第 538 期 2026-01-13 焦点关注 河南省政府国资委与河南能源、中国平煤神马集团签署增资协议 1月13日，平煤股份公告，收到控股股东中国平煤神马集团书面通知，河南省政府国资委与河南能源集 团、中国平煤神马集团于1月13日正式签署《中国平煤神马控股集团有限公司增资协议》。 根据协议约定，河南省政府国资委以其持有的河南能源集团100%股权，按照经评估的公允价值对中国 平煤神马集团增资。增资完成后，河南能源集团将成为中国平煤神马集团的全资子公司。 国债期货多数上涨 1月13日，国债期货收盘多数上涨，30年期主力合约涨0.28%报111.35元，10年期主力合约涨0.06%报 107.85元，5年期主力合约涨0.04%报105.625元，2年期主力合约持平于102.33元。 银行间主要利率债收益率窄幅波动，10年期国开债"25国开15"收益率持平报1.964%，10年期国债"25附 息国债16"收益率下行0.75BP报1.8625%，30年期国债"25超长特别国债06"收益率下行0.05BP报 2.2915%。 宏观动态 央行开展3586亿元7天期逆回购操作，净投放3424亿元 公开市场方面，央行公告称， ...

平顶山天安煤业股份有限公司 会议资料 平顶山天安煤业股份有限公司 2026 年第一次临时股东会会议资料 2026 年 1 月 平顶山天安煤业股份有限公司 会议资料 目 录 关于2025年日常关联交易执行情况及2026年发生额预计情况的议案 ......................................................... 1 关于 2025 年日常关联交易执行情况及 2026 年发生额预计情况的议案 各位股东： 一、日常关联交易基本情况 （一）前次日常关联交易的预计和执行情况 2025 年，平顶山天安煤业股份有限公司（以下简称"公司"） 与控股股东中国平煤神马控股集团有限公司（以下简称"中国平煤神 马集团"）及其子公司等关联方日常关联交易实际发生额为 2,145,969.22 万元，与预计金额 2,450,000.00 万元相比，降幅为 12.41%，明细如下： 1 单位：万元 关联交易类 别 关联人 2025 年预计金 额 （万元） 2025 年实际 发生金额（万 元） 预计金额与实 际发生金额差 异较大的原因 向关联人购 买原煤和材 料 中国平煤神马集团 430,000.0 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the coal industry [1] Core Viewpoints - The coal production remains normal, with a gradual recovery in coking coal supply as coal mines resume normal operations. However, seasonal demand is weak, leading to a short-term stable outlook. The report highlights the ongoing trend of "anti-involution" and anticipates performance improvement in Q4, suggesting that if prices remain high, there is still room for recovery in 2026 [6][4] Summary by Sections 1. Market Performance - The coal market has shown a stable performance over the past year, with specific focus on the dynamics of thermal and metallurgical coal [2] 2. Thermal Coal - The market maintains normal production and sales, with limited downstream demand. As of January 9, the reference price for thermal coal in the Bohai Rim is 701 CNY/ton, with a weekly change of +2.04%. The total coal inventory at northern ports is 24.07 million tons, reflecting a weekly increase of +6.69% [4] 3. Metallurgical Coal - The recovery of coal production is underway, with coking coal supply slightly improving. However, downstream demand remains weak, with the main focus on just-in-time inventory replenishment. As of January 9, the price for main coking coal at Jingtang Port is 1,620 CNY/ton, unchanged from the previous week [5] 4. Investment Recommendations - The report suggests focusing on companies in the thermal coal sector such as Yanzhou Coal Mining, Shaanxi Coal and Chemical Industry, China Shenhua Energy, and others. For coking coal, companies like Shanxi Coking Coal and Huabei Mining are highlighted as potential investment opportunities [6] 5. Industry Dynamics - The report tracks dynamic data in the coal industry, indicating that the coking coal market is stabilizing while steel mills are gradually resuming operations. The overall sentiment in the coal futures market is improving, with coking coal prices showing an upward trend [49][69]

