请务必阅读正文之后的免责条款部分 1 期货研究 期货研究 所长 早读 今 日 发 现 所长 早读 国泰君安期货 2025-08-26 期 上海楼市新政出炉！复刻北京做法，放开外环限购限制 观点分享： 8 月 25 日周一，上海市住建委等六部门发布《关于优化调整本市房地产政策措施的通 知》，涉及住房限购、公积金、住房信贷、住房税收等 6 项调整，自周二起施行。此次新政 主要亮点包括：1.符合条件的家庭，外环外购房不限套数，非沪籍需要至少连续 1 年社保；2. 成年单身人士按照居民家庭执行住房限购政策，单身也可以购买 2 套住房；3.提高个人住房 公积金贷款额度，公积金可支付首付款，支持"又提又贷"；4.商贷利率不再区分首套和二 套；5.非沪籍人士首套住房免收房产税，第二套房享受人均 60 平方米的免税面积。从短期看， 该举措将直接有利于释放上海购房需求，尤其是外环外区域库存压力大的楼盘（库存占比 70%，消化周期超 20 个月），可能带动成交量回升。"8.18"会议提出"采取有力措施巩固 房地产市场止跌回稳态势"。同时，同为一线城市的北京在 8 月 8 日也发布了稳定楼市的新 政，优化了限购政策、提升了公积金支 ...

资金流向方面，今日主力资金净流出5115.41万元，占比成交额5.46%。其中，超大单净流出5232.15万 元、占成交额5.58%，大单净流入116.73万元、占成交额0.12%，中单净流出流入199.79万元、占成交额 0.21%，小单净流入4915.62万元、占成交额5.25%。 金融界消息 截至2025年8月25日收盘，陕西煤业（601225）报收于22.09元，上涨0.45%，换手率 0.44%，成交量42.62万手，成交金额9.37亿元。 来源：金融界 陕西煤业最新一期业绩显示，截至2025一季报，公司营业总收入401.62亿元、同比减少7.30%，归属净 利润48.05亿元，同比减少1.23%，扣非净利润45.52亿元，同比减少14.98%，流动比率1.083、速动比率 0.993、资产负债率41.80%。 天眼查商业履历信息显示，陕西煤业股份有限公司，成立于2008年，位于西安市，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969500万人民币，实缴资本900000万人民币。公司法定代表人为 赵福堂。 通过天眼查大数据分析，陕西煤业股份有限公司共对外投资了44家企业，参与招投标项目7 ...

Core Viewpoint - Shanxi Coal International's stock closed at 10.2 yuan, down 1.16%, with a trading volume of 20.77 million shares and a transaction amount of 2.12 billion yuan [1] Financial Performance - For Q1 2025, the company reported total operating revenue of 4.502 billion yuan, a year-on-year decrease of 29.17% [1] - The net profit attributable to shareholders was 255 million yuan, down 56.29% year-on-year [1] - The non-recurring net profit was 269 million yuan, a decrease of 55.38% year-on-year [1] - Current ratio stands at 0.967, quick ratio at 0.852, and debt-to-asset ratio at 50.86% [1] Capital Flow - Main funds saw a net outflow of 19.8264 million yuan, accounting for 9.36% of the transaction amount [1] - Large orders experienced a net outflow of 22.5636 million yuan, representing 10.65% of the transaction amount [1] - Small orders had a net inflow of 12.7287 million yuan, making up 6.01% of the transaction amount [1] Company Overview - Shanxi Coal International Energy Group Co., Ltd. was established in 2000 and is based in Taiyuan, primarily engaged in coal mining and washing [2] - The company has invested in 43 enterprises and participated in 4,901 bidding projects [2] - It holds 28 patents and has 2 administrative licenses [2]

金融界消息 截至2025年8月19日收盘，中煤能源（601898）报收于11.99元，上涨0.33%，换手率 0.24%，成交量22.08万手，成交金额2.64亿元。 资金流向方面，今日主力资金净流出1829.11万元，占比成交额6.92%。其中，超大单净流出688.04万 元、占成交额2.6%，大单净流出1141.08万元、占成交额4.32%，中单净流出流出1029.06万元、占成交 额3.89%，小单净流入2858.18万元、占成交额10.82%。 中煤能源最新一期业绩显示，截至2025一季报，公司营业总收入383.92亿元、同比减少15.43%，归属净 利润39.78亿元，同比减少19.95%，扣非净利润39.42亿元，同比减少19.42%，流动比率1.148、速动比率 1.070、资产负债率44.80%。 天眼查商业履历信息显示，中国中煤能源股份有限公司，成立于2006年，位于北京市，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1325866.34万人民币，实缴资本1325866.34万人民币。公司 法定代表人为王树东。 通过天眼查大数据分析，中国中煤能源股份有限公司共对外投资了38家企业， ...

