Core Viewpoint - Liaoning Energy (600758.SH) is expected to report a significant net loss for the fiscal year 2025, primarily due to adverse market conditions affecting its main business operations [1] Financial Performance - The company anticipates a net profit attributable to shareholders of approximately -409.5 million to -273 million yuan for 2025, indicating a year-on-year loss [1] - The expected net profit, excluding non-recurring gains and losses, is projected to be around -388.5 million to -259 million yuan [1] Market Impact - The primary reason for the anticipated loss is the substantial decline in the average selling price of metallurgical coal, which has significantly reduced the revenue from coal products [1] - The coal market's downturn has led to a considerable year-on-year decrease in the company's overall performance [1]

南财智讯1月29日电，恒源煤电发布业绩预亏公告，公司预计2025年度实现归属于上市公司股东的净利 润约为-19000万元到-26000万元，与上年同期相比将出现亏损。业绩预亏的主要原因：主营业务方面： 主要受煤炭价格下降影响，煤炭价格同比下降191.6元/吨，降幅22.03%；公司子公司淮北新源热电有限 公司，原为资源综合利用电厂，因国家环保政策要求关闭，计提减值5800万元。 ...

新大洲控股公告称，2025年1月1日至12月31日，预计归属于上市公司股东的净利润为-1.5亿元至-1亿 元，上年同期为-1.11亿元；扣除非经常性损益后的净利润为-1.4亿元至-0.95亿元，上年同期为-0.91亿 元。业绩变动主因是煤炭市场价格下行，子公司收入和净利润同比减少，且境外子公司因汇率变动，财 务费用汇兑损失同比增加。具体数据以2025年年度报告为准。 ...

Core Viewpoint - Liaoning Energy (600758.SH) is expected to report a significant net loss for the fiscal year 2025, primarily due to adverse conditions in the coal market affecting its main business operations [1] Financial Performance - The company anticipates a net profit attributable to shareholders of approximately -409.5 million to -273 million yuan for 2025, indicating a year-on-year loss [1] - The expected net profit, excluding non-recurring gains and losses, is projected to be around -388.5 million to -259 million yuan [1] Market Impact - The decline in average selling prices of metallurgical coal, a key product, has led to a substantial decrease in revenue from commodity coal, significantly impacting the company's overall performance [1]

Group 1 - The core announcement is regarding the interim dividend distribution by Xinji Energy for the year 2025, with a payout of 0.05 yuan per share (including tax) [1] - The record date for the dividend distribution is set for February 5 [1]

Core Viewpoint - The company, Panjiang Coal and Electricity (600395.SH), expects a significant increase in net profit for the fiscal year 2025, projecting a rise of 205.30% to 264.83% compared to the previous year [1] Financial Projections - The estimated net profit attributable to the parent company for 2025 is projected to be between 31,800 million and 38,000 million [1] - The estimated net profit after deducting non-recurring gains and losses is expected to be between 25,800 million and 32,000 million, indicating a turnaround from loss to profit compared to the previous year [1] Strategic Initiatives - The company is implementing a strategy of "integration of coal and electricity, and the fusion of coal power with new energy," focusing on enhancing safety, increasing production and revenue, and reducing costs [1] - During the reporting period, the company saw an increase in both coal production and electricity generation, while costs and expenses decreased year-on-year [1] - The coal mining subsidiary is optimizing its mining operations, enhancing coal washing and processing, and improving the quality of commercial coal, leading to better operational performance and reduced losses compared to the previous year [1]

| 指标项目 | 2025 年 | 2024 年 | 增减幅 | 2025 年度 | 2024 年度 | 增减幅 | | --- | --- | --- | --- | --- | --- | --- | | | 第四季度 | 第四季度 | 度（%） | 累计 | 累计 | 度（%） | | （一）煤炭业务 | | | | | | | | 商品煤产量（万吨） | 256.93 | 253.29 | 1.44 | 1,008.79 | 944.73 | 6.78 | | 商品煤销量（万吨） | 259.04 | 248.71 | 4.15 | 1,010.71 | 944.72 | 6.99 | | 其中：自用量（万吨） | 48.26 | 56.65 | -14.81 | 215.18 | 160.53 | 34.04 | | 对外销量（万吨） | 210.78 | 192.06 | 9.75 | 795.53 | 784.19 | 1.45 | | 商品煤对外销售收入（万元） | 160,957.78 | 142,522.93 | 12.93 | 547,244.83 | 633,470.71 | -13. ...

证券研究报告 | 2026年01月29日 策略专题研究 哪些领域"反内卷"更值得期待？——2026 年牛市展望系列 3 核心结论：①本次反内卷较 16 年供改背景更复杂，需求端内弱外强，供给 端受制造实力与地方非经济决策驱动。②26 年反内卷仍是经济工作重点，参 考 25 年及 16 年行情经验，反内卷行情或仍有可观上行空间。③政策干预角 度看，关注企业配合度高、地方、落地动力强的行业（如钢铁、油服工程、 水泥等）。④从行业自身周期看，关注供需两旺的景气行业（贵金属、化学 原料等），以及供需格局优化领域（养殖业、能源金属等）。 本轮反内卷背景更复杂，行情节奏相对波折。相较于供改，本轮反内卷再供 需背景上更复杂：需求端看，不同于供给侧结构性改革时期，棚改货币化等 强政策刺激快速拉动总需求，本次内需不足的特征更为突出，但外需支撑或 相对有韧性；供给端看，本次供给扩张与我国制造业实力提升有关，地方政 府"非经济"决策进一步加剧产能过剩。在此背景下，从行业结构看，本轮 呈"涉及面广、新兴行业多、民营企业多"的特点。对应行情节奏看，反内 卷行情相对波折，25 年以来"反内卷"行情呈现"预期发酵-分化降温-二次 升温-震 ...

辽宁能源1月29日公告，预计2025年度归属母公司净利润亏损2.73亿元到4.095亿元，上年同期盈利2.02 亿元。本期业绩预亏主要是受主营业务影响。本次业绩预告期间,受煤炭市场影响，公司主要煤炭产品 冶金煤平均售价同比大幅下降，影响商品煤收入同比大幅减少，致公司业绩同比大幅下滑。 ...

辽宁能源公告称，预计2025年度归属于上市公司股东的净利润为-4.10亿元到-2.73亿元，上年同期为盈 利2.02亿元；扣非净利润为-3.89亿元到-2.59亿元，上年同期为2.50亿元。业绩预亏主要受主营业务影 响，预告期内煤炭市场影响下，公司冶金煤平均售价同比大幅下降，商品煤收入减少，致业绩同比大幅 下滑。 ...