2025年11月，波黑联邦石油产品进口量为10.19万吨。其中柴油占75.7%，无铅汽油占10.8%，重油和超 轻燃料油占6.2%，其他石油衍生物占7.3%。(驻波黑使馆经商处) 波黑N1电视台12月29日报道。根据波黑联邦统计局数据，2025年11月，波黑联邦的电力总产量为694吉 瓦时，而2024年同期产量为755吉瓦时。其中，水力发电占40.9%，火力发电占51.4%，风力发电占 7.7%。 2025年11月，波黑联邦的煤炭产量为25.88万吨；褐煤产量为9.92万吨，焦炭产量为1.86万吨。与2024年 同期相比均有所下降。 ...

据蒙古国家统计局数据，2025年1-11月，蒙古国工业生产值达47.1万亿图格里克(约942亿元人民币)，同 比增长1.6%。从行业结构看，加工业生产值7.5万亿图格里克(约150亿元人民币)。其中，食品业产值同 比增长17.6%；非金属矿物制品行业产值同比增长20.5%。 采矿业方面，褐煤、锌、铁精矿、萤石、铁矿石及萤石精矿等矿产品实物产量同比增长3.6%至66.6%； 未精炼黄金、石煤、原油及银精矿产量同比下降1.1%至35.4%。加工业主要产品中，液态奶、阴极铜、 水泥、面粉、石灰和精梳羊绒等产品产量同比增长2.9倍至3.4倍；牲畜肉、金属坯料、水、饮料、果 汁、白酒、羊绒针织品、纯酒精、香烟和型煤等产品产量同比下降0.6%至49.2%。同期，工业产品销售 额51.8万亿图格里克(约1036亿元人民币)，同比增长9.5%。其中，采矿业销售额同比增长7.4%。 ...

煤炭 煤炭进口数据拆解 领先大市-A(维持) 相关报告： 【山证煤炭】煤炭月度供需数据点评 11 月：煤价环比上涨，反内卷初心未变 2025.12.17 观察与展望 2025.12.5 分析师： 胡博 执业登记编码：S0760522090003 邮箱：hubo1@sxzq.com 未来印尼进口煤存在继续减量预期。2025 年 12 月，印尼财政部长普尔 巴亚·尤迪·萨德瓦（Purbaya Yudhi Sadewa）证实，政府确实计划于明年起征 收煤炭出口关税，并预计关税税率将在 1-5%之间。但印尼当地媒体仍在等 待煤炭出口关税相关技术法规。考虑到印尼存在政策收紧预期，未来印尼煤 对华出口或存在减量预期。 建议关注：反内卷趋势未变，4 季度业绩仍有改善预期，若价格长期高 位运行，26 年业绩仍具备修复空间。股价下跌强化红利价值，可逢低配置。 动力煤关注【兖矿能源】、【陕西煤业】、【中国神华】、【中煤能源】、【山煤国 际】、【晋控煤业】；炼焦煤关注【山西焦煤】、【淮北矿业】、【潞安环能】。 风险提示：国内需求不及预期，国内供给显著增加，国际煤价大幅下跌 25 年 11 月进口煤价继续提升 2025 年 12 月 ...

智通财经APP获悉，山西证券发布研报称，全煤种进口价格较去年同期均有较大幅度下降，11月当月各 煤种价格均环比增加，其中动力煤环比涨幅相对更大。煤炭行业反内卷趋势未变，4季度业绩仍有改善 预期，若价格长期高位运行，26年业绩仍具备修复空间。股价下跌强化红利价值，可逢低配置。 山西证券主要观点如下： 进口煤量收缩趋势继续放缓，进口价上涨 进口量方面，1-11月累计增速实现-12.0%，累计进口煤量仍然呈现收缩趋势;进口煤当月同比连续9个月 保持负增速，其中11月进口煤同比降19.88%、环比增5.53%。分煤种来看，四大煤种均呈现单月环比正 增，其中无烟煤环比增速较快。动力煤环比小幅增量主要是因为蒙古和俄罗斯进口量增加;炼焦煤环比 小幅增量主要由蒙古贡献;褐煤环比增量主要由印度尼西亚贡献;无烟煤环比增量主要来自俄罗斯。价格 方面，11月当月全煤种进口价格实现73美元/吨，维持同比回落趋势，11月当月环比增1.42美元/吨。分 煤种看，全煤种进口价格较去年同期均有较大幅度下降，11月当月各煤种价格均环比增加，其中动力煤 环比涨幅相对更大。 11月国内进口煤呈现"量减价增"的特征。过去几年11月往往是进口煤旺季，进 ...

