Group 1 - The core viewpoint of the news is that China Coal Energy Co., Ltd. has shown fluctuations in stock performance and financial metrics, with a notable decrease in revenue and net profit year-on-year [1][2][3] Group 2 - As of January 26, the stock price of China Coal Energy increased by 2.07% to 13.33 CNY per share, with a total market capitalization of 176.738 billion CNY [1] - The company has seen a year-to-date stock price increase of 7.15%, with a 1.83% increase over the last five trading days and a 4.96% increase over the last 20 days, while it has decreased by 3.41% over the last 60 days [1] - The company's main business segments include coal business (81.03% of revenue), coal chemical business (12.48%), and coal mining equipment manufacturing (6.24%) [1] Group 3 - For the period from January to September 2025, China Coal Energy reported operating revenue of 110.584 billion CNY, a year-on-year decrease of 21.24%, and a net profit attributable to shareholders of 12.485 billion CNY, down 14.57% year-on-year [2] - The company has distributed a total of 45.074 billion CNY in dividends since its A-share listing, with 21.386 billion CNY distributed in the last three years [3] Group 4 - As of October 31, the number of shareholders of China Coal Energy was 82,300, a decrease of 11.46% from the previous period, while the average number of circulating shares per person remained unchanged at 121,724 shares [2] - The top ten circulating shareholders include China Securities Finance Corporation, holding 336 million shares, and Guotai Junan CSI Coal ETF, which increased its holdings by 44.101 million shares to 72.507 million shares [3]

[Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 吴杰(分析师) | 021-23183818 | wujie3@gtht.com | S0880525040109 | | 胡鸿程(分析师) | 021-23185962 | huhongcheng@gtht.com | S0880525070011 | 股票研究 /[Table_Date] 2026.01.26 本报告导读： 12 月低基数用电仍偏低，待 26 年政策发力 [Table_Industry] 公用事业 我们预计 1 月的最后一周或将是行业估值的分水岭。 证 券 研 究 报 告 投资要点： 股 票 研 究 [Table_Report] 相关报告 请务必阅读正文之后的免责条款部分 行 公用事业《国泰海通公用事业月度电力数据库 _20260123》2026.01.23 公用事业《公用事业数据周报_20260119》 2026.01.19 公用事业《跨境碳定价，绿电价值或提升》 2026.01.18 公用事业《中石化与中航油实 ...

Core Viewpoint - The Inner Mongolia Energy Bureau aims to implement high-quality energy development by 2026, aligning with the regional economic and social development goals and focusing on energy security, green transition, and technological innovation. Group 1: Energy Planning and Development - The region will develop the "14th Five-Year" energy plan, focusing on the relationship between energy and economic, industrial, and ecological factors, ensuring the plan addresses energy security and green transition [1] - Major projects will be planned and implemented to drive the energy development agenda, with a focus on renewable energy utilization and power market construction [1] Group 2: Energy Supply Assurance - The coal production target is set to exceed 1.25 billion tons annually, with a national supply task of 780 million tons to be completed [2] - New coal power projects will add 5 million kilowatts of capacity, bringing the total installed power capacity to over 330 million kilowatts [2] - Oil and gas production targets are set at 3.35 million tons for crude oil and 31.5 billion cubic meters for natural gas [2] Group 3: Renewable Energy Development - The region aims to add over 30 million kilowatts of new renewable energy capacity, surpassing a total of 200 million kilowatts [3] - Initiatives will be taken to promote green electricity consumption and develop new models for renewable energy integration [3] Group 4: Grid and Storage Capacity Enhancement - The planning for the "14th Five-Year" grid framework will be conducted, with new energy storage technologies being developed to reach a scale of 25 million kilowatts by year-end [3] - Construction of pumped storage projects will be accelerated to establish a national energy storage base [3] Group 5: Energy Sector Reform and Innovation - The energy market mechanism will be optimized to encourage long-term power purchase agreements and enhance trading flexibility [3] - Focus will be placed on technological innovation in new energy systems, hydrogen energy, and green hydrogen production to lead the national market [3]

内容概况：随着排放标准趋严，天然气净化、煤化工、钢铁冶金、石油化工等高耗能行业正成为潜力巨 大的增量市场。2024年，中国脱硫脱碳剂行业市场规模为179.63亿元，同比增长7.61%。首先，是国 家"双碳"战略下的环保高压与标准迭代。燃煤电厂、钢铁、水泥等传统高耗能行业面临的超低排放改造 要求（如SO₂排放浓度需低于35mg/m³）是存量市场的长期刚需。其次，增长更来源于下游应用市场的 结构性拓宽与深化。随着新能源产业崛起，天然气净化（尤其是页岩气开采）、煤化工精细化发展以及 石油炼制升级等领域，对原料气和过程气的脱硫脱碳提出了更高、更复杂的要求。这些新需求不仅提升 了行业的总量，更因其技术难度大，显著提高了产品的附加值和定制化比例。 一、行业概述 脱硫脱碳剂是用于从气体（如烟气、天然气、合成气等）中同时或分别去除硫氧化物（如SO₂、H₂S） 和碳氧化物（如CO₂）的化学物质或混合物。其核心作用是通过吸收、吸附、化学反应或转化，将有害 气体转化为无害或可回收物质，以满足环保排放标准或提升能源利用效率。脱硫脱碳剂按工艺方法主要 分为湿法、干法、半干法三类。 脱硫脱碳剂分类 二、行业产业链 脱硫脱碳剂行业产业链上 ...

