Guohai Securities·2026-03-01 12:05Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is experiencing upward price trends due to tight supply from Indonesia and increasing domestic demand, with coal prices expected to rise further [4][14] - The report highlights the strong performance of coal mining stocks, driven by high asset quality and cash flow, suggesting a favorable investment environment [7] Summary by Sections 1. Thermal Coal - As of February 27, the price of thermal coal at northern ports is 745 RMB/ton, an increase of 27 RMB/ton week-on-week [14] - Production capacity utilization in the Sanxi region decreased by 12.34 percentage points due to holiday-related shutdowns [22] - Daily consumption at six major power plants increased by 64,100 tons week-on-week [24] - The price difference between domestic and Australian thermal coal has widened to -14 RMB/ton as of February 24 [14] 2. Coking Coal - The capacity utilization rate for coking coal mines is at 71.1%, down 11.15 percentage points due to holiday shutdowns [39] - The average daily customs clearance at Ganqimaodu port increased to 1,331 trucks, up 183 trucks compared to the previous week [39] - The price of main coking coal at the port remains stable at 1,660 RMB/ton [41] 3. Coke - The production rate of independent coking plants increased to 72.85%, reflecting a slight recovery in production [65] - The average profit per ton of coke is approximately -7 RMB/ton, showing a slight improvement week-on-week [61] - The inventory of coke at independent coking plants rose to 61,230 tons, up 13,400 tons week-on-week [73] 4. Anthracite - The price of anthracite coal remains stable at 900 RMB/ton as of February 27 [78] 5. Key Companies and Profit Forecasts - Key companies in the coal mining sector include China Shenhua, Shaanxi Coal, and Yanzhou Coal, with buy ratings based on their strong earnings forecasts [9]