沪指12月17日上涨1.19%，申万所属行业中，今日上涨的有28个，涨幅居前的行业为通信、有色金属， 涨幅分别为5.07%、3.03%。跌幅居前的行业为农林牧渔、国防军工、煤炭，跌幅分别为0.54%、 0.20%、0.11%。煤炭行业位居今日跌幅榜第三。 煤炭行业资金流向排名 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600725 | 云维股份 | 9.97 | 7.58 | 5425.03 | | 601918 | 新集能源 | 0.15 | 1.13 | 2821.11 | | 600397 | 江钨装备 | 1.95 | 2.02 | 2587.15 | | 601001 | 晋控煤业 | -2.12 | 1.18 | 1734.62 | | 601225 | 陕西煤业 | -1.16 | 0.29 | 1316.96 | | 600408 | 安泰集团 | -0.87 | 10.15 | 1030.46 | | 600188 | 兖矿能源 | 0.76 | 0.40 | 664.82 ...

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [5] Core Views - The report emphasizes the importance of AI in reshaping the energy sector, particularly in the coal market, indicating a potential bottom reversal and investment opportunities [1][3] - The coal price is expected to stabilize as winter demand improves, despite recent declines [16][33] - The report highlights the long-term supply constraints in the U.S. coal market, with limited new capacity and declining inventories, suggesting a historical reversal opportunity for coal prices [7][11] Summary by Sections Market Review - The CITIC Coal Index decreased by 3.80% during the week, underperforming the CSI 300 Index by 3.72 percentage points [1] - The report notes that the current coal price dynamics are driven by "real demand," with a recent cold wave not significantly impacting consumption [4][8] Coal Prices - As of December 12, 2025, the price of thermal coal at North Port was 761 RMB/ton, down 39 RMB/ton week-on-week [2][33] - The report indicates that coal prices are under pressure due to high port inventories and cautious purchasing behavior from traders [16][35] Supply and Demand Dynamics - The report states that coal production is normal, but some mines are temporarily reducing output due to maintenance, leading to a slight decrease in overall capacity utilization [3][16] - The report highlights that U.S. coal demand is expected to increase significantly in 2025, driven by power generation needs, with a projected 15% year-on-year growth in coal-fired electricity generation in the first half of 2025 [7][11] Investment Strategy - The report recommends several companies, including China Shenhua, Shaanxi Coal, and Yancoal, as key investment targets due to their strong performance and market positioning [12][9] - It also suggests focusing on companies involved in smart mining technologies and those showing signs of recovery from difficulties [12][9] Key Indicators - The report provides various statistics, including that the coal inventory at the Bohai Rim ports reached 29.16 million tons, an increase of 1.54 million tons week-on-week [16][19] - The average profit per ton of coke for sample enterprises increased to 44 RMB, reflecting a recovery in profitability despite ongoing price pressures [70][72]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle for the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [10][11] - The supply-side constraints that have been in place since July remain, suggesting limited downside risk for coal prices, which are expected to stabilize [10][11] - The coal sector is characterized by high profitability, cash flow, return on equity (ROE) of 10-15%, and dividend yields exceeding 5%, indicating strong core asset attributes [10][11] - The coal assets are relatively undervalued, with expectations for overall valuation improvement, supported by high premiums in the primary mining rights market [10][11] - The coal sector is expected to maintain a tight supply-demand balance over the next 3-5 years, with high barriers to entry and strong cash flow characteristics [10][11] Summary by Sections Coal Price Tracking - As of December 13, the market price for Qinhuangdao port thermal coal (Q5500) is 753 CNY/ton, down 38 CNY/ton week-on-week [27] - The international thermal coal offshore price for Newcastle NEWC5500 is 78.0 USD/ton, down 6.0 USD/ton week-on-week [27] - The price for coking coal at Jing Tang port remains stable at 1650 CNY/ton [29] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 92.5%, an increase of 1.0 percentage point week-on-week [44] - The daily coal consumption in inland provinces has increased by 6.20 thousand tons/day (+1.61%) [45] - The daily coal consumption in coastal provinces has increased by 2.00 thousand tons/day (+1.01%) [45] Inventory Situation - As of December 11, coal inventory in inland provinces has decreased by 11.90 thousand tons week-on-week, while coastal provinces saw a reduction of 71.10 thousand tons [45] - The available days of coal in inland provinces have decreased by 0.50 days week-on-week [45] Key Companies to Watch - Focus on stable operators with solid performance such as China Shenhua, Shaanxi Coal, and China Coal Energy [11] - Pay attention to companies with higher elasticity like Yanzhou Coal, Electric Power Energy, and Guanghui Energy [11] - Consider high-quality metallurgical coal companies such as Huaibei Mining and Lu'an Environmental Energy [11]

