香港联交所最新数据显示，2月9日，Funde Sino Life Insurance Co.,Ltd.减持中煤能源(01898)167.1万股， 每股作价11.93港元，总金额约为1993.503万港元。减持后最新持股数目约为16.01亿股，持股比例为 38.99%。 来源：智通财经网 ...

Investment Rating - The report assigns an "Overweight" rating for the coal industry [2] Core Insights - The report anticipates a significant resurgence in U.S. coal demand, driven by the abandonment of decarbonization policies under the Trump administration, which is expected to lead to a 12.4% increase in coal consumption over the next decade [10][11] - The U.S. coal industry is at a historical turning point, with a projected increase in coal demand of 12-15 million tons by 2025 due to rising electricity needs driven by AI and extreme climate impacts [11][39] - The report emphasizes the importance of coal and natural gas as reliable baseload energy sources to address the electricity shortages exacerbated by AI-driven demand [10][31] Summary by Sections Investment Overview - The report highlights the critical role of clean coal resources in meeting rising electricity demand due to domestic manufacturing and AI data processing centers [9] U.S. Electricity Shortage and Energy Cycle - The U.S. is facing a dual challenge of both electricity load and quantity shortages, with coal and natural gas identified as key solutions [31] - The report predicts that by 2030, U.S. electricity demand will exceed 5.1 trillion kWh, with AI data centers contributing significantly to this increase [16][18] U.S. Coal Market Outlook - The report forecasts that 2025 will mark a turning point for the U.S. coal industry, with a projected increase in coal consumption and a shift towards coal-fired power generation [39][40] - It is expected that coal demand will peak around 2028, with an increase of 12-15 million short tons compared to 2024 [46] Supply Solutions for U.S. Coal - The report suggests that domestic production capacity is limited, and the most direct solution to meet rising demand is to convert approximately 50 million tons of coal exports to domestic sales [12] - The report anticipates that the U.S. may need to increase coal imports by 20-50 million tons to balance the global coal supply-demand equation [12][25] Beneficiary Companies - Recommended companies benefiting from this trend include Peabody Energy, Core Natural Resources, and Alliance Resource Partners, along with several leading Chinese coal companies [13][14]

香港联交所最新数据显示，2月9日，Funde Sino Life Insurance Co.,Ltd.减持中煤能源（601898） (01898)167.1万股，每股作价11.93港元，总金额约为1993.503万港元。减持后最新持股数目约为16.01亿 股，持股比例为38.99%。 ...

Group 1 - Funde Sino Life Insurance Co., Ltd. reduced its stake in China Coal Energy (01898) by selling 1.671 million shares at a price of HKD 11.93 per share, totaling approximately HKD 19.935 million [1] - After the reduction, Funde Sino's remaining shareholding is approximately 1.601 billion shares, representing a holding percentage of 38.99% [1]

企查查APP显示，近日，中煤（北京）数据科技有限公司成立，注册资本1000万元，经营范围包含：物 联网应用服务；供应链管理服务；人工智能公共服务平台技术咨询服务；软件开发等。企查查股权穿透 显示，该公司由中国中煤能源集团有限公司间接全资持股。 （原标题：中国中煤在北京成立数据科技公司，含AI业务） ...

