10月9日，潞安环能盘中上涨2.04%，截至13:30，报14.53元/股，成交3.48亿元，换手率0.82%，总市值 434.65亿元。 资金流向方面，主力资金净流出2115.77万元，特大单买入1075.89万元，占比3.09%，卖出2702.90万 元，占比7.76%；大单买入6947.88万元，占比19.94%，卖出7436.65万元，占比21.34%。 潞安环能今年以来股价涨4.16%，近5个交易日跌1.96%，近20日涨13.69%，近60日涨34.29%。 今年以来潞安环能已经1次登上龙虎榜，最近一次登上龙虎榜为7月24日。 资料显示，山西潞安环保能源开发股份有限公司位于山西省长治市襄垣县侯堡镇，成立日期2001年7月 19日，上市日期2006年9月22日，公司主营业务涉及原煤开采、煤炭洗选、煤焦冶炼,开采煤层的主要煤 种为瘦煤、贫瘦煤、贫煤等。主营业务收入构成为：煤炭92.66%，焦炭5.53%，其他1.81%。 潞安环能所属申万行业为：煤炭-煤炭开采-焦煤。所属概念板块包括：动力煤、中盘、融资融券、 MSCI中国、山西国资等。 截至9月10日，潞安环能股东户数8.10万，较上期增加14.08 ...

上市企业：中国神华（601088）,中煤能源（601898）,山西焦煤（000983）,潞安环能（601699）,淮北矿 业（600985）,平煤股份（601666）,山煤国际（600546）,冀中能源（000937）,陕西煤业（601225）,华 阳股份（600348） 相关报告：智研咨询发布的《中国煤炭产业全景调研及未来发展趋势研判报告（2026版）》 根据国家统计局数据显示：2025年8月中国原煤产量为3.9亿吨，同比下降3.2%；2025年1-8月中国原煤 累计产量为31.7亿吨，累计增长2.8%。 2020-2025年1-8月中国原煤产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

为了确保夏季电力需求得到满足，能源大省山西全力以赴做好电煤保供工作。记者9月21日从山西省统计部门获悉，今年1至8月山西原煤总产量约为86256.7 万吨，同比增加5.2%，占全国同期产量的27.3%。 在山西朔州中煤平朔集团东露天矿开采现场，工作人员在装运煤炭。（新华社记者 王飞航）今年迎峰度夏期间，全国电力负荷4次突破历史新高。面对这场 高温大考，山西煤炭行业的保供行动从井下开采到终端配送环环相扣，成为支撑钢铁、化工等多产业稳定运行的重要力量。初秋时节，天气转凉。走进晋能 控股煤业集团塔山煤矿的干燥车间，一股热意扑面而来，3台直径2米多的干燥机缓缓转动，管道内的煤泥经过烘干，进入精煤运输仓，随后装车运出，发往 北方港口……地处山西省北部的塔山煤矿，是国家首批智能化示范煤矿。在当前稳产保供的背景下，这座矿井每天外运的煤炭，能装满8公里长的重载列车 车厢。作为全国综合能源基地，山西强力推进煤炭稳产保供，以长协价保障24个省份的电煤需求。随着今冬明春供暖季将至，山西不少煤炭企业都在积极备 战迎峰度冬，一批智能开采、绿色开采、固废综合利用新技术的应用，成为山西筑牢煤炭"压舱石"的重要力量。（记者王飞航） ...

上市企业：中国神华（601088）,中煤能源（601898）,山西焦煤（000983）,潞安环能（601699）,淮北矿 业（600985）,平煤股份（601666）,山煤国际（600546）,冀中能源（000937）,陕西煤业（601225）,华 阳股份（600348） 相关报告：智研咨询发布的《2025-2031年中国煤炭开采行业供需态势分析及市场运行潜力报告》 根据国家统计局数据显示：2025年5月中国原煤产量为4亿吨，同比增长4.2%；2025年1-5月中国原煤累 计产量为19.9亿吨，累计增长6%。 2020-2025年1-5月中国原煤产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

格林大华期货有限公司 GELIN DAHUA FUTURES CO.,LTD | | 2025年8月 | 2025年7月 | 环比变化幅度 | 同比变化幅度 | | --- | --- | --- | --- | --- | | 中国原煤产量(万吨) | 39050 | 38099 | 2.50% | -3.20% | | 山西原煤产量 | 10771 | 10699 | 0.67% | -6.70% | | 七些十百柑立旦 | 10991 | 0070 | 9 560/ | 0 2000 | 内蒙古原煤产量 9979 3. 56% 0. 30% 10334 陕西原煤产量 6639 -0. 49% 6606 1.10% 新疆原煤产量 -10. 50% 4220 3685 14.51% 贵州原煤产量 -3.70% 1216 1234 -1. 43% 中国原煤产量(亿吨) 山西原煤月度产量(万吨) 13000 4.60 4. 40 12000 4. 20 10771 3. 9 4.00 3. 8 11000 3.80 3.60 10699 10000 3. 40 3. 20 9000 3.00 4月 3月 5月 ...

