初春时节，记者来到贵州林华煤矿，只见工作人员在地面集控中心的电脑上点击启动按钮，位于地下数 百米的智能化采煤设备开始飞速运转，素有"工业粮食"之称的煤炭被源源不断地开采出来。 林华煤矿是贵州有序推进煤矿智能化改造的一个缩影。近年来，贵州省坚持因地制宜、先易后难原则， 大力推进5G、人工智能等新兴技术运用，推动贵州煤矿逐步实现从"传统开采"到"智能开采"的蝶变，传 统煤炭产业焕发出新的勃勃生机。 从"人控"到"数控"的跃升 走进位于贵州省金沙县的贵州林华矿业有限公司林华煤矿安全生产调度中心，只见墙上的巨大曲面屏和 室内电脑上，煤矿的各项设备数据、监控画面实时显示，矿井下的生产情况、设备运行状况一目了然。 在林华煤矿安全生产调度中心的井下集控操控室，林华煤矿年轻员工范美杰和王程成在工位上操作电 脑，就可以启动井下的采煤机、皮带运输机等设备。 与"煤矿工人"给人的传统印象不同，范美杰不但衣着干净整洁，而且还拥有高等教育经历。"一开始想 着来煤矿工作肯定会下井。"范美杰说，工作后，才发现这个煤矿的工作环境早已今非昔比。 "在煤矿工作也可以是'白领'！"贵州林华矿业有限公司执行董事、党委书记张锡兵说，该公司成立于 20 ...

近5日融资融券数据一览见下表： 山煤国际融资融券信息显示，融资方面，当日融资买入1697.73万元，融资偿还2019.62万元，融资净偿 还321.89万元。融券方面，融券卖出1.32万股，融券偿还900.0股，融券余量22.6万股，融券余额266.45 万元。融资融券余额4.88亿元。 证券之星消息，截至2026年2月27日收盘，山煤国际(600546)报收于11.79元，上涨2.79%，换手率 1.39%，成交量27.46万手，成交额3.21亿元。 2月27日的资金流向数据方面，主力资金净流入1244.5万元，占总成交额3.88%，游资资金净流入339.75 万元，占总成交额1.06%，散户资金净流出1584.26万元，占总成交额4.94%。 近5日资金流向一览见下表： 该股最近90天内共有6家机构给出评级，买入评级2家，增持评级4家；过去90天内机构目标均价为 11.3。 资金流向名词解释：指通过价格变化反推资金流向。股价处于上升状态时主动性买单形成的成交额是推 动股价上涨的力量，这部分成交额被定义为资金流入，股价处于下跌状态时主动性卖单产生的的成交额 是推动股价下跌的力量，这部分成交额被定义为资金流出 ...

机构：中金公司 研究员：Yan CHEN/Lingzhi WANG Stable payout ratio. The firm proposed to pay a total dividend of AUD0.18 /sh in 2025, representing 55% of its earnings per share for the year (vs. 50% in 2023 and 56% in 2024). Trends to watch Production and cost guidance for 2026 has increased compared to 2025, while capex guidance remains largely unchanged. According to corporate filings, Yancoal Australia guides equity-based thermal coal output at 36.5– 40.5mnt in 2026, with cash cost per tonne (excluding royalties) bei ...

Healthy cash position. As at end-2025, Yancoal had gross cash of A$2bn, equivalent to ~25% of the current market cap. 2026 guidance introduced by YAL: (1) attributable saleable production: 36.5-40.5mn tonnes (-5% to +5% YoY); (2) operating cash cost (excluding royalties): A$90-98/t (-2% to +7% YoY); (3) capex: A$750-900mn (up 0%- 20% YoY). Key risks: (1) further decline in coal price; (2) elevated input cost; (3) extreme weather that affects production and delivery.. 机构：招银国际 研究员：Wayne Fung Yancoal's (YAL) n ...

