8月14日，中煤能源股票收盘大跌2.25%，天眼查工商信息显示，中国中煤能源股份有限公司成立于2006年，位于北京市，是一家以从事煤炭开采和洗选业 为主的企业。企业注册资本1325866.34万人民币，法定代表人为王树东。 简历显示，柳军先生:中国国籍。监事,复旦大学财务管理硕士,2000-2001年任上海汽车集团财务有限公司财务,2001-2004年任华安基金管理有限公司高级基金 核算员,2004年7月加入华泰柏瑞基金管理有限公司,历任基金事务部总监、上证红利ETF基金经理助理。2009年6月起任上证红利交易型开放式指数证券投资 基金的基金经理。2010年10月起担任指数投资部副总监。2011年1月至2020年2月任华泰柏瑞上证中小盘ETF基金、华泰柏瑞上证中小盘ETF联接基金基金经 理。2012年5月起任华泰柏瑞沪深300交易型开放式指数证券投资基金、华泰柏瑞沪深300交易型开放式指数证券投资基金联接基金的基金经理。2015年2月起 任指数投资部总监。2015年5月至2025年1月任华泰柏瑞中证500交易型开放式指数证券投资基金及华泰柏瑞中证500交易型开放式指数证券投资基金联接基金 的基金经理。2018 ...

数据来源：国家统计局 数据来源：国家统计局 相关报告：智研咨询发布的《2025-2031年中国煤炭开采行业供需态势分析及市场运行潜力报告》 2025年第二季度，全国煤炭开采和洗选业单季度产能利用率为69.3%，单季度比上年同期下降3.5个百分 点；2025年上半年，全国煤炭开采和洗选业累计产能利用率为70.6%，累计比上年同期下降1.6个百分 点。 ...

上市公司：甘肃能化（000552），新大洲Ａ（000571），冀中能源（000937），山西焦煤（000983）， 电投能源（002128），郑州煤电（600121），兖矿能源（600188），华阳股份（600348），盘江股份 （600395），安源煤业（600397），开滦股份（600997），晋控煤业（601001），昊华能源 （601101），陕西煤业（601225） 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 数据来源：国家统计局，智研咨询整理 相关报告：智研咨询发布的《2025-2031年中国煤炭开采行业供需态势分析及市场运行潜力报告》 2025年上半年，煤炭开采和洗选业企业数（以下数据涉及的企业，均为规模以上工业企业，从2011年 起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为 5173个，和上年同期相比，增加了96个，同比增长1.89% ...

天眼查商业履历信息显示，晋能控股山西煤业股份有限公司，成立于2001年，位于大同市，是一家以从 事煤炭开采和洗选业为主的企业。企业注册资本167370万人民币，实缴资本167370万人民币。公司法定 代表人为李建光。 通过天眼查大数据分析，晋能控股山西煤业股份有限公司共对外投资了11家企业，参与招投标项目2420 次，专利信息1条，此外企业还拥有行政许可8个。 来源：金融界 金融界消息 截至2025年8月12日收盘，晋控煤业（601001）报收于14.5元，上涨2.84%，换手率1.76%， 成交量29.44万手，成交金额4.23亿元。 资金流向方面，今日主力资金净流出2576.63万元，占比成交额6.09%。其中，超大单净流出4819.91万 元、占成交额11.4%，大单净流入2243.27万元、占成交额5.3%，中单净流出流入3522.36万元、占成交 额8.33%，小单净流出945.73万元、占成交额2.24%。 晋控煤业最新一期业绩显示，截至2025一季报，公司营业总收入24.24亿元、同比减少33.73%，归属净 利润5.12亿元，同比减少34.35%，扣非净利润5.08亿元，同比减少35.26%， ...

天眼查商业履历信息显示，淮北矿业控股股份有限公司，成立于1999年，位于淮北市，是一家以从事煤 炭开采和洗选业为主的企业。企业注册资本269325.8709万人民币，实缴资本7070.88万人民币。公司法 定代表人为孙方。 通过天眼查大数据分析，淮北矿业控股股份有限公司共对外投资了8家企业，参与招投标项目61次，专 利信息15条，此外企业还拥有行政许可26个。 来源：金融界 金融界消息 截至2025年8月12日收盘，淮北矿业（600985）报收于13.24元，上涨2.8%，换手率1.18%， 成交量31.81万手，成交金额4.21亿元。 资金流向方面，今日主力资金净流出1064.20万元，占比成交额2.53%。其中，超大单净流入817.53万 元、占成交额1.94%，大单净流出1881.74万元、占成交额4.47%，中单净流出流出2767.98万元、占成交 额6.58%，小单净流入3832.18万元、占成交额9.11%。 淮北矿业最新一期业绩显示，截至2025一季报，公司营业总收入105.99亿元、同比减少38.95%，归属净 利润6.92亿元，同比减少56.50%，扣非净利润6.74亿元，同比减少56.96 ...