Core Insights - The total raw coal production of large-scale enterprises in China from January to August 2025 reached 316,517.4 million tons, representing a year-on-year increase of 2.8% compared to the same period last year [1][2] - In August 2025 alone, the production was 39,049.7 million tons, showing a decrease of 3.2% compared to August 2024 [1][2] Regional Production Summary - Shanxi province produced 86,256.7 million tons from January to August 2025, up 5.2% year-on-year, but saw a decline of 6.7% in August [1][2] - Inner Mongolia's production was 84,000.7 million tons, slightly down by 0.3% year-on-year, with a marginal increase of 0.3% in August [1][2] - Shaanxi province reported a production of 51,862.5 million tons, a 2.2% increase year-on-year, with a slight rise of 1.1% in August [1][2] - New Energy production increased by 5.6% year-on-year to 35,700.4 million tons, but August production fell by 10.5% [1][2] - Guizhou province's production was 9,295.8 million tons, with a year-on-year increase of 8.7% [1][2] - Other provinces like Henan, Anhui, and Ningxia showed mixed results, with Henan up 2.7% year-on-year, while Anhui and Ningxia experienced slight declines [1][2] - Notably, Heilongjiang province saw a significant year-on-year increase of 29.6%, reaching 4,156.4 million tons [1][2] - Yunnan province reported a robust growth of 10.4% year-on-year, totaling 4,714.3 million tons [1][2]

Core Viewpoint - Xinjiang is focusing on high-quality economic development, achieving historical breakthroughs in multiple indicators, including GDP and trade volume, while enhancing infrastructure and modern industrial systems [1][2][3][4]. Group 1: Economic Performance - Xinjiang's GDP surpassed 2 trillion yuan for the first time last year, with a total import and export volume reaching 434.16 billion yuan, marking three consecutive years of crossing three hundred billion yuan thresholds from 2022 to 2024 [1]. - In 2022, Xinjiang's GDP grew by 6.1%, fixed asset investment increased by 6.9%, industrial added value rose by 8%, and public budget revenue grew by 10.5%. In the first half of this year, GDP increased by 5.7%, fixed asset investment rose by 13%, import and export volume grew by 28%, and public budget revenue increased by 12% [1]. Group 2: Infrastructure Development - Comprehensive strengthening of infrastructure has been achieved, focusing on the construction of a "ten-network" system and major projects worth hundreds of billions, enhancing connectivity and supporting high-quality development [2]. - New airports and railways have been completed, with the total number of transportation airports reaching 28 and significant progress made in highway construction, improving the overall transportation system [2]. Group 3: Industrial Growth - A modern industrial system is emerging, with stable agricultural production, optimized industrial structure, and expanding service sectors. In 2024, grain production is expected to reach 46.6 billion jin, and cotton production is projected at 5.68 million tons, with a mechanization rate of 97% [3]. - Energy resource bases are being developed, with oil and gas equivalent production reaching 66.64 million tons and coal production at 541 million tons last year. By July this year, installed power capacity reached 220 million kilowatts, with renewable energy accounting for 132 million kilowatts [3]. Group 4: Innovation and Talent Development - Implementation of innovation-driven strategies has led to significant advancements in productivity, with an annual increase of 2 billion yuan in fiscal science and technology funding to support innovation [4]. - A talent development fund of 10 billion yuan has been established to attract high-level talent, and various technological advancements have been made, including breakthroughs in deep drilling and renewable energy technologies [4].

