Core Viewpoint - The establishment of the National Key Laboratory for Intelligent Technology in Coal Mining aims to advance the digital and unmanned extraction of coal, focusing on national energy security and the development of artificial intelligence [3][4][6]. Group 1: Laboratory Establishment and Goals - The laboratory is co-established by Anhui University of Science and Technology, China Coal Energy Group, and China Coal Technology & Engineering Group, targeting cutting-edge technology research [3][4]. - Its primary objectives include achieving intelligent mining equipment, geological transparency, and standardized management operations, positioning itself as a leading innovation source for unmanned coal mining technology [3][4][6]. Group 2: Strategic Importance and Support - The Anhui Provincial Science and Technology Department emphasizes the importance of the laboratory in supporting local high-quality development and national strategic technology needs [3]. - China Coal Energy Group highlights its commitment to integrating the laboratory into its innovation system, focusing on the digital transformation of the coal industry [4]. Group 3: Achievements and Future Plans - The laboratory has made significant progress in organizational structure, research centers, and the establishment of experimental bases, enhancing management efficiency and research output [5]. - Key achievements include ten innovative results related to efficient coal mining technologies and three landmark innovations in geological transparency and disaster prevention [6]. - Future plans involve strengthening collaboration among the founding entities and focusing on the completion of key projects, including the construction of experimental bases and the publication of relevant literature [6]. Group 4: Conference Highlights - The conference featured presentations on various topics related to intelligent coal mining technologies, showcasing research progress and future directions [7]. - The 2025 work report for the laboratory and the annual report for the Mining Intelligent Technology and Equipment Collaborative Innovation Center were reviewed during the meeting [7].

Core Viewpoint - Recently, Zhongmei Junhui (Yancheng) Comprehensive Energy Co., Ltd. was established with a registered capital of 10 million yuan, focusing on wind power system R&D and emerging energy technologies [1] Company Summary - The new company is co-owned by China Coal Energy Group Co., Ltd.'s wholly-owned subsidiary Zhongmei Green Energy Technology (Beijing) Co., Ltd. and Jiangsu Junhui New Energy Group Co., Ltd. [1] - The business scope includes research and development related to wind power plants, emerging energy technology, information technology consulting services, and heat production and supply [1]

Core Viewpoint - The coal industry is entering a new upward cycle, with fundamental and policy factors aligning, making it an opportune time to invest in coal stocks [5] Price Trends - As of January 10, the market price for Qinhuangdao port thermal coal (Q5500) is 696 RMB/ton, an increase of 17 RMB/ton week-on-week [2] - The price for Shanxi-produced coking coal at Jingtang port remains stable at 1650 RMB/ton as of January 9 [3] - International thermal coal prices show mixed trends, with Newcastle NEWC5500 at 71.8 USD/ton (up 0.3 USD) and ARA6000 at 95.3 USD/ton (down 1.8 USD) [2] Supply and Demand Dynamics - The utilization rate for thermal coal mines is 90.3%, up 8.2 percentage points week-on-week, while coking coal mine utilization is at 85.34%, up 5.7 percentage points [3] - Coastal provinces show an increase in daily coal consumption by 29.90 thousand tons/day (+15.11%), while inland provinces see a decrease of 7.40 thousand tons/day (-1.81%) [4][5] - Chemical coal consumption has increased by 8.36 thousand tons/day (+1.13%) [4] Inventory Levels - As of January 8, coal inventory in coastal provinces decreased by 111.60 million tons (-3.17%), while inland provinces saw a larger drop of 409.00 million tons (-4.15%) [4] Investment Strategy - The coal sector is characterized by high performance, cash flow, and dividends, with a recommendation to invest in quality coal companies [7] - Companies such as China Shenhua, Shaanxi Coal, and others are highlighted for their stable operations and strong performance [7] - The coal market is expected to remain tight in the next 3-5 years, with a focus on the potential for price increases and valuation recovery [6][7]

