从资金流向上来看，当日煤炭开采板块主力资金净流入9870.76万元，游资资金净流出1.79亿元，散户资 金净流入8017.72万元。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) | | --- | --- | --- | --- | --- | --- | --- | | 002128 | 电投能源 | 28.71 | 2.87% | | 19.90万 | 5.72亿 | | 601001 | 晋控煤业 | 13.42 | 2.05% | | 20.67万 | 2.75亿 | | 000983 | 山西焦煤 | 6.52 | 1.56% | | 33.12万 | 2.15亿 | | 600403 | 大有能源 | 7.08 | 1.43% | | 24.82万 | 1.74亿 | | 601225 | 陕西煤业 | 21.62 | 1.41% | | 37.84万 | 8.21亿 | | 600758 | 辽宁能源 | 3.69 | 1.37% | | 13.40万 | 4944.57万 | | 000552 | 日肃能化 | 2.34 ...

Investment Rating - The report maintains a positive outlook on the coal industry, indicating a "Look Favorably" rating due to expected price increases driven by seasonal demand and stricter safety regulations [1]. Core Insights - The report highlights that as of January 4, 2026, the spot prices for thermal coal at Qinhuangdao port have increased, with Q4500, Q5000, and Q5500 grades priced at 505, 593, and 682 RMB/ton respectively, reflecting week-on-week increases of 18, 14, and 6 RMB/ton [1]. - Supply-side constraints are noted, with a decrease in daily coal inflow to the Bohai Rim ports, down to 1.3888 million tons, a reduction of 116,300 tons week-on-week [1]. - Demand is supported by ongoing cold weather, leading to improved daily consumption, which has risen to 1.6768 million tons, an increase of 85,600 tons week-on-week [1]. - The report anticipates that the combination of high consumption levels and reduced production from high-cost mines will support thermal coal prices moving forward [1]. - For coking coal, prices remain stable, with Shanxi Anze low-sulfur coking coal priced at 1600 RMB/ton as of January 4, 2026 [1]. Summary by Sections Recent Industry Policies and Dynamics - The report discusses the implementation of a "benchmark price + floating price" mechanism for long-term contracts for thermal coal, with prices set at 540, 483, and 453 RMB/ton for different regions [7]. - It also mentions increased regulatory scrutiny on safety measures in coal mining, particularly during the winter heating season [7]. Price Trends - The report notes that the average daily consumption of coal has increased by 3.94% week-on-week, while the inventory of major power generation groups has decreased by 11.8% [3]. - The Bohai Rim coal inventory has decreased to 27.127 million tons, down 191,500 tons week-on-week, indicating a 6.59% drop [20]. International Oil Prices - Brent crude oil prices have increased slightly to 60.75 USD/barrel, reflecting a 0.18% rise week-on-week [15]. - The report highlights the relationship between international oil prices and coal prices, noting a rise in the ratio of international oil prices to international coal prices [15]. Company Valuation - The report provides a valuation table for key companies in the coal sector, including China Shenhua, Shaanxi Coal, and Yanzhou Coal, with various earnings per share (EPS) and price-to-earnings (PE) ratios forecasted for the coming years [32].

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Insights - The coal mining industry is experiencing a tightening in production and shipment, with downstream power plants showing an increase in daily consumption, leading to a marginal improvement in supply-demand dynamics [2][12] - The report highlights that coal prices are expected to have support due to anticipated production reductions before the Spring Festival and potential temperature drops [12][63] - The long-term trend for coal prices is upward, driven by factors such as rising labor costs, increased safety and environmental investments, and higher taxation by local governments [5][66] Summary by Sections Thermal Coal - As of December 31, the price of thermal coal at northern ports is 678 RMB/ton, with a weekly decrease of 3 RMB/ton but a daily increase of 8 RMB/ton [12][63] - Production capacity utilization in the Sanxi region decreased by 4.85 percentage points due to increased maintenance during the New Year holiday [12][63] - The daily consumption of the six major power plants increased by 39,000 tons week-on-week [12][63] - The inventory of the six major power plants decreased by 118,000 tons to 13.375 million tons, down 276,000 tons year-on-year [12][29] Coking Coal - The production capacity utilization for coking coal decreased by 3.14 percentage points to 79.5% [3][64] - The average customs clearance volume at Ganqimaodu port decreased by 133 trucks week-on-week [3][64] - The price of main coking coal at ports remained stable at 1,740 RMB/ton as of December 31 [3][36] Coke - As of December 31, major steel mills have initiated the fourth round of price reductions for coke, indicating a weak market [3][44] - The average profit per ton of coke increased by 4 RMB/ton week-on-week [3][46] - The production rate of independent coking plants showed differentiation, with overall production rates declining slightly [3][47] Investment Opportunities - Recommended stocks include China Shenhua, Shaanxi Coal, and China Coal Energy for their stable performance and high dividends [5][66] - Other notable stocks include Yanzhou Coal, Jinkong Coal, and Huayuan Co. for their growth potential and strong cash flow [5][67]

