Report Industry Investment Rating - The investment rating for the coal mining industry is "Bullish" [2] Report's Core View - The coal industry is at the beginning of a new upward cycle, with fundamental and policy factors in resonance. It is advisable to allocate coal stocks on dips. The underlying investment logic of coal production capacity shortage remains unchanged, and coal prices have established a bottom and are expected to rise. High - quality coal enterprises have core asset attributes such as high profitability, high cash flow, high ROE, and high dividends. The coal sector is still undervalued, and its valuation is expected to increase. The coal supply bottleneck is expected to last until the "15th Five - Year Plan", and coal prices are likely to remain high. The report continues to be bullish on the coal sector and recommends top - down attention to several types of coal companies [3][11][12] Summary by Directory 1. This Week's Core View and Key Focus - **Core View**: The coal industry is in the early stage of a new upward cycle. The supply side shows an increase in the utilization rate of sample power and coking coal mine wells. On the demand side, there are differences in coal consumption between inland and coastal areas, and non - electric demand also shows different trends. Coal prices stopped falling and rebounded since late December, but the rebound momentum weakened this week. In the future, inventory depletion and the upcoming cold wave will support coal prices, and the market is expected to be stable and slightly strong before the holiday. The coal sector has high - dividend support and upward elasticity, making it a cost - effective investment [11] - **Investment Suggestions**: Focus on companies with stable operations and performance, those with large previous declines and high elasticity, and high - quality metallurgical coal companies. Also, pay attention to other related companies [12] - **Key Focus**: In 2025, China's coal imports decreased by 9.6% year - on - year; India's coal production was basically flat with a slight decline; global seaborne coal trade decreased by 2.8% [13] 2. This Week's Performance of the Coal Sector and Individual Stocks - The coal sector fell 3.33% this week, underperforming the broader market. The CSI 300 fell 0.57% to 4731.87. The top - three sectors in terms of gains were computer, electronics, and media [14] - The power coal, coking coal, and coke sectors fell 3.46%, 3.66%, and 4.38% respectively [17] - The top - three gainers in the coal mining and washing sector were Anyuan Coal Industry (3.97%), Huayang Co., Ltd. (2.90%), and Diantou Energy (0.81%) [20] 3. Coal Price Tracking - **Coal Price Index**: As of January 16, the comprehensive transaction price of CCTD Qinhuangdao thermal coal (Q5500) was 688.0 yuan/ton, up 2.0 yuan/ton week - on - week; the comprehensive average price index of Bohai Rim thermal coal (Q5500) was 686.0 yuan/ton, up 1.0 yuan/ton week - on - week; the annual long - term agreement price of CCTD Qinhuangdao thermal coal (Q5500) was 684.0 yuan/ton, down 10.0 yuan/ton month - on - month [24] - **Thermal Coal Price**: At ports, the market price of Qinhuangdao Port thermal coal (Q5500) from Shanxi was 697 yuan/ton on January 17, up 1 yuan/ton week - on - week. At production sites, prices in some areas were stable while in Datong, it decreased. Internationally, FOB and CIF prices showed different trends [30] - **Coking Coal Price**: At ports, the prices of coking coal in Jingtang Port and Lianyungang increased. At production sites, prices in some areas increased while in others they were stable. The CIF price of Australian Peak Downs hard coking coal in China increased [32] - **Anthracite and Pulverized Coal Injection Price**: The coking anthracite car - loading price in Jiaozuo was flat, while the prices of pulverized coal injection in Changzhi and Yangquan decreased [40] 4. Coal Supply and Demand Tracking - **Coal Mine Capacity Utilization**: As of January 16, the capacity utilization rate of sample power coal mine wells was 90.6%, up 0.3 percentage points week - on - week; the capacity utilization rate of sample coking coal mine wells was 88.47%, up 3.1 percentage points week - on - week [47] - **Import Coal Price Difference**: As of January 16, the price difference between domestic and foreign 5000 - kcal and 4000 - kcal thermal coal decreased [43] - **Coal - fired Power Consumption and Inventory**: Inland 17 provinces saw a decrease in coal inventory and an increase in daily consumption, while coastal 8 provinces saw a decrease in both inventory and consumption [44] - **Downstream Metallurgical Demand**: The Myspic composite steel price index increased slightly, the price of first - grade metallurgical coke was flat, the blast furnace operating rate decreased, the profit per ton of coke decreased, the profit per ton of steel in the blast furnace increased, the iron - scrap price difference decreased, and the blast furnace scrap consumption ratio decreased [65][66] - **Downstream Chemical and Building Materials Demand**: Urea prices in some regions increased, the national methanol price index decreased, the national ethylene glycol price index decreased, the national acetic acid price index increased, the national synthetic ammonia price index increased, the national cement price index decreased, the cement clinker capacity utilization rate decreased, the float glass operating rate decreased, and chemical weekly coal consumption increased [72][76] 5. Coal Inventory Situation - **Thermal Coal Inventory**: Qinhuangdao Port's coal inventory increased to 550.0 tons; 55 ports' thermal coal inventory decreased to 6830.8 tons; the inventory of 462 sample mines decreased to 283.9 tons [91] - **Coking Coal Inventory**: The production - site inventory decreased to 272.4 tons, the six - port inventory decreased to 298.9 tons, the inventory of independent coking plants increased to 954.8 tons, and the inventory of sample steel mills increased to 802.2 tons [92] - **Coke Inventory**: The inventory of coking plants decreased to 40.6 tons, the four - port inventory increased to 188.1 tons, and the inventory of sample steel mills increased to 650.33 tons [94] 6. Coal Transportation Situation - **International and Domestic Coal Transportation**: As of January 16, the China Yangtze River Coal Transportation Comprehensive Freight Index (CCSFI) was 704 points, down 3.6 points week - on - week [107] - **Ratio of Cargo to Ships at Four Northern Ports**: As of January 16, the inventory at four ports in the Bohai Rim was 1465.2 tons, the number of anchored ships was 99, and the ratio of cargo to ships was 14.8, down 1.96 week - on - week [102] - **Daqin Line Coal Transportation**: The average daily coal shipment volume on the Daqin Line this week was 118.0 tons, up 9.75 tons week - on - week [107] 7. Weather Situation - As of January 16, the Three Gorges outbound flow was 9180 cubic meters per second, up 23.22% week - on - week [114] - In the next 10 days, there will be precipitation in some areas, and a cold wave will affect many regions with significant temperature drops [114] - In the long - term (January 27 - 30), there will be precipitation in some areas, and the average temperature in some regions will be lower or higher than normal [114] 8. Listed Company Valuation Table and Key Announcements - **Listed Company Valuation Table**: The table shows the closing prices, net profit attributable to shareholders, EPS, and PE of key listed companies from 2024A to 2027E [115] - **Key Announcements**: Xinji Energy released its 2025 performance report; Pingdingshan Tianan Coal Mining Co., Ltd. announced the progress of its controlling shareholder's strategic restructuring; Guanghui Energy announced a guarantee - related关联交易; Meijin Energy announced a guarantee for its subsidiary and its 2025 performance forecast [116][117][118] 9. This Week's Important Industry News - By 2030, Guizhou's coal production and trial - operation capacity will reach 260 million tons per year [119] - Yunnan will increase coal resource exploration and promote the release of advanced coal production capacity [119] - 20 coal mines in Ordos passed the intelligent acceptance [119] - Guizhou has made breakthroughs in the coal and unconventional natural gas fields [119] - Jiangsu released its 2026 major project list, including one coal - related project [120]

