一、业绩短期承压，煤炭行业供需宽松中国神华 (1088。HK)2025年一季度业绩受到煤炭行业整体供给过剩的影响，收入和归母净利润分别同比下降21.1%和19%。煤炭业务量价齐降是主要拖累因素，公司煤炭产量和销售量分别下降1.1%和15.3%，其中外购煤销量锐减40.4%。为应对市场波动，公司提高了年度长协煤销量占比至63.9%，但现货价格下跌导致整体售价承压，平均销售价格同比下跌11.5%。二、...
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