来源：中国能源网 炼焦煤价格方面：本周京唐港价格周环比持平，产地临汾价格周环比下降。港口炼焦煤：截至1月9日， 京唐港山西产主焦煤库提价(含税)1650元/吨，周环比持平；连云港山西产主焦煤平仓价(含税)1776元/ 吨，周环比持平。产地炼焦煤：截至1月9日，临汾肥精煤车板价(含税)1500.0元/吨，周环比下跌100.0 元/吨；兖州气精煤车板价980.0元/吨，周环比下跌60.0元/吨；邢台1/3焦精煤车板价1420.0元/吨，周环 比持平。国际炼焦煤：截至1月9日，澳大利亚峰景煤矿硬焦煤中国到岸价232.1美元/吨，周环比上涨2.0 美元/吨。 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、政策面共振，现阶段逢低配置煤炭板 块正当时。本周基本面变化：供给方面，本周样本动力煤矿井产能利用率为90.3%(+8.2个百分点)，样 本炼焦煤矿井产能利用率为85.34%(+5.71个百分点)。需求方面，内陆17省日耗周环比下降7.40万吨/日 (-1.81%)，沿海8省日耗周环比上升29.90万吨/日(+15.11%)。非电需求方面，化工耗煤周环比上升8.36万 吨/日(+1.13%)；钢铁高炉开工率 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The coal machinery industry is experiencing a cyclical bottoming, with multiple drivers such as replacement, automation, and export opportunities expected to benefit the leading state-owned enterprises [1] - The company has a comprehensive industry chain layout, with notable performance in safety and automation [2] - The company reported a 7.5% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2025, despite a 6.9% decline in revenue [2] - The company’s gross margin for the first three quarters of 2025 was 27.2%, down 5.2 percentage points year-on-year, while the net margin increased by 4.4 percentage points to 17.2% [3] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 20.47 billion yuan, a decrease of 6.9% year-on-year, and a net profit of 2.34 billion yuan, an increase of 7.5% year-on-year [2][10] - The company’s operating income for 2025 is projected to be 30.6 billion yuan, with a compound annual growth rate (CAGR) of 6% from 2025 to 2027 [4] - The net profit attributable to shareholders is expected to be 2.6 billion yuan in 2025, with a CAGR of 10% from 2025 to 2027 [4] - The company’s price-to-earnings (P/E) ratios are projected to be 9.3X, 8.6X, and 7.7X for 2025, 2026, and 2027, respectively [4] Industry Overview - The coal machinery industry is seeing increased concentration, with leading state-owned enterprises poised to benefit from this trend [1] - The demand for coal machinery is driven by factors such as replacement needs, automation, and the trend of consolidating smaller mines into larger operations [1]

（编辑 张昕） 本报讯 （记者袁传玺）天眼查App显示，近日，中煤科工（西安）智能成套装备科技有限公司成立，注册资本20亿元，经 营范围包括矿山机械制造、矿山机械销售、机械设备研发、通用设备制造等。股东信息显示，该公司由天地科技、中煤科工集 团上海有限公司、天玛智控等共同持股。 ...

Group 1 - The core point of the article is the establishment of a new company, Zhongmei Kegong (Xi'an) Intelligent Complete Equipment Technology Co., Ltd., with a registered capital of 2 billion yuan [1] - The company's business scope includes artificial intelligence industry application system integration services, artificial intelligence theory and algorithm software development, and digital video monitoring system manufacturing [1] - The company is jointly held by Tiandi Technology (600582) and Tianma Zhikong (688570) [1]

