Market Overview - The coal mining sector experienced a decline of 2.41% on January 27, with Dayou Energy leading the drop [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Individual Stock Performance - Jiangte Equipment (600397) closed at 11.05, up 1.01% with a trading volume of 646,600 shares and a transaction value of 716 million [1] - Dayou Energy (600403) closed at 7.01, down 4.76% with a trading volume of 608,900 shares and a transaction value of 429 million [2] - Huabei Mining (600985) closed at 12.15, down 0.57% with a trading volume of 284,300 shares and a transaction value of 346 million [1] - Yongtai Energy (600157) closed at 1.67, down 0.60% with a trading volume of 7,670,500 shares and a transaction value of 1.273 billion [1] Capital Flow Analysis - The coal mining sector saw a net outflow of 631 million from institutional investors, while retail investors had a net inflow of 174 million [2] - Major stocks like Shaanxi Coal and Chemical (601225) had a net inflow of 25.7 million from institutional investors, but a net outflow of 64.4 million from retail investors [3] - Zhongmei Energy (601898) experienced a net inflow of 15.8 million from institutional investors, with a net outflow of 21.9 million from retail investors [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].

据Wind统计，截至1月26日，沪深两市共有133只个股连续5日或5日以上获主力资金净买入。连续获主 力资金净买入天数最多的股票是陕西煤业、伊利股份，均已连续14个交易日获净买入；连续获主力资金 净买入天数较多的还有中金公司、寒武纪-U、联影医疗、热景生物、无锡银行、海天味业、联诚精 密、红塔证券等股。 （文章来源：证券时报网） ...

展望"十五五"，陕西煤业将以高质量发展为统领，围绕"打造世界一流专业领军企业"目标，以"增量、 提质、转型"为路径，以"持续增强核心功能、提升核心竞争力"为主线，聚焦主责主业，夯实发展根 基，在重点突破中开新局，在实干笃行中谋新篇，努力实现规模与质量双提升。 （文章来源：证券时报） 数据显示，"十四五"时期，陕西煤业新增探明储量23.31亿吨；新增产能合计4700万吨/年，较"十三 五"末增长49.74%。"十四五"累计生产原煤近8亿吨，规模效应持续放大，稳居行业头部地位。 除了生产规模持续攀升，陕西煤业在绿色发展、科技创新、"四化"建设、价值创造等方面均实现了一系 列革新。这直接带动陕西煤业行业影响大幅提升。"十四五"时期，公司先后参与制定国家及行业标准规 范20项，入选首批"管理标杆创建行动标杆企业"和"世界一流专业领军企业"创建名单；全国、省级五一 劳动奖状（章）新增14个，15家单位荣获省级文明（标兵）单位，国企形象彰显有力，企业知名度和影 响力大幅增强。 "十四五"时期，面临市场供需多变等复杂局面，陕西煤业齐心协力、奋勇争先，全力"打造三个标杆、 营造一个氛围"，各项工作实现质的突破，企业核心竞争力 ...

Investment Rating - The report maintains a "Recommended" rating for the coal industry, indicating a positive outlook for the sector [2][3]. Core Insights - The report highlights a slight increase in fund holdings in the coal sector, with total market value rising to 6.874 billion yuan in Q4 2025, up 12.13% from Q3 2025, but still at a low level compared to historical data [9]. - The report notes that the coal sector's fund holding ratio is at its lowest in three years, suggesting low investment crowding in the sector [9]. - Key companies such as China Shenhua and Zhongmei Energy are favored by funds, with significant increases in holdings for Yancoal Energy and Shanxi Coal International [9]. - Short-term supply tightening and ongoing replenishment demand are expected to stabilize and potentially rebound coal prices, projected to fluctuate between 750-1000 yuan per ton [9]. - The report recommends focusing on companies with high spot market elasticity, such as Jinko Coal Industry and Shanxi Coal International, as well as industry leaders like China Shenhua and Shaanxi Coal Industry [9]. Summary by Sections Fund Holdings Analysis - Fund holdings in coal stocks increased to 6.874 billion yuan in Q4 2025, a 12.13% rise from Q3 2025, with a holding ratio of approximately 0.36% of total fund holdings [9]. - The report identifies the top five companies by fund holdings, including China Shenhua and Shaanxi Coal Industry, with notable increases in holdings for Yancoal Energy and Shanxi Coal International [9]. Price Outlook - The report anticipates that coal prices will stabilize and rebound due to supply constraints and replenishment needs, with a seasonal fluctuation expected between 750-1000 yuan per ton [9]. - The analysis indicates that the coal industry is likely to return to a state of basic supply-demand balance in 2023-2024, driven by production cuts and regulatory normalization [9].

