市场数据：2026 年 2 月 5 日 收盘价（元/股）： 15.44 年内最高/最低（元/ 股）： 流通 A 股/总股本（亿 股）： 流通 A 股市值（亿元）： 914.65 总市值（亿元）： 1,549.79 资料来源：常闻 基础数据：2025 年 9 月 30 日 | 基本每股收益(元/股)： | 0.71 | | --- | --- | | 摊薄每股收益(元/股)： | 0.71 | | 每股净资产(元/股)： | 14.24 | | 净资产收益率(%)： | 7.80 | | 资料来源：常闻 | | 分析师： 胡博 执业登记编码：S0760522090003 邮箱：hubo1@sxzq.com 程俊杰 执业登记编码：S0760519110005 邮箱：chengjunjie@sxzq.com 动力煤 兖矿能源（600188.SH） 买入-A(维持) 印尼煤出口暂停催化海外煤价，公司海外业务有望受益 2026 年 2 月 6 日 公司研究/公司快报 事件描述 2 月 3 日据财联社报道，印尼矿业官员表示，由于印尼政府提出大幅减 产计划，该国矿商已暂停现货煤炭出口。印尼主要行业协会反对此举，警告 称可能 ...

国盛证券发布研报称，印尼政府计划在2026年通过一套"组合拳"政策，在煤炭价格下行周期中主动调控 供给以支撑煤价。印尼作为全球最大的煤炭出口国，其主动大幅减产将成为扭转市场平衡的关键力量。 此举将直接削减国际市场货源，有助于消化全球高企的库存，并可能催化煤炭价格快速反弹。此外，在 主产国供应收紧预期下，市场信心亦有望得到提振，有望对国际煤炭价格提供有力支撑，明显改善主要 煤炭企业盈利水平。 国盛证券主要观点如下： 印尼：25年产量下降约5.5%，苏岛产量占15.3% 2025年印尼煤炭产量预计为7.9亿吨，低于2024年的8.36亿吨，同比下降约5.5%。2025年南苏门答腊煤 炭产量1.2074亿吨，占比约15.3%。苏门答腊岛部分矿区地处偏远，缺乏深水港口，煤炭外运依赖成本 较高的公路或河运，物流瓶颈突出。南苏门答腊省政府已颁布政令，自2026年1月起禁止所有运煤卡车 在公共道路上行驶，预计将导致年产能减少约1000万吨。 苏门答腊岛煤炭产区在产量贡献、生产条件和成本控制上均处于劣势。主动引导其高成本、低效率的产 能有序优化，是推动印尼煤炭行业高质量发展的理性选择。 印尼：全球第一大煤炭出口国，25年出口 ...

Simon：大家好，現在來和大家回顧一下今天（5日）的講股情況。看得出來，今天（5日）到最後恒生指數總算還是稍微收高了一些。其實今天（5日）的高低波幅還 挺大的，大概有500點左右，最終收市時小幅上漲。成交方面也比昨天稍微多了一點。以收市價計算，是26,885點，這個收市價比較貼近保利加通道的中線位置。有投 資者認為目前已經調整完畢，所以繼續買入一些牛證；但也有投資者覺得還會繼續下跌，可能會再減持部分相關倉位。 18% 13% 7% -2.33% -2.33% -2.33% 中銀認沾證 摩通熊證 點嚴選於 58217 21943 59171 阿里巴巴 (09988) 從技術信號總結來看，暫時沒有明顯的方向，處於"中立"狀態。這主要是因為恒指收市價剛好在日線圖保利加通道的中線位置附近，大部分技術分析指標都 偏向中立，這是可以理解的。給大家參考一下支持位和阻力位：支持位大概在26,231點左右，距離收市價約600點；阻力位大概在27,400點左右，同樣距離收 市價約600點。 如果想買入牛證，建議選擇距離稍遠一些的，比如在25,800至26,200點之間，或者簡單來說，靠近26,000點或25,800點的位置，會 ...

