10月1日清晨，准能集团选煤厂洗选二车间检运一工区班长张飞换好工装，踏着晨光大步走向车间，准备开始一天的巡检工作。 "飞哥，假期来得比平时还早啊。"同事拍了拍张飞的肩膀，笑着说。 "越是节假日，咱们越要多上点心，这些设备可不会放假。"张飞神情严肃地说，"咱们检运工的主要职责就是守护好这些设备。设备平安无事，选煤厂生产 线才能踏踏实实运转，这节才算过好了！" 张飞戴好安全帽，拧亮强光手电，径直走向车间内的核心设备——筛分破碎系统。张飞与同事们要赶在设备启动之前完成今天的检查，确保每一层振动筛网 都处在最佳状态，筛分效率不打折，出料粒度完全合格，从源头守住精煤质量。 凭借着丰富的经验，张飞迅速锁定了几处巡检重点："检查筛机就像'听诊把脉'，要按顺序来。先检查传动和振动部位有无异常响声或磨损。其次，要仔细 查看胶带有无裂纹、是否松紧适度。"他一边说着，一边用手电光指向关键的防护装置，"最后，筛机内部是重中之重，必须确认筛箱内壁无裂纹、筛板平整 牢固，任何一个螺丝的松动都可能影响整个系统的稳定运行。" 班组成员们心领神会，立即分头行动，在巨大的设备间散开，投入到紧张而有序的检查中。 图为张飞（右）带队巡检洗选设备 " ...

从晨光熹微到暮色降临，这样紧凑有序的工作节奏，是该公司深耕精益营销、全力冲刺效益目标的生动缩影。 今年以来，西北矿业望田煤业紧扣"效益"核心，以"扩市场、提煤质、促销售、增效益"为主基调，跳出传统营销的路径依赖，不断加强"六精六提"融合管理，在市场感知、渠道创新、客户维护、 产品增值等环节持续破题，交出了一份合格成绩单。 初秋的清晨，山东能源西北矿业望田煤业煤质发运中心一派忙碌景象。销售团队围绕当日竞价策略展开讨论，仓储发运组则通过信息系统同步生产与库存动态。 "130场精煤竞价、最高单场溢价12%、精煤创效726万元。"——在中国太原煤炭交易平台，一组组数据见证着该公司的平台创效实践。 针对传统销售渠道"价格固化、利润受限"的问题，他们将该平台作为市场化营销的核心阵地，不仅搭建起公开透明的销售通道，更创新推出"基准价+浮动点"阶梯式竞价策略，既保证不同规模客 户都能参与公平竞争，又为优质客户预留合理报价空间。 "以前精煤销售多依赖长期合作客户，价格弹性小，现在通过平台竞价，优质煤的价值真正'变现'了。"该公司煤质发运中心统计员徐露举例说，8月一场精煤竞价中，因下游企业需求迫切，最终 成交价较基准价高出10% ...

原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 晨报 煤焦 煤焦：焦企计划首轮提涨 节前注意持仓风险 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 地址：北京市海淀区海淀大街 8 号 19 层 ☎ 400-700-6700 www.zgfcc.com 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 2025 年 9 月 30 日 逻辑：近两日煤焦期货价格震荡偏弱运行，带动板块整体走弱。现货 方面，多地煤价保持连续小幅反弹后暂稳运行；焦企因成本增加，多地焦 企计划首轮提涨焦价。 证监许可【2011】1452 号 从基本面来看，近期唐山市受环保政策影响，要求企业在 9 月底前做 好硬减排措施准备，但本次限产多以自愿为 ...

