香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，幷明確表示，概不對因本公告全部或任何部份內容 而産生或因依賴該等內容而引致的任何損失承擔任何責任。 1 | 1．產量 | 萬噸 | 18.8 | 195.5 | 17.4 | 173.0 | 8.0 | 13.0 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2．銷量 | 萬噸 | 18.0 | 196.3 | 17.0 | 171.6 | 5.9 | 14.4 | | （四）硝銨 | | | | | | | | | 1．產量 | 萬噸 | 5.4 | 58.6 | 6.0 | 57.5 | -10.0 | 1.9 | | 2．銷量 | 萬噸 | 5.5 | 58.9 | 6.0 | 57.2 | -8.3 | 3.0 | | 三、煤礦裝備業務 | | | | | | | | | 煤礦裝備產值 | 億元 | 6.0 | 92.1 | 9.1 | 103.5 | -34.1 | -11.0 | 以上生產經營數據源自本公司內部統計，為投資者及時 ...

Investment Rating - The report maintains a positive outlook on the coal industry, indicating an "Overweight" rating due to expected price increases driven by supply constraints and high demand from cold weather [1]. Core Insights - The report highlights that as of January 9, 2026, the spot prices for thermal coal at Qinhuangdao port have increased, with Q4500, Q5000, and Q5500 grades priced at 526, 613, and 699 CNY/ton respectively, reflecting increases of 21, 20, and 17 CNY/ton week-on-week [1]. - Supply is expected to contract due to ongoing safety inspections and regulatory measures, while demand remains robust due to cold weather, supporting higher thermal coal prices [1]. - The report also notes that the average daily consumption of coal has improved, with a daily average of 164.79 million tons being shipped out from the Bohai Rim ports, a 0.69% increase week-on-week [1]. Summary by Sections 1. Recent Industry Policies and Dynamics - A national safety production meeting was held on January 6, emphasizing the need for stringent safety measures in mining operations [7]. - A new coal transportation route from Longkou to Guangzhou was inaugurated, enhancing coal distribution efficiency [7]. 2. Price Movements - Domestic thermal coal prices have seen a week-on-week increase, with specific grades reporting price hikes [8]. - International thermal coal prices have shown stability with slight increases in certain markets, such as Indonesia [9]. 3. Inventory and Supply - Bohai Rim port coal inventory decreased to 26.727 million tons, a 2.91% drop week-on-week, indicating tighter supply conditions [20]. - The average daily coal inflow to the Bohai Rim ports increased by 4.28% week-on-week, while outflow also saw a slight increase [20]. 4. Shipping Costs - Domestic coastal shipping costs have decreased slightly, with average freight rates reported at 31.90 CNY/ton, a 1.69% decline week-on-week [26]. - International shipping rates have shown mixed trends, with some routes experiencing price increases while others have decreased [26]. 5. Company Valuations - The report includes a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalizations, and earnings projections [30].

上述生产经营数据并不对本公司未来经营情况作出任何明示或默示的预测 或保证，投资者应注意不恰当信赖或使用以上信息可能造成投资风险。 公司将在本公告披露后适时召开月度生产经营数据说明会，具体参会事宜请 询公司投资者热线 010-82236028。 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。 | 指标项目 | 单位 | 2025 | 年 | 2024 | 年 | 变化比率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 月份 12 | 累计 | 月份 12 | 累计 | 月份 12 | 累计 | | 一、煤炭业务 | | | | | | | | | （一）商品煤产量 | 万吨 | 1,091 | 13,510 | 1,186 | 13,757 | -8.0 | -1.8 | | （二）商品煤销量 | 万吨 | 2,188 | 25,586 | 2,842 | 28,483 | -23.0 | -10.2 | | 其中：自产商品煤销量 | 万吨 | 1, ...

Core Viewpoint - The announcement from China Coal Energy indicates a decline in coal production and sales for 2025, alongside mixed performance in its chemical products segment, with some products showing growth while others decline [1] Group 1: Coal Production and Sales - The projected coal production for 2025 is 135.1 million tons, representing a year-on-year decrease of 1.8% [1] - The expected coal sales for 2025 are 255.9 million tons, reflecting a year-on-year decline of 10.2% [1] Group 2: Chemical Products Performance - Polyethylene production is forecasted at 71.1 thousand tons, down 8.1% year-on-year, with sales at 70.2 thousand tons, a decrease of 9.4% [1] - Polypropylene production is expected to be 67.5 thousand tons, a decline of 8.8% year-on-year, with sales at 68.0 thousand tons, down 8.4% [1] - Urea production is projected to increase to 213.4 thousand tons, up 14.1% year-on-year, with sales reaching 242.3 thousand tons, an increase of 18.9% [1] - Methanol production is expected to be 195.5 thousand tons, a year-on-year increase of 13.0%, with sales at 196.3 thousand tons, up 14.4% [1] - Ammonium nitrate production is forecasted at 58.6 thousand tons, a slight increase of 1.9% year-on-year, with sales at 58.9 thousand tons, up 3.0% [1] Group 3: Mining Equipment - The output value of coal mining equipment is projected to be 9.21 billion yuan, reflecting a year-on-year decrease of 11.0% [1]

