行 业 研 究 4022 煤炭 2026 年 02 月 07 日 印尼出口现扰动，煤炭低位可配置 投资要点： 动力煤 行 业 定 期 报 告 截至 2 月 6 日，秦港 5500K 动力末煤平仓价 695 元/吨，周环比 +3 元/吨，内蒙古产地价持平、山西产地价小跌、陕西产地价持平。 截至 2 月 6 日，动力煤 462 家样本矿山日均产量 528.1 万吨，环比-4.8 万吨，年同比+8.8%。本周电厂日耗大跌，电厂库存小涨，动力煤库 存指数小跌，秦港库存小跌，截至 2 月 2 日，动力煤库存指数为 174.2（-6.2）。非电方面，甲醇、尿素开工率分别为 92.3%（+1.1pct） 和 89.1%（+0.9pct），仍处于历史同期偏高水平。 焦煤 截至 2 月 6 日，京唐港主焦煤库提价 1660 元/吨，周环比-140 元/ 吨，山西产地价大跌，河南产地价小跌、安徽产地价格持平。截至 2 月 6 日，523 家样本矿山精煤日均产量 75.5 万吨（-1.6 万吨），年同比 +60.7%，523 家样本矿山精煤库存 264.7 万吨（-2.5 万吨），年同比- 30.6%；截至 2 月 6 日，中国日 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2][26]. Core Insights - The report highlights that Indonesia's coal production is expected to decline significantly in 2026 due to the revision of the RKAB quota, with production set at approximately 600 million tons, a notable decrease from 740 million tons in 2025 [6][7]. - The reduction in coal production is anticipated to lead to a tightening of coal supply, which may drive up global coal prices, particularly for thermal coal [7]. - The Indonesian government is implementing policies to control coal production and exports, aiming to enhance domestic energy security and increase fiscal revenue through coal export taxes [7]. Summary by Sections Industry Overview - The total number of listed companies in the coal industry is 37, with a total market capitalization of approximately 198.55 billion yuan and a circulating market capitalization of about 194.41 billion yuan [2]. Regulatory Changes - The Indonesian Ministry of Energy and Mineral Resources is reviewing the RKAB quotas, which are crucial for coal mining operations. The approval rate for the first batch of RKAB in 2026 was only 71.49%, with significant reductions in approved quotas for many companies [6][7]. Market Dynamics - The report notes that the domestic market obligation (DMO) will be adjusted to ensure local demand is met before allowing coal exports. The DMO demand is expected to remain above 250 million tons [7]. - The report predicts that Indonesia's coal exports will face substantial declines starting in Q2 2026, which will further constrain global coal supply and potentially elevate prices [7]. Investment Recommendations - The report recommends focusing on high-elasticity stocks in the thermal coal sector, including companies like Yanzhou Coal Mining Company, Huayang Co., and others, as they are expected to benefit from rising coal prices [7].

Core Viewpoint - The announcement provides key operational data for Shaanxi Coal and Chemical Industry Co., Ltd. for January 2026, ensuring the accuracy and completeness of the information presented [1]. Group 1 - The board of directors guarantees that the announcement does not contain any false records, misleading statements, or significant omissions [1]. - The operational data is based on internal statistics and may differ from the data disclosed in the company's regular reports [2]. - The announcement serves to inform investors about the company's production and operational status without making predictions or commitments regarding future performance [2].

Group 1 - The core point of the article is that Shaanxi Coal Industry announced a coal production volume of 13.91 million tons for January 2026, representing a year-on-year increase of 7.55% [1]

Core Insights - Shaanxi Coal Industry (601225.SH) reported its main operational data for January 2026, indicating a coal production of 15.19 million tons and self-produced coal sales of 13.91 million tons [1] - The total electricity generation for the month was 4.488 billion kilowatt-hours, with total electricity sales reaching 4.244 billion kilowatt-hours [1] Group 1 - The coal production in January 2026 was 15.19 million tons [1] - The self-produced coal sales amounted to 13.91 million tons [1] - The total electricity generation for January was 4.488 billion kilowatt-hours [1] Group 2 - The total electricity sales for the month reached 4.244 billion kilowatt-hours [1]

Core Insights - Shaanxi Coal Industry (601225.SH) reported its main operational data for January 2026, indicating a coal production of 15.19 million tons and self-produced coal sales of 13.91 million tons [1] - The total electricity generation for the month reached 4.488 billion kilowatt-hours, with total electricity sales amounting to 4.244 billion kilowatt-hours [1] Production Data - Coal production in January 2026 was 15.19 million tons [1] - Self-produced coal sales for the same period were 13.91 million tons [1] Electricity Generation - Total electricity generation in January 2026 was 4.488 billion kilowatt-hours [1] - Total electricity sales during the month were 4.244 billion kilowatt-hours [1]