Core Viewpoint - Gansu Energy Chemical Co., Ltd. plans to acquire 100% equity of Gansu Energy Coal Transportation Co., Ltd. for 102 million yuan, aiming to enhance its coal supply chain and operational efficiency [1][3]. Group 1: Acquisition Details - The acquisition involves Gansu Energy's purchase of Gansu Energy Coal Transportation Co., which is a wholly-owned subsidiary of its controlling shareholder, Gansu Energy Chemical Investment Group [1]. - The coal transportation company focuses on a coal storage and distribution base in Yumen City, Gansu Province, with a total investment of 590 million yuan and a designed static coal storage capacity of 1 million tons [1][2]. - The facility is strategically located in a logistics park with a comprehensive transportation network, including road and rail, to meet project transportation requirements [1]. Group 2: Operational Insights - The coal storage base is equipped with a dry separation system capable of processing 1 million tons of coal per year, enhancing the calorific value of the coal from 4500 kcal/kg to 4900 kcal/kg [2]. - Currently, the coal transportation company has a conventional reserve of 400,000 tons and an annual throughput capacity of 3.2 million tons, although it is still operating at a loss due to underutilization of capacity [2]. Group 3: Strategic Importance - The acquisition addresses structural issues in Gansu's coal industry, where there is a significant supply-demand imbalance, particularly in the Hexi region, which faces an annual coal deficit of over 35 million tons [3]. - Establishing a coal storage base in Yumen is seen as a strategic move to create a stable supply source in a high-demand area, enhancing Gansu Energy's market position [3]. - The acquisition is expected to integrate coal supply and processing operations, improving operational transparency and reducing competition within the group [3][4]. Group 4: Future Prospects - The acquisition is anticipated to support Gansu Energy's performance growth as the coal transportation company normalizes its operations, thereby enhancing the company's resilience and competitiveness in the coal-electricity-chemical integration [4]. - The company aims to optimize coal quality and reduce costs by centralizing coal processing from its mining operations, addressing issues related to low calorific value and ongoing losses [4].

Core Viewpoint - Baotailong's stock has shown a positive trend with a year-to-date increase of 2.99%, and significant gains over various trading periods, indicating potential investor interest and market confidence [1][2]. Company Overview - Baotailong New Materials Co., Ltd. is located in Qitaihe City, Heilongjiang Province, and was established on June 24, 2003, with its listing date on March 9, 2011. The company engages in coal mining, washing and processing, coking, chemical production, power generation, heating, new energy, and new materials [2]. - The main business revenue composition includes: raw coal (28.60%), refined coal (22.92%), slack coal (22.61%), heating and electricity (21.68%), new materials (1.70%), and others [2]. Financial Performance - For the first half of 2025, Baotailong reported operating revenue of 357 million yuan, a year-on-year decrease of 55.99%, while net profit attributable to shareholders increased by 151.62% to approximately 98.88 million yuan [2]. - The company has distributed a total of 332 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Shareholder Information - As of June 30, 2025, Baotailong had 93,200 shareholders, a decrease of 7.51% from the previous period, with an average of 20,558 circulating shares per shareholder, an increase of 8.12% [2]. - The top ten circulating shareholders include several coal ETFs, with notable increases in holdings for Guotai Zhongzheng Coal ETF and others [3].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The supply and demand of coking coal and coke are recovering rapidly, especially the rapid rebound of hot metal, which supports the rigid demand for raw materials. Attention should be paid to the pre - holiday replenishment actions of downstream enterprises [4] Group 3: Summary by Related Catalog Market Performance - Last week, the coking coal and coke futures prices fluctuated overall and closed slightly lower on a weekly basis. On the spot side, the transaction of high - priced resources at some coal mines was weak, and the prices remained stable with a slight decline. Last Friday, steel mills started the second round of price cuts for coke, planning to implement it this week [3] Supply Side - The coking coal market remained weak, with transaction prices mainly falling. The enthusiasm of downstream buyers remained weak. However, after some coal mines cut prices, sales improved. The market still expected pre - National Day replenishment. Last week, coal production gradually recovered, with the daily average clean coal output of 523 coal mines reaching 728,000 tons, a week - on - week increase of 35,000 tons. Affected by production cuts and improved sales after price cuts at some coal mines, mine - end inventories decreased [3] Demand Side - The resumption of production in steel mills was relatively fast. Last week, the daily average hot metal output unexpectedly rebounded to 2.4055 million tons, an increase of 117,100 tons from the previous week, returning to the level before the production limit. Currently, the profitability rate of steel mills is 60.17%, a decrease of 0.87 percentage points from last week and an increase of 54.11 percentage points compared with last year. Finished products are in a continuous inventory accumulation process, and the profits of steel mills have narrowed, which may limit the rebound space of hot metal. In the later stage, the demand for raw materials will face a test [4]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in its operational performance compared to the previous year [3]. Financial Performance - In H1 2025, the company achieved revenue of 11.825 billion yuan, a year-on-year decrease of 11.83%, and a net profit attributable to shareholders of 989 million yuan, down 1.82% year-on-year [3]. - For Q2 2025, the company recorded revenue of 6.222 billion yuan, a year-on-year decline of 7.27%, but a quarter-on-quarter increase of 11.05% [3]. Segment Performance - The apparel segment saw production increase by 2.82% year-on-year, with a unit selling price of 851 yuan, up 7.19%, and a unit gross profit of 462 yuan, up 2.79% [4]. - In H1 2025, the silicon manganese and silicon iron segments reported significant increases in gross profit per ton, with silicon iron gross profit up 51.93% and silicon manganese up 37.18% [5]. - The caustic soda segment experienced a gross profit increase of 47.11% per ton, while the PVC segment saw a decrease of 4.02% [6]. - The coal segment's gross profit per ton fell significantly, with a 40.68% year-on-year decline, and the investment income from Yongmei Mining decreased by 23.28% [7]. Dividend Policy - The company maintained a high dividend payout ratio, reaching 90.92% in 2024, resulting in a current dividend yield of 6.06% [8].

