Group 1 - The core viewpoint of the report indicates that coal prices are returning to reasonable levels, with a slight decline in thermal coal prices, and an expectation for gradual recovery to around 750 RMB/ton [1][2] - As of January 17, the Qinhuangdao Q5500 thermal coal price is 695 RMB/ton, down 4 RMB/ton from the previous period, having previously reached the estimated target price range of 800-860 RMB/ton [1][2] - The report highlights that the recent price drop is attributed to a combination of supply tightening due to regulatory actions and increased demand driven by seasonal heating needs [2][3] Group 2 - The investment logic suggests that both thermal and coking coal prices have reached a turning point, with thermal coal prices expected to undergo a recovery process influenced by policy adjustments and market dynamics [3] - The report outlines a four-step process for thermal coal price recovery, including the restoration of long-term contracts and achieving a balance in profitability between coal and power companies [3] - Coking coal prices are more influenced by market supply and demand fundamentals, with target prices linked to the price ratio between coking and thermal coal [3] Group 3 - The investment recommendation emphasizes a dual logic of cyclical recovery and stable dividends, suggesting that coal stocks are positioned for upward price movement due to low historical price levels and improving supply-demand fundamentals [4] - The report identifies four main investment lines in coal stocks, focusing on cyclical logic, dividend potential, diversified aluminum exposure, and growth logic [4] - Specific coal companies are highlighted as beneficiaries of these trends, including Jin控煤业, 兖矿能源, 中国神华, and others [4]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Views - The report emphasizes that coal prices are returning to reasonable levels, reinforcing the logic of stable coal prices. The price of thermal coal has slightly decreased, with the Qinhuangdao Q5500 thermal coal closing at 695 CNY/ton as of January 17, down 4 CNY/ton from the previous period. The report anticipates a gradual recovery to a reasonable price of 750 CNY/ton, with narrow fluctuations expected [3][4] - The long-term investment logic remains unchanged, driven by a dual influence of tightening supply and increasing demand. Supply constraints are a continuation of the strict production checks initiated in July, while demand is rising due to the heating season and increased industrial production [3][4] Summary by Sections Investment Logic - Thermal coal prices are expected to rise through a four-step process: repairing central and local long-term contracts, reaching the coal-electricity profit-sharing line, and approaching the breakeven point for power plants, estimated at around 750 CNY/ton for 2025. The upper limit for coal prices is predicted to be between 800-860 CNY/ton [4][15] - Coking coal prices are more influenced by supply and demand fundamentals, with target prices based on the ratio of coking coal to thermal coal prices. The current ratio indicates target prices for coking coal at 1608 CNY, 1680 CNY, 1800 CNY, and 2064 CNY [4][15] Investment Recommendations - The report outlines a dual logic for coal stocks: cyclical elasticity and stable dividends. With both thermal and coking coal prices at historical lows, there is significant room for rebound. The report identifies four main lines for stock selection: 1. Cyclical logic: Jin控煤业, 兖矿能源 for thermal coal; 平煤股份, 淮北矿业, 潞安环能 for metallurgical coal 2. Dividend logic: 中国神华, 中煤能源, 陕西煤业 3. Diversified aluminum elasticity: 神火股份, 电投能源 4. Growth logic: 新集能源, 广汇能源 [5][16] Key Market Indicators - The coal index fell by 3.11% this week, underperforming the CSI 300 index by 2.54 percentage points. The average PE ratio for the coal sector is 15.12, and the PB ratio is 1.33, both ranking among the lowest in the A-share market [10][25][29]

Report Industry Investment Rating - The investment rating for the coal mining industry is "Bullish" [2] Report's Core View - The coal industry is at the beginning of a new upward cycle, with fundamental and policy factors in resonance. It is advisable to allocate coal stocks on dips. The underlying investment logic of coal production capacity shortage remains unchanged, and coal prices have established a bottom and are expected to rise. High - quality coal enterprises have core asset attributes such as high profitability, high cash flow, high ROE, and high dividends. The coal sector is still undervalued, and its valuation is expected to increase. The coal supply bottleneck is expected to last until the "15th Five - Year