人民财讯9月3日电，据安徽纪检监察网，皖北煤电集团有限责任公司销售公司原经理吴卫民涉嫌严重违 纪违法，目前正接受皖北煤电集团纪委纪律审查；经安徽省监委指定管辖，接受淮南市监察委员会监察 调查。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark index within the next six months [22]. Core Insights - The company reported a revenue of 138.1 billion yuan for the first half of 2025, a year-on-year decrease of 18.3%, with a net profit attributable to shareholders of 24.64 billion yuan, down 12.0% year-on-year [2]. - The company plans to distribute a cash dividend of 0.98 yuan per share, totaling 19.47 billion yuan, which represents 79% of the net profit for the period [6]. - The company is undergoing a large-scale asset acquisition to enhance its integrated operational advantages, with total assets of the targets amounting to 258.4 billion yuan and expected revenue of 126 billion yuan [6]. Financial Performance Summary - In the coal business, revenue for the first half of 2025 was 103.9 billion yuan, down 22.8% year-on-year, with a gross profit of 32.5 billion yuan, a decrease of 14.8% [3]. - The average selling price of coal decreased to 493 yuan per ton, down 12.9% year-on-year, while the production cost per ton was reduced to 177.7 yuan, down 7.7% year-on-year [4]. - The electricity business generated revenue of 40.5 billion yuan in the first half of 2025, a decline of 10.3% year-on-year, with a gross profit of 6.5 billion yuan, down 7.9% [5]. Earnings Forecast - The forecasted net profit for the company for 2025-2027 is 51.1 billion yuan, 53.4 billion yuan, and 54.8 billion yuan respectively, with corresponding EPS of 2.57 yuan, 2.69 yuan, and 2.76 yuan per share [7].

阅兵进⼊倒计时，钢⼚以及煤焦端限产、减产均进⼀步加码，预计整 体板块供给端——煤炭、钢铁减量超预期，但这同样意味着阅兵结束 后的复产动⼒较⾜，叠加国庆前的下游补库逻辑，⽇内铁矿相对表现 偏强。夜盘时段板块延续阅兵结束后复产、进⽽板块再度正反馈的逻 辑，以铁矿为代表，板块震荡略有⾛强。重点关注阅兵结束后，复产 的兑现情况，板块仍有上⾏的可能。 投资咨询业务资格：证监许可【2012】669号 中信期货研究|⿊⾊建材策略⽇报 2025-09-03 阅兵之后板块仍有上⾏预期，关注宏观 及政策⾯扰动 ⿊⾊建材团队 研究员： 余典 从业资格号 F03122523 投资咨询号 Z0019832 阅兵进入倒计时，钢厂以及煤焦端限产、减产均进一步加码，预计整 体板块供给端——煤炭、钢铁减量超预期，但这同样意味着阅兵结束 后的复产动力较足，叠加国庆前的下游补库逻辑，日内铁矿相对表现 偏强。夜盘时段板块延续阅兵结束后复产、进而板块再度正反馈的逻 辑，以铁矿为代表，板块震荡略有走强。重点关注阅兵结束后，复产 的兑现情况，板块仍有上行的可能。 1、铁元素方面，海外矿山发运和45港到港量环比增加，增量符合预 期；需求端铁水产量微降，阅兵 ...

Core Viewpoint - The article emphasizes the ecological protection and high-quality development initiatives undertaken by Hequ County, Shanxi Province, focusing on the harmonious coexistence of humans and nature along the Yellow River [6][34]. Environmental Protection Initiatives - Hequ County adheres to the principle of "green water and green mountains are as valuable as mountains of gold and silver," prioritizing pollution control in enterprises, especially those related to coal and mining [6][20]. - Strict measures are implemented for coal mine management, including enforcing environmental responsibilities and prohibiting exploration and mining within a 1-kilometer range of the Yellow River [20][28]. - Industrial enterprises are categorized for management, with a focus on upgrading pollution control facilities and addressing illegal activities [7][20]. Transportation and Infrastructure Improvements - The county is shifting its transportation structure towards "rail over road" for coal transport, enhancing road dust pollution control and optimizing logistics [9][23]. - Illegal structures along major highways are being removed, and new facilities for vehicle maintenance and emergency services are being established [21][23]. Water Quality and Ecosystem Restoration - Comprehensive river management projects are underway to improve water quality and ecological conditions in the Yellow River and its tributaries [28][30]. - Continuous monitoring of water quality and the implementation of sewage treatment systems are prioritized to prevent pollution [28][30]. Economic Development and Industry Transformation - Hequ County is focusing on the safe and efficient development of the coal industry, promoting intelligent mining and green mining practices [11][33]. - The county is also enhancing its agricultural sector by developing organic farming and leveraging local agricultural brands to boost economic growth [11][33]. Tourism and Ecological Projects - Efforts are being made to develop tourism along the Yellow River, with projects aimed at enhancing natural experiences and promoting ecological tourism [33][34]. - The county is actively planning afforestation and ecological restoration projects to strengthen the green barrier along the Yellow River [30][34].

