每周 一 景：湖南衡阳衡山 点击右上角菜单，收听朗读版 【 煤炭 】 板块利空出尽，龙头再次展现领跑能力 我们认为 2025H1 中报龙头业绩整体超预期，判断 2025H1 为未来 3-5 年的底点。 回顾 2025H1 ，煤炭行业 1 ）需求端， 2025H1 火电发电量占比 64.8% ，仍未最主要的发电来源。 2025H1 全社会用电量 4.8 万亿千瓦时（同比 +3.7% ）。 2025H1 全年发电量 4.5 万亿千瓦时（同比 +2.3% ）。 2025H1 火电发电量 2.94 万亿 kwh ，同比 -2.4% 。 2025Q2 全社会用电量增速逐渐回升，火电增速回正。 2025Q2 全社会用电量 2.46 万亿 kwh ，同 比增长 6% 。 2 ）供给端，受低基数影响， 2025H1 原煤产量 24 亿吨，同比 +5.4% ，但环比 24H2 下降 8000 万吨，已经显现行业自发减产行为。 3 ）煤价方面， 2025H1 黄骅港动力煤 (Q5500) 均价为 685.9 元 / 吨，同比变化 -22.4% ，其中 Q1 黄骅港动力煤 (Q5500) 均价为 730.7 元 / 吨，同比 变化 ...

影响行业业绩最重要的依然是价格，板块整体成本管控见成效。 2025H1 ， A 股 13 家 A 股上市公司自产煤销售收入均价为 520 元 / 吨，同比 2024 年下 降 22.8% ，价格下行仍是导致行业业绩下滑的最核心因素。同时，受益各个煤企加大成本管控力度， 2025H1 吨煤成本 345 元 / 吨，同比 2024 年 -19.6% ， 2025H1 吨煤毛利 175 元 / 吨，同比 2024 年 -28.6% 。 2025Q2 煤价继续下滑，但由于上市煤企加大成本管控，吨毛利下滑幅度大幅收 窄，且明显好于煤价下行幅度。 报告导读： 受煤价下行影响，行业盈利能力持续下行， 2025Q2 来到板块压力最大时 刻，但红利龙头业绩均超预期，下行风险探明。 我们认为 2025H1 中报龙头业绩整体超预期，判断 2025H1 为未来 3-5 年的底点。 回顾 2025H1 ，煤炭行业 1 ）需求端， 2025H1 火电发电量占比 64.8% ，仍未最主要的发电来源。 2025H1 全社会用电量 4.8 万亿千瓦时（同比 +3.7% ）。 2025H1 全年发电量 4.5 万亿千瓦时（同比 +2.3% ）。 ...

按最新收盘价计算，A股均价为13.00元，不足2元的个股共有34只，股价最低的是*ST高鸿，最新收盘 价为0.84元。 （文章来源：证券时报网） 市场表现方面，上述低价股中，今日上涨的有8只，涨幅居前的有*ST京蓝、*ST金科、雅博股份，分别 上涨3.35%、3.03%、2.15%。下跌的有17只，跌幅居前的有*ST高鸿、*ST苏吴、ST岭南，跌幅分别为 4.55%、1.89%、1.74%。（数据宝） 低价股排名 | 代码 | 简称 | 最新收盘价（元） | 日涨跌幅（%） | 日换手率（%） | 市净率（倍） | 行业 | | --- | --- | --- | --- | --- | --- | --- | | 000851 | *ST高鸿 | 0.84 | -4.55 | 0.42 | 2.19 | 通信 | | 600200 | *ST苏吴 | 1.04 | -1.89 | 4.83 | 0.42 | 医药生物 | | 000656 | *ST金科 | 1.36 | 3.03 | 3.93 | | 房地产 | | 600157 | 永泰能源 | 1.42 | -1.39 | 2.70 | 0.66 | ...

