摩根士丹利发表报告指，兖矿能源预期2026年上半年净利润将同比增长53%至72亿元，表现符合该行预期的71.6亿元；扣除非经常性损益后，上半年经常性利润同比增长2%至45亿元。这意味着其第二季单季净利润同比增长74%至32亿元。公司上半年业绩表现较佳，主要反映了因需求具韧性而获得支撑的较高煤炭价格、受中东冲突影响而上升的煤化工价格，以及处置内蒙古鑫泰煤炭100%股权带来的较高投资收益。近期动力煤价格因多地降雨后电厂日耗潜在增加以及补库需求释放，而获得短期支撑。与此同时，因5月下旬煤矿事故导致安全检查收紧，山西等主要产煤省份供应受限，焦煤价格亦可望获得支撑。较佳的煤价与煤化工利润，将继续为兖矿能源带来具韧性的盈利表现。该行重申对兖矿能源“增持”评级，H股目标价维持15.6港元不变。
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