Core Viewpoint - Huabei Mining (600985) has experienced a decline in stock price and significant decreases in revenue and profit in the latest financial report, indicating potential challenges ahead for the company [1] Financial Performance - As of the first quarter of 2025, Huabei Mining reported total revenue of 10.599 billion yuan, a year-on-year decrease of 38.95% [1] - The net profit attributable to shareholders was 0.692 billion yuan, down 56.50% year-on-year [1] - The non-recurring net profit was 0.674 billion yuan, reflecting a 56.96% decrease compared to the previous year [1] - The company's current ratio is 0.598, and the quick ratio is 0.466, indicating liquidity concerns [1] - The debt-to-asset ratio stands at 46.20%, suggesting a moderate level of financial leverage [1] Stock Market Activity - On August 19, 2025, Huabei Mining's stock closed at 13.1 yuan, down 0.61% with a turnover rate of 0.62% [1] - The trading volume was 166,400 hands, with a transaction amount of 218 million yuan [1] - There was a net outflow of main funds amounting to 18.6512 million yuan, accounting for 8.57% of the transaction amount [1] - Large orders saw a net outflow of 13.0731 million yuan, representing 6.01% of the transaction amount [1] Company Overview - Huabei Mining Co., Ltd. was established in 1999 and is primarily engaged in coal mining and washing [2] - The company has made investments in 8 enterprises and participated in 61 bidding projects [2] - It holds 15 patents and has 26 administrative licenses [2]

Core Viewpoint - China Shenhua is planning to acquire assets from its controlling shareholder, China Energy Investment Corporation, involving 13 target companies across coal, pit coal power, coal chemical, and logistics sectors, which will enhance the asset scale and profitability of the listed company [1] Group 1: Transaction Details - The acquisition will be executed through the issuance of A-shares and cash payments, with a share price set at 30.38 yuan per share [1] - The total assets of the target companies are projected to reach 258.36 billion yuan, with a net asset value of 93.89 billion yuan by the end of 2024 [1] - The target companies are expected to generate a total operating revenue of 125.99 billion yuan and a net profit of 8.01 billion yuan in 2024 [1] Group 2: Financial Performance of Target Companies - Among the 13 companies, Guoyuan Power is expected to achieve a net profit of 2.79 billion yuan in 2024, leading in profitability [2] - Other notable profits include Shenyan Coal at 2.55 billion yuan, Wuhai Energy at 1.52 billion yuan, Xinjiang Energy at 0.76 billion yuan, and the Chemical Company at 0.67 billion yuan [2] Group 3: Resource Strategy and Integration - The acquisition will create geographical complementarity in coal resources and enhance the logistics assets to strengthen the "West Coal East Transport" channel [3] - The integration of coal mining, pit coal power, coal chemical, and logistics services will significantly increase resource reserves and core business capacity, optimizing the entire industry chain layout [3] - This strategic move aims to improve the company's ability to respond to seasonal and structural supply-demand fluctuations in key energy consumption areas, thereby reinforcing energy security [3]

Core Viewpoint - Jin Energy Holding Equipment Manufacturing Group Co., Ltd. has obtained a patent for a new underground coal mine support structure, which aims to improve the stability of intersecting coal and rock tunnels [1] Company Overview - Jin Energy Holding Equipment Manufacturing Group Co., Ltd. was established in 1958 and is located in Jincheng City, primarily engaged in coal mining and washing [1] - The company has a registered capital of 4,149.1551 million RMB [1] - Jin Energy has invested in 108 enterprises and participated in 5,000 bidding projects [1] - The company holds 130 trademark registrations and 1,425 patent registrations, along with 48 administrative licenses [1] Patent Details - The patent titled "A Cross-Laying Support Structure for Underground Coal Mine Tunnels" was authorized with announcement number CN223227378U, with an application date of November 2024 [1] - The patent provides a method to effectively reduce the impact of mining pressure and deformation at the intersection of coal and rock tunnels by using steel supports and concrete [1]