Investment Rating - The report maintains a "Buy" rating for several key companies in the coal industry, including Shanxi Coking Coal, Lu'an Huanneng, Yancoal, China Shenhua, Shaanxi Coal and Chemical Industry, and others [5]. Core Insights - The coal market is experiencing a supply-demand tug-of-war, leading to continued price fluctuations. Recent supply constraints and increasing terminal demand have resulted in a slight recovery in port coal prices. However, as coal mines resume production after the New Year, supply is expected to stabilize, while demand is anticipated to strengthen due to colder weather [8][9]. - The report suggests a strategy of buying on dips, focusing on companies with strong dividend yields and low valuations, as well as those with significant production capacity growth potential. Key recommendations include China Shenhua, Zhongmei Energy, and Yancoal, among others [8][9]. Summary by Sections 1. Core Views and Business Tracking - The report emphasizes the importance of dividend policies and growth prospects for listed companies in the coal sector [13][15]. 2. Coal Price Tracking - The report tracks coal price indices, noting that the price of thermal coal at the port has shown a week-on-week increase of 6 CNY/ton, while year-on-year comparisons indicate a decline [9][10]. 3. Coal Inventory Tracking - As of December 31, 2025, the inventory at the Bohai Rim ports was reported at 28.366 million tons, reflecting a week-on-week decrease of 5.43% [8]. 4. Downstream Performance of the Coal Industry - The report highlights that the daily coal consumption across 25 provinces reached 6.116 million tons, marking a 12.78% increase compared to the end of November [8][9]. 5. Weekly Performance of the Coal Sector and Individual Stocks - The coal sector has seen significant price movements, with individual stocks reflecting the overall market trends. The report provides detailed performance metrics for key companies [10][11].

Core Insights - The report indicates that the coal industry is entering a new cycle with a significant increase in value, driven by supply-demand restructuring and improved market conditions [1][4]. Group 1: Cycle Review - The coal price center has significantly increased during the 14th Five-Year Plan, and the 15th Five-Year Plan is expected to usher in a new cycle [4][15]. - The report reviews four cycles of the coal industry, highlighting that the current cycle may see a recovery from the bottom in the second half of 2025 [15][16]. - The average price of Qinhuangdao port 5500 kcal thermal coal reached 718 RMB/ton in the second half of 2025, reflecting a 6% increase compared to the first half [20][21]. Group 2: Supply Restructuring - Coal production from 2020 to 2024 increased by 23% to 4.78 billion tons, but growth is expected to slow significantly in 2025, with production growth in Xinjiang only at 2.6% [4][33]. - The report anticipates that coal production will enter a peak and decline phase, with growth rates expected to be between 0.5% and 1.0% from 2026 to 2028 [4][33]. - Regulatory policies are expected to impact coal production, potentially leading to negative growth in certain periods [4][33]. Group 3: Demand Restructuring - The demand for coal is expected to maintain resilience, with electricity consumption projected to grow at around 5% over the next five years, driven by new manufacturing and increased electrification [4][33]. - The report notes that while coal consumption is expected to decline in the short term due to electricity demand pressures, it is likely to recover as macroeconomic policies strengthen in 2026 [4][33]. - Chemical demand is projected to grow at approximately 5%, while declines in steel and construction materials are expected to narrow [4][33]. Group 4: Global and Commodity Perspectives - The report highlights that global coal production is expected to decline, while Southeast Asian demand is projected to grow by 3-5% from 2025 to 2030 [4][33]. - Compared to other commodities, coal has shown weaker performance, with the copper-coal ratio and gold-coal ratio at historical highs [4][33]. - The coal industry's share of industrial profits has dropped to historical lows, while the electricity sector's profit share has reached a high of 10% [4][33]. Group 5: Overall Viewpoint - The report concludes that the coal price center is expected to rise to around 750 RMB/ton in 2026, with leading companies offering dividend yields of 4-6% [4][33]. - Key companies identified include China Shenhua, Yanzhou Coal, and Shaanxi Coal, which are expected to maintain stable profitability [4][33]. - The report emphasizes that after a pessimistic outlook on coal prices is reversed, valuation elasticity is likely to become apparent [4][33].

证券代码:000983 证券简称:山西焦煤 公告编号:2025-055 债券简称:22 焦能 01 债券代码:149765. SZ 山西焦煤能源集团股份有限公司 2022 年面向专业投资者公开发行公司债券 (第一期)2026年付息公告 本公司及全体董事、高级管理人员保证公告内容的真实、准确和完整,没有 虚假记载、误导性陈述或者重大遗漏。 重要提示: 债券简称:22 焦能 01 付息日:2026年1月5日 计息期间:2025年1月5日至2026年1月4日 山西焦煤能源集团股份有限公司2022年面向专业投资者公开发 行公司债券(第一期)(以下简称"本期债券")将于 2026 年 1 月 5 日 支付 2025年1月5日至 2026年1月4日期间的利息,为确保付息工 作的顺利进行,现将有关事宜公告如下: 一、本期债券基本情况 1、发行人:山西焦煤能源集团股份有限公司 2、债券名称:山西焦煤能源集团股份有限公司 2022年面向专业 投资者公开发行公司债券(第一期) 3、债券简称:22 焦能 01 4、债券代码:149765 债券代码:149765 债权登记日: 2025年 12月 31 日 10、本金兑付日:本期债券 ...