随着8月半年度财报披露期过去，煤炭行业上市公司中期经营数据全部出炉。据国家统计局公布的上半 年全国规上企业数据，煤炭开采和洗选业上半年利润总额1491.6亿元，同比减少52.9%。国盛证券在9月 1日发布的行业研报中，将A股26家样本公司利润总额与行业整体水平对比，其中中国神华 （601088）、陕西煤业（601225）、广汇能源（600256）等15家公司上半年表现优于行业整体水平。 2025年上半年，广汇能源煤炭板块产能集中释放成为业绩"压舱石"，实现原煤产量2686.94万吨，同比 增长175.11%；煤炭销售总量2764.44万吨，同比增长75.97%。上半年公司实现营业收入157.48亿元，归 母净利润8.53亿元。 同时，白石湖煤矿各采区均衡生产，保障煤炭稳定供应，加快更换大型化、自动化、智能化生产设备， 为后续产量增长奠定基础；马朗一号煤矿项目建设进展顺利，2025年上半年陆续取得水土保持、环评、 节能评估、取水许可等关键批复；东部矿区全力推进核心手续办理工作；4000万吨/年淖柳公路扩能改 造施工项目上半年持续施工，拟计划2025年9月底完成施工。 同时，国盛证券研报还指出，随着6月煤炭价格低 ...

险资系证券私募持股曝光 根据中国证券投资基金业协会官网信息，目前，已有6只险资系私募证券投资基金进入运作阶段，分别 为国丰兴华管理的鸿鹄志远基金系列一期、二期、三期1号、三期2号，泰康稳行一期基金和太保致远1 号。 随着上市公司半年报披露，长线资金——险资系证券私募的持仓路径逐渐清晰。记者梳理发现，中国石 油、中国神华、大秦铁路等能源、基建龙头上市公司被大手笔布局，险资系证券私募长期投资、价值投 资思路鲜明。 截至目前，险资系证券私募已达7家，试点金额合计2220亿元。近日，平安资管旗下恒毅持盈（深圳） 私募基金管理有限公司完成登记，首期基金规模达300亿元，意味着又一家险资系证券私募亮相。 又有险资系证券私募完成登记 保险资金长期投资改革首批试点于2023年10月获批。彼时中国人寿和新华保险作为首批试点机构，各出 资250亿元，设立规模500亿元的公司制基金。今年1月，中央金融办等六部门联合印发《关于推动中长 期资金入市工作的实施方案》，提出抓紧推动第二批保险资金长期股票投资试点落地，后续逐步扩大参 与机构范围与资金规模。随后人保寿险及人保资产获准以契约制基金方式参与第二批试点。 近日，又一家险资系证券私募 ...

最新 日变化 周变化 月变化 年变化 最新 日变化 周变化 月变化 年变化 秦皇岛5500 694.0 -1.0 -8.0 32.0 -146.0 25省终端可用天数 21.0 -0.7 1.1 0.1 3.4 秦皇岛5000 613.0 -2.0 -16.0 15.0 -127.0 25省终端供煤 584.5 -10.3 -24.1 -55.6 -38.4 广州港5500 760.0 0.0 -5.0 20.0 -140.0 北方港库存 1996.0 -3.0 -41.0 -213.0 -145.0 鄂尔多斯5500 465.0 -5.0 -10.0 20.0 -145.0 北方锚地船舶 63.0 -3.0 -15.0 -9.0 -5.0 大同5500 520.0 -5.0 -10.0 0.0 -170.0 北方港调入量 181.5 9.5 21.3 39.0 29.5 榆林6000 602.0 0.0 0.0 10.0 -174.0 北方港吞吐量 175.6 -1.4 29.7 38.4 17.5 榆林6200 630.0 0.0 0.0 10.0 -172.0 CBCFI海运指数 624.0 -25.3 ...

Wind数据显示，二季度末，国丰兴华鸿鹄志远二期私募证券投资基金首次现身2家上市公司前十大股东 之列。其中，该基金新进成为中国石油A股第6大流通股东，持股超2.17亿股，按照二季度末股价计算， 持仓市值约18.57亿元。另外，该基金新进成为中国神华A股第9大流通股东，持股超5200万股，按照二 季度末股价计算，持仓市值约21.16亿元。 中国石化8月26日晚披露的《关于回购股份事项前十大股东和前十大无限售条件股东持股情况的公告》 显示，截至8月21日，国丰兴华鸿鹄志远三期私募证券投资基金1号位列公司第8大股东，持股3.05亿 股，对应市值超过17亿元。大秦铁路9月2日晚披露的相关回购公告显示，截至8月28日，鸿鹄志远三期1 号新进成为公司第4大股东，持股2.98亿股，对应市值超19亿元。 此外，鸿鹄志远（上海）私募投资基金有限公司（即鸿鹄志远基金一期）二季度末继续出现在伊利股 份、陕西煤业和中国电信的股东之列，持股数量较上一季度保持不变。 截至二季度末，泰康稳行一期基金和太保致远1号的持股暂未曝光。 随着上市公司半年报披露，长线资金——险资系证券私募的持仓路径逐渐清晰。记者梳理发现，中国石 油、中国神华、大秦 ...

