Core Insights - The coke sector experienced a significant increase of 8.84% on February 4, with Shaanxi Black Cat leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] Sector Performance - Shaanxi Black Cat (601015) closed at 4.62, up 10.00% with a trading volume of 757,300 shares [1] - Meijin Energy (000723) also rose by 10.00% to 5.17, with a trading volume of 2,176,100 shares [1] - Baotailong (601011) increased by 9.97% to 3.64, with a trading volume of 1,526,000 shares [1] - Shanxi Coking Coal (600740) rose by 9.95% to 4.86, with a trading volume of 2,223,600 shares [1] - Yunnan Coal Energy (600792) increased by 9.95% to 4.64, with a trading volume of 764,400 shares [1] - Antai Group (600408) saw a rise of 6.13% to 3.98, with a trading volume of 1,178,200 shares [1] - Yunwei Co. (600725) had a slight increase of 0.42% to 4.73, with a trading volume of 311,600 shares [1] Capital Flow - The coke sector saw a net inflow of 943 million yuan from main funds, while retail investors experienced a net outflow of 581 million yuan [1] - The main funds' net inflow for Meijin Energy was 419 million yuan, accounting for 38.32% of its trading volume [2] - Baotailong had a net inflow of 150 million yuan, representing 27.93% of its trading volume [2] - Shaanxi Black Cat recorded a net inflow of 117 million yuan, making up 34.40% of its trading volume [2] - Shanxi Coking Coal had a net inflow of 108 million yuan, which is 10.23% of its trading volume [2] - Yunnan Coal Energy saw a net inflow of 107 million yuan, accounting for 30.99% of its trading volume [2] - Antai Group had a net inflow of 51 million yuan, representing 11.00% of its trading volume [2] - Yunwei Co. experienced a net outflow of 949,970 yuan, which is -6.46% of its trading volume [2]

2026.02. 04 本文字数：885，阅读时长大约1分钟 作者 | 一财阿驴 2月4日，A股三大指数分化，沪指震荡上行。截至收盘，沪指涨0.85%，深成指涨0.21%，创业板指跌0.4%，科创综指跌0.98%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 】 | 4102.20c | 34.46 | 0.85% | | 399001 | 深证成指 | 100 - 1 / 1 / 1 / 1 / 1 / 1 / 1 / 1 / 1 / 1 / 1 / 1 / 1 / 1 / 1 / 1 / 1 / 1 / 1 / 1 / | 14156.27c | 29.17 | 0.21% | | 399006 | 创业板指 | 1 1 1 V ma | 3311.51c | -13.38 | -0.40% | | 000680 | 科创综指 | VW | 1785.43c | -17.72 | -0.98% | 盘面上，煤炭股掀涨停潮；光伏产业链爆发，太空光伏方向领涨；航空、地产、白酒 ...

Market Overview - The three major indices showed mixed performance, with the Shanghai Composite Index rising by 0.85% to surpass 4100 points, while the Shenzhen Component Index increased by 0.21%, and the ChiNext Index fell by 0.40% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.48 trillion yuan, a decrease of 63.3 billion yuan compared to the previous trading day [1] Key Sectors Coal Sector - The coal sector experienced a surge, with over ten stocks hitting the daily limit, including Shaanxi Black Cat and Yanzhou Coal Mining [3] - The increase in energy demand for heating due to severe weather conditions and government efforts to ensure stable energy supply contributed to this surge [3] Photovoltaic Sector - The photovoltaic sector saw a significant rally, with stocks like JinkoSolar and Zhonglai Co. hitting the daily limit [4] - Reports indicated that Elon Musk's team visited several Chinese photovoltaic companies, which sparked interest in the sector [4] AI Industry - The AI industry faced a downturn, with hardware and application stocks declining, including companies like Yili Media and Tiandi Online [5] - The release of an AI legal plugin by Anthropic led to a sell-off in software companies, raising concerns about AI potentially replacing core software business models [5] Real Estate Sector - The real estate sector showed active performance, with stocks such as Rong'an Real Estate and Caixin Development hitting the daily limit [6] - Research indicated that the focus for 2026 should be on policies related to land supply and housing inventory [6] Institutional Insights Consumption and Economic Outlook - Zheshang Securities emphasized that consumption will be the most important counter-cyclical variable in 2026, suggesting a need for a positive fiscal policy stance [7] - The report highlighted that the market should focus on risk appetite rather than interest rates for the stock market outlook [7] Geopolitical Concerns - Ray Dalio from Bridgewater Associates warned that the world is nearing a critical point of "capital war" due to escalating geopolitical tensions, asserting that gold remains the safest asset [8] - Despite recent volatility in precious metals, Dalio maintained that gold's status as a safe haven would not change over time [8] Commercial Aerospace Development - CITIC Securities noted that the global commercial aerospace sector is entering a new phase focused on large-scale deployment and ecosystem building, with significant competition between the U.S. and China [8] - The report highlighted the shift from single technology breakthroughs to comprehensive competition in reusable rocket engineering and satellite manufacturing [8]

