Investment Rating - The report maintains a "Buy" rating for the coal sector, with specific recommendations for several companies [2][3]. Core Insights - The report highlights a positive outlook for the coal market post-Chinese New Year, driven by supply constraints and inventory depletion, with expectations of significant price increases [9][11]. - Domestic coal prices are stabilizing with slight fluctuations, while port coal prices are accelerating upward [12][11]. - The report anticipates that coal prices will return to a balanced supply-demand state in 2023-2024, with prices expected to fluctuate between 750-1000 RMB/ton [11][12]. Summary by Sections Company Earnings Forecast, Valuation, and Ratings - Recommended companies include: - Jinko Coal Industry (601001): EPS forecast of 1.68 RMB for 2024, with a PE of 10 [2]. - Shanxi Coal International (600546): EPS forecast of 1.14 RMB for 2024, with a PE of 10 [2]. - Lu'an Environmental Energy (601699): EPS forecast of 0.82 RMB for 2024, with a PE of 17 [2]. - Huayang Co., Ltd. (600348): EPS forecast of 0.62 RMB for 2024, with a PE of 15 [2]. - Yancoal Energy (600188): EPS forecast of 1.44 RMB for 2024, with a PE of 12 [2]. - China Shenhua Energy (601088): EPS forecast of 2.95 RMB for 2024, with a PE of 14 [2]. - Shaanxi Coal and Chemical Industry (601225): EPS forecast of 2.31 RMB for 2024, with a PE of 10 [2]. - China Coal Energy (601898): EPS forecast of 1.46 RMB for 2024, with a PE of 10 [2]. - CGN Mining (1164.HK): EPS forecast of 0.04 HKD for 2024, with a PE of 108 [2]. - Xinji Energy (601918): EPS forecast of 0.92 RMB for 2024, with a PE of 8 [2]. - Huaibei Mining (600985): EPS forecast of 1.80 RMB for 2024, with a PE of 7 [2]. - Lanhua Sci-Tech (600123): EPS forecast of 0.49 RMB for 2024, with a PE of 13 [2]. Market Performance - The coal sector outperformed the broader market, with a weekly increase of 1.9% compared to the 0.4% increase in the CSI 300 index [20][17]. - The thermal coal sub-sector showed the highest increase of 3.0%, while the coking coal sub-sector experienced a decline of 3.9% [20][17]. Industry Dynamics - The report notes that domestic coal supply is tightening due to the Chinese New Year holiday, with a significant decrease in port inventory levels compared to the previous year [11][9]. - The report emphasizes the importance of high spot market exposure and recommends focusing on companies with strong balance sheets and high cash flow [12][11].

Core Viewpoint - Huabei Mining (600985) is facing significant challenges in the coal and coal chemical industry due to ongoing downturns, and the company is implementing strict cost-reduction measures to maintain operational efficiency [1] Group 1: Company Operations - The company currently operates 16 production mines and has 1 mine under construction, with a total resource reserve of approximately 6 billion tons [1] - The average mining lifespan is estimated to be around 40 years based on current production capacity [1] Group 2: Geological Challenges - The Huabei mining area presents complex geological conditions, including developed faults, poor coal seam stability, significant water hazards, high gas content, and substantial geostress, which increase mining technical difficulties and safety production costs [1] Group 3: Cost Management Strategies - In response to the industry's challenges, the company is committed to implementing the "20 measures for cost reduction and revenue increase" and the "seven controls and one strengthening" initiative to minimize costs related to repairs, outsourcing, logistics, and other major expenses [1] - The company aims to reduce the sales cost per ton of coal by over 20 yuan compared to 2025 by the year 2026 [1] Group 4: Employee Information - The company has indicated that details regarding employee numbers will be available in the upcoming annual report [1]

（文章来源：证券日报） 证券日报网讯 2月13日，淮北矿业在互动平台回答投资者提问时表示，截至2026年1月31日，公司股东 总户数为42186户。 ...

