0:00 【编者按】革命老区是党和人民军队的根，是中国人民选择中国共产党的历史见证。今年是中国人民抗日战争暨 世界反法西斯战争胜利80周年，为了展示老区新时代的新成就、新面貌、新变化，央广网记者走进山西革命老区 看发展，推出《光耀太行·红土巨变》融媒体系列主题宣传。 央广网临汾10月7日消息 "古大夏地。周初曰鄂，唐叔始封居此。"山西省临汾市乡宁县，因承载着2000多年的历 史记忆，至今仍被史学界称为"夏墟""古大夏地"。 除了厚重的历史，地处吕梁山南麓的革命老区乡宁县也曾被烽火硝烟所浸染。这里曾是晋西南革命重心和抗战大 后方，中共乡吉特委旧址、213旅部驻地、烈士湾等红色印记，至今讲述着乡宁人民不屈的抗战故事。 山乡宁静，岁月流转。 新的奋斗征程中，乡宁在资源型地区转型的赛道上，跑出了属于自己的"加速度"。2024年，全县地区生产总值大 幅增长12.7%，领先于全国全省全市平均水平，"产业兴、百姓富、生态美"的发展之笔，正在鄂邑大地描绘出高 质量发展的新答卷。 "一山一酒一壶"新名片 煤炭一度是乡宁县的传统支柱产业与立县之本，如今，文旅产业正在跃升为这片土地的"绿色未来"。 近年来，乡宁锚定"山乡宁静、康养 ...

新华网北京9月26日电工业和信息化部、生态环境部、应急管理部、中国人民银行、国家市场监督管理 总局、国家金融监督管理总局、中华全国供销合作总社等七部门近日联合发布《石化化工行业稳增长工 作方案（2025—2026年）》（以下简称《工作方案》），旨在破解行业发展瓶颈，推动石化化工行业实 现平稳运行与结构优化升级的双重目标。《工作方案》围绕五大方向部署10项重点任务，构建稳增长与 促转型的双重动力体系。 本周重点产品价格跟踪点评 本周WTI油价上涨4.9%，为65.72美元/桶。 天风证券近日发布基础化工行业：电工业和信息化部、生态环境部、应急管理部、中国人民银行、国家 市场监督管理总局、国家金融监督管理总局、中华全国供销合作总社等七部门近日联合发布《石化化工 行业稳增长工作方案（2025—2026年）》（以下简称《工作方案》），旨在破解行业发展瓶颈，推动石 化化工行业实现平稳运行与结构优化升级的双重目标。 天风证券近日发布基础化工行业：电工业和信息化部、生态环境部、应急管理部、中国人民银行、国家 市场监督管理总局、国家金融监督管理总局、中华全国供销合作总社等七部门近日联合发布《石化化工 行业稳增长工作方案（20 ...

Core Viewpoint - The strategic restructuring of two major energy state-owned enterprises in Henan, namely Henan Energy Group and Pingmei Shenma Group, has commenced, leading to significant stock price increases for several related companies [2][4]. Group 1: Strategic Restructuring Details - The restructuring involves five listed companies: Dayou Energy, Pingmei Shares, Yicheng New Energy, Shenma Shares, and Silane Technology, with the control remaining under the Henan Provincial State-owned Assets Supervision and Administration Commission [2][3]. - The combined total assets of the new group will exceed 500 billion yuan, with nearly 300,000 employees and a restructuring of the energy landscape in Henan [4][6]. Group 2: Financial Performance - As of mid-2023, Pingmei Shenma's total assets reached 288.48 billion yuan, while Henan Energy's total assets were 263.65 billion yuan [4]. - In the first half of 2023, Pingmei Shenma reported revenue of 78.82 billion yuan, and Henan Energy reported revenue of 63.76 billion yuan [4]. Group 3: Industry Context and Implications - The restructuring is seen as a response to the complex dynamics in the coal industry, characterized by stable demand, optimized supply, and increasing transformation pressures [5][6]. - The merger aims to address issues such as resource depletion in certain mining areas and the inefficiencies of existing coal enterprises, promoting a "strong union" to enhance resource allocation and reduce costs [5][6]. Group 4: Broader Trends in Energy Sector - The restructuring aligns with national trends of consolidating energy enterprises to enhance energy security and competitiveness, as seen in other provinces like Hunan and Sichuan [7][8]. - This trend is expected to continue, with more provinces likely to adopt similar strong union restructuring models as part of state-owned enterprise reforms and energy transition efforts [8].

