上市企业：中国神华（601088）,中煤能源（601898）,山西焦煤（000983）,潞安环能（601699）,淮北矿 业（600985）,平煤股份（601666）,山煤国际（600546）,冀中能源（000937）,陕西煤业（601225）,华 阳股份（600348） 相关报告：智研咨询发布的《中国煤炭产业全景调研及未来发展趋势研判报告（2026版）》 根据国家统计局数据显示：2025年8月中国原煤产量为3.9亿吨，同比下降3.2%；2025年1-8月中国原煤 累计产量为31.7亿吨，累计增长2.8%。 2020-2025年1-8月中国原煤产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

上市企业：中国神华（601088）,中煤能源（601898）,山西焦煤（000983）,潞安环能（601699）,淮北矿 业（600985）,平煤股份（601666）,山煤国际（600546）,冀中能源（000937）,陕西煤业（601225）,华 阳股份（600348） 相关报告：智研咨询发布的《2025-2031年中国煤炭开采行业供需态势分析及市场运行潜力报告》 根据国家统计局数据显示：2025年5月中国原煤产量为4亿吨，同比增长4.2%；2025年1-5月中国原煤累 计产量为19.9亿吨，累计增长6%。 2020-2025年1-5月中国原煤产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Group 1 - The core viewpoint of the article highlights the trends in China's coal mining industry, particularly focusing on production statistics and future projections [1] - According to the National Bureau of Statistics, China's raw coal production in July 2025 was 380 million tons, representing a year-on-year decrease of 3.8% [1] - From January to July 2025, the cumulative raw coal production in China reached 2.78 billion tons, showing a cumulative growth of 3.8% [1] Group 2 - The article mentions key listed companies in the coal sector, including China Shenhua (601088), Zhongmei Energy (601898), Shanxi Coking Coal (000983), and others [1] - It references a report by Zhiyan Consulting titled "Analysis of Supply and Demand Trends in China's Coal Mining Industry from 2025 to 2031" [1] - Zhiyan Consulting is described as a leading industry consulting firm in China, providing comprehensive industry research reports and customized services [1]

Report Summary 1. Current Situation of Coal Production - In July 2025, the raw coal output of industrial enterprises above the designated size was 380 million tons, a year - on - year decrease of 3.8%, with a daily average output of 1.229 million tons. From January to July, the raw coal output was 2.78 billion tons, a year - on - year increase of 3.8% [1]. - The July output was 40 million tons lower than the previous month but was the second - highest in the same period in history. The cumulative output from January to July was 2.78 billion tons, the highest in history, 130 million tons higher than the same period in 2024 [2]. 2. Completion of Annual Output Target - To achieve the annual expected output of 4.8 billion tons set by the Energy Bureau, the average monthly output from August to December needs to reach 404 million tons. Compared with the average monthly output of 397 million tons from January to July 2025, theoretically, only a monthly increase of one million tons in the national total raw coal output is required [2]. 3. Reasons for Output Decline in July - The decline in July was a seasonal one, and heavy rains in the self - production areas and the "Three Western Regions" exacerbated the decline. Historically, from 2019 - 2024, the average monthly raw coal output in the second half of the year often exceeded that in the first half [2]. 4. Regional Over - production and Price Concerns - The regional over - production situation from January - June/July 2025 may be weaker than the same period. The continuous rise in coal prices may trigger concerns of relevant departments about price regulation [2].

Report Industry Investment Rating - Not provided Core Views - In March, China's raw coal production accelerated, with the output of industrial raw coal above designated size reaching 440 million tons, a year-on-year increase of 9.6%, and the growth rate 1.9 percentage points faster than that from January to February. From January to March, the output was 1.2 billion tons, a year-on-year increase of 8.1% [2] - In the first quarter of 2025, Shanxi continued to catch up on coal production. The consecutive growth of about 20.8% and 20.7% in January - February and March was a normal catch - up, not new production. The cumulative monthly average from January to March reached 109 million tons, and it was capable of achieving the annual target of 1.3 billion tons. The estimated output in 2025 was 1.31 billion tons, still far from the 1.378 billion tons in the 2023 peak - supply period [2] - Inner Mongolia and Xinjiang reached historical or same - period highs in single - month production in March. Inner Mongolia's output in March was 123 million tons, a historical high for a single month. It was estimated that the annual output would be 1.33 billion tons. Xinjiang's output in March was 51 million tons, close to its maximum supply capacity. The estimated annual output was 570 million tons [3] Summary by Directory National Raw Coal Production - In March, the output of industrial raw coal above designated size was 440 million tons, with a year - on - year growth of 9.6% and a daily average output of 1.421 million tons. From January to March, the output was 1.2 billion tons, a year - on - year increase of 8.1% [2] Provincial Raw Coal Production - Shanxi: In the first quarter of 2025, it continued to catch up on production. The cumulative monthly average from January to March reached 109 million tons, and the estimated 2025 output was 1.31 billion tons, compared with 1.27 billion tons in 2024 [2] - Inner Mongolia: The output in March was 123 million tons, a historical high for a single month. The estimated annual output was 1.33 billion tons [3] - Xinjiang: The output in March was 51 million tons, close to the maximum supply capacity. The estimated annual output was 570 million tons [3] - Other provinces: In March 2025, Heilongjiang produced 541 thousand tons, Shandong 803 thousand tons, Yunnan 821 thousand tons, Ningxia 887 thousand tons, Henan 938 thousand tons, Anhui 960 thousand tons, Guizhou 1383 thousand tons, Shaanxi 6924 thousand tons. The year - on - year changes were 39.13%, 8.70%, 7.57%, - 2.32%, 4.01%, 3.47%, 9.87%, 7.20% respectively [1]