Investment Rating - The investment rating for the coal mining industry is "Positive" (maintained) [4] Core Insights - The "overproduction check" effect continues to push up the coal price center, with demand fluctuations causing rapid price changes. From July to December 2025, domestic raw coal production fell for six consecutive months year-on-year, significantly improving the coal supply-demand balance. The price of Qinhuangdao 5500 kcal thermal coal rose from 621 RMB/ton on June 30, 2025, to 689 RMB/ton on January 20, 2026. In Q4 2025, despite significant monthly fluctuations in coal demand, the average price of Qinhuangdao 5500 kcal thermal coal increased from 672 RMB/ton in Q3 to 765 RMB/ton in Q4, a rise of 13.8% [4][5] - The profitability of the sector is expected to rebound, with coking coal enterprises likely to see significant improvements. The average price of Qinhuangdao 5500 kcal thermal coal in Q4 2025 is reported at 765 RMB/ton, up 13.8% quarter-on-quarter. The long-term contract price for thermal coal also increased, with the average price for Q4 reported at 685 RMB/ton, up 2.3% [4][5] - Production levels are stable, with fluctuations among listed coal companies. The "overproduction check" policy strictly requires that annual production does not exceed announced capacity, impacting production levels in the second half of 2025. Major listed coal companies showed mixed production results in Q4, with China Shenhua and China Coal Energy reporting decreases of 5.0% and 2.1%, respectively, while Shaanxi Coal and Yanzhou Coal reported increases of 3.6% and 1.0% [4][5] - Cost control remains a key focus, although rising coal prices and year-end cost settlements may increase costs. In H1 2025, coal prices declined, prompting companies to shift from volume-based strategies to cost control. As coal prices rebound, costs are expected to rise slightly in Q4 compared to Q3 [4][5] - The sector's performance is expected to continue its positive trend into Q4 2025, with anticipated earnings growth. The coal price has shown a quarterly step-down trend, but Q4 2025 is expected to see a rebound in performance due to rising coal prices [4][5] Summary by Sections - **Performance of the Sector**: The average price of Qinhuangdao 5500 kcal thermal coal increased significantly in Q4 2025, indicating a recovery in the sector's profitability [4][5] - **Production and Supply**: The "overproduction check" policy has led to a decrease in production, stabilizing the supply-demand balance [4][5] - **Cost Management**: Companies are focusing on cost control, with expectations of slight increases in costs due to rising coal prices [4][5] - **Future Outlook**: The coal sector is expected to see continued performance improvement into 2026, driven by supply-side policy changes and price rebounds [4][5]

证券之星消息，1月26日煤炭开采板块较上一交易日上涨2.87%，中国神华领涨。当日上证指数报收于 4132.61，下跌0.09%。深证成指报收于14316.64，下跌0.85%。煤炭开采板块个股涨跌见下表： 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310104345710301240019号），不构成投资建议。 从资金流向上来看，当日煤炭开采板块主力资金净流入6.17亿元，游资资金净流入3813.51万元，散户资 金净流出6.56亿元。煤炭开采板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601088 | 中国神华 | 2.39 Z | 8.45% | -3544.18万 | -1.25% | -2.03 Z | -7.19% | | 601225 陕西煤业 | | 1.52亿 | 9.70% | -1039.40万 | -0.66% | -1.42 Z | -9.0 ...

