证券研究报告·行业跟踪周报·煤炭开采 煤炭开采行业跟踪周报 港口库存仍处高位，需求疲弱，煤价震荡运 行 增持（维持） [Table_Tag] [Table_Summary] 行业近况 供给端，本周环渤海四港区日均调入量 174.64 万吨，环比上周减少 3.96 万吨，降幅 2.22%。矿山产地煤矿正常供应，港口供给略有下降。 需求端，本周环渤海四港区日均调出量 191.69 万吨，环比上周减少 12.6 万吨，降幅 6.17%；日均锚地船舶共 68 艘，环比上周减少 14 艘，降幅 17.25%。库存端，环渤海四港区库存端 2931.9 万吨，环比上周减少 125 万吨，降幅 4.1%。港口本周日均调出量环比下降，库存绝对值减少， 但绝对值仍处高位，煤价震荡运行。 我们分析认为：煤炭价格目前主要受库存高位影响以及汛期水电稳增 影响导致上涨动能有限，但伴随逐步进入迎峰度夏旺季期，煤价或有进 一步触底上行可能。 估值与建议： 仍旧关注保险资金增量；保费收入维持正增长，且向头部保险集中。固 收类资产荒依旧，叠加红利资产已经高位，所以关注权益配置变化，预 期更青睐于资源股。 本周（6 月 2 日至 6 月 6 日） ...

Investment Rating - The report maintains an "Overweight" rating for the coal industry [2][5]. Core Views - The coal demand is strengthening, with port inventories continuously decreasing. The recent stabilization in coal prices is driven by the upcoming peak summer demand and a contraction in supply [7][8]. - The report highlights that the daily coal consumption in coastal and inland provinces has increased, indicating a recovery in coal demand. As of June 5, the total daily consumption reached 4.854 million tons, a week-on-week increase of 7.46% and a year-on-year increase of 1.08% [7][8]. - The report suggests that the coal prices are expected to rebound as the summer peak demand approaches, with significant inventory reductions at ports [7][8]. Summary by Sections 1. Industry Overview - The coal industry consists of 37 listed companies with a total market capitalization of 1,748.67 billion yuan and a circulating market capitalization of 1,709.58 billion yuan [2]. 2. Price Tracking - The report tracks various coal prices, including thermal coal and coking coal, indicating a recent decline in prices but a potential for recovery due to increased demand [8][9]. 3. Inventory Tracking - Port inventories are decreasing, with Qinhuangdao port's coal inventory dropping to 6.55 million tons as of June 6, a week-on-week decrease of 200,000 tons [7][8]. 4. Downstream Performance - The report notes improvements in downstream consumption, particularly in power plants, which are expected to drive coal demand higher in the coming months [7][8]. 5. Company Performance - Key companies such as China Shenhua, Shaanxi Coal, and Yancoal are highlighted for their strong performance and potential for growth, with recommendations for investment in these stocks [8][12].

围绕迎峰度夏防汛减灾，国网北京电力强化配电站室监测主机安装应用，提升防汛保电能力。据悉，该 装置利用先进的传感器技术与高效的数据采集系统，实时监测配电站室内的温度、湿度、水浸等环境参 数，为防汛工作提供精准、详实的数据支持。一旦检测到水浸等异常情况，监测主机会向物联网云平台 发出警报信息，同时依据预设的联动机制，迅速启动相应处置流程。 新华财经北京6月6日电（记者沈寅飞）随着夏季高温天气到来，电力系统迎来保供"大考"。为确保度夏 期间电力设备稳定运行，各地电力公司在电力设备"体检"中加大无人机、机器人等新技术应用，提高巡 检效率和精度，以硬核科技筑牢电网安全防线。 国网河南电力组织专人加大对500千伏及以上电压等级输变电设备运维力度，累计投入人员8130人次、 车辆2782台次，开展2437站次变电站特殊巡视和一轮次设备专业化巡视，并利用智能化监拍、无人机等 手段增加巡视频次。在重要变电站、重载变电站恢复有人值守，利用无人机对重载断面及设备开展高空 巡视，重点跟踪主变运行情况，"人巡"与"机巡"携手，共同保障设备安全运行。 国网上海超高压公司为确保迎峰度夏期间上海主电网5800余公里输电线路可靠运行，应用"无 ...

