Investment Rating - The report recommends a "Buy" rating for several companies in the coal mining sector, including China Coal Energy (H+A), Yanzhou Coal Mining (H+A), China Shenhua Energy (H+A), and Shaanxi Coal and Chemical Industry [3][8]. Core Insights - The report highlights the significant increase in U.S. natural gas futures prices due to a polar cold wave and short covering, with prices rising by 25% to $4.875 per million British thermal units, marking the highest settlement price since December 8 [2]. - The report emphasizes the potential for coal consumption to increase as power producers may switch to coal to control fuel costs amid rising natural gas prices [3][8]. Summary by Sections Energy Price Overview - As of January 23, 2026, Brent crude oil futures settled at $65.88 per barrel, up $1.75 (+2.73%) from the previous week, while WTI crude oil futures settled at $61.07 per barrel, up $1.63 (+2.74%) [1]. - Natural gas prices also saw significant increases, with Northeast Asia LNG spot prices at $11.81 per million British thermal units (+4.04%) and U.S. HH natural gas futures at $5.35 per million British thermal units (+72.18%) [1][2]. Investment Recommendations - The report specifically recommends focusing on companies that are performing well, such as China Coal Energy, Yanzhou Coal Mining, China Shenhua Energy, and Shaanxi Coal, as well as companies involved in smart mining like Keda Control and those in recovery like China Qinfa [3][8]. - Additional companies to watch include Peabody (BTU), Jinkong Coal Industry, Lu'an Environmental Energy, and others that may see growth in the future [3]. Coal Market Dynamics - The report notes slight adjustments in coal prices, with Newcastle coal at $111.50 per ton, down $0.05 (-0.04%), while European ARA coal prices increased to $98.50 per ton, up $1.85 (+1.91%) [1][40]. - The overall coal market is expected to benefit from the rising natural gas prices, potentially leading to increased coal consumption in power generation [3].

Investment Rating - The report recommends a "Buy" rating for several companies in the coal mining sector, including China Coal Energy (H+A), Yanzhou Coal Mining (H+A), China Shenhua Energy (H+A), and Shaanxi Coal and Chemical Industry [3][9]. Core Insights - The report highlights the significant increase in U.S. natural gas futures prices due to a polar cold wave and short covering, with prices rising by 25% to $4.875 per million British thermal units, marking the highest settlement price since December 8 [2]. - The report emphasizes the potential for coal consumption to increase as power producers may switch to coal to control fuel costs amid rising natural gas prices [8]. - The report notes that the performance of coal mining companies is expected to improve as annual report disclosures approach, following the principle that "strong performance leads to strong stocks" [3]. Summary by Sections Energy Prices Overview - As of January 23, 2026, Brent crude oil futures settled at $65.88 per barrel, up $1.75 (+2.73%) from the previous week, while WTI crude oil futures settled at $61.07 per barrel, up $1.63 (+2.74%) [1]. - Natural gas prices have also seen significant increases, with Northeast Asia LNG spot prices at $11.81 per million British thermal units, up $0.46 (+4.04%) [1]. Key Companies and Recommendations - The report specifically recommends focusing on companies such as Keda Control Technology, which is advancing in smart mining, and China Qinfa, which is experiencing a turnaround [3]. - Additional companies to watch include Peabody (BTU), Jinkong Coal Industry, Lu'an Environmental Energy, and others that may see growth in the future [3]. Market Dynamics - The report discusses the impact of weather on natural gas production, particularly in the Marcellus shale region, which may face operational challenges due to snow [8]. - It also notes that the U.S. natural gas inventory surplus is rapidly decreasing, with expectations that it will fall below the five-year average by the end of March [8].

重视优质煤化工资产带来的煤炭板块配置机遇 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] 重视优质煤化工资产带来的煤炭板块配置机 遇 [Table_ReportDate] 2026 年 1 月 25 日 [Table_ReportTime] 2026 年 1 月 25 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 [Table_Summary] 本期内容提要: ◆ 我们认为，当前正处在煤炭经济新一轮周期上行的初期，基本面、政策 请阅读最 ...

2026 年 01 月 25 日 行业研究 评级：推荐(维持) [Table_Title] 供需边际改善，煤价具备支撑 ——煤炭开采行业周报 最近一年走势 | 行业相对表现 | | 2026/01/23 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 煤炭开采 | 2.4% | -4.4% | 6.5% | | 沪深 300 | 1.8% | 2.1% | 23.6% | 相关报告 《煤炭开采行业动态研究：2025Q4 煤炭基金重仓 股持仓占比 0.36%，板块景气提升、注重底部配置 价值（推荐）*煤炭开采*陈晨》——2026-01-24 《煤炭开采行业 12 月数据全面解读：生产降、进 口升，火电依旧疲弱（推荐）*煤炭开采*陈晨》— —2026-01-19 《煤炭开采行业周报：寒潮来临叠加节前停产预 期，煤价仍有支撑（推荐）*煤炭开采*陈晨》—— 2026-01-18 《煤炭开采行业周报：钢厂复产叠加冬储补库，焦 煤价格存在支撑（推荐）*煤炭开采*陈晨》—— 2026-01-11 《炭火暖意，天平微倾 ——煤炭行业 2026 年投资 策略（推荐） ...

