Core Insights - The coal prices have significantly increased in the second half of the year, driven by supply-side policies and rising winter heating demand, leading to an improvement in the industry's fundamentals [1][2]. Price Trends - In the second half of the year, coal prices have cumulatively risen over 20%, with specific prices reported as follows: Qinhuangdao port Q4500 at 588 CNY/ton, Q5000 at 678 CNY/ton, and Q5500 at 770 CNY/ton, reflecting increases of 21.24%, 23.27%, and 23.99% respectively since July [2]. - The latest price for coking coal in North China reached 1581.25 CNY/ton, marking a 12.44% increase since mid-September [2]. Supply Dynamics - The primary driver of the recent coal price increase is a contraction in supply, initiated by the National Energy Administration's policy to check overproduction in the coal industry [2]. - A total of 22 central safety production assessment teams will conduct annual inspections across 31 provinces and regions starting November 2025 [2]. Demand Factors - As winter approaches, coal demand for heating and electricity is expected to rise, particularly in northern regions where centralized heating is being activated [3]. - The International Energy Agency (IEA) projects a modest recovery in global coal demand, with a 0.2% year-on-year increase expected in 2025, primarily driven by the electricity sector [3]. Industry Outlook - The coal industry is anticipated to enter a new upward cycle due to ongoing policy support for transformation and upgrades, as evidenced by the Henan provincial government's action plan for the coal sector [4]. - The plan includes optimizing resource allocation, enhancing equipment technology, and increasing the share of intelligent coal mines to 65% [4]. Financial Performance - The third-quarter profits of coal companies have rebounded significantly, with a total net profit of 299.42 billion CNY reported by 37 listed coal companies, reflecting a 22.83% quarter-on-quarter increase [5]. - Companies such as Shanxi Coking Coal and Sunan Co. reported a turnaround in profitability, while over 60% of companies showed improved earnings [5]. Dividend Trends - The coal sector has shown a growing willingness to distribute dividends, with 15 companies having a dividend yield exceeding 3%, representing over 40% of the total [5]. - Jizhong Energy leads with a dividend yield of 9.74%, followed by Pingmei Shenma and Hengyuan Coal Power at 6.67% and 6.53% respectively [5]. Company Highlights - Jizhong Energy reported the highest quarter-on-quarter profit growth of 102.69%, achieving a net profit of 0.59 billion CNY [6]. - The company has a long-standing commitment to cash dividends, having distributed a total of 190.15 billion CNY since its listing [6].

Economic Development - The central region of China, covering six provinces, is focusing on high-quality development and modernizing its industrial system, emphasizing the importance of the real economy and innovation [1][2][3] - The "14th Five-Year Plan" highlights the need to optimize traditional industries while nurturing emerging and future industries, with a focus on smart, green, and integrated development [3][5] Industry Innovation - Companies like Hunan Sheny Precision Parts Co., Ltd. are enhancing their manufacturing processes to support local manufacturing breakthroughs, particularly in key components for large engineering equipment [2] - Wuhan Yuwei Optical Technology Co., Ltd. is developing advanced laser radar technology for railway bed condition measurement, showcasing the region's commitment to innovation in high-tech industries [3] Agriculture Modernization - The central region is advancing agricultural modernization through mechanization and smart farming technologies, such as unmanned agricultural machinery and IoT devices for precise irrigation [4][5] - Various initiatives are being implemented to improve agricultural productivity and quality, including land transfer in Jiangxi and single-crop yield enhancement actions in Henan [5] Energy Transition - The region is actively transitioning to a new energy system, with projects like the liquid hydrogen plant in Anhui, which aims to enhance hydrogen production efficiency and reduce costs [6] - AI systems are being deployed in coal mining operations to improve safety and efficiency, with significant reductions in energy consumption and equipment failure rates reported [5] Infrastructure Development - The central region is enhancing its transportation networks to connect domestic and international markets, with significant investments in ports and logistics facilities [10] - The establishment of modern food industry parks and the expansion of waterway transport routes are examples of how the region is leveraging its geographical advantages for economic growth [10] Social Welfare Initiatives - The implementation of long-term care insurance in regions like Henan is aimed at alleviating the economic burden on families with disabled members, reflecting a commitment to improving social welfare [11] - Various local governments are investing in public services and community support initiatives to enhance the quality of life for residents, including childcare and housing assistance programs [11][13]