Investment Rating - The industry investment rating is Neutral [1] Core Views - Port inventory pressure has eased, leading to a strong rebound in the price of thermal coal at production sites. Despite the increase in coal prices, the market is expected to face resistance in forming an effective rebound due to the current supply-demand balance remaining loose [4][10] - Coking coal prices are stable but declining, with total inventory of coking steel continuing to decrease. The market is under pressure from the second round of price reductions for coke, but due to low inventory levels, coal prices are expected to remain stable [4][25] - The equity market shows mixed performance, with the coal sector slightly underperforming the index. Recent government policies aimed at boosting consumer income and stabilizing the economy have been released, but geopolitical tensions have weakened the overall market performance [4][5] Summary by Sections Market Performance - The equity market experienced mixed results, with the coal sector slightly underperforming the index. The average trading volume was 1.1 trillion yuan, with a decrease in trading heat compared to the previous week [5][4] - The Shanghai Composite Index fell by 0.03% to 3347.49 points, while the CSI 300 Index dropped by 1.08% to 3840.23 points. The coal sector saw a slight decline of 0.33% [5] Thermal Coal - The price of thermal coal at production sites has rebounded strongly, with the average utilization rate of 100 thermal coal mines reaching 93.6%, a decrease of 0.1% from the previous week. However, the market remains under pressure due to a loose supply-demand relationship [9][11] - The average daily consumption of coal at southern power plants was 1.693 million tons, a decrease of 182,000 tons from the previous week, indicating a cautious purchasing attitude among buyers [9][17] Coking Coal - Coking coal prices are stable but declining, with the average utilization rate of 88 sample coking coal mines at 87.7%, a decrease of 0.2% from the previous week. The market is facing pressure from weak demand and oversupply [25][26] - The average price of coking coal in Shanxi was reported at 1,028 yuan/ton, a decrease of 16 yuan/ton from the previous week [27] Shipping Situation - The number of vessels at anchor in the Bohai Rim ports has increased, with an average of 84 vessels per day, a rise of 21 vessels from the previous week. Shipping prices have shown mixed fluctuations [34][35] Industry News - The government of Yulin City is taking measures to address the decline in coal prices by promoting supply-side reforms and increasing coal storage capacity [37] - The Daqin Railway is expected to benefit from the increasing concentration of coal resources in the Shanxi, Shaanxi, and Inner Mongolia regions, which will support coal transportation [37]

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [1] Core Viewpoints - The current coal prices are primarily influenced by high inventory levels and limited upward momentum due to the stable increase in hydropower during the flood season. However, as the peak summer demand period approaches, there is potential for coal prices to rise further [1] - The report emphasizes the importance of monitoring the incremental insurance funds and the positive growth in premium income, which is increasingly concentrated among leading insurance companies. The ongoing scarcity of fixed-income assets and the high levels of dividend assets suggest a shift towards equity allocation, particularly favoring resource stocks [2][35] - The report recommends focusing on elastic targets in the thermal coal sector, specifically highlighting low-valuation stocks such as Haohua Energy and suggesting attention to Guanghui Energy [2][35] Summary by Sections Current Market Review - From May 26 to May 30, the average daily coal inflow to the four ports in the Bohai Rim was 1.786 million tons, an increase of 28,000 tons week-on-week, representing a growth of 1.59%. The average daily outflow was 2.043 million tons, up by 237,100 tons, a rise of 13.13%. The inventory at the Bohai Rim ports decreased to 30.572 million tons, down by 1.534 million tons, a decline of 4.78% [1][25][30] Price Trends - As of May 30, the price of thermal coal at the Dazhou South Suburb was 506 CNY/ton, up by 32 CNY/ton. The price at Inner Mongolia Chifeng remained stable at 380 CNY/ton, while the price at Yanzhou increased by 140 CNY/ton to 850 CNY/ton. The port price for thermal coal remained stable at 611 CNY/ton [16][18] - The thermal coal price index in the Bohai Rim remained unchanged at 669 CNY/ton, while the Qinhuangdao port price index also held steady at 665 CNY/ton [18] Inventory and Shipping - The number of anchored vessels in the Bohai Rim increased to 82, up by 20 vessels, a rise of 33.18%. The coal inventory at the Bohai Rim ports decreased to 30.572 million tons, down by 1.534 million tons, a decline of 4.78% [30][31] Shipping Costs - The average shipping cost on domestic routes increased by 0.24 CNY/ton to 35.83 CNY/ton, reflecting a rise of 0.68% [32]