Core Viewpoint - The company, Hengyuan Coal Power, indicated a stabilization and slight recovery in coal prices, expecting minor fluctuations in the future [1] Group 1: Company Performance - During the 2025 semi-annual performance briefing, the company expressed optimism about coal prices showing signs of stabilization [1] - The company plans to actively organize production in the second half of the year to increase sales volume [1]

Core Viewpoint - The coal industry is experiencing a significant decline in performance for the first half of 2025, with most listed companies reporting decreased revenues and profits compared to previous years [1][2]. Company Performance - Among 25 coal companies, 23 reported a year-on-year decline in revenue, and all 25 experienced negative growth in net profit attributable to shareholders [1]. - The total net profit of these companies for the first half of 2025 was 554.72 billion yuan, down nearly 250 billion yuan from 808.11 billion yuan in the same period last year, and down almost 500 billion yuan from 1,057.54 billion yuan in 2023 [1]. - Major companies like China Shenhua, China Coal Energy, Shaanxi Coal and Yanzhou Coal Mining collectively saw profits drop by over 10 billion yuan compared to 2024 [1]. - China Shenhua's net profit decreased by 12.03%, while China Coal Energy, Shaanxi Coal, and Yanzhou Coal reported declines of 21.28%, 31.18%, and 38.53% respectively [1][2]. Market Conditions - The overall coal price has been on a downward trend, with average prices for thermal coal dropping by over 20% in major markets, significantly impacting the revenues of coal companies [1][4]. - Nationally, the raw coal output increased by 5.4% year-on-year, while coal imports fell by 11.1%, indicating a relaxed supply-demand relationship in the domestic market [4]. - Weak downstream demand has led to a decline in coal prices, with thermal coal spot prices experiencing significant drops and even instances of price inversion between long-term contracts and spot prices [4]. Profitability and Future Outlook - The number of coal companies reporting profits over 1 billion yuan has decreased from 15 to 8, with some companies like Pingmei Shenma and Yongtai Energy seeing profit declines exceeding 80% [5]. - The number of loss-making companies increased from 1 to 5, with Anyuan Coal Industry reporting the largest loss of 290 million yuan [5]. - Despite challenges, some analysts remain optimistic about future coal prices, anticipating potential increases due to seasonal demand and supply adjustments [5]. - However, caution is advised as demand may weaken after high temperatures, and the market lacks strong supportive factors, leading to expectations of continued price fluctuations [5].

Core Viewpoint - The company has successfully navigated challenges during the pandemic, achieving record coal production and maintaining profitability across various sectors, thanks to strategic adjustments and innovative management practices [1][2][3] Group 1: Production and Financial Performance - In the first seven months, the company achieved a coal production and sales volume of 174 million tons, setting a historical record [1] - The company reported positive revenue growth despite the pandemic's impact, with all sectors, including coal, coal chemical, electricity, equipment, and mining construction, remaining profitable [1] - The company’s profit dropped from 1.5 billion yuan to approximately 300 million yuan in February due to the pandemic, but it has since recovered [1] Group 2: Strategic Adjustments and Innovations - The company has focused on restructuring its industrial chain, emphasizing coal-electricity integration and the entire coal industry chain, which has enhanced its resilience against market fluctuations [1] - Digital and information technology innovations have been implemented to improve production efficiency and reduce face-to-face interactions during the pandemic [1][2] - The company has maintained profitability in its coal chemical projects despite industry-wide losses, thanks to refined management practices [2] Group 3: Cost Management and Efficiency - The company has achieved a cumulative cost reduction and efficiency increase of 1.55 billion yuan through technological innovations and energy-saving measures [3] - The production costs for raw coal and polyolefins have remained below budget, mitigating the impact of falling product prices [3] - The company has successfully repurposed waste materials, saving production costs and promoting sustainability [2] Group 4: Future Outlook and Goals - The company aims to continue its transformation and upgrade its operations, focusing on safety, efficiency, green practices, and intelligence to drive high-quality development in the coal industry [3] - Recent achievements include being ranked in the World Fortune 500 for the first time and receiving an A-level performance assessment after eight years [3]

山西焦煤公告，所属山西汾西矿业集团水峪煤业有限责任公司于2025年8月28日发生一起安全生产事 故，造成一人遇难。目前水峪煤业已停产，相关政府部门正在事故调查中。水峪煤业年核定产能400万 吨，占发行人核定总产能的8.18%。本次停产对发行人经营数据的具体影响以经审计的财务报告为准。 ...

