价格第 3 轮调降后暂稳运行，自 5 月中旬至此 3 轮累计下跌 170-185 元/吨，后期仍存降价预期；焦煤现货同样保持弱稳运行，尚未 有反弹表现。 证监许可【2011】1452 号 近期随着煤价的持续下跌，国内煤矿生产延续小幅下滑趋势，但尚未 出现大面积停减产，暂无法改变上游累库现状。上周煤矿端精煤库存 4 ...

Report Industry Investment Ratings - Thread steel, hot-rolled coil, iron ore, coke, coking coal, and ferrosilicon are rated with white stars, indicating that the short-term long/short trend is in a relatively balanced state, and the current market is less operable, suggesting to wait and see [1] - Silicomanganese is rated with three red stars, representing a clearer long trend with a relatively appropriate investment opportunity currently [1] Core Viewpoints - The overall steel market is weak, with demand expectations remaining pessimistic and limited upward space for the market [2] - Iron ore is expected to fluctuate in the short term, with supply pressure increasing and negative feedback risks in the mid - term [3] - The prices of coke and coking coal are oscillating downward, but have rebounded due to factors such as downstream ironwater levels and tariff impacts [4][6] - The price of silicomanganese is under pressure, and it is recommended to short on rallies in the short term [7] - The price of ferrosilicon is weakly oscillating, and attention should be paid to the sustainability of inventory reduction [8] Summary by Related Catalogs Steel - Today's steel futures prices declined. This week, the apparent demand for thread steel continued to fall, production declined synchronously, and the inventory reduction slowed. The demand and production of hot - rolled coil slightly declined, and the inventory continued to accumulate. Ironwater production is gradually falling but remains relatively high, and the negative feedback expectation persists. The improvement in the infrastructure sector is limited, real - estate sales lack sustainable recovery, and new construction and construction continue to decline significantly. In May, automobile production and sales maintained a high growth rate, and the manufacturing industry still has resilience. Market sentiment is volatile, the rebound momentum of the futures market is insufficient, and pessimistic demand expectations restrict the upward space [2] Iron Ore - Today's iron ore futures prices oscillated. On the supply side, global shipments are relatively strong for the same period, with seasonal growth potential in the future. The domestic arrival volume has increased and is expected to remain high in the short term, and port inventories are expected to stop falling and rise, increasing supply pressure. On the demand side, terminal demand weakens in the off - season. Steel mills have a good profit rate and lack the motivation for active production cuts. The short - term production cut space for ironwater is relatively limited, and there are still negative feedback risks in the mid - term. Sino - US talks have improved market sentiment, but there are still uncertainties in foreign trade. It is expected that iron ore will fluctuate in the short term [3] Coke - Coke prices oscillated downward. Ironwater production slightly declined, but coking daily production remains at a relatively high level this year due to existing coking profits. The overall coke inventory slightly increased, and traders had no purchasing actions. Overall, the supply of carbon elements is still abundant. With downstream ironwater production stable above 241, the impact of tariffs has eased, and due to the lack of trading profit for Mongolian coal, the price has rebounded. The Sino - US tariff issue has a significant impact, and relevant developments should be continuously monitored [4] Coking Coal - Coking coal prices oscillated downward. The production of coking coal mines slightly declined from a high level, and the expectation of mine production cuts has increased. The spot auction market has weakened significantly, and transaction prices