天眼查商业履历信息显示，晋能控股山西煤业股份有限公司，成立于2001年，位于大同市，是一家以从 事煤炭开采和洗选业为主的企业。企业注册资本167370万人民币，实缴资本167370万人民币。公司法定 代表人为李建光。 资金流向方面，今日主力资金净流出1095.96万元，占比成交额3.63%。其中，超大单净流出1084.57万 元、占成交额3.59%，大单净流出11.39万元、占成交额0.04%，中单净流出流出969.12万元、占成交额 3.21%，小单净流入2065.08万元、占成交额6.84%。 晋控煤业最新一期业绩显示，截至2025一季报，公司营业总收入24.24亿元、同比减少33.73%，归属净 利润5.12亿元，同比减少34.35%，扣非净利润5.08亿元，同比减少35.26%，流动比率2.627、速动比率 2.486、资产负债率24.12%。 金融界消息 截至2025年8月8日收盘，晋控煤业（601001）报收于14.18元，下跌1.25%，换手率1.27%， 成交量21.26万手，成交金额3.02亿元。 通过天眼查大数据分析，晋能控股山西煤业股份有限公司共对外投资了11家企业，参与招投标项目241 ...

来源：金融界 金融界消息 截至2025年8月7日收盘，神火股份（000933）报收于18.42元，上涨0.6%，换手率0.81%， 成交量18.13万手，成交金额3.32亿元。 资金流向方面，今日主力资金净流入1586.14万元，占比成交额4.77%。其中，超大单净流入2281.91万 元、占成交额6.86%，大单净流出695.78万元、占成交额2.09%，中单净流出流入247.78万元、占成交额 0.75%，小单净流出1833.91万元、占成交额5.52%。 神火股份最新一期业绩显示，截至2025一季报，公司营业总收入96.32亿元、同比增长17.13%，归属净 利润7.08亿元，同比减少35.05%，扣非净利润7.15亿元，同比减少29.43%，流动比率0.641、速动比率 0.455、资产负债率49.45%。 天眼查商业履历信息显示，河南神火煤电股份有限公司，成立于1998年，位于商丘市，是一家以从事煤 炭开采和洗选业为主的企业。企业注册资本224970.8409万人民币，实缴资本15868万人民币。公司法定 代表人为李宏伟。 通过天眼查大数据分析，河南神火煤电股份有限公司共对外投资了34家企业，参与招 ...

Group 1 - The latest stock price of Gansu Energy Chemical is 2.52 yuan, reflecting a 1.20% increase from the previous trading day [1] - The stock reached a high of 2.52 yuan and a low of 2.47 yuan during the trading session, with a trading volume of 290,652 hands and a transaction amount of 73 million yuan [1] - Gansu Energy Chemical's main business includes coal mining, washing, processing, and sales, with key products such as thermal coal and washed coking coal [1] Group 2 - As of July 31, 2025, the number of shareholders is 61,900, a decrease of 2,704 shareholders, representing a decline of 4.19% [1] - The average number of circulating shares held per shareholder increased from 57,700 shares to 60,200 shares, with an average circulating market value of 149,300 yuan [1] - The number of shares held through the Shenzhen Stock Connect remains unchanged at 30,697,600 shares [1] Group 3 - The net outflow of main funds for Gansu Energy Chemical on that day was 3.03 million yuan, with a cumulative net outflow of 5.88 million yuan over the past five days [1]

Group 1 - The stock price of Shaanxi Coal Industry (601225) closed at 20.01 yuan on August 1, 2025, down 0.69% with a turnover rate of 0.31% and a trading volume of 296,600 hands, amounting to 595 million yuan [1] - The latest financial report for Shaanxi Coal Industry shows total operating revenue of 40.162 billion yuan for Q1 2025, a year-on-year decrease of 7.30%, and a net profit attributable to shareholders of 4.805 billion yuan, down 1.23% year-on-year [1] - The company has a current ratio of 1.083, a quick ratio of 0.993, and a debt-to-asset ratio of 41.80% [1] Group 2 - Shaanxi Coal Industry has made investments in 44 companies and participated in 75 bidding projects [2] - The company holds 21 trademark registrations and 29 patents, along with 3 administrative licenses [2]

