今天分享的是：2025年"十五五"时期中国能源行业关键议题报告 报告共计：70页 "十五五"时期中国能源行业发展围绕全球能源系统重构、化石能源高效转型、新能源发展新周期三大关键议题展开。 全球能源系统正加速重构，地缘格局、投资流向与技术进步推动其向区域化、绿色化、智能化演进。中国作为最大能源消费和生产国，能源产业深度融入全 球体系，资源获取、技术变革和国际规则重塑影响着能源安全与产业升级空间。全球能源与矿产贸易从全球化高效配置转向区域化、安全优先，企业需重视 地缘平衡与本地化能力1-201-40。 化石能源虽非增量核心，但仍具不可替代性，转型关键词为"提效、降碳、重构角色"。油气企业面临盈利压力，需调整投资节奏；中国正崛起为全球化工新 材料产能重心，煤化工在煤炭"原料化"利用中价值凸显。煤炭需求达峰尚晚，亚洲需求稳增，其角色正从"主力电源"向"调节电源"转变，煤电灵活性改造和 煤化工高端化是重要方向1-1511-1731-1851-213。 新能源产业进入新周期，从高速扩张转向高质量融合发展。外部需求增量来自中东、拉美、东南亚等新兴市场；内部转向"源网荷储"一体化协同，全面进入 电力市场，电价机制和商业模式深 ...

中新网记者 李爱平 "以前干活，摘下口罩全是黑灰，现在连鞋面上都难见煤灰。"王三保摩挲着栈道旁新栽种的沙棘树，目 光投向漫山遍野的绿植。 "现在野兔都敢往人跟前凑了。"王三保的感慨，道出了中国煤炭大市内蒙古自治区鄂尔多斯从"煤海疮 疤"到"生态绿洲"的惊人蜕变。 12日清晨，王三保又一次漫步在鄂尔多斯准格尔旗当地煤炭企业打造的矿山生态旅游区木栈道上，脚下 的土地，曾是他工作了20多年的露天矿坑。 图为内蒙 古准格尔旗生态修复后的全景图 李欢倪供图 中新网鄂尔多斯7月12日电 题：中国煤炭大市：从"黑"到"绿"蜕变记 记者从内蒙古自治区鄂尔多斯市准格尔旗获悉，当地煤炭企业通过地貌重塑、土壤重构、植被重建等五 大核心工程，将沟壑纵横的"鸡爪子山"，改造成良田、森林与草原交织的绿色画卷。 "这项技术不仅修复了脆弱的生态环境，更成为示范区向黄河流域乃至全国资源型地区推广的低成本、 易复制的'鄂尔多斯样板'。"当地煤炭企业生态环境保护部副主任王瑜介绍，截至2024年底，企业累计 投入28.8亿元复垦绿化，9.85万亩土地重披绿装，植被覆盖率从25%跃升至85%以上，平均侵蚀模数降 低88%。 准格尔旗的生态修复不仅让荒 ...

债券研究 证 券 研 究 报 告 【债券月报】 长久期信用债后续如何参与，何时止盈？ ——7 月信用债策略月报 5 月下旬以来信用债挖票息行情向长端演绎，长久期信用债净买入规模明显放 量，市场参与热情较高。去年资产荒行情极致演绎下长久期信用债在同期时点 也走出了独立行情，但去年 8 月后债市波动较大，长久期信用债流动性不足的 风险暴露，估值出现明显调整。今年机构参与长端品种相对谨慎、关注止盈时 点，近期股债翘板效应扰动债市，后续长久期信用债如何参与？ 长久期信用债行情演绎期间机构参与情况如何？ 机构净买入力量是影响长久期信用债行情演绎的重要因素。1）5-7y 中票：去 年长久期信用债行情演绎阶段机构净买入量较前期涨幅较小，但部分时点规模 相对较高，进一步推动了其利差收窄。今年 5 月下旬以来净买入量明显增长， 机构行为对该期限区间的行情驱动较去年或有增强。2）7-10y 中票：基金净买 入力量的波动是影响利差变化的重要因素，两轮长久期信用债行情中基金连续 大规模净买入的同时信用利差也出现快速收窄，而在去年 8 月中下旬基金转 为大规模净卖出，利差开始出现快速大幅走阔。3）10y 以上中票：今年基金参 与力量有 ...