Core Viewpoint - The strategic restructuring of Henan Energy Group and China Pingmei Shenma Group is aimed at enhancing operational efficiency and expanding their market presence, with both companies being significant players in the energy sector of Henan Province [1][2]. Group 1: Company Overview - China Pingmei Shenma Group and Henan Energy Group are both controlled by the Henan Provincial State-owned Assets Supervision and Administration Commission, with projected revenues of 168.8 billion yuan and 121 billion yuan respectively by the end of 2024 [1]. - Henan Energy Group has a registered capital of 21 billion yuan and operates in coal, chemical new materials, electricity, and renewable energy, with coal reserves of 28.4 billion tons and a chemical production capacity of nearly 10 million tons [1][2]. - China Pingmei Shenma Group was formed from the merger of Pingmei Group and Shenma Group in 2008 and has several listed subsidiaries, including six on the New Third Board [1][2]. Group 2: Strategic Developments - The restructuring aims to promote asset securitization and establish overseas financing platforms to support international expansion, with plans to have 6 to 7 listed companies by 2028 [3]. - Pingmei Shenma Group is actively pursuing listings in Hong Kong, with specific plans for Henan Pingmei Shenma Superhard Materials Co., Ltd. to complete its listing process by September 2026 [3]. Group 3: Recent Transactions and Projects - On September 25, 2023, Shenma Co. announced a plan to acquire a 2.16% minority stake in its subsidiary, Henan Shenma Nylon Chemical Co., increasing its ownership from 72.06% to 74.22% [4]. - Shenma Co. has made significant investments in its nylon chemical subsidiary, including a previous acquisition of a 10.27% stake for 952 million yuan, raising its total stake to 72.06% [4]. Group 4: Innovations and Achievements - Shenma Co. has made advancements in high-temperature nylon materials, with the first batch of equipment for a 1,000-ton/year high-temperature nylon 6T resin project arriving, which is expected to fill a gap in high-performance nylon materials in China [5]. - The company has successfully developed an 11-dtex ultra-high-strength nylon 66 industrial yarn, marking a significant technological achievement in the aviation tire material sector [5].

Core Viewpoint - The strategic restructuring of Henan Energy Group and China Pingmei Shenma Group is a significant milestone for both companies and a crucial step in the high-quality development of Henan's petrochemical and related industries [1][2] Group Overview - Henan Energy Group has a registered capital of 21 billion yuan, employs 137,000 people, and has coal resources of 28.4 billion tons with a chemical production capacity of nearly 10 million tons [3] - China Pingmei Shenma Group, formed from the merger of two Fortune 500 companies, has assets exceeding 280 billion yuan and leads in various chemical and energy sectors [3] Financial Performance - China Pingmei Shenma Group ranked 159th in the 2023 China Top 500 Enterprises with a revenue of 168.84 billion yuan for 2024, while Henan Energy Group ranked 221st with a revenue of 121.05 billion yuan [1] Strategic Importance - The restructuring aims to enhance resource integration, reduce homogenization competition, and build a complete industrial ecosystem from energy production to chemical product processing and recycling [1][2] - It is expected to strengthen the companies' asset scale and risk resistance, enabling them to better address challenges in the energy and chemical industries [2] Regional Economic Impact - The merger is anticipated to stabilize and expand employment, support the development of small and medium-sized enterprises, and attract more upstream and downstream companies to Henan [2] - The restructuring aligns with national strategies and is expected to inject strong momentum into Henan's economic development [2] Industry Trends - The restructuring of Henan Energy Group and China Pingmei Shenma Group reflects a broader trend of specialized restructuring among local energy state-owned enterprises across China [4]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - In August 2025, price data slightly deteriorated, with