苏能股份主营业务为煤炭采掘、洗选加工、销售和发电等业务，所属申万行业为煤炭-煤炭开采-动力煤， 所属概念板块包括低价、动力煤、江苏国资核聚变、超导概念、核电。 经营业绩：营收行业第11，净利润第12 2025年三季度，苏能股份实现营业收入87.6亿元，行业排名11/18，远低于行业第一名中国神华的2131.51亿 元和第二名陕西煤业的1180.83亿元，也低于行业平均数380.4亿元，不过略高于行业中位数91.67亿元。当 期净利润为3.6亿元，行业排名12/18，与第一名中国神华的469.22亿元和第二名陕西煤业的199.32亿元差距 巨大，低于行业平均数57.34亿元和行业中位数7.43亿元。 资产负债率高于同业平均，毛利率略高于同业平均 偿债能力方面，2025年三季度苏能股份资产负债率为55.48%，高于去年同期的54.26%，也高于行业平均 49.56%。从盈利能力看，2025年三季度毛利率为24.40%，低于去年同期的33.64%，但略高于行业平均 23.03%。 苏能股份成立于2014年12月3日，于2023年3月29日在上海证券交易所上市，注册地址和办公地址均位于江 苏省徐州市。该公司是江苏省属 ...

hyzqdatemark 2025 年 10 月 31 日 证券研究报告 煤炭 | 煤炭开采 非金融|公司点评报告 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邱达治 SAC：S1350525050001 qiudazhi@huayuanstock.com 市场表现： | 基本数据 | | 2025 | 年 | 10 | | 日 | | 29 | | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 13.82 | | | | | | | 一 年 内 高 / | 最 | | | | 14.09/9.42 | | 低 | | 最 | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | 183,234.73 | | | | | | | 流通市值（百万元） | | | | | ...

证券之星消息，10月31日煤炭开采板块较上一交易日下跌1.14%，大有能源领跌。当日上证指数报收于 3954.79，下跌0.81%。深证成指报收于13378.21，下跌1.14%。煤炭开采板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600546 | 山煤国际 | 11.04 | 1.66% | 33.82万 | | 3.71亿 | | 000571 | 新大洲A | 5.40 | 0.75% | 25.38万 | | 1.35 Z | | 000937 | 冀中能源 | 6.13 | 0.33% | - 19.81万 | | 1.21亿 | | 601001 | 晋控煤业 | 15.04 | 0.27% | 23.35万 | | 3.51亿 | | 600397 | 江钨装备 | 7.34 | 0.00% | 20.23万 | | 1.50亿 | | 000983 | 山西焦煤 | 7.32 | -0.14% | 56.22万 | | 4.12亿 | | ...

Core Viewpoint - Haohua Energy is a significant player in the domestic coal production and sales industry, with a competitive edge in both thermal coal and coal chemical sectors [1] Group 1: Business Performance - In Q3 2025, Haohua Energy achieved a revenue of 6.307 billion yuan, ranking 12th in the industry, significantly lower than the top player, China Shenhua, which reported 213.151 billion yuan [2] - The net profit for the same period was 0.695 billion yuan, placing the company 10th in the industry, again trailing behind China Shenhua's 46.922 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Haohua Energy's debt-to-asset ratio was 46.36%, a decrease from 48.76% year-on-year, and below the industry average of 49.56%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 32.53%, down from 48.01% year-on-year but still above the industry average of 23.03%, reflecting a competitive profitability position [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 0.01% to 36,800, while the average number of circulating A-shares held per shareholder decreased by 0.01% to 39,100 [5] - Notable changes among the top ten circulating shareholders include a decrease in holdings by Hong Kong Central Clearing Limited and an increase by Guotai CSI Coal ETF [5] Group 4: Management Compensation - The chairman, Xue Lingguang, received a salary of 1.5449 million yuan in 2024, an increase of 153,600 yuan from 2023 [4] Group 5: Future Outlook - According to Open Source Securities, Haohua Energy is rated "Buy," with projected net profits for 2025-2027 at 1.0 billion, 1.47 billion, and 1.58 billion yuan, respectively [6] - Key business highlights include the profitability of the chemical business, stable income from coal logistics, and the gradual release of production capacity from new mines [6]