Summary of Conference Call on Coal Industry Outlook Industry Overview - The conference call focuses on the coal industry, particularly the impact of Indonesia's coal export policy adjustments on global and Chinese coal markets [1][3][12]. Key Points and Arguments - **Indonesia's Export Policy Changes**: Indonesia has significantly reduced its coal production quota for 2026, leading to an expected decrease in export volume by 90 million tons, primarily affecting the spot market while long-term contracts remain largely unaffected [1][4]. - **Impact on Small vs. Large Miners**: Smaller miners will face greater production pressure due to the new quotas, while large coal companies are less affected due to their long-term contracts [1][5]. - **Price Projections**: The anticipated supply contraction in the global thermal coal market, combined with improving demand, is expected to drive prices up. If Indonesia strictly enforces its export limits, coal prices could rise to 800 RMB/ton [1][9]. - **Profitability of Major Companies**: Companies like Yanzhou Coal Mining Company (兖矿) are projected to achieve significant profits, with estimates of 12 billion RMB in main business profits at a price of 750 RMB/ton, potentially reaching 16 billion RMB if prices rise to 800 RMB/ton [1][10]. - **China's Market Reaction**: A reduction of 40 million tons in Indonesian exports could lead to a price increase of approximately 100 RMB/ton in China, indicating a 15% upside potential from current prices [2][12]. - **Investment Recommendations**: Investors are advised to focus on companies with high market share and growth potential, such as Yanzhou, China Coal Energy, and Shenhua, while also considering companies that are sensitive to price changes [2][13]. Additional Important Insights - **Long-term Market Dynamics**: The overall trend indicates a tightening supply situation, which is expected to support higher prices in the coal market [8][9]. - **Government Revenue Considerations**: Indonesia's government aims to increase fiscal revenue through these export restrictions, and future policy adjustments will depend on the acceptance of price increases by downstream demand [7][8]. - **Potential for Future Adjustments**: The likelihood of policy changes post-Ramadan remains uncertain, with expectations that coal prices may strengthen in the first quarter [6][8]. - **Valuation Considerations**: Current valuations for companies like Yanzhou suggest significant investment potential, with projected earnings growth and a commitment to maintaining a dividend payout ratio of at least 60% [10][11]. This summary encapsulates the critical insights from the conference call regarding the coal industry's future, particularly in light of Indonesia's export policies and their implications for market dynamics and investment strategies.

Core Viewpoint - Yancoal Energy's divestiture of its subsidiary Xintai Coal has attracted significant capital interest, with the bidding price reaching 30.5 billion yuan, which is over 34 times the company's net asset value [1][5]. Group 1: Company Overview - Yancoal Energy primarily engages in coal and coal chemical businesses, being one of the major coal producers, sellers, and traders in China and Australia [2]. - The company has a strong research and development capability, with annual R&D investments exceeding 2 billion yuan over the past three years [2][7]. - Despite facing operational challenges due to market demand and price pressures, Yancoal Energy reported a profit of over 7 billion yuan in the first three quarters of 2025 [2][8]. Group 2: Asset Transfer Details - Yancoal Energy's subsidiary Yancoal Energy (Ordos) Co., Ltd. is publicly transferring 100% equity of Xintai Coal, with an initial bidding price of 670 million yuan [3][4]. - The total assets of Xintai Coal are approximately 210 million yuan, with a net asset value of about 88.11 million yuan, leading to a valuation increase of 607.66% [3][4]. - The bidding process, conducted through the Shandong Property Rights Exchange, saw the highest bid reach 30.5 billion yuan, significantly exceeding the initial valuation [4][5]. Group 3: Strategic Implications - The successful completion of this transaction is expected to have a substantial impact on Yancoal Energy's operating performance, particularly on its net profit for 2026 [5]. - The company has been actively acquiring assets to enhance its industrial layout, including a recent acquisition of Highfield Resources in Australia [6][7]. - Yancoal Energy's total assets reached 431.9 billion yuan by the end of September 2025, reflecting a significant increase from 207.8 billion yuan at the end of 2019 [7].

