证券研究报告 | 公司深度 | 煤炭开采 恒源煤电(600971) 报告日期：2026 年 02 月 27 日 皖北明珠向西扩张，焦煤底部蓄势待发 ——恒源煤电深度报告 投资要点 一句话逻辑 焦煤优质标的，并购提升产能，回购彰显信心 煤炭资源：截止 2024 年底，公司煤炭资源量 10.97 亿吨，以 1/3 焦煤为主。 产能扩张：现有 5 座矿山合计产能 1095 万吨/年，拟并购宏能煤业、昌盛能源 100%股权，公司产能进一步扩张。 宏能煤业：下辖花草滩煤矿，位于甘肃张掖，资源量 1.15 亿吨，年产能 180 万 吨，煤类为 1/3 焦煤，年精煤产量 70 万吨左右。 集团煤矿：除恒源煤电，集团旗下 6 座煤矿，合计核定产能 1980 万吨/年。公司 拥有多项集团资产不可撤销收购权，可通过多种融资方式进行收购；公司发布公 告，计划以集中竞价交易方式回购股份，用于转换公司发行的可转换公司债券。 经营情况：公司营收和盈利受到煤价波动影响，毛利率整体处于较高水平。 毛利成本：洗精煤贡献公司主要营收和毛利，占公司煤炭营收的 60-70%，占公 司煤炭毛利的 65-85%；公司吨煤成本在附近区域偏低。 超预期逻辑 ...

Group 1 - The core point of the news is that Kailuan Energy Chemical Co., Ltd. experienced a 5.03% drop in stock price, closing at 6.23 yuan per share, with a trading volume of 177 million yuan and a turnover rate of 1.77%, resulting in a total market capitalization of 9.892 billion yuan [1] - The company, established on June 30, 2001, and listed on June 2, 2004, is primarily engaged in coal and associated resource mining, raw coal washing and processing, coal product sales, coking and its product production and sales, as well as the manufacturing and sales of coal chemical products [1] - The revenue composition of the company includes metallurgical coke at 48.61%, other coal chemical products at 27.06%, washed coal at 23.05%, adipic acid at 7.09%, pure benzene at 5.31%, polyoxymethylene at 2.74%, methanol at 2.13%, other washed coal at 1.96%, and other businesses at 0.50% [1] Group 2 - From the perspective of the top ten circulating shareholders, Huatai-PB Fund's Huatai-PB SSE Dividend ETF (510880) increased its holdings by 2.9824 million shares in the third quarter, holding a total of 53.3038 million shares, which accounts for 3.36% of the circulating shares [2] - The Huatai-PB SSE Dividend ETF (510880) was established on November 17, 2006, with a latest scale of 19.265 billion yuan, and has a year-to-date return of 3.46%, ranking 3287 out of 5566 in its category [2] - The fund manager, Liu Jun, has a tenure of 16 years and 251 days, with a total fund asset scale of 550.928 billion yuan, achieving a best fund return of 225.42% and a worst return of -45.64% during his tenure [2]

证券代码：600740 证券简称：山西焦化 编号：临 2026-002 号 | | 平均售价 （不含税） | 元/吨 | 3,811.43 | 4,300.69 | -11.38 | | --- | --- | --- | --- | --- | --- | | 甲醇 | 产量 | 吨 | 65,554.70 | 59,584.12 | 10.02 | | | 销量 | 吨 | 68,106.24 | 56,128.70 | 21.34 | | | 销售收入 （不含税） | 元 | 123,767,856.26 | 106,524,708.07 | 16.19 | | | 平均售价 （不含税） | 元/吨 | 1,817.28 | 1,897.87 | -4.25 | | 炭黑 | 产量 | 吨 | 16,952.50 | 19,534.00 | -13.22 | | | 销量 | 吨 | 17,778.00 | 19,072.00 | -6.78 | | | 销售收入 （不含税） | 元 | 83,077,026.52 | 92,315,318.62 | -10.01 | | | 平均售价 （不含税） | ...

Core Viewpoint - Daya Energy (600403) has announced a significant expected loss for 2025, leading to a sharp decline in its stock price, reflecting broader challenges in the coal industry due to falling prices and operational issues [1][2]. Company Summary - Daya Energy's stock price hit a limit down at 6.9 CNY per share, with a cumulative decline of over 16% in three trading days [1]. - The company expects a net loss attributable to shareholders of approximately -1.7 billion CNY for 2025, an increase in loss of about 609 million CNY compared to the previous year [1]. - The company reported a net loss of -481 million CNY and a non-recurring net loss of -622 million CNY for 2023, and projected losses of -1.09 billion CNY and -1.15 billion CNY for 2024 [1]. Industry Summary - The average selling price of Daya Energy's coal is expected to decrease by approximately 126 CNY per ton in 2025, leading to a profit reduction of about 1.35 billion CNY [2]. - The coal market has been under pressure, with prices dropping significantly; for instance, the price of Q5000 grade thermal coal in Shandong fell from 715 CNY per ton at the beginning of the year to a low of 525-560 CNY per ton by mid-June, a decline of 24.13% [2]. - In the first half of 2025, coal production remained stable, but high inventory levels and limited demand have kept prices low [3]. - The overall coal price is expected to remain low in 2025, affecting the financial performance of various companies in the industry, including Shaanxi Black Cat, which also projected significant losses for the year [4].

