与此同时，我国能源行业有序发展成效明显。据邢翼腾介绍，国家能源局持续加强煤炭市场预期引导， 调控煤炭供给，推动煤炭价格稳步回升，9月下旬5500大卡动力煤现货价达到704元／吨左右。风电、光 伏部分产品价格回升，多晶硅、硅片价格较今年最低点明显上涨。 此外，记者注意到，三季度，国家能源局发布《关于推进"人工智能+"能源高质量发展的实施意见》， 加快推动人工智能与能源产业深度融合；出台新型储能规模化建设专项行动方案，推动新型储能迈向规 模化发展新阶段；印发电动汽车充电设施服务能力"三年倍增"行动方案，加大力度完善充电设施服务网 络，提升消费品质；出台绿电直连配套政策文件，切实推动项目落地；发布《电力现货连续运行地区市 场建设指引》《电力市场计量结算基本规则》，加快构建全国统一电力市场。增量政策密集出台，也持 续助力能源行业高质量发展。 编辑：左元 新华财经北京10月31日电（记者安娜）国家能源局发展规划司副司长邢翼腾10月31日表示，今年前三季 度全国能源消费总体延续增势，我国能源供应保障有力有效，能源稳投资促增长作用充分发挥，新型能 源体系建设稳步推进，助力我国经济持续回升向好。 邢翼腾在当日国家能源局新闻发 ...

Core Viewpoint - Shanxi Coal International announced that its subsidiaries, Changchun Xing Coal Industry and Hanjiawa Coal Industry, participated in a bidding process to acquire coal production capacity replacement indicators for five coal mines owned by its indirect controlling shareholder, Shanxi Coking Coal Group, for a total of 302.4372 million yuan (including tax) [1] Group 1 - The transaction involves the purchase of 2.1 million tons per year of coal production capacity replacement indicators [1] - This transaction is classified as a related party transaction and does not constitute a major asset reorganization [1] - The transaction has been approved by the company's board of directors and independent directors, and does not require submission for shareholder meeting approval [1] Group 2 - Upon completion of the transaction, the company expects an annual increase in intangible asset amortization expenses not exceeding 16.72 million yuan per year [1]

Core Viewpoint - The National Energy Administration (NEA) is actively implementing the spirit of the 20th National Congress of the Communist Party of China, focusing on building a new energy system and ensuring energy supply stability during peak seasons, while promoting renewable energy integration and electric vehicle charging infrastructure development [6][8][9]. Group 1: Energy Situation in the First Three Quarters - The energy supply in China has been stable and effective, with significant policy support leading to orderly industry development and a steady increase in energy investment [10][11]. - The maximum electricity load reached new highs during the summer peak, with July and August seeing electricity consumption exceed 1 trillion kilowatt-hours for two consecutive months [11][28]. - Coal production and oil and gas output have shown steady growth, with coal output increasing by 2%, oil by 1.7%, and natural gas by 6.4% year-on-year [11][12]. Group 2: Renewable Energy Integration - Renewable energy installed capacity has reached nearly 2.2 billion kilowatts, with wind and solar power exceeding 1.7 billion kilowatts, and a 47.7% year-on-year increase in new installations [13][14]. - Renewable energy generation has grown steadily, accounting for approximately 60% of industrial electricity consumption, with total generation reaching 2.89 trillion kilowatt-hours, a 15.5% increase year-on-year [14][15]. - The average utilization hours for hydropower reached 2,551 hours, with wind power achieving a utilization rate of 94% [15][16]. Group 3: Electric Vehicle Charging Infrastructure - The total number of electric vehicle charging facilities reached 18.06 million, a 54.5% increase year-on-year, effectively supporting the charging needs of 40 million electric vehicles [17][18]. - Policies have been implemented to enhance charging infrastructure, with a goal to build 28 million charging facilities by 2027 to meet the demand of over 80 million electric vehicles [18][19]. - New technologies in charging, such as high-power charging stations, have been rapidly adopted, significantly improving charging speed and efficiency [19]. Group 4: Market Mechanisms and Policies - The national unified electricity market has seen a steady increase in trading volume, with a total of 4.92 trillion kilowatt-hours traded, representing a 7.2% year-on-year growth [21][22]. - The NEA is focusing on enhancing the flexibility of the energy system through various measures, including the promotion of virtual power plants and the integration of electric vehicles into the energy grid [41][42]. - The NEA is also addressing the issue of negative electricity prices, which have become more frequent due to the increasing share of renewable energy, indicating a need for better market regulation [36][37]. Group 5: Future Plans and Goals - The NEA aims to achieve a clean, low-carbon, safe, and efficient new energy system by 2035, with specific targets for renewable energy capacity and consumption [37][38]. - Key strategies include expanding renewable energy supply, promoting integrated development, and enhancing the market mechanisms to support high proportions of renewable energy [38][39]. - The NEA is committed to ensuring energy security and stability during peak seasons, particularly in winter, by strengthening fuel supply and enhancing emergency management capabilities [30][31].

