2025 年 11月 25 日 投资咨询从业资格号: Z0018008 张 瓶 zhanghang2@gtht.com 工业砖、多品砖基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2601收盘价(元/吨) | 8.940 | -20 | -140 | 235 | | | | Si2601成交量(手) | 214, 012 | -115, 664 | -57, 799 | 41, 666 | | | | Si2601持仓量(手) | 262.676 | 1.672 | 11. 127 | 186, 481 | | | 工业硅、多晶硅期货市场 | PS2601收盘价（元/吨） | 53, 315 | -45 | ୧୧୦ | ー | | | | PS2601成交量(手) | 187.876 | -155, 522 | -61,890 | - | | | | PS2601持仓量(手)U | 128, 427 | 2. 161 | -7.816 | - | | | | 工业硅:近 ...

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].

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——行业信息披露第十 三号—化工》有关规定和披露要求，云南煤业能源股份有限公司（以下简称公司） 2025 年前三季度主要经营数据如下： | 主要 | 经营指标 | 单位 | 2025 年 1-9 月 | 2024 年 1-9 月 | 本期比上年同 | | --- | --- | --- | --- | --- | --- | | 产品 | | | | | 期增减（%） | | 焦炭 | 产量 | 吨 | 1,941,810.12 | 1,702,753.83 | 14.04 | | | 销量 | 吨 | 1,936,630.78 | 1,711,983.42 | 13.12 | | | 收入 | 元 | 3,104,732,395.49 | 4,285,483,628.55 | -27.55 | | | 成本 | 元 | 3,128,090,664.50 | 4,335,784,584.80 | -27.85 | | | 毛利 | ...

| 项目 | 2025 年 | 2024 年 | 变动比例 | | --- | --- | --- | --- | | | 1-9 月 | 1-9 月 | （%） | | 一、原煤产量（万吨） | 617.05 | 662.69 | -6.89 | | 二、洗精煤产量（万吨） | 337.06 | 361.40 | -6.74 | | 三、商品煤产量（万吨） | 468.45 | 470.00 | -0.33 | | 四、商品煤销量（万吨） | 455.98 | 456.29 | -0.07 | | 其中：1、外销量（万吨） | 410.27 | 406.33 | 0.97 | | 2、自用量（万吨） | 45.71 | 49.96 | -8.51 | | 五、商品煤销售收入（万元） | 327,707.82 | 483,326.67 | -32.20 | | 六、商品煤销售成本（万元） | 262,839.61 | 324,741.25 | -19.06 | | 七、商品煤销售毛利（万元） | 64,868.21 | 158,585.42 | -59.10 | 本公告经营数据未经审计，请投资者注意投资风险并 ...

Core Viewpoint - The stock price of Dayou Energy has surged significantly, with a 138.21% increase from September 25 to October 22, 2025, amid speculation related to the strategic restructuring of its indirect controlling shareholder, Henan Energy Group [2][4][5]. Stock Performance - Dayou Energy's stock price reached a high of 8.79 yuan per share on October 22, 2025, after starting at 3.69 yuan on September 25, 2025, marking a total increase of 138.21% over this period [4][5]. - The stock has experienced 9 trading limit-ups in 13 days, with a cumulative increase of 103.83% from October 10 to October 21, 2025, while the Shanghai Composite Index fell by 0.45% during the same period [4][6]. Company Operations - Dayou Energy primarily engages in coal mining and has faced operational challenges, reporting a total loss of 24.23 billion yuan over the past two and a half years [3][9]. - The company reported a significant decline in revenue, with a 26.14% decrease in the first half of 2025, resulting in a revenue of 19.20 billion yuan [7][8]. Financial Performance - In the first half of 2025, Dayou Energy produced 5.21 million tons of coal, a year-on-year increase of 10.17%, but the average selling price of coal dropped by approximately 29%, leading to a net loss of 8.51 billion yuan [7][9]. - The company's financial health is under pressure, with a debt-to-asset ratio of 73.01% as of June 30, 2025, compared to 68.28% the previous year [9].

Core Viewpoint - Daya Energy's stock has experienced significant growth, with a 198.98% increase year-to-date, driven by strong demand expectations for coal due to winter heating needs and low initial valuations in the coal sector [1][6]. Stock Performance - Daya Energy's stock price closed at 8.79 yuan per share on October 22, marking a 10.01% increase, with 12.4 million shares traded [1]. - The company has achieved 9 limit-up days in 13 trading days, indicating strong market interest [1]. - The stock's price surged 103.83% from October 10 to October 21, while the Shanghai Composite Index fell by 0.45% during the same period [2]. Risk and Valuation - Daya Energy has issued multiple risk warnings regarding its stock price volatility, indicating that its current price significantly deviates from the broader market and industry indices [2]. - As of October 21, the company's price-to-book ratio was 3.94, notably higher than the coal mining industry's average of 1.76, suggesting overvaluation [2]. Operational Status - The company confirmed that there are no undisclosed significant matters affecting its operations, and its production activities are normal [2][4]. - Daya Energy is involved in a strategic restructuring with its controlling shareholder, but this is not expected to impact its operational activities significantly [4]. Financial Performance - In the first half of 2025, Daya Energy reported a revenue of 1.92 billion yuan, a decrease of 680 million yuan year-on-year, and a net loss of 851 million yuan, worsening by 362 million yuan compared to the previous year [5]. - The company has faced continuous losses since the second quarter of 2023, with nine consecutive quarters of negative net profit [5]. Market Dynamics - The coal market is experiencing a shift in supply and demand, with rising prices for thermal coal, which increased by 22.71% from 621 yuan/ton to 762 yuan/ton [7]. - The demand for coal is expected to rise due to winter heating needs, while supply constraints are anticipated due to regulatory measures [7][8]. - Market sentiment regarding coal prices has shifted from pessimism to optimism, leading to increased purchasing and inventory replenishment [9].