证券代码：601225 证券简称：陕西煤业 公告编号：2026-002 | 运营指标 | 单位 | 2026 | 年 | 2025 | 年 | | 同比变化（%） | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 1 月 | 累计 | 1 月 | 累计 | 1 月 | 累计 | | 一、煤炭 | | | | | | | | | 煤炭产量 | 万吨 | 1,519.00 | 1,519.00 | 1,428.16 | 1,428.16 | 6.36 | 6.36 | | 自产煤销量 | 万吨 | 1,391.00 | 1,391.00 | 1,293.39 | 1,293.39 | 7.55 | 7.55 | | 二、发电 | | | | | | | | | 总发电量 | 亿千瓦时 | 44.88 | 44.88 | 33.18 | 33.18 | 35.26 | 35.26 | | 总售电量 | 亿千瓦时 | 42.44 | 42.44 | 31.10 | 31.10 | 36.46 | 36.46 | 以上主要运营数据来自本公司内部统计，可能 ...

Group 1 - The core viewpoint of the article highlights that Shaanxi Coal Industry reported significant growth in coal production and sales for January, with a year-on-year increase of 6.36% in coal production and 7.55% in coal sales [1] - In January, the total electricity generation reached 4.488 billion kilowatt-hours, reflecting a substantial year-on-year growth of 35.26% [1] - The total electricity sales for January amounted to 4.244 billion kilowatt-hours, which represents a year-on-year increase of 36.46% [1] Group 2 - The cumulative coal production for the year so far stands at 1,519 million tons, showing a consistent year-on-year growth of 6.36% [1] - The cumulative coal sales for the year are also at 1,391 million tons, with a year-on-year increase of 7.55% [1] - The cumulative total electricity generation for the year is 4.488 billion kilowatt-hours, maintaining the same growth rate of 35.26% year-on-year [1]

Core Viewpoint - The company reported an increase in coal production and sales, as well as significant growth in power generation and sales for the year 2026 compared to the previous year [1] Group 1: Coal Production and Sales - The company's coal production reached 15.19 million tons in January 2026, representing a year-on-year increase of 6.36% [1] - Self-produced coal sales amounted to 13.91 million tons, showing a year-on-year increase of 7.55% [1] Group 2: Power Generation and Sales - Total power generation was 4.488 billion kilowatt-hours, which is a year-on-year increase of 35.26% [1] - Total electricity sales reached 4.244 billion kilowatt-hours, reflecting a year-on-year increase of 36.46% [1]

Investment Rating - The coal industry is rated as "synchronous with the market" [3] Core Insights - The coal market has shown a mixed performance, with supply constraints in thermal coal and limited downstream demand. The price of thermal coal has seen slight increases, while metallurgical coal prices remain stable [4][5][6] - The report emphasizes the importance of monitoring downstream replenishment demand and market supply conditions as the industry approaches the Spring Festival [6] Summary by Sections 1. Coal Industry Market Performance - The coal market has experienced a contraction in supply, particularly in thermal coal, with limited increases in downstream consumption. As of January 30, the spot price for thermal coal in the Bohai Rim was 695 RMB/ton, reflecting a weekly change of +0.58% [4] - The inventory of coal at nine ports in the Bohai Rim was reported at 24.686 million tons, a decrease of 5.07% week-on-week [4] 2. Thermal Coal - Supply has contracted due to some private mines halting production for the Spring Festival, leading to reduced thermal coal output. The demand from power plants has not significantly increased, and the cement market remains weak [4] 3. Metallurgical Coal - Production levels for metallurgical coal remain stable, with prices showing slight increases. As of January 30, the price for main coking coal at Jingtang Port was 1,800 RMB/ton, unchanged from the previous week [5] - The total inventory of coking coal at independent coking plants and sample steel mills was reported at 10.361 million tons and 8.141 million tons, respectively, with week-on-week changes of +4.09% and +1.38% [5] 4. Investment Recommendations - The report suggests that the loosening of the US dollar credit system may lead to a revaluation of physical assets, enhancing pricing power in the commodity sector. However, geopolitical tensions and changes in the Federal Reserve leadership could lead to short-term volatility [6] - Specific companies to watch include Guohui Energy for oil and gas, and for coking coal, focus on Panjiang Coal, Shanxi Coking Coal, Huabei Mining, and others. For thermal coal, attention is drawn to Yanzhou Coal, Shanxi Coal International, and others [6]