港口煤价坚挺，预计后续维持震荡走势 2026 年 03 月 01 日 增持（维持） [Table_Tag] [Table_Summary] 行业近况 本周（2 月 24 日至 2 月 27 日）港口动力煤现货价环比上涨 29 元/吨，报 收 751 元/吨。 供给端，本周环渤海四港区日均调入量 174.90 万吨，环比上周增加 36.4 万吨，增幅 26.28%；本周产地供应来看，节后陆续恢复生产，港口供 应量略有提升。 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 需求端，本周环渤海四港区日均调出量167.35万吨，环比上周增加23.13 万吨，增幅 16.03%；日均锚地船舶共 116 艘，环比增幅 7.64%；环渤海 四港区库存端 2396.80 万吨，环比上周增加 42.40 万吨，增幅 1.80% 。 本周港口调出量增加，库存环比虽有增加，但现货低价盘较少，带动煤 价坚挺上涨。 我们分析认为：本周港口动力煤基本面依旧较弱，节后下游工业电厂需 求弱势修复，叠加气温较高居民需求不强，预计煤价维持震荡走势。 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 ...

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 港口煤价坚挺，预计后续维持震荡走势 2026 年 03 月 01 日 增持（维持） [Table_Tag] [Table_Summary] 行业近况 本周（2 月 24 日至 2 月 27 日）港口动力煤现货价环比上涨 29 元/吨，报 收 751 元/吨。 供给端，本周环渤海四港区日均调入量 174.90 万吨，环比上周增加 36.4 万吨，增幅 26.28%；本周产地供应来看，节后陆续恢复生产，港口供 应量略有提升。 需求端，本周环渤海四港区日均调出量167.35万吨，环比上周增加23.13 万吨，增幅 16.03%；日均锚地船舶共 116 艘，环比增幅 7.64%；环渤海 四港区库存端 2396.80 万吨，环比上周增加 42.40 万吨，增幅 1.80% 。 本周港口调出量增加，库存环比虽有增加，但现货低价盘较少，带动煤 价坚挺上涨。 我们分析认为：本周港口动力煤基本面依旧较弱，节后下游工业电厂需 求弱势修复，叠加气温较高居民需求不强，预计煤价维持震荡走势。 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 ...

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 供给年前略有收缩，港口煤价小幅上涨 2026 年 02 月 01 日 增持（维持） [Table_Tag] [Table_Summary] 行业近况 本周（1 月 26 日至 1 月 30 日）港口动力煤现货价环比上涨 7 元/吨，报 收 692 元/吨。 供给端，本周环渤海四港区日均调入量 155.18 万吨，环比上周减少 2.52 万吨，降幅 1.60%；本周产地供应来看，山西较为稳定，陕西、内蒙略 有减少，港口供应量有所降低。 需求端，本周环渤海四港区日均调出量189.33万吨，环比上周增加15.35 万吨，涨幅 8.82%；日均锚地船舶共 100.50 艘，环比增幅 21%；环渤海 四港区库存端 2468.60 万吨，环比上周减少 160 万吨，降幅 6.10% 。本 周港口调出量增加，库存显著降低，带动煤价上涨。 我们分析认为：本周港口煤价受到供给略有收缩叠加节前刚需补库影 响略有上涨，但港口库存仍处于较高位置，电厂日耗仍以刚需为主，且 工业用电临近过年有所走弱，叠加新能源水电风电挤压火电份额，预计 煤价维持震荡走势。 估值与建议： 仍旧关 ...

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 供给年前略有收缩，港口煤价小幅上涨 2026 年 02 月 01 日 增持（维持） [Table_Tag] [Table_Summary] 行业近况 本周（1 月 26 日至 1 月 30 日）港口动力煤现货价环比上涨 7 元/吨，报 收 692 元/吨。 供给端，本周环渤海四港区日均调入量 155.18 万吨，环比上周减少 2.52 万吨，降幅 1.60%；本周产地供应来看，山西较为稳定，陕西、内蒙略 有减少，港口供应量有所降低。 需求端，本周环渤海四港区日均调出量189.33万吨，环比上周增加15.35 万吨，涨幅 8.82%；日均锚地船舶共 100.50 艘，环比增幅 21%；环渤海 四港区库存端 2468.60 万吨，环比上周减少 160 万吨，降幅 6.10% 。本 周港口调出量增加，库存显著降低，带动煤价上涨。 我们分析认为：本周港口煤价受到供给略有收缩叠加节前刚需补库影 响略有上涨，但港口库存仍处于较高位置，电厂日耗仍以刚需为主，且 工业用电临近过年有所走弱，叠加新能源水电风电挤压火电份额，预计 煤价维持震荡走势。 估值与建议： 仍旧关 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The current supply-demand situation in the coal mining industry is weak, leading to a decline in port coal prices. The average daily coal inflow to the four ports in the Bohai Rim increased by 12.73 thousand tons week-on-week, while the average daily outflow also rose by 9.45 thousand tons. However, the overall inventory at the ports increased by 33.50 million tons, indicating a high inventory level and weak demand, which is expected to keep coal prices fluctuating [1][28][32] - The report suggests that the short-term high temperatures across the country will not boost residential heating demand, and the daily consumption of power plants is declining. Additionally, the share of thermal power is being squeezed by renewable energy sources, leading to an expectation of a stable coal price trend [1][19] Summary by Sections 1. Market Review - The Shanghai Composite Index closed at 4,101.91 points, down 1.52% week-on-week. The coal sector index closed at 2,833.39 points, down 2.7% [10] 2. Domestic Coal Prices - The price of thermal coal at the production site has shown a slight decline, with the price in Datong down by 49 yuan/ton, while prices in Inner Mongolia remained stable [16] 3. Inventory Levels - The average daily coal inflow to the Bohai Rim ports was 166.90 million tons, and the outflow was 171.40 million tons, indicating increased activity but also higher inventory levels [28][32] 4. Recommendations - The report recommends focusing on elastic coal stocks, particularly Haohua Energy and Guanghui Energy, which are considered undervalued [2][37]