金融界消息 截至2025年8月12日收盘，神火股份（000933）报收于18.92元，上涨0.58%，换手率 0.75%，成交量16.84万手，成交金额3.19亿元。 资金流向方面，今日主力资金净流入1041.19万元，占比成交额3.26%。其中，超大单净流入1718.18万 元、占成交额5.39%，大单净流出676.98万元、占成交额2.12%，中单净流出流出2701.40万元、占成交 额8.47%，小单净流入1660.21万元、占成交额5.2%。 神火股份最新一期业绩显示，截至2025一季报，公司营业总收入96.32亿元、同比增长17.13%，归属净 利润7.08亿元，同比减少35.05%，扣非净利润7.15亿元，同比减少29.43%，流动比率0.641、速动比率 0.455、资产负债率49.45%。 天眼查商业履历信息显示，河南神火煤电股份有限公司，成立于1998年，位于商丘市，是一家以从事煤 炭开采和洗选业为主的企业。企业注册资本224970.8409万人民币，实缴资本15868万人民币。公司法定 代表人为李宏伟。 通过天眼查大数据分析，河南神火煤电股份有限公司共对外投资了34家企业，参与招投标项目2 ...

Company Overview - Heilongjiang Zhongshi Hairong Trading Co., Ltd. has been established with a registered capital of 20 million RMB [1] - The legal representative is Xu Yixin, and the company is wholly owned by Heilongjiang Zhongshi Supply Chain Management Co., Ltd. [1] Business Scope - The company's business activities include the sale of coal and its products, coking, sale of metal ores, sale of machinery and equipment, sale of chemical products (excluding licensed chemical products), sale of building materials, sale of metal materials, general cargo warehousing services (excluding hazardous chemicals requiring approval), information consulting services (excluding licensed information consulting services), enterprise management consulting, enterprise management, import and export of goods, and conference and exhibition services [1] Company Type and Registration - Heilongjiang Zhongshi Hairong Trading Co., Ltd. is classified as a limited liability company (wholly owned by a legal entity) [1] - The company is registered in Harbin, Heilongjiang Province, with a business duration until August 11, 2025, and no fixed term thereafter [1]

Core Insights - The resilience of Chinese enterprises continues in Q2 2025 despite external pressures from increased tariffs and a cautious domestic economic environment [1][2][3] Group 1: Current Business Conditions - The business condition diffusion index for Q2 2025 is 64, a slight decrease from 66 in the previous quarter, indicating overall resilience in enterprise operations [3][4] - Enterprises show stability with limited fluctuations, maintaining a high level of operational performance despite a slight decline compared to the same period last year (65) [5] - Key industries supporting this stability include coal mining, black metal mining, and water supply, with resource-based industries showing robust performance due to stable demand and pricing [5] - Regional disparities are evident, with provinces like Sichuan, Jilin, and Hunan showing notable resilience, attributed to stable energy and resource sectors as well as infrastructure investments [5] Group 2: Future Expectations - The expected business condition diffusion index rises to 50, up from 49, indicating a cautious optimism among enterprises regarding future operations [6][7] - There remains a significant gap between current operational stability (64) and future expectations, reflecting a slow recovery in confidence [7] - A majority of enterprises express concerns over insufficient domestic and international demand (74.41%) and intense competition (65.99%), which dampen optimism [8] Group 3: Investment Sentiment - The investment timing diffusion index falls to 49, down from 51, indicating a retreat in investment sentiment among enterprises [9] - Only 4% of enterprises view the current investment environment as favorable, a decrease from 9% in the previous quarter, with 89% considering it "average" [9] - Actual investment actions are contracting, with only 10% of enterprises engaging in fixed asset investments, down from 11% [9] Group 4: Supplementary Observations - Production and inventory show cautious recovery, with a production diffusion index of 46 and a finished goods inventory index of 45, indicating slight increases in production and inventory replenishment [10] - Cost pressures are easing, with the cost diffusion index dropping to 59 and price index to 47, reflecting a stabilization in commodity prices and reduced energy and transportation costs [10] - Financing remains cautious, with a high willingness from banks to lend (100), but only 2.8% of enterprises securing new loans, indicating a defensive stance in corporate financing [10] Group 5: Summary and Outlook - The overall sentiment among Chinese enterprises in Q2 2025 is characterized by a defensive and watchful approach, with the BSI index at 54, indicating slight declines in business conditions and cautious optimism for the future [11][12] - Future developments hinge on three key factors: the impact of tariff negotiations, the rollout of major infrastructure projects, and the resonance of domestic demand recovery with policy stimuli [12][13]