Core Insights - The coal mining machinery industry is experiencing a shift towards intelligent, green, and globalized operations, with major investments from leading companies and energy groups focusing on high-end equipment projects and technological collaborations [11]. Industry Overview - The coal mining machinery industry consists of three main segments: upstream (raw materials and components), midstream (manufacturing of coal mining equipment), and downstream (coal industry applications) [2][4]. - Upstream suppliers include companies like Benxi Steel and Hengli Hydraulic, while midstream manufacturers include Zhengzhou Coal Mining Machinery and SANY Heavy Industry [4][5]. - The downstream sector primarily consists of coal enterprises such as China Coal Energy and Datang Power [4][5]. Regional Distribution - Jiangsu Province is identified as the primary hub for coal mining machinery companies, with significant activity also in Shandong, Shaanxi, and Shanxi provinces [6]. - The coal mining machinery industry is well-established in Liaoning, Shanxi, and Beijing, covering all segments of the supply chain [9]. Investment Trends - Recent investments in the coal mining machinery sector focus on smart technology, green initiatives, and international expansion [11]. - Notable investments include: - In 2023, Shanxi Coal Machinery invested 2.1 billion yuan in a smart high-end coal machinery project, expected to generate an annual output value of 3 billion yuan [13]. - In 2023, Shaanxi Coal Group acquired Xuzhou Coal Mining Machinery for 1.8 billion yuan, increasing its market share in intelligent conveyor systems from 16% to 27% [13]. - In 2025, XCMG launched the world's first unmanned electric mining truck, aiming for zero-carbon operations [13].

每经AI快讯，天眼查App显示，近日，中煤科工(西安)智能成套装备科技有限公司成立，法定代表人为杜耀波，注册资本20亿元人民币，经营范围包括矿山 机械制造、矿山机械销售、机械设备研发、通用设备制造等。股东信息显示，该公司由天地科技（600582）、中煤科工集团上海有限公司、天玛智控 (688570)等共同持股。 | | 查公司 查表板 查关系 查风险 都在用的商业查询丁具 | | | --- | --- | --- | | | 中煤科工(西安)智能成套装备科技有限公司 × 天殿一下 品应用 ▼ 家中小企业发展子基金旗下机构 | 商务合作 企业级产 | | 基本信息 18 | 法律诉讼 经营风险 经营信息 1 公司发展 | 太 12 元 | | 工商信息 历史工商信息0 | | | | 企业名称 | 中煤科工（西安）智能成套装备科技有限公司 | | | 法定代表人 | 登记状态 ⑦ 开业 枯 杜耀波 猛 关联企业 6 | 天眼评分 2 | | | 成立日期 2025-12-26 | | | 统一社会信用代码 7 | 91610132MAK38BYD2C 注册资本 2 200000万人民币 | 实缴资本 | | ...

天眼查App显示，12月26日，中煤科工（西安）智能成套装备科技有限公司成立，法定代表人为杜耀 波，注册资本20亿人民币，经营范围包括矿山机械制造、矿山机械销售、机械设备研发、通用设备制造 等。股东信息显示，该公司由天地科技（600582）、中煤科工集团上海有限公司、天玛智控（688570） 等共同持股。 ...

