Group 1 - The market is expected to maintain a balanced growth and value style as it approaches the "Two Sessions" in March, with sectors sensitive to macro policies like real estate and cyclical industries showing potential for marginal improvement [1] - The market is projected to transition from a policy-driven phase to a fundamental-driven phase by mid to late April, with potential pressure on market sentiment if corporate earnings reports fall short of expectations [1] - Current market conditions indicate ample liquidity and rising policy expectations, making it suitable to moderately position in sectors with safety margins and high sensitivity to policy changes while awaiting new catalysts [1] Group 2 - The recommended stocks for March 2026 include Huaxi Nonferrous Metals, which is expected to benefit from rising tin and antimony prices due to its strong resource endowment and clear growth path [18] - Lu'an Huanneng is highlighted for its high proportion of spot coal sales, which provides good earnings elasticity during coal price upcycles, alongside low current industry inventory levels [18] - Industrial Fulian is noted for its deep ties with leading clients and its role as a core manufacturer for AI server OEMs, with expected high growth rates in earnings [18] Group 3 - Key financial data for the recommended stocks includes Huaxi Nonferrous Metals with an EPS forecast of 2.45 yuan for 2026 and a PE ratio of 26, indicating a strong growth outlook [21] - Lu'an Huanneng is projected to have an EPS of 1.01 yuan for 2026 with a PE ratio of 15, reflecting its favorable valuation [21] - Ningde Times is expected to achieve an EPS of 19.99 yuan for 2026 with a PE ratio of 17, indicating significant growth potential in the power equipment sector [21]

供给收缩叠加大宗叙事，持续看好煤炭板块表现 煤炭 证券研究报告/行业定期报告 2026 年 02 月 28 日 评级： 增持（维持） 执业证书编号：S0740522040001 Email：duchong@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 37 | | 行业总市值(亿元) | 20,999.46 | | 行业流通市值(亿元) | 20,568.53 | 布局弹性标的》2026-02-07 有望上行推荐弹性》2026-02-07 2026-02-02 | 增持（维持） 评级： | | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：杜冲 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 202 ...

Investment Rating - The report maintains a "Buy" rating for all listed companies in the coal sector, indicating a positive outlook for their performance [2]. Core Insights - The report highlights that the contraction in overseas supply is catalyzing domestic coal demand, leading to an expected continuous rise in coal prices. Factors such as reduced supply from Indonesia and Russia, along with increased domestic consumption, are driving this trend. The anticipated price range for coal is projected to be between 750-1000 RMB/ton, with seasonal fluctuations expected [7][9]. - The report suggests focusing on companies with high spot market exposure and strong balance sheets, particularly those in Shanxi province, which has completed overproduction governance [9][14]. Summary by Sections Investment Recommendations - Recommended companies include: 1. Jin控煤业 2. 山煤国际 3. 潞安环能 4. 华阳股份 5. 兖矿能源 6. 中国神华 7. 陕西煤业 8. 中煤能源 9. 中广核矿业 10. 新集能源 11. 淮北矿业 12. 兰花科创 (cautious recommendation) [2][14]. Market Performance - As of February 27, the coal sector has shown a weekly increase of 5.7%, outperforming the broader market indices such as the Shanghai Composite and Shenzhen Component [16][19]. - The report notes that the coking coal sub-sector has experienced the highest weekly increase of 10.7% [19]. Industry Dynamics - The report discusses the impact of international supply disruptions, particularly from Russia and Indonesia, on coal prices and domestic demand. It emphasizes the importance of monitoring these external factors as they significantly influence market conditions [9][26]. - The report also highlights the recovery in domestic coal production and consumption patterns post-holiday, indicating a gradual return to normal supply-demand dynamics [11][31]. Price Tracking - Recent data shows that coal prices at major production sites have increased, with specific prices reported for various regions, indicating a general upward trend in coal pricing [10][45].

