Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [10][11] - The coal supply is expected to tighten due to domestic supply constraints and Indonesia's reduction in coal production targets, which will support a stable recovery in coal prices throughout the year [10][11] - The investment logic of coal capacity shortages remains unchanged, with a short-term supply-demand balance and a long-term gap still present [10][11] - High-quality coal companies are characterized by high profitability, cash flow, return on equity (ROE) of 10-15%, and dividend yields exceeding 5% [10][11] - The coal sector is considered undervalued, with overall valuation expected to improve, and public funds currently underweight in coal holdings [10][11] Summary by Sections 1. Coal Prices - As of January 31, the market price for Qinhuangdao port thermal coal (Q5500) is 691 CNY/ton, up 5 CNY/ton week-on-week [3][29] - The international thermal coal offshore price for Newcastle NEWC5500 is 74.5 USD/ton, up 0.7 USD/ton week-on-week [3][29] - The price for coking coal at Jing Tang port remains stable at 1780 CNY/ton [31] 2. Coal Supply and Demand - The capacity utilization rate for sample thermal coal mines is 88.3%, down 1.3 percentage points week-on-week [10][49] - Daily coal consumption in inland provinces decreased by 8.30 thousand tons/day (-1.8%) [50] - Daily coal consumption in coastal provinces decreased by 7.70 thousand tons/day (-3.3%) [50] 3. Industry Performance - The coal sector saw a 3.98% increase this week, outperforming the broader market [13][16] - The thermal coal segment rose by 4.07%, while the coking coal segment increased by 3.92% [16] 4. Future Outlook - The coal supply bottleneck is expected to persist, necessitating new high-quality capacity planning to meet medium to long-term energy demands [11] - The coal sector is characterized by high performance, cash flow, and dividends, with a favorable long-term outlook due to macroeconomic improvements and regulatory changes [11]

Investment Rating - The industry investment rating is maintained as "Increase" [5] Core Insights - The report highlights an increase in coal auction listings in Mongolia for 2025, with a total of 40.8832 million tons listed, up by 14.272 million tons. However, the transaction volume is slightly lower than in 2024, at 21.792 million tons, down by 0.576 million tons [2] - The report emphasizes the performance of specific companies, recommending investments in China Coal Energy (H+A), Yanzhou Coal Mining (H+A), China Shenhua Energy (H+A), and Shaanxi Coal and Chemical Industry. It also highlights companies focusing on smart mining, such as Keda Control, and those undergoing turnaround, like China Qinfa [3][7] - The report notes that the core port for coal transactions remains Ganqimaodu, contributing 83% of the total transaction volume [2] Summary by Sections Energy Prices Overview - As of January 30, 2026, Brent crude oil futures settled at $70.69 per barrel, up by $4.81 (7.3%) from the previous week. WTI crude oil futures settled at $65.21 per barrel, up by $4.14 (6.78%) [1] - Natural gas prices showed mixed trends, with Northeast Asia LNG spot prices at $11.68 per million British thermal units, down by $0.13 (-1.11%). The Dutch TTF gas futures settled at €40.65 per megawatt-hour, up by €1.28 (3.24%) [1] - Coal prices increased, with European ARA port coal prices at $101.50 per ton, up by $3.00 (3.05%), and Newcastle port coal prices at $116.75 per ton, up by $5.25 (4.71%) [1] Auction Performance - The report indicates that ETT led the auction with a transaction of 12.5696 million tons, followed by small TT and ER with 5.3632 million tons and 3.1296 million tons, respectively. The report also notes that coking coal transactions totaled 13.6192 million tons, down by 3.0656 million tons, while thermal coal transactions increased by 3.584 million tons to 8.1728 million tons [6] Key Stocks - The report provides a detailed table of recommended stocks, including: - China Coal Energy (601898.SH) with an EPS forecast of 1.21 for 2025 and a PE ratio of 11.32 - China Shenhua Energy (601088.SH) with an EPS forecast of 2.56 for 2025 and a PE ratio of 16.38 - Yanzhou Coal Mining (600188.SH) with an EPS forecast of 0.99 for 2025 and a PE ratio of 14.86 [7]

