Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The coal sector shows strong resilience amid the US-China geopolitical tensions, with significant impacts on market dynamics and pricing [3][4] - The supply of coal is expected to tighten due to continuous rainfall affecting production and seasonal demand increases, particularly for winter storage and non-electric coal [7][37] - The coal market has outperformed major indices, with coal stocks showing substantial gains compared to the broader market [4][37] Summary by Sections Market Performance - The equity market showed mixed results, with coal stocks significantly outperforming indices. The coal sector saw a weekly increase of 4.41%, while the Shanghai Composite Index rose by 0.37% [4][37] - All 30 listed coal companies experienced price increases, with New Dazhou A leading at 10.24% [4] Thermal Coal - Thermal coal prices are expected to remain strong due to supply constraints from continuous rainfall and maintenance on major rail lines. The current capacity utilization rate for thermal coal mines is 90.4% [7][8] - The port inventory of thermal coal has increased to 24.64 million tons, with a notable drop in both inflow and outflow due to adverse weather conditions [15][16] Coking Coal - Coking coal prices are fluctuating, with supply remaining stable. The operating rate of sample mines during the holiday was 81.89%, indicating a slight decrease in production [20][21] - The demand for coking coal remains supported by high steel production levels, although profit margins for steel mills are under pressure [20][21] Shipping Situation - The number of vessels in the Bohai Rim ports has increased, with daily averages rising to 87 ships, indicating a robust shipping environment [29] Industry News - The Chinese government is focusing on the integration of artificial intelligence in coal production processes, which may enhance operational efficiency and safety [33] - Recent developments in international cooperation and strategic restructuring within the coal sector are expected to bolster competitiveness [33]

长期以来，煤炭企业面临安全生产风险高、生产效率有待提升、人力成本高昂等问题。在人工智能 技术赋能下，这些痛点问题有望逐一化解。地质勘探环节中，人工智能可对海量地质数据进行深度分 析，快速精准识别潜在煤炭储量区域，降低勘探成本，提高资源发现效率；煤矿采掘(剥)过程中，智能 设备与人工智能算法协同作业，能够根据实时地质条件自动调整开采参数，实现更高效、更安全开采， 减少资源浪费。 近日，国家发展改革委、国家能源局印发《关于推进"人工智能+"能源高质量发展的实施意见》提 出，聚焦地质勘探、煤矿采掘(剥)、煤炭洗选、生产调度、安全管控、设备管理等典型场景，融合应用 智能模型，实现生产过程智能控制与自主决策，助力少人无人化作业常态化运行，稳步推进减人、增 安、提效，进一步夯实煤炭在能源安全中的兜底保障作用。这为煤炭行业智能化转型锚定了方向，煤炭 企业迎来全新发展契机。 安全生产是煤炭行业的生命线。通过人工智能构建的安全管控体系，能实现24小时实时监测。借助 先进的图像识别和数据分析技术，系统可及时发现瓦斯泄漏、顶板坍塌等安全隐患，并迅速发出预警， 为工作人员争取宝贵的应对时间。智能机器人的应用，也能让危险区域巡检和作业 ...

Core Viewpoint - The release of the "Implementation Opinions" marks a strategic deepening of the "Artificial Intelligence +" initiative in the energy sector, particularly for the coal industry, which is crucial for ensuring energy security and transitioning towards high-end, intelligent, and green development [2][17]. Group 1: Opportunities for Coal Industry Transformation - The coal industry is positioned to leverage artificial intelligence for high-end, intelligent, and green transformation, ensuring energy security during the transition [3][5]. - The coal sector is identified as a key testing ground for the application of artificial intelligence in the real economy, with coal production expected to account for 66.6% of primary energy production and 55% of consumption from 2021 to 2024 [3]. - The implementation of AI in coal mining is seen as a critical opportunity to create a new "resource-energy-ecology" integrated smart ecosystem by 2035 [4]. Group 2: Technological and Operational Upgrades - The coal industry is transitioning from algorithm assistance to a "professional large model + multi-technology collaboration" approach, enhancing core processes like geological exploration and mining operations [7]. - The focus is on achieving intelligent control and autonomous decision-making in production processes, with an emphasis on reducing human involvement in operations [8]. - The coal sector is encouraged to innovate across the entire value chain, integrating mining, transportation, and processing to create a cohesive operational model [9]. Group 3: Addressing Challenges in AI Implementation - Establishing a unified data standard and comprehensive perception system is essential to overcome data sharing challenges within the coal industry [10]. - The development of reliable intelligent equipment is prioritized, with a focus on creating a smart hardware ecosystem that integrates algorithms into core mining machinery [11]. - The coal industry is urged to enhance collaboration through industrial internet technologies, enabling real-time data sharing and adaptive production processes [12]. Group 4: Long-term Development and Innovation Ecosystem - The coal industry's smart transformation requires a collaborative innovation ecosystem, integrating data, technology, and application to achieve systemic upgrades [13]. - There is a strong emphasis on cultivating interdisciplinary talent that combines mining expertise with artificial intelligence skills to support the industry's transition [14]. - Establishing ethical and safety standards for AI applications in coal mining is critical to ensure reliable and secure operations [15]. - A long-term development mechanism is necessary to create a sustainable cycle of value creation and benefit distribution within the coal sector [16].

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the potential for a rebound in coal prices and highlights the importance of coal allocation value amidst a possible reduction in domestic and imported coal stocks [1][3] - The coal market is currently experiencing a bottoming phase, with expectations for price stabilization and potential recovery driven by policy and fundamental changes [3][4] - The report outlines a "Coal Golden Era 2.0," suggesting that coal stocks are positioned for a resurgence due to favorable macroeconomic policies and increasing demand from various sectors [4][11] Summary by Sections Investment Logic - The coal sector is viewed as a stable dividend investment due to weak domestic economic performance and favorable international monetary policies, including a rate-cutting cycle in the U.S. [4][11] - The report identifies key coal stocks that are likely to benefit from this environment, including China Shenhua, Shaanxi Coal, and China Coal Energy, which have strong dividend potential [4][11] Market Indicators - The report notes that the coal market has shown a weekly increase of 4.84%, outperforming the CSI 300 index by 3.26 percentage points [9] - Key indicators such as the Qinhuangdao port price for Q5500 coal have seen slight declines, with current prices at 681 RMB/ton, down 7 RMB/ton from the previous week [17] Supply and Demand Dynamics - As of March 9, the operating rate of coal mines in Shanxi, Shaanxi, and Inner Mongolia is at 82%, indicating a stable supply situation [3][17] - Daily coal consumption by coastal power plants has increased to 1.937 million tons, reflecting a 0.89% week-on-week rise, supported by extended heating periods in certain regions [3][17] Price Mechanisms - The report discusses the impact of long-term contract pricing mechanisms, which have been effective since 2017, and how they contribute to price stability in the coal market [3][4] - The report also highlights the relationship between coal and oil prices, indicating that current oil prices provide a cost advantage for coal chemical production [4][11] Stock Recommendations - The report suggests a selection of coal stocks based on different investment themes: dividend logic (China Shenhua, Shaanxi Coal, China Coal Energy), cyclical logic (Pingmei Shenma, Huabei Mining), and growth logic (Guanghui Energy, Xinjie Energy) [4][11]