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The industry fundamentals are showing marginal improvement, with coal prices rebounding month-on-month. The company is expected to benefit from this trend, leading to gradual performance improvement [7][8] - The company has experienced a decline in revenue and net profit in Q3 2025 compared to the previous year, with revenue at 7.031 billion yuan, down 21.83%, and net profit at 206 million yuan, down 63.96% [4][7] - The company is a leading producer of injection coal in China and has successfully acquired coal exploration rights, which is expected to expand its mining scale in the long term [8] Financial Summary - For 2025, the company is projected to have a revenue of 29.487 billion yuan, a decrease of 17.7% year-on-year, and a net profit of 2.032 billion yuan, down 17.0% year-on-year [6][11] - The gross profit margin is expected to be 35.5% in 2025, with a net profit margin of 6.9% [6][11] - The company's earnings per share (EPS) is projected to be 0.68 yuan in 2025, with a price-to-earnings (P/E) ratio of 21.8 [6][11] Market and Operational Insights - The company’s coal sales revenue in Q3 2025 was 6.5 billion yuan, with a year-on-year decline of 23.0% [7] - The average selling price of coal was 526.8 yuan per ton, down 15.6% year-on-year, but showed a month-on-month increase of 6.9% [7] - The company’s coal production and sales volumes have decreased, reflecting the impact of safety regulations and production constraints [8]

Core Viewpoint - The 2025 first half A-share environmental risk list reveals that 266 listed companies are exposed to environmental risks, an increase of 10 companies compared to the same period last year, highlighting ongoing environmental compliance challenges in various industries [10][26]. Group 1: Environmental Risk Overview - A total of 504 regulatory data disclosures were made, involving 266 listed companies from January 1 to June 30, 2025 [10][8]. - Gansu Energy Chemical (SZ000552) ranked first on the environmental risk list, with its subsidiary receiving three administrative penalties totaling 1.508 million yuan [15][10]. - The coal and light manufacturing industries saw an increase of 7 companies each on the list, marking the highest growth among all sectors [10][26]. Group 2: Industry-Specific Insights - In the top 10 environmental risk companies, the coal industry had 4 companies, an increase of 1 from the previous year, while the construction and decoration industry maintained 2 companies [15]. - China Communications Construction (SH601800) ranked third, with its subsidiary facing significant penalties for illegal mining activities, totaling approximately 61.245 million yuan [17][18]. - The environmental violation types included water pollution (26.88%), air pollution (21.88%), and solid waste pollution (8.75%), with a noted decrease in these categories compared to the previous year [20]. Group 3: Company-Specific Cases - High Energy Environment (SH603588) faced penalties for exceeding arsenic discharge limits, resulting in direct economic losses of 9.8543 million yuan [19]. - Multiple companies, including Duolun Technology (SH603528) and Jiangxi Changyun (SH600561), were penalized for data falsification and issuing false reports, with fines totaling 0.408 million yuan and 0.11 million yuan respectively [25]. - 76 companies appeared on the environmental risk list for two consecutive periods, indicating persistent compliance issues [31]. Group 4: Regulatory Developments - The China Securities Regulatory Commission is revising the "Guidelines for the Preparation of Sustainable Development Reports" to enhance environmental reporting standards among listed companies [32].