Group 1 - The stock indices collectively rose this week, with the Shanghai and Shenzhen stock markets seeing a net inflow of approximately 4 billion yuan into stock ETFs and cross-border ETFs [1][4]. - The total trading volume for the Shanghai and Shenzhen stock markets reached 7.37 trillion yuan, with the Shanghai market accounting for 3 trillion yuan and the Shenzhen market 4.37 trillion yuan [2]. - Major indices saw significant gains, with the Shanghai Composite Index closing at 3510.182 points, up 1.09% for the week, and the Shenzhen Component Index closing at 10696.1 points, up 1.78% [2]. Group 2 - In terms of industry-specific ETFs, coal, chip, and banking ETFs attracted significant inflows, with coal ETFs seeing a net inflow of 12.24 billion yuan, chip ETFs 12.03 billion yuan, and banking ETFs 11.04 billion yuan [5][6]. - The coal ETF recently experienced a substantial increase in investment, with its share surpassing 5.5 billion, marking a historical high [7]. - Analysts predict that coal prices may stabilize and recover due to seasonal demand increases and a slowdown in production growth, despite a pessimistic outlook for the industry in 2025 [9]. Group 3 - The top ten index ETFs collectively saw a net inflow of 47.69 billion yuan this week, with the Sci-Tech 50 ETF alone attracting 20.56 billion yuan [4]. - There was a notable outflow from gaming and healthcare-related ETFs, with gaming ETFs losing 4.32 billion yuan and healthcare ETFs losing 3.84 billion yuan [6]. - The Hong Kong Securities ETF achieved a trading volume close to 100 billion yuan, with several related ETFs reaching new highs in trading volume [10][12].

为何山西煤矿智能化建设急需矿鸿？ 这项成果源于中国中煤能源集团有限公司的重大科技专项——《基于矿鸿的采掘智能化控制技术研究及 应用》。该项目由中煤装备公司牵头，联合中煤装备板块企业、中煤山西公司以及华为技术有限公司共 同开展，最终在山西亚美大宁能源有限公司（大宁煤矿）完成工业性试验示范应用，并于今年6月顺利 通过中国煤炭工业协会组织的科技成果鉴定 ，这无疑是山西科技发展历程中的一个耀眼闪光点。 在山西的煤矿产业发展进程中，一项革命性的科技成果正悄然改变着传统采煤作业的面貌。2025年1 月，国家能源局发布的"2024年度国家能源研发创新平台十大科技创新成果"名单里，"基于矿鸿的煤矿 综采工作面智能控制系统"赫然在列，并且是煤炭领域的唯一入选项目，这一成果为山西乃至全国的煤 炭行业智能化转型注入了强劲动力。 煤矿智能化建设的根基在于万物互联，需要设备与设备、传感器与传感器、环境与设备之间实现高效互 联，进而形成感知网、信息网和数据网，达成对所有设备的智能管理。然而现实情况是，当前煤矿智能 化建设长期依赖国外操作系统，通信协议碎片化严重，不同厂家设备各自为战，"信息孤岛"现象普遍存 在。这直接导致设备间通信链路冗 ...

中国领导人表示，无论国际形势如何变化，中国积极应对气候变化的行动不会放缓。绿色转型是应 对气候变化的必由之路，这个问题对山西尤为重要。这场转型还将对全球产生深远影响。近年来，中国 加速发展可再生能源，强劲势头令最乐观的环保主义者也感到震惊。最近的分析表明，中国的碳排放量 正在下降。 英国《卫报》文章，原题：中国煤炭腹地正为更绿色的未来而奋斗 满身煤尘的徐小波（音）想知 道，为什么刚获得机械学学位的他要在煤层中采选煤块。这名年轻人坐在大同的一座煤矿外说："刚毕 业时，我怀有远大梦想……我不喜欢挖煤工作。" 但随着中国在现代化道路上迅速前行，逐渐远离数千 年来曾为中国提供动力的煤矿，徐在家乡山西找到了更光明的未来，开始从事兼职导游工作，"我真的 很爱家乡，希望更多人能看到它不是个遍布煤尘和重污染的地方。"徐的个人经历也是中国最大产煤省 份山西希望大规模模仿的经历，但挑战巨大，因为当地经济曾依赖污染严重的煤炭资源。随着中国制 定"十五五"规划，分析师们密切关注中国如何在绿色议程与社会经济发展需求之间寻求平衡。 与丰富的煤炭储量一样，山西也拥有丰富的文化资源，只是尚未完全找到如何更好开发的方法。这 点在该省临汾市隰县 ...

