正月初四，锡林郭勒草原上，寒风裹着轻雪，冰凉气息拂面而来。当千家万户沉浸在马年新春的祥和氛 围中时，国家能源集团胜利能源有限公司的生产现场却是一片忙碌的火热。作为蒙东地区优质精煤供应 的核心力量，该公司还肩负着锡林浩特市两座火电厂皮带输煤的重要使命，面对春节期间工业生产与民 生采暖用煤需求攀升、保供压力陡增的严峻考验，公司一线员工坚守岗位、履职尽责，全力打响守护万 家温暖的能源保供攻坚战。 今年春节期间，锡林郭勒盟虽未遭遇极端低温冰冻天气，但寒意依旧绵长，煤炭开采、运输、破碎、筛 选、输送、储存、装车全流程仍需时刻绷紧安全弦，确保各环节衔接顺畅。为扎实做好春节保供工作， 该公司提前谋划、精准施策，早早启动春节保供应急响应。 （来源：内蒙古日报） 转自：内蒙古日报 □本报记者 康丽娜 通讯员 刘虎威 "户外13.8公里的电厂输煤胶带机穿越草原丘壑，即便气温未达极端低温，也需时刻警惕设备磨损、杂 物卡顿等问题，必须赶在天黑前完成全流程排查。"胶带机巡检班班长孙小波叮嘱队员后，带领大家踏 雪出发。寒风拂面，队员们踩着过踝积雪，手持红外测温仪，逐一对胶带机滚筒、托辊等关键部位排 查，清理杂物、检查运行状态，悉心守护精 ...

转自：草原云 正月初四，锡林郭勒草原上，寒风裹着轻雪，冰凉气息拂面而来。当千家万户沉浸在马年新春的祥和氛 围中时，国家能源集团胜利能源有限公司的生产现场却是一片忙碌的火热。作为蒙东地区优质精煤供应 的核心力量，该公司还肩负着锡林浩特市两座火电厂皮带输煤的重要使命，面对春节期间工业生产与民 生采暖用煤需求攀升、保供压力陡增的严峻考验，公司一线员工坚守岗位、履职尽责，全力打响守护万 家温暖的能源保供攻坚战。 今年春节期间，锡林郭勒盟虽未遭遇极端低温冰冻天气，但寒意依旧绵长，煤炭开采、运输、破碎、筛 选、输送、储存、装车全流程仍需时刻绷紧安全弦，确保各环节衔接顺畅。为扎实做好春节保供工作， 该公司提前谋划、精准施策，早早启动春节保供应急响应，始终保持保供高压态势，明确胶带机巡检、 集控操作、设备检修等各岗位工作职责，细化作业标准、规范操作流程，以安全生产"四零"目标为导 向，全方位筑牢精煤供应屏障。 "我们提前45天开展'拉网式'隐患排查，重点检查矿坑边坡、运输道路、设备部件、仓储栈桥及集控监 测系统，整改隐患87处，更换设备磨损部件32个，维护28套胶带机在线监测装置，全方位防范各类生产 故障发生，为春节保供打下 ...

大家想过没有？在股市赚钱靠什么，其实"拿住"比什么都重要。只是，大多数人最缺乏就是耐心，他们觉得赚钱就是必须天天盈利，几天不赚钱就心慌了。 说白了，绝大多数人都是普通的上班族，股市投资与上班最大的区别就是你要忍受很长时间的亏损，不赚钱的时间，也是老板与员工的区别，承受煎熬也是 一种本事…… 1、这个位置，指数的问题有限了 不要觉得会跌到3800点，4000都很难破，这个位置的指数就是反复震荡向上，今年还会创新高，只是大家的股票与指数其实关系有限。 其实，目前的A股也好，港美股也罢都没有主线了，我们必须受市场的混沌期，这个时间节点很容易亏损，特别是3~4月份最难了。 不要去追主线，科技资产在高位你不相信就去长线持有，不过短线博弈没有问题了，小凡与大家的区别就是持有市场遗忘的科技指数等到924行情了，并不 是什么我会埋伏主线。 接下来，等待主线的切换，不会简单的切换，科技资产还会拉升出货，不过在拉升之前需要砸盘出上涨空间，比如大幅回调40~50%，之后可以翻倍拉升， 白酒、新能源、半导体、医疗等上一轮主线也是如此，连银行股都中途大幅回调过。 3、这个位置，必须有自己的交易计划。 小凡，对指数很乐观，而且自己的交易 ...