have continued to decline. Terminal inventories continue to decline slightly. The total coking coal inventory has decreased slightly month - on - month, and whether the production - end inventory will continue to decline remains to be observed. Overall, the supply of carbon elements is still abundant. With downstream ironwater production stable above 241, the impact of tariffs has eased, and due to the lack of trading profit for Mongolian coal, the previous price has rebounded. The Sino - US tariff issue has a significant impact, and relevant developments should be continuously monitored [6] Silicomanganese - The price of silicomanganese slightly declined. Due to previous continuous production cuts, the inventory level has decreased, but the weekly production has started to increase, and the improvement in fundamentals is limited. The price of Comilog's long - term ore has been reduced by $0.15 to $4.25 per ton - degree, and the offer volume has recovered to over 400,000 tons per month. The shipment volume of South32 is likely to increase later, the manganese ore inventory accumulation rate has increased, and the price is further pressured. It is judged that the manganese ore price has started a further downward trend. Ironwater production has slightly declined, and the supply of silicomanganese has slightly increased. The manganese ore inventory has started a trend of accumulation, market expectations have changed, and the price remains weak. It is recommended to short on rallies in the short term [7] Ferrosilicon - The price of ferrosilicon oscillated weakly. Ironwater production slightly declined. Export demand remained at around 30,000 tons, with a marginal impact. The production of magnesium metal increased month - on - month, and the secondary demand remained stable at a high level, with overall demand being acceptable. The supply of ferrosilicon continued to decline, the market transaction level was average, and the on - balance - sheet inventory slightly decreased. Some ferrosilicon producers are in cash - flow losses and may adopt a trading model of taking delivery on the futures market and reselling to downstream, which is beneficial for ferrosilicon inventory reduction. Attention should be paid to the sustainability of inventory reduction [8]

1. Report Industry Investment Rating - The mid - term outlook for the black building materials industry is mainly "oscillating", with glass and soda ash having a "weak - oscillating" outlook [6][7][10][11][12][14]. 2. Core View of the Report - Overall, the black - building materials market is in a state of oscillation. Although the previous price decline has accumulated strong momentum, and there was a large - scale rebound after macro - positive and coking coal news, the approaching off - season in the domestic construction and manufacturing industries, combined with factors such as increased iron ore shipments and unimproved fundamentals of coking coal and coke, have led to the price returning to a weak state [6]. 3. Summary by Relevant Catalog Iron Element - Overseas mines are increasing shipments at the end of the fiscal year and quarter, with shipments expected to remain high until early July. Steel enterprises' profitability is stable, and hot metal production has slightly decreased but is expected to remain high in the short term. The supply - demand balance is tight, with limited short - term inventory accumulation pressure. There may be a slight increase in port inventory at the end of the month, but the overall supply - demand contradiction is not prominent. The short - term fundamentals are healthy, and the iron ore price is expected to oscillate [2][7]. Carbon Element - Some coal mines have slightly reduced production due to factors such as changing working faces, inventory pressure, and safety, but most coal mines are operating normally, and coking