Group 1 - The core viewpoint emphasizes the importance of coal supply from Zaha Naoer open-pit coal mine to ensure stable electricity supply during the summer peak demand period [1] - The coal production efficiency has reached 1,885 tons per hour since the implementation of the intelligent production system, with 67 mining machines and 2 coal transportation systems operating at full capacity [4] - Approximately 45,000 tons of coal are dispatched daily to over ten power generation companies in Northeast China [4] Group 2 - Baiyinhu Power Plant is a key power source for the Ximeng-Taizhou UHV transmission project, converting over 4 million tons of lignite into 6.6 billion kilowatt-hours of electricity annually [8] - The plant has implemented an integrated smart management platform for real-time monitoring of equipment status, enhancing operational efficiency and ensuring reliable power supply [11] - Since the beginning of summer, the power generation has reached 850 million kilowatt-hours, contributing to the stable operation during peak demand [11]

央视网消息：近期，我国中东部地区持续高温天气。中央气象台预计，未来一周，华北南部、黄淮、江汉及陕西关中等地将持续35℃以上 高温，局地超过40℃，部分地区可能接近或突破历史同期极值。此外，下周起，四川盆地、江淮、江南北部等地也将出现阶段性高温天气。 气象大数据显示，我国多地高温季开启得越来越早，而且热得越来越持久。据国家气候中心气象灾害风险管理室高级工程师刘远介绍，今 年，高温天气特征较为突出。截止目前，全国平均高温日数接近6天，是常年同期的两倍多，为历史同期最多。今年，首发高温过程出现在5月 19—21日，较常年提前半个多月。统计数据显示，高温过程首次出现时间以每十年2.2天的速率不断提前。 另外，今年高温还有一个特点就是极端性强。今年以来，已有147个国家气象站出现了极端高温，13个国家气象站突破历史极值，曾经的 避暑胜地纷纷加入高温的行列。比如说，承德今年出现了连续3天高温天气，黑龙江的北极村、漠河等地在6月底也出现了35°C以上的高温天 气。 每天发往东北4.5万吨煤 全力迎峰度夏 中国气象局公共气象服务中心首席慕建利表示，山东、河南、河北南部、新疆南部及吐鲁番盆地、陕西关中、四川中东部、重庆的部分地 ...

Core Viewpoint - Shanghai Datuan Energy Co., Ltd. announced its annual profit distribution plan for 2024, which includes a cash dividend of 0.2 yuan per share, totaling approximately 144.54 million yuan [2][4]. Distribution Plan - The profit distribution plan was approved at the annual shareholders' meeting held on June 13, 2025 [2]. - The distribution is based on a total share capital of 722,718,000 shares [4]. - The cash dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the registration date [3]. Implementation Method - Cash dividends will be distributed through the clearing system of the China Securities Depository and Clearing Corporation Limited [5]. - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [5]. Taxation Details - Individual shareholders and securities investment funds will not have income tax withheld at the time of dividend distribution, resulting in a net cash dividend of 0.2 yuan per share [9]. - For individual shareholders with a holding period of less than or equal to one month, the effective tax rate is 20% [9]. - For qualified foreign institutional investors (QFII), a 10% tax will be withheld, resulting in a net cash dividend of 0.18 yuan per share [10]. Performance Forecast - The company expects a significant decline in net profit for the first half of 2025, projecting a net profit of 190 million to 230 million yuan, a decrease of 51.27% to 59.75% compared to the same period last year [12][13]. - The decline is attributed to a drop in average selling prices of premium coal and operational disruptions due to regulatory requirements [17]. Previous Year Performance - In the same period last year, the company reported a net profit of approximately 471.62 million yuan [15]. - The earnings per share for the previous year were 0.65 yuan [16].

Group 1 - The company plans to exchange all remaining assets and liabilities, except for retained assets and liabilities, with Jiangtong Development for a 57% stake in Jinhui Magnetic Selection, with cash compensation for the difference [1][2] - The company intends to repay financial liabilities of 661 million yuan before the shareholder meeting notification [1][2] - The remaining 43% equity of the target company is held by four employee stock ownership platforms [1] Group 2 - The valuation of the target company Jinhui Magnetic Selection is based on the asset-based method and income method, with the income method chosen as the final assessment method [2][3] - The target company's revenue for the last two years was 451 million yuan and 483 million yuan, indicating a production model based on "sales determine production" [2][3] Group 3 - The target company's inventory value at the end of 2024 is 379 million yuan, accounting for 47.38% of total assets, primarily consisting of raw materials, inventory goods, and shipped products [4] - The company needs to disclose the specific composition of inventory and the revenue proportion of customized products over the last three years [4][5] Group 4 - The company's accounts receivable and notes receivable at the end of the reporting period were 167 million yuan and 88 million yuan, accounting for 37.03% and 18.22% of revenue, respectively [5][6] - The company must analyze the aging structure of accounts receivable and the credit policy of the top five customers [6] Group 5 - The target company has 46 patents, with 7 co-owned with other entities, indicating potential complexities in intellectual property rights [7] - The company needs to clarify the role of co-owned patents in production and whether there are any disputes regarding intellectual property [7] Group 6 - The target company's overseas revenue accounted for 12.76% and 22.51% of total revenue in the last two years, with plans to increase product exports in 2024 [8] - The company should disclose the types of overseas customers and the reasons for growth in overseas business [8]