Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The report indicates that the coal consumption is approaching a turning point, with a clear direction and potential for growth. The recent cold wave is expected to increase coal demand as power plants will need to procure more coal, leading to a potential rise in coal prices [6][29] - The report highlights that the average daily coal sales from monitored enterprises increased by 2.7% week-on-week but decreased by 2.4% year-on-year, indicating a mixed demand scenario [2] - The report suggests that the supply-demand balance is expected to gradually improve in the fourth quarter, with coal prices likely to rise steadily [6][29] Summary by Sections Coal Market Performance - The coal sector underperformed slightly, with a decline of 0.78% compared to a 1.08% drop in the CSI 300 index, outperforming it by 0.3 percentage points [2] - The average daily coal production from monitored enterprises was 752 million tons, a 2% increase week-on-week but a 2.2% decrease year-on-year [2] Price Trends - The price of thermal coal (Q5500K) in the Bohai Rim region was 698 RMB/ton, up 0.58% week-on-week, while the import price index for thermal coal was 944 RMB/ton, up 6.19% week-on-week [3] - Coking coal prices also saw increases, with the main coking coal price at 1830 RMB/ton, up 1.7% week-on-week [4] Inventory Levels - Total coal inventory (including port storage) was 24.3 million tons, a 2.1% increase week-on-week but a 19.5% decrease year-on-year [2][8] - The report notes that the overall coal inventory in society was 17.68 million tons, with a week-on-week increase of 374,000 tons but a year-on-year decrease of 873,000 tons [3][28] Investment Recommendations - The report recommends focusing on flexible thermal coal companies and those in turnaround situations in coking coal and coke sectors. Key companies to watch include China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining [6][29]

Core Points - The third round of the fifth batch of central ecological and environmental protection inspections has been fully launched, approved by the Central Committee of the Communist Party and the State Council [1] - Eight central ecological and environmental protection inspection teams have been formed to conduct routine inspections in Beijing, Tianjin, and Hebei, as well as five central enterprises [1] - Special inspections for the Grand Canal ecological environment protection will be conducted in eight provinces, focusing on cultural protection and ecological environment [1] Group 1 - Eight central inspection teams will conduct inspections for one month in Beijing, Tianjin, and Hebei, and two weeks for special inspections in Jiangsu, Zhejiang, Anhui, Shandong, and Henan [1] - The inspection teams are led by designated leaders for each region and enterprise, ensuring a structured approach to the inspections [1] - The inspections aim to enhance the effectiveness of ecological and environmental protection efforts and address issues in a systematic manner [2] Group 2 - The inspection teams will adhere to the principles of the "two establishments," enhancing awareness and confidence while maintaining a problem-oriented approach [2] - Contact information will be established for receiving reports related to ecological and environmental protection during the inspection period [2]