PPI improving but CPI under pressure, indicating ongoing downward pressure on market prices. Credit and social financing data declined across the board, and government bond net financing remained an important support for the social financing scale. Fundamentally, in terms of supply, the decline in rebar production this week was basically flat, and the space for a continued significant decline in production is limited. In terms of demand, the consumption of building materials improved during the peak season, while the consumption of plates decreased. With the supply of raw materials increasing, the real demand for furnace materials being high under the background of steel mill复产, and downstream increasing inventory appropriately, rebar rebounded slightly [73][74]. Summary According to Relevant Catalogs 1. Rebar Futures Market Review 1.1 Recent Important Information Overview - Economic data: In August 2025, the national CPI decreased by 0.4% year-on-year, and the PPI decreased by 2.9% year-on-year with the decline narrowing. At the end of August, M2 increased by 8.8% year-on-year, M1 increased by 6% year-on-year, and M0 increased by 11.7% year-on-year [8]. - Policy information: The Fed cut the federal funds rate target range by 0.25 percentage points on September 17, 2025. The National Development and Reform Commission published an article emphasizing efforts to promote the construction of a unified national market [8]. 1.2 Rebar Main Contract Trend - Not provided in the content 2. Futures Market Environment: Macro, Comparison, Basis 2.1 Macro - Money Supply - The SHIBOR on September 19, 2025, was 1.5470, up from 1.5280 on August 19, 2025, with a bearish outlook due to the rising interest rate [17]. 2.4 Comparison - Other Commodities in the Industry Chain - As of a certain date, the price of rebar HRB400 20mm in Shanghai was 3,250 yuan/ton, with a weekly increase of 0.62%, a monthly decrease of 2.11%, and a yearly decrease of 2.11%. The prices and their changes of other commodities such as hot - rolled coils, PB powder, metallurgical coke, and main coking coal are also provided [23]. 2.5 Rebar Main Contract Basis - The basis (spot - futures) of rebar on September 19, 2025, was 58 yuan/ton, showing different values on other dates [26]. 3. Rebar Spot Supply and Demand Overview 3.1 Steel Mill Raw Material Inventory - Not provided in the content 3.2 Blast Furnace Profit (Various Steel Products) - Not provided in the content 3.3 Blast Furnace Profit (Futures and Spot) - Not provided in the content 3.4 Blast Furnace Operation - The blast furnace operating rate of 247 steel enterprises in China on September 19, 2025, was 83.98%, compared with 83.83% on September 12, 2025 [38]. 3.5 Electric Furnace Profit - Not provided in the content 3.6 Electric Furnace Operation - Not provided in the content 3.7 Daily Average Hot Metal Output - Not provided in the content 3.8 Weekly Steel Output - On September 19, 2025, the weekly output of steel (including rebar, hot - rolled coils, wire rods, and medium - thick plates) was 770.4 tons, with a year - on - year increase of 0.064897367 and a week - on - week decrease of 0.002899151 [49]. 3.9 Weekly Rebar Output - On September 19, 2025, the weekly output of rebar was 206.45 tons, with a week - on - week decrease of 0.025857594 and a year - on - year increase of 0.062915101 [53]. 3.10 Steel Mill Inventory of Steel - Not provided in the content 3.11 Social Inventory of Steel - Not provided in the content 3.13 Social Inventory of Rebar - Not provided in the content 3.14 Building Materials Transactions - Not provided in the content 3.15 Consumption Indicator - Cement Price - Not provided in the content 3.16 Downstream High - Frequency Data - Land Transaction Area - Not provided in the content 3.17 Downstream High - Frequency Data - Real Estate Transactions - Not provided in the content 4. Future Outlook - Market price data shows downward pressure, and government bond net financing is an important support for social financing. In terms of rebar fundamentals, supply is expected to remain at a low level, and demand for building materials is improving during the peak season. With raw material supply increasing and cost support, rebar rebounded slightly [73][74].