Core Viewpoint - China Shenhua has announced a significant asset acquisition plan involving 13 target companies, enhancing its operational scale and profitability in coal, power generation, and chemical industries [1][4]. Group 1: Transaction Details - The transaction involves acquiring assets with a total asset value of 258.36 billion yuan and a net asset value of 93.89 billion yuan by the end of 2024 [1]. - The total expected operating revenue for the acquired assets in 2024 is 125.996 billion yuan, with a net profit of 8.005 billion yuan [1]. - The acquisition will be executed through a combination of issuing shares at a price of 30.38 yuan per share and cash payments, while the stock was trading at 37.56 yuan at the time of suspension [3]. Group 2: Business Overlap and Synergies - The acquisition aims to resolve business overlaps between China Shenhua and its controlling shareholder, enhancing asset scale and profitability [4]. - The 13 companies include key players such as Guoyuan Power, which is expected to generate a net profit of 2.791 billion yuan in 2024, making it one of the most profitable among the targets [4][5]. Group 3: Resource and Capacity Enhancement - The acquisition will significantly increase resource reserves and core business capacity, with notable coal mines included in the deal, such as the Xinjiang Zhungdong open-pit coal mine with a production capacity of 35 million tons per year [6]. - The strategic layout of the acquired companies complements China Shenhua's existing coal resources, enhancing logistics capabilities and supporting a more integrated coal supply chain [6][7]. Group 4: Profit Distribution Plans - China Shenhua plans to distribute at least 75% of its net profit attributable to shareholders for the first half of 2025, with an expected net profit range of 23.6 billion to 25.6 billion yuan [8].

Core Viewpoint - China Shenhua has announced a transaction plan to acquire assets from its controlling shareholder, China Energy Investment Corporation, involving 13 target companies across coal, pit coal power, and coal chemical industries [2][6]. Group 1: Transaction Details - The transaction involves a total asset value of 258.36 billion yuan and a net asset value of 93.89 billion yuan for the target assets by the end of 2024 [2]. - The total expected operating revenue for the target assets in 2024 is 125.996 billion yuan, with a net profit of 8.005 billion yuan after deducting non-recurring gains and losses [2]. - The acquisition will be executed through a combination of issuing shares and cash payments, with the share price set at 30.38 yuan per share, compared to a trading price of 37.56 yuan at the time of suspension [4]. Group 2: Business Overlap and Integration - The acquisition aims to resolve substantial business overlaps between China Shenhua and its controlling shareholder in coal, pit coal power, coal chemical, and logistics sectors [6]. - The transaction will enhance the asset scale and profitability of China Shenhua, integrating multiple core quality assets [6]. Group 3: Financial Performance of Target Companies - Among the 13 target companies, Guoyuan Power is expected to achieve a net profit of 2.791 billion yuan in 2024, leading in profitability [6][7]. - Other notable expected net profits for 2024 include: Shenyuan Coal at 2.552 billion yuan, Wuhai Energy at 1.524 billion yuan, Xinjiang Energy at 0.761 billion yuan, and the Chemical Company at 0.669 billion yuan [7]. Group 4: Resource and Capacity Enhancement - The acquisition will significantly increase resource reserves and core business capacity, with Xinjiang Energy's coal mine having a certified production capacity of 35 million tons per year, making it the second-largest open-pit coal mine in China [9]. - The strategic layout of the acquired companies will complement existing coal resources geographically, enhancing logistics capabilities and supporting a modern coal supply system [9][10]. Group 5: Profit Distribution Plan - China Shenhua plans to distribute at least 75% of its net profit attributable to shareholders for the first half of 2025, with an expected net profit range of 23.6 billion to 25.6 billion yuan [12].

Core Viewpoint - China Shenhua Energy Co., Ltd. plans to issue shares and pay cash to acquire assets from the State Energy Investment Group and its subsidiary, West Energy, while raising supporting funds through a private placement of shares to no more than 35 specific investors [1][2][9]. Group 1: Transaction Overview - The transaction involves the acquisition of 100% equity in Guoyuan Power, Xinjiang Energy, Chemical Company, Wuhai Energy, Pingzhuang Coal, and 41% equity in Shenyuan Coal, among others, through the issuance of A-shares and cash payments [9][25]. - The specific transaction price for the assets has not yet been determined, pending the completion of auditing and evaluation work [25][31]. - The transaction is expected to enhance the company's resource reserves and core business capacity, optimizing the entire industry chain layout [33][34]. Group 2: Financial and Operational Impact - The transaction is anticipated to significantly increase the company's asset scale and business strength, leading to improvements in total assets, net assets, and operating income [34]. - The company aims to strengthen its integrated operational advantages and expand its main business scale, thereby enhancing overall profitability [34][35]. Group 3: Regulatory and Approval Process - The transaction requires approval from the board of directors, shareholders, and regulatory bodies, including the China Securities Regulatory Commission and the Shanghai Stock Exchange [3][35]. - The company has committed to strict information disclosure obligations and will ensure that all relevant procedures are followed to protect the interests of minority shareholders [38][39]. Group 4: Shareholder Commitments - The controlling shareholder, State Energy Group, and its affiliates have issued commitments not to reduce their holdings during the transaction process [36][37]. - The company's directors and senior management have also committed to not selling their shares during the transaction period [36][37].