Plan", and coal prices are likely to remain high. The report continues to be bullish on the coal sector and recommends top - down attention to several types of coal companies [3][11][12] Summary by Directory 1. This Week's Core View and Key Focus - **Core View**: The coal industry is in the early stage of a new upward cycle. The supply side shows an increase in the utilization rate of sample power and coking coal mine wells. On the demand side, there are differences in coal consumption between inland and coastal areas, and non - electric demand also shows different trends. Coal prices stopped falling and rebounded since late December, but the rebound momentum weakened this week. In the future, inventory depletion and the upcoming cold wave will support coal prices, and the market is expected to be stable and slightly strong before the holiday. The coal sector has high - dividend support and upward elasticity, making it a cost - effective investment [11] - **Investment Suggestions**: Focus on companies with stable operations and performance, those with large previous declines and high elasticity, and high - quality metallurgical coal companies. Also, pay attention to other related companies [12] - **Key Focus**: In 2025, China's coal imports decreased by 9.6% year - on - year; India's coal production was basically flat with a slight decline; global seaborne coal trade decreased by 2.8% [13] 2. This Week's Performance of the Coal Sector and Individual Stocks - The coal sector fell 3.33% this week, underperforming the broader market. The CSI 300 fell 0.57% to 4731.87. The top - three sectors in terms of gains were computer, electronics, and media [14] - The power coal, coking coal, and coke sectors fell 3.46%, 3.66%, and 4.38% respectively [17] - The top - three gainers in the coal mining and washing sector were Anyuan Coal Industry (3.97%), Huayang Co., Ltd. (2.90%), and Diantou Energy (0.81%) [20] 3. Coal Price Tracking - **Coal Price Index**: As of January 16, the comprehensive transaction price of CCTD Qinhuangdao thermal coal (Q5500) was 688.0 yuan/ton, up 2.0 yuan/ton week - on - week; the comprehensive average price index of Bohai Rim thermal coal (Q5500) was 686.0 yuan/ton, up 1.0 yuan/ton week - on - week; the annual long - term agreement price of CCTD Qinhuangdao thermal coal (Q5500) was 684.0 yuan/ton, down 10.0 yuan/ton month - on - month [24] - **Thermal Coal Price**: At ports, the market price of Qinhuangdao Port thermal coal (Q5500) from Shanxi was 697 yuan/ton on January 17, up 1 yuan/ton week - on - week. At production sites, prices in some areas were stable while in Datong, it decreased. Internationally, FOB and CIF prices showed different trends [30] - **Coking Coal Price**: At ports, the prices of coking coal in Jingtang Port and Lianyungang increased. At production sites, prices in some areas increased while in others they were stable. The CIF price of Australian Peak Downs hard coking coal in China increased [32] - **Anthracite and Pulverized Coal Injection Price**: The coking anthracite car - loading price in Jiaozuo was flat, while the prices of pulverized coal injection in Changzhi and Yangquan decreased [40] 4. Coal Supply and Demand Tracking - **Coal Mine Capacity Utilization**: As of January 16, the capacity utilization rate of sample power coal mine wells was 90.6%, up 0.3 percentage points week - on - week; the capacity utilization rate of sample coking coal mine wells was 88.47%, up 3.1 percentage points week - on - week [47] - **Import Coal Price Difference**: As of January 16, the price difference between domestic and foreign 5000 - kcal and 4000 - kcal thermal coal decreased [43] - **Coal - fired Power Consumption and Inventory**: Inland 17 provinces saw a decrease in coal inventory and an increase in daily consumption, while coastal 8 provinces saw a decrease in both inventory and consumption [44] - **Downstream Metallurgical Demand**: The Myspic composite steel price index increased slightly, the price of first - grade metallurgical coke was flat, the blast furnace operating rate decreased, the profit per ton of coke decreased, the profit per ton of steel in the blast furnace increased, the iron - scrap price difference decreased, and the blast furnace scrap consumption ratio decreased [65][66] - **Downstream Chemical and Building Materials Demand**: Urea prices in some regions increased, the national methanol price index decreased, the national ethylene glycol price index decreased, the national acetic acid price index increased, the national synthetic ammonia price index increased, the national cement price index decreased, the cement clinker