Group 1 - The company plans to provide a guarantee for its subsidiary, Henan Pingmei Shenneng Rufen Carbon Material Technology Co., Ltd., for a financing application of up to 300 million RMB from Huaxia Bank [2] - The guarantee will cover the principal balance of up to 300 million RMB and its interest, with a term not exceeding one year [2] - The board of directors unanimously approved the guarantee proposal with 15 votes in favor, and no votes against or abstentions [2][6] Group 2 - The guarantee is deemed necessary to support the subsidiary's operational development and financing needs, aligning with the company's strategic goals [4] - The subsidiary is financially stable, and the overall risk is controllable, ensuring that the guarantee will not adversely affect the company's daily operations or shareholder interests [4][6] - As of the announcement date, the company has a total of 1.978 billion RMB in external guarantees, which represents 7.56% of the company's latest audited net assets [6]

证券代码：601666 证券简称：平煤股份 公告编号：2026-013 平顶山天安煤业股份有限公司 关于为控股子公司融资提供担保的公告 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。 重要内容提示： 担保对象及基本情况 | 被担保人名称 | 本次担保金额 | 实际为其提供的 | | | 是否在前期预计 | 本次担保是否有 | | --- | --- | --- | --- | --- | --- | --- | | | | 担保余额（不含本 次担保金额） | | | 额度内 | 反担保 | | 河南平煤神马汝丰炭 | 3 亿元 | | 9.53 | 亿元 | 不适用 | 否 | | 材料科技有限公司 | | | | | | | 累计担保情况 | 对外担保逾期的累计金额（亿元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 | 19.78 | | 子公司对外担保总额（亿元） | | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 7.56 | | | □担保金额（含本次）超过上市公司 ...

Group 1 - The coal stocks in the A-share market experienced a collective decline, with Daya Energy hitting the daily limit down and Shaanxi Black Cat dropping over 8% [1] - Other companies such as Baotailong, China Coal Energy, and Meijin Energy fell more than 7%, while Shanxi Coking Coal, Yunmei Energy, and several others dropped over 6% [1] - The overall trend indicates a significant downturn in the coal sector, affecting multiple companies with varying degrees of decline [1] Group 2 - Daya Energy saw a decrease of 9.91% with a total market value of 15.9 billion [2] - Shaanxi Black Cat declined by 8.73%, holding a market capitalization of 8.538 billion [2] - Baotailong's stock fell by 7.99%, with a market value of 6.398 billion [2] - China Coal Energy dropped by 7.68%, with a market capitalization of 167.5 billion [2] - Meijin Energy decreased by 7.31%, valued at 20.7 billion [2] - Shanxi Coking Coal fell by 6.98%, with a market value of 38.6 billion [2] - Yunmei Energy declined by 6.72%, holding a market capitalization of 4.773 billion [2] - Other companies such as Electric Power Investment Energy, Zhengzhou Coal Electricity, and Shaanxi Coal Industry also reported declines ranging from 5.21% to 6.40% [2]

2月2日，平煤股份跌5.01%，截至发稿，报8.16元/股，成交2.47亿元，换手率1.20%，总市值201.50亿 元。 截至发稿，罗文杰累计任职时间12年290天，现任基金资产总规模1713.58亿元，任职期间最佳基金回报 187.93%， 任职期间最差基金回报-47.6%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，南方基金旗下1只基金位居平煤股份十大流通股东。南方中证500ETF（510500）三季度减持 44.8万股，持有股数2157.37万股，占流通股的比例为0.87%。根据测算，今日浮亏损失约927.67万元。 南方中证500ETF（510500）成立日期2013年2月6日，最新规模1446.9亿。今年以来收益12.18%，同类 排名618/5580；近一年收益52.38%，同类排名1146/4286；成立以来收益182.31%。 南方中证500ETF（510500）基金经理为罗文杰 ...