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - No information provided Group 3: Summary by Categories Price Information - The spot price of naphtha CFR Japan is $567.50 per ton, down 0.70% from the previous value [1] - The price index of ethylene in Northeast Asia is $41.07 per ton, up 1.37% [1] - The ex - factory average price of ethane in East China is 5,800 yuan per ton, down 3.33% [1] - The spot price of methanol MA is 2,107.50 yuan per ton, unchanged [1] - The pit - mouth price of lignite in Inner Mongolia is 290 yuan per ton, unchanged [1] - The closing price of DCE EG's main contract is 3,882 yuan per ton, down 0.08% [1] - The settlement price of DCE EG's main contract is 3,893 yuan per ton, up 0.57% [1] - The closing price of DCE EG's near - month contract is 3,850 yuan per ton, up 0.26% [1] - The settlement price of DCE EG's near - month contract is 3,819 yuan per ton, up 0.05% [1] - The market price of ethylene glycol in East China is 3,880 yuan per ton, unchanged [1] - The CCFEI price index of ethylene glycol's domestic market is 3,885 yuan per ton, down 0.13% [1] - The price difference between near and far months is - 74 yuan per ton, a change of - 20 yuan [1] - The basis is 3 yuan per ton, a change of - 2 yuan [1] Production and Operation Conditions - The overall ethylene glycol operating rate is 63.81%, up 0.33% [1] - The operating rate of petroleum - based ethylene glycol is 70.45%, unchanged [1] - The operating rate of coal - based ethylene glycol is 53.80%, up 0.84% [1] - The load rate of the polyester factory in the PTA industrial chain is 89.17%, down 0.02% [1] - The load rate of Jiangsu and Zhejiang looms in the PTA industrial chain is 71.59%, unchanged [1] Cash Flow - The after - tax gross profit of MTO - made MEG is - 1,581.11 yuan per ton, a decrease of 5 yuan [1] - The after - tax gross profit of the coal - based synthesis gas method is - 219.47 yuan per ton, a decrease of 64.16 yuan [1] Polyester Price - The CCFEI price index of polyester DTY is 8,550 yuan per ton, unchanged [1] - The CCFEI price index of polyester POY is 6,800.50 yuan per ton, unchanged [1] - The CCFEI price index of polyester staple fiber is 6,350 yuan per ton, up 0.79% [1] - The CCFEI price index of bottle - grade chips is 5,740 yuan per ton, unchanged [1] Device Information - A 900,000 - ton/year MEG device in East China has been restarted after a shutdown for maintenance in late October [1] - Another 1,000,000 - ton/year MEG device in East China is planned to shut down in early December for a relatively long time [1]

山西证券主要观点如下： 进口煤量收缩趋势继续放缓，进口价上涨 进口量方面，1-10月累计增速实现-11.0%，累计进口煤量仍然呈现收缩趋势;进口煤当月同比连续8个月 保持负增速，但同比负增速持续边际放缓，其中10月进口煤同比降9.75%、环比降9.26%。分煤种来 看，四大煤种均呈现环比负增，其中动力煤和褐煤环比减量较大。动力煤环比减量主要是因为蒙古和印 尼进口量减少;炼焦煤环比减量主要由蒙古贡献;褐煤环比减量主要由印度尼西亚贡献;无烟煤环比减量主 要来自俄罗斯。价格方面，10月当月全煤种进口价格实现71美元/吨，维持同比回落趋势，10月当月环 比增3.65美元/吨。分煤种看，全煤种进口价格较去年同期均有较大幅度下降，10月当月各煤种价格均 环比增加，其中动力煤和炼焦煤环比涨幅相对更大。 如何理解10月国内煤价超预期上涨但进口煤量却环比下降? 从10月进口结构上看，动力煤和褐煤环比减量较大，而背后主要反映外蒙古和印尼这两个国家的减量， 其中外蒙古的减量也在炼焦煤进口上有所反映。蒙古煤对华出口减少与运输因素和蒙古国内生产问题有 关。一方面，中国国庆期间中蒙口岸闭关7天，直接减少了有效通关天数;另一方面，10月蒙 ...

Core Viewpoint - The asset restructuring valued at 11.149 billion yuan is part of State Power Investment Corporation's strategy to build a coal-electricity-aluminum empire in Inner Mongolia, enhancing its operational efficiency and market position [1][2]. Group 1: Asset Restructuring Details - State Power Investment Corporation plans to acquire 100% equity of Baiyinhu Coal Power Co., Ltd. from its controlling shareholder, Inner Mongolia Energy Co., Ltd., for a total price of 11.149 billion yuan [1]. - The acquisition will be financed through a combination of share issuance and cash payment, along with a fundraising plan of up to 4.5 billion yuan for ongoing projects and working capital [1][2]. - Post-acquisition, the coal production capacity will increase to 63 million tons per year, and aluminum production capacity will exceed 1.26 million tons [2]. Group 2: Strategic Implications - The restructuring is part of a broader strategic adjustment by State Power Investment Corporation, focusing on specialized operations across its listed platforms [2]. - Other subsidiaries are also undergoing transformations, such as Yuanda Environmental Protection acquiring hydropower assets and shifting focus to nuclear power [2]. - The integration aims to create a closed-loop system where coal is converted to aluminum on-site, significantly reducing production costs by 2,300 yuan per ton compared to market prices [2][3]. Group 3: Financial Impact - The acquisition is expected to increase the total assets of State Power Investment Corporation from 54.979 billion yuan to 80.079 billion yuan, with projected revenue growth from 14.464 billion yuan to 19.942 billion yuan by mid-2025 [4]. - Analysts estimate that the transaction could enhance the annual net profit attributable to shareholders by approximately 1.867 billion yuan [5]. - However, Baiyinhu Coal Power Co., Ltd. has a high debt level, with total liabilities reaching 16.9 billion yuan and a debt ratio of 67% as of mid-2025, raising concerns about financial stability [5][6]. Group 4: Industry Trends - The merger reflects an accelerating trend of asset securitization in the power industry, with state-owned enterprises increasingly optimizing their asset structures [7]. - The focus has shifted from merely filling funding gaps to strategically enhancing asset structures, particularly in the renewable energy sector [7]. - The restructuring also indicates a renewed recognition of the value of traditional energy sources, as coal prices stabilize and the role of coal in the new power system is reassessed [7].