上市公司金牛奖是中国证券报主办的金牛系列评选活动之一，自1999年创立以来，金牛奖已成功举办二 十七届，成为衡量上市公司综合实力的重要标尺。活动采取严谨、客观、科学、透明的评选体系，着力 搭建中国资本市场最权威、专业、高效的交流和品牌展示平台，致力于打造资本市场最具公信力的上市 公司权威奖项，成为引领上市公司健康发展的一面旗帜。金牛奖见证了资本市场发展历程，记录了上市 公司在证券市场的不凡表现，涌现出一大批治理规范、业绩增长、积极回报股东、回报社会的优秀上市 公司。 中证报中证网讯（王珞）10月29日，以"向新而行 以实致远 智启未来"为主题的2025上市公司高质量发 展论坛暨第二十七届上市公司金牛奖颁奖典礼在江苏南通举行，备受瞩目的上市公司金牛奖榜单揭晓。 凭借出色的管理能力和治理能力，山西焦煤董秘王洪云荣获"金牛董秘奖"奖项。 转自：中国证券报·中证网 ...

Core Viewpoint - New Dazhou A is a company engaged in coal mining and beef food operations, with a significant presence in the industry, but its financial performance lags behind major competitors in terms of revenue and net profit [1][2]. Financial Performance - For Q3 2025, New Dazhou A reported revenue of 395 million, ranking 18th among 18 companies in the industry, significantly lower than the top performer, China Shenhua, which had revenue of 213.15 billion, and below the industry average of 38.04 billion [2]. - The net profit for the same period was -122 million, placing the company 14th in the industry, while China Shenhua's net profit was 46.92 billion, and the industry average was 5.73 billion [2]. Financial Ratios - As of Q3 2025, New Dazhou A's debt-to-asset ratio was 65.95%, an increase from 60.39% year-on-year, and higher than the industry average of 49.56% [3]. - The gross profit margin for Q3 2025 was 28.63%, down from 33.19% year-on-year, but still above the industry average of 23.03% [3]. Executive Compensation - The chairman, Han Dongfeng, received a salary of 989,900, a decrease of 910,400 from the previous year, while the president, Ma Honghan, earned 919,400, down 1,047,900 from 2023 [4]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.33% to 44,700, while the average number of circulating A-shares held per account increased by 4.53% to 18,200 [5].

中煤能源成立于2006年8月22日，于2008年2月1日在上海证券交易所上市，注册地址和办公地址均为北京 市。公司是集煤炭生产和贸易、煤化工、煤矿装备制造等业务于一体的大型能源企业，拥有丰富煤炭资源 和先进开采技术。 开源证券指出，中煤能源Q3业绩环比大幅改善，维持"买入"评级。预计2025 - 2027年归母净利润 163.7/181.3/186.2亿元。业务亮点：一是煤炭业务价跌量稳成本优势显著，2025年前三季度商品煤产量 10158万吨，同比 - 0.7%；自产商品煤销量10145万吨，同比 + 1.1%，吨煤成本为257.67元/吨，同比 - 10.1%。二是非煤业务检修完成盈利能力修复，前三季度聚烯烃/尿素/甲醇销量分别为98.4/180.5/149.5万 吨，同比 - 13.3%/+19.5%/+24.0%。三是公司具备高分红潜力，加强智能化建设打造"煤 - 电 - 化 - 新"致密 产业链，累计有18处煤矿通过智能化煤矿验收，里必煤矿预计2026年底进入试运转等。 中煤能源主营业务涵盖煤炭业务、煤化工业务及煤矿装备制造业务等，所属申万行业为煤炭 - 煤炭开采 - 动力煤，概念板块包括动力煤、中 ...