从整体来看，10月制造业PMI回落符合市场预期，主要原因有三：一是十月国庆假期和中秋假期相叠 加，休假时间较长，属于季节性影响因素造成的脉冲影响，11月即可恢复正常生产开工水平；二是10月 前半段国际贸易形势不确定性升高，部分企业风险偏好收缩，减少生产和投资扩张；三是制造业投资有 比较典型的"顺周期"特征，在整体投资增速放缓的前提下，制造业PMI也会相应受到影响。 从结构视角来看，首先是供需两侧。10月生产指数和新订单指数分别为49.7%和48.8%，表明生产和需 求两端均有同时放缓的倾向。今年以来，宏观经济"供强需弱"的情况比较突出，PMI中的生产分项指数 持续高于新订单分项。需要注意到，10月生产指数放缓，主要和长假期等季节性因素有关，经济整体的 产出和供给侧未发生重大变化，仍保持活跃态势。不过今年的新订单指数走势放缓，直接反映国内总需 求不足的实际情况。 （资料图片） 本报评论员 胡光旗 10月31日，据国家统计局数据显示，10月份，制造业采购经理指数（PMI）为49.0%，比上月下降0.8个 百分点。今年以来，制造业PMI总体处于偏低水平，但展望后期，有利因素逐渐增多，制造业PMI有望 逐步回升。 第 ...

[Table_ReportType] 煤焦早报 走势评级： 焦煤——看涨 焦炭——看涨 刘开友—黑色研究员 楼家豪-有色分析师 从业资格证号：F03087895 从业资格证号：F3080463 投资咨询证号：Z0019509 投资咨询证号：Z0018424 联系电话：0571-28132535 联系电话：0571-28132615 邮箱：liukaiyou@cindasc.com 邮箱：loujiahao@cindasc.com 信达期货有限公司 CINDAFUTURESCO.LTD 杭州市萧山区钱江世纪城天人大厦19-20楼 邮编：311200 期货研究报告 商品研究 中美贸易风险可控，煤焦供需偏紧，多单持有 焦煤：截至 10 月 30 日收盘，蒙 5#主焦煤报 1332 元/吨(+0)，现货趋强。活跃合约 报 1288 元/吨(-14)。基差+114 元/吨(+14)，1-5 月差-71 元/吨（+5..5）。 焦炭：截至 10 月 30 日收盘，天津港准一级焦报 1570 元/吨(+0)，部分地区开启第三 轮提涨。活跃合约报 1786.5 元/吨(-14.5)。基差-98 元/吨(+14.5)，1-5 ...

