Core Viewpoint - The coal market is expected to stabilize and recover in price due to seasonal demand increases and supply constraints as the year-end safety inspections become stricter [1][2]. Group 1: Market Overview - In October, electricity consumption exceeded expectations with a growth of 10.4%, while non-electric demand remained weak, leading to a 9.7% year-on-year decline in coal imports [1]. - Domestic coal prices saw fluctuations in November, with a rise followed by a decline, while long-term contract prices were adjusted upwards [1]. - International coal prices, particularly for Australian thermal and coking coal, continued to rise in November [2]. Group 2: Supply and Demand Dynamics - Domestic coal production decreased by 2.3% year-on-year in October, and coal imports fell by 12.0% in November [1]. - The global seaborne coal loading volume dropped by 3.6% year-on-year in the first ten months, but demand from emerging markets remained strong [1]. - Seasonal demand is expected to increase from December to January, supporting coal prices as supply remains relatively low due to stricter safety regulations [2]. Group 3: Key Companies - Companies with stable earnings and dividends include China Shenhua (601008.SH), Shaanxi Coal and Chemical Industry (601225.SH), and China Coal Energy (601898.SH) [3]. - Companies likely to benefit from improved demand expectations and supply reductions include Shanxi Coking Coal (000983.SZ) and Lu'an Environmental Energy (601699.SH) [3]. - Companies with notable long-term growth potential include Baofeng Energy (600989.SH) and China Qinfa (00866) [3].

Investment Strategy - Crude oil supply is limited while demand remains resilient, leading to expectations of fluctuating prices in the future [9][10] - The global oil and gas capital expenditure trend is declining, with a significant reduction of nearly 22% from the 2014 peak to 2021 [9][10] - Major energy companies are cautious with capital expenditures due to long-term low oil prices and increasing decarbonization pressures [9][10] - OPEC+ has announced no further production increases for the next year, indicating limited supply growth [9][10] Crude Oil - Brent crude oil spot price is $64.58 per barrel, up 0.87% week-on-week, while WTI crude oil spot price is $59.33 per barrel, up 1.23% week-on-week [10][32] - The market is responding to geopolitical risks and expectations of interest rate cuts by the Federal Reserve, which have contributed to price fluctuations [10][32] Coal - The average market price for Qinhuangdao port thermal coal (Q5500) is 802.7 yuan per ton, down 3.32% week-on-week, indicating weak demand and rising inventories [11][12] - Total coal inventory at major ports in the Bohai Rim reached 27.61 million tons, up 3.77% week-on-week, while southern ports reported 6.426 million tons, up 2.57% [11][12] - Domestic key power plants reported a daily coal consumption of 4.77 million tons, down 3.44% week-on-week, with coal inventory at 13.01 million tons, up 2.09% [11][12] Coking Coal - Coking coal prices are declining due to weak supply and demand dynamics, with the price of main coking coal at 1,630 yuan per ton, down 2.40% week-on-week [13][14] - Steel mills are showing cautious purchasing behavior due to lower profitability, impacting coking coal demand [13][14] Natural Gas - The EU has reached an agreement to phase out Russian gas imports by 2027, which may impact global gas supply dynamics [15][16] - The average price of NYMEX natural gas is $4.95 per million British thermal units, up 7.7% week-on-week, while European gas prices have decreased [15][16] Oilfield Services - The oilfield services sector is expected to maintain its growth due to government policies supporting energy security and capital expenditures [17][18] - The number of active drilling rigs globally is reported at 1,800, with a slight decrease in the Middle East and Asia-Pacific regions [17][18]