Investment Rating - The report maintains a rating of "Buy" for several key companies in the coal industry, including China Shenhua, Shaanxi Coal and Energy, and Xinji Energy, among others [11][14]. Core Insights - The coal market is currently experiencing a weak supply-demand balance, with prices expected to remain stable amidst high inventory levels and fluctuating demand [18][30]. - The report highlights the potential for "black swan" events, particularly from increased demand in the U.S. and reduced production/export from Indonesia, which could significantly impact coal prices [3]. - The report emphasizes the importance of monitoring companies with overseas operations, such as Qinfa and Yancoal Australia, as they may benefit from shifts in the global coal trade [3]. Market Overview - The CITIC Coal Index reached 3743.77 points, up 1.44%, outperforming the CSI 300 Index by 2.06 percentage points [77]. - The U.S. coal stock BTU reached a new high of $39.95 per share, indicating a strong market performance [2]. - Indonesia is tightening coal supply by closing illegal mining operations, which could further influence global coal prices [2]. Key Areas of Analysis - **Thermal Coal**: Daily consumption is rising, but high inventory levels are leading to a weak market sentiment. Prices are expected to fluctuate as the market approaches the Chinese New Year [18][30]. - **Coking Coal**: The first round of price increases has faced resistance, and market sentiment is weakening. Focus is on pre-holiday stockpiling needs [37][51]. - **Coke**: Price increases have been delayed, and market sentiment is declining, with steel mills maintaining cautious purchasing strategies [51][75]. Key Companies - The report recommends focusing on companies such as China Shenhua, Yancoal Australia, and Qinfa, which are well-positioned to capitalize on market changes [14][12]. - Companies like Peabody (BTU) and Jin控煤业 are also highlighted for their potential growth opportunities [14][12].

| [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 黄涛(分析师) | 021-38674879 | huangtao@gtht.com | S0880515090001 | | 王楠瑀(分析师) | 021-38032030 | wangnanyu@gtht.com | S0880525070029 | | 邓铖琦(分析师) | 010-83939825 | dengchengqi@gtht.com | S0880523050003 | 本报告导读： 我们认为煤炭板块周期底部已经确认在 25Q2，供需格局已经显现了逆转拐点，下行 风险充分释放。 投资要点： 地产政策多部门联动稳预期，非电需求有望修复 [Table_Industry] 煤炭 煤炭行业周报 股 票 研 究 业 跟 煤炭《2025 年用电量超 10 万亿 kwh，需求开启 上行周期》2026.01.19 煤炭《国泰海通煤炭行业基本面数据库大全 20260118》2026.01.18 煤炭《反内卷再起，需求端预计 26 年开启上行周 期》2026.01.11 煤炭《国 ...

Investment Rating - The report maintains a rating of "Buy" for several key companies in the coal industry, including China Shenhua, Shaanxi Coal and Energy, and Xinji Energy, while maintaining an "Overweight" rating for Pingmei Shenma Group [5][11]. Core Insights - The coal market is expected to face a dual weakness in supply and demand as the Spring Festival approaches, leading to a potential stabilization in coal prices [18][31]. - The report highlights the impact of AI on reshaping the U.S. coal market, indicating a rebound in demand that could influence global coal trade dynamics [2][3]. - Indonesia's government is tightening regulations on illegal mining, which may affect coal supply and prices globally [2][3]. Market Overview - The CITIC Coal Index rose to 3743.77 points, an increase of 1.44%, outperforming the CSI 300 Index by 2.06 percentage points [78]. - The report notes that U.S. coal consumption is experiencing explosive growth, while exports are expected to slow down, leading to a tighter global coal trade balance [3][35]. - As of January 23, 2026, the price of thermal coal at northern ports was reported at 691 RMB/ton, reflecting a week-on-week decrease of 13 RMB/ton [31][19]. Key Areas of Analysis - **Thermal Coal**: The report indicates a rise in daily consumption and cost support, but high inventory levels may lead to price fluctuations [18][31]. - **Coking Coal**: The first round of price increases has faced resistance, and market sentiment is weakening due to rising costs impacting profitability for coking enterprises [38][49]. - **Coke**: The market is experiencing a pause in price increases, with a shift in sentiment leading to increased selling pressure from intermediaries [52][76]. Focused Companies - Key companies recommended for investment include China Shenhua, Yancoal Australia, and Shaanxi Coal and Energy, with a focus on those involved in smart mining and international coal markets [14][12]. - The report also highlights companies like Peabody (BTU) and China Qinfa, which are positioned to benefit from international market dynamics [14][3].