Core Viewpoint - The meeting focused on the innovation and development of intelligent technology for unmanned coal mining, aiming to enhance the high-quality development of the coal industry through collaboration among government, enterprises, and academic institutions [1][15]. Group 1: Meeting Highlights - The meeting gathered leaders, experts, and scholars from various sectors to discuss the strategic direction for the development of unmanned coal mining technology [1][2]. - Key stakeholders emphasized the importance of integrating government, industry, academia, and research to accelerate innovation and transform capabilities into industrial effectiveness [3][4]. Group 2: Strategic Goals and Achievements - The laboratory aims to become a leading source of innovation in unmanned coal mining technology, focusing on national energy security, deep resource development, and artificial intelligence [3][6]. - Significant achievements over the past year include ten innovative results, with three being landmark outcomes, highlighting the laboratory's progress in theoretical research and technology development [9][15]. Group 3: Expert Insights - Experts discussed the core value and development path of unmanned coal mining, noting the reduction of mining accidents through the integration of artificial intelligence and mechanization [5][6]. - The laboratory's collaborative model involving universities, research institutions, and enterprises is seen as a key to addressing talent shortages and enhancing the industry's technological capabilities [13][14]. Group 4: Future Directions - The laboratory plans to strengthen international cooperation and focus on green and low-carbon development, aiming to provide innovative solutions for global coal mining [5][6]. - Emphasis was placed on the need for original innovation and core technology breakthroughs, as well as the integration of education and technology to cultivate high-end talent in the field [10][12].

Group 1 - The core viewpoint of the article is that China Coal Energy (601898) manages most of its funds through its subsidiary, China Coal Finance Company, which collects and manages funds [1] - The interest income generated from funds deposited with peers is reflected in the financial statements as revenue from the financial business segment [1] - The "interest income" item in the profit and loss statement represents bank interest income generated from funds outside of the centralized collection [1]

Core Viewpoint - The company, China Coal Energy (中煤能源), has provided information regarding its product exports, indicating a diverse international market presence. Group 1: Export Markets - The company's coal products are primarily exported to Southeast Asian countries, including Indonesia and Cambodia [1] - The coal chemical products are mainly exported to Mexico and Chile [1] - The coal machinery equipment is primarily exported to Indonesia and Australia [1]

从资金流向上来看，当日煤炭开采板块主力资金净流出4460.34万元，游资资金净流出1.65亿元，散户资 金净流入2.1亿元。煤炭开采板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601898 | 中煤能源 | 13.54 | -1.96% | 31.35万 | 4.25 乙 | | 002128 | 电投能源 | 29.26 | -1.81% | 16.59万 | 4.91亿 | | 000571 | 新大洲A | 6.02 | -1.79% | 29.88万 | 1.80亿 | | 600395 | 盘江股份 | 4.87 | -1.42% | 1 21.52万 | 1.05亿 | | 601088 | 中国神华 | 41.86 | -1.39% | 26.09万 | 10.93 Z | | 600758 | 辽宁能源 | 3.79 | -0.79% | 24.50万 | 9275.00万 | | 600508 | 上海能源 | 12.43 | -0.64% | 7 ...

Group 1 - The core point of the article is that China Coal Shaanxi Energy Chemical Group Co., Ltd. has increased its registered capital from approximately 10.3 billion RMB to about 12.26 billion RMB, representing a growth of about 19% [1] Group 2 - The company was established in September 2023 and is legally represented by Liang Yunfeng [1] - The business scope includes coal washing, basic chemical raw material manufacturing, chemical product production, mining machinery manufacturing, coal and product sales, renewable resource recovery, property management, engineering management services, and solid waste treatment [1] - The company is wholly owned by China Coal Energy Co., Ltd. [1]

Core Viewpoint - The establishment of the National Key Laboratory for Intelligent Technology in Coal Mining aims to advance the digital and unmanned extraction of coal, focusing on national energy security and the development of artificial intelligence [3][4][6]. Group 1: Laboratory Establishment and Goals - The laboratory is co-established by Anhui University of Science and Technology, China Coal Energy Group, and China Coal Technology & Engineering Group, targeting cutting-edge technology research [3][4]. - Its primary objectives include achieving intelligent mining equipment, geological transparency, and standardized management operations, positioning itself as a leading innovation source for unmanned coal mining technology [3][4][6]. Group 2: Strategic Importance and Support - The Anhui Provincial Science and Technology Department emphasizes the importance of the laboratory in supporting local high-quality development and national strategic technology needs [3]. - China Coal Energy Group highlights its commitment to integrating the laboratory into its innovation system, focusing on the digital transformation of the coal industry [4]. Group 3: Achievements and Future Plans - The laboratory has made significant progress in organizational structure, research centers, and the establishment of experimental bases, enhancing management efficiency and research output [5]. - Key achievements include ten innovative results related to efficient coal mining technologies and three landmark innovations in geological transparency and disaster prevention [6]. - Future plans involve strengthening collaboration among the founding entities and focusing on the completion of key projects, including the construction of experimental bases and the publication of relevant literature [6]. Group 4: Conference Highlights - The conference featured presentations on various topics related to intelligent coal mining technologies, showcasing research progress and future directions [7]. - The 2025 work report for the laboratory and the annual report for the Mining Intelligent Technology and Equipment Collaborative Innovation Center were reviewed during the meeting [7].