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The coal sector has seen a rise, but it underperformed compared to the CSI 300 index, with a weekly increase of 0.77% against the CSI 300's 1.28% [2] - Inventory levels are increasing due to supply policies, while coal prices are declining rapidly. Despite increased production, supply constraints are expected to persist, leading to potential coal shortages in certain regions [6][32] - The report anticipates a rise in the coal price center in the fourth quarter, with current coal asset dividends being reasonable [6][32] Summary by Sections Coal Market Performance - As of December 5, 2025, the coal sector's performance was 0.77% up, lagging behind the CSI 300 index by 0.51 percentage points. A total of 21 stocks rose, while 14 fell, with New Dazhou A showing the highest increase of 14.98% [2] Key Data on Coal Sales and Inventory - The average daily coal sales for monitored enterprises from November 28 to December 4, 2025, were 6.98 million tons, down 5% week-on-week and down 9.5% year-on-year. Total coal inventory was 24.67 million tons, a decrease of 0.3% week-on-week and 20.5% year-on-year [2][30] Price Trends in Coal Types - As of December 5, 2025, the price of thermal coal (Q5500K) was 706 CNY/ton, up 1.15% week-on-week, while the price of imported thermal coal fell by 4.69% to 874 CNY/ton. Prices for coking coal and anthracite also showed declines [3][4] Investment Recommendations - The report suggests prioritizing investments in high-dividend thermal coal companies such as China Shenhua, Shaanxi Coal, and others. For coking coal, companies like Huaibei Mining and Shanxi Coking Coal are recommended. Additionally, companies with improved profits in the coking sector are highlighted [6][32]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Viewpoints - The coal price has upward momentum in December, driven by seasonal demand increases and supply constraints [4][7] - The coal mining industry is characterized by high asset quality and strong cash flow among leading companies, indicating a favorable long-term outlook for coal prices [7] Summary by Sections 1. Thermal Coal - As of December 5, the price of thermal coal at northern ports is 785 RMB/ton, a decrease of 31 RMB/ton week-on-week [14] - Production in the Sanxi region has seen a slight decrease in capacity utilization, down 0.61 percentage points [14][21] - Coastal and inland power plants have increased daily coal consumption by 7.3 and 35.3 thousand tons respectively [14][23] - The inventory of power plants in 25 provinces is 136.12 million tons, down 115 thousand tons year-on-year [14][34] 2. Coking Coal - The capacity utilization rate for coking coal mines has decreased by 0.17 percentage points to 84.5% [5][40] - The average crossing volume at Ganqimaodu port has increased, indicating stable import levels [5][44] - The price of main coking coal at ports is 1,630 RMB/ton, down 40 RMB/ton week-on-week [5][41] 3. Coke - The production rate of independent coking plants has increased slightly to 72.66% [53][59] - The average profit per ton of coke has decreased to approximately 30 RMB/ton, down 16 RMB/ton week-on-week [57] - The price of coke at Rizhao port is 1,630 RMB/ton, a decrease of 50 RMB/ton week-on-week [54] 4. Anthracite - The price of anthracite remains stable, with the small block price at 930 RMB/ton [69] 5. Key Companies and Profit Forecasts - Key companies to focus on include China Shenhua, Shaanxi Coal, and Yanzhou Coal, all rated as "Buy" [9]