coal production remains relatively high. Mongolian coal transactions are limited, and port inventory is accumulating. On the demand side, coke production has started to decline, and coke enterprises' inventory pressure is increasing, with shrinking coking profits. During the price - cut period, coke enterprises' enthusiasm for replenishing raw material inventory has decreased, and the upstream inventory pressure of coking coal has increased. The supply contraction of coking coal is limited, and there is no driving force for a trend - like price increase [3]. Alloys - **Silicon Manganese**: The cost side is under pressure as manganese ore prices may decline. The supply in some regions has slightly increased, but due to cost inversion, manufacturers' willingness to sell is low. The demand is weak as the black market enters the off - season, and downstream buyers are pressing for lower prices. The supply - demand relationship is becoming looser, and the short - term disk is expected to oscillate [3][5][14]. - **Silicon Iron**: Supply has slightly increased, and the terminal steel - using industry is about to enter the off - season. Downstream enterprises have a strong willingness to reduce inventory, and the market sentiment is cautious. The cost may still have a negative impact. The short - term disk is expected to be under pressure and oscillate, and future steel procurement and production conditions should be monitored [5][14]. Glass - In the off - season, demand is declining, and the deep - processing demand is still weak compared to the same period last year, leading to a decline in spot prices. On the supply side, there are expectations of both cold - repair and ignition, and there are 6 production lines waiting to produce glass, so supply pressure remains. The upstream inventory has increased significantly, while the mid - stream inventory has decreased. There are rumors in the supply side, but the actual impact is limited. Coal prices are also expected to decline, and market sentiment fluctuates. The disk price is lower than the spot price, but the price cut of Hubei's spot glass has led the disk price to decline. The short - term view is weak - oscillating [5]. Soda Ash - The supply surplus pattern remains unchanged, and the resumption of maintenance has increased supply. In the short term, it is expected to oscillate weakly, and in the long term, the price center will continue to decline [5][12]. Other Products - **Steel**: The domestic policy is in a vacuum period after the Sino - US talks. The demand for the five major steel products has weakened this week, and the supply has not decreased significantly, but hot metal production may have peaked. The inventory is still decreasing, and the main factors suppressing the disk price are the decline in raw material prices and the pessimistic expectation of domestic demand. The short - term steel price is expected to oscillate [7]. - **Scrap Steel**: As the building materials off - season deepens, the apparent demand for rebar has decreased. The market is pessimistic about off - season demand, and the finished product disk price is under pressure. The supply of scrap steel has decreased this week, which supports the price. The demand has slightly increased overall, but the inventory in steel mills has decreased due to a significant drop in arrivals. The scrap steel price is expected to oscillate following the finished product price [7]. - **Coke**: After the third price cut, the terminal steel - using demand is in the off - season, and the market is pessimistic. There is an expectation of further price cuts. The supply has slightly decreased in some regions, but overall production is stable, and the inventory of coke enterprises is accumulating. The demand is weakening as hot metal production declines. The price is under downward pressure due to weak demand support and cost drag [7][9][10]. - **Coking Coal**: The market transaction price has continued to decline. Some coal mines have reduced production, but the overall supply is still abundant. The demand for coking coal is declining as coke production weakens. The upstream inventory pressure has increased during the price - cut period. The short - term price lacks the driving force for a trend - like increase and is expected to be weak [7][11].