Group 1 - The core viewpoint is a strategic bullish outlook on thermal coal, driven by unexpected demand growth, particularly from AI-induced electricity needs, reversing the weak electricity consumption trend in developed countries, while extreme weather impacts the global power grid [1][2] - In July, the total electricity consumption increased by 8.6% year-on-year, and thermal power generation rose by 4.3%, with a significant improvement in the supply-demand balance [2] - Domestic raw coal production in July was 38 million tons, a decrease of 4 million tons month-on-month, primarily due to extreme rainfall in Inner Mongolia and Shaanxi affecting production and sales [2] Group 2 - The forecast for national coal production in H2 2025 is a slight month-on-month decline due to "overproduction checks," with an expected production range of 235-240 million tons, and an annual production estimate of 475-480 million tons, remaining stable year-on-year [2] - The overall supply is expected to trend downward, compounded by a decrease in import certainty [2] - As of September 12, the price of thermal coal at Huanghua Port was 688 RMB/ton, a decrease of 3 RMB/ton (-0.4%) from the previous week, indicating a peak price retreat [3] Group 3 - The price of coking coal at Jingtang Port was stable at 1550 RMB/ton as of September 12, with daily iron output slightly declining [4] - The overall coking coal inventory across three ports was 2.646 million tons, down by 1.6%, with a utilization rate of 79.18% for coking enterprises with inventories over 200,000 tons [5] - The Newcastle Port price for Q5500 coal fell by 2 USD/ton (-2.2%), while the domestic Q5500 coal was 23 RMB/ton cheaper than imported coal [5]

Core Viewpoint - The report from Minsheng Securities indicates that coal prices are expected to rebound due to seasonal demand and supply constraints, with a forecast to return to the levels seen in Q3 2024 [1][2]. Market Review - In the first half of 2025, the average price of thermal coal was 675.7 yuan/ton, a year-on-year decrease of 22.8%. The lowest price in Q2 2025 was 631.6 yuan/ton, down 25.6% year-on-year and 12.43% quarter-on-quarter [1]. - From late June to late August 2025, prices rebounded from 609 yuan/ton to 704 yuan/ton due to increased summer demand and reduced supply [1]. Industry Outlook - Since mid-April 2025, production cuts have been observed in domestic regions like Xinjiang and Inner Mongolia, as well as in Indonesia, with monthly imports decreasing by approximately 10 million tons [2]. - The ongoing supply-side policies are expected to further tighten production, with a theoretical impact on supply estimated at around 400 million tons [2]. - The upcoming "golden September and silver October" period is anticipated to see a gradual release of non-electric demand, particularly in the coal chemical sector, which has maintained over 10% year-on-year growth in coal consumption [2]. Fund Holdings Situation - In Q2 2025, most coal sector listed companies saw a year-on-year decline in fund holdings, with the largest drop recorded by Gansu Energy and New Energy [3]. - However, compared to Q1 2025, most companies in the coal sector experienced an increase in fund holdings, with the largest increases seen in Huabei Mining, New Energy, and Haohua Energy [3]. Mid-Year Report Summary - In Q2 2025, the coal sector's operating revenue decreased by 20.1% year-on-year and 4.06% quarter-on-quarter, while net profit attributable to shareholders fell by 36.7% year-on-year and 16% quarter-on-quarter [4]. - Operating cash flow decreased year-on-year, and financing cash outflows increased, with a slight rise in the asset-liability ratio [4]. Investment Recommendations - The report suggests focusing on high spot price elasticity stocks, stable growth companies, and those benefiting from production recovery, including specific companies like Lu'an Huanneng, Jinko Coal Industry, and China Shenhua [5].