Report Summary Industry Investment Rating No industry investment rating is provided in the report. Core Viewpoints The report presents the fundamental data of industrial silicon and polysilicon, including futures market, basis, price, profit, inventory, and raw material cost, as well as macro and industry news and trend strength [1][2][3]. Detailed Summaries 1. Industrial Silicon and Polysilicon Futures Market - Si2601: The closing price is 8,940 yuan/ton, with a change of -20 compared to T - 1, -140 compared to T - 5, and 235 compared to T - 22. The trading volume is 214,012 lots, and the open interest is 262,676 lots [1]. - PS2601: The closing price is 53,315 yuan/ton, with a change of -45 compared to T - 1. The trading volume is 187,876 lots, and the open interest is 128,427 lots [1]. 2. Basis - Industrial silicon: The spot premium or discount varies depending on the benchmark, such as +560 yuan/ton (against East China Si5530), +10 yuan/ton (against East China Si4210), and -40 yuan/ton (against Xinjiang 99 silicon) [1]. - Polysilicon: The spot premium or discount against N - type re - feed is -1,315 yuan/ton [1]. 3. Price - Industrial silicon: Xinjiang 99 silicon is 8,900 yuan/ton, and Yunnan Si4210 is 10,000 yuan/ton. Polysilicon - N - type re - feed is 52,250 yuan/ton [1]. - Organic silicon: DMC price is 13,200 yuan/ton [1]. - Aluminum alloy: ADC12 price is 21,350 yuan/ton [1]. 4. Profit - Silicon plant: The profit of Xinjiang new - standard 553 is -2,329.5 yuan/ton, and that of Yunnan new - standard 553 is -3,576 yuan/ton [1]. - Polysilicon enterprise: The profit is 7.7 yuan/kg [1]. - DMC enterprise: The profit is 1,322 yuan/ton [1]. - Regenerated aluminum enterprise: The profit is -10 yuan/ton [1]. 5. Inventory - Industrial silicon: Social inventory is 54.8 million tons, enterprise inventory is 17.8 million tons, industry inventory is 72.6 million tons, and futures warehouse receipt inventory is 20.8 million tons [1]. - Polysilicon: The manufacturer's inventory is 27.1 million tons [1]. 6. Raw Material Cost - Silicon ore: Xinjiang is 320 yuan/ton, and Yunnan is 290 yuan/ton [1]. - Washed coking coal: Ningxia is 1,200 yuan/ton [1]. - Petroleum coke: Maoming coke is 1,400 yuan/ton, and Yangzi coke is 2,340 yuan/ton [1]. - Electrode: Graphite electrode is 12,450 yuan/ton, and carbon electrode is 7,200 yuan/ton [1]. 7. Macro and Industry News - As of the end of October 2025, the total installed power generation capacity in China is 3.75 billion kilowatts, a year - on - year increase of 17.3%. Among them, the installed capacity of solar power is 1.14 billion kilowatts, a year - on - year increase of 43.8%, and the installed capacity of wind power is 0.59 billion kilowatts, a year - on - year increase of 21.4%. From January to October, the average utilization hours of power generation equipment is 2,619 hours, 260 hours lower than the same period last year. In October, the new installed capacity of solar power is 12.6 million kilowatts, a month - on - month increase of 30.43% [2]. 8. Trend Strength - Industrial silicon: The trend strength is 0. - Polysilicon: The trend strength is 1. The trend strength ranges from -2 (most bearish) to 2 (most bullish) [3].

