Group 1 - The coal sector in Hong Kong is experiencing increased activity, with notable stock price rises for companies such as Strength Development (up 3.3%), Yancoal Australia (up 2.8%), and Yanzhou Coal Mining (up 2.6%) [1] - According to a report by Founder Securities, the tightening of supply in the coal industry is becoming a key investment theme, with the oversupply situation expected to reverse as policies to restrict production capacity continue to be implemented until 2026 [1] - Companies with a high proportion of long-term contracts, such as China Shenhua and China Coal Energy, are expected to have stable performance, while undervalued stocks like Yanzhou Coal (Hong Kong) and China Coal Energy (Hong Kong) may see valuation recovery if coal prices remain high [1] Group 2 - Since 2025, coal stocks have been negatively impacted by declining coal prices, but the pessimistic outlook has significantly eased following the issuance of Document No. 108 [1] - The trend of reducing competition remains unchanged, and there are expectations for improved performance in the fourth quarter; if prices maintain high levels, there is potential for performance recovery in 2026 [1]

Group 1 - The coal stocks in Hong Kong continue to be active, with notable increases in prices for companies such as Strength Development (up 3.3%), Yancoal Australia (up 2.8% for five consecutive rises), and Yancoal Energy (up 2.6%) [1] - According to a report by Founder Securities, the tightening of supply in the coal industry has become an investment theme, with the oversupply situation expected to reverse. Policies to tighten supply are set to continue until 2026, which may also lead to restrictions on imported coal [1] - Companies with a high proportion of long-term contracts, such as China Shenhua and China Coal Energy, are expected to have stable performance. If coal prices remain high, undervalued stocks like Yancoal Energy (Hong Kong) and China Coal Energy (Hong Kong) may see valuation recovery [1] Group 2 - Since 2025, coal stocks have been negatively impacted by falling coal prices. Following the issuance of Document No. 108, pessimistic expectations for coal stocks have significantly eased. The trend of reducing competition remains unchanged, and there are expectations for improved performance in Q4. If prices remain high in the long term, there is still potential for performance recovery in 2026 [1]

国务院国资委网站发布7户中央企业14名领导人员职务任免信息。 中国保利集团有限公司 祖斌任中国保利集团有限公司党委书记、董事长。 中国物流集团有限公司 免去梁伟华的中国物流集团有限公司党委常委职务，不再担任中国物流集团有限公司副总经理职务，退休。 中国中煤能源集团有限公司 聘任赵永峰、高立刚为中国中煤能源集团有限公司外部董事，兰春杰、洪水坤不再担任中国中煤能源集团有限公司外部董事职务。 申兆军任中国盐业集团有限公司党委书记、董事长，免去其中国航空油料集团有限公司党委书记、党委常委、董事长、董事职务。 廖龙辉任中国广核集团有限公司党委常委、纪委书记，免去其中国航空油料集团有限公司党委常委、纪委书记职务。 免去李耀强的中国盐业集团有限公司党委书记、董事长、董事职务，退休。 中国盐业集团有限公司、中国广核集团有限公司、中国航空油料集团有限公司 中国交通建设集团有限公司 聘任高春雷、李跃平、贾世瑞、樊启祥为中国交通建设集团有限公司外部董事，刘茂勋不再担任中国交通建设集团有限公司外部董事职务。 下载财联社APP获取更多资讯 准确 快速 权威 专业 7x24h电报 头条新闻 VIP资讯 实时盯盘 ...

聘任赵永峰、高立刚为中国中煤能源集团有限公司外部董事，兰春杰、洪水坤不再担任中国中煤能源集团有限公司外部董事职务。 中国交通建设集团有限公司 聘任高春雷、李跃平、贾世瑞、樊启祥为中国交通建设集团有限公司外部董事，刘茂勋不再担任中国交通建设集团有限公司外部董事职 务。 来源：国务院国有资产监督管理委员会网站 中国盐业集团有限公司、中国广核集团有限公司、中国航空油料集团有限公司 申兆军任中国盐业集团有限公司党委书记、董事长，免去其中国航空油料集团有限公司党委书记、党委常委、董事长、董事职务。 廖龙辉任中国广核集团有限公司党委常委、纪委书记，免去其中国航空油料集团有限公司党委常委、纪委书记职务。 免去李耀强的中国盐业集团有限公司党委书记、董事长、董事职务，退休。 中国保利集团有限公司 祖斌任中国保利集团有限公司党委书记、董事长。 中国物流集团有限公司 免去梁伟华的中国物流集团有限公司党委常委职务，不再担任中国物流集团有限公司副总经理职务，退休。 中国中煤能源集团有限公司 关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 机器人将再度登上央视春晚！ 马斯克，索赔1340亿美元 ...