Summary of China Coal Energy Conference Call Industry Overview - In early 2026, coal production experienced a slight year-on-year decline of 1.8%, influenced by stricter safety regulations and the relocation of coal enterprises. Coking coal saw a significant decrease, while thermal coal remained relatively stable. The relocation issue is gradually being resolved [2][3][4]. Company Performance - China Coal Energy achieved a long-term contract fulfillment rate exceeding 90% in 2025, in line with national requirements. The long-term contracts for 2026 have been mostly signed, with a similar scale to 2025, utilizing over 75% of self-owned resources for these contracts [2][5][6]. - The company is progressing with ongoing projects, including the Li Bi smokeless coal mine expected to commence production in 2027 and the Tailzigou project anticipated to start by the end of 2026. The Yulin Phase II coal chemical project will be self-sufficient in coal supply from the Dahai coal mine [2][7][8]. Cost Management - The cost in Q4 is expected to remain stable or slightly lower than Q3, benefiting from cost reduction and efficiency improvement strategies. Despite rising raw material and labor costs, the company maintains a low cost level through various measures [2][10][11][12]. Market Dynamics - The impact of Indonesia's export restrictions on China Coal Energy is limited, as domestic power plant inventories are high and purchasing enthusiasm is low. A reduction in imported coal may raise the central price of coal, but alternative sources must be considered [2][14][15]. - The overall coal supply in 2026 is expected to decrease, which could lead to a slight increase in coal prices. However, the exact impact remains uncertain due to potential increases in imports from Mongolia and Russia [2][15]. Regulatory Environment - The safety supervision policies remain stringent, with overproduction becoming a strict red line. No enterprises have exceeded production limits during this period, as the end and beginning of the year are typically off-peak seasons [2][19]. Future Outlook - China Coal Energy plans to maintain a dividend payout ratio of no less than 30%, with a target of 35% for 2024 and an expected increase for 2025. The company aims to balance capital expenditures with shareholder returns [2][3][24]. - The company has no immediate plans for asset injections, focusing instead on enhancing operational efficiency and future development prospects [2][20][21]. Additional Insights - The total investment for the Li Bi coal mine is approximately 9.4 billion yuan, with 1.217 billion yuan invested by the end of 2025. The profitability of this project will depend on market price fluctuations [2][13]. - The company is involved in strategic investments, including a 30% stake in Ping Shuo New Energy, aimed at improving management rather than a full-scale entry into the new energy market [2][23]. Upcoming Events - The monthly production and operation plan for January 2026 will be announced around February 13-14, and a performance briefing will be held on March 30 in Shanghai [2][26].

2月3日至6日，中国中煤陇东综合能源化工基地配套煤电项目（庆阳长庆桥2×1000MW煤电项目、平凉 灵台化工园区2×1000MW煤电项目）可行性研究报告评审会在甘肃省庆阳市顺利召开。会议由电力规划 设计总院主持，来自甘肃省工业和信息化厅、生态环境厅、水利厅、庆阳市、平凉市、灵台县、宁县、 长庆桥工业集中区管理委员会等相关政府部门，以及中国中煤能源集团有限公司、中煤电力有限公司、 中国中煤陇东综合能源化工基地工作专班、中煤靖远发电有限公司、西北电力设计院等单位的领导、专 家和代表共计100余人参加会议。此次会议汇聚政、企、研多方力量，为项目科学决策与高效推进奠定 坚实基础，标志着陇东综合能源化工基地配套煤电项目迈入关键实施阶段。 会前，专家组专程赴项目拟选址地——庆阳市宁县长庆桥化工园区与平凉市灵台县化工园区进行实地踏 勘，重点调研厂区规划用地、水源保障、固废综合利用场地、电网接入初步方案及区域交通运输条件等 关键环节，并与地方政府部门、设计单位现场交流，深入了解项目前期工作进展。专家组对两地资源禀 赋、建设条件及前期准备工作给予充分肯定，认为所选厂址具备建设大型煤电项目的良好基础，为可研 报告编制与评审提供了 ...

Group 1: Coal Prices - Qinhuangdao port thermal coal (Q5500) price increased to 692 CNY/ton, up 1 CNY/ton week-on-week as of February 7 [1] - Datong thermal coal price (Q5500) decreased to 567 CNY/ton, down 1 CNY/ton week-on-week as of February 5 [1] - International thermal coal prices: Newcastle NEWC5500 at 76.3 USD/ton, up 1.5 USD/ton week-on-week; ARA6000 at 101.6 USD/ton, down 1.5 USD/ton [1] Group 2: Coking Coal Prices - Beijing Tangshan port coking coal price decreased to 1700 CNY/ton, down 80 CNY/ton week-on-week as of February 5 [2] - Linfen coking coal price decreased to 1570 CNY/ton, down 80 CNY/ton week-on-week as of February 6 [2] - Australian hard coking coal price at 265.6 USD/ton, up 1.5 USD/ton week-on-week as of February 5 [2] Group 3: Production and Consumption - Sample thermal coal mine capacity utilization at 87.5%, down 0.8 percentage points week-on-week; coking coal mine utilization at 86.67%, down 2.5 percentage points [2] - Coastal provinces' coal consumption decreased by 16.3 million tons/day, down 7.22% week-on-week as of February 4 [3] - Inland provinces' coal consumption decreased by 81.8 million tons/day, down 18.1% week-on-week as of February 4 [3] Group 4: Market Outlook - Current coal market is at the beginning of a new upward cycle, with fundamental and policy support [4] - Indonesian government reduced coal production quotas by 40% to 70% compared to 2025 levels, impacting global coal supply [4] - Domestic coal supply is expected to remain constrained, with potential for price recovery due to demand resilience [5] Group 5: Investment Recommendations - Coal sector remains attractive due to high performance, cash flow, and dividends; recommended to focus on quality coal companies [6] - Suggested companies include China Shenhua, Shaanxi Coal, and Yancoal Australia among others [6] - Emphasis on the importance of coal assets as they are undervalued and have high potential for appreciation [5]