Market Overview - The Shanghai Composite Index fell by 0.09% on January 26, with 10 industries experiencing gains, led by non-ferrous metals and petroleum & petrochemicals, which rose by 4.57% and 3.18% respectively. The coal industry ranked third in terms of gains [1] - The defense and military industry and the automotive sector saw the largest declines, with drops of 4.47% and 2.31% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 114.32 billion yuan, with six industries seeing net inflows. The non-bank financial sector led with a net inflow of 3.493 billion yuan and a daily increase of 0.79%, followed by the pharmaceutical and biological industry, which had a net inflow of 2.839 billion yuan and a daily increase of 0.29% [1] - A total of 25 industries experienced net capital outflows, with the electronics sector leading at a net outflow of 27.721 billion yuan, followed by the power equipment sector with a net outflow of 20.306 billion yuan. Other sectors with significant outflows included defense and military, machinery, and automotive [1] Coal Industry Performance - The coal industry rose by 2.07% with a net capital inflow of 450 million yuan, comprising 37 stocks, of which 28 increased and 9 decreased. Among the stocks with net inflows, 20 saw capital inflows exceeding 30 million yuan, with China Shenhua leading at 169 million yuan, followed by Shaanxi Coal and Huayang Co., which had inflows of 157 million yuan and 77.425 million yuan respectively [2] - The stocks with the largest capital outflows included Zhengzhou Coal Power, Electric Power Energy, and Yongtai Energy, with outflows of 45.022 million yuan, 42.177 million yuan, and 29.549 million yuan respectively [2][3]

型及広 煤炭/ 煤炭开采 版费 行业 相关研究 近券研究报 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 研究支持 施佳瑜 A0230521040004 shijy@swsresearch.com 联系人 施佳瑜 A0230521040004 shijy@swsresearch.com 2026 年 01 月 26 日 节前寒潮频繁扰动,有望支撑 委员 娱炭行业周报（2026.1.17-2026.1.23） 本期投资后了 ● 动力煤方面，截至 1 月 23 日，据中国煤炭市场网，秦皇岛港口 Q4500、Q5000、 Q5500动力煤现货价收报 514、599、685元/吨，环比-8、-9、-10 元/吨。供给端, 据中国煤炭市场网，环渤海四港区本周日均调入量 159.11 万吨，环比上周减少 0.6 万 吨,降幅 0.39%,同比下降 4.12%,产地生产正常,降雪对运输的影响已消除。需求 端,寒潮来 ...

（来源：工人日报） 本报讯 （记者毛浓曦 祝盼）最近，创新达人、陕西煤业化工集团有限公司柠条塔矿业矿井维修电工焦 悦峰的劲头更足了。不久前，他通过了集团公司的2025年度特级技师首席技师评价答辩，在获评首席技 师的同时也获得高级工程师职称。 "全省首次试点，好政策的阳光就照到我身上，首席技师职业技能等级证书、高级工程师职称证书一次 拿，更得好好干，现在正在创作一台多功能锚杆机，以提高打帮锚速度。"焦悦峰说。 焦悦峰说的这项好政策就是陕西省在陕煤集团试点的"一评两证"人才评价新模式。2025年，陕西省人社 厅等8部门为激活各类企业技能人才培养主体作用，出台了《陕西省推动技能强企工作13条措施》。其 中明确，深入实施"新八级工"职业技能等级制度，并提出遴选一批高技能人才和专业技术人才密集的重 点产业链企业，开展"一评两证"工作试点，企业人才参加本单位一次评审，通过后可同时获得职称证书 和职业技能等级证书。 陕煤集团在试点中，健全完善了组织机构，结合企业实际出台《特级技师首席技师评价管理办法》《高 技能人才"一评两证"工作方案（试行）》，明确了申报条件、评价方式等要求；在评价标准的设置上， 从职业品德、创新能力、实 ...