<p>兖矿能源 (01171.HK) +1.020 (+6.684%) 空头头寸 $169.96M; 比率 25.074% 今天早盘（29 日）开盘下跌 1.4%，随后在早盘交易中反弹。现在报价为 HKD16.27，上涨 6.62%，成交量为 5040.27 万股，涉及 HKD8.05 亿。</p>
<p>摩根士丹利在一份研究报告中表示，兖矿能源 2026 年第一季度净利润同比增长 42%，约为人民币 40 亿元，符合经纪人的预期，主要受益于来自新泰煤矿股权转让的人民币 33 亿元投资收益。剔除一次性项目后，持续经营的经常性利润同比下降 61%，降至人民币 11 亿元，低于预期，主要受到自产煤生产成本同比上涨 9%、煤炭销售价格同比下降 2% 以及第一季度记录的外汇损失的拖累。成本上升主要反映了第一季度产量同比下降 6% 以及由于中东紧张局势导致澳大利亚业务柴油价格上涨，从而推高了成本。</p>
<p>摩根士丹利预计核心盈利将在第二季度改善，因为自 3 月底以来煤化工价格在中东紧张局势下保持高位，表明该季度的盈利贡献将更好。同时，自 3 月中旬以来，国内煤价在传统淡季中上涨，受到当地需求改善的支持。电厂在夏季用电高峰季节前进行了补货，这也将支持价格，预示着第二季度盈利的复苏。该经纪人维持对兖矿能源的增持评级，并将目标价定为 HKD21.9。</p>
<p>美银证券在其报告中指出，兖矿能源第一季度净利润为人民币 40 亿元，同比增长 42%，超出经纪人和市场预期，占其全年预测的 33%。盈利超出主要是由于人民币 30 亿元的投资收益，其中包括来自处置新泰煤矿资产的人民币 28 亿元。该收益也为分红分配奠定了基础。然而，持续经营的经常性利润同比下降 61%，降至人民币 10 亿元，主要由于成本压力加剧。尽管收入同比微增 2% 至人民币 350 亿元，但毛利润下降 21% 至人民币 70 亿元，毛利率同比收窄 6 个百分点至 21%，经纪人主要将其归因于煤炭业务。</p>
<p>美银证券估计，自产煤的总销售成本同比上涨 9%，而销售量仅同比增长 1%。按地区划分，中国和澳大利亚的销售成本分别上涨 4% 和 18%；销售量分别上涨 4% 和下降 4%，而生产量分别下降 5% 和 9%。中国的单位销售成本同比基本稳定，而澳大利亚的单位成本则上涨超过人民币 100 元/吨或 23%，主要由于柴油成本激增。自产煤的平均销售价格为人民币 517 元/吨，同比下降 2%。中国的平均价格同比下降 1%，与基准指数趋势一致，而澳大利亚的平均价格同比下降 2%，滞后于海运现货价格的反弹。该经纪人认为，鉴于兖矿能源的定价机制，预计在第二季度有可能赶上上涨的价格趋势。维持对兖矿能源 H 股的买入评级，目标价为 HKD17；兖矿能源（600188 SH）A 股的目标价为人民币 24。（ad/da）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 4 月 28 日 16:25。）</p>
<p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用本翻译而产生的任何损害或损失不承担任何责任。</p>

兖矿能源

国泰中证煤炭ETF

<p>兖矿能源的股价在发布积极的财报后上涨超过 6%，2026 年第一季度净利润为 40 亿元人民币，同比增长 42%。尽管由于成本上升和煤炭价格下跌，持续利润下降了 61%，但摩根士丹利和美银证券的分析师仍维持了乐观评级，指出由于煤炭价格上涨和需求改善，盈利有潜在恢复的可能。摩根士丹利设定的目标价为 21.9 港元，而美银证券则为 H 股设定了 17 港元的目标价，为 A 股设定了 24 人民币的目标价</p>