Investment Rating - The report maintains an "Increase" rating for the coal mining industry [4] Core Viewpoints - Indonesia plans to impose a coal export tax starting in 2026 to increase national revenue, which has faced strong opposition from the coal mining association [2][8] - The report recommends companies with strong earnings elasticity such as Yancoal Energy, Jinkong Coal Industry, and focuses on Keda Automation in the smart mining sector [2] - Key companies to watch include major state-owned enterprises like China Coal Energy and China Shenhua, as well as turnaround candidates like China Qinfa [2] Summary by Sections Industry Overview - Global energy prices have shown mixed trends, with Brent crude oil futures at $63.75 per barrel (+0.87%) and WTI at $60.08 per barrel (+2.61%) as of December 5, 2025 [1] - Coal prices have seen slight adjustments, with Newcastle coal at $109.5 per ton (-1.44%) and South African Richards Bay coal at $90.8 per ton (+5.13%) [1][36] Key Companies and Recommendations - Recommended stocks include: - China Coal Energy: Buy with EPS estimates of 1.46, 1.21, 1.29, and 1.39 for 2024A to 2027E [7] - China Shenhua: Buy with EPS estimates of 2.95, 2.56, 2.71, and 2.86 for 2024A to 2027E [7] - Jinkong Coal Industry: Buy with EPS estimates of 1.68, 1.23, 1.47, and 1.62 for 2024A to 2027E [7] - Yancoal Energy: Buy with EPS estimates of 1.44, 0.99, 1.18, and 1.37 for 2024A to 2027E [7] - China Qinfa: Buy with EPS estimates of 0.20, 0.06, 0.27, and 0.47 for 2024A to 2027E [7] Market Trends - The coal industry is facing challenges due to the proposed export tax, which may impact its competitiveness in the global market [2][8] - The report highlights the importance of monitoring coal demand and pricing trends as the industry navigates these changes [2][36]

Investment Rating - The report maintains an "Overweight" rating for the coal industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Views - The coal price is expected to maintain a strong upward trend due to seasonal demand increases and supply constraints, despite short-term pressures from low consumption rates in certain regions [7][8]. - The report highlights the potential for coal prices to rise as winter approaches, with increased demand from power plants for stock replenishment [7]. - The introduction of stricter safety regulations is likely to impact coal production rates, further tightening supply [7][8]. Summary by Sections 1. Industry Overview - The coal industry consists of 37 listed companies with a total market capitalization of approximately 19,360.92 billion [2]. - The circulating market value of the industry is around 18,986.29 billion [2]. 2. Price Tracking - As of December 5, 2025, the average daily production of thermal coal from 462 sample mines is 5.512 million tons, showing a week-on-week increase of 0.22% but a year-on-year decrease of 7.53% [8]. - The price of thermal coal at the Qinhuangdao port is reported at 790 yuan per ton, down 31 yuan from the previous week, reflecting a week-on-week decline of 3.78% [8]. 3. Supply and Demand Dynamics - The report notes that the daily coal consumption across 25 provinces reached 5.839 million tons, an increase of 428,000 tons from the previous week, indicating a week-on-week growth of 7.91% [8]. - The report anticipates that as winter progresses, coal demand will increase, particularly in southern regions affected by cold weather [7]. 4. Company Performance and Recommendations - Key companies recommended for investment include Yanzhou Coal Mining Company, Shanxi Coal and Chemical Industry Group, and Jinneng Holding Group, which are expected to benefit from the anticipated rise in coal prices [7][8]. - The report emphasizes the importance of focusing on companies with high elasticity in their stock performance, particularly those involved in thermal coal production [7].

近年来，伴随煤炭价格整体弱势运行，行业企业经营业绩普遍承压。在2025年半年报中平煤股份就阐 述，上半年公司经营环境面临严峻挑战，煤炭市场供需格局持续宽松，价格下行压力显著。展望2025年 下半年，煤炭市场仍面临诸多不确定因素，但随着"反内卷"政策的持续推进，煤价底部基本确立，下半 年煤炭市场供需关系有望逐步改善。 对于本次董事、高管增持事项，平煤股份也表示，为维护公司全体股东利益，公司管理层基于对公司未 来发展的信心和长期投资价值的认可计划增持公司股份。 本次增持股份的资金来源均为自有资金。增持主体承诺，在增持期间、增持完成后6个月内不减持增持 的公司股份。 （文章来源：证券时报） 12月3日晚间，平煤股份（601666）公告，公司收到董事和高级管理人员拟通过上海证券交易所交易系 统以集中竞价交易方式自愿增持公司股份的通知。公司董事和高级管理人员共计16人，基于对公司未来 发展前景的信心与价值认同，计划自公告日（含本日）起1个月内，以其自有资金通过上海证券交易所 交易系统以集中竞价交易方式增持公司股份，合计增持股份金额不少于255.04万元。 本次增持不设置价格区间，增持主体将根据市场整体走势及公司股票价格 ...