大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2025-6-12） 每日观点 焦煤： 1、基本面：主产地部分煤矿有减产情况，整体供应略有收紧。市场下行预期之下，下游采购谨慎，补 库预期不佳，多数企业仍在观望。线上成交仍不理想，成交价格跌多涨少，但跌幅大多较前期有所缩窄； 偏空 2、基差：现货市场价940，基差156.5；现货升水期货；偏多 3、库存：钢厂库存798.8万吨，港口库存301.6万吨，独立焦企库存738万吨，总样本库存1838.4万吨， 较上周减少11.5万吨；偏多 6、预期：焦炭第三轮降价后焦企利润空间收窄，部分焦化企业小幅减产，市场情绪多偏悲观，对原料 煤采购相对谨慎，个别有控制到货情况，对焦煤价格有压价意向，预计短期焦煤价格或偏弱运行。 4、盘面：20日线向下，价 ...

Core Points - The company is holding its first temporary shareholders' meeting in 2025 to discuss the election of a new director following the resignation of Wang Wenjun [1] - The nomination of Zou Guiwu as a new director has been proposed by Shaanxi Provincial Material Industry Group Co., Ltd., a shareholder holding more than 5% of the company's shares [1] - Zou Guiwu meets the qualifications required by the Company Law, Shanghai Stock Exchange Listing Rules, and the company's articles of association [2] Group 1 - The resignation of the original director Wang Wenjun has prompted the need for a new director [1] - Zou Guiwu's nomination has been approved by the company's board of directors after a qualification review [1] - Zou Guiwu has a background in logistics and management, currently serving as the chairman of Shaanxi Provincial Material Industry Group Co., Ltd. [1]

Core Points - The central ecological environmental protection inspection has highlighted significant issues regarding water resource management in the Yellow River basin, particularly in the provinces of Shanxi, Shandong, and Shaanxi [1][3] Group 1: Illegal Water Extraction - There are numerous instances of illegal water extraction in Shaanxi, with 71 cases of unlicensed water extraction identified in Baoji City since 2024 [1] - In Shanxi, the Jing'an Water Supply Company has exceeded its permitted water extraction limits, leading to the drying up of river sections [1] - The Jinpeng Coking Company in Lüliang City has illegally extracted 95.2 million cubic meters of surface water from January 2023 to March 2025 [2] Group 2: Regulatory Violations - Local departments have been found to issue illegal approvals for water extraction, such as the issuance of a groundwater extraction permit to a company without proper authorization [3] - The construction of chemical projects in the management area of the Yellow River has been reported, violating the Yellow River Protection Law [3] Group 3: Misreporting of Water Conservation Efforts - Companies have been found to misreport their water conservation efforts, such as the Shanxi Zhongfen Liquor Investment Company, which has continued to extract groundwater despite reporting reductions [4] - In Dongying City, water conservation projects were falsely reported as new initiatives, inflating the reported water savings by 5.33 million cubic meters per year [4][5] - Baoji City has been accused of fabricating statistics regarding the utilization of recycled water, with actual usage being significantly lower than reported [5]