Report Industry Investment Ratings - Thread: ★★★ (indicating a relatively clear upward trend and a suitable investment opportunity currently) [1] - Hot Roll: ★★★ (indicating a relatively clear upward trend and a suitable investment opportunity currently) [1] - Iron Ore: ★★★ (indicating a relatively clear upward trend and a suitable investment opportunity currently) [1] - Coke: ☆☆☆ (indicating a relatively clear downward trend and a suitable investment opportunity currently) [1] - Coking Coal: The rating is not clearly interpretable from the given symbol [1] - Ferrosilicon Manganese: ★★★ (indicating a relatively clear upward trend and a suitable investment opportunity currently) [1] - Ferrosilicon: The rating is not clearly interpretable from the given symbol [1] Core Viewpoints - The steel market as a whole is under pressure, with the futures market in a low - level range - bound state. The real estate investment continues to decline significantly, and the growth rates of infrastructure and manufacturing investment continue to fall. The overall domestic demand is still weak, and the market sentiment is cautious [2]. - The iron ore market is expected to be in a high - level and weakly volatile state. Although the supply is still at a high level and the demand is under pressure due to the decline in iron - making water production and low steel - mill profitability [2]. - The coke and coking coal markets are likely to be prone to rising and difficult to fall. The carbon element supply is abundant, and the high - level iron - making water production supports the raw materials, but the steel profit is average, and there is a strong sentiment to suppress raw material prices [3][5]. - The ferrosilicon manganese and ferrosilicon markets are likely to have narrow - range fluctuations. The demand is relatively stable, and the supply is at a high level [6][7]. Summary by Related Catalogs Steel - The futures market continued to decline. The apparent demand for thread improved month - on - month, production increased simultaneously, and inventory continued to decline. The demand for hot roll remained good, production increased slightly, and inventory continued to decline [2]. - Iron - making water production declined from a high level, and the downstream's carrying capacity was insufficient. As steel - mill profits declined, the negative feedback pressure in the industrial chain still needed to be alleviated. Attention should be paid to the sustainability of environmental protection production restrictions in places like Tangshan [2]. - From the perspective of downstream industries, real estate investment continued to decline significantly, and the growth rates of infrastructure and manufacturing investment continued to fall. The overall domestic demand was still weak, steel exports remained high, the demand expectation was weak, the market sentiment was cautious, and the futures market was under pressure to decline [2]. Iron Ore - The futures market declined, and the basis fluctuated recently. On the supply side, the global shipments this period declined month - on - month but were still at a high level in the same period. Shipments from Australia and Brazil both decreased, with Brazilian shipments still at a high level in the same period and Australian shipments basically at the level of previous years [2]. - The domestic arrival volume increased significantly this period and reached a new high for the year. On the demand side, the iron - making water production decreased significantly last week, the steel - mill profitability rate reached a new low for the year, and there was further pressure to reduce production in the future [2]. - After the short - term continuous rebound of the iron ore futures market, there was a tendency to realize some positive factors in the market. It is expected that the iron ore will be in a high - level and weakly volatile state [2]. Coke - The price fluctuated downward during the day. There was an expectation of a third round of price increases in the coking industry. The coking profit was average, the daily production decreased slightly, and the coke inventory hardly changed. Currently, downstream customers made small - quantity purchases as needed, and the inventory increased slightly. Traders' purchasing willingness was average [3]. - Overall, the carbon element supply was abundant, the downstream iron - making water production remained at a high level, which supported the raw materials. However, the steel profit level was average, and there was a strong sentiment to suppress the raw material prices. The coke futures market was at a premium, and the market had certain expectations for the safety production assessment in the main coking coal production areas. The price was likely to be prone to rising and difficult to fall [3]. Coking Coal - The price fluctuated downward during the day. The market sentiment was affected by the resumption of production of a small number of coal mines in the Wuhai production area after meeting environmental protection standards, and the price dropped rapidly. However, more coal mines facing resource integration had not resumed production, so it was judged that the price was difficult to continue to decline [5]. - The production of coking coal mines increased slightly, the spot auction transactions improved, the transaction prices generally increased, and the terminal inventory increased. The total inventory of coking coal increased slightly month - on - month, and the production - end inventory decreased slightly. Attention should be paid to the relevant impacts as safety supervision teams were about to enter the main coal production areas [5]. - Overall, the carbon element supply was abundant, the downstream iron - making water production remained at a high level, which supported the raw materials. However, the steel profit level was average, and there was a strong sentiment to suppress the raw material prices. The coking coal futures market was at a discount to Mongolian coal, and the market had certain expectations for the safety production assessment in the main coking coal production areas. The price was likely to be prone to rising and difficult to fall [5]. Ferrosilicon Manganese - The price fluctuated mainly during the day. On the demand side, the iron - making water production remained at a high level above 236. The weekly production of ferrosilicon manganese decreased slightly, and the production remained at a high level. The ferrosilicon manganese inventory decreased slightly, and the spot and futures demand was still good [6]. - The forward quotation of manganese ore increased slightly month - on - month, and the spot ore was boosted following the futures market. The manganese ore inventory decreased slightly, and the contradiction was not prominent. The price was likely to have narrow - range fluctuations [6]. Ferrosilicon - The price fluctuated mainly during the day. On the demand side, the iron - making water production remained at a high level above 236. The export demand increased to about 40,000 tons, with a marginal impact. The production of magnesium metal increased slightly month - on - month, and the secondary demand increased marginally. The overall demand was acceptable [7]. - The ferrosilicon supply remained at a high level, and the on - balance - sheet inventory continued to be depleted. The price was likely to have narrow - range fluctuations [7].