Regulatory Dynamics - The Financial Regulatory Bureau has provided the most authoritative explanation for the "reporting and operation integration" of non-auto insurance [6] - The Guangdong Financial Regulatory Bureau is promoting the establishment of private equity securities investment funds by insurance companies in Guangdong [11] - The Jiangxi government supports insurance institutions in enhancing risk reduction service levels and providing comprehensive insurance solutions for technology-based enterprises [14] Company Dynamics - Ping An Life has made its fourth stake increase in China Merchants Bank H-shares, reaching a holding ratio of over 20% [18] - Ping An Life has also increased its stake in Agricultural Bank of China H-shares to over 20% [19] - Sunshine Life plans to reduce its stake in Huakang Clean by 3% [22] - China Life has reported over 62.24 million claims in 2025, with total payouts exceeding 100.4 billion [32] - New China Life reported a maximum payout of 10.5 million in 2025 [33] - People's Insurance Company of China reported over 2 billion claims in 2025, with a year-on-year growth of over 10% [36] Industry Dynamics - The short-term large-denomination deposit rates have entered the "0" range, with experts predicting a continued downward trend [47] - Insurance stocks have collectively surged, with Ping An, New China Life, and China Pacific Insurance reaching historical highs [49][50] - The issuance scale of insurance companies' bonds has exceeded 100 billion for three consecutive years [54] - 93.4% of combination-type insurance asset management products achieved positive returns in 2025 [55] - The insurance industry has entered a new cycle of predetermined interest rates, with significant changes in pricing logic [56]

Investment Rating - The industry investment rating is maintained as "Add" [1] Core Insights - The report indicates that the port thermal coal spot price has decreased by 31 CNY/ton week-on-week, closing at 672 CNY/ton. The average daily inflow to the four ports in the Bohai Rim region is 1.6071 million tons, a decrease of 30,000 tons or 1.83% from the previous week. Meanwhile, the average daily outflow has increased by 64,600 tons or 4.22% to 1.5963 million tons. The inventory at the ports has risen to 29.872 million tons, an increase of 220,000 tons or 0.74% from the previous week. The overall inventory trend is upward, with limited demand release leading to a decline in coal prices [1][2][27][32]. Summary by Sections 1. Weekly Market Review - The Shanghai Composite Index closed at 3,963.68 points, up 46 points or 1.18% week-on-week. The coal sector index closed at 2,772.29 points, down 29 points or 1.03% with a trading volume of 37.2 billion CNY, a decrease of 5.6 billion CNY or 13% from the previous week [10]. 2. Domestic Coal Prices - As of December 26, the price of 5500 kcal thermal coal in Datong remained stable at 550 CNY/ton, while the price in Inner Mongolia was stable at 430 CNY/ton. The price of 6000 kcal thermal block coal in Yanzhou increased by 130 CNY/ton to 1,110 CNY/ton. The port thermal coal price has decreased by 31 CNY/ton to 672 CNY/ton [16][19]. 3. Inventory and Shipping - The average daily inflow to the Bohai Rim ports has decreased, while the outflow has increased. The average daily outflow is 1.5963 million tons, up 4.22%, and the average daily inflow is 1.6071 million tons, down 1.83%. The total inventory at the ports has increased to 29.872 million tons, up 0.74% [27][32]. 4. Recommendations - The report suggests focusing on insurance capital inflows and maintaining positive growth in premium income, with a preference for resource stocks. It recommends specific thermal coal stocks such as Haohua Energy and Guanghui Energy due to their low valuations and elastic performance [2][37].