2月4日，A股市场呈现出先抑后扬态势，三大指数午后强势回升，沪指成功站上4100点，截止收盘，沪 指上涨34.46点，涨幅0.85%报4102.20点，深成指上涨29.17点，涨幅0.21%报14156.27点，创业板指下跌 13.38点，跌幅0.40%报3311.51点；沪深两市成交额2.48万亿，全市场超3200只个股上涨。 盘面热点快速轮动，煤炭概念掀起涨停潮，十余只成分股涨停，陕西黑猫、兖矿能源、中煤能源涨停； 太空光伏概念爆发，中来股份20cm涨停，国晟科技2连板。机场航运概念走强，中国东航、华夏航空涨 停。房地产板块表现活跃，荣安地产、财信发展、我爱我家涨停；氢能源概念快速拉升，京城股份、致 远新能涨停；玻璃玻纤、HIT电池、房地产开发及装修建材等板块涨幅居前；下跌方面，AI应用概念集 体下挫，引力传媒、天地在线跌停，值得买、世纪恒通等多股大跌；腾讯云板块下挫，泛微网络跌停； 贵金属板块走低，四川黄金跌近9%；另外，文化传媒、游戏及算力概念等跌幅居前。 多个板块表现活跃 机构观点 国盛证券：AI的影响不局限于软件领域，各领域都有抓住AI时代机遇的软件公司崛起，如广告领域的 Applovin、视觉设 ...

Market Overview - The market rebounded with the Shanghai Composite Index returning to 4100 points and the Shenzhen Component Index turning positive after previously dropping over 1% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.48 trillion yuan, a decrease of 633 billion yuan compared to the previous trading day [1] Sector Performance - The coal sector experienced a surge with over ten stocks hitting the daily limit, including Shaanxi Black Cat, Yanzhou Coal Mining, and China Coal Energy [1] - The space photovoltaic sector saw significant gains, with Zhonglai Co. hitting a 20% limit up and Guosheng Technology achieving two consecutive limit ups [1] - The airport and shipping sector strengthened, with China Eastern Airlines and Huaxia Airlines both hitting the daily limit [1] - The real estate sector was active, with Rong'an Real Estate, Caixin Development, and I Love My Home all reaching the daily limit [1] - The hydrogen energy sector rapidly increased, with Beijing Capital Co. and Zhiyuan New Energy hitting the daily limit [1] Declining Sectors - The AI application sector faced significant declines, with stocks like Yili Media and Tiandi Online hitting the daily limit down, and several others experiencing substantial drops [1] - Precious metals and computing hardware sectors also saw notable declines [1] Index Performance - At the close, the Shanghai Composite Index rose by 0.85%, the Shenzhen Component Index increased by 0.21%, while the ChiNext Index fell by 0.4% [1]

Group 1 - The coal sector strengthened further in the afternoon on February 4, with nearly 10 stocks including Lu'an Environmental Energy, Baotailong, Shanxi Coking Coal, China Coal Energy, Shaanxi Black Cat, and Yanzhou Coal Mining hitting the daily limit up [1] - The notable performance of these stocks indicates a positive trend in the coal industry [1] - The overall market sentiment towards coal stocks appears to be bullish, reflecting investor confidence [1]

煤炭板块午后进一步走强，潞安环能、宝泰隆、山西焦化、中煤能源、陕西黑猫、兖矿能源等近10股涨 停。 ...