Group 1 - The coal ETF (515220) experienced a decline of 1.12%, closing at 1.151 yuan with a trading volume of 303 million yuan [1] - Major holdings in the coal ETF showed mixed performance, with China Shenhua down 2.42%, Shaanxi Coal and Chemical Industry down 2.44%, and Yanzhou Coal Mining down 0.80%, while Shanxi Coking Coal increased by 0.28% [1] - The coal ETF's performance benchmark is the CSI Coal Index return, managed by Guotai Asset Management, with a return of 172.28% since its inception on January 20, 2020, and a return of 6.49% over the past month [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600985 股票简称：淮北矿业 公告编号：临2026-005 淮北矿业控股股份有限公司 关于部分高级管理人员离任的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、提前离任的基本情况 淮北矿业控股股份有限公司（下称"公司"）董事会于近日收到公司总工程师朱世奎先生、副总经理聂政 先生的书面辞职报告，辞职报告自送达董事会时生效，具体情况如下： ■ 二、离任对公司的影响 朱世奎先生、聂政先生已按照公司相关规定做好工作交接，辞职事项不会影响公司正常的经营与运行。 截至本公告日，朱世奎先生、聂政先生未持有公司股票，不存在未履行的公开承诺或义务，与公司不存 在意见分歧，亦不存在需向投资者说明的重要事项。 公司董事会对朱世奎先生、聂政先生在担任公司高级管理人员期间为公司发展作出的贡献表示衷心的感 谢！ 特此公告。 淮北矿业控股股份有限公司董事会 2026年2月13日 股票代码：600985 股票简称：淮北矿业 编号：临2026一004 淮北矿业控股股份有限公司估值提升计划 ...

证券日报网讯2月12日，淮北矿业（600985）发布公告称，公司董事会近日收到总工程师朱世奎、副总 经理聂政的书面辞职报告，辞职报告自送达董事会时生效。朱世奎因达到法定退休年龄离任，原定任期 至2027年9月25日，离任后不再担任公司及控股子公司任何职务；聂政因个人身体原因离任，原定任期 至2027年9月25日，离任后将继续担任公司首席专家。两人均未持有公司股票，不存在未履行完毕的公 开承诺，辞职事项不会影响公司正常经营。 ...

证券代码：600985 股票简称：淮北矿业 公告编号：临 2026-005 淮北矿业控股股份有限公司 关于部分高级管理人员离任的公告 朱世奎先生、聂政先生已按照公司相关规定做好工作交接，辞职事项不会影 响公司正常的经营与运行。截至本公告日，朱世奎先生、聂政先生未持有公司股 票，不存在未履行的公开承诺或义务，与公司不存在意见分歧，亦不存在需向投 资者说明的重要事项。 公司董事会对朱世奎先生、聂政先生在担任公司高级管理人员期间为公司发 展作出的贡献表示衷心的感谢！ 特此公告。 淮北矿业控股股份有限公司董事会 2026 年 2 月 13 日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、提前离任的基本情况 淮北矿业控股股份有限公司（下称"公司"）董事会于近日收到公司总工程 师朱世奎先生、副总经理聂政先生的书面辞职报告，辞职报告自送达董事会时生 效，具体情况如下： | 姓名 | 离任职务 | | 离任时间 | | | | 原定任期到期日 | | | | 离任原因 | 是否继续在上 市公司及其控 | 具体 | 是否存在 未履行完 ...