Inflation Overview - July CPI year-on-year growth slightly exceeded consensus expectations, while PPI year-on-year growth fell below expectations[1] - July CPI increased by 0.4% month-on-month, remaining flat year-on-year, with core CPI rising by 0.8%[2] - Service prices rose by 0.5% year-on-year, while consumer goods prices fell by 0.4%[2] CPI Analysis - Year-on-year growth in July was driven by other goods and services (8.0%), clothing (1.7%), and healthcare (0.5%), while food and tobacco prices fell by 0.8%[2] - Food prices contributed to a 0.29 percentage point decline in CPI year-on-year, with gold and platinum jewelry prices adding 0.22 percentage points to CPI growth[2] - Service prices accounted for approximately 0.26 percentage points of the month-on-month CPI increase, representing over 60% of the total CPI rise[6] PPI Insights - July PPI decreased by 0.2% month-on-month and 3.6% year-on-year, with the decline in production materials contributing significantly[15] - The month-on-month decline in PPI was the first narrowing since March, influenced by seasonal factors and international trade uncertainties[16] - The overall PPI decline was impacted by eight industries, which collectively contributed approximately 0.24 percentage points to the PPI decrease[16] Future Outlook - The second half of the year is expected to see a narrowing of the PPI year-on-year decline due to improved supply-demand relationships in certain industries[20] - Seasonal and policy factors may cause fluctuations in various price segments, particularly in food and durable goods[7] - Risks include potential global inflation resurgence and rapid economic downturns in Europe and the U.S.[30]

Core Viewpoint - Chinese enterprises are expected to transition from a defensive stance to a tentative offensive approach if external tariff policies, internal mega projects, and consumer stimulus converge [1][20] Group 1: Current Economic Environment - In the second quarter of 2025, the resilience of Chinese enterprises continues, with the operating conditions diffusion index at 64, slightly down from 66 in the previous quarter, indicating overall stability [4][5] - Domestic economic recovery post-Spring Festival has been slower than expected, with the real estate market's adjustment affecting confidence across sectors [2] - The Longjiang Business School's Industry Economic Prosperity Index (BSI) indicates a cautious sentiment among enterprises, characterized by stable yet slightly declining operating conditions [2][4] Group 2: Business Sentiment and Expectations - The expected operating conditions diffusion index rose to 50, indicating a cautious optimism among enterprises regarding future performance [8] - A significant portion of enterprises (74.41%) express concerns over insufficient domestic and international market demand, while 65.99% cite intense competition as a major pressure [9] - Enterprises focused on domestic demand remain relatively optimistic due to supportive policies in infrastructure, green energy, and digital economy [9][10] Group 3: Investment Climate - The investment timing diffusion index fell to 49, reflecting a cautious outlook on the current investment environment [11] - Only 4% of enterprises view the current investment climate as favorable, down from 9% in the previous quarter, indicating a retreat in investment activity [11] - The proportion of enterprises engaging in fixed asset investment decreased to 10%, highlighting a more conservative approach to capital expenditure [11] Group 4: Production and Cost Dynamics - Production volume diffusion index stands at 46, indicating slight production increases, while finished goods inventory diffusion index is at 45, suggesting marginal replenishment [14] - Cost pressures have eased, with the cost diffusion index dropping to 59, and price diffusion index at 47, reflecting a stabilization in commodity prices [14] - Financial institutions maintain a high willingness to lend, but the proportion of enterprises receiving new loans remains low at 2.8% [14] Group 5: Future Outlook - Three key factors will influence whether Chinese enterprises can shift from a defensive to a tentative expansion strategy: tariff negotiations, the implementation of mega projects, and the recovery of domestic demand [19][20] - The commencement of significant infrastructure projects, such as the Yarlung Tsangpo River hydropower station, is expected to provide long-term orders for related industries [19] - Government initiatives aimed at stimulating consumer spending are anticipated to enhance consumer confidence and translate into real consumption growth [19][20]