Group 1 - The core viewpoint of the article is that Shaanxi Black Cat (SH 601015) held its sixth board meeting on September 12, 2025, to discuss the revision of certain governance systems [1] - For the first half of 2025, Shaanxi Black Cat's revenue composition was as follows: coke accounted for 72.06%, coal tar 6.15%, liquefied natural gas 5.78%, premium coal 3.51%, and synthetic ammonia 3.42% [1] - As of the report date, Shaanxi Black Cat's market capitalization was 7.4 billion yuan [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [6][4]. Core Views - The company demonstrates strong profitability and a high dividend policy, with a 2024 dividend payout ratio reaching 90.92%, corresponding to a current dividend yield of 6.06% [3][4]. - The company is recognized as a leader in the silicon iron industry, with its circular industrial chain synergy gradually becoming evident [4]. Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 11.825 billion yuan, a year-on-year decrease of 11.83%, and a net profit attributable to shareholders of 989 million yuan, down 1.82% year-on-year [1]. - The second quarter of 2025 saw operating revenue of 6.222 billion yuan, a year-on-year decrease of 7.27%, but a quarter-on-quarter increase of 11.05% [1]. - The company's silicon iron production in the first half of 2025 was 792,800 tons, an increase of 6.85% year-on-year, with a gross profit per ton of 772 yuan, up 51.93% year-on-year [2]. - The company’s caustic soda production was 363,200 tons, with a gross profit per ton of 1,669 yuan, reflecting a year-on-year increase of 47.11% [2]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down by 18.90% and 22.61% to 2.055 billion yuan and 2.266 billion yuan, respectively, with a new forecast for 2027 set at 2.485 billion yuan [4][5]. - The report provides a detailed financial summary, indicating a projected revenue decline in 2025, followed by a slight recovery in subsequent years [5][19]. Dividend Policy - The company has consistently maintained a high dividend policy from 2020 to 2024, with total cash dividends amounting to 16.79 billion yuan in 2024 [3].

Report Summary 1) Report Industry Investment Rating No investment rating is provided in the report. 2) Core Viewpoint The supply and demand sides of coal and coke have implemented production cuts, but most of the production cut cycles are short. Attention should be paid to the resumption process. The market sentiment is generally cooling down but still fluctuating, and prices are under pressure and oscillating [3][4]. 3) Summary by Related Content Market Performance - Yesterday, coal and coke futures prices oscillated, and there was a rapid rise near the close of the night session. On the spot side, the high - priced resources of some coal mines had weak sales, and prices were stable with a slight decline. The first round of coke price reduction has been implemented [3]. Supply Side - Last week, due to the military parade, many coal mines in Shanxi stopped production for maintenance, leading to a significant decline in coal production. This week, production is gradually recovering. The daily average coking coal output of 523 coal mines this week is 72.8 million tons, a week - on - week increase of 3.5 million tons. Mine - end inventory has decreased [3]. Demand Side - Last week, the steel mill production cut expectation was realized. The daily average hot metal output of 247 steel mills' blast furnaces was 228.84 million tons, a week - on - week decrease of 11.29 million tons and a year - on - year increase of 6.23 million tons. Most steel mills resumed production on September 4, and short - term hot metal output tends to rise. However, due to factors such as continuous inventory accumulation of finished products and narrowing steel mill profits, raw material demand will face challenges later [4].