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Views - The current high inventory levels at ports and the early release of downstream heating demand are contributing to a weak demand environment, leading to a downward trend in coal prices. The report anticipates that coal prices will maintain a fluctuating trend due to high temperatures across the country and competition from renewable energy sources [1][2] - The report emphasizes the importance of monitoring the incremental insurance funds and suggests a focus on resource stocks, particularly recommending elastic coal stocks such as Haohua Energy and Guanghui Energy [2][37] Summary by Sections Industry Overview - During the week of December 15 to December 19, the spot price of thermal coal at ports decreased by 42 CNY/ton, closing at 703 CNY/ton. The average daily inflow to the four ports in the Bohai Rim was 1.6371 million tons, a decrease of 200,000 tons week-on-week, representing a decline of 10.95% [1] - The average daily outflow from the four ports was 1.5317 million tons, down by 100,000 tons week-on-week, a decrease of 6.19%. The total inventory at the ports increased to 29.652 million tons, up by 500,000 tons, an increase of 1.7% [1][32] Price Trends - As of December 19, the price of 5500 kcal thermal coal at Datong South Suburb decreased by 60 CNY/ton, closing at 560 CNY/ton. The price of 4000 kcal thermal coal in Inner Mongolia remained stable at 430 CNY/ton, while the price of 6000 kcal thermal coal in Yanzhou remained unchanged at 980 CNY/ton [16] - The Bohai Rim thermal coal price index fell by 4 CNY/ton, closing at 699 CNY/ton, while the Qinhuangdao port price index for 5500 kcal thermal coal decreased by 7 CNY/ton, closing at 702 CNY/ton [19] Supply and Demand Dynamics - The report notes a decrease in both the inflow and outflow of coal at the Bohai Rim ports, indicating a weak demand environment. The number of anchored vessels in the area decreased by 16% to 63 vessels [27][32] - The report highlights that the current high inventory levels and limited demand release are contributing to the downward pressure on coal prices [1][2] Recommendations - The report suggests focusing on elastic coal stocks, particularly Haohua Energy and Guanghui Energy, which are considered undervalued [2][37]

Investment Rating - The industry investment rating is maintained as "Add" [1] Core Viewpoints - The current port coal price inventory is at a high level, with downstream heating demand having been released early. Coupled with the pressure from renewable energy sources such as hydropower and wind power on thermal power generation, coal prices are expected to maintain a volatile trend [1] - The report emphasizes the importance of monitoring the incremental insurance funds, with premium income showing positive growth concentrated towards leading insurance companies. The ongoing scarcity of fixed-income assets, along with high dividend assets, suggests a shift in equity allocation preferences towards resource stocks [2][38] Summary by Sections Industry Current Situation - During the week of December 8 to December 12, the spot price of thermal coal at ports decreased by 40 CNY/ton, closing at 745 CNY/ton. The average daily inflow to the four ports in the Bohai Rim was 1.8384 million tons, a decrease of 110,000 tons week-on-week, down 5.76%. The average daily outflow was 1.6327 million tons, also down by 100,000 tons, a decrease of 5.72%. The inventory at the four ports increased to 29.157 million tons, up 1.54 million tons, an increase of 5.59% [1][29][33] Price Trends - The price of thermal coal at production sites showed a mixed trend, with the price of 5500 kcal thermal coal in Datong down by 25 CNY/ton to 610 CNY/ton, while the price of 4000 kcal thermal coal in Inner Mongolia remained stable at 430 CNY/ton. The price of 6000 kcal thermal coal in Yanzhou decreased by 30 CNY/ton to 980 CNY/ton [16] - The thermal coal price index in the Bohai Rim region fell by 3 CNY/ton to 703 CNY/ton, while the Qinhuangdao port price index for 5500 kcal thermal coal dropped by 6 CNY/ton to 709 CNY/ton [18] Recommendations - The report recommends focusing on elastic stocks in the thermal coal sector, particularly those with low valuations, such as Haohua Energy and Guanghui Energy [2][38]

Investment Rating - The industry investment rating is maintained at "Accumulate" [1] Core Views - The coal mining industry is experiencing weak supply and demand, leading to a downward trend in coal prices. The current port coal price is at 785 RMB/ton, down 31 RMB/ton from the previous week. The average daily coal inflow to the four ports in the Bohai Rim is 1.95 million tons, a decrease of 105,100 tons or 5.11% week-on-week. The average daily coal outflow is 1.73 million tons, down 260,000 tons or 13.05% week-on-week. The inventory at the ports has increased by 1 million tons to 27.614 million tons, an increase of 3.77% [1][2][31] Summary by Sections 1. Market Review - The Shanghai Composite Index closed at 3,902.81 points, down 0.29% week-on-week. The coal sector index closed at 2,887.25 points, up 0.37% week-on-week, with a trading volume of 55.814 billion RMB, an increase of 25.76% [10] 2. Coal Prices - The price of thermal coal at the production site has shown a slight decline. As of December 5, the price of 5500 kcal thermal coal in Datong is 635 RMB/ton, down 19 RMB/ton. The price of 6000 kcal thermal coal in Yanzhou is 1,010 RMB/ton, down 140 RMB/ton. The port price of thermal coal is 785 RMB/ton, down 31 RMB/ton [16][19] 3. Inventory and Shipping - The average daily coal inflow and outflow at the Bohai Rim ports have both decreased. The average daily inflow is 1.95 million tons, and the outflow is 1.73 million tons. The number of anchored vessels has decreased to 75, down 24 vessels or 24% week-on-week. The coal inventory at the ports has increased to 27.614 million tons [26][31] 4. Recommendations - The report suggests focusing on insurance capital inflows and recommends resource stocks, particularly thermal coal stocks like Haohua Energy and Guanghui Energy, which are considered undervalued [2][36]