绿色智能双重转型，矿用卡车迈向无人新能源时代

Investment Rating - The report maintains an "A" rating, indicating a leading position in the market [5] Core Insights - The coal mining industry is experiencing a dual transformation towards green and intelligent technologies, with significant growth potential for mining trucks in the new energy era [1] - The demand for unmanned mining trucks is expected to surge due to advancements in smart mining construction and supportive policies, with projections indicating a fleet exceeding 10,000 units by 2026-2027 [1][22] - The transition to new energy mining trucks is becoming mainstream, driven by mature technologies in pure electric and hybrid models, alongside favorable policies and cost advantages [2][37] Summary by Sections 1. Special Research - The continuous release of open-pit coal mine capacity is creating substantial growth opportunities for mining trucks, with open-pit coal mines accounting for approximately 25% of China's total coal production in 2023 [16] - The number of unmanned mining trucks is projected to increase from 88 units in 2020 to over 4,000 by 2025, with a forecast of surpassing 10,000 units by 2026-2027 [1][22] - The industry is accelerating its green transformation, with new energy mining trucks expected to see sales exceed 1,500 units in 2023 and forecasted to surpass 2,000 units by 2025 [2][37] 2. Market Information Tracking - The report tracks coal prices, with the average price of thermal coal reported at 685 RMB/ton as of January 21, 2026, remaining stable compared to January 7, 2026 [10] - Coking coal prices have seen an increase, with the main coking coal price at 1,770 RMB/ton as of January 20, 2026, up by 150 RMB/ton from January 6, 2026 [10] 3. Industry Dynamics - Recent policies from the National Energy Administration and other departments are promoting the construction of zero-carbon factories and the use of new energy vehicles in mining operations [9] - The report highlights the importance of smart mining and unmanned truck applications, supported by various national policies aimed at enhancing safety and efficiency in mining operations [35] 4. Investment Portfolio and Recommendations - The report suggests focusing on companies with strong positions in the coal sector, such as China Shenhua, Shaanxi Coal and Energy, and China Coal Energy, which are expected to benefit from stable profits and cyclical recovery [11] - It also recommends monitoring companies involved in the production of new energy mining trucks, including XCMG, SANY Heavy Industry, and others, as they are well-positioned to capitalize on the growing market [2][43]