Investment Rating - The report maintains a "Positive" investment rating for the coal mining industry, consistent with the previous rating [2]. Core Insights - The current phase is viewed as the beginning of a new upward cycle for the coal economy, with a focus on the recovery of coal market conditions and value reassessment [3][5]. - Supply constraints are expected to re-emerge, with domestic coal production potentially declining due to regulatory checks and safety inspections [5][13]. - Demand for coal is projected to see slight growth in 2026, driven by a 5% economic growth rate and increased coal consumption in non-electric sectors [5][13]. - Short-term coal prices are expected to stabilize and potentially rise due to seasonal demand increases and inventory reductions at coastal ports [5][13]. Summary by Sections 1. Coal Prices - As of January 10, the market price for Qinhuangdao port thermal coal (Q5500) is 696 CNY/ton, up 17 CNY/ton week-on-week [4][32]. - The price for coking coal at Jingtang port remains stable at 1650 CNY/ton [34]. - International thermal coal prices show slight increases, with Newcastle coal at 71.8 USD/ton, up 0.3 USD/ton week-on-week [4][32]. 2. Supply and Demand Dynamics - The capacity utilization rate for thermal coal mines is reported at 90.3%, an increase of 8.2 percentage points week-on-week [5][13]. - Demand from coastal provinces has increased, with daily consumption rising by 29.9 thousand tons (+15.11%) [5][13]. - Chemical coal consumption has also increased, with a weekly rise of 8.36 thousand tons (+1.13%) [5][13]. 3. Market Outlook - The report emphasizes the importance of coal supply as a stabilizing factor in the market, with expected regulatory constraints leading to a tighter supply environment [5][13]. - The anticipated recovery in coal prices and the potential for value reassessment in the sector are highlighted as key investment themes [5][13]. - The report suggests that the coal sector remains an attractive investment opportunity, particularly for high-quality coal companies with strong cash flows and dividend yields [5][15].

Group 1 - The core viewpoint of the article is that China Coal Energy (601898) has a relatively small proportion of overseas business revenue, primarily focusing on a limited range of exports including coal, coal chemical products, and coal machinery equipment [1]

國」）北京市朝陽區黃寺大街1號中煤大廈舉行的2026年第一次臨時股東會（「臨時股東會」）及其任何續會，以考慮並 酌情通過臨時股東會通告所載的決議案，並於臨時股東會（及其任何續會）上代表本人 ╱ 吾等以本人 ╱ 吾等名義按 如下指示就決議案投票 （附註4） 。 中國中煤能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：01898） 2026年1月30日（星期五）舉行的 臨時股東會適用的代表委任表格 本人╱吾等 （附註1） ， 地址為 ， 為中國中煤能源股份有限公司（「本公司」）股本中每股面值人民幣1.00元共 股 （附註2） 的登記持有人，茲委任臨時股東會主席 （附註3） 或 ， 地址為 ， 為本人╱吾等的代表，代表本人╱吾等出席本公司於2026年1月30日（星期五）下午3時正假座中華人民共和國（「中 | | 作為普通決議案 | （附註4） 贊成 | （附註4） 反對 | （附註4） 棄權 | | --- | --- | --- | --- | --- | | 1. | 審議並酌情批准選舉高士崗先生為本公司第五屆董事 | | | | | | 會執行董事 | | | | 簽署 （附註5） ...

中國中煤能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：01898） 臨時股東會通告 茲通告中國中煤能源股份有限公司（「本公司」）謹訂於2026年1月30日（星期五） 下午3時正假座中華人民共和國（「中國」）北京市朝陽區黃寺大街1號中煤大廈舉行本公 司2026年第一次臨時股東會（「本次會議」），藉以考慮並酌情批准下列普通決議案： 作為普通決議案 1. 審議並酌情批准選舉高士崗先生為本公司第五屆董事會執行董事 承董事會命 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通告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通告全部或任何部份內容而產生或因依賴該等內容而引致的任 何損失承擔任何責任。 中國中煤能源股份有限公司 董事長、執行董事 王樹東 中國北京 2026年1月9日 於本通告刊發日期，本公司的執行董事為王樹東和廖華軍；非執行董事為徐倩； 獨立非執行董事為景奉儒、詹豔景和黃江天。 * 僅供識別 – 1 – 附註： 1. 出席本次會議的資格 凡在2026年1月27日（星期二）名列本公司於香港的H股過戶登記處香港中央證券登記有限公司所存 置本公司股東 ...

