Core Viewpoint - Jin控 Coal Industry reported a decrease in shareholder accounts and a decline in financial performance for the third quarter, indicating potential challenges ahead for the company [2] Group 1: Shareholder Information - As of January 10, 2026, the number of shareholders for Jin控 Coal Industry was 50,000, a decrease of 4,000 from the previous period, representing a 7.41% decline [2] - The stock price closed at 14.50 yuan, remaining flat, with a cumulative increase of 10.27% since the concentration of shares began, including four days of increases and one day of decrease [2] Group 2: Financing and Margin Data - As of January 9, the latest margin trading balance for the stock was 240 million yuan, with a financing balance of 234 million yuan [2] - The financing balance decreased by 35.88 million yuan during the concentration period, reflecting a decline of 13.28% [2] Group 3: Financial Performance - For the first three quarters, the company achieved an operating revenue of 9.325 billion yuan, a year-on-year decrease of 16.99% [2] - The net profit for the same period was 1.277 billion yuan, down 40.65% year-on-year, with basic earnings per share at 0.7600 yuan and a weighted average return on equity of 6.85% [2]

（文章来源：证券日报） 证券日报网讯 1月12日，晋控煤业在互动平台回答投资者提问时表示，截至2026年1月9日，公司股东人 数为50000余户。 ...

Group 1 - The core view of the report indicates that the coal market in 2025 experienced a supply surplus, with policies playing a crucial role in stabilizing the market amidst weak demand [2][12][15] - In the first half of 2025, domestic raw coal production remained high, increasing by 5.4% year-on-year, while coal consumption only grew by 0.4%, leading to significant inventory accumulation at ports [14][15] - The report highlights that coal prices fluctuated significantly, starting at 763 CNY/ton at the beginning of the year and dropping to 610 CNY/ton by mid-June, before experiencing a rebound due to seasonal demand and supply tightening [2][12][15] Group 2 - For 2026, the report anticipates improvements in the coal supply-demand balance, with thermal coal prices expected to fluctuate between 650-850 CNY/ton, centering around 750 CNY/ton [2][3] - The supply side is expected to be influenced by policies focusing on safety production and coal price stability, with an estimated peak annual production of around 4.8 billion tons [2][3][30] - The demand side is projected to see a recovery in thermal power generation, while non-electric demand from sectors like chemicals is expected to maintain growth [2][3][30] Group 3 - Investment recommendations suggest prioritizing coal companies with strong growth potential and stable operations, particularly those with high dividend yields in the current low-interest macro environment [2][3] - Specific companies highlighted for growth potential include Yanzhou Coal Mining, China Power Investment Corporation, Huayang Co., and Xinji Energy, while stable long-term investments include China Shenhua Energy and Shanxi Coal and Energy [2][3] - The report emphasizes the importance of monitoring policy changes and market dynamics, particularly regarding production controls and safety inspections, which will significantly impact future coal supply [30][32]

Investment Rating - The report maintains a positive outlook on the coal sector, indicating that the bottom of the cycle has been confirmed in Q2 2025, with expectations for an upward trend starting in H2 2026 [1][2]. Core Insights - The coal price is expected to stabilize, with demand being the core driver. The report highlights that the recent production increase in Yulin is not expected to significantly impact overall production levels due to existing capacity constraints [1][2]. - The report emphasizes that the supply-demand dynamics are shifting, with a notable increase in electricity demand in November, showcasing the resilience of thermal coal demand [1][2]. - The report forecasts that the coal sector will enter a new upward cycle starting in H2 2026, driven by increased demand for thermal power [1][2]. Summary by Sections Coal Price Tracking - As of January 9, 2026, the price of Q5500 coal at Huanghua Port is 706 CNY/ton, up 17 CNY/ton (2.5%) from the previous week [6][7]. - The price of Q5000 coal at Huanghua Port is 621 CNY/ton, up 20 CNY/ton (3.3%) from the previous week [6][7]. - The report notes a decrease in coal inventories at major ports, indicating tightening supply conditions [19][28]. Demand and Supply Analysis - November electricity consumption has shown significant growth, indicating strong demand for thermal coal [1][2]. - The report suggests that the anticipated production increases may not lead to significant supply growth due to regulatory constraints on overproduction [1][2]. - The report highlights that domestic coal supply is stabilizing while imports are expected to decline, maintaining overall supply levels [1][2]. Focus on Key Companies - The report recommends continued attention on core companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy, as well as Yanzhou Coal Mining and Jincheng Anthracite Mining [2].