Group 1 - Shanxi Province has achieved a continuous annual reduction of PM2.5 average concentration by 1 microgram over the past four years, with a current average concentration of 36 micrograms per cubic meter in 2024 and a year-on-year decrease of 22.4% in the first four months of this year [1] - The province's ecological environment department emphasizes a focus on PM2.5 improvement, targeting key areas, sectors, cities, and time periods, while enhancing joint prevention and control measures [1] - Major industrial sectors such as coal power, steel, coking, and cement account for over 70% of the province's industrial emissions, with plans to accelerate ultra-low emission transformations in the cement and coking industries [1] Group 2 - Shanxi is actively promoting clean transportation initiatives, including the replacement of diesel vehicles below National IV standards and the adoption of new energy vehicles in key transport sectors [2] - The province aims to establish a closed-loop management system to enhance governance efficiency, utilizing advanced monitoring technologies to improve air quality [2]

证券代码：600792 证券简称：云煤能源 公告编号：2025-030 关于 2024 年度暨 2025 年第一季度业绩说明会 召开情况的公告 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法律责任。 云南煤业能源股份有限公司（以下简称公司）于 2025 年 6 月 5 日（星期四） http://roadshow.sseinfo.com/）以网络互动方式召开了 2024 年度暨 2025 年第 一季度业绩说明会。 露了《云南煤业能源股份有限公司关于召开 2024 年度暨 2025 年第一季度业绩说 明会的公告》 （具体内容详见临时公告：2025-029），现将本次业绩说明会的召开 情况公告如下： 一、业绩说明会的基本情况 长、总经理张国庆先生，董事会秘书、财务总监戚昆琼女士，独立董事杨勇先生 出席了本次业绩说明会，公司就 2024 年度及 2025 年第一季度经营成果、财务状 况等投资者关心的问题与投资者进行互动交流和沟通，在信息披露允许的范围内 就投资者普遍关注的问题进行回答。 云南煤业能源股份有限公司 回复：尊敬的投资者，您好!公 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - On June 3, the JM2509 contract closed at 719.0, down 3.03%. The spot price of Meng 5 raw coal was reported at 735. With a loose supply, stable mine production, and a continuous increase in clean coal inventory, the 4 - hour cycle K - line is below the 20 and 60 moving averages. It should be treated as a weak - oscillating operation [2]. - On June 3, the J2509 contract closed at 1299.0, down 1.10%. The second - round price cut has been implemented on the spot side. With Trump's tariff increase plan, the market sentiment is pessimistic. The loose supply of raw materials weakens cost support, and the molten iron output has declined from a high level. The average loss per ton of coke for 30 independent coking plants nationwide is 39 yuan/ton this period. The 4 - hour cycle K - line is below the 20 and 60 moving averages. It should be treated as a weak - oscillating operation [2]. 3. Summary by Related Catalogs 3.1 Futures Market - JM主力合约收盘价为719.00元/吨，环比下跌7.00元；J主力合约收盘价为1299.00元/吨，环比下跌9.00元 [2]. - JM期货合约持仓量为680451.00手，环比增加29469.00手；J期货合约持仓量为59323.00手，环比减少41.00手 [2]. - 焦煤前20名合约净持仓为 - 14148.00手，环比增加23893.00手；焦炭前20名合约净持仓为2338.00手，环比增加874.00手 [2]. - JM1 - 9月合约价差为16.50元/吨，环比下跌5.00元；J1 - 9月合约价差为23.50元/吨，环比持平 [2]. - 焦煤仓单为0.00张，环比持平；焦炭仓单为90.00张，环比持平 [2]. 3.2现货市场 - 干其毛都蒙5原煤价格为735.00元/吨，环比下跌5.00元；唐山准一级冶金焦价格为1520.00元/吨，环比持平 [2]. - 俄罗斯主焦煤远期现货（CFR）价格为117.50美元/湿吨，环比持平；唐山二级冶金焦价格为1525.00元/吨，环比持平 [2]. - 京唐港澳大利亚进口主焦煤价格为1200.00元/吨，环比下跌20.00元；天津港一级冶金焦价格为1440.00元/吨，环比持平 [2]. - 京唐港山西产主焦煤价格为1270.00元/吨，环比下跌30.00元；天津港准一级冶金焦价格为1340.00元/吨，环比持平 [2]. - 山西晋中灵石中硫主焦价格为1050.00元/吨，环比持平；内蒙古乌海产焦煤出厂价为1050.00元/吨，环比持平 [2]. - JM主力合约基差为331.00元/吨，环比增加7.00元；J主力合约基差为221.00元/吨，环比增加9.00元 [2]. 3.3上游情况 - 110家洗煤厂原煤库存为310.98万吨，环比减少5.50万吨；精煤库存为222.07万吨，环比增加7.33万吨 [2]. - 110家洗煤厂开工率为61.55%，环比下降0.81个百分点；原煤产量为38930.60万吨，环比减少5127.60万吨 [2]. - 煤及褐煤进口量为3783.00万吨，环比减少90.00万吨；523家炼焦煤矿山原煤日均产量为191.80万吨，环比减少1.80万吨 [2]. - 16个港口进口焦煤库存为553.76万吨，环比增加18.27万吨；焦炭18个港口库存为271.78万吨，环比减少4.90万吨 [2]. - 独立焦企全样本炼焦煤总库存为846.33万吨，环比减少19.40万吨；独立焦企全样本焦炭库存为111.38万吨，环比增加8.13万吨 [2]. - 全国247家钢厂炼焦煤库存为786.79万吨，环比减少11.96万吨；全国247家样本钢厂焦炭库存为654.93万吨，环比减少5.66万吨 [2]. - 独立焦企全样本炼焦煤可用天数为12.50天，环比减少0.20天；247家样本钢厂焦炭可用天数为11.71天，环比减少0.18天 [2]. - 炼焦煤进口量为889.34万吨，环比增加25.97万吨；焦炭及半焦炭出口量为55.00万吨，环比减少21.00万吨 [2]. - 炼焦煤产量为4161.47万吨，环比持平；独立焦企产能利用率为75.66%，环比下降0.21个百分点 [2]. - 独立焦化厂吨焦盈利情况为 - 39.00元/吨，环比减少24.00元；焦炭产量为4160.00万吨，环比增加30.60万吨 [2]. 3.4全国下游情况 - 247家钢厂高炉开工率为83.89%，环比增加0.22个百分点；247家钢厂高炉炼铁产能利用率为90.67%，环比下降0.63个百分点 [2]. - 粗钢产量为8601.90万吨，环比减少682.24万吨 [2]. 3.5行业消息 - 全国多地加强管控，严防战略矿产非法外流，如贵州按部署分工工作，湖南摸排战略矿产出口企业，广西查处非法采矿行为 [2]. - 欧盟正制定针对俄罗斯的第18轮制裁措施，涵盖“北溪”基础设施、俄罗斯银行业及下调原油价格上限等 [2]. - 美国贸易代表办公室延长对中国相关行为、政策及做法301调查的豁免期限至2025年8月31日 [2]. - 新疆伊尔克什坦口岸自本月起试行全时段货运通关 [2].