Investment Rating - The report maintains a "Buy" rating for several coal companies, including China Shenhua, Shaanxi Coal and Electricity, and Xinji Energy, while recommending "Hold" for Pingmei Shenma [8][9]. Core Insights - The coal market is expected to focus on overseas opportunities rather than domestic ones, with potential "black swan" events in the international market that could significantly impact coal prices [1]. - The report emphasizes the importance of companies with overseas operations, specifically China Qinfa (Indonesia), Power Development (South Africa), and Yancoal Australia (Australia) [1]. - The report highlights that the coal price is expected to remain volatile, driven by pre-holiday stockpiling and tightening supply as the Chinese New Year approaches [10][34]. Summary by Sections Market Overview - The CITIC Coal Index rose to 3892.74 points, an increase of 3.98%, outperforming the CSI 300 Index by 3.90 percentage points [69]. - China Qinfa's market capitalization reached a historical high of 10.6 billion HKD, reflecting strong market sentiment [1]. Coal Price Trends - As of January 30, 2026, the price of thermal coal at North Port was 695 CNY/ton, up by 4 CNY/ton week-on-week [34]. - The report notes that coal prices are expected to stabilize as supply tightens and demand fluctuates due to the upcoming holiday [34]. Focus on Key Companies - The report recommends focusing on companies like China Shenhua, Shaanxi Coal, and Xinji Energy, which are expected to perform well due to their strong fundamentals [9]. - Companies like China Qinfa, which are expanding overseas, are highlighted as having significant growth potential [1][9]. Supply and Demand Dynamics - The report indicates that coal supply is tightening as some mines halt production for the holiday, while demand is supported by pre-holiday stockpiling [10][34]. - The report also mentions that the inventory levels at major ports are decreasing, which could support price stability [14]. Future Outlook - The report suggests that the coal industry will continue to play a crucial role in China's energy landscape, with a focus on high-quality development amid structural reforms [34]. - Long-term prospects for the coal sector remain positive, with expectations of increased concentration and stability in supply-demand dynamics [34].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that coal prices are expected to rebound, with a focus on the cyclical elasticity of both thermal coal and coking coal prices, which are currently at historical lows, providing room for recovery [5][15] - The report emphasizes that the price of thermal coal is influenced by supply constraints and increasing demand due to seasonal factors, while coking coal prices are more market-driven [4][5] Summary by Relevant Sections Investment Logic - Thermal coal prices are expected to rise through a four-step process: repairing central and local long-term contracts, reaching the coal-electricity profit-sharing line, and approaching the breakeven point for power plants, estimated at around 750 RMB per ton for 2025 [4][15] - Coking coal prices are determined by supply and demand fundamentals, with target prices based on the ratio of coking coal to thermal coal prices [4][15] Investment Recommendations - The report suggests a dual logic for coal stocks: cyclical elasticity and stable dividends. Key stocks to consider include: - Cyclical logic: Jin控煤业, 兖矿能源 for thermal coal; 平煤股份, 淮北矿业, 潞安环能 for metallurgical coal - Dividend logic: 中国神华, 中煤能源, 陕西煤业 - Diversification and growth logic: 神火股份, 电投能源, 新集能源, 广汇能源 [5][16] Key Market Indicators - The coal index increased by 3.68%, outperforming the Shanghai and Shenzhen 300 index by 3.6 percentage points [10][25] - As of January 30, the price of Qin港 Q5500 thermal coal was 692 RMB per ton, reflecting a slight increase of 7 RMB from the previous period [21] - The report notes a significant drop in coal inventory at ports, indicating tightening supply conditions [21][23]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that coal prices are expected to rebound, with a focus on the cyclical elasticity of both thermal coal and coking coal prices, which are currently at historical lows, providing room for recovery [5][15] - The report outlines a four-step process for the upward movement of thermal coal prices, including the restoration of long-term contracts and reaching a breakeven point for coal and power companies [4][15] - The report emphasizes that the overall investment logic remains unchanged, driven by a dual influence of tightening supply and increasing demand, particularly during the heating season [3][4] Summary by Sections Investment Logic - Thermal coal and coking coal prices are at a turning point, with thermal coal being a policy-driven commodity. The price recovery is expected to follow a specific process involving the restoration of long-term contracts and reaching a breakeven price of around 750 RMB per ton [4][15] - Coking coal prices are more influenced by market fundamentals, with target prices based on the ratio of coking coal to thermal coal prices, indicating potential target prices of 1608 RMB to 2064 RMB depending on thermal coal price movements [4][15] Investment Recommendations - The report suggests a dual logic for coal stocks: cyclical elasticity and stable dividends. It identifies four main lines for stock selection: 1. Cyclical logic: Jin控煤业 and 兖矿能源 for thermal coal; 平煤股份, 淮北矿业, and 潞安环能 for metallurgical coal 2. Dividend logic: 中国神华, 中煤能源, and 陕西煤业 3. Diversified aluminum elasticity: 神火股份 and 电投能源 4. Growth logic: 新集能源 and 广汇能源 [5][16] Key Market Indicators - The coal index increased by 3.68%, outperforming the Shanghai and Shenzhen 300 index by 3.6 percentage points, with notable gains from companies like 盘江股份 and 山西焦化 [10][25] - The report provides various market indicators, including port prices for thermal coal at 692 RMB per ton, reflecting a slight increase, and coking coal prices remaining stable at 1800 RMB per ton [21][23]

