煤炭开采：寒潮叠加空头回补共振，美国天然气期货价格快速上行

Investment Rating - The report recommends a "Buy" rating for several companies in the coal mining sector, including China Coal Energy (H+A), Yanzhou Coal Mining (H+A), China Shenhua Energy (H+A), and Shaanxi Coal and Chemical Industry [3][8]. Core Insights - The report highlights the significant increase in U.S. natural gas futures prices due to a polar cold wave and short covering, with prices rising by 25% to $4.875 per million British thermal units, marking the highest settlement price since December 8 [2]. - The report emphasizes the potential for coal consumption to increase as power producers may switch to coal to control fuel costs amid rising natural gas prices [3][8]. Summary by Sections Energy Price Overview - As of January 23, 2026, Brent crude oil futures settled at $65.88 per barrel, up $1.75 (+2.73%) from the previous week, while WTI crude oil futures settled at $61.07 per barrel, up $1.63 (+2.74%) [1]. - Natural gas prices also saw significant increases, with Northeast Asia LNG spot prices at $11.81 per million British thermal units (+4.04%) and U.S. HH natural gas futures at $5.35 per million British thermal units (+72.18%) [1][2]. Investment Recommendations - The report specifically recommends focusing on companies that are performing well, such as China Coal Energy, Yanzhou Coal Mining, China Shenhua Energy, and Shaanxi Coal, as well as companies involved in smart mining like Keda Control and those in recovery like China Qinfa [3][8]. - Additional companies to watch include Peabody (BTU), Jinkong Coal Industry, Lu'an Environmental Energy, and others that may see growth in the future [3]. Coal Market Dynamics - The report notes slight adjustments in coal prices, with Newcastle coal at $111.50 per ton, down $0.05 (-0.04%), while European ARA coal prices increased to $98.50 per ton, up $1.85 (+1.91%) [1][40]. - The overall coal market is expected to benefit from the rising natural gas prices, potentially leading to increased coal consumption in power generation [3].