（文章来源：证券日报） 证券日报网讯 2月26日，山西焦煤在互动平台回答投资者提问时表示，兴县区块煤炭及共伴生铝土矿项 目与公司所属斜沟煤矿相邻，地质构造简单，开采条件较好，公司已经积累了丰富的开采经验，兴县井 田的开发，可借助斜沟煤矿开采技术优势，充分利用斜沟选煤厂洗选能力和铁路专用线运输能力，提高 公司产品的市场占有率，提升公司自身竞争优势。该项目符合公司战略发展要求，可充分保障公司后备 资源储量，有利于公司可持续发展。 ...

2026 年 02 月 24 日 版费 行业 相关研究 近券研究报 证券分析师 严天鹏 A0230524090004 yantp@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 施佳瑜 A0230521040004 shijy@swsresearch.com 煤炭/ 煤炭开采 研究支持 施佳瑜 A0230521040004 shijy@swsresearch.com 联系人 施佳瑜 A0230521040004 shijy@swsresearch.com 产地供给恢复缓慢、进口 缩,看好煤价继续上 -煤炭行业周报（2026.2.7-2026.2.13） 本期投资后了 ● 动力煤方面，截至 2 月 13 日，据中国煤炭市场网，秦皇岛港口 Q4500、Q5000、 Q5500 动力煤现货价收报 556、638、718 元/吨，环比上涨 23、25、23 元/吨。供 给端，据中国煤炭市场网，环渤海四港区本周日均调入量 165.76 万吨，环比上周增加 7.2 万吨，增幅 4.54%，同比增加 6.57%。需求端，据中国煤炭市场网，环渤海四港区 本周日 ...

Investment Rating - The report maintains an "Overweight" rating for the coal industry, indicating a positive outlook for the sector compared to the overall market performance [1]. Core Insights - The report highlights a slow recovery in domestic coal supply and an expected reduction in imports, which is anticipated to support continued increases in coal prices [1]. - As of February 13, 2026, the spot prices for thermal coal at Qinhuangdao port showed increases, with Q4500, Q5000, and Q5500 grades rising by 23, 25, and 23 RMB/ton respectively [1]. - The report notes that the average daily coal inflow to the four ports in the Bohai Rim increased by 4.54% week-on-week, while the outflow rose by 14.42% [1]. - The report suggests that the current tight supply conditions, coupled with increased demand from downstream sectors, will likely sustain coal prices in the near term [1]. Summary by Sections Recent Industry Policies and Dynamics - The State Council issued guidelines on improving the national unified electricity market system, aiming for significant market participation by 2030 and full establishment by 2035 [8]. - Safety production measures in coal mines are being emphasized, with a focus on intelligent operations and strict enforcement of safety regulations [8]. Price Trends - Domestic thermal coal prices remained stable, with specific grades reporting no change in price [9][11]. - International thermal coal prices showed slight increases, with Indonesian coal prices rising by 1.2% [10]. Inventory and Supply - The Bohai Rim ports reported a decrease in coal inventory, with a total of 24.15 million tons as of February 14, 2026, down 1.96% from the previous week [21]. - The report indicates that the number of vessels anchored at the Bohai Rim ports decreased, reflecting tighter supply conditions [21]. Freight Rates - Domestic coastal freight rates decreased by 2.90%, while international freight rates showed mixed trends [28]. Company Valuation - The report includes a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalizations, and earnings projections [33].

二级市场方面，A股市场整体震荡下行，煤炭跑赢指数 主要指数普遍收跌 ，市场风格显著切换 ，资金从前期高估值科技与贵金属板块撤离，转向消费与航空服务等低估值、 高景气赛道 。全市场日均成交额为 2.41 万亿元 ，市场活跃度维持高位，但波动加剧，风险偏好阶段性回落。领涨板块集中于消费与航空服务，航空客运Ⅲ 成为全市场最强板块，受益于春节 假期前出行需求集中释放、国际航线全面恢复及国产大飞机C919 商业运营加速 ，航司客座率与载运率持续回升，盈利能力显著改善 。领跌板块集中于贵金 属与科技硬件，贵金属遭遇史诗级回调。煤炭板块跑赢指数，建议继续关注现金流充裕、分红高的优质煤炭标的 。 动力煤方面 ，本周动力煤各环节价格呈现震荡回落态势 港口端秦皇岛港 Q5500 动力煤平仓价小幅上涨 ，产地端部分地区煤价有所回落， 国际端纽卡斯尔动力煤价格同步小幅下降 。短期来看，春节前供需双弱格 局将延续，但供给收缩的确定性与刚需支撑形成对冲，煤价下行空间有限，预计后续将逐步向煤电盈利均分的合理区间修复，维持窄幅震荡走势。 港口端京唐港山西产主焦煤库提价周环比有所下降，连云港山西产主焦煤平仓价同步回调;产地端山西古交2号焦煤坑 ...

来源：新浪基金∞工作室 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。 2月24日，能源ETF广发（159945）开盘涨1.15%，报1.321元。能源ETF广发（159945）重仓股方面，中 国神华开盘涨0.68%，中国石油涨3.42%，中国石化涨1.57%，陕西煤业涨1.14%，中国海油涨4.10%，杰 瑞股份跌0.41%，兖矿能源涨2.02%，中煤能源涨1.04%，广汇能源涨2.22%，山西焦煤涨0.57%。 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30.72%，近一个月回报为7.72%。 ...

