兖矿能源鲁南化工 ◎记者 闫婧 传统能源煤炭，因其发电成本较低、稳定性强等特性，仍是中国能源的重要支撑。如何让传统能源持续 释放"新"能？如何让传统能源企业成为高价值上市公司？近日，上海证券报记者走进兖矿能源集团股份 有限公司（简称"兖矿能源"）寻找答案。 兖矿能源是由山东能源集团有限公司控股的境内外上市公司，其前身兖州煤业股份有限公司（简称"兖 州煤业"）成立于1997年，经营区域横跨国内山东、陕西、内蒙古、新疆、甘肃等地，以及澳大利亚、 加拿大、德国等国，主导产业涵盖矿业、高端化工新材料、高端装备制造、智慧物流和新能源等"五大 板块"。 近日，兖矿能源披露2025年三季报，前三季度实现营收1049.57亿元，归母净利润71.20亿元，其中第三 季度归母净利润22.88亿元，环比第二季度（合并西北矿业前）增长17.82%，主要经济指标实现环比增 长。公司生产经营呈现产销量逐季增长、库存水平持续降低、成本控制持续发力的良好势头，叠加煤价 触底上调，为四季度业绩持续回升注入强大动力。 智能化生产 地心深处的"智慧密码" 位于邹城北宿镇境内的南屯煤矿是兖州矿区历史上第一座特大型现代化矿井，享有"鲁煤第一峰"的美 ...

2025年12月 需求减弱，甲醇弱势下行 银河期货研究所 化工研究组：张孟超 投资咨询资格证号：Z0017786 从业资格号：F03086954 GALAXY FUTURES 2 观点：原料煤方面，煤矿开工率平稳，截止12月12日，鄂市煤矿开工率76%，榆林地区煤矿开工率46%，煤矿恢复生产，鄂尔多斯 地区煤矿开工率与榆林地区开工率回升，当前鄂市与榆林地区煤炭日均产量400万吨附近，需求下滑，坑口价连续下跌。供应端，煤制 甲醇利润在380-460元/吨附近，甲醇开工率高位稳定，国内供应持续宽松。美金价格小幅上涨，伊朗大部分装置限气停车，暂未招标， 非伊开工提升，外盘开工低位小幅提升，欧美市场小幅下跌，内外价差走缩，东南亚转口窗口关闭，伊朗12月已装44万吨，非伊货源 部分延迟至1月，1月进口预期上调至140左右，需求端，MTO装置开工率回升，兴兴69万吨/年MTO装置稳定；南京诚志1期29.5万吨 /年MTO装置负荷不满，其配套60万吨/年甲醇装置正常运行；2期60万吨/年MTO装置负荷不满，江苏斯尔邦80万吨/年MTO装置运行 稳定；天津渤化60万吨/年（MTO）装置负荷7成；宁波富德60万吨/年DMTO装 ...

伊朗装船高位运行，甲醇冲高回落 银河期货研究所 化工研究组：张孟超 投资咨询资格证号：Z0017786 从业资格号：F03086954 2025年12月 银河能化微信公众号 目录 第一章 综合分析与交易策略 第二章 周度数据追踪 GALAXY FUTURES 1 1、核心观点及交易策略 GALAXY FUTURES 2 观点：原料煤方面，煤矿开工率平稳，截止12月6日，鄂市煤矿开工率76%，榆林地区煤矿开工率46%，煤矿恢复生产，鄂尔多斯地 区煤矿开工率与榆林地区开工率回升，当前鄂市与榆林地区煤炭日均产量400万吨附近，需求下滑，坑口价连续下跌。供应端，煤制甲 醇利润在380-460元/吨附近，甲醇开工率高位稳定，国内供应持续宽松。进口端，美金价格稳定，伊朗减点下降，进口顺挂稳定，伊 朗大部分装置限气停车，非伊开工提升，外盘开工低位小幅提升，欧美市场小幅反弹，内外价差震荡，东南亚转口窗口关闭，伊朗12 月已装18万吨，非伊货源部分延迟至1月，1月进口预期上调至125万吨左右，阳鸿后期到货增加，美金商逢高获利出货。需求端， MTO装置开工率小幅回升，兴兴69万吨/年MTO装置稳定；南京诚志1期29.5万吨/年M ...

