动力煤 头豹词条报告系列

Investment Rating - The report does not provide a specific investment rating for the coal industry [4]. Core Insights - The coal industry in China is undergoing structural transformation due to the influence of clean energy strategies, leading to an increase in the added value of coal applications and sustained market demand growth [4][27]. - The market size of China's thermal coal is projected to reach CNY 49,696.49 billion by 2028, with a CAGR of 8.36% from 2024 to 2028 [27]. - The integration of coal production and processing is enhancing efficiency and competitiveness within the industry [11]. Industry Definition - Thermal coal is primarily used for power generation and industrial production, characterized by high calorific value, low volatile matter, low ash, and low sulfur content [5][6]. Industry Classification - The thermal coal industry can be classified based on origin, calorific value, coal type, and usage [6]. Industry Characteristics - The main supply regions for thermal coal in China are North China and Northwest China, with consumption primarily driven by the power sector [8]. - The industry is facing increasing environmental regulations, which are pushing for overall quality improvements [8]. Industry Scale - In 2023, the market size of China's thermal coal reached CNY 33,264.48 billion, with a year-on-year growth of 1.04% [27]. - The demand for thermal coal is significantly influenced by extreme weather conditions, leading to increased electricity consumption [28]. Policy Overview - Policies such as the "Notice on Further Improving the Coal Market Price Formation Mechanism" aim to stabilize the coal market and enhance price monitoring [31]. - The "2023 Energy Work Guidance Opinion" emphasizes energy security and green low-carbon development [32]. Competitive Landscape - The thermal coal market is characterized by overcapacity and fragmented market shares, with major players like Jinneng Holding and China Shenhua Energy leading the market [37]. - The top ten companies accounted for 51.3% of the total coal production in the first half of 2023, indicating a concentration of production capacity among leading firms [37][38].