Investment Rating - The industry investment rating is maintained as "Increase" [5] Core Insights - The report highlights an increase in coal auction listings in Mongolia for 2025, with a total of 40.8832 million tons listed, up by 14.272 million tons. However, the transaction volume is slightly lower than in 2024, at 21.792 million tons, down by 0.576 million tons [2] - The report emphasizes the performance of specific companies, recommending investments in China Coal Energy (H+A), Yanzhou Coal Mining (H+A), China Shenhua Energy (H+A), and Shaanxi Coal and Chemical Industry. It also highlights companies focusing on smart mining, such as Keda Control, and those undergoing turnaround, like China Qinfa [3][7] - The report notes that the core port for coal transactions remains Ganqimaodu, contributing 83% of the total transaction volume [2] Summary by Sections Energy Prices Overview - As of January 30, 2026, Brent crude oil futures settled at $70.69 per barrel, up by $4.81 (7.3%) from the previous week. WTI crude oil futures settled at $65.21 per barrel, up by $4.14 (6.78%) [1] - Natural gas prices showed mixed trends, with Northeast Asia LNG spot prices at $11.68 per million British thermal units, down by $0.13 (-1.11%). The Dutch TTF gas futures settled at €40.65 per megawatt-hour, up by €1.28 (3.24%) [1] - Coal prices increased, with European ARA port coal prices at $101.50 per ton, up by $3.00 (3.05%), and Newcastle port coal prices at $116.75 per ton, up by $5.25 (4.71%) [1] Auction Performance - The report indicates that ETT led the auction with a transaction of 12.5696 million tons, followed by small TT and ER with 5.3632 million tons and 3.1296 million tons, respectively. The report also notes that coking coal transactions totaled 13.6192 million tons, down by 3.0656 million tons, while thermal coal transactions increased by 3.584 million tons to 8.1728 million tons [6] Key Stocks - The report provides a detailed table of recommended stocks, including: - China Coal Energy (601898.SH) with an EPS forecast of 1.21 for 2025 and a PE ratio of 11.32 - China Shenhua Energy (601088.SH) with an EPS forecast of 2.56 for 2025 and a PE ratio of 16.38 - Yanzhou Coal Mining (600188.SH) with an EPS forecast of 0.99 for 2025 and a PE ratio of 14.86 [7]