capacity utilization rate decreased, the float glass operating rate decreased, and chemical weekly coal consumption increased [72][76] 5. Coal Inventory Situation - **Thermal Coal Inventory**: Qinhuangdao Port's coal inventory increased to 550.0 tons; 55 ports' thermal coal inventory decreased to 6830.8 tons; the inventory of 462 sample mines decreased to 283.9 tons [91] - **Coking Coal Inventory**: The production - site inventory decreased to 272.4 tons, the six - port inventory decreased to 298.9 tons, the inventory of independent coking plants increased to 954.8 tons, and the inventory of sample steel mills increased to 802.2 tons [92] - **Coke Inventory**: The inventory of coking plants decreased to 40.6 tons, the four - port inventory increased to 188.1 tons, and the inventory of sample steel mills increased to 650.33 tons [94] 6. Coal Transportation Situation - **International and Domestic Coal Transportation**: As of January 16, the China Yangtze River Coal Transportation Comprehensive Freight Index (CCSFI) was 704 points, down 3.6 points week - on - week [107] - **Ratio of Cargo to Ships at Four Northern Ports**: As of January 16, the inventory at four ports in the Bohai Rim was 1465.2 tons, the number of anchored ships was 99, and the ratio of cargo to ships was 14.8, down 1.96 week - on - week [102] - **Daqin Line Coal Transportation**: The average daily coal shipment volume on the Daqin Line this week was 118.0 tons, up 9.75 tons week - on - week [107] 7. Weather Situation - As of January 16, the Three Gorges outbound flow was 9180 cubic meters per second, up 23.22% week - on - week [114] - In the next 10 days, there will be precipitation in some areas, and a cold wave will affect many regions with significant temperature drops [114] - In the long - term (January 27 - 30), there will be precipitation in some areas, and the average temperature in some regions will be lower or higher than normal [114] 8. Listed Company Valuation Table and Key Announcements - **Listed Company Valuation Table**: The table shows the closing prices, net profit attributable to shareholders, EPS, and PE of key listed companies from 2024A to 2027E [115] - **Key Announcements**: Xinji Energy released its 2025 performance report; Pingdingshan Tianan Coal Mining Co., Ltd. announced the progress of its controlling shareholder's strategic restructuring; Guanghui Energy announced a guarantee - related关联交易; Meijin Energy announced a guarantee for its subsidiary and its 2025 performance forecast [116][117][118] 9. This Week's Important Industry News - By 2030, Guizhou's coal production and trial - operation capacity will reach 260 million tons per year [119] - Yunnan will increase coal resource exploration and promote the release of advanced coal production capacity [119] - 20 coal mines in Ordos passed the intelligent acceptance [119] - Guizhou has made breakthroughs in the coal and unconventional natural gas fields [119] - Jiangsu released its 2026 major project list, including one coal - related project [120]

Investment Rating - The coal industry is rated as "stronger than the market" [7] Core Views - The report emphasizes that the coal industry is currently experiencing a transformation, with policies aimed at energy security and a shift in supply dynamics. The coal price is expected to stabilize, with potential fluctuations in the short term [5][6] - The report highlights the limited elasticity of coal supply due to strict capacity controls and increasing mining difficulties, particularly in eastern regions. This is expected to lead to a concentration of production in western areas, raising supply costs [5] - The report suggests that despite weak macroeconomic conditions affecting coal demand, the rigid supply and rising costs will support coal prices, which are anticipated to maintain a volatile upward trend [5] Summary by Sections 1. Market Overview - The coal index experienced a slight decline of 3.11%, underperforming the Shanghai and Shenzhen 300 index by 2.54 percentage points. Year-to-date, the coal index has increased by 2.96% [13] 2. Thermal Coal - As of January 16, the Qinhuangdao 5500K thermal coal price is 695 CNY/ton, down 4 CNY/ton week-on-week, with a year-on-year decrease of 66 CNY/ton [3][32] - Daily average production from 462 sample mines is 5.467 million tons, a week-on-week increase of 15,000 tons but a year-on-year decrease of 6.2% [3][42] - The report notes a significant drop in daily consumption at major power plants, with inventory levels slightly increasing [3][46] 3. Coking Coal - The price of main coking coal at Jingtang Port has risen to 1,770 CNY/ton, reflecting a week-on-week