Core Insights - The report indicates that coal imports in December increased by 12% year-on-year, and the daily consumption of power plants is expected to continue growing [1][85]. Market Dynamics - Coking coal prices have seen significant increases, with the first round of price hikes for coke expected to be implemented next Monday [5][11]. - The CCI 5500 kcal thermal coal index reported at 702 RMB/ton, with a week-on-week increase of 1 RMB/ton [11][86]. - The average daily consumption of coastal power plants was 218,000 tons, with a stock availability of 15.4 days [28]. Industry Outlook - The coal price is expected to maintain stability due to high daily consumption and a potential decrease in production in the first quarter [5][86]. - The overall supply-demand balance in the medium to long term is expected to remain tight, with a potential increase in the price center compared to 2025 [5][86]. - The total profit of the coal mining industry from January to November 2025 was 297 billion RMB, a year-on-year decrease of 47% [5]. Key Companies - Companies with stable profits and dividends include China Shenhua, Yanzhou Coal, Shaanxi Coal, and others [5]. - Companies benefiting from improved demand expectations and supply contraction include Shanxi Coking Coal, Lu'an Environmental Energy, and others [5]. - Companies with long-term growth potential include Huayang Co., New Energy, and others [5]. Recent Focus Areas - Industry policies have remained stable, with stricter safety regulations limiting production [5][88]. - The demand growth rate for coal has generally declined, but December saw a significant increase in coal imports [5][92].