机构：中金公司 研究员：陈彦 业绩回顾 2025 年业绩基本符合我们预期 公司公布2025 年业绩：归母净利润4.40 亿澳元，同比-64%，对应每股收益0.33 澳元，基本符合我们预 期。公司盈利下滑主要系煤价下跌所致。2H25 归母净利润2.77 亿澳元，同比/环比-65%/+70%。 1）煤炭售价下跌。2025 年全球煤价下跌，拖累公司综合销售价格同比-17%至146 澳元/吨，其中动力煤 同比-15%至136 澳元/吨，炼焦煤同比-26%至203 澳元/吨。2）产量创历史新高。 2025 年公司权益商品煤产量同比+5%至3,860 万吨，接近指引上限（3,500-3,900 万吨），录得历史最好 表现。3）吨煤生产成本小幅改善。以产量口径测算，2025 年剔除权益金的吨煤现金运营成本同比-1 澳 元至92 澳元，符合年度指引（89-97 澳元/吨）。 4）2025 年资本开支同比+7%至7.51 亿澳元，处于年度指引7.5-9.0 亿澳元的下限。5）维持高现金储 备。截至2025 年末，公司在手现金21.3 亿澳元，净现金20.4 亿澳元。6）派息比例稳定。 2025 年公司合计拟派发股利0.18 澳 ...

■ 注1：本报告期初数同法定披露的上年年末数。 证券代码：688570 证券简称：天玛智控 公告编号：2026-004 北京天玛智控科技股份有限公司 2025年度业绩快报公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以北京天玛智控 科技股份有限公司（以下简称"公司"）2025年年度报告为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：人民币万元 报告期内，受煤炭行业周期性调整及能源结构加速转型影响，公司主要客户投资决策趋于审慎，资本开 支收紧，公司产品市场总需求降低。同时，行业竞争进一步加剧，公司主动调整价格策略，以具备竞争 力的产品定价巩固市场份额，导致公司收入规模收缩，主营业务产品毛利率下降。 （二）上表中有关项目增减变动幅度达30%以上的主要原因 报告期内，公司营业利润同比减少74.95%，利润总额同比减少73.13%，归属于母公司所有者的净利润 同比减少71.14%，归属于母公司所有者的扣除非经常性损益的 ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q4 2025 was $28.5 million, down from $41.7 million in Q3 2025 [8] - Total tons shipped in Q4 2025 were 3.8 million, a decrease from 3.9 million tons in Q3 2025 [8] - Cash provided by operating activities was $19 million in Q4, down from $50.6 million in Q3 [11] - Total liquidity at the end of Q4 was $524.3 million, down from $568.5 million at the end of Q3 [11] Business Line Data and Key Metrics Changes - Metallurgical segment realizations increased to an average of $115.31 per ton in Q4, up from $114.94 in Q3 [8] - Realizations for metallurgical sales in Q4 were a total weighted average of $118.10 per ton, up from $117.62 per ton in Q3 [9] - Incidental thermal portion realizations decreased to $77.80 per ton in Q4, down from $81.64 per ton in Q3 [9] Market Data and Key Metrics Changes - The Australian Premium Low-Vol Index increased by 14.6% from $190.20 per metric ton on October 1 to $218 per metric ton on December 31 [17] - The U.S. East Coast low-vol index rose from $177 to $185 per metric ton, an increase of 4.5% [18] - The U.S. East Coast High-Vol A index dropped slightly to $150.50 per metric ton by the end of the year [19] Company Strategy and Development Direction - The company aims to maintain a strong balance sheet and focus on safe, efficient operations amid persistent market weakness [6] - Development at the Kingston Wildcat Low-Vol Mine is ongoing, with expectations to produce roughly 500,000 tons in the current calendar year [14] - The company is exploring opportunities for share buybacks and potential M&A activities while ensuring minimal risk [36] Management's Comments on Operating Environment and Future Outlook - Management noted that the recent upward movement in coal markets is largely temporary and concentrated within the Australian Premium Low-Vol Index [4] - There is a focus on durable improvements in global steel demand as a catalyst for improving metallurgical markets [5] - The steel market remains weak globally, with some optimism in Europe and South America, but competition in Asia is challenging [30] Other Important Information - The company has committed 37% of its metallurgical tonnage for 2026 at an average price of $134.02, with 53% committed but not yet priced [12] - CapEx for Q4 was $29 million, up from $25.1 million in Q3 [11] Q&A Session Summary Question: Clarification on domestic vs. seaborne tonnage mix - Management indicated that approximately half of domestic volume is high-vol, with the other half being low and medium-vol [24] Question: Cost cadence over the year - Management noted that Q1 typically sees elevated costs due to lower productivity, while Q2 and Q3 are usually stronger [27] Question: Broader market conditions in Europe and South America - Management expressed cautious optimism for recovery in Europe and South America, but noted that Asia remains competitive [30] Question: Best uses for cash at this stage - Management emphasized maintaining liquidity for balance sheet strength and potential share buybacks, while exploring M&A opportunities [36] Question: Pricing guidance and impact of the 45X tax credit - Management stated that guidance is based on the forward curve, with an estimated benefit of around $2 per ton from the 45X tax credit [40] Question: U.S. supply perspective and potential impacts - Management noted that some smaller operations are going offline, but it may not significantly impact the overall market [50] Question: Transparency in pricing indices - Management discussed the challenges of pricing coal based on various indices and the need for better clarity in how prices are derived [62]

