研报掘金丨国信证券：首予兖矿能源“优于大市”评级，看好2026年煤炭行业基本面改善

Core Viewpoint - Yanzhou Coal Mining Company has evolved from a local coal enterprise to a large international energy group through continuous mergers and acquisitions, establishing a diversified industrial chain with five main sectors: mining, high-end chemical new materials, high-end equipment manufacturing, smart logistics, and new energy [1] Company Summary - The company has rich coal resources with a wide distribution and significant capacity growth potential [1] - The coal chemical business is technologically advanced and has promising growth prospects, while other business segments are also performing well [1] - The company is expected to benefit from an improving coal industry fundamentals and a moderate increase in coal prices by 2026, with a high market coal share that provides elasticity, growth potential, and high dividend attributes [1] - The estimated reasonable valuation range for the company's stock in 2026 is between 15.9 and 17.2 yuan, indicating a premium of 15% to 24% compared to the closing price on January 19, 2026 [1] - The initial coverage rating for the company is "outperform the market" [1]