12月3日晚间，平煤股份（601666）公告，公司收到董事和高级管理人员拟通过上海证券交易所交易系 统以集中竞价交易方式自愿增持公司股份的通知。公司董事和高级管理人员共计16人，基于对公司未来 发展前景的信心与价值认同，计划自公告日(含本日)起1个月内，以其自有资金通过上海证券交易所交 易系统以集中竞价交易方式增持公司股份，合计增持股份金额不少于255.04万元。 近年来，伴随煤炭价格整体弱势运行，行业企业经营业绩普遍承压。在2025年半年报中平煤股份就阐 述，上半年公司经营环境面临严峻挑战，煤炭市场供需格局持续宽松，价格下行压力显著。展望2025年 下半年，煤炭市场仍面临诸多不确定因素，但随着"反内卷"政策的持续推进，煤价底部基本确立，下半 年煤炭市场供需关系有望逐步改善。 对于本次董事、高管增持事项，平煤股份也表示，为维护公司全体股东利益，公司管理层基于对公司未 来发展的信心和长期投资价值的认可计划增持公司股份。 本次增持股份的资金来源均为自有资金。增持主体承诺，在增持期间、增持完成后6个月内不减持增持 的公司股份。 据披露，此番平煤股份拟参与增持的董事和高级管理人员包括党委书记李庆明、董事长焦振营、董事 ...

中证报中证网讯(王珞)12月2日，平煤股份（601666）发布增持股份计划公告，公司16名董事及高级管 理人员基于对公司未来发展前景的坚定信心与价值认同，计划自公告日起1个月内，使用其自有资金通 过上海证券交易所交易系统以集中竞价交易方式增持公司股份，合计增持金额不少于255.04万元。 公告显示，本次增持人员包括公司党委书记李庆明、董事长焦振营、董事兼总经理张国川等关键岗位人 员。本次增持计划不设置价格区间，增持主体将根据资本市场整体走势及公司股票价格波动情况，在1 个月的期限内择机实施增持计划。此次增持的资金全部来自其自有资金。同时，16名增持主体承诺，在 增持期间及增持完成后6个月内，不减持此次所增持的公司股份。 近年来，平煤股份相关方多次增持公司股份。公司控股股东中国平煤神马控股集团有限公司(以下简 称"中国平煤神马集团")于2024年7月30日至2024年12月12日期间，通过上海证券交易所交易系统合计增 持4950.29万股公司股份，交易金额4.91亿元。2024年9月22日，平煤股份公告称，中国平煤神马集团董 事长李毛和时任总经理李延河，分别以自有资金通过集中竞价方式买入公司股份4万股。 ...

Core Viewpoint - The management and directors of Pingmei Shenhua Coal Industry Co., Ltd. (平煤股份) are voluntarily increasing their shareholding in the company, reflecting their confidence in the company's future development and value recognition [1][2]. Group 1: Shareholding Increase - A total of 16 directors and senior management personnel plan to increase their shareholding by at least 2.5504 million yuan within one month from the announcement date [1]. - The increase will be executed through the Shanghai Stock Exchange trading system without a set price range, allowing the management to choose the timing based on market conditions [1]. - Key figures involved in the shareholding increase include Party Secretary Li Qingming and Chairman Jiao Zhenying, who currently hold 63,600 shares and 62,000 shares, respectively [1]. Group 2: Company Overview - Pingmei Shenhua is a major coal mining company in China, with a resource volume of nearly 3 billion tons and a leading position in the market for high-quality low-sulfur coking coal [2]. - The company's main revenue source is the sale of coal products, which are primarily sold through long-term contracts and direct sales [2]. - The coal market has faced challenges due to a weak pricing environment, but there are expectations for gradual improvement in supply-demand dynamics in the second half of 2025 [2].