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]

节前市场趋稳运行，全年中枢看涨可期 [Table_ReportTime] 2026 年 2 月 1 日 证券研究报告 行业研究-周报 [Table_ReportType] 行业周报 | [Table_StockAndRank] 煤炭开采 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 李睿：煤炭钢铁行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 刘波： 煤炭钢铁行业分析师 执业编号：S1500525070001 邮箱：liubo1@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 节前市场趋稳运行，全年中枢看涨可期 资料来源： Ifind ，煤炭市场网，信达证券研发中心。注：红色点为高点，因数据披露频度、日期不一致，因此按周变动展示。 请阅读最后一页免责声明及 ...

煤炭周报 煤价趋稳反弹，节前小幅上涨，看好节后行情 glmszqdatemark 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价 | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | | | 601001 | 晋控煤业 | 15.26 | 1.68 | 1.01 | 1.32 | 9 | 15 | 12 | 推荐 | | 600546 | 山煤国际 | 11.28 | 1.14 | 0.67 | 1.17 | 10 | 17 | 10 | 推荐 | | 601699 | 潞安环能 | 13.63 | 0.82 | 0.74 | 1.01 | 17 | 18 | 14 | 推荐 | | 600348 | 华阳股份 | 9.46 | 0.62 | 0.47 | 0.67 | 15 | 20 | 14 | 推荐 | | 600188 | 兖矿能源 | 1 ...

Core Viewpoint - The report highlights the significant growth driven by technology in certain sectors, while also noting the substantial losses due to cyclical downturns in others [1] Performance Growth Highlights - **Zhongwei Company (688012)**: Expected net profit between 208 million to 218 million yuan, a year-on-year increase of 28.74% to 34.93%, driven by increased recognition of plasma etching equipment and a surge in market demand [5] - **Lianchuang Optoelectronics (600363)**: Expected net profit between 43.5 million to 53.2 million yuan, a year-on-year increase of 80.36% to 120.57%, attributed to significant growth in laser business and improved profitability in traditional sectors [6] - **Ruixin Microelectronics (603893)**: Expected net profit between 102.3 million to 110.3 million yuan, a year-on-year increase of 71.97% to 85.42%, driven by rapid growth in the AIoT market and recognition of new AI technology [7] - **Sangfor Health (688336)**: Expected net profit around 290 million yuan, a year-on-year increase of approximately 311.35%, due to a significant collaboration with Pfizer and advancements in clinical research [8] - **Pulite (002324)**: Expected net profit growth of 155.76% to 194.73%, driven by the demand for high polymer materials in the automotive lightweight trend [9] - **Tonghua Dongbao (600867)**: Expected net profit around 124.21 million yuan, turning from loss to profit, driven by market share gains in insulin products [10] - **Suotong Development (603612)**: Expected net profit between 73 million to 85 million yuan, a year-on-year increase of 167.98% to 212.03%, due to rising prices and demand in the prebaked anode industry [11] Major Performance Declines - **China Shipbuilding Technology (600072)**: Expected net loss between -260 million to -340 million yuan, a year-on-year decline of over 24 times, due to cyclical downturns in shipbuilding and high material costs [12] - **Silver Nonferrous Metals (601212)**: Expected net loss between -45 million to -67.5 million yuan, transitioning from profit to loss due to legal disputes affecting financial performance [13] - **China Metallurgical Group (601618)**: Expected net profit between 130 million to 160 million yuan, a year-on-year decline of 76.28% to 80.73%, impacted by the downturn in the construction industry [14] - **Jindi Group (600383)**: Expected net loss between -1.11 billion to -1.35 billion yuan, with increased losses due to declining sales and inventory impairments [15] - **Jianfa Co. (600153)**: Expected net loss between -1 billion to -520 million yuan, transitioning from profit to loss due to increased impairments in real estate [16] Industry Trend Analysis - **Technology and Innovation-Driven Sectors**: Companies in semiconductor equipment, laser military applications, and innovative pharmaceuticals are experiencing rapid growth due to high demand in AIoT, national defense, and biomedicine [23] - **Traditional Cyclical Industries**: Sectors like coal and engineering machinery are facing significant adjustments due to demand shortages and price declines, leading to widespread performance pressures [24] - **Pharmaceutical Industry Disparities**: Innovative drugs are seeing explosive growth through external licensing, while traditional formulations and raw materials are significantly impacted by procurement policies [24] - **External Environment Uncertainties**: Factors such as international trade tensions and regulatory changes are significantly affecting corporate performance, necessitating enhanced risk management [24] - **Asset Quality Risks**: Many companies are reporting substantial asset impairment provisions, indicating potential inefficiencies in previous investments [24]