Investment Rating - The industry investment rating is "Positive" and is maintained [8] Core Views - The report indicates that the upward trend in thermal coal prices is expected to continue due to supply constraints from the November central safety production assessments and improving demand as winter approaches, with prices likely to exceed expectations [5][6] - For coking coal, despite short-term demand pressure from the off-season, the current low inventory and tight supply suggest significant price recovery potential if pro-cyclical policies are reintroduced globally [5][6] - The report emphasizes the importance of recognizing the bottom reversal opportunities in the coal sector, supported by low price-to-book ratios and low holdings [6] Summary by Sections Thermal Coal - As of November 14, the market price for thermal coal at Qinhuangdao Port is 834 RMB/ton, a week-on-week increase of 17 RMB/ton. The report anticipates continued price increases due to tight supply and low port inventories, alongside seasonal demand improvements [5][13] - The report notes that the inventory at the northern three ports is 12.58 million tons, down 12% year-on-year, while power plant inventories are 130 million tons, down 1.5% year-on-year, with usable days at 25.9 days, up 1.2 days year-on-year [6][14] Coking Coal - The price for main coking coal at Jingtang Port remains stable at 1860 RMB/ton as of November 14. The report highlights that while steel mill demand is currently weak, the supply situation for coking coal is tight, indicating potential for price elasticity [5][6] - The report also mentions that the average daily pig iron production at sample steel mills is 2.3688 million tons, a year-on-year increase of 0.4% [15] Valuation and Market Dynamics - The report suggests that the current price-to-book ratios for coking coal and major thermal coal companies are at the lower third percentile since 2016, indicating undervaluation compared to other cyclical resource sectors [6] - The report recommends a mixed strategy for investment, highlighting companies like Yanzhou Coal Mining Company and China Shenhua Energy as stable leaders, while also suggesting more aggressive plays in companies like Lu'an Environmental Energy and Jinneng Holding Group [6][27]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle for the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [4][12] - The coal price is expected to rise due to factors such as cold weather and low inventory levels at ports, which may drive demand quickly [4][12] - The coal sector remains undervalued, with a strong potential for price recovery and high dividend yields, making it a favorable investment opportunity [4][12] Summary by Sections Coal Price Tracking - As of November 15, the market price for Qinhuangdao port thermal coal (Q5500) is 827 CNY/ton, up 19 CNY/ton week-on-week [3][29] - The price for coking coal at Jing Tang port is 1830 CNY/ton, an increase of 30 CNY/ton week-on-week [3][31] Supply and Demand Tracking - The capacity utilization rate for thermal coal mines is 91.2%, up 0.1 percentage points week-on-week, while for coking coal it is 86.28%, up 2.5 percentage points [4][12] - Daily coal consumption in inland provinces increased by 12.3 thousand tons/day (+3.8%), while consumption in coastal provinces decreased by 8.0 thousand tons/day (-4.26%) [4][12] Inventory Situation - Coal inventory in coastal provinces increased by 464 thousand tons week-on-week, while inland provinces saw an increase of 2.517 million tons [4][12] Company Performance - The coal sector's performance is highlighted by companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining Company, which are noted for their stable operations and strong earnings [13][14]

Group 1 - The third round of the fifth batch of central ecological environment protection inspections has been fully launched, with eight inspection teams established to oversee Beijing, Tianjin, and Hebei, as well as five central enterprises [1] - The inspection teams will focus on ecological environment protection and the cultural heritage of the Grand Canal during their inspections in the specified provinces [1] - The inspection period for the regular inspections is set for one month, while the special inspections for the Grand Canal will last approximately two weeks [1] Group 2 - The inspection teams are guided by the principles of enhancing awareness of the "two establishments," maintaining the "four consciousnesses," and ensuring the "two safeguards" [2] - The inspections will adhere to a problem-oriented approach, emphasizing the need for precision, legality, and effectiveness in advancing the inspection work [2] - During the inspection period, each team will establish contact numbers and postal addresses to handle reports related to ecological environment protection from the inspected entities [3]

Group 1 - The third round of the fifth batch of central ecological and environmental protection inspections has been fully launched, approved by the Central Committee and the State Council [1] - Eight routine inspection teams will be formed to conduct inspections in Beijing, Tianjin, and Hebei, as well as five central enterprises including China Huadian Corporation, State Energy Investment Group, Ansteel Group, China Baowu Steel Group, and China Coal Energy Group, with an inspection duration of one month [1] - Special inspections for ecological environment protection along the Grand Canal will be conducted in eight provinces and municipalities, including Beijing, Tianjin, Hebei, Shandong, Henan, Anhui, Jiangsu, and Zhejiang, with an inspection duration of approximately two weeks [1] Group 2 - The Central Ecological and Environmental Protection Inspection Work Leading Group emphasizes the need to advance inspections and corrections in a precise, scientific, and lawful manner, prohibiting a "one-size-fits-all" approach [1] - The group also aims to simplify inspection reception arrangements to effectively reduce the burden on grassroots levels [1]