2026.01. 21 本文字数：1324，阅读时长大约3分钟 作者 | 第一财经 陆如意 国资委网站近日披露了87家中央企业负责人的2024年薪酬信息，其中包括7家能源化工央企，分别 为中国石油天然气集团、中国石油化工集团、中国海洋石油集团、中国化学工程集团、中国中化集 团、国家管网集团和中煤集团。 央企负责人的税前薪酬收入由三部分组成，包括应付年薪，社会保险、企业年金、补充医疗保险及住 房公积金的单位缴存部分，以及其他货币收入（如补贴）。其中，应付年薪由国资委核定。 | 2024年 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 企业名称 | 重事长 | 应付年薪(万元) | | 社保年金等 (万元) | 其他货币性收入(万元) | 共计(万元) | | 中国石油天然气集团 | 戴厚良 | | 97.85 | 26.36 | 1.2(院士津贴) | 125.41 | | 中国石油化工集团 | 马永生 | | 93.55 | 23.76 | 1.2(院士津贴) | 118.51 | | 中国海洋石油集团 | 汪东进 | | 96.69 ...

1月21日，国务院国资委网站发布 7户中央企业14名领导人员职务任免信息： 来源：国务院国资委网站、长安街知事 中国盐业集团有限公司、中国广核集团有限公司、中国航空油料集团有限公司 申兆军任中国盐业集团有限公司党委书记、董事长，免去其中国航空油料集团有限公司党委 书记、党委常委、董事长、董事职务。 廖龙辉任中国广核集团有限公司党委常委、纪委书记，免去其中国航空油料集团有限公司党 委常委、纪委书记职务。 免去李耀强的中国盐业集团有限公司党委书记、董事长、董事职务，退休。 中国保利集团有限公司 祖斌任中国保利集团有限公司党委书记、董事长。 免去梁伟华的中国物流集团有限公司党委常委职务，不再担任中国物流集团有限公司副总经 理职务，退休。 中国中煤能源集团有限公司 聘任赵永峰、高立刚为中国中煤能源集团有限公司外部董事，兰春杰、洪水坤不再担任中国 中煤能源集团有限公司外部董事职务。 中国交通建设集团有限公司 聘任高春雷、李跃平、贾世瑞、樊启祥为中国交通建设集团有限公司外部董事，刘茂勋不再 担任中国交通建设集团有限公司外部董事职务。 中国物流集团有限公司 ...

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) announced leadership changes in seven central enterprises, involving 14 personnel appointments and removals [1][2][3][4][5]. - Shen Zhaojun has been appointed as the Party Secretary and Chairman of China Salt Industry Group Co., Ltd., while being relieved of his positions at China Aviation Oil Group Co., Ltd. [1]. - Liao Longhui has been appointed as a member of the Standing Committee and Secretary of the Discipline Inspection Commission of China General Nuclear Power Group Co., Ltd., and has been relieved of his role at China Aviation Oil Group Co., Ltd. [1]. - Li Yaoqiang has retired from his position as Party Secretary and Chairman of China Salt Industry Group Co., Ltd. [1]. - Zu Bin has been appointed as the Party Secretary and Chairman of China Poly Group Co., Ltd. [2]. - Liang Weihua has been relieved of his position as a member of the Standing Committee of China Logistics Group Co., Ltd. and has retired from his role as Deputy General Manager [3]. - Zhao Yongfeng and Gao Ligang have been appointed as external directors of China Coal Energy Group Co., Ltd., while Lan Chunjie and Hong Shuikun have been removed from their external director positions [4]. - Gao Chunlei, Li Yueping, Jia Shirui, and Fan Qixiang have been appointed as external directors of China Communications Construction Group Co., Ltd., with Liu Maoxun being removed from his external director role [5].