（文章来源：证券日报） 证券日报网讯 12月12日，新集能源在互动平台回答投资者提问时表示，截至2025年12月10日公司股东 户数约为8.6万户。 ...

智通财经APP获悉，广发证券发布研报称，11月动力煤长协上调10元/吨，12月进入用煤旺季需求有望 改善。经过10月以来煤价的快速上涨，近期各煤种价格整体回落，不过相比2、3季度中枢显著提升。12 月以后，一方面年末安监较严，部分完成年度生产目标的煤矿也将逐步减产，另一方面12月-1月季节性 需求将进一步增长，预计煤价有望逐步企稳回升。同时，考虑到各环节库存仍低于去年同期，后续补库 需求也将对煤价有所支撑，26年煤价中枢上行确定性强。 广发证券主要观点如下： 煤炭市场回顾：10月用电量超预期增长10.4%，非电需求整体弱势，煤炭进口量同比下降9.7% 国内煤价：11月以来，煤炭动力煤市场价先涨后跌，而长协价进一步上调；焦煤价格整体下降；国际煤 价：11月以来澳洲动力煤和炼焦煤价延续上涨；国内需求：10月用电量同比增长10.4%，钢铁水泥需求 偏弱，甲醇需求较好；国内供给：10月国内原煤产量同比下降2.3%，11月进口量同比下降12.0%；海外 供需：前10月全球海运煤装载量同比下降3.6%，新兴市场需求整体向好；产业链库存：旺季来临电厂 持续垒库，煤价预期转弱带动中上游库存回升；政策和公司动态：26年长协政策 ...

证券日报网讯12月9日，新集能源（601918）在互动平台回答投资者提问时表示，亳州市利辛一期10万 千瓦风电项目按计划推进，目前施工正常。公司将密切关注以上项目进展情况，及时履行信息披露义 务，敬请广大投资者注意投资风险。 ...

（编辑 任世碧） 证券日报网讯 12月8日，新集能源在互动平台回答投资者提问时表示，2025年1月-9月份，公司实现营 业收入90.10亿元，实现利润总额22.06亿元，实现归属于母公司所有者的净利润14.77亿元，经营活动产 生的现金流量净额26.23亿元，每股收益0.57元。公司遵循"存量提效、增量转型"和"两个联营+"发展思 路，坚持稳中求进工作总基调，加强企业安全高效管理，做好生产运营和新项目建设，构建"煤炭-煤 电-新能源"综合能源供给体系，不断提升经营管理水平、强化风险管理能力，致力于通过高质量发展提 升公司长期投资价值，以此回馈广大投资者。 ...

格隆汇12月8日丨新集能源(601918.SH)在投资者互动平台表示，公司11月份发电量约11.4亿度。 （原标题：新集能源(601918.SH)：公司11月份发电量约11.4亿度） ...

格隆汇12月8日丨新集能源(601918.SH)在投资者互动平台表示，公司在建的上饶电厂项目于2024年3月 开工建设，预计2026年3月前后双机投运。 （原标题：新集能源(601918.SH)：上饶电厂项目预计2026年3月前后双机投运） ...

格隆汇12月8日丨新集能源(601918.SH)在投资者互动平台表示，公司销售的煤炭均为动力煤。 ...