近期，随着上市公司半年报披露，上述部分基金的持股情况逐渐浮出水面。 数据显示，二季度末，国丰兴华鸿鹄志远二期私募证券投资基金首次现身2家上市公司前十大股东之 列。其中，该基金新进成为中国石油A股第6大流通股东，持股超2.17亿股，按照二季度末股价计算，持 仓市值约18.57亿元。另外，该基金新进成为中国神华A股第9大流通股东，持股超5200万股，按照二季 度末股价计算，持仓市值约21.16亿元。 中国石化（600028）8月26日晚披露的《关于回购股份事项前十大股东和前十大无限售条件股东持股情 况的公告》显示，截至8月21日，国丰兴华鸿鹄志远三期私募证券投资基金1号位列公司第8大股东，持 股3.05亿股，对应市值超过17亿元。大秦铁路9月2日晚披露的相关回购公告显示，截至8月28日，鸿鹄 志远三期1号新进成为公司第4大股东，持股2.98亿股，对应市值超19亿元。 此外，鸿鹄志远（上海）私募投资基金有限公司（即鸿鹄志远基金一期）二季度末继续出现在伊利股份 （600887）、陕西煤业（601225）和中国电信（601728）的股东之列，持股数量较上一季度保持不变。 随着上市公司半年报披露，长线资金——险资系证券私 ...

Report Information - Report Type: Steel Daily Review [1] - Date: September 3, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] 1. Market Review and Future Outlook 1.1 Spot Market Dynamics and Technical Analysis - On September 2, some rebar and hot-rolled coil spot markets saw price drops. Rebar prices in Changsha dropped by 30 yuan/ton, and in other cities by 10 - 20 yuan/ton. Hot-rolled coil prices in some cities dropped by 10 - 20 yuan/ton, while in Shenyang, it rose by 10 yuan/ton [8]. - The daily KDJ indicators of rebar 2601 contract showed a split trend, with the J value rebounding, the K value nearly flat, and the D value continuing to decline. The daily KDJ indicators of hot-rolled coil 2601 contract continued to decline after a dead cross the previous day. The daily MACD green bars of both contracts have been expanding [8]. 1.2 Future Outlook - News: Recently, some northern steel mills started the first round of coke purchase price cuts, and iron ore spot prices also showed a weakening trend [9]. - Fundamentals: The production and demand of the five major steel products continued to rise slightly, while the steel mill inventory continued to decline slightly, but the social inventory reached a new high since early May. The blast furnace capacity utilization rate and daily hot metal output decreased slightly but remained at a high level. Since early August, steel mill profits have generally declined by 140 - 200 yuan/ton, which has a suppressing effect on raw material prices. Steel mill iron ore inventories have declined for two consecutive weeks, and the purchasing sentiment has turned flat. After the eighth round of coke spot price increase, there are rumors that Hebei steel mills plan to conduct the first round of coke price cuts on September 5. Mongolia will increase coal exports to China, causing coke and coking coal futures to turn weak again [10]. - Overall: Recently, the production restrictions in Beijing-Tianjin-Hebei, Shandong, and Henan were not as effective as previously shown in the market. Constrained by the under - expected demand in the steel spot market and the significant narrowing of steel mill profits, the steel market in the early part of September will face pressure from weak demand and the loss of cost support. However, this situation is unlikely to continue after mid - September. There is hope for a long - term slow - bull market in the steel market from mid - September to November, similar to the domestic stock index slow - bull trend from April to August [11]. 2. Industry News - The Shanghai Cooperation Organization member states issued a statement on energy sustainable development on September 1, calling for deeper cooperation in the energy field [12]. - On September 2, the China Federation of Logistics and Purchasing released the logistics industry prosperity index for August, which expanded significantly. The business volume index and new order index continued to expand [12]. - Tianfeng Securities gave a "Buy" rating to China Shenhua, citing its integrated operation model, stable coal and power businesses, and high - return profit distribution plan [12]. - Five major traditional power generation companies achieved a total net profit of 24.267 billion yuan in the first half of 2025, a new high since 2016 [13]. - According to CITIC Securities, the total net profit of sample coal companies decreased by about 32% year - on - year and 15% quarter - on - quarter in the first half of the year. However, the industry's supply - demand pattern may improve in the second half, and the coal price center may rise [13]. - The 62 - day railway summer transportation ended on August 31, with passenger and freight volumes reaching record highs [13]. - In July 2025, the total import and export volume of automobile products was 24.98 billion US dollars, with exports showing significant growth [13]. - Fenix Resources signed a mining rights agreement with Sinosteel Midwest Corporation [13]. - India's power generation increased by 4% in August, and the proportion of coal - fired power generation rose [13]. - Russia's Yakutia region plans to increase coal production to over 50 million tons in 2025 [13]. - In July 2025, global pig iron production decreased by 0.2% month - on - month and 4.4% year - on - year [13]. - The EU is taking measures to ensure that Russian gas will not be mixed into its supply system after the 2027 ban [14]. 3. Data Overview - The report provides multiple data charts including spot prices, social inventories, production, and capacity utilization rates of steel products, with data sources from Mysteel and the research and development department of Jianxin Futures [16][18][25]