经营范围含发电技术服务；风力发电技术服务；太阳能发电技术服务；新兴能源技术研发；技术服务、 技术开发、技术咨询、技术交流、技术转让、技术推广；节能管理服务；信息技术咨询服务；农业科学 研究和试验发展；新能源汽车废旧动力蓄电池回收及梯次利用（不含危险废物经营）；以自有资金从事 投资活动；组织文化艺术交流活动；酒店管理；餐饮管理；企业管理咨询；机械设备租赁；互联网销售 （除销售需要许可的商品）；园林绿化工程施工；国内贸易代理；煤炭及制品销售。（除依法须经批准 的项目外，凭营业执照依法自主开展经营活动） 无 企业名称深圳政华铁投煤业有限责任公司法定代表人李彦军注册资本5000万人民币国标行业采矿业>煤 炭开采和洗选业>其他煤炭采选地址深圳市宝安区新安街道大浪社区27区华联城市全景E、F、G栋F栋 502企业类型有限责任公司(自然人投资或控股的法人独资)营业期限2025-7-29至无固定期限登记机关深 圳市市场监督管理局 来源：金融界 天眼查App显示，近日，深圳政华铁投煤业有限责任公司成立，法定代表人为李彦军，注册资本5000万 人民币，由深圳市中岳建能源控股有限公司全资持股。 序号股东名称持股比例1深圳市中岳建能 ...

Core Viewpoint - Huayang Co., Ltd. (600348) has experienced a decline in stock price and financial performance, indicating potential challenges ahead for the company [1]. Financial Performance - As of the first quarter of 2025, the company reported total revenue of 5.817 billion yuan, a year-on-year decrease of 5.53% [1]. - The net profit attributable to shareholders was 597 million yuan, down 31.18% year-on-year [1]. - The non-recurring net profit was 631 million yuan, reflecting a 19.12% decrease compared to the previous year [1]. - The current ratio stood at 0.805, and the quick ratio was 0.759, indicating liquidity concerns [1]. - The debt-to-asset ratio was reported at 52.50%, suggesting a moderate level of financial leverage [1]. Stock Market Activity - As of July 30, 2025, the stock closed at 7.05 yuan, down 0.14% with a turnover rate of 1.08% [1]. - The trading volume was 390,300 hands, with a total transaction value of 277 million yuan [1]. - There was a net outflow of main funds amounting to 10.4958 million yuan, accounting for 3.78% of the transaction value [1]. - Large orders saw a net inflow of 7.749 million yuan, while large orders experienced a net outflow of 18.2448 million yuan [1]. Company Background - Shanxi Huayang Group New Energy Co., Ltd. was established in 1999 and is primarily engaged in coal mining and washing [2]. - The company has a registered capital of 360.75 million yuan and a paid-in capital of 50.916 million yuan [1]. - The legal representative of the company is Wang Yuming [1]. Investment and Intellectual Property - The company has made investments in 43 enterprises and participated in 5,000 bidding projects [2]. - It holds 67 trademark registrations and 136 patents, along with 60 administrative licenses [2].

Core Viewpoint - Shanxi Province's electricity consumption in the first half of the year reached 156.96 billion kWh, showing a year-on-year growth of 6.3%, indicating a stable and improving economic performance [1][3] Group 1: Electricity Consumption by Sector - The first sector's electricity consumption was 1.40 billion kWh, up 6.81% year-on-year [1] - The second sector's electricity consumption was 1,126 billion kWh, increasing by 5.05% year-on-year [1] - The third sector's electricity consumption was 254.67 billion kWh, with a growth of 12.18% year-on-year [1] - Residential electricity consumption reached 174.9 billion kWh, growing by 6.29% year-on-year [1] Group 2: Industrial Electricity Consumption - Industrial electricity consumption increased by 5.17% year-on-year, reflecting the acceleration of transformation and upgrading [2] - Electricity consumption in the non-ferrous metal mining and selection industry grew by 23.97%, while the petroleum, coal, and other fuel processing industries saw a 16.41% increase [2] - The coal mining and washing industry experienced a 7.98% rise in electricity consumption [2] - The photovoltaic equipment and components manufacturing industry saw a significant increase of 671.83% in electricity consumption [2] Group 3: Growth in New Energy and Services - New energy vehicle manufacturing, medical instrument manufacturing, urban rail transit equipment manufacturing, and instrument manufacturing experienced electricity consumption growth rates of 197.09%, 36.5%, 27.2%, and 25.63% respectively [2] - The service sector's electricity consumption grew by 12.48%, with internet data services increasing by 43.28% [2] - The charging and swapping service industry saw a remarkable increase of 91.1% in electricity consumption due to the promotion of heavy-duty electric vehicle policies and the popularity of residential new energy vehicles [2] - The tourism industry grew by 14.78%, positively impacting wholesale and retail electricity consumption, which increased by 27.8% [2]