Investment Rating - The report maintains an "Accumulate" rating for the coal industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - The report highlights a favorable supply-demand dynamic in the coal market, with expectations of stable to increasing coal prices due to ongoing high demand and tightening supply conditions [7][8]. - The report emphasizes the importance of strategic investments in coal companies with strong dividend yields and low valuations, particularly in light of the anticipated recovery in coal prices [8]. Summary by Sections 1. Industry Overview - The coal industry comprises 37 listed companies with a total market capitalization of approximately 19,847.47 billion yuan and a circulating market value of about 19,430.80 billion yuan [2]. 2. Company Performance Tracking - Key companies such as China Shenhua, Shanxi Coking Coal, and Yancoal Energy are highlighted for their robust operational performance and strategic growth plans [12][13]. - China Shenhua is expected to achieve a net profit of 495-545 billion yuan in 2025, while Shanxi Coking Coal anticipates a significant decline in profits due to market pressures [8]. 3. Coal Price Tracking - The report notes that the price of thermal coal at the port has seen a slight increase, with the average price at the Qinhuangdao port reported at 698 yuan per ton, reflecting a week-on-week increase of 8 yuan [8]. - The international coal price has also risen, with Newcastle coal futures closing at 111.75 USD per ton, marking a daily increase of 2.43% [8]. 4. Supply and Demand Dynamics - The report indicates that the daily coal consumption across 25 provinces in China reached 6.648 million tons, showing a year-on-year increase of 36.48% [8]. - Supply constraints are expected as many private coal mines prepare for seasonal shutdowns, leading to a reduction in overall coal supply [8]. 5. Investment Opportunities - The report suggests focusing on companies with strong dividend policies and growth potential, such as China Shenhua, Yancoal Energy, and others, which are expected to benefit from the anticipated recovery in coal prices [8][12]. - It also highlights the potential for companies like Lu'an Huanneng and Pingmei Shenma to rebound as market conditions improve [8].

Investment Rating - The report maintains a "Buy" rating for the coal sector, with specific recommendations for several companies [2][3]. Core Insights - Coal prices have stabilized and rebounded slightly before the holiday, with expectations for a stronger market post-holiday. Supply has tightened due to the upcoming holiday and production targets being met, while demand has increased due to cold weather affecting power plant consumption [10][11]. - The report forecasts that coal prices may return to a seasonal fluctuation range of 750-1000 RMB/ton, driven by domestic capacity reductions and a significant decrease in Indonesia's production targets for 2026 [10][11]. - Investment recommendations focus on companies with high spot market exposure and strong balance sheets, particularly those in Shanxi province, which are less affected by production limits [10][15]. Summary by Sections Company Earnings Forecasts, Valuation, and Ratings - Recommended companies include: - Jin控煤业 (Jin控 Coal Industry): EPS forecast of 1.68 RMB for 2024, with a PE ratio of 9 [2]. - 山煤国际 (Shan Coal International): EPS forecast of 1.14 RMB for 2024, with a PE ratio of 10 [2]. - 潞安环能 (Luan Environmental Energy): EPS forecast of 0.82 RMB for 2024, with a PE ratio of 17 [2]. - 华阳股份 (Huayang Co.): EPS forecast of 0.62 RMB for 2024, with a PE ratio of 15 [2]. - 兖矿能源 (Yankuang Energy): EPS forecast of 1.44 RMB for 2024, with a PE ratio of 10 [2]. - 中国神华 (China Shenhua): EPS forecast of 2.95 RMB for 2024, with a PE ratio of 14 [2]. - 陕西煤业 (Shaanxi Coal): EPS forecast of 2.31 RMB for 2024, with a PE ratio of 10 [2]. - 中煤能源 (China Coal Energy): EPS forecast of 1.46 RMB for 2024, with a PE ratio of 9 [2]. - 中广核矿业 (CGN Mining): EPS forecast of 0.04 HKD for 2024, with a PE ratio of 113 [2]. - 新集能源 (Xinjie Energy): EPS forecast of 0.92 RMB for 2024, with a PE ratio of 8 [2]. - 淮北矿业 (Huaibei Mining): EPS forecast of 1.80 RMB for 2024, with a PE ratio of 7 [2]. - 兰花科创 (Lanhua Sci-Tech): EPS forecast of 0.49 RMB for 2024, with a PE ratio of 13 [2]. Market Performance - The coal sector has outperformed the broader market, with a weekly increase of 4.0% compared to a 0.1% increase in the CSI 300 index [17][20]. - Notable performers include 陕西黑猫 (Shaanxi Black Cat) with a 14.50% increase and 盘江股份 (Panjiang Coal) with a 13.25% increase [23][24]. Industry Dynamics - The report highlights a tightening supply due to production limits and increased demand from power plants, leading to a potential price increase in the coal market [10][11]. - The focus on high dividend yield companies is emphasized as a defensive strategy amid uncertain international conditions [11].