Core Viewpoint - The announcement details the progress of the Haizetang coal mine project and the implications of the actual controller's legal issues, which are unrelated to the company's operations [1][4]. Group 1: Legal Matters - The actual controller, Mr. Wang Guangxi, received a notice from the China Securities Regulatory Commission regarding an investigation related to information disclosure violations by Hainan Haide Capital Management Co., Ltd. [1] - The investigation does not pertain to the company and will not affect its operational decisions or activities [1]. Group 2: Project Progress - The Haizetang coal mine project, located in Shaanxi Province, has a certified capacity of 6 million tons per year, with a potential full capacity of 10 million tons per year and a resource reserve of 1.145 billion tons [5][6]. - Construction has progressed smoothly since its commencement in December 2022, with significant milestones achieved ahead of schedule, including the completion of four shafts and major underground infrastructure [5][6]. Group 3: Impact on the Company - The project aligns with national energy security strategies and has significant competitive advantages, being recognized as a major construction project by the National Development and Reform Commission [7]. - The Haizetang coal mine will enhance the company's market position in the chemical and thermal coal sectors, with proximity to key transportation routes ensuring efficient coal distribution [7]. - The project will facilitate a coal-electricity integration strategy, reducing reliance on external coal purchases and improving operational efficiency [8]. - Upon reaching full production, the project is expected to significantly increase the company's profitability and cash flow, enhancing long-term investment value and shareholder returns [8].

Investment Rating - The coal industry is rated as "Positive" [2] Core Viewpoints - The coal industry is currently in a new round of prosperity cycle that started in 2021, with price fluctuations gradually returning to a reasonable range [3][11] - The impact of coal prices on the Producer Price Index (PPI) is significant, with expectations that coal PPI will turn positive by the second quarter of 2026 [3][41] - The supply-demand situation in the coal market is expected to remain balanced, with regional disparities, driven by policies that restrict supply and increasing mining costs [3][12] Summary by Sections 1. Coal Supply and Demand Review and Outlook - The coal market has experienced a significant price increase since 2021 due to global economic recovery and structural mismatches in supply and demand [11] - From 2023 to June 2025, coal prices have declined to recent lows due to a phase of supply-demand loosening, but have stabilized since July 2025 due to policy constraints [3][11] - The demand for coal is expected to remain stable, supported by electricity generation and industrial needs, despite a peak in overall coal demand [16][19] 2. Correlation Analysis between Coal and PPI - The coal mining sector has a weight of approximately 2.3% in the PPI index, and coal price fluctuations have a strong transmission effect on PPI [38][39] - The coal industry has been a significant contributor to PPI changes, especially during periods of PPI recovery [41][44] 3. Historical Opportunities in Coal Sector during PPI Recovery - Historical data shows that the coal sector has experienced significant price increases during previous PPI recovery phases, particularly in 2016 and 2021 [3][4] - The coal sector's performance is often led by small to mid-cap companies with high growth potential during the early stages of PPI recovery [4] 4. Investment Recommendations - The report suggests focusing on companies that benefit from rising coal prices, such as Shanxi Coking Coal, Lu'an Environmental Energy, and Shenhua Shares [4] - Companies with stable performance and dividend attributes, such as Shaanxi Coal and China Coal Energy, are also recommended for investment [4]

三、主要原材料的价格变动情况 证券代码：600623 900909 股票简称：华谊集团 华谊 B 股 编号：2025-054 上海华谊集团股份有限公司 2025 年三季度主要经营数据公告 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、准确性和完整性承担法律责任。 上海华谊集团股份有限公司（以下简称"公司"）根据上海证券交易所上市 公司自律监管指引第 3 号——行业信息披露》及其《上市公司行业信息披露第十 三号——化工》要求，现将 2025 年三季度主要经营数据（未经审计）披露如下： 二、主要产品的价格情况 | 主要产品 | 单位 | 2025 年 1-9 月 | | --- | --- | --- | | | | 平均售价 | | 甲醇、醋酸及酯 | 元/吨 | 2,357.99 | | 工业气体 | 元/千立方米 | 1,032.37 | | 丙烯及下游产品 | 元/吨 | 6,707.40 | | 涂料及树脂 | 元/吨 | 25,142.97 | | 轮胎 | 元/条 | 644.58 | | 含氟材料 | 元/吨 | 36,101.36 | 特此 ...