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the coal industry, indicating an expected relative performance that exceeds the benchmark index by over 10% [2][14]. Core Insights - The report highlights a significant rebound in daily coal consumption due to a cold wave, with a focus on pre-holiday inventory replenishment needs [1]. - It notes that while coal prices have seen a decline, they are expected to stabilize as demand is projected to rise, particularly leading up to the Spring Festival [9]. - The supply side remains constrained due to "anti-involution" policies and strict safety regulations, which are likely to limit production increases [9]. Summary by Sections Production and Demand - In December, national raw coal production was 437 million tons, showing a year-on-year decrease of 1% and a slight month-on-month increase of 2.4%. The total annual production reached 4.832 billion tons, up 1.2% year-on-year [7]. - The report indicates that electricity generation, pig iron, and cement production saw year-on-year declines of 3.2%, 9.9%, and 6.6% respectively in December [7]. Price Trends - As of January 23, the Qinhuangdao coal price was 686 RMB/ton, reflecting a decrease of 11 RMB/ton year-on-year [7]. - The average daily coal consumption across 25 provinces was 6.59 million tons, up 12.1% year-on-year, while average inventory levels decreased by 5% [7]. Market Outlook - The report anticipates that coal prices may face upward pressure as the demand season approaches, despite recent price declines [9]. - It suggests that companies such as Lu'an Environmental Energy, Yanzhou Coal Mining, and Shanxi Coal International are worth monitoring for potential investment opportunities [9].

Investment Rating - The report maintains an "A" rating, indicating a leading position in the market [5] Core Insights - The coal mining industry is experiencing a dual transformation towards green and intelligent technologies, with significant growth potential for mining trucks in the new energy era [1] - The demand for unmanned mining trucks is expected to surge due to advancements in smart mining construction and supportive policies, with projections indicating a fleet exceeding 10,000 units by 2026-2027 [1][22] - The transition to new energy mining trucks is becoming mainstream, driven by mature technologies in pure electric and hybrid models, alongside favorable policies and cost advantages [2][37] Summary by Sections 1. Special Research - The continuous release of open-pit coal mine capacity is creating substantial growth opportunities for mining trucks, with open-pit coal mines accounting for approximately 25% of China's total coal production in 2023 [16] - The number of unmanned mining trucks is projected to increase from 88 units in 2020 to over 4,000 by 2025, with a forecast of surpassing 10,000 units by 2026-2027 [1][22] - The industry is accelerating its green transformation, with new energy mining trucks expected to see sales exceed 1,500 units in 2023 and forecasted to surpass 2,000 units by 2025 [2][37] 2. Market Information Tracking - The report tracks coal prices, with the average price of thermal coal reported at 685 RMB/ton as of January 21, 2026, remaining stable compared to January 7, 2026 [10] - Coking coal prices have seen an increase, with the main coking coal price at 1,770 RMB/ton as of January 20, 2026, up by 150 RMB/ton from January 6, 2026 [10] 3. Industry Dynamics - Recent policies from the National Energy Administration and other departments are promoting the construction of zero-carbon factories and the use of new energy vehicles in mining operations [9] - The report highlights the importance of smart mining and unmanned truck applications, supported by various national policies aimed at enhancing safety and efficiency in mining operations [35] 4. Investment Portfolio and Recommendations - The report suggests focusing on companies with strong positions in the coal sector, such as China Shenhua, Shaanxi Coal and Energy, and China Coal Energy, which are expected to benefit from stable profits and cyclical recovery [11] - It also recommends monitoring companies involved in the production of new energy mining trucks, including XCMG, SANY Heavy Industry, and others, as they are well-positioned to capitalize on the growing market [2][43]

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2026 年 01 月 25 日 投资评级： 看好（维持） 证券分析师 联系人 12 月进口煤量同比转正，价差扩大致进口短期回升。据海关总署数据，2025 年 12 月我国煤及褐煤进口 量为 5860 万吨，同比+11.9%，较 11 月回升 31.8pct；2025 年 1-12 月累计进口煤及褐煤 49027 万吨， 同比-9.6%，跌幅较 1-11 月缩窄 2.4pct。国内煤价于 11 月中旬快速回升，进口煤价格优势显著，订单 短暂增加，此外印尼将于 2026 年征收煤炭出口关税，一定程度上促使进口煤年底抢运，上述原因导致 12 月到港进口煤同比转正，但 12 月以来国内煤价显著下跌，进口煤价格优势已经显著缩窄，进口积极 性或再次下降，预计 2026 年 1 月进口煤同环比均有望下降。 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@hu ...