1. Report Industry Investment Rating - The investment rating for the coal mining industry is "Bullish" [2] 2. Core Viewpoints of the Report - Currently at the beginning of a new upward cycle in the coal economy, with fundamental and policy factors in resonance, it is advisable to allocate the coal sector at low levels [2][3][11] - The underlying logic of coal supply constraints since July still exists, and there's no need to overly worry about a significant decline in coal prices. The stabilization point of coal prices is approaching [2][3][11] - The underlying investment logic of coal production capacity shortage remains unchanged. Coal prices have established a bottom and are on a new platform, high - quality coal enterprises maintain core asset attributes, and coal assets are relatively undervalued with potential for overall valuation improvement [3][11] - The coal supply bottleneck is expected to last until the "15th Five - Year Plan". The coal sector is a high - performance, high - cash, and high - dividend asset, with high certainty in the profitability and growth of high - quality coal companies [3][12] - The coal sector has a high - dividend safety margin when it adjusts downward and upward elasticity catalyzed by the expected increase in coal prices. It is recommended to focus on the current allocation opportunities in the coal sector [3][12] 3. Summary by Relevant Catalogs 3.1 This Week's Core Viewpoints and Key Concerns - **Core Viewpoints**: The coal economy is in the early stage of a new upward cycle. This week, the utilization rate of sample thermal coal and coking coal mine production capacity decreased. The daily coal consumption in inland 17 provinces and coastal 8 provinces increased, while non - power coal demand decreased. Coal prices showed a mixed trend. Although the current market is weak, after New Year's Day, the coal consumption support is expected to strengthen. The coal allocation logic remains unchanged, and it is recommended to allocate at low levels [11] - **Key Investment Recommendations**: Focus on three types of companies: those with stable operations and performance, those that have fallen sharply previously with high elasticity, and those with special and scarce global metallurgical coal resources. Also, pay attention to other related companies [12] - **Recent Key Concerns**: In November 2025, the total social electricity consumption increased by 6.2% year - on - year. From January to November 2025, US coal production increased by 4.1% year - on - year, and Russian coal production increased by 0.1% year - on - year [13] 3.2 This Week's Performance of the Coal Sector and Individual Stocks - The coal sector fell 0.89% this week, underperforming the broader market. The CSI 300 rose 1.95% to 4657.24 [14] - The thermal coal, coking coal, and coke sectors fell 1.24%, 0.81%, and 0.49% respectively [16] - The top three gainers in the coal mining and washing sector were Anyuan Coal Industry (6.42%), Huayang Co., Ltd. (5.01%), and Inner Mongolia Electric Power Investment Energy Co., Ltd. (2.75%) [19] 3.3 Coal Price Tracking - **Coal Price Index**: As of December 26, the comprehensive transaction price of CCTD Qinhuangdao thermal coal (Q5500) was 695.0 yuan/ton, down 7.0 yuan/ton week - on - week. The comprehensive average price index of Bohai Rim thermal coal (Q5500) was 695.0 yuan/ton, down 4.0 yuan/ton week - on - week. The annual long - term agreement price of CCTD Qinhuangdao thermal coal (Q5500) was 694.0 yuan/ton, up 10.0 yuan/ton month - on - month [23] - **Thermal Coal Price**: As of December 27, the market price of Qinhuangdao Port's Shanxi - produced thermal coal (Q5500) was 677 yuan/ton, down 34 yuan/ton week - on - week. At the production sites, prices in some areas rose or remained flat. International thermal coal FOB prices and some arrival prices fell [27] - **Coking Coal Price**: As of December 26, port and some production - site coking coal prices remained flat, while the arrival price of Australian Peak Downs hard coking coal in China rose 0.3 US dollars/ton week - on - week [29] - **Anthracite and Pulverized Coal Injection Price**: As of December 26, the vehicle - board price of Jiaozuo anthracite remained flat, while the vehicle - board prices of some pulverized coal injection decreased [38] 3.4 Coal Supply and Demand Tracking - **Coal Mine Capacity Utilization**: As of December 26, the capacity utilization rate of sample thermal coal mines was 86.4%, down 4.0 percentage points week - on - week, and that of sample coking coal mines was 84.21%, down 2.4 percentage points week - on - week [45] - **Import Coal Price Difference**: As of December 26, the price difference between domestic and foreign 5000 - kcal and 4000 - kcal thermal coal increased week - on - week [41] - **Coal - fired Power Daily Consumption and Inventory**: In both inland 17 provinces and coastal 8 provinces, coal inventory increased, daily consumption increased, and the number of available days decreased [46] - **Downstream Metallurgical Demand**: As of December 26, the Myspic composite steel price index fell, the price of Tangshan - produced primary metallurgical coke fell, the blast furnace operating rate decreased, the average profit per ton of coke for independent coking enterprises decreased, the profit per ton of steel for blast furnaces increased, the iron - scrap price difference decreased, and the scrap consumption ratio of pure blast furnace enterprises decreased [64][65] - **Downstream Chemical and Building Materials Demand**: As of December 26, the prices of some chemical products showed different trends, the national cement price index fell, the cement clinker capacity utilization rate decreased, the float glass operating rate decreased, and the weekly coal consumption in the chemical industry decreased [68][70] 3.5 Coal Inventory Status - **Thermal Coal Inventory**: As of December 26, the coal inventory at Qinhuangdao Port decreased, the 55 - port thermal coal inventory increased, and the production - site inventory increased [82] - **Coking Coal Inventory**: As of December 26, the production - site, port, coking enterprise, and steel mill coking coal inventories all increased [83] - **Coke Inventory**: As of December 26, the total coke inventory of coking plants decreased, the four - port total coke inventory increased, and the total coke inventory of domestic sample steel mills increased [85] 3.6 Coal Transportation Status - **International and Domestic Coal Transportation**: As of December 24, the Baltic Dry Index (BDI) fell. As of December 25, the average daily coal shipment volume on the Datong - Qinhuangdao Railway decreased week - on - week [98] - **Cargo - to - Ship Ratio at Four Major Ports in the Bohai Rim**: As of December 26, the inventory at the four major ports in the Bohai Rim decreased, the number of anchored ships remained unchanged, and the cargo - to - ship ratio decreased [96] 3.7 Weather Conditions - As of December 26, the Three Gorges outbound flow increased by 0.31% week - on - week [103] - In the next 10 days (December 28, 2025 - January 6, 2026), precipitation in some areas will be higher than normal, and after January 1, the average temperature in most parts of central and eastern China will turn 1 - 2°C lower than normal [103] - In the next 11 - 14 days (January 7 - 10, 2026), precipitation and temperature in different regions will show different trends [103] 3.8 Valuation Table and Key Announcements of Listed Companies - **Valuation Table**: The report provides the valuation data of key listed companies, including net profit attributable to the parent company, EPS, and PE from 2024A to 2027E [104] - **Key Announcements**: There are announcements from multiple companies, such as the share transfer of Jizhong Energy, the completion of the shareholding increase plan of Panjiang Co., Ltd., the acceptance of the application for asset acquisition by Inner Mongolia Electric Power Investment Energy Co., Ltd., the guarantee provided by Kailuan Co., Ltd., and the maintenance of the credit rating of Meijin Energy [105][106][107] 3.9 This Week's Key Industry News - Indonesia plans to impose a 1% - 5% export tax on coal from 2026 [109] - In November 2025, China's coal imports decreased by 19.9% year - on - year, with thermal coal imports increasing by 7.0% month - on - month and coking coal imports increasing by 1.3% month - on - month [109] - 8000 tons of high - quality Mongolian coal arrived in Gannan [109] - As of the end of November 2025, the national cumulative power generation installed capacity increased by 17.1% year - on - year [109]