Core Insights - The coal industry is experiencing a slight increase in coking coal prices while thermal coal inventories continue to decline, indicating a potential stabilization in prices moving forward [7][85][87]. Market Dynamics - Thermal coal prices have shown a slight decrease, with the CCI5500 thermal coal index reported at 691 RMB/ton, down 11 RMB/ton week-on-week [13][86]. - The production capacity utilization rate for thermal coal mines is at 89.8%, reflecting a 1.2 percentage point increase week-on-week [23]. - Inventory levels at major ports have decreased, with a reported 6.939 million tons, down 2.4% week-on-week [23][30]. Industry Outlook - The coal industry is expected to see a significant improvement in profitability in 2026, with a projected total profit of 2.97 billion RMB in 2025, down 47% year-on-year [7][87]. - The supply side is anticipated to experience a substantial decrease in growth rates compared to previous years, with coal prices expected to gradually rise [7][87]. - The long-term contracts for coal supply in 2026 are expected to remain stable, with stricter safety regulations likely to limit production [88][89]. Key Companies - Notable companies with stable profit distributions include China Shenhua, Yanzhou Coal, and Shaanxi Coal, which are expected to benefit from the anticipated demand recovery and supply constraints [7][87]. - Companies with high elasticity benefiting from improved demand expectations include Huabei Mining and Shanxi Coking Coal [7][87]. - Long-term growth companies identified include Huayang Co., New Energy, and Baofeng Energy, which are expected to show significant growth potential [7][87].

供给收紧叠加补库需求仍存，煤价有望趋稳反弹 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 | 14.66 | 1.68 | 1.01 | 1.32 | 9 | 15 | 11 | 推荐 | | 600546 | 山煤国际 | 10.71 | 1.14 | 0.67 | 1.17 | 9 | 16 | 9 | 推荐 | | 601699 | 潞安环能 | 12.95 | 0.82 | 0.74 | 1.01 | 16 | 17 | 13 | 推荐 | | 600348 | 华阳股份 | 9.18 | 0.62 | 0.47 | 0.67 | 15 | 20 | 14 | 推荐 | | 600188 | 兖矿能源 | 13.85 | ...

煤炭/ 煤炭开采 2026 年 01 月 23 日 版》分别 相关研究 #研究报 证券分析师 严天鹏 A0230524090004 yantp@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 施佳瑜 A0230521040004 shijy@swsresearch.com 册 分歧了后 施佳瑜 A0230521040004 shijy@swsresearch.com 联系人 施佳瑜 A0230521040004 shijy@swsresearch.com 申万宏源研究微信服务号 下半年煤价及行业利润边际改善, 某价筑底、盈利回升可期 煤炭行业 2025 年年报业绩前瞻 本期投资后了 请务必仔细阅读正文之后的各项信息披露与声明 手 供给端, 2025 年国内原煤产量小幅增长, 但煤炭进口量下降。据统计局数据, 2025 年 ● 全国原煤产量为 48.32 亿吨，同比增长 1.2%，其中 10、11、12 月单月产量分别为 4.07、4.27、4.37 亿吨，同比增速分别为-2.3%、-0.5%、-1.0%。据海关总署数据, 2025 年累计进口煤 ...

行 业 及 产 业 煤炭/ 煤炭开采 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 严天鹏 A0230524090004 yantp@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 施佳瑜 A0230521040004 shijy@swsresearch.com 研究支持 施佳瑜 A0230521040004 shijy@swsresearch.com 联系人 施佳瑜 A0230521040004 2026 年 01 月 23 日 下半年煤价及行业利润边际改善， 煤价筑底、盈利回升可期 看好 ——煤炭行业 2025 年年报业绩前瞻 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 - shijy@swsresearch.com ⚫ 供给端，2025 年国内原煤产量小幅增长，但煤炭进口量下降。据统计局数据，2025 年 全国原煤产量为 48.32 亿吨，同比增长 1.2%，其中 10、11、12 月单月产量分别为 4.07、4.27、4.37 亿吨，同比 ...

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 22, 2026 [1][5] - The stock "奥特维" (code: 688516.SH) leads with a daily increase of 14.41% and a year-to-date increase of 65.73%, with a dividend yield of 3.21% [1][5] - Other notable performers include "九丰能源" (code: 605090.SH) with a daily increase of 5.95% and a year-to-date increase of 21.51%, and "中国海滩" (code: 600938.SH) with a daily increase of 4.12% and a year-to-date increase of 5.43% [1][5] Group 2 - The overall dividend yield for the index is reported at 4.76%, with a historical price-to-earnings (P/E) ratio of 11.75 times and an expected P/E ratio of 11.07 times [2] - The data indicates a positive trend in stock performance, with several companies showing significant year-to-date gains, suggesting a favorable investment environment [4][8]

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with Zijin Mining, BAIC Blue Valley, and Huqin Technology leading the rankings with target price increases of 65.69%, 40.29%, and 39.15% respectively, across the industrial metals, passenger vehicles, and consumer electronics sectors [1][2]. Group 2 - On January 22, a total of 24 listed companies received recommendations from securities firms, with Lihigh Food receiving 2 recommendations, while companies like Baolong Oriental and BAIC Blue Valley received 1 recommendation each [4]. - The companies that received first-time coverage on January 22 include BAIC Blue Valley with a "Buy" rating from Guotai Junan Securities, Yanzhou Coal with an "Outperform" rating from Guosen Securities, Hezhu Intelligent with a "Buy" rating from Huayuan Securities, and Jiachih Technology with a "Buy" rating from Kaiyuan Securities [5][6].