同壁财经讯，企查查数据显示，根据《神东煤炭2025年11月开关柜采购公开招标中标结果公告》，河南 森源电气股份有限公司于2026年1月16日公告中标中国神华能源股份有限公司神东煤炭分公司采购项 目，中标金额为3831.00万元。 相关上市公司：森源电气(002358.SZ) 同壁财经小贴士： 目前公司属于工业行业，主要产品类型为变电设备、环卫服务，2024年报主营构成为输变电产 品:84.07%;环卫产业服务:13.95%;其他业务:1.98%。 同壁财经讯，企查查数据显示，根据《神东煤炭2025年11月开关柜采购公开招标中标结果公告》，河南 森源电气股份有限公司于2026年1月16日公告中标中国神华能源股份有限公司神东煤炭分公司采购项 目，中标金额为3831.00万元。 相关上市公司：森源电气(002358.SZ) 目前公司属于工业行业，主要产品类型为变电设备、环卫服务，2024年报主营构成为输变电产 品:84.07%;环卫产业服务:13.95%;其他业务:1.98%。 森源电气（002358.SZ）2024年营业收入为27.67亿元，营业收入增长率为4.94%，归属母公司净利润为 0.89亿元，归属母公司 ...

承中国神华能源股份有限公司董事会命 总会计师、董事会秘书 宋静刚 2026 年 1 月 17 日 中国神华能源股份有限公司（"本公司"）董事会及全体董事保证本公告内 容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确 性和完整性承担法律责任。 | 运营指标 | 单位 | 2025 | 年 | 2024 | 年 | 同比变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （重述后） | | （%） | | | | | 12 月 | 累计 | 12 月 | 累计 | 12 月 | 累计 | | （一）煤炭 | | | | | | | | | 商品煤产量 1. | 百万吨 | 27.8 | 332.1 | 29.4 | 337.9 | (5.4) | (1.7) | | 2. 煤炭销售量 | 百万吨 | 41.4 | 430.9 | 38.0 | 460.2 | 8.9 | (6.4) | | （二）运输 | | | | | | | | | 1. 自有铁路运输周转量 | 十亿吨公里 | 24.6 | 313.0 | ...

中国神华1月16日公告，2025年1-12月，公司累计煤炭销售量4.31亿吨，同比下降6.4%。 ...

格隆汇1月16日丨中国神华(01088.HK)发布公告，2025年12月份，商品煤产量为2780万吨，同比减少 5.4%；煤炭销售量为4140万吨，同比增加8.9%。 ...

2025年12月煤炭销售量为4140万吨，同比增加8.9%;前12个月煤炭销售量为4.31亿吨，同比减少6.4%。 智通财经APP讯，中国神华(01088)发布公告，于2025年12月，商品煤产量为2780万吨，同比减少5.4%; 前12个月商品煤产量约3.32亿吨，同比减少1.7%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 以上主要運營數據來自本公司內部統計。運營數據在月度之間可能存在較大差 異，其影響因素包括但不限於天氣變化、設備檢修、季節性因素和安全檢查等。運營 數據可能與相關期間定期報告披露的數據有差異。投資者應注意不恰當信賴或使用以 上信息可能造成投資風險。 承董事會命 中國神華能源股份有限公司 (在中華人民共和國註冊成立的股份有限公司) (股份代碼: 01088) 2025 年 12 月份主要運營數據公告 (海外監管公告) 中國神華能源股份有限公司（「本公司」）董事會及全體董事保證本公告內容不 存在任何虛假記載、誤導性陳述或者重大遺漏，並對其內容的真實性、準確性和完整 性承擔法律責任。 | | | 2025 | 年 | 2024 | 年 | 同比变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 運營指標 | 單位 | | | (重述後) | | ( ...

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