行 业 研 究 4022 煤炭 2026 年 02 月 28 日 内外煤倒挂，煤价仍有上行动能 投资要点： 动力煤 行 业 定 期 报 告 截至 2 月 27 日，秦港 5500K 动力末煤平仓价 745 元/吨，周环比 +18 元/吨，内蒙古、山西、陕西产地价持平。截至 2 月 27 日，动力 煤 462 家样本矿山日均产量 491.4 万吨，环比+51.5 万吨，年同比 +11.7%。本周电厂日耗大涨，电厂库存微跌，动力煤库存指数微跌， 秦港库存小涨，截至 2 月 9 日，动力煤库存指数为 173.6（-0.6）。非 电方面，甲醇、尿素开工率分别为 92.8%（持平）和 93.2%（持 平），仍处于历史同期偏高水平。 焦煤 截至 2 月 27 日，京唐港主焦煤库提价 1660 元/吨，周环比持平， 山西产地价大跌，河南产地价持平、安徽产地价格持平。截至 2 月 27 日，523 家样本矿山精煤日均产量 64.9 万吨（+19 万吨），年同比- 11.4%，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 27 日，中国日均铁水产量 257.7 万吨（+6 ...

Group 1 - The three major indices showed mixed performance, with the Shanghai Composite Index rising by 0.39%, while the Shenzhen Component Index fell by 0.06% and the ChiNext Index dropped by 1.04% [1] - The small metal sector experienced a surge, with companies like Xianglu Tungsten Industry and Zhangyuan Tungsten Industry both increasing by 10% [1] - CICC predicts that tungsten prices are likely to continue their strong performance in the short term, driven by supply-side production constraints and geopolitical tensions [1] Group 2 - The gold trading market remains focused on safe-haven and stagflation trades, with long-term investment value unchanged [2] - The coal sector performed well, with Shanxi Coking Coal rising over 6%, supported by expectations of improved performance amid supply constraints [2] - The computing power leasing concept rebounded significantly, with companies like CloudWalk Technology rising by 20% and several others hitting the daily limit of 10% [2] Group 3 - Recent data indicates that from February 9 to 15, China's AI model usage surpassed that of the US for the first time, highlighting a shift towards productivity tools and intelligent agents [3] - Major Chinese AI firms like ByteDance and Alibaba are establishing differentiated advantages in their respective fields, driving demand for domestic computing infrastructure and leasing markets [3] - The semiconductor and paper sectors saw declines, with companies like Zhongwei Company and Hengda New Materials experiencing significant drops [3]

煤炭ETF（515220）业绩比较基准为中证煤炭指数收益率，管理人为国泰基金管理有限公司，基金经理 为吴中昊，成立（2020-01-20）以来回报为173.17%，近一个月回报为6.21%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月27日，截止午间收盘，煤炭ETF（515220）涨1.45%，报1.186元，成交额3.12亿元。煤炭ETF （515220）重仓股方面，中国神华截止午盘涨0.29%，陕西煤业涨0.60%，兖矿能源涨1.53%，中煤能源 涨3.29%，山西焦煤涨1.12%，华阳股份涨1.55%，美锦能源涨2.99%，潞安环能涨2.61%，淮北矿业涨 0.52%，平煤股份涨0.92%。 来源：新浪基金∞工作室 ...

煤炭板块持续走高， 山西焦化涨超8%， 新大洲A、 郑州煤电、 电投能源涨超5%， 潞安环能、 中煤能 源跟涨。 ...

格隆汇2月27日｜A股市场煤炭板块走强，其中，永泰能源触及涨停，潞安环能、电投能源、郑州煤 电、中煤能源、美锦能源、恒源煤电等跟涨。 ...

（文章来源：每日经济新闻） 每经AI快讯，2月27日，煤炭指数再度走强，主要成分股呈现普涨态势。江钨装备、云维股份涨停，新 大洲A、潞安环能、山西焦化等涨幅居前。 ...

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