Group 1 - The closing price of Shanxi Coking Coal (000983) on December 29, 2025, was 6.52 yuan, reflecting an increase of 0.46% with a turnover rate of 0.59% and a trading volume of 275,100 shares, amounting to a transaction value of 180 million yuan [1] Group 2 - The company secretary responded to an investor inquiry regarding the compensation standards for external directors, stating that the standards are based on regulations from the China Securities Regulatory Commission and the company's articles of association, considering industry benchmarks, regional economic conditions, and the company's actual situation [2] - The company does not provide social insurance for independent directors [2] Group 3 - On December 29, the net inflow of funds from major investors was 4.0554 million yuan, while speculative funds saw a net inflow of 5.2242 million yuan, and retail investors experienced a net outflow of 9.2797 million yuan [2][2]

证券代码：000983 证券简称：山西焦煤 公告编号：2025-054 山西焦煤能源集团股份有限公司 2025 年第三次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 特别提示： 1.本次股东会没有出现否决议案的情形。 2.本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开情况 1、会议通知情况：公司董事会于 2025 年 12 月 12 日在《中国 证券报》《证券时报》《上海证券报》《证券日报》和巨潮资讯网 （www.cninfo.com.cn）发布《关于召开 2025 年第三次临时股东会的 通知》（详见公告 2025-052）。 2、召开时间： （1）现场会议时间：2025 年 12 月 29 日（星期一）上午 10:00 开始。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投 票的具体时间为 2025 年 12 月 29 日 9:15 至 9:25,9:30 至 11:30，13:00 至 15:00；通过深圳证券交易所互联网投票的具体时间为 2025 年 12 月 29 日上午 9:15 至 2025 年 12 ...

北京市东城区 北三环东路 36 号环球贸易中 心 B 座 11 层 电话（Tel）： 52213236/7 邮编（P.C）： 100013 关 于 山 西 焦 煤 能 源 集 团 股 份 有 限 公 司 2025 年 第 三 次 临 时 股 东 会 之 法 律 意 见 书 君致法字 2025382 号 北 京 市 君 致 律 师 事 务 所 北京市东城区北三环东路 36 号环球贸易中心 B 座 11 层 邮编（100013） Add: 11/F, Tower B, Global Trade Center, No.36 North Third Ring Road East, Dongcheng District, Beijing, 100013, PRC Tel: 010-52213236/7 www.junzhilawyer.com 1 / 6 法律意见书 北京市君致律师事务所 关于山西焦煤能源集团股份有限公司 2025年第三次临时股东会之法律意见书 致：山西焦煤能源集团股份有限公司 山西焦煤能源集团股份有限公司（以下简称"公司"）2025年第三次临时股东会（以 下简称"本次股东会"）于2025年12月29日 ...

Core Insights - The coal mining machinery industry is experiencing a shift towards intelligent, green, and globalized operations, with major investments from leading companies and energy groups focusing on high-end equipment projects and technological collaborations [11]. Industry Overview - The coal mining machinery industry consists of three main segments: upstream (raw materials and components), midstream (manufacturing of coal mining equipment), and downstream (coal industry applications) [2][4]. - Upstream suppliers include companies like Benxi Steel and Hengli Hydraulic, while midstream manufacturers include Zhengzhou Coal Mining Machinery and SANY Heavy Industry [4][5]. - The downstream sector primarily consists of coal enterprises such as China Coal Energy and Datang Power [4][5]. Regional Distribution - Jiangsu Province is identified as the primary hub for coal mining machinery companies, with significant activity also in Shandong, Shaanxi, and Shanxi provinces [6]. - The coal mining machinery industry is well-established in Liaoning, Shanxi, and Beijing, covering all segments of the supply chain [9]. Investment Trends - Recent investments in the coal mining machinery sector focus on smart technology, green initiatives, and international expansion [11]. - Notable investments include: - In 2023, Shanxi Coal Machinery invested 2.1 billion yuan in a smart high-end coal machinery project, expected to generate an annual output value of 3 billion yuan [13]. - In 2023, Shaanxi Coal Group acquired Xuzhou Coal Mining Machinery for 1.8 billion yuan, increasing its market share in intelligent conveyor systems from 16% to 27% [13]. - In 2025, XCMG launched the world's first unmanned electric mining truck, aiming for zero-carbon operations [13].