证券代码：601898 证券简称：中煤能源公告编号：2025-035 中国中煤能源股份有限公司 2025年10月份主要生产经营数据公告 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。 关于执行董事、总裁离任的公告 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。 ■ 以上生产经营数据源自本公司内部统计，为投资者及时了解本公司生产经营概况之用，可能与本公司定 期报告披露的数据有差异。 此外，因受到诸多因素的影响，包括（但不限于）国家宏观政策调整、国内外市场环境变化、恶劣天气 及灾害、设备检修维护、安全检查和煤矿地质条件变化等，所公告生产经营数据在月度之间可能存在较 大差异。 上述生产经营数据并不对本公司未来经营情况作出任何明示或默示的预测或保证，投资者应注意不恰当 信赖或使用以上信息可能造成投资风险。 公司将在本公告披露后适时召开月度生产经营数据说明会，具体参会事宜请询公司投资者热线010- 82236028。 中国中煤能源股份有限公司 2025年 ...

Key Points - The coal supply side is significantly contracting due to government policies aimed at reducing overproduction and stabilizing prices, leading to a decrease in coal production capacity utilization from 75.64% in Q4 2023 to 69.3% in Q2 2025 [13][16][20] - Domestic coal prices are expected to stabilize within a "green range" of 570-770 RMB/ton, with spot prices for thermal coal exceeding 800 RMB/ton in major ports [20][21] - Coal imports have decreased significantly, with a total of 34.589 million tons imported from January to September 2025, representing an 11.1% year-on-year decline [21][25] Supply Side Analysis - The implementation of the "anti-involution" policy has effectively reduced the phenomenon of "price for volume" competition, leading to a more sustainable industry development [13][20] - The coal import structure is highly concentrated, with the top four countries (Indonesia, Mongolia, Russia, and Australia) accounting for over 90% of total imports [21][23] - The domestic power sector is prioritizing the procurement of domestic long-term contract coal, further squeezing the demand for imported coal [21][25] Demand Side Analysis - The demand for coal is expected to grow significantly, driven by the electricity sector, with a projected increase of 290 billion kWh in thermal power generation in 2025, a 4.5% year-on-year growth [31] - The overall electricity consumption in China is forecasted to grow by 5.0%-6.0% in 2025, directly boosting coal consumption [31] - The coal chemical industry is emerging as a significant growth point for coal consumption, with a projected increase in coal usage share from 3.9% in 2020 to 6.7%-6.9% by 2025 [34][37] New Energy Impact - The pressure from new energy sources on thermal power is expected to weaken marginally, as the abandonment rates for wind and solar energy have increased, indicating challenges in power consumption [41][47] - Government policies are shifting the focus of the new energy sector from rapid expansion to high-quality development, which may reduce the substitution effect of new energy on thermal power [45][47] Investment Recommendations - The report suggests focusing on China Shenhua and China Coal Energy as potential investment opportunities due to their strong market positions and expected benefits from rising coal prices [4][50] - China Shenhua is noted for its comprehensive industry chain and significant resource acquisition plans, while China Coal Energy is recognized for its cost management and resource advantages [50][53]

Group 1 - Zhao Rongzhe has resigned from his positions as President and Executive Director of China Coal Energy Co., Ltd. due to retirement [1] - The resignation was officially announced on November 14, with the effective date being November 13 [1] - Zhao Rongzhe also held roles in the Board's Strategy and Investment Committee and the Environmental, Social, and Governance (ESG) Committee [1][3] Group 2 - Zhao Rongzhe's original term was set to end in November 2025, indicating a significant early departure [3] - The company has confirmed that there are no outstanding obligations or unfulfilled duties related to his resignation [3]

1-10月，商品煤产量为1.13亿吨，同比减少0.6%;商品煤销量为约2.12亿吨，同比减少8.0%。 中煤能源（601898）(01898)发布公告，于2025年10月，商品煤产量为1144万吨，同比增加0.9%;商品煤 销量为2188万吨，同比减少12.8%。 ...