<p>YANKUANG ENERGY (01171.HK) +1.020 (+6.684%)  Short selling $169.96M; Ratio 25.074%  opened down 1.4% this morning (29th) before reversing course in early trading. It is now quoted at HKD16.27, up 6.62%, with 50.4027 million shares traded, involving HKD805 million.</p>
<div class="lb-trans"><p>兖矿能源 (01171.HK) +1.020 (+6.684%) 空头头寸 $169.96M; 比率 25.074% 今天早盘（29 日）开盘下跌 1.4%，随后在早盘交易中反弹。现在报价为 HKD16.27，上涨 6.62%，成交量为 5040.27 万股，涉及 HKD8.05 亿。</p>
</div><p>M Stanley said in a research report that YANKUANG ENERGY's 1Q26 net profit rose 42% YoY to about RMB4 billion, in line with the brokers expectations, mainly benefiting from RMB3.3 billion in investment income from the equity transfer of the Xintai coal mine. Excluding one-off items, recurring profit from continuing operations fell 61% YoY to RMB1.1 billion, below expectations, mainly dragged by a 9% YoY increase in self-produced coal production costs, a 2% YoY decline in coal selling prices, and foreign exchange losses recorded in the first quarter. The rise in costs mainly reflected a 6% YoY drop in output in the first quarter, as well as higher diesel prices in the Australian operations due to tensions in the Middle East, which pushed up costs.</p>
<div class="lb-trans"><p>摩根士丹利在一份研究报告中表示，兖矿能源 2026 年第一季度净利润同比增长 42%，约为人民币 40 亿元，符合经纪人的预期，主要受益于来自新泰煤矿股权转让的人民币 33 亿元投资收益。剔除一次性项目后，持续经营的经常性利润同比下降 61%，降至人民币 11 亿元，低于预期，主要受到自产煤生产成本同比上涨 9%、煤炭销售价格同比下降 2% 以及第一季度记录的外汇损失的拖累。成本上升主要反映了第一季度产量同比下降 6% 以及由于中东紧张局势导致澳大利亚业务柴油价格上涨，从而推高了成本。</p>
</div><p>M Stanley expects core earnings to improve in the second quarter, as coal chemical prices have remained at high levels since late March amid Middle East tensions, indicating better earnings contribution during the quarter. Meanwhile, domestic coal prices have risen since mid-March during the traditional off-season, supported by improving local demand. Power plants have been restocking ahead of the summer peak electricity consumption season, which will also support prices, signaling a recovery in second-quarter earnings. The broker maintained its Overweight rating on YANKUANG ENERGY and kept its TP at HKD21.9.</p>
<div class="lb-trans"><p>摩根士丹利预计核心盈利将在第二季度改善，因为自 3 月底以来煤化工价格在中东紧张局势下保持高位，表明该季度的盈利贡献将更好。同时，自 3 月中旬以来，国内煤价在传统淡季中上涨，受到当地需求改善的支持。电厂在夏季用电高峰季节前进行了补货，这也将支持价格，预示着第二季度盈利的复苏。该经纪人维持对兖矿能源的增持评级，并将目标价定为 HKD21.9。</p>
</div><p>BofAS noted in its report that YANKUANG ENERGYs first-quarter net profit of RMB4 billion, up 42% YoY, beat both the brokers and market expectations, accounting for 33% of its full-year forecast. The earnings beat was mainly due to RMB3 billion in investment income, including RMB2.8 billion from the disposal of Xintai coal mine assets. The gain also formed the basis for dividend distribution. However, recurring profit from continuing operations fell 61% YoY to RMB1 billion, mainly due to intensifying cost pressures. Although revenue edged up 2% YoY to RMB35 billion, gross profit fell 21% to RMB7 billion, with gross margin narrowing 6 ppts YoY to 21%, which the broker attributed mainly to the coal business.</p>
<div class="lb-trans"><p>美银证券在其报告中指出，兖矿能源第一季度净利润为人民币 40 亿元，同比增长 42%，超出经纪人和市场预期，占其全年预测的 33%。盈利超出主要是由于人民币 30 亿元的投资收益，其中包括来自处置新泰煤矿资产的人民币 28 亿元。该收益也为分红分配奠定了基础。然而，持续经营的经常性利润同比下降 61%，降至人民币 10 亿元，主要由于成本压力加剧。尽管收入同比微增 2% 至人民币 350 亿元，但毛利润下降 21% 至人民币 70 亿元，毛利率同比收窄 6 个百分点至 21%，经纪人主要将其归因于煤炭业务。</p>
</div><p>BofAS estimated that total sales costs of self-produced coal rose 9% YoY, while sales volume increased only 1% YoY. By region, sales costs in China and Australia rose 4% and 18% YoY respectively; sales volumes rose 4% and fell 4% YoY, while production declined 5% and 9% YoY respectively. Unit sales costs in China were broadly stable YoY, while unit costs in Australia increased by more than RMB100 per tonne or 23% YoY, mainly due to a surge in diesel costs. The average selling price of self-produced coal was RMB517 per tonne, down 2% YoY. The average price in China fell 1% YoY, in line with benchmark index trends, while the average price in Australia dropped 2% YoY, lagging the rebound in seaborne spot prices. The broker believes that, given YANKUANG ENERGYs pricing mechanism, it is likely to catch up with the upward price trend in the second quarter. It maintained its Buy rating on YANKUANG ENERGY H shares with a TP of HKD17; the TP for YANKUANG ENERGY (600188 SH) A shares is RMB24. (ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-28 16:25.)</p>
<div class="lb-trans"><p>美银证券估计，自产煤的总销售成本同比上涨 9%，而销售量仅同比增长 1%。按地区划分，中国和澳大利亚的销售成本分别上涨 4% 和 18%；销售量分别上涨 4% 和下降 4%，而生产量分别下降 5% 和 9%。中国的单位销售成本同比基本稳定，而澳大利亚的单位成本则上涨超过人民币 100 元/吨或 23%，主要由于柴油成本激增。自产煤的平均销售价格为人民币 517 元/吨，同比下降 2%。中国的平均价格同比下降 1%，与基准指数趋势一致，而澳大利亚的平均价格同比下降 2%，滞后于海运现货价格的反弹。该经纪人认为，鉴于兖矿能源的定价机制，预计在第二季度有可能赶上上涨的价格趋势。维持对兖矿能源 H 股的买入评级，目标价为 HKD17；兖矿能源（600188 SH）A 股的目标价为人民币 24。（ad/da）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 4 月 28 日 16:25。）</p>
</div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p>
<div class="lb-trans"><p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用本翻译而产生的任何损害或损失不承担任何责任。</p>
</div>