4613.96 煤炭指数昨日分时走势图 ◎记者 王文嫣 截至2月4日收盘，万得央企煤炭概念指数、万得煤炭开采精选指数涨幅分别达到7.61%和7.58%，中煤 能源、恒源煤电、兖矿能源、山西焦煤、潞安环能、山煤国际、晋控煤业等一批个股涨停。 煤炭企业人士、研究员认为，短期内煤价或受印尼矿商暂停现货煤炭出口等消息的扰动。从中长期来 看，煤炭供需基本面有望持续改善，年度价格中枢有望上移。 近年来，新疆煤炭产量迅速攀升，成为影响市场的重要变量。新疆维吾尔自治区统计局最新发布数据， 2025年全疆规模以上工业企业原煤累计产量5.53亿吨，同比增长1.9%，较2024年17.5%的增速明显放 缓。 煤炭市场已提前进入春节放假状态 卓创资讯煤炭行业报告认为，2026年国内动力煤供应量整体仍将保持在高位充裕水平，但考虑到国内超 产核查及"反内卷"工作将继续推进，且新增产能有限，同时煤矿或有控制产量以平衡库存保障利润行为 等因素影响产量，原煤产量增速将放缓的预期较强。 从供应端来看，主产区部分民营煤矿提前进入春节假期，国有煤矿维持稳定生产以保障供应，整体产量 边际收缩。 从需求端来看，前期寒潮推动沿海电厂日耗维持高位，但随着寒 ...

Group 1 - The article highlights a significant reduction in coal production quotas by the Indonesian government, which aims to boost coal prices by decreasing export volumes by 40% to 70% for major miners by 2025 [5] - Additionally, the Indonesian government plans to impose an export surcharge, which may further weaken the profitability of the coal industry [5] Group 2 - The article lists several companies involved in coal mining, coal chemical, and coal-electricity integration, including China Shenhua, Zhengzhou Coal Electricity, and Yanzhou Coal Mining [8][9]

作者：观察君 2月4日，港股收盘，恒生指数收涨0.05%，报26847.32点；恒生科技指数收跌1.84%，报5366.44点。 板块方面，煤炭股涨幅居前，兖矿能源涨超10%，中国神华涨超5%；芯片股走势疲软，上海复旦跌超 5%，华虹半导体跌近5%；科网股整体表现低迷，腾讯控股跌近4%，哔哩哔哩跌超3%；内房股集体走 高，世茂集团涨超14%，融创中国涨超8%。恒生指数成分股中，信义玻璃、中国神华、华润置地涨幅 靠前；携程集团-S、腾讯控股、网易-S跌幅居前。恒生科技指数成分股中，理想汽车-W、零跑汽车、 海尔智家涨幅靠前；金蝶国际、携程集团-S、同程旅行跌幅居前。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 ...

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 从资金流向上来看，当日山东国企改革板块主力资金净流出2179.84万元，游资资金净流入3069.8万元， 散户资金净流出889.96万元。山东国企改革板块个股资金流向见下表： 证券之星消息，2月4日山东国企改革板块较上一交易日上涨1.09%，兖矿能源领涨。当日上证指数报收 于4102.2，上涨0.85%。深证成指报收于14156.27，上涨0.21%。山东国企改革板块个股涨跌见下表： ...

Market Performance - The Hong Kong stock market showed mixed performance, with the Hang Seng Index slightly up by 0.05% to close at 26,847.32 points, while the Hang Seng Tech Index fell by 1.84% to 5,366.44 points [1][2]. Company Focus - Tencent Holdings (HK00700) experienced a nearly 4% decline, contributing to the drop in the Hang Seng Tech Index [3]. Sector Movements - Coal stocks saw significant gains, with Feishang Anthracite (HK01738) rising by 20%, Huili Resources (HK01303) up over 17%, and Yancoal Australia (HK03668) and Yanzhou Coal Mining (HK01171) both increasing by over 10% [5]. - The solar energy sector also saw a rise, with Xinyi Glass (HK00868) increasing by over 5% [7]. Market Insights - GF Securities noted that the daily consumption of thermal coal remains at a high level, with expectations for stable coal prices as supply tightens ahead of the Spring Festival [7]. - Goldman Sachs projected that the MSCI China Index and the CSI 300 Index will rise by 20% and 12% respectively by 2026, maintaining an "overweight" recommendation for A-shares and H-shares [11]. Investment Recommendations - Galaxy Securities suggested focusing on the technology sector as a long-term investment theme, driven by multiple favorable factors including price increases in the supply chain and accelerated AI applications [12].