华福证券 动力煤 2025 年 09 月 04 日 公 司 研 究 公 司 财 报 点 晋控煤业（601001.SH） 25Q2 吨煤毛利环比改善，潘家窑产能注入推进 投资要点： 公司披露 2025H1 业绩： 2025H1 公司实现营收 59.7 亿元，同比-19.2%；归母净利润 8.8 亿 元，同比-39.0%。其中，25Q2 实现营收 35.4 亿元，同环比-4.8%/+46.1%； 归母净利润 3.6 亿元，同环比-44.5%/-29.0%。 25Q2 产销量提升，吨煤毛利环比改善 评 2025H1 煤炭营收 56.1 亿元，同比-21.7%；营业成本 34.7 亿元， 同比-10.7%；毛利润 21.4 亿元，同比-34.7%。其中，25Q2 营收 33.7 亿元，同环比-6.8%/+50.1%；营业成本 19.8 亿元，环比+33.2%；毛利 润 13.8 亿元，环比+83.5%。 25H1 公司原煤产量 1722 万吨，同比+1.7%；商品煤销量 1329 万吨，同比-8.0%；吨煤售价 422 元/吨，同比-14.8%；吨煤成本 261 元/吨，同比-2.9%；吨煤毛利 161 元/吨，同比 ...

授权，不得随意转载、复制、传播本网站中所有研究分析报告、行情分析视频等全部或部分材料、内容。对可能因互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息 中断、延迟、遗漏、误导或造成资料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担任何责任。 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 690.0 -3.0 -11.0 17.0 -150.0 25省终端可用天数 21.1 0.1 1.2 0.2 3.5 秦皇岛5000 608.0 -3.0 -15.0 -3.0 -137.0 25省终端供煤 583.0 -1.5 -25.6 -57.1 -39.9 广州港5500 760.0 0.0 -5.0 10.0 -140.0 北方港库存 2004.0 2.0 -23.0 -209.0 -115.4 鄂尔多斯5500 465.0 0.0 -5.0 20.0 -145.0 北方锚地船舶 62.0 -1.0 -22.0 -2.0 -13.0 大同5500 520.0 0.0 -5.0 0.0 -170.0 北方港调入量 165.7 -15.8 ...

Market Performance - The National Securities Large Cap Value Index decreased by 0.70% as of September 4, 2025, with mixed performance among constituent stocks [2] - The Hang Seng High Dividend Yield Index fell by 1.08%, showing a similar trend of mixed stock performance [7] - The CSI Dividend Low Volatility 100 Index declined by 0.21%, reflecting a downward trend in the market [5] ETF Performance - The Large Cap Value ETF (159391) dropped by 0.45%, with a recent price of 1.1 yuan, but has seen a 4.25% increase over the past three months [2] - The Dividend Low Volatility 100 ETF (159307) decreased by 0.37%, currently priced at 1.08 yuan, with a 3.92% increase over the last three months [5] - The Hong Kong Dividend ETF (513690) fell by 0.84%, priced at 1.07 yuan, but has increased by 1.23% over the past month [7] Trading Volume and Liquidity - The Large Cap Value ETF had a turnover of 0.06% with a transaction volume of 290,100 yuan, averaging 4.4 million yuan daily over the past year [2] - The Dividend Low Volatility 100 ETF recorded a turnover of 1.27% with a transaction volume of 16.02 million yuan, averaging 22.9 million yuan daily over the past week [5] - The Hong Kong Dividend ETF had a turnover of 2.1% with a transaction volume of 102 million yuan, averaging 218 million yuan daily over the past month [7] Market Sentiment and Analysis - The recent market decline is attributed to investors' profit-taking ahead of the "93 Military Parade," reflecting a consensus expectation of market performance [8] - The core logic driving the market's previous rise is not solely linked to the parade, suggesting that the current adjustment is a healthy trading behavior [8] - Future focus should be on low-valued sectors with potential for rebound, particularly those with policy support or improving fundamentals [8] Sector Insights - The Large Cap Value ETF tracks the National Securities Large Cap Value Index, which includes major financial sector stocks with high dividend yields [9] - The Dividend Low Volatility 100 ETF focuses on companies with high dividend yields and low volatility, with the banking sector being the largest contributor [9] - The Hong Kong Dividend ETF tracks high dividend stocks available through the Hong Kong Stock Connect, with real estate and banking being significant sectors [11]