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) announced the appointment and removal of 14 leadership positions across 7 central enterprises [1] - Shen Zhaojun has been appointed as the Party Secretary and Chairman of China Salt Industry Group Co., Ltd., while being removed from his previous roles at China Aviation Fuel Group Co., Ltd. [2] - Liao Longhui has been appointed as a member of the Standing Committee and Secretary of the Discipline Inspection Commission at China General Nuclear Power Group, while being removed from his previous position at China Aviation Fuel Group Co., Ltd. [2] Group 2 - Li Yaoqiang has been removed from his position as Party Secretary and Chairman of China Salt Industry Group Co., Ltd. due to retirement [2] - Zu Bin has been appointed as the Party Secretary and Chairman of China Poly Group Co., Ltd. [3] - Liang Weihua has been removed from his position as a member of the Standing Committee and Deputy General Manager of China Logistics Group Co., Ltd. due to retirement [4] Group 3 - Zhao Yongfeng and Gao Ligang have been appointed as external directors of China Coal Energy Group Co., Ltd., while Lan Chunjie and Hong Shuikun have been removed from their external director positions [5] - Gao Chunlei, Li Yueping, Jia Shirui, and Fan Qixiang have been appointed as external directors of China Communications Construction Group Co., Ltd., while Liu Maoxun has been removed from his external director position [6]

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) announced personnel changes involving 14 leaders across 7 central enterprises [1][6] - Shen Zhaojun was appointed as the Party Secretary and Chairman of China Salt Industry Group Co., Ltd., while being relieved of his positions at China Aviation Oil Group Co., Ltd. [1] - Liao Longhui was appointed as a member of the Standing Committee and Secretary of the Discipline Inspection Commission of China General Nuclear Power Group, and was relieved of his previous roles at China Aviation Oil Group Co., Ltd. [1] - Li Yaoqiang was removed from his positions as Party Secretary and Chairman of China Salt Industry Group Co., Ltd. due to retirement [1] Group 2 - Zu Bin was appointed as the Party Secretary and Chairman of China Poly Group Co., Ltd. [2] Group 3 - Liang Weihua was relieved of his position as a member of the Standing Committee of China Logistics Group Co., Ltd. and retired from his role as Deputy General Manager [3] Group 4 - Zhao Yongfeng and Gao Ligang were appointed as external directors of China Coal Energy Group Co., Ltd., while Lan Chunjie and Hong Shuikun were removed from their external director positions [4] Group 5 - Gao Chunlei, Li Yueping, Jia Shirui, and Fan Qixiang were appointed as external directors of China Communications Construction Group Co., Ltd., while Liu Maoxun was removed from his external director position [5]

Investment Rating - The report maintains a "Buy" rating for key companies in the coal mining sector, including China Shenhua, China Coal Energy, and Yanzhou Coal Mining [10]. Core Insights - The coal production in December 2025 saw a slight year-on-year decrease of 1%, with a total output of 440 million tons. The annual output for 2025 was 4.83 billion tons, reflecting a 1.2% increase compared to the previous year. For 2026, the domestic thermal coal production is expected to increase by only 20-30 million tons to 3.85 billion tons, representing a growth of approximately 0.6% [1][13]. - Coal imports in December 2025 increased by 11.94% year-on-year, totaling 58.597 million tons. However, the total imports for the year were 49.027 million tons, a decline of 9.6% compared to 2024. The report anticipates stable coal import levels in 2026, with significant attention on potential changes from the U.S. and Indonesia [2][17][18]. - The report highlights a 3.2% year-on-year decrease in thermal power generation in December 2025, with total industrial power generation for the year increasing by 2.2%. The decline in thermal power generation is contrasted with growth in renewable energy sources, although their growth rates have slowed [3][21]. Summary by Sections Production - December coal production decreased by 1% year-on-year, with a total of 440 million tons produced. The daily average production was 14.1 million tons, and the total for 2025 was 4.83 billion tons, up 1.2% from 2024. The report predicts strict policies will continue into 2026, limiting production increases primarily to new mines [1][13]. Imports - December coal imports rose by 11.94% year-on-year to 58.597 million tons, with a monthly increase of 33.01% from November. The total imports for 2025 were 49.027 million tons, down 9.6% from the previous year. The report expects stable import levels in 2026, with a focus on U.S. and Indonesian market dynamics [2][17][18]. Demand - December thermal power generation fell by 3.2% year-on-year, while total industrial power generation saw a slight increase of 0.1%. The report notes that while thermal power generation declined, renewable energy sources experienced growth, albeit at a slower pace [3][21].