平顶山天安煤业股份有限公司 关于控股股东实施战略重组的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 平顶山天安煤业股份有限公司（以下简称"公司"）于 2025 年 9 月 26 日发布了《关于控股股东拟实施战略重组的提示性公告》（公 告编号：2025-078），河南省委、省政府决定对河南能源集团有限公 司（以下简称"河南能源集团"）和中国平煤神马控股集团有限公司 （以下简称"中国平煤神马集团"）实施战略重组。2025 年 11 月 11 日，公司发布了《关于控股股东拟实施战略重组的进展公告》（公告 编号：2025-087），河南省人民政府国有资产监督管理委员会(以下 简称"河南省国资委")与河南能源集团、中国平煤神马集团已签署 《战略重组框架协议》。 2026 年 1 月 13 日，公司收到控股股东中国平煤神马集团书面通 知，获悉河南省国资委与河南能源集团、中国平煤神马集团于通知当 日正式签署《中国平煤神马控股集团有限公司增资协议》。根据协议 约定，河南省国资委以其持有的河南能源集团 100%股权按照经评估 ...

Group 1 - The company announced a strategic restructuring involving its controlling shareholder, with the Henan Provincial Party Committee and Government deciding to restructure Henan Energy Group and China Pingmei Shenma Group [1] - A strategic restructuring framework agreement was signed by the three parties on November 11, 2025 [1] - The Henan Provincial State-owned Assets Supervision and Administration Commission officially signed an investment agreement with the two parties on January 13, 2026, where the former will increase capital in China Pingmei Shenma Group by using its 100% stake in Henan Energy Group, making Henan Energy Group a wholly-owned subsidiary [1] Group 2 - The restructuring will not affect the company's operations and will not change the controlling shareholder or actual controller [1]

Investment Rating - The industry rating is "Positive" [1] Core Views - The report highlights a decrease in coking coal supply, indicating a potential for price recovery due to low inventory levels and reduced supply [6][25] - The coal sector outperformed the CSI 300 index, with a weekly increase of 6.26% compared to the index's 2.79% rise, marking a 3.47 percentage point advantage [2] - The report suggests that the current policy environment is balancing between "checking overproduction and ensuring supply," which may lead to stronger policy support as coal prices decline [6][25] Supply and Demand Summary - Supply: Key monitored enterprises reported an average daily coal sales volume of 7.05 million tons for the week ending January 8, 2026, a week-on-week increase of 17.1% but a year-on-year decrease of 0.4% [2] - Demand: The power and chemical industries showed mixed results, with coal consumption in the power sector decreasing by 0.1% year-on-year, while the chemical sector increased by 9.2% [2][23] - Inventory: Total coal inventory (including port storage) stood at 23.48 million tons, unchanged week-on-week but down 11% year-on-year [2][23] Price Summary - Coking coal prices at major ports showed a decline, with the main coking coal price at Jing-Tang Port at 1,650 CNY/ton, down 2.9% week-on-week [4] - The report notes that the futures settlement price for coking coal increased by 6.5% week-on-week to 1,188 CNY/ton, indicating market volatility [4][6] Investment Recommendations - The report recommends focusing on high-dividend thermal coal companies and resilient coking coal companies, with specific companies highlighted for investment [6][25] - Notable companies in thermal coal include China Shenhua, Shaanxi Coal and Chemical Industry, and others, while coking coal companies include Huabei Mining, Shanxi Coking Coal, and others [6][25]

