证券日报网讯12月11日，中煤能源（601898）在互动平台回答投资者提问时表示，截至12月10日中煤能 源股东A股69404户。 ...

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].

石油石化 2025 年 12 月 10 日 传统能源行业 2026 年年度策略报告 周期新启，攻守兼备 强于大市（维持） 行情走势图 -20% -10% 0% 10% 20% 30% 25-01 25-02 25-03 25-04 25-05 25-06 25-07 25-08 25-09 25-10 25-11 25-12 沪深300 石油石化 煤炭 证券分析师 | 陈潇榕 | 投资咨询资格编号 | | --- | --- | | | S1060523110001 | | | chenxiaorong186@pingan.com.cn | 马书蕾 投资咨询资格编号 S1060524070002 mashulei362@pingan.com.cn 平安观点： 行 业 报 告 行 业 年 度 策 略 报 告 证 券 研 究 报 告 图表1 主要大宗商品和金融资产价格涨跌幅 图表2 原油、天然气、煤炭价格走势(美元/百万英热) 资料来源： wind ，钢联数据，平安证券研究所，注：数据截至 2025.11.20 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 10 11 12 13 ...

2023年10月，蒙大矿业在与乌审旗国资的合同纠纷案中败诉，被判令支付价款差额22.23亿元。同年11 月，博源化工披露蒙大矿业账户资金已被法院划转，累计达22.23亿元。 12月8日，博源化工（000683.SZ，曾用名"远兴能源"）公告披露，其收到中国国际经济贸易仲裁委员会 （以下简称"仲裁委员会"）出具的终局裁决书。裁决书显示，被申请人需向乌审旗蒙大矿业有限责任公 司（以下简称"蒙大矿业"）支付探矿权价款差额18.89亿元。 该仲裁源于蒙大矿业与乌审旗国有资产投资经营有限责任公司（以下简称"乌审旗国资"）之间的探矿权 转让纠纷。2023年，蒙大矿业在该案中败诉，被判支付探矿权转让价款差额22.23亿元及案件受理费0.11 亿元。此后，蒙大矿业股东之一中国中煤能源股份有限公司（以下简称"中煤能源"）依据2009年签订的 股权协议，要求博源化工承担相应付款责任，并提起仲裁。其中，博源化工为第一被申请人，上海证大 投资发展有限公司（以下简称"上海证大"）为第二被申请人。 截至上述公告披露日，博源化工已就该仲裁事项累计计提预计负债约11.49亿元。 博源化工证券部相关人士向《中国经营报》记者表示，此次裁决为终局 ...

来源：新浪基金∞工作室 12月10日，截止午间收盘，能源ETF广发（159945）跌0.26%，报1.160元，成交额98.84万元。能源ETF 广发（159945）重仓股方面，中国神华截止午盘跌0.77%，中国石油跌0.82%，陕西煤业跌0.27%，中国 石化跌0.84%，中国海油涨0.18%，杰瑞股份涨1.42%，兖矿能源涨0.15%，广汇能源涨0.61%，中煤能源 跌0.45%，山西焦煤涨0.61%。 能源ETF广发（159945）业绩比较基准为中证全指能源指数，管理人为广发基金管理有限公司，基金经 理为姚曦，成立（2015-06-25）以来回报为16.53%，近一个月回报为-4.62%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 ...

证券日报网讯 12月9日，中煤能源在互动平台回答投资者提问时表示，公司高度重视控股上市公司市值 管理，已实施股份增持计划，推动实施中期分红，并督促有关公司有序实施估值提升计划，相关工作进 展请以有关上市公司披露信息为准。公司将继续聚焦提高持续经营能力、核心竞争力、投资价值和股东 回报能力，督促有关方面结合实际情况综合运用多种方式促进上市公司投资价值合理反映公司质量。 （文章来源：证券日报） ...

本报讯 （记者袁传玺）天眼查App显示，近日，中煤（宣威）新能源有限公司成立，注册资本2600万元，经营范围包括发 电业务、输电业务、供（配）电业务。股权全景穿透图显示，该公司由中国中煤旗下中煤绿能科技（北京）有限公司全资持 股。 （编辑 郭之宸） ...

消息面上，12月8日，焦炭连续主力合约日内跌5%；焦煤期货主力合约跌超6%。中信建投（601066） 指出，完成第四轮提涨后，主流钢厂于11月28日正式对焦炭提出"第一轮提降"，预计12月1日执行。炼 焦煤价格因需求回落而下跌，导致焦炭成本支撑进一步弱化；同时钢厂因利润压力，凭借减产带来的议 价权，对焦炭成功发起"首轮提降"，或标志煤焦市场的拐点确立。 煤炭股跌幅居前，截至发稿，中国秦发(00866)跌11.25%，报2.84港元；中煤能源（601898）(01898)跌 3.62%，报10.38港元；中国神华（601088）(01088)跌2.7%，报39.6港元；兖矿能源（600188）(01171)跌 2.51%，报10.11港元。 ...

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]