Group 1 - Xinjiang's industrial production has shown a steady and positive development trend in 2023, with a year-on-year growth of 7.4% in industrial added value for large-scale industries, surpassing the national average by 1.0 percentage points [1] - Among 40 major industrial sectors, 31 sectors achieved growth, resulting in a growth coverage of 77.5%, which is an increase of 7.5 percentage points compared to the first quarter [1] - In the first half of the year, 254 out of 384 major industrial products saw a year-on-year increase in output, with a growth coverage of 66.1%, slightly up by 0.2 percentage points from the first quarter [1] Group 2 - Key industries significantly contributed to industrial growth, with coal mining and washing industry increasing by 12.2%, contributing 1.5 percentage points to the growth of large-scale industrial added value [1] - The non-ferrous metal smelting and rolling processing industry experienced a substantial growth rate of 16.1%, contributing 1.2 percentage points to the overall industrial added value [1] - The chemical raw materials and products manufacturing industry grew by 11.5%, contributing 1.0 percentage points, while the petroleum, coal, and other fuel processing industry increased by 10.2%, contributing 0.7 percentage points [1] Group 3 - The combined contribution of the four key industries accounted for 4.4 percentage points of the growth in large-scale industrial added value, representing a contribution rate of 57.9%, which was the main driving force behind the rapid industrial growth in the first half of the year [2] - Xinjiang aims to continue nurturing and expanding new productive forces to solidify the positive recovery trend of the industrial economy [2]

Report Summary 1. Industry Investment Rating No relevant content provided. 2. Core View The report suggests that although the rumored news of investigating over - production in the coal industry is expected to have a limited impact, it will strengthen the market sentiment, making the thermal coal price more likely to rise than fall. The recent coal price is driven by peak - season demand for a weak rebound, but the high downstream inventory restricts the rebound space [3][4]. 3. Summary by Related Catalog Event - Since July, the "anti - involution" market in the domestic coal industry has continued to ferment. On July 22, it was rumored that the National Energy Administration issued a notice to conduct a coal mine production situation verification in 8 key coal - producing provinces (regions), mainly checking for over - production. Mines with annual or monthly production exceeding 10% of the announced capacity will be ordered to suspend production for rectification. As of the time of publication, the notice was not found on the official website of the National Energy Administration [2]. Recent Coal Price Operation Logic - In 2025, from January to June, the national cumulative raw coal production was 240,456 tons, a year - on - year increase of 5.4%. The coal price was weak, with the price of thermal coal at northern ports dropping from 770 yuan/ton at the beginning of the year to a low of 617 yuan/ton, a drop of 20%. Recently, the coal market sentiment is strong, and the high - temperature cooling demand in summer has increased daily consumption, driving a weak rebound in prices. However, the high downstream inventory restricts the rebound space [3]. Impact of Over - production Check News - Even though the impact of the over - production check news is expected to be limited, it will strengthen the market sentiment. Given that low - calorie coal has fallen below the cost line and there is a structural shortage of high - quality coal, the supply contraction expectation will make the thermal coal price more likely to rise than fall [4]. Policy Implementation Difficulties - In the previous round of supply - side reform, the elimination of backward coal mine production capacity had achieved obvious results. The current mines mostly meet safety and environmental requirements, so the effect of anti - involution and over - production checks on reducing production cannot be compared with that of supply - side reform. Also, the coal industry accounts for a large proportion of the economy in key coal - producing provinces, so over - production checks may conflict with local economic growth goals [5].

021-60635736 期货从业资格号：F3033782 投资咨询证书号：Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 报告类型 焦炭焦煤日评 日期 2025 年 7 月 18 日 黑色金属研究团队 研究员：翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员：聂嘉怡 研究员：冯泽仁 请阅读正文后的声明 ＃summary＃ 每日报告 | | | | | | 表1：7月17日焦炭焦煤期货主力合约价格、成交及持仓情况（单位：元/吨、手、亿元） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | J2509 | 1494. ...