Core Viewpoint - The coal sector is experiencing a significant rally, driven by expectations of price stabilization and potential supply reductions from Indonesia, the world's largest coal exporter [2][3][4]. Group 1: Market Performance - The coal index rose by 6.82%, the central enterprise coal index by 6.23%, and the coal mining index by 5.93% as of the midday close on February 4 [2]. - Individual stocks such as Yanzhou Coal Mining (600188.SH), Meijin Energy (000723.SZ), and Shanxi Coking Coal (000983.SZ) reached their daily limit up [2]. Group 2: Indonesian Coal Production Cuts - Indonesia's Ministry of Energy and Mineral Resources announced a potential reduction in coal production quotas to approximately 600 million tons by 2026, a significant decrease from the projected 790 million tons for 2025, with some miners facing cuts of 40%-70% [3][4]. - The Indonesian Mining Association warned that these cuts could lead to mine closures, exacerbating challenges in the coal industry [4]. Group 3: Global Coal Market Impact - Indonesia's coal production is projected to reach 836 million tons in 2024, with exports accounting for 55.5 million tons, representing 33%-35% of global coal trade [4]. - The anticipated production cuts are expected to reduce global coal supply, potentially driving international coal prices higher [4]. Group 4: Domestic Market Outlook - Analysts are optimistic about coal prices stabilizing and rebounding post-Chinese New Year, supported by terminal restocking demand and supply contraction [5]. - Dazhong Securities predicts a tight supply-demand balance in the thermal coal market, with upward price potential in the medium to long term [5]. - GF Securities forecasts a significant improvement in coal industry profitability by 2026, with a projected 42% decline in industry profits for 2025, but stable production and sales in Q4 [5].

煤炭板块爆发了！ 2月4日，煤炭股爆发，兖矿能源、中煤能源、陕西黑猫、美锦能源、晋控煤业、云煤能源涨停，潞安环能、 山西焦化、宝泰隆、山煤国际、新集能源、大有能源等大涨。煤炭ETF一度大涨超7%，并带领红利指数狂拉 超2%。那么，究竟发生了什么？ | ■ 煤炭(32) | | 4 | 张幅%。 | 现价 | 量状 | 涨速% | 总市值 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 究矿能源 | R | 10.01 | 15.27 | 5.09 | 0.00 | 1532.72亿 | | 2 | 中煤能源 | R | 10.00 | 14.08 | 3.26 | 0.00 | 1866.82亿 | | 3 | 陕西盖猫 | R | 10.00 | 4.62 | 1.84 | 0.00 | 94.36亿 | | 4 | 美锦能源 | R | 10.00 | 5.17 | 3.73 | 0.00 | 227.66亿 | | 5 | 昌控煤业 | R | 9.99 | 15.86 | 4.41 | 0.00 | 265.45亿 | | 6 | 云 ...

Core Viewpoint - The A-share market showed a mixed performance this morning, with most major indices declining, while the coal sector experienced significant gains, leading to a surge in stock prices within that sector [1][4]. Group 1: Market Performance - The A-share market exhibited a divergence in performance, with major indices mostly declining; the ChiNext Index fell by 1.74% and the Sci-Tech 50 Index dropped by 2.44% [4]. - The coal sector stood out with a remarkable increase, with the sector's index rising over 6% during the session, marking it as a key highlight of the morning [2][4]. Group 2: Individual Stock Performance - Several coal stocks hit the daily limit up, including Yanzhou Coal Mining (兖矿能源) with a price of 15.27, up 10.01%, Meijin Energy (美锦能源) at 5.17, also up 10.00%, and Shaanxi Black Cat (陕西黑猫) at 4.62, up 10.00% [5]. - Other notable gainers included China Shenhua (中国神华) at 42.04, up 6.16%, and Shanxi Coking Coal (山西焦煤) at 7.17, up 7.17% [5]. Group 3: Market Drivers - The recent surge in energy demand due to cold weather and snowstorms has prompted local governments to enhance energy supply measures, ensuring stable coal production and supply, as well as increased natural gas storage and production [6].