Core Points - The stock price of Kailuan Co., Ltd. dropped by 2.09% on November 11, trading at 6.56 yuan per share with a market capitalization of 10.416 billion yuan [1] - The company has seen a year-to-date stock price increase of 0.92%, but a decline of 8.76% over the past 20 days [1] - Kailuan's main business includes coal mining, processing, and sales, with revenue composition primarily from metallurgical coke (48.61%) and other coal chemical products [1] Financial Performance - For the period from January to September 2025, Kailuan reported operating revenue of 12.944 billion yuan, a year-on-year decrease of 16.97%, and a net profit attributable to shareholders of 185 million yuan, down 71.45% year-on-year [2] - The company has distributed a total of 5.685 billion yuan in dividends since its A-share listing, with 1.879 billion yuan distributed over the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 9.90% to 37,700, while the average number of circulating shares per person increased by 10.99% to 42,168 shares [2] - Major shareholders include various ETFs, with notable increases in holdings from Huatai-PB SSE Dividend ETF and Guotai CSI Coal ETF [3]

Core Insights - Shanxi Coal International (山煤国际) reported a significant decline in net profit and revenue for Q3 2025, with net profit down 50.55% year-on-year to 391 million yuan and revenue down 28.27% to 5.673 billion yuan [1] - For the first three quarters of 2025, the company achieved a revenue of 15.332 billion yuan, a decrease of 30.2%, and a net profit of 1.046 billion yuan, down 49.74% year-on-year [1] - The decline in performance is attributed to falling coal prices and reduced trade coal sales due to a downturn in the coal market [1] Company Performance - Shanxi Coal International's coal production business generated revenue of 10.095 billion yuan, a decrease of 20.72% year-on-year, with raw coal production at 26.6414 million tons, an increase of 8.73% [2] - The company sold 19.8199 million tons of self-produced coal, up 5.31% year-on-year, with an average selling price of 509.31 yuan per ton and a cost of 253.83 yuan per ton [2] - The coal trading business reported revenue of 4.667 billion yuan, down 46.93%, with a trading volume of 10.2165 million tons, a decrease of 28.5%, and an average selling price of 456.82 yuan per ton [2] Industry Context - Nationally, the cumulative production of raw coal from large-scale industrial enterprises reached 3.57 billion tons, a year-on-year increase of 2%, while imports of coal decreased by 11.1% to 35 million tons [2] - The cumulative power generation from large-scale thermal power plants was 46,969 billion kilowatt-hours, down 1.2% year-on-year, with a notable decline of 5.4% in September [2] - The cumulative crude steel production was 74.625 million tons, down 2.9%, and cement production was 125.936 million tons, down 5.2%, indicating a broader decline in demand across key industries [2]

证券代码：600157 证券简称：永泰能源 公告编号：临 2025－054 永泰能源集团股份有限公司 2025年第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个别及连带责任。 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》的 相关规定和要求，为方便投资者了解公司生产经营情况，现将公司 2025 年第三 季度主要经营数据公告如下： 1 项 目 发电量（亿千瓦时） 上网电量（亿千瓦时） 2025 年 第 3 季度 同比 增减（%） 2025 年 1－3 季度 同比 增减 （%） 2025 年 第 3 季度 同比 增减 （%） 2025 年 1－3 季度 同比 增减 （%） 一、河南省 61.7630 22.05 135.8017 2.87 58.3991 22.40 127.8122 2.97 1．燃煤： 61.6560 22.10 135.5132 2.88 58.2948 22.46 127.5314 2.98 郑州裕中能源有限 责任公司 41.3910 24.34 93.1510 3.8 ...

证券代码：600997 证券简称：开滦股份 公告编号：临 2025-048 | 主要原材料 | 2025 | 年第三 | 年第三 2024 | 同比变 | 年第二 2025 | 环比变动 | | --- | --- | --- | --- | --- | --- | --- | | | | 季度（元/吨） | 季度（元/吨） | 动（%） | 季度（元/吨） | （%） | | 焦煤 | | 1,118.57 | 1,521.12 | -26.46 | 1,047.66 | 6.77 | 1 开滦能源化工股份有限公司 2025 年第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。 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 披露指引》和《关于做好主板上市公司 2025 年第三季度报告披露工 作的重要提醒》等有关规定的要求，开滦能源化工股份有限公司（以 下简称公司）现将 2025 年第三季度主要经营数据公告如下： 注：以上产品销售量和销售金额均为对外部市场的销售。 二、主要产品的价格变动 ...

Core Viewpoint - The company has released its third-quarter report for 2025, ensuring the accuracy and completeness of the information provided, and has made several key decisions during the board meeting [8][9][17]. Financial Data - The company produced 6.1705 million tons of self-produced coal and 3.3706 million tons of washed coal in the first three quarters of 2025 [17]. - The electricity generation amounted to 3.049 billion kWh, and aluminum processing reached 81,100 tons, including 36,300 tons of manufactured aluminum products and 44,800 tons of processing [17]. - The railway freight volume was 8.9281 million tons, and equipment repair volume was 15,800 tons [17]. Board Meeting Decisions - The board meeting on October 27, 2025, approved the third-quarter report and confirmed its disclosure in designated newspapers and websites [9][10]. - The board also approved the revision of the company's governance responsibility list [12][13]. - A decision was made to donate 1 million RMB to the rural revitalization work team in Suining County, Jiangsu Province [14][15].