在A股市场，现金流才是企业的真本事。在衡量企业盈利质量的指标中，经营性现金流尤为关键，它直 接反映公司主营业务的"造血"功能。 据统计，2025年前三季度，A股上市公司（不含银行和非银金融行业）经营活动产生的现金流量净额总 额为3.61万亿元，较上年同期增长16.98%，代表A股上市公司获现能力明显增强。 统计显示，63家上市公司2025年前三季度经营性现金流超过100亿元，其中中国石油、中国海油、中国 移动、中国石化居前，均超过1000亿元。从行业来看，经营性现金流超百亿元公司集中在公用事业（主 要包括电力细分行业）、石油石化、交通运输、汽车行业。 | 代码 | 简称 | 2025年三季报 经营性现金流 | 行业 | | --- | --- | --- | --- | | | | (亿元) | | | 601857 | 中国石油 | 3431.00 | 石油石化 | | 600938 | 與炭圖母 | 1717.49 | 石油石化 | | 600941 | 中国移动 | 1610.47 | 通信 | | 600028 | 中国石化 | 1147.82 | 石油石化 | | 601728 | 中国电信 | 8 ...

[tabl中e_山pa每ge日1点] 评 [table_subject] 2026 年 2 月 11 日 证券研究报告·中山每日点评 分析师：方鹏飞 登记编号：S0290519010001 邮箱：fangpf@zszq.com 分析师：葛淼 登记编号：S0290521120001 邮箱：gemiao@zszq.com 1.市场整体表现 表 1 主要指数涨跌幅度 | 指数名称 | 涨跌幅（%） | 指数名称 | 涨跌幅（%） | | --- | --- | --- | --- | | 上证指数 | 0.09 | 北证 50 | -0.44 | | 深证成指 | -0.35 | 万得全 A | -0.15 | | 沪深 300 | -0.22 | 中证 500 | 0.23 | | 科创 50 | -1.11 | 红利指数 | 0.90 | 资源类板块表现突出 ——2 月 11 日 A 股市场点评 [中ta山bl证e_券inv研es究t]所 [[分ttaa析bbll师ee__：rree唐ssee晋aarr荣cchh]] 登记编号：S0290517120002 邮箱：tangjr@zszq.com 资料来源：Win ...

今年年初，他跑了几家煤矿企业，和负责人聊监测技术的应用。回到学校，又和学生坐下来，听他们讲 学业上的困惑、科研里遇到的问题。春节假期，他也没闲着，书桌上摊着走访时记的笔记，一页页翻过 去。"代表履职的重点，就在这些细节里。"他说。 海外研学、任教多年，足迹遍及世界各地，金双根清醒地认识到：技术要硬，话语权要争，而良好的科 研生态是这一切的土壤。 任职河南理工大学学术副校长这几年，金双根牵头组建了国际"智能导航与感知应用"研究团队。2025 年，他带领团队在国际遥感顶刊发表高水平论文多篇，并构建黄河生态环境天空地一体化监测体系，联 合多源遥感数据与机器学习，提高黄河水位和水质监测精度，服务于黄河流域生态保护和高质量发展。 从煤矿安全应急到灾害监测预警，从卫星导航遥感到资源勘查探测，全国人大代表、遥感测绘专家金双 根的研究对象，近在几千米深的地下，远在数千万公里外的太空。 当前，国内煤炭浅层资源越挖越少，矿井越打越深，瓦斯等灾害的隐蔽性和突发性凸显，以往的监测手 段渐渐满足不了需求。金双根希望，通过财政专项等方式，推动高精度智能探测技术研发和普及应用， 整合精准探测数据与生产系统信息，利用人工智能技术，建立灾害风 ...

据云南煤化工集团有限公司此前对外发布的资料显示，云南能投威信煤炭有限公司成立于2007年8月， 位于云南省昭通市威信县麟凤镇麟凤村，现隶属于云煤（煤化）集团。观音山煤矿是威信煤电一体化项 目电厂一期工程的配套煤矿，可采储量17365.24万吨，采用一矿两井建设方式，一次设计、分期建设验 收投产，设计产能240万吨/年。 智通财经记者 熊强 近日，国家矿山安全监察局云南局发布关于解除云南能投威信煤炭有限公司观音山煤矿一井停产整顿指 令的公告。 据了解，2026年1月21日至23日，国家矿山安全监察局云南局对云南能投威信煤炭有限公司观音山煤矿 一井进行检查时，发现该矿存在"矿长、总工程师履行安全生产岗位责任制及管理制度时弄虚作假"的重 大事故隐患仍然组织生产。依据《煤矿安全生产条例》第六十四条的规定，国家矿山安全监察局云南局 于2月6日责令该矿停产整顿。 经现场复查，云南能投威信煤炭有限公司观音山煤矿一井上述重大事故隐患已整改完毕，国家矿山安全 监察局云南局依法解除该矿停产整顿指令。 ...