上海华谊集团股份有限公司 2025 年半年度主要经营数据公告 证券代码：600623 900909 股票简称：华谊集团 华谊 B 股 编号：2025-049 | 主要原料 | 单位 | 2025 年 1-6 月 | | --- | --- | --- | | | | 价格变动情况 | | 化工煤 | 元/吨 | 739-969 | | 动力煤 | 元/吨 | 578-745 | | 乙醇 | 元/吨 | 4630-4982 | | 丙烷 | 元/吨 | 3903-4944 | | 天然胶 | 元/吨 | 12451-17970 | | 合成胶 | 元/吨 | 8616-13805 | | 丙烯 | 元/吨 | 5631-6699 | | 丁醇 | 元/吨 | 5065-6752 | | 萤石 | 元/吨 | 2955-3629 | 三、主要原材料的价格变动情况 四、报告期内无其他对公司生产经营具有重大影响的事项。 特此公告 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、准确性和完整性承担法律责任。 上海华谊集团股份有限公司（以下简称"公司"）根据上海证券 ...

Group 1: Report Overview - The report is an energy and chemical research report on coal, dated August 20, 2025 [2] Group 2: Market Review - On August 20, the port thermal coal market was stable with limited fluctuations in quotes and transactions. The 5500 - kcal coal was quoted at 700 - 710 yuan/ton, 5000 - kcal at 640 - 645 yuan/ton, and 4500 - kcal at 560 - 565 yuan/ton in the market. Different regions had different price ranges for non - electric enterprise coal [3] Group 3: Important Information - From January to July, national railways transported 11.96 billion tons of coal, including 8.16 billion tons of thermal coal. The coal inventory of railway - directly - supplied power plants remained at a high level. The freight volumes of mining construction materials, smelting supplies, and grain increased by 13.6%, 8.2%, and 12.7% year - on - year respectively [4] Group 4: Logic Analysis - Supply: Recent continuous rainfall in the northwest led to a significant decline in the coal mine operating rate in major coal - producing areas of Shanxi, Shaanxi, and Inner Mongolia. As of August 19, the operating rate in Ordos was 71% and in Yulin was 45%. The daily average coal output of Ordos and Yulin was over 3.5 million tons, and the overall domestic supply tightened [5] - Import: Affected by the improvement of domestic coal prices, the sentiment in the import market continued to warm up this week. Due to the good price advantage of imported coal, the inquiry enthusiasm of coastal power plants increased significantly, and the market transaction atmosphere improved [5] - Demand: Power plants maintained a stable operation with a load of 70% - 80%. Power plant inventories were at a high level, and only a small amount of rigid - demand purchases were made in the market under the long - term agreement coal supply. On the other hand, the cement operating rate at the non - electric end hovered at a low level, while the restart of methanol and urea maintenance devices led to a high - level operating rate, and the demand for chemical coal was generally good, providing stable support for coal prices in the pit - mouth area [5] - Inventory: Northwest rainfall affected coal transportation. The daily average volume of the Datong - Qinhuangdao Railway was less than 1 million tons, and the number of approved carriages by the Hohhot Railway Bureau was around 15. With high outbound volumes, port inventories continued to decline. As of August 20, the inventory of Bohai Rim ports dropped to 21.8 million tons, a decrease of 10 million tons from the high level, and the inventory level was low. The daily consumption of coastal power plants increased seasonally, and inventories decreased, while the inventories of inland power plants were still high [5] - Outlook: In late August, coal production in major producing areas was restricted, the coal operating rate in Ordos and Yulin dropped significantly, and the daily average output decreased to 3.5 million tons, resulting in supply tightening. Power plant inventories decreased, import profits emerged, and power plants only made rigid - demand purchases. The shipping from production areas to ports was at a loss, and traders suspended shipping. Port inflows were at a low level, while outflows were high, and port inventories continued to decline. With continuous high - temperature weather across the country, the daily consumption of power plants reached the annual peak, coal consumption returned to the same - period level, the inventories of coastal power plants were lower than the same - period level, and continuous rigid - demand purchases were made. The FOB prices at ports rebounded continuously. Affected by continuous rainfall, the coal mine operating rate in the pit - mouth area dropped significantly, production was restricted, and the demand for chemical coal was good. The pit - mouth prices rebounded continuously, rising 100 yuan/ton from the low point, and are expected to remain firm and rise in the short term [5]