南财投研通数据显示，10月30日，券商给予上市公司目标价共76次，按最新收盘价计算，目标价涨幅排名居前的公司有宝立食 品、陕西煤业、贵州茅台，目标价涨幅分别为46.86%、44.52%、42.98%，分别属于调味发酵品、煤炭开采、白酒行业。 | 证券代码 | 证券名称 | 机构 | 最新评级 | 最高目标价 | 目标涨幅 | | --- | --- | --- | --- | --- | --- | | | | | | (元) | (%) | | 603170 | 宝立食品 | 国泰海通证券 | 増持 | 21.53 | 46.86 | | 601225 | 陕西煤业 | 华泰证券 | 买入 | 33.11 | 44.52 | | 600519 | 贵州茅台 | 国泰海通证券 | 增持 | 2040.00 | 42.98 | | 601567 | 三星医疗 | 中国国际金融 | 跑赢行业 | 32.00 | 40.72 | | 600729 | 重庆百货 | 中国国际金融 | 跑赢行业 | 38.00 | 39.65 | | 300896 | 爱美客 | 中国国际金融 | 跑赢行业 | 221.00 | 39 ...

Core Viewpoint - Lu'an Environmental Energy's stock price has shown fluctuations, with a year-to-date increase of 5.02% but a recent decline of 1.41% over the last five trading days [2] Group 1: Stock Performance - As of October 31, Lu'an Environmental Energy's stock price was 14.65 CNY per share, with a market capitalization of 43.824 billion CNY [1] - The stock has experienced a trading volume of 276 million CNY and a turnover rate of 0.62% [1] - Year-to-date, the stock has risen by 5.02%, with a 1.41% decline in the last five trading days and a 0.76% increase over the last 20 days [2] Group 2: Financial Performance - For the period from January to September 2025, Lu'an Environmental Energy reported a revenue of 21.1 billion CNY, a year-on-year decrease of 20.82% [2] - The net profit attributable to shareholders for the same period was 1.554 billion CNY, reflecting a year-on-year decline of 44.45% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 9.60% to 73,200, while the average circulating shares per person increased by 10.63% to 40,855 shares [2] - The company has distributed a total of 25.851 billion CNY in dividends since its A-share listing, with 14.505 billion CNY distributed in the last three years [3] Group 4: Institutional Holdings - The top three circulating shareholders include Guotai Junan CSI Coal ETF, holding 47.291 million shares, and Hong Kong Central Clearing Limited, holding 39.944 million shares, which decreased by 4.797 million shares from the previous period [3] - New institutional shareholders include China Universal Dividend Flexible Allocation Mixed A, holding 19.6 million shares, and E Fund CSI 300 ETF, holding 14.726 million shares [3]

证券研究报告 | 季报点评 gszqdatemark 2025 10 31 年 月 日 淮北矿业（600985.SH） 量价齐跌拖累业绩，看好 Q4 业绩边际修复 公司发布 2025 年三季度业绩公告。公司 2025 年第三季度营业总收入 112.43 亿元，同比减少 42.26%，环比+11.50%；归属于母公司所有者的净利润 3872.16 万元，同比减少 96.78%，环比减少 88.61%。业绩下降主要系 1）煤 炭量价减少、焦炭售价降低，2）商品贸易业务减少。 量价齐跌、成本上行拖累业绩 25Q3 甲醇、乙醇产销增长 25Q4 业绩有望边际恢复。根据山西焦煤焦煤在线数据，25 年 10 月安徽焦精 煤长协价 1639 元/吨（9 月 1569 元/吨），肥精煤长协价 1455 元/吨（9 月 1385 元/吨）。焦煤供给端扰动再续，根据中国煤炭资源网数据，乌海地区环 保再度加严，乌达地区三个采空区治理项目和部分露天煤矿再度停产，三个采 空区治理项目原煤供应占乌海地区原煤供应 30%左右。此外，因蒙古国海关 报关问题影响，甘其毛都口岸通关车数下降，中国煤炭资源网统计 10.20-10.23 当周甘其毛 ...