Group 1 - Mongolia's coal export volume for January to October 2025 reached 65 million tons, representing a year-on-year decrease of 1.4% [1] - Gasoline imports amounted to 678,400 tons, showing a year-on-year decline of 4.4%, while diesel imports increased by 9.8% to 1.432 million tons [1] - China remains the largest export market for Mongolia, with 100% of lead ore, iron ore, zinc concentrate, crude oil, and hard coal exports going to China [1] Group 2 - Copper concentrate and brown coal exports to China account for 99.9% of their respective totals, while cashmere exports have an 82.9% share [1] - Exports to China constitute 81.7% of Mongolia's total export value [1]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - No clear core view can be extracted from the given data 3. Summaries According to Related Catalogs Commodity Prices - The price of crude oil on November 11, 2025, was $581.75 per ton, unchanged from the previous value [1] - The price of ethylene in Northeast Asia on November 10, 2025, was $41.00 per ton, unchanged from the previous value [1] - The ex - factory price of ethylene oxide in East China on November 11, 2025, was 6000 yuan per ton, unchanged from the previous value [1] - The price of methanol on November 10, 2025, was 290 yuan per ton, unchanged from the previous value [1] - The settlement price of the main contract of a certain commodity on November 10, 2025, was 3936 yuan per ton, a 0.20% change from the previous value [1] - The settlement price of the near - month contract on November 10, 2025, was 3848 yuan per ton, unchanged from the previous value [1] - The price of ethylene glycol in East China on November 10, 2025, was 4020 yuan per ton, unchanged from the previous value [1] - The price difference between near and far - month contracts on November 10, 2025, was 88 yuan per ton, an 8 - yuan change from the previous value [1] - The basis on November 10, 2025, was 67 yuan per ton, a 1 - yuan change from the previous value [1] Industry Operating Conditions - The operating rate of ethylene glycol from oil on November 10, 2025, was 63.4% [1] - The operating rate of ethylene glycol from coal on November 10, 2025, was 66.51% [1] - The operating rate of a certain PTA factory on November 10, 2025, was 89.0% [1] - The operating rate of the textile industry in Zhejiang and Jiangsu on November 10, 2025, was 72.28% [1] Profit Conditions - The after - tax gross profit of a certain oil - based ethylene glycol production on November 10, 2025, was 1423.94 yuan per ton, a 40.3 - yuan change from the previous value [1] - The after - tax gross profit of a coal - based synthetic gas method production on November 10, 2025, was 19.6 yuan per ton, a 35.4 - yuan change from the previous value [1] Price Indexes - The price index of polyester on November 10, 2025, was 8525 yuan per ton, unchanged from the previous value [1] - The price index of polyester staple fiber on November 10, 2025, was 6850 yuan per ton, unchanged from the previous value [1] - The price index of bottle - grade chips on November 10, 2025, was 5750 yuan per ton, a 0.1% change from the previous value [1] Other Information - A coal - based ethylene glycol production unit in Inner Mongolia is expected to start up this month after inspection and maintenance [1]

Core Insights - The industrial output value of Mongolia for January to September 2025 is 30.7 trillion tugrik (approximately 8.574 billion USD), representing a year-on-year decline of 3.6% [1] Mining Sector - The mining sector's output value is 22.7 trillion tugrik (approximately 6.34 billion USD), showing a year-on-year decrease of 8.4% [1] - Specific declines in mining products include: - Brown coal and lignite output down 32.3% to 5 trillion tugrik (approximately 1.396 billion USD) - Oil output down 13.6% to 11.3 trillion tugrik (approximately 3.156 billion USD) [1] Metal Products - The production of metal products such as iron concentrate, zinc concentrate, copper concentrate, and fluorite concentrate increased by 5.9% to 70.4% [1] Non-Metal Mining Products - The output of brown coal, lignite, oil, and unrefined mineral products decreased by 6.8% to 36.3% [1] Manufacturing Sector - The manufacturing sector saw significant growth in several products, with output increasing by 3.1 to 5.5 times for items like liquid milk, cement, flour, cathode copper, lime, and carded cashmere [1] - Conversely, the production of metal billets, mineral water, beverages, juices, meat, liquor, pure alcohol, cashmere knitwear, cigarettes, and coking coal decreased by 1.3% to 32.2% [1]