Investment Rating - The report maintains a "Buy" rating for the coal industry, recommending specific companies based on their performance and market conditions [7][8]. Core Insights - The coal market experienced a decline in prices during the first half of 2025, with an average price of 675.7 CNY/ton for thermal coal, a year-on-year decrease of 22.8% [3][14]. - A rebound in coal prices is anticipated in the second half of 2025 due to increased demand and supply constraints, potentially returning to levels seen in Q3 2024 [4][29]. - The report highlights a significant reduction in production from both domestic and international sources, with a year-on-year decrease in coal production from major exporting countries [18][24]. Market Review - In H1 2025, thermal coal prices continued to decline, with Q2 prices hitting a low of 631.6 CNY/ton, down 25.6% year-on-year [3][14]. - The average price of coking coal also saw a significant drop, with the main coking coal price at 1377.67 CNY/ton, down 38.79% year-on-year [3][14]. Industry Outlook - The report forecasts a price recovery driven by supply reductions and seasonal demand increases, with expectations for prices to return to Q3 2024 levels [4][29]. - Supply-side constraints are expected to persist, with an estimated annual reduction of 230 million tons due to stricter production regulations [24][25]. - Non-electric demand, particularly from the coal chemical sector, is projected to grow, providing additional support for coal prices [29][30]. Fund Holdings - In Q2 2025, most listed companies in the coal sector saw an increase in fund holdings compared to Q1, with notable increases for companies like Huabei Mining and Xinjie Energy [5][34]. Half-Year Report Summary - The coal sector's total revenue in H1 2025 decreased by 18.8% year-on-year, with the thermal coal sub-sector experiencing a 16.6% decline [36][37]. - The net profit attributable to shareholders fell by 32% year-on-year, with the coking coal sub-sector facing the steepest decline of 60.1% [38].

Core Viewpoint - The coal industry is experiencing a decline in profitability, with 2025 H1 performance exceeding expectations for leading companies, indicating that 2025 H1 may represent a bottom for the next 3-5 years [1][2]. Demand Side - In 2025 H1, thermal power generation accounted for 64.8% of total electricity generation, remaining the primary source [2]. - Total electricity consumption reached 4.8 trillion kWh in 2025 H1, a year-on-year increase of 3.7% [2]. - The total electricity generation for the year is projected at 4.5 trillion kWh, reflecting a 2.3% year-on-year growth [2]. - Thermal power generation in 2025 H1 was 2.94 trillion kWh, down 2.4% year-on-year [2]. - In 2025 Q2, total electricity consumption increased to 2.46 trillion kWh, showing a 6% year-on-year growth [2]. Supply Side - The raw coal production in 2025 H1 was 2.4 billion tons, up 5.4% year-on-year, but down 8 million tons compared to 2024 H2, indicating self-imposed production cuts in the industry [2][3]. Coal Prices - The average price of thermal coal (Q5500) at Huanghua Port in 2025 H1 was 685.9 yuan/ton, a decrease of 22.4% year-on-year [2]. - In Q1, the average price was 730.7 yuan/ton, down 19.86% year-on-year, while in Q2, it dropped to 641.7 yuan/ton, down 25.3% [2]. - The average price of coking coal at Jingtang Port in 2025 H1 was 1377.7 yuan/ton, a decline of 38.5% year-on-year [2]. - In Q1, the average price was 1440.86 yuan/ton, down 42.27% year-on-year, and in Q2, it was 1315.3 yuan/ton, down 37.2% [2]. Financial Performance - The coal sector (Shenwan) reported total revenue of 578.1 billion yuan in 2025 H1, a year-on-year decline of 18.6%, with a net profit attributable to shareholders of 54.2 billion yuan, down 31.3% [3]. - In 2025 Q2, the sector achieved revenue of 293.5 billion yuan, a year-on-year decline of 16.5%, but a quarter-on-quarter increase of 3.1%, with a net profit of 24.2 billion yuan, down 37% year-on-year and 19.7% quarter-on-quarter [3]. - The average selling price of self-produced coal for 13 A-share listed companies was 520 yuan/ton in 2025 H1, down 22.8% year-on-year [3]. - The cost of coal per ton was 345 yuan, a decrease of 19.6% year-on-year, resulting in a gross profit of 175 yuan per ton, down 28.6% year-on-year [3]. Cash Flow and Debt - The operating cash flow for the coal sector significantly declined in 2025 H1 compared to 2024, with expenses remaining stable but the expense ratio increasing [4]. - The coal sector's debt ratio improved, decreasing from 49.2% in 2020 to 47.2% in 2025 H1, benefiting from higher industry profitability and optimized asset structures [4].