Investment Rating - The report maintains an "Overweight" rating for the coal industry [2][5]. Core Views - The coal market is experiencing a recovery in demand, leading to a rebound in pithead coal prices. As of May 30, 2025, pithead prices for various coal types have increased significantly due to improved demand expectations and a slight contraction in supply [7][8]. - The report highlights the upcoming peak electricity demand season and the easing of tariff issues, which are expected to support coal demand. Additionally, the reduction in coal imports is anticipated to alleviate oversupply pressures [7][8]. - The report suggests that high-dividend, low-valuation coal stocks remain attractive for investment, with recommendations for specific companies such as China Shenhua and Shaanxi Coal and Energy [8]. Summary by Sections 1. Industry Overview - The coal industry consists of 37 listed companies with a total market capitalization of 17,587.15 billion CNY and a circulating market value of 17,200.33 billion CNY [2][5]. 2. Coal Price Tracking - As of May 30, 2025, the pithead price for weakly caking coal in Datong is 476.0 CNY/ton, up 32.0 CNY/ton from the previous week, marking a 7.2% increase. The price for Yulin's coking coal is 490.0 CNY/ton, up 90.0 CNY/ton, a 22.5% increase [7]. - The report notes that the average daily coal consumption across 25 provinces is 451.70 million tons, a decrease of 10.36% week-on-week [8]. 3. Company Performance Tracking - Key companies such as China Shenhua, Shaanxi Coal, and Yancoal are highlighted for their operational performance, with specific metrics on coal production and sales [14][15]. - The report tracks the production levels and sales volumes of major coal companies, indicating a mixed performance across the sector [15]. 4. Investment Recommendations - The report recommends focusing on leading companies with integrated operations and strong dividend policies, such as China Shenhua and Shaanxi Coal, as well as companies like Xinji Energy and Huaihe Energy that are involved in coal-electricity integration [8][13]. - It also suggests that undervalued stocks, particularly those with significant market capitalization management potential, are worth considering for investment [8].

近日，祁家山110千伏变电站扩建工程完工，成为武汉今年首个投用的迎峰度夏重点工 程。该工程历时75天高效建设，将变电站总容量由100兆伏安提升至150兆伏安，供电能力增 长50%，为区域经济社会发展注入强劲电能支撑。 日前，长江日报记者在祁家山110千伏变电站看到，身着深蓝工装的国网武汉供电公司 工作人员正手持检测仪器，对GIS智能配电装置进行投运前的最后一次参数校准。在完成全 部准备工作后，祁家山110千伏变电站正式投运送电。 作为服务东西湖核心区的能源枢纽，祁家山变电站原承担着5.3平方公里工业园区及居 民区的供电任务。随着产业集聚加速，原有2台50兆伏安主变压器长期处于重载状态，10千 伏出线间隔饱和导致新用户接入受阻。此次扩建新增1台50兆伏安主变压器，同步配置户内 GIS智能配电装置，实现占地面积缩减40%、运维效率提升30%的双重突破。 工程采用"白+黑"连续作业模式，攻克GIS设备毫米级安装精度、二次系统复杂调试等 技术难关。施工团队创新实施一二次设备同步验收机制，将常规3个月工期压缩至75天，确 保迎峰度夏前投用。 国网武汉供电公司项目管理二部班长刘震华透露，祁家山110千伏变电站是武汉电网今 ...