Investment Rating - The report maintains an "Accumulate" rating for the coal industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - The report highlights a favorable supply-demand dynamic in the coal market, with expectations of stable to increasing coal prices due to ongoing high demand and tightening supply conditions [7][8]. - The report emphasizes the importance of strategic investments in coal companies with strong dividend yields and low valuations, particularly in light of the anticipated recovery in coal prices [8]. Summary by Sections 1. Industry Overview - The coal industry comprises 37 listed companies with a total market capitalization of approximately 19,847.47 billion yuan and a circulating market value of about 19,430.80 billion yuan [2]. 2. Company Performance Tracking - Key companies such as China Shenhua, Shanxi Coking Coal, and Yancoal Energy are highlighted for their robust operational performance and strategic growth plans [12][13]. - China Shenhua is expected to achieve a net profit of 495-545 billion yuan in 2025, while Shanxi Coking Coal anticipates a significant decline in profits due to market pressures [8]. 3. Coal Price Tracking - The report notes that the price of thermal coal at the port has seen a slight increase, with the average price at the Qinhuangdao port reported at 698 yuan per ton, reflecting a week-on-week increase of 8 yuan [8]. - The international coal price has also risen, with Newcastle coal futures closing at 111.75 USD per ton, marking a daily increase of 2.43% [8]. 4. Supply and Demand Dynamics - The report indicates that the daily coal consumption across 25 provinces in China reached 6.648 million tons, showing a year-on-year increase of 36.48% [8]. - Supply constraints are expected as many private coal mines prepare for seasonal shutdowns, leading to a reduction in overall coal supply [8]. 5. Investment Opportunities - The report suggests focusing on companies with strong dividend policies and growth potential, such as China Shenhua, Yancoal Energy, and others, which are expected to benefit from the anticipated recovery in coal prices [8][12]. - It also highlights the potential for companies like Lu'an Huanneng and Pingmei Shenma to rebound as market conditions improve [8].

Investment Rating - The coal industry is rated as "stronger than the market" [7] Core Views - The report emphasizes that the fundamental goal is to reverse the Producer Price Index (PPI), with seasonal demand during the "peak winter" leading to a 1.3% increase in coal mining and washing prices, contributing to a 0.2% rise in PPI over three consecutive months [5][6] - The coal price is expected to stabilize due to its high correlation with PPI, with a potential low point for coal prices in 2025, influenced by policies aimed at reducing excessive competition [5] - The coal industry is undergoing a transformation driven by energy security demands, with limited supply elasticity due to strict capacity controls and increasing extraction difficulties, particularly in eastern regions [5][6] - Despite weak macroeconomic conditions affecting coal demand, the rigid supply and rising costs are expected to support coal prices, which are likely to maintain a volatile upward trend [5] Summary by Sections Coal Market Overview - As of January 30, the Qinhuangdao 5500K thermal coal price is 692 CNY/ton, up 7 CNY/ton week-on-week, with a year-on-year decline of 61 CNY/ton [3][31] - The average daily output of 462 sample coal mines is 5.329 million tons, down 81,000 tons week-on-week but up 1.77 million tons year-on-year [3][42] - The coal inventory index is slightly down to 180.4, indicating a minor decrease in coal stocks [3][53] Coking Coal - The main coking coal price at Jingtang Port is stable at 1800 CNY/ton, with a year-on-year increase of 340 CNY/ton [4][72] - The average daily output of 523 sample coking coal mines is 771,000 tons, reflecting a year-on-year increase of 64.2% [4][71] - The coking coal inventory stands at 2.672 million tons, down 7.2% week-on-week [4][71] Supply and Demand Dynamics - The daily consumption of the six major power plants has decreased to 847,000 tons, down 3.7% week-on-week but up 27.8% year-on-year [42][43] - The inventory of the six major power plants is 13.185 million tons, down 0.6% week-on-week [43][44] - The methanol and urea operating rates are at 91.2% and 88.3%, respectively, indicating a slight increase [47][48] Investment Opportunities - The report suggests focusing on companies with strong resource endowments and stable operating performance, such as China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical [6] - Companies with production growth potential benefiting from the coal price cycle, such as Yanzhou Coal Mining, Huayang Co., and Gansu Energy, are also highlighted [6] - Firms with global resource scarcity attributes, like Huaibei Mining and Shanxi Coking Coal, are recommended for investment [6]