YANKUANG ENERGY  Jumps Over 6% Post-Results; Favored by M Stanley and BofAS

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摩根士丹利

美国银行

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH INT NON CUM PFD QQ

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '5'

BANK OF AMERICA CORPORATION 7.25% NON-CUM PERP CONV PFD SER L

BANK OF AMERICA CORPORATION 5.875%NON CUM DEP SHS REP1/1000TH SER HH

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200TH PRF SERIES '2'

BANK OF AMERICA CORPORATION 5% DEP SHS REPR 1/1000TH NON CUM PFD LL

BANK OF AMERICA CORPORATION DEP SHARES REP 1/1000TH PERP PFD SER 'E'

BANK OF AMERICA CORPORATION INCOME CAPITAL OBLIG NTS DUE 15/12/2066

BANK OF AMERICA CORPORATION 4.375% DP SH RP 1/1000TH IN NON CU PF NN

BANK OF AMERICA CORPORATION DEP SH REP 1/1200TH PRF SER 1 USD25

BANK OF AMERICA CORPORATION 5.375%DEP SHS REP 1/1000TH NON CUM SR KK

BANK OF AMERICA CORPORATION 6%NON CUM DEP SHS EACH REP 1/1000 SER GG

BANK OF AMERICA CORPORATION DEP SHS REP 1/1200 PFD SER 4 USD25

BANK OF AMERICA CORPORATION DEP SHS REP 1/1000TH NON CUM PFD SER SS

BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

兖矿能源在公布业绩后股价上涨超过 6%；受到摩根士丹利和美国银行证券的青睐