Group 1 - The first domestically produced large-scale intelligent pressure coupling equipment has been successfully developed, marking a significant achievement in China's capability for key equipment autonomy in this field [1] - The equipment addresses the long-standing challenges of heat hazards in coal mines, providing a solution that avoids the drawbacks of traditional high-pressure heat exchange systems and the high costs associated with importing foreign equipment [1] - Key breakthroughs in technology include innovative structural design and pressure pre-balancing strategies, which eliminate water hammer phenomena and enable efficient energy conversion between high-pressure and low-pressure fluids [1] Group 2 - The equipment features high reliability, capable of withstanding harsh conditions such as high pressure and frequent temperature changes, while also exhibiting long lifespan and low flow resistance [2] - It incorporates advanced artificial intelligence architecture for dynamic sensing, precise control, and real-time safety monitoring of the ground cooling system, promoting the intelligent development of mining cooling systems [2] - The equipment has been in stable operation for over three months in the manufacturing testing workshop of De Mining Jiuding (Tianjin) Technology Co., Ltd., with performance indicators reaching international advanced levels, and is scheduled for deployment in Liu Zhuang Coal Mine's western area in the first half of this year [2]

Investment Rating - The report maintains an "Overweight" rating for the coal mining sector [4] Core Insights - The coal market is currently influenced by external factors, particularly the proposed significant production cuts by Indonesia, which could lead to a global coal supply shortage and increased prices [2][13] - The report emphasizes the importance of overseas markets over domestic ones, suggesting that any "black swan" events in these markets could significantly impact coal prices [2] - The report highlights the "Overseas 3 Small Coal" concept, focusing on companies with international operations that are likely to benefit from the anticipated price increases [2][13] Summary by Sections Market Overview - The CITIC Coal Index was reported at 3868.96 points, a decrease of 0.61%, outperforming the CSI 300 Index by 0.72 percentage points [76] - The report notes that the coal market lacks imagination under current fundamental conditions, but high coal prices could enhance company valuations if unexpected events occur [1][2] Key Areas of Analysis - The report discusses the impact of Indonesia's proposed production cuts, which could reduce output by 40% to 70% compared to 2025 levels, potentially leading to a significant tightening of the global coal market [1][2] - It also mentions that the domestic coal market is expected to experience a dual weakness in supply and demand as the Chinese New Year approaches, with prices likely to stabilize [33][38] Investment Strategy - The report recommends focusing on companies with international coal sales, specifically highlighting China Qinfa (Indonesia), Power Development (South Africa), and Yancoal Australia (Australia) as key investment opportunities [2][13] - It also suggests that Yancoal Australia's parent company, Yanzhou Coal, should be closely monitored [13] Price Trends - As of February 6, 2026, the spot price for thermal coal at northern ports was reported at 697 RMB/ton, reflecting a slight increase of 2 RMB/ton week-on-week [33] - The report indicates that while the market is currently stable, the sentiment is optimistic due to the supply constraints from Indonesia, which may lead to price increases post-holiday [33][35] Focused Companies - The report recommends several companies for investment, including China Shenhua, Shaanxi Coal, and Zhongmei Energy, based on their performance and market positioning [10][13] - It also highlights the importance of companies like Keda Control and China Qinfa, which are positioned to benefit from market changes [13]