山西板块27日整体表现弱势，指数下跌1.77%，成交额为146.15亿元，相较前一交易日成交额182.10亿 元，缩量约35.95亿元，显示市场情绪偏谨慎且缺乏资金支撑。 文 | 张阳阳 1月27日，A股三大指数集体收涨，截至收盘，上证指数涨0.18%，深证成指涨0.09%，创业板指涨 0.71%；北证50跌0.05%。沪深两市成交额约28949.81亿元，较前一个交易日缩量约3532.21亿元。 下跌个股中，领跌股蓝焰控股跌达6.21%，北方铜业跌5.24%；兰花科创、大禹生物跌逾4%；华阳新 材、国新能源、仟源医药等6只个股跌超3%；山煤国际、潞化科技（维权）、太钢不锈等7只个股跌超 2%；山西汾酒、派林生物等12只个股跌逾1%；大秦铁路、晋控电力、山西高速等8只个股跌幅均在1% 以下。 MACD金叉信号形成，这些股涨势不错！ 涨跌情况来看，山西板块41只个股，有3只上涨，37只下跌，1只平盘。 上涨个股中，东杰智能为领涨股，最终涨幅达到9.90%。此外，狮头股份和跨境通分别上涨0.98%和 0.72%。 ...

A股三大股指1月27日集体低开。盘初快速下跌后，在抄底盘的拉动下震荡走高，午后则冲高回落。 从盘面上看，黄金股再度上涨，多股创新高；半导体、AI算力产业链走强，存储器、CPO方向领涨；商 业航天、太空光伏概念股午后拉升。 煤炭、基本金属、零售板块跌幅靠前，疫苗、锂电池题材走弱。 至收盘，上证综指涨0.18%，报4139.9点；科创50指数涨1.51%，报1555.98点；深证成指涨0.09%，报 14329.91点；创业板指涨0.71%，报3342.6点。 Wind统计显示，两市及北交所共1928家上涨，3450家下跌，平盘有91家。 黄金股再度上涨，晓程科技（300139）、四川黄金（001337）、湖南黄金（002155）、招金黄金 （000506）等涨停或涨超10%。 航天军工涨幅靠前，三角防务（300775）、航发科技（600391）、航发动力（600893）、航发控制 （000738）、盛路通信（002446）等涨停或涨超10%。 银行股反弹，青岛银行（002948）涨超2%，农业银行（601288）、宁波银行（002142）、杭州银行 （600926）、上海银行（601229）等涨幅靠前。 煤炭股 ...

人民财讯1月27日电，企查查APP显示，近日，山西兰花磐能科技有限公司成立，注册资本3000万元， 经营范围包含电池销售；蓄电池租赁；新能源汽车换电设施销售；电池零配件销售；金属材料销售等。 企查查股权穿透显示，该公司由兰花科创（600123）等共同持股。 ...

Core Viewpoint - Lanhua Ketech (600123.SH) is expected to report a net loss attributable to shareholders of the parent company ranging from 440 million to 550 million yuan for the fiscal year 2025 due to various adverse factors [1] Group 1: Financial Performance - The company anticipates a significant net loss for 2025, estimated between 440 million and 550 million yuan [1] - The primary reason for the loss is the continuous decline in market prices for key products, including coal and chemical fertilizers, which has severely impacted the main business profits [1] Group 2: Operational Challenges - The company is undergoing capacity integration and upgrades in its coal chemical industry to promote energy conservation and environmental protection, leading to asset impairment provisions for some outdated facilities [1] - A significant decline in investment income is attributed to the suspension of operations at the company's equity investee, Yamei Danning Energy Company, which ceased operations in mid-May due to the expiration of its operating period [1]

Core Viewpoint - Lanhua Ketech (600123.SH) forecasts a net loss attributable to shareholders of the parent company between 440 million to 550 million yuan for the fiscal year 2025 due to various adverse factors [1] Group 1: Financial Performance - The company expects a significant net loss for 2025, estimated between 440 million to 550 million yuan [1] - The primary reason for the loss is the continuous decline in market prices for key products, including coal and chemical fertilizers, leading to a substantial reduction in main business profits [1] Group 2: Operational Challenges - The company is undergoing capacity integration and upgrades in its coal chemical industry to promote energy conservation and environmental protection, which has resulted in the need to recognize asset impairment for some outdated facilities [1] - A significant decrease in investment income is attributed to the suspension of operations at the company's associate, Yamei Danning Energy Company, which ceased operations in mid-May after its operating period expired [1]

Core Viewpoint - Lanhua Ketech (600123.SH) is expected to report a net profit attributable to shareholders of the parent company ranging from -550 million to -440 million yuan for the fiscal year 2025, representing a significant decrease of 12.68 billion to 11.58 billion yuan compared to the previous year, which translates to a year-on-year decline of 176.64% to 161.31% [1] Group 1 - The primary reason for the expected loss in 2025 is the continuous decline in market prices for the company's main products, coal and chemical fertilizers, due to macroeconomic and industry cycle impacts, leading to a substantial reduction in operating profits [1] - The company is undergoing capacity integration and upgrades at its wholly-owned subsidiary, Lanhua Coal Chemical Company, to promote energy-saving and environmental upgrades, which requires impairment provisions for some outdated facilities [1] - The investment income has significantly decreased due to the expiration of the operating period of the company's associate, Yamei Danning Energy Company, which will cease production in mid-May [1]