中国神华高长协降成本显经营韧性,收并购拓资源筑成长空间

信达证券
Sep 01

一、煤炭板块表现:成本控制成效显著中国神华 2025年上半年煤炭业务的经营数据表明,尽管商品煤产量和销量均有所下降,但公司通过优化成本结构实现了显著的成本控制成效。自产煤成本同比下降7.7%,毛利率逆势上升至31.3%。年度长协合同价格相对稳定,而现货和月度长协价格下滑幅度较大,这凸显了公司在市场下行周期中强大的盈利韧性。二、电力与运输板块分析:多因素对冲影响在电力领域,得益于燃料成本下降及容量...

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