Core Viewpoint - The coal industry is entering a new upward cycle, with fundamental and policy factors aligning, making it an opportune time to invest in coal stocks [5] Price Trends - As of January 10, the market price for Qinhuangdao port thermal coal (Q5500) is 696 RMB/ton, an increase of 17 RMB/ton week-on-week [2] - The price for Shanxi-produced coking coal at Jingtang port remains stable at 1650 RMB/ton as of January 9 [3] - International thermal coal prices show mixed trends, with Newcastle NEWC5500 at 71.8 USD/ton (up 0.3 USD) and ARA6000 at 95.3 USD/ton (down 1.8 USD) [2] Supply and Demand Dynamics - The utilization rate for thermal coal mines is 90.3%, up 8.2 percentage points week-on-week, while coking coal mine utilization is at 85.34%, up 5.7 percentage points [3] - Coastal provinces show an increase in daily coal consumption by 29.90 thousand tons/day (+15.11%), while inland provinces see a decrease of 7.40 thousand tons/day (-1.81%) [4][5] - Chemical coal consumption has increased by 8.36 thousand tons/day (+1.13%) [4] Inventory Levels - As of January 8, coal inventory in coastal provinces decreased by 111.60 million tons (-3.17%), while inland provinces saw a larger drop of 409.00 million tons (-4.15%) [4] Investment Strategy - The coal sector is characterized by high performance, cash flow, and dividends, with a recommendation to invest in quality coal companies [7] - Companies such as China Shenhua, Shaanxi Coal, and others are highlighted for their stable operations and strong performance [7] - The coal market is expected to remain tight in the next 3-5 years, with a focus on the potential for price increases and valuation recovery [6][7]

Investment Rating - The industry investment rating is maintained at "Accumulate" [1] Core Insights - The port thermal coal spot price increased by 17 CNY/ton week-on-week, closing at 699 CNY/ton. The average daily inflow to the four ports in the Bohai Rim increased by 12.17% week-on-week, while the average daily outflow rose by 4.15% [1][30] - The inventory at the Bohai Rim ports decreased by 4.75% week-on-week, indicating a marginal decline in overall inventory levels, which, combined with the release of rigid demand, has driven coal prices upward. However, the report anticipates that coal prices will maintain a volatile trend due to high temperatures and competition from renewable energy sources [1][35] Summary by Sections 1. Weekly Market Review - The Shanghai Composite Index rose by 2.41% week-on-week, while the coal sector index increased by 5.70% [10] - The trading volume for the coal sector reached 742 million CNY, a significant increase of 222% week-on-week [10] 2. Domestic Coal Prices - Domestic thermal coal prices showed a stable increase, with the price for 5500 kcal thermal coal in Datong rising by 56 CNY/ton to 606 CNY/ton [17] - The port thermal coal price at Qinhuangdao increased by 17 CNY/ton, closing at 699 CNY/ton [17] 3. Inventory and Shipping - The average daily inflow to the Bohai Rim ports was 154.18 million tons, up 12.17% week-on-week, while the outflow was 161.95 million tons, up 4.15% [30] - The number of anchored vessels in the Bohai Rim ports increased by 22% week-on-week, indicating heightened shipping activity [35] 4. Recommendations - The report suggests focusing on resource stocks, particularly recommending thermal coal elastic stocks such as Haohua Energy and Guanghui Energy due to their low valuations [2][40]

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 ...