Investment Rating - The coal industry is rated as "stronger than the market" [7] Core Views - The report emphasizes that the fundamental goal is to reverse the Producer Price Index (PPI), with seasonal demand during the "peak winter" leading to a 1.3% increase in coal mining and washing prices, contributing to a 0.2% rise in PPI over three consecutive months [5][6] - The coal price is expected to stabilize due to its high correlation with PPI, with a potential low point for coal prices in 2025, influenced by policies aimed at reducing excessive competition [5] - The coal industry is undergoing a transformation driven by energy security demands, with limited supply elasticity due to strict capacity controls and increasing extraction difficulties, particularly in eastern regions [5][6] - Despite weak macroeconomic conditions affecting coal demand, the rigid supply and rising costs are expected to support coal prices, which are likely to maintain a volatile upward trend [5] Summary by Sections Coal Market Overview - As of January 30, the Qinhuangdao 5500K thermal coal price is 692 CNY/ton, up 7 CNY/ton week-on-week, with a year-on-year decline of 61 CNY/ton [3][31] - The average daily output of 462 sample coal mines is 5.329 million tons, down 81,000 tons week-on-week but up 1.77 million tons year-on-year [3][42] - The coal inventory index is slightly down to 180.4, indicating a minor decrease in coal stocks [3][53] Coking Coal - The main coking coal price at Jingtang Port is stable at 1800 CNY/ton, with a year-on-year increase of 340 CNY/ton [4][72] - The average daily output of 523 sample coking coal mines is 771,000 tons, reflecting a year-on-year increase of 64.2% [4][71] - The coking coal inventory stands at 2.672 million tons, down 7.2% week-on-week [4][71] Supply and Demand Dynamics - The daily consumption of the six major power plants has decreased to 847,000 tons, down 3.7% week-on-week but up 27.8% year-on-year [42][43] - The inventory of the six major power plants is 13.185 million tons, down 0.6% week-on-week [43][44] - The methanol and urea operating rates are at 91.2% and 88.3%, respectively, indicating a slight increase [47][48] Investment Opportunities - The report suggests focusing on companies with strong resource endowments and stable operating performance, such as China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical [6] - Companies with production growth potential benefiting from the coal price cycle, such as Yanzhou Coal Mining, Huayang Co., and Gansu Energy, are also highlighted [6] - Firms with global resource scarcity attributes, like Huaibei Mining and Shanxi Coking Coal, are recommended for investment [6]

Group 1 - The company has established a financial shared service center to enhance financial management efficiency and service levels [1] - The company is actively promoting digital transformation in response to business development needs and actual operating conditions [1] - The focus is on steadily advancing financial information and intelligent construction [1]

证券日报网讯1月29日，山煤国际（600546）在互动平台回答投资者提问时表示，公司高度重视并持续 推动高质量发展和投资价值提升，同时为进一步践行"以投资者为本"的发展理念，公司制定2025年 度"提质增效重回报"行动方案，从主业经营、股东回报、创新驱动、投资者关系管理等多方面入手做好 市值管理相关工作。 ...

1月29日的资金流向数据方面，主力资金净流出4419.06万元，占总成交额6.89%，游资资金净流入 2088.37万元，占总成交额3.26%，散户资金净流入2330.69万元，占总成交额3.63%。 证券之星消息，截至2026年1月29日收盘，山煤国际(600546)报收于11.32元，上涨1.25%，换手率 2.87%，成交量56.9万手，成交额6.41亿元。 近5日资金流向一览见下表： 该股最近90天内共有7家机构给出评级，买入评级3家，增持评级4家；过去90天内机构目标均价为 11.3。 资金流向名词解释：指通过价格变化反推资金流向。股价处于上升状态时主动性买单形成的成交额是推 动股价上涨的力量，这部分成交额被定义为资金流入，股价处于下跌状态时主动性卖单产生的的成交额 是推动股价下跌的力量，这部分成交额被定义为资金流出。当天两者的差额即是当天两种力量相抵之后 剩下的推动股价上升的净力。通过逐笔交易单成交金额计算主力资金流向、游资资金流向和散户资金流 向。 注：主力资金为特大单成交，游资为大单成交，散户为中小单成交 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301 ...