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Views - The report indicates that the coal industry is at the beginning of a new upward cycle, with a favorable combination of fundamentals and policies, making it a good time to invest in the coal sector [11][12] - The report highlights a significant increase in coal prices, with Qinhuangdao port's Q5500 coal price reaching 717 CNY/ton, up 24 CNY/ton week-on-week, driven by optimistic market expectations post-holiday and reduced supply from major coal-producing regions [11][30] - The report emphasizes the ongoing supply-demand balance in the short term, with a medium to long-term supply gap expected to persist, reinforcing the investment logic in coal assets [11][12] Summary by Sections 1. Coal Price Tracking - As of February 13, the market price for Qinhuangdao port's Q5500 coal is 717 CNY/ton, reflecting a week-on-week increase of 3.5% [6][30] - International coal prices have also risen, with Newcastle's FOB price for Q5500 coal at 81.5 USD/ton, up 6.5% week-on-week [6][30] 2. Coal Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 84.4%, down 3.1 percentage points week-on-week, while the utilization rate for coking coal mines is 81.39%, down 5.3 percentage points [11][49] - Daily coal consumption in inland provinces decreased by 10% week-on-week, while coastal provinces saw an 18.8% decline [11][50] 3. Coal Inventory Situation - Coal inventory in inland provinces increased by 1.854 million tons week-on-week, while coastal provinces saw a smaller increase of 0.235 million tons [50] 4. Investment Recommendations - The report suggests focusing on stable and high-performing companies such as China Shenhua, Shaanxi Coal, and others, while also considering companies with high elasticity like Yanzhou Coal and others [12]

Group 1 - The coal ETF (515220) experienced a decline of 1.12%, closing at 1.151 yuan with a trading volume of 303 million yuan [1] - Major holdings in the coal ETF showed mixed performance, with China Shenhua down 2.42%, Shaanxi Coal and Chemical Industry down 2.44%, and Yanzhou Coal Mining down 0.80%, while Shanxi Coking Coal increased by 0.28% [1] - The coal ETF's performance benchmark is the CSI Coal Index return, managed by Guotai Asset Management, with a return of 172.28% since its inception on January 20, 2020, and a return of 6.49% over the past month [1]

山西焦煤 20260205 摘要 2025 年前三季度商品煤综合售价为 780 元/吨，同比 2024 年同期的 1,070 元/吨大幅下降，导致业绩下滑。主焦煤价格在 2025 年 7 月触底 后逐步回升，至 10 月底恢复至 1,550 元/吨水平。 2026 年 2 月主焦煤价格下调 30 元/吨，反映了 1 月份市场钢厂降价呼 声及山西焦煤价格相对偏高。冬储情况与去年基本持平，发运量和竞拍 热情均表现正常。 焦炭提涨表明钢铁行业接受度尚可，但受春节因素影响，3 月份供需双 弱格局或将延续，预计价格保持平稳。原料端煤炭供给自去年开始明显 收缩，预计明年供给难有明显改善。 10 月至 11 月销量有所下降，具体数据待 12 月统计。年底成本进度不 均衡、减值测试（涉及五乡电厂、焦化厂等）及 2024 年薪酬兑现均对 业绩产生影响。8 月、9 月收入明显下降，员工工资降低约 25%。 新县区块煤矿全年利息约 5 亿元，按季度均匀分摊。五乡电厂商誉减值 后剩余约 2 亿元，预计 2026 年不会有大额减值，但需审计机构确认。 山西焦煤在 2025 年四季度的长协价均价是多少？相较于三季度有多少提升？ 2025 ...

Core Viewpoint - Shanxi Coking Coal announced that as of January 30, 2026, the number of shareholders is 153,113 [2] Company Summary - The company has a significant shareholder base, indicating potential investor interest and engagement [2]

Market Performance - The A-share market saw a collective increase in the three major indices, with the Shanghai Composite Index rising by 1.41%, the Shenzhen Component Index by 2.17%, and the ChiNext Index by 2.98% [1] - The North China 50 Index increased by 1.36% [1] - The total trading volume in the Shanghai and Shenzhen markets was approximately 22,494.73 billion yuan, an increase of about 1,037.54 billion yuan compared to the previous trading day [1] Shanxi Sector Analysis - The Shanxi sector performed steadily, with an overall increase of 0.61% and a trading volume of 120.25 billion yuan, indicating a positive market sentiment [1] - Among the 41 stocks in the Shanxi sector, 28 stocks rose, 12 fell, and 1 remained flat [1] Individual Stock Performance - Notable gainers included Jinlihua Electric and Huaxiang Co., both rising over 3%, while Dongjie Intelligent, Luhua Technology, and Huayang New Materials increased by over 2% [1] - Other stocks such as Beifang Copper Industry, Kexin Development, and Shitou Co. saw increases of over 1% [1] - Decliners included Jinkong Power and Lanyan Holdings, both dropping over 2%, while Shanxi Coking Coal and Qianyuan Pharmaceutical fell by more than 1% [1] - Several stocks, including Jinkong Coal Industry, Lu'an Environmental Energy, and Jinbo Biological, experienced milder declines, with losses contained within 1% [1]