| 2026 | | 年 月 03 | 日 行业研究 评级：推荐(维持) 22 | | --- | --- | --- | --- | | 研究所： | | | [Table_Title] | | 证券分析师： | | 陈晨 | 港口煤价本周止跌上涨， S0350522110007 | | | | | chenc09@ghzq.com.cn | | 联系人 | ： | 张益 | S0350124100016 淡季的价格韧性打开旺季空间 | | | | | zhangy33@ghzq.com.cn | | 联系人 | ： | 徐萌 | S0350125070001 | | | | | xum02@ghzq.com.cn ——煤炭开采行业周报 | 最近一年走势 | 行业相对表现 | | 2026/03/20 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 煤炭开采 | 13.1% | 22.1% | 29.5% | | 沪深 300 | -2.0% | -0.0% | 14.9% | 相关报告 《煤炭开采行业 1-2 月数据全面解读：供需存缺口， 整体 ...

海外煤价传导显现，看涨煤价 [Table_ReportTime] 2026 年 3 月 22 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] 海外煤价传导显现，看涨煤价 [Table_ReportDate] 2026 年 3 月 22 日 本期内容提要: [Table_Summary] 请阅读最后一页免责声明及信息披露 http ...

煤炭 2026 年 03 月 21 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2025-03 2025-07 2025-11 煤炭 沪深300 相关研究报告 《中东局势催化油价，煤化工将持续 受益—行业周报》-2026.3.15 《中东局势短期难以结束，煤价有望 持续催化—行业点评报告》-2026.3.9 《三月煤矿复产增多，中东局势有望 持续催化煤价—行业周报》-2026.3.1 煤炭开启新一轮上行，焦煤板块低位攻守兼备 ——行业周报 王高展（分析师） 程镱（分析师） wanggaozhan@kysec.cn 证书编号：S0790525070003 chengyi@kysec.cn 证书编号：S0790525090001 本周要闻回顾：煤炭开启新一轮上行，焦煤板块低位攻守兼备 动力煤方面：动力煤价格微跌，截至 3 月 20 日，秦港 Q5500 动力煤平仓价为 735 元/吨，环比上涨 6 元/吨，前期已经完成了我们估算的第四目标价格区间，即 800-860 元区间。目前煤价已经恢复至我们预期的煤电盈利均分线 750 元附近， 并保持窄幅波动。我 ...

海外煤价传导显现，看涨煤价 [Table_ReportTime] 2026 年 3 月 22 日 证券研究报告 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] 海外煤价传导显现，看涨煤价 [Table_ReportDate] 2026 年 3 月 22 日 本期内容提要: [Table_Summary] 请阅读最后一页免责声明及信息披露 http://www.cindasc.com2 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 ...

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The coal sector has shown resilience, outperforming the CSI 300 index by 0.14 percentage points despite a weekly decline of 2.05% [2] - Key coal mines reported a slight decrease in average daily sales but a year-on-year increase, indicating stable demand [2] - The recent surge in coking coal futures is driven by downstream restocking expectations and geopolitical tensions, suggesting a potential price rebound [6][28] Summary by Sections Supply Side - Average daily coal sales from monitored enterprises were 7.54 million tons, a week-on-week decrease of 0.5% but a year-on-year increase of 5.1% [2] - The total coal inventory (including port stocks) was 24.53 million tons, down 2% week-on-week and down 31.1% year-on-year [2][7] Demand Side - Power and chemical industries have seen cumulative coal consumption increase by 1% and 9.3% year-on-year, respectively [2] - The average daily coal consumption in the chemical sector was reported at 8.29 million tons, reflecting a year-on-year increase of 9.3% [26] Price Side - The price of thermal coal (Q5500K) was reported at 687 RMB/ton, a week-on-week decrease of 0.29% [3] - Coking coal prices at major ports have shown mixed trends, with some ports experiencing price increases [4] - The futures settlement price for coking coal was 1,162 RMB/ton, down 1.4% week-on-week [4] Sentiment Side - The sentiment in the coal market remains optimistic due to expected price increases driven by supply constraints and rising demand from the steel sector [6][28] - The overall market sentiment is supported by high steel prices and the suspension of coal exports from Russia [28]

[Table_Page] 投资策略周报|煤炭开采 证券研究报告 [Table_Title] 煤炭行业周报（2026 年第 11 期） 本周煤价企稳回升，前 2 月火电水泥需求同比转正 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-03-22 [Table_PicQuote] 相对市场表现 [分析师： Table_Author]沈涛 SAC 执证号：S0260523030001 SFC CE No. AUS961 010-59136686 shentao@gf.com.cn 分析师： 安鹏 SAC 执证号：S0260512030008 SFC CE No. BNW176 021-38003693 anpeng@gf.com.cn 分析师： 宋炜 SAC 执证号：S0260518050002 SFC CE No. BMV636 021-38003691 songwei@gf.com.cn -10% -1% 8% 16% 25% 34% 03/25 06/25 08/25 10/25 01/26 03/26 煤炭开采 沪深300 [Tab ...

煤价启动上行有望加速，持续看多煤炭优先弹性 煤炭 证券研究报告/行业定期报告 2026 年 03 月 21 日 评级： 增持（维持） 执业证书编号：S0740522040001 Email：duchong@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 37 | | 行业总市值(亿元) | 24,092.86 | | 行业流通市值(亿元) | 22,977.80 | 2026-03-14 2026-03-07 看好煤炭板块表现》2026-02-28 | 增持（维持） 评级： | | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：杜冲 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 20 ...

煤炭周报 煤价止跌反弹，煤化工需求增长助力煤价持续提升 glmszqdatemark 风险提示：1）下游需求不及预期；2）煤价大幅下跌；3）政策变化风险。 | | 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 | 17.89 | 1.68 | 1.01 | 1.32 | 11 | 18 | 14 | 推荐 | | 600546 | 山煤国际 | 11.77 | 1.14 | 0.67 | 1.17 | 10 | 18 | 10 | 推荐 | | 601699 | 潞安环能 | 14.64 | 0.82 | 0.74 | 1.01 | 18 | 20 | 15 | 推荐 | | 600348 | 华阳股份 | 9.40 | ...

煤炭周报 煤价止跌反弹，煤化工需求增长助力煤价持续提升 glmszqdatemark 风险提示：1）下游需求不及预期；2）煤价大幅下跌；3）政策变化风险。 | | 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 | 17.89 | 1.68 | 1.01 | 1.32 | 11 | 18 | 14 | 推荐 | | 600546 | 山煤国际 | 11.77 | 1.14 | 0.67 | 1.17 | 10 | 18 | 10 | 推荐 | | 601699 | 潞安环能 | 14.64 | 0.82 | 0.74 | 1.01 | 18 | 20 | 15 | 推荐 | | 600348 | 华阳股份 | 9.40 | ...

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