Core Viewpoint - The report highlights the overproduction of coal in Inner Mongolia, with a significant portion of coal mines exceeding their approved production capacities, leading to potential supply constraints and price rebounds in the coal market [1][2][3]. Group 1: Production Data - In 2024, Inner Mongolia's coal production exceeded the approved capacity by 6,116.9 thousand tons, resulting in an overproduction rate of 4.95% [1][2]. - For the first half of 2025, the region's coal production surpassed the approved capacity by 2,121.9 thousand tons, with an overproduction rate of 3.43% [1][2]. - A total of 299 coal mines were reviewed, with a combined capacity of 123,570 thousand tons per year, and 93 mines were found to be operating above their announced capacities [2]. Group 2: Regulatory Actions - Strict enforcement of overproduction regulations is in place, with 15 coal mines in Ordos City required to halt operations for rectification due to exceeding production limits by 10% [3]. - The combined capacity of these 15 mines is estimated at 3,220 thousand tons per year, representing 2.61% of Inner Mongolia's total capacity [3]. Group 3: Market Outlook - The supply of coal is expected to continue contracting, potentially impacting around 400 million tons of supply due to ongoing regulatory measures and the transition of some capacities to "reserve" status [3]. - As the demand for electricity coal shifts into a low season, non-electric demand is anticipated to gradually increase, which may support a rebound in coal prices [3]. - The current market conditions, characterized by declining port inventories and ongoing supply restrictions, are expected to improve the fundamentals of the coal market, leading to a potential price increase back to levels seen in Q3 2024 [3]. Group 4: Investment Recommendations - The report suggests focusing on high spot price elasticity stocks, such as Lu'an Environmental Energy, and stable growth stocks like Jinko Coal Industry and Huayang Co., Ltd. [4]. - It also recommends monitoring companies with recovery growth in production, such as Shanxi Coal International, and industry leaders like China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical Industry [4].

Group 1 - The coal stocks have mostly risen, with Yanzhou Coal Mining (600188) up 6.28% to HKD 10.49, China Coal Energy (601898) up 6.08% to HKD 10.12, and China Shenhua Energy (601088) up 2.1% to HKD 38.96 [1][1][1] - According to Mysteel's research, coal mines in Inner Mongolia are exceeding production capacity, with a total capacity of 34.6 million tons per year for mines exceeding 10% of their announced capacity from January to June 2025 [1][1][1] - As of September 16, five coal mines with a total capacity of 19.3 million tons per year have been ordered to suspend operations for 5-7 days due to safety hazards, with four mines having completed rectifications and resumed normal production [1][1][1] Group 2 - Shanxi Securities believes that domestic raw coal production is expected to shrink due to policy shifts, with a reduction trend expected to continue in September and October despite a slight easing in August [1][1][1] - The contraction in domestic supply is leading to an unexpected rise in coal prices, which is driving up coal import demand, with August imports continuing to increase month-on-month [1][1][1] - If coal prices stabilize and rebound, it may further stimulate the demand for imported coal [1][1][1]

Investment Rating - The report maintains a "Buy" rating for several companies in the coal industry, including Lu'an Huanneng, Huayang Co., Shanmei International, China Shenhua, Zhongmei Energy, Shaanxi Coal, and Jinkong Coal [4]. Core Insights - The Inner Mongolia Energy Bureau has confirmed the overproduction of coal, with a theoretical reduction in raw coal output of 61.17 million tons year-on-year for 2024 [1]. - In 2024, Inner Mongolia's coal production exceeded the approved capacity by 61.17 million tons, representing an overproduction rate of 4.95% [1]. - The report anticipates a continued contraction in supply due to strict enforcement of overproduction regulations, which could theoretically impact supply by approximately 400 million tons [3]. - The demand for thermal coal is expected to gradually increase as the market transitions from the off-peak season, with a potential price rebound supported by declining port inventories and ongoing supply restrictions [3]. Summary by Sections Overproduction and Regulatory Actions - A total of 93 coal mines were found to be operating above their approved production capacities in Inner Mongolia, with 30% of the inspected mines exceeding their capacities by over 110% in 2024 [2]. - Approximately 32.2 million tons per year of production capacity is pending verification before resuming operations, affecting 15 mines in the Ordos region [2]. Supply and Demand Dynamics - The report suggests that the supply side is likely to continue contracting, which, combined with seasonal demand increases, may lead to a recovery in coal prices back to levels seen in Q3 2024 [3]. - The report highlights that traders are currently cautious, but the fundamentals are improving, which could support a price increase [3]. Investment Recommendations - The report recommends focusing on companies with high spot market exposure, stable performance, and growth potential, including Lu'an Huanneng, Jinkong Coal, and industry leaders like China Shenhua and Zhongmei Energy [3].