"立夏"一过，时序便转入新的季节。内蒙古能源集团坚决落实国家能源安全战略，科学研判、超前谋划，统筹安全生产与能源保 供。所属各生产单位闻令而动，以高标准、严要求、实举措筑牢防线，以"时时放心不下"的责任感与使命感，优化运行调度，强化检修 维护，提升应急能力，夯实保供根基。 作为区域电力能源保供的主力军，长城发电公司严阵以待。走进厂房，就能看到运行人员穿梭在各类设备中间。锅炉旁，他们手持 红外测温仪，仔细检测每一处关键部位的温度，不放过任何一个过热隐患；汽轮机边，振动监测仪时刻收集相关数据，保障设备平稳运 行。这是运行部"零死角"排查的日常场景，他们通过对核心设备的"地毯式"巡检，让安全隐患无处遁形。"智慧化"也为能源保供注入强 大动力。DCS智能监控平台的搭建，让运行人员在集控室就能实时掌握机组负荷、煤耗等关键数据。一旦发现异常状况，远程诊断便迅 速启动，现场人员即刻响应，大大提升了运维效率。为避免燃煤供应紧张问题，运行部门和燃料部门紧密合作，优化掺配方案，合理调 整库存，保障机组"口粮"足量无虞。 TEXTERING ( 准大发电公司聚焦安全生产第一线，确保关键时期"供得上"，保供基础"打得牢"。运行部细化 ...

一、迎峰度夏的背景和分析 近年来，我国电力负荷呈现"冬夏双高峰"特征，夏季降温负荷占比达30%，部分省份甚至超过40%。2024年7月，全国最大电力负荷突破14.51亿千瓦，同比 增加超1亿千瓦，电力供需矛盾日益尖锐。总结起来，根本矛盾可以归结为两方面： 1.需求侧的结构性矛盾 ● 新兴负荷叠加：电动汽车充电桩、数据中心等新型用电设施增长迅猛；当前我国新能源汽车保有量3千万台以上且在不断攀升，城市内的典型快充功率超 过100kW，集中充电时段会对当地电网会造成极大的冲击；AI的发展也造成了数据中心能耗的增加。AI相关计算已占数据中心电能消耗的10%以上。预测到 2030年，AI和机器学习带来的数据中心能耗可能达到全球数据中心总能耗的25%以上。 ● 空调负荷激增：住建部数据显示，建筑能耗占全社会总能耗的比例超过55%，其中暖通空调系统占建筑能耗的60%左右，且以每年3.2%速度增长； ● 工业用电刚性需求：制造业PMI指数显示，重点行业用电负荷峰谷差达40-60%； ● 电网物理约束：现有配电网设计负荷裕度仅15-20%，难以应对极端天气下的超负荷需求； ● 清洁能源波动：光伏出力在夏季午间可达峰值，但晚间用 ...

大同证券近日发布煤炭行业周报：本周，5月7日，国新办召开发布会，"一行一局一 会"介绍了一揽子金融政策支持稳市场稳预期，包括降准降息、持续支持"两新"项目、优化 两项支持资本市场的货币政策工具等，市场在政策的刺激下，上证指数修复中美"对等关 税"以来的缺口，站上3300点。 以下为研究报告摘要： 风险提示 终端需求大幅回落，板块轮动加快，板块突发利空。（大同证券 刘永芳） 【责任编辑：杨梓安 】 焦煤价格稳中有降，焦钢库存继续下降。本周，炼焦煤供应宽松、需求疲软，下游刚需 维持高位，焦煤矿库存略有回升，下游焦煤库存处于中低位，支撑短期煤价。 权益市场以涨为主，煤炭板块跑输指数。本周，5月7日，国新办召开发布会，"一行一 局一会"介绍了一揽子金融政策支持稳市场稳预期，包括降准降息、持续支持"两新"项目、 优化两项支持资本市场的货币政策工具等，市场在政策的刺激下，上证指数修复中美"对等 关税"以来的缺口，站上3300点。市场平均成交额1.3万亿元，单日融资买入额1000亿上下震 荡，相较上周成交热度提升，但煤炭行业跑输大盘指数。 综合上述分析，动力煤方面，在煤炭产区供应维持高位、北港库存居高不下、电煤需求 处于淡 ...