[Table_Title] 每日复盘 证券研究报告 2025 年 11 月 3 日 2025 年 11 月 3 日市场全天探底回升，钍基熔盐概念股全 天走强 报告要点： 2025 年 11 月 3 日市场全天探底回升，钍基熔盐概念股全天走强。上证 指数上涨 0.55%，深证成指上涨 0.19%，创业板指上涨 0.29%。市场成交额 21329.06 亿元，较上一交易日减少 2169.05 亿元。全市场 3535 只个股上涨， 1801 只个股下跌。 风格上看，各指数涨跌幅排序为：稳定>金融>周期>成长>消费>0；大盘 价值>中盘价值>小盘价值>中盘成长>大盘成长>小盘成长；中证全指表现优 于基金重仓股。 分行业看，30 个中信一级行业涨跌互现；表现相对靠前的是：传媒 （3.03%），煤炭（2.52%），石油石化（2.31%）；表现相对靠后的是：有色金 属（-1.30%），家电（-0.58%），汽车（-0.56%）。概念板块方面，多数概念 板块上涨，海南自贸区、染料、赛马等大幅上涨；芬太尼、PVDF、金属钴等 板块走低。 资金筹码方面，主力资金 11 月 3 日净流出 239.44 亿元。其中超大单净 流出 1 ...

证券研究报告 | 2025年11月03日 $\begin{array}{l}\mbox{\rm{\small End}}_{\mbox{\rm{\small H}}}=\mbox{\rm{\small End}}_{\mbox{\rm{\small H}}}\\ \mbox{\rm{\small End}}_{\mbox{\rm{\small H}}}=\mbox{\rm{\small End}}_{\mbox{\rm{\small H}}}\end{array}$ (14.14) 市场资金流向：截至 20251031 两融余额为 24864 亿元，其中融资余额 24689 亿元，融券余额 175 亿元。两融余额占流通市值比重为 2.6%，两融交易占市 场成交额比重为 10.9%。 折溢价：20251031 当日 ETF 溢价较多的是科创信息 ETF，ETF 折价较多的是 油气资源 ETF。近半年以来大宗交易日均成交金额达到 19 亿元，20251031 当日大宗交易成交金额为 26 亿元，近半年以来平均折价率 6.27%，当日折价 率为 7.53%。近一年以来上证 50、沪深 300、中证 500、中证 1 ...

点评：证券时报指出，航运业脱碳压力巨大，绿色甲醇因其常温常压下为液体，易于储存和运输，燃烧后无硫氧化物和颗粒物排放，且其生产原料为风光电 解水制取的绿氢与生物质提供的碳源，全生命周期碳足迹大幅降低，成为替代传统船用燃料的理想选择。此前IMO净零框架草案落地，叠加前期已落地欧洲 区域性航运碳减排法规，绿色甲醇迎来产业化应用场景。我国在全球绿醇项目储备占比高达55%，项目推进速度快，后续或将率先实现规模化供应，绿醇产 业望迎来0-1拐点。 2、OLED | 据经济观察网，11月3日，三项应用于8.6代大尺寸OLED屏量产线的高端装备在成都正式发布，标志着我国在显示装备领域获得新突破。此次发 布的三项显示领域高端装备，分别是多应用喷墨薄膜沉积平台、国产首台套大片贴合装备以及国内首台套EHD点胶装备，都应用在8.6代大尺寸OLED屏的量 产线上。 点评：证券时报指出，OLED显示屏正在从手机向电脑、车载设备等中大屏幕应用场景延展。当前全球显示产能和技术正向中国大陆集聚，大尺寸、高清 化、柔性化等高端产品市场需求迅速增长，推动8.6代等高世代OLED产线成为主流。据券商研报指出，截至目前，三星显示、京东方、维信诺、TC ...