Core Insights - The coal mining machinery industry in China is experiencing significant mergers and acquisitions aimed at enhancing technological collaboration and extending industrial chains, with a focus on transitioning towards intelligent and high-end solutions [2][4]. Financing and Mergers - Listed companies in the coal mining machinery sector primarily utilize targeted issuance for financing, mainly for acquiring equity stakes and supplementing working capital [2]. - Major mergers and acquisitions include: - Taiyuan Heavy Industry's acquisition of 67% of Taiyuan Heavy Equipment for 300 million yuan, enhancing its capabilities in the long-distance continuous conveying equipment sector [3]. - Zhengzhou Coal Mining Machinery's acquisition of the remaining 14.47% of Zhengzhou Hengda Intelligent Control Technology for 1.049 billion yuan, increasing its stake to 99.49% and strengthening its position in intelligent mining [3]. - Tongbao Energy's acquisition of 55% of Langde Jinyan for 65.22 million yuan, marking its entry into the hydraulic support components market [3]. - Tian Di Technology's acquisition of two research institutes for 5.359 billion yuan, enhancing its capabilities in coal safety technology and intelligent equipment [4]. Hydraulic Supports - Hydraulic supports are critical equipment in coal mining, significantly improving mining efficiency and ensuring worker safety [5]. - Various types of hydraulic supports exist, categorized by their support methods, mining layer characteristics, and manufacturing standards [7]. - The demand for hydraulic supports is projected to reach approximately 109,400 units by 2030, with an annual compound growth rate of about 4.0% [5].

Group 1 - The National Press and Publication Administration disclosed the approval information for imported online games in 2025, with the game "Fantasy Battle" receiving approval on December 24, 2025 [1] - The publishing and operating unit for "Fantasy Battle" is Shenzhen Chuangmeng Tiandi Technology Co., Ltd., which was established in 2011 and is located in Nanshan District, Shenzhen [1] - Shenzhen Chuangmeng Tiandi Technology Co., Ltd. has a registered capital of 2,150.01755 million RMB and has made investments in 44 companies, participated in 5 bidding projects, and holds 878 trademark registrations and 107 patents [1]