Fixed Income - The report indicates that credit spreads have narrowed across the board, demonstrating resilience in credit despite rising interest rates. During the week from January 4 to January 9, government bond yields generally increased, with 1Y, 3Y, and 10Y government bonds rising by 3 basis points (BP), while the 5Y bond rose by 4 BP and the 7Y bond by 2 BP. In contrast, credit bonds outperformed government bonds, with 1Y AA+ and above credit bond yields decreasing by 2 BP, while other grades increased by 1 BP. For 3Y AAA and AA grades, yields remained stable, while other grades decreased by 1-2 BP. The 5Y AA+ and above grades saw yields rise by 1 BP, while other grades increased by 3 BP. The 7Y AAA grade yields remained stable, while other grades decreased by 2 BP. The 10Y AAA credit bonds decreased by 1 BP, with other grades remaining stable. Overall, credit spreads narrowed, with 1Y AA+ and above credit spreads decreasing by 5 BP, and other grades down by 2 BP. For 3Y, spreads decreased by 3-5 BP across grades, while for 5Y, AA+ and above spreads decreased by 3 BP, and other grades down by 1 BP. The 7Y AAA grade spreads decreased by 2 BP, with other grades down by 4 BP, and for 10Y, spreads decreased by 3-4 BP across grades [3][9][20]. City Investment Bonds - The report notes that city investment bond spreads mostly decreased by 3-4 BP. The overall credit spread for AAA-rated platforms decreased by 3 BP, while AA and AA+ platforms saw a 4 BP decrease. By administrative level, provincial platform credit spreads generally decreased by 3 BP, while city and county-level platform spreads decreased by 4 BP. Specifically, AAA-rated spreads mostly decreased by 3-4 BP, with Inner Mongolia down by 2 BP, and Yunnan, Hainan, and Gansu down by 5-6 BP. AA+ rated platforms mostly saw decreases of 3-5 BP, with Xinjiang and Guizhou down by 1-2 BP, and Ningxia and Gansu down by 6-7 BP. AA-rated platforms mostly decreased by 4-5 BP, with Shaanxi down by 3 BP and Tianjin down by 6 BP [4][13][16]. Industry Bonds - The report highlights that while most industry bond spreads decreased, real estate bond spreads continued to widen. Specifically, the spreads for central state-owned enterprise real estate bonds widened slightly by 1-3 BP, while mixed-ownership real estate bonds saw a significant increase of 702 BP. In contrast, private enterprise real estate bond spreads decreased by 30 BP. Notable changes include Longfor's spread decreasing by 6 BP, CIFI's increasing by 55 BP, Vanke's decreasing by 974 BP, Midea's decreasing by 4 BP, Huafa's increasing by 17 BP, and Poly's increasing by 5 BP. Additionally, spreads for coal bonds decreased by 2-3 BP across grades, while steel and chemical bonds saw a decrease of 3 BP [20][21]. Perpetual Bonds - The report indicates that the spreads for secondary capital bonds and perpetual bonds have significantly narrowed, with yields for 1Y secondary capital bonds decreasing by 2-3 BP and perpetual bonds down by 3-4 BP, compressing spreads by 5-6 BP. For 3Y, AA+ and above secondary bonds saw yields decrease by 1 BP, while AA secondary bonds and all grades of perpetual bonds saw yields decrease by 1-2 BP, compressing spreads by 4-5 BP. In the 5Y category, AAA- secondary capital bond yields increased by 1 BP, AA+ remained stable, and AA decreased by 1 BP, with perpetual bond yields remaining stable and spreads compressing by 3-5 BP [5][25]. Excess Spreads - The report notes that the excess spread for industry AAA-rated 3Y perpetual bonds remained stable at 14.84 BP, positioned at the 40.79% percentile since 2015. The 5Y perpetual bond excess spread slightly decreased by 0.01 BP to 13.20 BP, at the 32.21% percentile. Conversely, the excess spread for city investment AAA-rated 3Y perpetual bonds increased by 1.93 BP to 4.64 BP, at the 3.74% percentile, while the 5Y excess spread increased by 1.52 BP to 10.92 BP, at the 18.64% percentile [27][28].

公司公告汇总 晋能控股山西煤业股份有限公司对2024年年度报告中"合并财务报表项目注释-货币资金"部分内容进行 更正，将期末余额中库存现金调整为银行存款，合计金额不变。本次更正不涉及财务报表调整，不影响 公司2024年度财务状况和经营业绩。公司对此前披露文件中存在的问题表示歉意，并承诺加强信息披露 审核。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 截至2026年1月9日收盘，晋控煤业（601001）报收于14.5元，较上周的13.15元上涨10.27%。本周，晋 控煤业1月8日盘中最高价报14.9元。1月5日盘中最低价报13.16元。晋控煤业当前最新总市值242.69亿 元，在煤炭开采板块市值排名13/30，在两市A股市值排名869/5182。 本周关注点 公司公告汇总：晋控煤业更正2024年年报中货币资金注释，库存现金调整为银行存款，不影响财 务状况。 ...