Core Viewpoint - The article reports on recent administrative penalties imposed on several coal mining companies in Henan province, highlighting safety violations and the regulatory actions taken against them [1][10][13]. Group 1: Administrative Penalties - Five companies under Yima Coal Industry Group were listed for administrative penalties, including Henan Dayou Energy Co., Ltd. and Yima Coal Industry Group Mengjin Coal Mine [1][3]. - Henan Dayou Energy's Shihua Coal Mine received fines and warnings for multiple violations, with penalty documents numbered Yu Coal Safety Supervision No. 107091, 107092, and 107093 [3][10]. - Sanmenxia Guanyintang Coal Industry Co., Ltd. was fined and warned for violations, with penalty documents numbered Yu Coal Safety Supervision No. 107094 and 107095 [5][13]. - Yima Coal Industry Group Mengjin Coal Mine received fines under penalty documents numbered Yu Coal Safety Supervision No. 307101 to 307106 [8]. - Yima Coal Industry Group Xin'an County Yunding Coal Industry Co., Ltd. was also fined, with penalty documents numbered Yu Coal Safety Supervision No. 307171 to 307173 [8]. Group 2: Company Backgrounds - Henan Dayou Energy Co., Ltd. was established in 2011, with a registered capital of 454.4883 million RMB, and is a subsidiary of Yima Coal Industry Group [5][10]. - Sanmenxia Guanyintang Coal Industry Co., Ltd. was founded in 2008, with a registered capital of 45.44883 million RMB [5][10]. - Yima Coal Industry Group Mengjin Coal Mine was established in 2009, with a registered capital of 883.2 million RMB, and is fully owned by Dayou Energy [8][19]. - Yima Coal Industry Group was founded in 1997, with a registered capital of 4.21758 billion RMB, and operates multiple coal mines across various regions [19][20]. Group 3: Safety and Compliance - The Yima Coal Industry Group emphasizes the importance of safety in operations, with leadership advocating for enhanced safety measures and compliance with regulations [18][19]. - The company has faced multiple penalties in the past, indicating ongoing compliance challenges within its operations [10][13].

Group 1: Core Insights - The coal prices have reached a bottom in the first half of the year, with potential for a rebound in the second half as supply-demand dynamics improve, indicating resilience in coal demand in the medium term [1] - In Q1 2025, despite significant performance pressures, the coal sector remains strong with low debt-to-asset ratios (44.7%), high net profit margins (12.7%), and relatively high return on equity (ROE) [1] - The current low interest rate environment enhances the investment appeal of high-dividend leading stocks in the coal sector [1] Group 2: Supply Dynamics - From January to May, domestic coal production increased by approximately 130 million tons year-on-year, while imports decreased by about 16 million tons, indicating an overall increase in supply [2] - The domestic raw coal production for the same period reached 1.99 billion tons, reflecting a year-on-year increase of 6%, with expectations for a narrowing growth rate in the second half of the year [2] - Coal imports are projected to remain low, with an expected year-on-year decrease of 8 million tons (-15%) for the entire year, primarily due to reduced imports from Indonesia [2] Group 3: Regional Insights - The transportation demand for coal from Xinjiang has seen a temporary decline due to falling coal prices, despite efforts to lower railway freight rates [3] - As of June 6, the railway transportation volume of Xinjiang coal increased by only 6.8% year-on-year, with limited price advantages in certain regions [3] - Xinjiang is accelerating investments in coal chemical and coal power projects, indicating a future increase in local coal consumption [3] Group 4: Price and Production Trends - Historical data suggests that when coal prices drop below 600 RMB/ton, production cuts begin to occur, with previous years showing significant reductions in coal output [4] - Current coal companies maintain reasonable profitability and operational quality, making spontaneous production cuts less likely, although a slight reduction may occur if prices fall below cost lines [4] Group 5: Demand Outlook - National coal consumption from January to May reached 2.05 billion tons, showing a slight year-on-year increase of 0.5%, with expectations for improved demand in the second half of the year [5] - The thermal power sector is under pressure due to slower electricity demand growth and competition from renewable energy, but a rebound is anticipated as the peak season approaches [5] - Non-electric demand, particularly for chemical coal, remains strong, with significant year-on-year growth in coal-to-PVC, coal-to-ethylene glycol, and coal-to-methanol production [5]