股票代码：600985 股票简称：淮北矿业 编号：临 2026—004 淮北矿业控股股份有限公司估值提升计划 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 估值提升计划的触发情形及审议程序：淮北矿业控股股份有限公司（以 下简称"公司"）股票已连续 12 个月每个交易日收盘价均低于最近一个会计年 度经审计的每股归属于上市公司股东的净资产,根据《上市公司监管指引第 10 号——市值管理》的相关要求，公司已制定估值提升计划并经第十届董事会第九 次会议审议通过。 估值提升计划概述：公司将通过聚焦主责主业、强化经营管控、积极回 报投资者、提升信息披露质效、加强投资者关系管理、推动股东增持等措施提升 公司整体价值，维护全体股东利益，促进公司长期可持续发展。 相关风险提示：本估值提升计划仅为公司行动计划，不代表公司对业绩、 股价、重大事件等任何指标或事项的承诺。公司业绩及二级市场表现受到宏观形 势、行业政策、市场情况等诸多因素影响，相关目标的实现情况存在不确定性。 一、估值提升计划的触发情形及审议程序 （一）触发情形 自 ...

国海证券研报指出，淮北矿业低估值华东煤焦龙头，2026年量价升、盈利拐点现。公司主营煤炭、煤化 工，2025H1煤炭毛利占比60%、煤化工26%，其他业务占比10%，主要包括矿山业务、民爆器材、电力 业务等。2025年前三季度公司实现归母净利润11亿元，同比-74%，主要系焦煤量价同比双降、煤化工 产品价格同比下降导致。α与β兼具、业绩有增长，公司估值低位、配置价值凸显。业绩方面，预计公 司2025-2027年公司归母净利润分别为14.95/30.0/41.1亿元，同比-69%/+101%/+37%；对应当前股价PE为 23.3/11.6/8.5倍。公司具备煤炭、电力、非煤矿山量增逻辑，行业焦煤价格在市场底、政策底双现下将 中枢抬升，公司煤焦化一体经营稳健，综合看公司投资价值凸显，维持"买入"评级。 ...

Group 1: Core Insights - The report on Proya (603605) highlights its establishment of a big product strategy through effective channel management, marketing, and customer targeting, which has led to the successful launch of popular products like the bubble mask [3][4] - Proya's future growth potential is supported by its ability to quickly adapt to market trends and consumer preferences, particularly among younger demographics, as evidenced by its strategic product iterations and emotional marketing [3][4] - The report indicates that Proya's expansion into multiple product categories is underway, with sub-brands targeting specific consumer pain points, which is expected to enhance its market presence and revenue streams [5] Group 2: Financial Projections - Proya is projected to achieve revenues of 10.93 billion, 12.14 billion, and 13.32 billion yuan for 2025-2027, reflecting growth rates of 1%, 11%, and 10% respectively [6] - The net profit attributable to shareholders is expected to be 1.58 billion, 1.78 billion, and 2.00 billion yuan for the same period, with growth rates of 2%, 13%, and 12% respectively, indicating a stable financial outlook [6] Group 3: Industry Analysis - The report on SF Express (9699.HK) emphasizes the rapid growth of the instant delivery sector, driven by increased consumer acceptance and the expansion of e-commerce platforms, which is expected to enhance local retail penetration [10][11] - SF Express has shown significant revenue growth since its establishment, with a projected revenue of 21.97 billion yuan in 2025, reflecting a year-on-year increase of 39.54% [13] - The report notes that the instant delivery industry is anticipated to maintain a compound annual growth rate (CAGR) of approximately 17% from 2025 to 2028, indicating robust market potential [10][11] Group 4: Competitive Positioning - SF Express is positioned as the largest third-party instant delivery platform in China, benefiting from strong brand recognition and resource backing from its parent company, which enhances its competitive edge [11][12] - The report highlights the importance of technological advancements, such as AI and autonomous delivery vehicles, in improving operational efficiency and service quality, which are critical for sustaining growth in the competitive landscape [12][13] Group 5: Coal Industry Insights - The report on Huaibei Mining (600985) identifies the company as a leading player in the coal and coke industry, with a focus on coal production and chemical processing, projecting a recovery in production and pricing in 2026 [14][15] - Huaibei Mining's coal production is expected to rebound significantly in 2026, driven by the resumption of operations at key mines and improved market conditions, with a projected increase in coal prices [15][16] - The company is anticipated to benefit from a favorable pricing environment and cost management strategies, positioning it well for profitability in the coming years [16][18]