Group 1 - The core point of the news is that Shanmei International's stock price increased by 5.1%, reaching 11.13 yuan per share, with a trading volume of 419 million yuan and a turnover rate of 1.94%, resulting in a total market capitalization of 22.065 billion yuan [1] - Shanmei International Energy Group Co., Ltd. is located in Taiyuan, Shanxi Province, and was established on November 20, 2000, with its listing date on July 31, 2003. The company's main business includes new energy development, coal and coke industry investment, and logistics information consulting services [1] - The revenue composition of Shanmei International includes self-produced coal (36.87%), traded coal (24.93%), metallurgical coal (18.62%), thermal coal (18.25%), transportation (1.16%), and others (0.17%) [1] Group 2 - From the perspective of the top ten holdings of funds, one fund under Galaxy Fund has a significant position in Shanmei International. The Galaxy SSE State-Owned Enterprises Dividend ETF (530880) reduced its holdings by 20,000 shares in the fourth quarter, holding a total of 217,000 shares, which accounts for 3.94% of the fund's net value, making it the second-largest holding [2] - The Galaxy SSE State-Owned Enterprises Dividend ETF (530880) was established on October 30, 2024, with a latest scale of 55.5754 million. Year-to-date return is 0.18%, ranking 5016 out of 5549 in its category; the one-year return is 2.66%, ranking 4150 out of 4285; and the return since inception is 3.02% [2] Group 3 - The fund manager of the Galaxy SSE State-Owned Enterprises Dividend ETF (530880) is Huang Dong, who has a cumulative tenure of 13 years and 129 days. The total asset size of the fund is 1.579 billion yuan, with the best fund return during his tenure being 110.16% and the worst being -21.5% [3]

Core Viewpoint - The coal market is expected to see a recovery in performance in Q4 2025, driven by rising coal prices and a favorable supply-demand balance, with potential for a spring rally in Q1 2026 [1][7]. Price Trends - The average price of Qinhuangdao 5500 kcal thermal coal increased from 672 CNY/ton in Q3 2025 to 765 CNY/ton in Q4 2025, marking a 13.8% increase [3]. - In Q4 2025, the price fluctuated significantly, peaking at 834 CNY/ton before dropping to a low of 670 CNY/ton, yet still achieving a notable average increase [2]. Profitability Outlook - The profitability of coal companies is expected to improve, with thermal coal prices rising and coking coal prices also showing significant increases, particularly in long-term contracts [4]. - The average price for coking coal at Jing Tang Port rose to 1726 CNY/ton in Q4 2025, a 10.5% increase from Q3 [4]. Production Dynamics - The "overproduction check" policy has led to a mixed production performance among listed coal companies, with some reporting declines while others saw increases in output [5]. - Major coal producers like China Shenhua and China Coal Energy reported production decreases of 5.0% and 2.1% respectively, while Shaanxi Coal and Yanzhou Coal Energy reported increases of 3.6% and 1.0% [5]. Cost Management - Cost control remains a priority for coal companies, with strategies shifting from volume-driven to cost-focused approaches due to previous low coal prices [6]. - Despite a slight increase in costs expected in Q4 due to rising coal prices and year-end expense settlements, companies have managed to maintain a focus on cost efficiency [6]. Future Supply and Demand - The exit of certain coal supply capacities is anticipated to significantly improve the coal supply-demand balance, with a potential reduction of around 100 million tons if implemented nationwide [8]. - This policy aligns with previous market predictions and is expected to lead to a notable reduction in coal inventories, enhancing price elasticity in 2026 [8]. Investment Recommendations - Companies to watch include stable large-cap thermal coal firms such as China Shenhua, China Coal Energy, and Shaanxi Coal, as well as high-elasticity coal firms like Yanzhou Coal Energy and Jin Coal Industry [9].