丨证券研究报告丨 行业研究丨行业周报丨煤炭与消费用燃料 [Table_Title] 供给收缩预期升温，布局正当时 报告要点 [Table_Summary] 如何看待后续煤价走势和 2026 年煤炭配置机会？我们认为，本轮煤炭行情的驱动因素主要来 自供给收缩预期升温、寒潮需求支撑与中长期高股息配置价值的共振，煤价反弹仍有空间。不 过，后续仍需关注政策落实情况以及其他地区核减产能是否跟进。整体来看，尽管 2026 年煤 价改善之路或并非一帆风顺，但我们认为，考虑到 2026 年煤炭需求改善可期、反内卷大背景 下存量供给产能利用率依旧受限，供需改善下煤价中枢仍有望提升。岁末年初险资有望增配煤 炭板块，当前时点建议继续重视煤炭红利配置机会。 分析师及联系人 [Table_Author] 肖勇 赵超 叶如祯 庄越 韦思宇 SAC：S0490516080003 SAC：S0490519030001 SAC：S0490517070008 SAC：S0490522090003 SAC：S0490524120007 SFC：BUT918 SFC：BUY139 请阅读最后评级说明和重要声明 %% %% %% %% researc ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the coal industry, including Shanxi Coking Coal, Lu'an Mining, Yancoal Energy, China Shenhua, Shaanxi Coal and Chemical Industry, and others [5]. Core Views - The coal market is expected to see strong marginal improvements in supply and demand, leading to a stabilization and potential increase in coal prices. The report anticipates that coal prices will continue to rise due to high electricity demand during the cold weather and a reduction in port inventories [6][8]. - The demand side remains resilient, with non-electric demand and electricity demand both expected to maintain high levels. The report highlights that steel production and chemical industry coal consumption are driving this demand [8]. - On the supply side, there are expectations of reduced coal production due to regulatory changes and potential capacity cuts in key mining regions, which could further tighten supply [8]. - The report suggests that investors should consider low-entry opportunities in the coal sector, focusing on companies with strong dividend yields and low valuations, as well as those with significant production capacity growth [8]. Summary by Sections 1. Core Views and Operational Tracking - The report emphasizes the importance of dividend policies and growth prospects for listed companies in the coal sector, indicating a focus on stable earnings and potential for future growth [12][14]. 2. Coal Price Tracking - The report provides detailed tracking of coal prices, including indices for thermal coal and coking coal, highlighting recent price movements and trends in both domestic and international markets [9][10]. 3. Coal Inventory Tracking - There is a focus on coal production levels and inventory status, with recent data showing a decrease in port coal inventories, indicating improved supply-demand dynamics [8][10]. 4. Downstream Performance in the Coal Industry - The report tracks downstream consumption patterns, including daily coal usage by power plants and trends in steel and cement prices, which are critical for understanding overall coal demand [9][10]. 5. Recent Performance of the Coal Sector and Individual Stocks - The report analyzes the recent performance of the coal sector, noting fluctuations in stock prices and market sentiment, while also providing forecasts for key companies [8][10].

Core Viewpoint - Xinjiang Energy, a subsidiary of China Pingmei Shenma Group, has achieved significant profitability and operational efficiency since its establishment, positioning itself as a strategic hub for the group's expansion into Central Asia [1][2]. Group 1: Financial Performance - The Sike Tree Coal Company, a key asset of Xinjiang Energy, reported a profit exceeding 30 million yuan in its first year of operation, with coal production and sales reaching 1.2 million tons [1]. - The company aims to achieve revenue of 19 billion yuan and profit of 4 billion yuan by the end of the 14th Five-Year Plan, and targets revenue of 59.6 billion yuan and profit of 8.6 billion yuan by the end of the 15th Five-Year Plan [3]. Group 2: Project Development - The Iron Factory No. 1 well project set a national record for mine approval speed, completing exploration report review in 15 days and feasibility study and preliminary design approval in 3 months [1]. - The planned production capacity for the Iron Factory No. 1 well is 6 million tons per year, contributing to the group's overall coal production capacity of 130 million tons [1]. - The company is advancing eight major reserve projects this year, with a total investment exceeding 80 billion yuan, covering coal power, modern coal chemical, and new energy sectors [2]. Group 3: Strategic Layout - Xinjiang Energy has implemented a "one headquarters, four bases" strategy, with the Urumqi headquarters overseeing regional operations and the development of four bases focused on various energy and chemical sectors [2]. - The company is leveraging the Belt and Road Initiative to establish infrastructure and a commodity trading platform in regions like Hami and Turpan, enhancing its supply chain capabilities [2].

平顶山天安煤业股份有限公司（以下简称"公司"）第十届董事会第二次会议于2026年1月5日以书面、短 信或电子邮件的方式发出通知，于2026年1月8日采用通讯表决的方式召开，董事长焦振营先生主持。本 次会议应表决董事15人，实际表决董事15人。会议召开及程序符合《公司法》等法律、法规及《公司章 程》的有关规定。经与会董事审议，本次董事会会议通过如下事项： 证券代码：601666 证券简称：平煤股份 编号：2026-006 平顶山天安煤业股份有限公司 第十届董事会第二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 一、关于2025年日常关联交易执行情况及2026年发生额预计情况的议案 会议以11票同意，0票反对，0票弃权审议通过该议案。（内容详见2026-007号公告） 董事会审议该关联交易议案时，关联董事李庆明先生、焦振营先生、吴昕先生、陈金伟先生已回避表 决，也未代理非关联董事行使表决权。本议案已经公司第十届董事会独立董事专门会议2026年第一次会 议事前认可。 证券代码：601666 证券简称：平煤股份 ...