increase of 150 CNY/ton [4][76] - Daily average production from 523 sample mines is 769,000 tons, with a year-on-year decrease of 2.7% [4][76] - The report indicates that the coking coal market is experiencing upward price adjustments, driven by supply constraints and increased demand from steel production [4][76] 4. Investment Recommendations - The report suggests focusing on companies with strong resource endowments and stable operating performance, such as China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical Industry [6] - Companies with production growth potential and those benefiting from a bottoming coal price cycle are also highlighted, including Yanzhou Coal Mining, Huayang Co., and Gansu Energy [6] - The report recommends considering companies with integrated coal and power operations to mitigate cyclical volatility, such as Shaanxi Energy and Xinji Energy [6]

Investment Rating - The report maintains an "Overweight" rating for the coal industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - The coal market is expected to experience a recovery in demand due to a cold wave, which may stimulate heating needs and lead to increased procurement [7]. - The report highlights that the coal price is likely to stabilize and potentially increase in the latter part of January, driven by a combination of steady supply and moderate demand recovery [7]. - The investment strategy suggests positioning in coal stocks that have shown resilience and potential for growth, particularly those with strong dividend yields and low valuations [8]. Summary by Sections Basic Conditions - The coal industry comprises 37 listed companies with a total market capitalization of 1,905.163 billion yuan and a circulating market value of 1,857.669 billion yuan [2]. Key Company Performance - Major companies such as China Shenhua, Yancoal Energy, and Shanxi Coking Coal are highlighted for their strong earnings per share (EPS) and price-to-earnings (PE) ratios, with recommendations to buy or hold based on their growth potential [5]. Coal Price Tracking - The report notes fluctuations in coal prices, with a recent increase in coking coal prices by 150 yuan/ton, while thermal coal prices have seen a slight decline [8]. - The average daily production of thermal coal from sample mines is reported at 5.467 million tons, reflecting a week-on-week increase of 0.28% [8]. Inventory and Supply Chain - Coal inventory levels at major ports have increased, with a total of 27.012 million tons reported as of January 17, indicating a year-on-year increase of 5.50% [7]. - The report anticipates a tightening supply in the near term due to ongoing safety inspections and the upcoming holiday season affecting production [7]. Investment Opportunities - The report identifies three main investment lines: 1. Companies with strong dividend yields and low valuations, such as China Shenhua and Zhongmei Energy [8]. 2. Companies with growth potential based on their production capacity, such as Yancoal Energy and Shanxi Coking Coal [8]. 3. Companies positioned for recovery in coking coal prices, including Lu'an Huanneng and Pingmei Shenma [8].

Group 1 - The total market value of shares to be unlocked next week is 46.499 billion yuan, with 39 stocks involved, totaling 3.447 billion shares [5] - Shimao Energy (605028) announced the termination of control change discussions due to disagreements on core terms, with stock resuming trading on January 19, 2026 [2][3] - Shimao Energy focuses on waste-to-energy production, utilizing waste and coal as primary materials to generate steam and electricity [2] Group 2 - The highest market value of unlocked shares next week is from Xingtum Control, with 123 million shares (70.66% of total shares) becoming tradable, valued at 13.13 billion yuan [5][8] - Shanxi Coking Coal follows with 1.037 billion shares unlocking, valued at 6.968 billion yuan, primarily from targeted placement shares [5] - Five stocks have an unlocking ratio exceeding 20%, with Xingtum Control, Longda Co., and Chaoyan Co. leading at 70.66%, 48.78%, and 35.05% respectively [8]

中信证券股份有限公司 关于山西焦煤能源集团股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易 新增股份部分解除限售上市流通的核查意见 中信证券股份有限公司（以下简称"中信证券"或"独立财务顾问"）作为 山西焦煤能源集团股份有限公司（以下简称"公司"、"上市公司"或"山西焦煤"） 发行股份及支付现金购买资产并募集配套资金暨关联交易（以下简称"本次重组"） 之独立财务顾问，根据《上市公司重大资产重组管理办法》《深圳证券交易所股 票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司 规范运作》等有关法律法规和规范性文件的要求，对山西焦煤本次重组新增股份 部分解除限售并上市流通的事项进行了审慎核查，具体核查情况如下： 一、本次解除限售股份基本情况 本次解除限售股份的上市类型为本次重组中发行股份购买资产部分新增股 份的限售股上市流通。 （一）核准情况 2022 年 12 月 28 日，中国证券监督管理委员会核发《关于核准山西焦煤能 源集团股份有限公司向山西焦煤集团有限责任公司等发行股份购买资产并募集 配套资金的批复》（证监许可〔2022〕3240 号），核准山西焦煤通过发行股份及支 ...