Group 1: Traditional Industry Optimization - The strategy focuses on enhancing traditional industries, particularly in mineral resource processing and the development of the liquor industry, with expected growth rates of over 12% in chemical and 10% in non-ferrous industries [1] - The initiative includes the establishment of new coal washing plants and the expansion of coal production to reach 190 million tons, alongside the development of renewable energy projects [1] - The liquor industry aims to strengthen its brand and expand international markets, with plans for a three-year action plan for overseas marketing [1] Group 2: Emerging Industry Cultivation - The digital economy is targeted for growth, with a goal for its core industries to contribute 5.5% to the regional GDP, supported by the establishment of data centers and the implementation of the "East Data West Computing" project [2] - The electric vehicle and new energy materials sectors are expected to see a 10% increase in value, with significant investments in battery production and infrastructure [2] - The advanced equipment manufacturing sector is being developed to support national strategic industries, including aviation and emergency rescue equipment [2] Group 3: Development Zone Enhancement - The management reform of development zones is being implemented, with a focus on increasing the utilization rate of standard factory buildings and establishing a digital management platform [3] - The construction of high-level development zones is underway, with two zones expected to reach a scale of 50 billion and 22 zones at 10 billion [3] Group 4: Service Industry Growth - The logistics sector is being enhanced with the establishment of national logistics hubs and a reduction in logistics costs, aiming for a ratio of logistics costs to GDP to drop to 13.8% [5] - The retail and hospitality sectors are encouraged to innovate, with support for digital supply chains and the introduction of new business models [6] - The tourism industry is being promoted through the development of key scenic areas and the integration of cultural and tourism sectors, with a target of 8% growth in tourist numbers and spending [7] Group 5: Agricultural and Rural Development - The agricultural sector is focused on improving quality and efficiency, with a target of a 2% increase in grain yield and the establishment of emergency supply bases for vegetables [21] - Rural revitalization efforts include enhancing infrastructure and public services, with a goal of covering 53% of the rural population with water supply projects [22] Group 6: Green Transition Initiatives - The implementation of carbon emission control measures aims to reduce CO2 emissions per unit of GDP, with a focus on energy efficiency and low-carbon projects [23] - Pollution prevention and ecological restoration efforts are being intensified, with specific targets for air and water quality improvements [24] Group 7: Risk Management and Stability - Financial risk management is prioritized, with measures to control local government debt and ensure the repayment of existing debts [26] - Safety production measures are being enhanced to prevent major accidents, with a focus on high-risk sectors such as mining and transportation [27] - Social stability is being maintained through comprehensive governance and public safety initiatives [28] Group 8: Social Welfare and Public Services - Employment stabilization measures are being implemented to support key groups, with a focus on enhancing job opportunities and skills training [29] - Public service quality is being improved, particularly in healthcare, with the establishment of regional medical centers and enhanced community health services [30] - Social security measures are being reinforced to ensure basic living standards and support for vulnerable populations [32]

Core Insights - India's major industrial output grew by 4% year-on-year in January [1] Group 1: Industry Performance - Crude oil production decreased by 5.8% year-on-year [1] - Coal production increased by 3.1% year-on-year [1] - Natural gas production declined by 5% year-on-year [1] - Refinery products output remained flat year-on-year [1] - Fertilizer production rose by 3.7% year-on-year [1] - Steel production increased by 9.9% year-on-year [1] - Cement production grew by 10.7% year-on-year [1] - Electricity generation increased by 3.8% year-on-year [1]

Company Developments - The company received approval from the China Securities Regulatory Commission on February 12, 2026, to acquire 12 core assets from the State Energy Group for a total consideration of 133.598 billion yuan, setting a record in A-share history [1] - Post-transaction, the company's coal recoverable reserves will increase to 34.5 billion tons (a growth of 97.71%), and its installed power generation capacity will rise to 60.881 million kilowatts (an increase of 27.82%) [1] - The transaction was approved by the shareholders' meeting on January 23, 2026, and passed the Shanghai Stock Exchange review on February 5, 2026, with a focus on asset integration and fundraising implementation [1] Performance and Operating Conditions - The company announced an earnings forecast on January 30, 2026, estimating a net profit attributable to shareholders of 49.5 billion to 54.5 billion yuan for the year 2025, representing a year-on-year decline of 7.2% to 15.7% due to decreased coal sales volume and weak electricity demand [2] - The fourth quarter of 2025 saw a significant decline in non-recurring net profit, down 30.5% quarter-on-quarter, indicating short-term operational pressure [2] Stock Performance - Following the announcement of the restructuring benefits, the stock price experienced volatility, with a decline of 2.61% to 41.45 yuan on February 13, 2026, and a net outflow of 128 million yuan in major funds, raising concerns about the financial pressure from the high cash payment of approximately 93.5 billion yuan [3] - As of February 10, 2026, the closing price was 42.48 yuan, with a trend of net outflow in major funds over the past five days [3] Dividend Policy and Long-term Planning - The company has committed to a shareholder return plan for 2025-2027, ensuring that the annual cash dividend ratio will not be less than 65% of the net profit attributable to shareholders, with plans for mid-term dividends as appropriate [4] - Historically, the company has distributed over 500 billion yuan in dividends, continuing its high dividend policy [4] Industry Policy and Environment - The coal industry is facing downward price pressure, with the average spot price of Qinhuangdao 5500 kcal thermal coal at 702 yuan per ton in 2025, a year-on-year decrease of 18% [5] - Early 2026 saw fluctuations in coal prices, necessitating attention to supply and demand changes that could impact the company's business [5]