Group 1 - The core viewpoint of the news is that China Coal Energy has shown a significant increase in stock price and trading activity, indicating positive market sentiment towards the company [1] - As of January 9, the stock price of China Coal Energy rose by 2.05% to 13.97 CNY per share, with a total market capitalization of 185.22 billion CNY [1] - The company has experienced a year-to-date stock price increase of 12.30%, with a 5-day increase of 12.30%, a 20-day increase of 5.12%, and a 60-day increase of 14.38% [1] Group 2 - For the period from January to September 2025, China Coal Energy reported a revenue of 110.58 billion CNY, a year-on-year decrease of 21.24%, and a net profit attributable to shareholders of 12.49 billion CNY, down 14.57% year-on-year [2] - The company has distributed a total of 45.07 billion CNY in dividends since its A-share listing, with 21.39 billion CNY distributed in the last three years [3] - As of September 30, 2025, the top ten circulating shareholders include China Securities Finance Corporation, holding 336 million shares, and the Guotai CSI Coal ETF, which increased its holdings by 44.11 million shares [3]

Core Insights - The coal industry has undergone a significant transformation from 2015 to 2024, moving from a historical low in profitability to a new phase characterized by elevated profit levels and improved development quality [2][29] - The industry's overall prosperity is giving way to pronounced differentiation among companies, driven by strategic choices in business models, cost control, and asset management [29] Industry Performance - The coal industry's total revenue reached a peak of 1,408.3 billion yuan in 2022, a 179% increase from 2015, with net profit soaring to 291.2 billion yuan, 34.5 times that of 2015 [2] - Despite a downturn in 2023-2024, key financial metrics remain significantly above the starting point of the cycle, indicating a fundamental reshaping of the industry's value center [2][4] Financial Characteristics - Revenue growth peaked, with a compound annual growth rate (CAGR) of 15.8% from 2015 to 2022, primarily driven by rising coal prices [3] - Profitability has shown significant elasticity, with net profit margins increasing from 2% in 2015 to a peak of 21% in 2022, demonstrating a qualitative change in profitability [3] - Operational efficiency has improved, with the overall expense ratio declining from 18% in 2015 to 7%-8% post-2021, indicating a shift from extensive to refined development models [3][4] Revenue Structure Analysis - In 2024, total revenue for sample companies is expected to remain above 1.2 trillion yuan, although growth momentum is slowing [6] - Major players like China Shenhua and China Coal Energy dominate the revenue rankings, benefiting from integrated business models that combine coal production with stable electricity and transportation operations [6][7] Profitability Insights - Profitability is highly concentrated among leading firms, with China Shenhua and Shaanxi Coal Industry together accounting for over 1 billion yuan in net profit, highlighting the significant head effect [9] - Integrated leaders demonstrate resilience during market downturns, with minor profit declines, showcasing the advantages of their business models [9][10] Cost and Efficiency Analysis - High gross margins are linked to resource endowments, with companies like Jinko Coal enjoying high margins due to the scarcity and high value of their products [15][16] - Cost control is critical, as evidenced by Shaanxi Coal's ability to maintain a gross margin of 32.7% despite being a standard coal producer [17] - Companies with high expense ratios, such as Anyuan Coal and Dayou Energy, face significant profitability challenges due to poor cost management [18][19] Strategic Choices and Future Outlook - The future of coal companies hinges on strategic decisions regarding business model evolution, cost control, and proactive asset management [29] - Companies must transition from reliance on price fluctuations to building robust operational defenses, leveraging digital and intelligent technologies for integrated operations [29]

煤炭 煤炭行业 2026 年策略报告 领先大市-A(维持) 【山证煤炭】煤炭进口数据拆解：25 年 11 月进口煤价继续提升 2025.12.30 【山证煤炭】煤炭月度供需数据点评 11 月：煤价环比上涨，反内卷初心未变 2025.12.17 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 将反内卷进行到底 2026 年 1 月 7 日 行业研究/行业年度策略 投资要点： 首选股票 评级 反内卷扭转煤炭市场预期。2025 年以来，煤炭股受累于煤价下 降，108 号文流向市场后，煤炭股悲观预期随即得到显著缓释。从 核心宏观目标来说，反内卷主要是为了扭转通缩趋势，传导链条为 "通缩→反内卷→盈利提升→通胀"。对煤炭而言，短期看供给控 制，中长期看需求复苏。反内卷需要上下游维持合理利润。"政策 顶"和"政策底"推动合理煤价中枢逐步形成。2016 年供给侧改革 和 2024 年山西查三超是反内卷运动的可比事件，底层驱动影响调 控效果，供给侧改革是债务驱动，山西查三超是安全生产驱动。 ...