证券代码：000983 证券简称：山西焦煤 公告编号：2026-001 山西焦煤能源集团股份有限公司 关于发行股份及支付现金购买资产并募集配套资金 暨关联交易 之新增股份部分解除限售上市流通的提示性公告 特别提示： 1、山西焦煤能源集团股份有限公司（以下简称"公司"、"上市公司"或"山 西焦煤"）本次解除限售的股份数量为 1,036,858,280 股，占公司股份总数的 18.26%； 2、本次解除限售的股份可上市流通日为 2026 年 1 月 20 日。 一、 本次解除限售股份基本情况 本次解除限售股份的上市类型为山西焦煤发行股份及支付现金 购买资产并募集配套资金暨关联交易（以下简称"本次重组"）中发 行股份购买资产部分新增股份的限售股上市流通。 （一）核准情况 2022 年 12 月 28 日，中国证券监督管理委员会核发《关于核准 山西焦煤能源集团股份有限公司向山西焦煤集团有限责任公司等发 行股份购买资产并募集配套资金的批复》（证监许可〔2022〕3240 号）， 核准山西焦煤通过发行股份及支付现金的方式购买山西焦煤集团有 限责任公司持有的分立后存续的华晋焦煤 51%股权、购买李金玉、高 1 建平合计持有 ...

证券之星消息，1月15日煤炭开采板块较上一交易日下跌0.46%，大有能源领跌。当日上证指数报收于 4112.6，下跌0.33%。深证成指报收于14306.73，上涨0.41%。煤炭开采板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603071 | 物产环能 | 13.93 | 2.13% | 4.25万 | 5928.26万 | | 600397 | 江钨装备 | 9.40 | 1.73% | 38.69万 | 3.64亿 | | 002128 | 电投能源 | 30.55 | 1.13% | 25.98万 | 7.99亿 | | 000571 | 新大洲A | 5.89 | 0.68% | 21.43万 | 1.25亿 | | 600997 | 开滦股份 | 5.92 | 0.68% | 9.25万 | 5448.91万 | | 601101 | 美华能源 | 7.43 | 0.54% | 6.45万 | 4778.88万 | | 601001 | 晋控煤业 | 14. ...

山西焦煤 20260114 摘要 2026 年初焦煤价格稳定，沙曲主焦煤价格维持在 1,550 元/吨左右，与 2025 年初基本持平。动力煤在 2025 年底有小幅调整，但整体焦煤价 格波动不大，反映市场供需相对平衡。 山西焦煤新资源矿井建设前期勘探已完成，项目被列为省重点，预计建 设周期约 7 年，具体时间取决于可行性研究报告进展。该项目是公司未 来产能增长的重要支撑。 2026 年山西焦煤生产成本呈逐月下降趋势，主要得益于原材料、能耗 成本控制以及工资下调（机关人员到手收入减少约 25%）。成本下降有 助于提升公司盈利能力。 山西电力市场化改革中，古交电厂表现较好，连接华北电网，电价和电 量稳定，且承担保民生用电任务。公司通过争取容量电价等措施，力求 维持电力业务的盈利预期。 公司"十五"规划将继续深化炼焦煤资源整合，并探索从原料到材料的 延伸方向，加大瓦斯综合利用等科研力度，但尚未确定明确的新发展曲 线，发展战略较为谨慎。 Q&A 2026 年一季度山西焦煤长协价格的变化趋势如何？ 从 2025 年 6 月中旬开始，山西焦煤经历了一次价格垄断调整，之后的调价基 本上是按月度执行。到 2025 年 11 ...