来源：市场资讯 摘要标题 产地价格更是涨得欢。陕西榆林Q5500坑口价650元一吨，一周涨了70块；山西大同577元，涨12块；内 蒙古东胜519元，涨12块。港口跟着涨，秦皇岛港山西产动力末煤平仓价718元，涨23块。国际煤价也在 涨，纽卡斯尔Q5500涨了4个多美元一吨。 港口库存下降，电厂却在囤煤 有意思的是，北港库存下降的同时，电厂库存反而在增加。北港日均动力煤库存2431万吨，周环比降了 16.6万吨；调入量165万吨，涨了7万吨；调出量173万吨，涨了21万吨。这说明下游在集中拉运，担心 节后买不到便宜煤。 （来源：煤炭视界） 春节刚过，煤炭市场传来不同信号。动力煤这边，港口产地价格双双上扬，秦皇岛Q5500已经涨到730 元一吨，比上周贵了35块。炼焦煤就没这么好运了，虽然主焦煤报价还算坚挺，但配焦煤已经开始松 動，安徽1/3焦精煤跌了15块，柳林低硫主焦也跌了48块。整个市场呈现出明显的分化走势。 背景 动力煤淡季不淡，供给收缩成主因 港口：贸易商报价继续上涨，优质低硫煤涨幅尤为明显；下游多持观望态度，少量需求以化工用煤及贸 易商投机性采购为主，对高价接受能力有限；整体成交价重心继续上移。港口 ...

| 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 4 > | 总市值 | | --- | --- | --- | --- | --- | --- | | 800700 | 恒生科技指数 | 5137.84 | +28.51 | +0.56% | 0 | | 09999 | 网易-S | 179.200 | +4.200 | +2.40% | 5673.5亿 | | 09626 | 哔哩哔哩-W | 221.200 | +3.000 | +1.37% | 917.36亿 | | 00992 | 联想集团 | 9.730 | +0.120 | +1.25% | 1207亿 | | 00700 | 腾讯控股 | 518.000 | +6.000 | | +1.17% 4.717万亿 | | 03690 | 美团-W | 81.150 | +0.700 | +0.87% | 4959.9亿 | | 09618 | 京东集团-SW | 104.400 | +0.400 | +0.38% | 2962.9亿 | | 09888 | 百度集团-SW | 123.700 | +0.300 | +0.24% | 3402 ...

"持续巩固拓展工作成效，深化捆绑招商模式，推动招商项目全周期保障、无缝衔接落地；持续紧盯消 费节点，优化消费环境、丰富消费供给，守牢民生保障底线；持续补齐外贸短板，强化口岸赋能，抓实 外资外经，深化对俄合作。"双鸭山市商务局相关负责人表示，下一步双鸭山全市商务战线将继续以攻 坚突破的劲头、实干笃行的作风，推动招商、消费、外贸三大板块深度融合、协同发展，为为实现"十 五五"时期商务工作高水平开局筑牢坚实基础。 中国发展网讯 杨军记者袁小峰报道 双鸭山市自全面掀起冬季招商热潮以来，多元举措激发消费活力， 创新突破推动外贸提质。今年一季度，双鸭山市商务系统锚定"十五五"开局之年首季"开门红"目标，围 绕招商引资、内贸消费、外贸开放拉满弓弦"三箭齐发"，用实打实的举措和硬碰硬的手段实现"多点开 花"，为全市高质量发展注入强劲商务力量。 全域联动燃旺市场烟火，双节消费市场活力十足。今年，双鸭山市以"政府引导、企业为主、市县联 动、电商赋能"为抓手，深耕"购、游、娱、赏"全消费场景，推动线上线下（300959）融合、县区全域 联动，节日消费工作成效显著。全市一季度计划布局促消费活动38场，统筹落实政府促消费资金945万 ...