11月3日，A股市场整体上涨。 截至收盘，上证指数收报3976.52点，上涨0.55%；深证成指收报13404.06点，上涨0.19%；创业板指收报3196.87点，上涨0.29%。两市合计成交21071.31亿 元，较上一交易日减少2106.62亿元。 1. 两市主力资金净流出超220亿元 今日沪深两市主力资金开盘净流出150.11亿元，尾盘主力资金净流入2.46亿元，两市全天主力资金净流出221.45亿元。 | | | 沪深两市最近五个交易日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | 尾盘净流入 | 超大单净买入 | | 2025-11-3 | -221.45 | -150. 11 | 2. 46 | -88. 75 | | 2025-10-31 | -437.44 | -120. 47 | -90. 52 | -246. 20 | | 2025-10-30 | -765. 66 | -334. 29 | -132. 35 | -466. 89 | | 2025-10-29 | -6. 18 | -63 ...

河南神火煤电股份有限公司（以下简称"公司"）于2025年11月4日披露股份回购进展公告，截至2025年 10月31日，公司已通过集中竞价交易方式累计回购股份1542.04万股，占总股本的0.686%，成交总金额 达2.55亿元，已接近回购方案中2.50亿元的下限金额。 登录新浪财经APP 搜索【信披】查看更多考评等级 资金来源合规 操作符合监管要求 公告明确，本次回购股份的资金来源为公司自有资金，不存在使用募集资金或违规资金的情况。在回购 操作方面，公司严格遵守《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第9号— 回购股份》等规定，未在开盘集合竞价、收盘集合竞价及无涨跌幅限制交易日进行委托，且委托价格未 触及当日交易涨幅限制价格。 公司表示，本次回购符合相关法律法规及既定方案要求，后续将根据市场情况在剩余期限内继续实施回 购计划，并按照规定及时履行信息披露义务。 回购目的聚焦长期激励 彰显发展信心 据了解，本次回购股份将用于股权激励计划，此举有助于完善公司长效激励机制，绑定核心团队利益， 提升员工凝聚力。市场分析人士指出，在回购金额已接近下限的情况下，公司后续是否进一步增持至上 限4.50亿元 ...

此外，从业绩层面来看，三季度中国神华业绩环比明显改善，2025年第三季度中国神华煤炭板块实现营 收750.4亿元，同比下滑13.1%，环比增加9.5%；实现归属于上市公司股东的净利润144.1亿元，同比下 滑6.2%，相比二季度环比增加13.5%。 信达证券预计，随着旺季临近煤炭下游采购力度逐渐加强，煤炭价格有望迎来新一轮上行，且供给受限 和库存偏低或放大煤价波动弹性。 受煤价上涨预期影响，10月初以来A股市场煤炭板块持续上扬，10月9日至11月3日，18个交易日以来东 方财富煤炭板块行业指数已大涨15.65%，其中中国神华股价上涨12.78%。 （编辑 上官梦露） 11月3日晚间，"煤炭一哥"中国神华能源股份有限公司（以下简称"中国神华"）发布2025年半年度权益 分派实施公告，公司拟派发现金红利194.71亿元（含税），此次利润分配以方案实施前中国神华总股本 19868519955股为基数，每股派发现金红利人民币0.98元（含税），其中，A股股本16491037955股，派 发A股现金红利人民币161.61亿元（含税）。 根据公告，此次A股股权登记日为11月7日（本周五），现金红利发放日为11月10日。截 ...

产销量有所回落，未来弹性和成长可期 晋控煤业(601001) 晋控煤业 2025 年三季报业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 黄涛(分析师) | 021-38674879 | huangtao@gtht.com | S0880515090001 | | 邓铖琦(分析师) | 010-83939825 | dengchengqi@gtht.com | S0880523050003 | 本报告导读： Q3 煤炭产销量有所回落，吨煤售价提高略低于预期；参股同忻煤矿扭亏为盈，行业 压力最大时刻已过；集团资产注入贡献成长，分红率连续 3 年提高。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 15,342 | 15,033 | 12,294 | 12,929 | 13,234 | | (+/-)% | -4.6% ...