Core Viewpoint - The Hong Kong stock market experienced a decline in October, with all three major indices ending the month lower after a brief rise at the beginning. The Hang Seng Index fell by 3.53%, the Hang Seng China Enterprises Index dropped by 4.05%, and the Hang Seng Tech Index saw the largest decline at 8.62. The Hang Seng Index fell below the 26,000-point mark, while the Hang Seng Tech Index fell below 6,000 points [1]. Sector Performance - The coal, port transportation, oil, and airline sectors showed positive performance, with China Eastern Airlines rising by 19.8%, China Southern Airlines increasing by 12.5%, and China Petroleum gaining over 13%. China National Offshore Oil Corporation rose nearly 4%. In the coal sector, China Coal Energy surged nearly 18%, while China Shenhua Energy increased by 12% and Shougang Resources rose by 9.7% [1]. - Conversely, the Apple concept stocks, biopharmaceuticals, domestic real estate, automotive, and semiconductor sectors experienced significant declines. Highway Electronics led the Apple concept sector with a drop of 20.7%, followed by Sunny Optical with a decline of 16.8% and Q Technology down by 15.8%. In the automotive sector, Li Auto fell by 21.35%, Leap Motor dropped by 12.13%, and BYD shares decreased by 8.7%. Although SMIC reached a new high during the month, it still fell by 5.7% [1]. Large Technology Stocks - Among large technology stocks, Xiaomi saw a significant drop of 20%, Kuaishou fell by 14.48%, Baidu decreased by 11.71%, NetEase dropped by 8.36%, JD.com fell by 7.87%, Alibaba decreased by 6.72%, Tencent dropped by 5.13%, and Meituan fell by 2.39% [1].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, with a slight recovery in Q3, indicating challenges in the coal market and operational efficiency [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 15.332 billion yuan, a year-on-year decrease of 30.2%, and a net profit attributable to shareholders of 1.046 billion yuan, down 49.7% [1]. - In Q3 2025, the company reported operating revenue of 5.673 billion yuan, with a quarter-on-quarter decrease of 28.3% but a 10.0% increase compared to the previous quarter [1]. - The net profit for Q3 2025 was 391 million yuan, reflecting a quarter-on-quarter decrease of 50.5% and a slight decline of 2.2% compared to the previous quarter [1]. Coal Production and Sales - In Q3 2025, the company produced 8.82 million tons of raw coal, a year-on-year decrease of 3.3% but a quarter-on-quarter increase of 1.0% [2]. - The sales volume of self-produced coal reached 9.474 million tons in Q3 2025, showing a significant quarter-on-quarter increase of 37.2% and a year-on-year increase of 59.8% [2]. - The average selling price of self-produced coal was 458.0 yuan per ton, down 30.6% year-on-year [2]. Profitability Metrics - The gross profit margin for the coal business in Q3 2025 was 39.9%, an increase of 3.7 percentage points quarter-on-quarter [2]. - The gross profit margin for self-produced coal was 49.6%, reflecting a decrease of 9.7 percentage points year-on-year but an increase of 2.2 percentage points quarter-on-quarter [2]. Trade Coal Performance - Trade coal sales in Q3 2025 were 2.679 million tons, a significant year-on-year decrease of 50.2% and a quarter-on-quarter decrease of 38.1% [3]. - The gross profit margin for trade coal was 2.4%, with a year-on-year decrease of 0.9 percentage points but an increase of 1.1 percentage points quarter-on-quarter [3]. Investment Outlook - The company anticipates a recovery in coal prices, projecting net profits attributable to shareholders of 1.332 billion yuan, 2.319 billion yuan, and 2.604 billion yuan for 2025, 2026, and 2027, respectively [3]. - The expected earnings per share (EPS) for these years are 0.67 yuan, 1.17 yuan, and 1.31 yuan, corresponding to price-to-earnings (PE) ratios of 16, 9, and 8 times based on the closing price on October 30, 2025 [3].

瑞达期货研究院 「2025.10.31」 焦煤市场周报 宏观&供应情绪扰动，盘面短期走势偏强 研究员：徐玉花 期货从业资格号F03132080 期货投资咨询从业证书号 Z0021386 关 注 我 们 获 取 更 多 资 讯 业 务 咨 询 添 加 客 服 目录 1、周度要点小结 2、期现市场 3、产业链情况 「 周度要点小结1」 「 周度要点小结2」 行情展望 4 来源：瑞达期货研究院 1. 宏观方面，10月25日，我国"西煤东运"大动脉大秦铁路完成秋季集中修，为今冬明春电煤保供夯实了线路基础；28日，"十 五五"规划建议发布，其中提到综合整治"内卷式"竞争，同时，29日盘中，商务部等5部门办公厅关于印发《城市商业提质 行动方案》的通知，通知提到整治"内卷式"竞争，叠加美联储降息、中美领导人会晤，本周市场预期增强。 2. 海外方面，美联储如期降息25个基点，同时，12月降息概率有所下降；商务部介绍中美经贸磋商成果共识：美方将取消针对中 国商品加征的10%所谓"芬太尼关税"，对中国商品加征的24%对等关税将继续暂停一年。 3. 供需方面，矿端开工率受安监影响连续两周小幅回落，库存中性，本期洗煤厂开工率回落，中 ...