证券研究报告 | 行业周报 gszqdatemark 2026 03 01 年 月 日 煤炭开采 地缘风浪起，黑天鹅频飞，煤价再乘风 行情回顾（2026.2.23~2026.2.27）： 中信煤炭指数 4165.46 点，上涨 5.70%，跑赢沪深 300 指数 4.62pct，位列中信板块 涨跌幅榜第 4 位。 节后第一周，正如节前判断，国内煤价开启补涨，单周涨幅 31 元/吨。本轮价格上 行主因印尼 RKAB 政策所致："印尼（预期）减产→海外价格跳涨→进口利润倒挂 →国内终端转向内贸煤采购→国内煤价上涨"，与国内煤炭市场关系不大，因此后续 关注重点仍在于印尼 RKAB 政策落地情况。考虑到国内市场已步入季节性淡季，本 轮煤价可能在涨至 780 元/吨左右后，涨势放缓甚至出现小幅度调整，待给市场一定 时间消化本轮涨幅后，随着旺季前补库周期的临近，届时煤价将向千元大关发起冲 击。 去年底至今的几乎每一遍报告，我们均在强调今年煤炭市场重点关注的地方在于海 外，而非国内。一旦海外市场出现"黑天鹅"事件，煤价想象空间才有望彻底打开， 而上述"黑天鹅"事件我们认为或更多源于美国需求增加&印尼产量/出口下滑的共 振。 ...

证券研究报告|行业研究简报 gszqdatemark 2026 03 01 年 月 日 煤炭开采 国际动力煤破 120 美元：美印政策主导，全球煤价共振上行 本周全球能源价格回顾。截至 2026 年 2 月 27 日，原油价格方面，布伦 特原油期货结算价为 72.48 美元/桶，较上周上涨 0.72 美元/桶（+1.00%）； WTI 原油期货结算价为 67.02 美元/桶，较上周上涨 0.54 美元/桶 （+0.81%）。天然气价格方面，东北亚 LNG 现货到岸价为 10.67 美元/百 万英热，较上周上涨 0.21 美元/百万英热（+2.00%）；荷兰 TTF 天然气 期货结算价 31.6 欧元/兆瓦时，较上周上涨 0.03 欧元/兆瓦时（+0.08%）； 美国 HH 天然气期货结算价为 2.86 美元/百万英热，较上周下降 0.19 美元 /百万英热（-6.24%）。煤炭价格方面，欧洲 ARA 港口煤炭（6000K）到 岸价 107 美元/吨，较上周下降 6 美元/吨（-5.31%）；纽卡斯尔港口煤炭 （6000K）FOB 价 118.5 美元/吨，较上周上涨 2.3 美元/吨（+1.98%）； IPE ...

Core Viewpoint - The transfer of exploration rights for the Huahonggou Iron Mine to Wukuang Century Mining (Benxi) Co., Ltd. has been completed, marking a significant investment in the mining sector in Liaoning Province, with a total investment plan of 11 billion yuan for the project [1][2]. Group 1 - The exploration rights for the Huahonggou Iron Mine were transferred for a record price of 2.355 billion yuan, setting a new benchmark in Liaoning's exploration rights transfer history [1]. - Wukuang Century Mining, a wholly-owned subsidiary of China Minmetals Mining Holdings Co., Ltd., is established to ensure professional and efficient management of the Huahonggou Iron Mine project [1]. - The project aims to implement advanced mining techniques, including underground filling methods, to enhance resource conservation and environmental protection [2]. Group 2 - The total planned investment for the Huahonggou Iron Mine project is 11 billion yuan, with a construction period of 9 years [2]. - Upon completion, the mine is expected to produce 15 million tons of iron ore annually, with a maximum capacity of 20 million tons, significantly contributing to the stability and competitiveness of the regional steel supply chain [2]. - The project is positioned as a key initiative for the green transformation and high-quality development of the mining economy in Benxi City and Liaoning Province, supporting the establishment of a national iron ore base [2].

挖贝网2月12日，五洋自控[300420]近日完成变更董事会秘书事宜，王镜疑辞去公司董事会秘书职务， 公司聘任刘源为董事会秘书。 刘源，1989年出生，硕士研究生学历，历任国投证券股份有限公司投资银行业务委员会项目经理、高级 经理、副总裁，中信证券股份有限公司投资银行管理委员会副总裁、高级副总裁，深圳市卓泰智能机器 人有限公司总经理，2026年1月至今，任五洋自控董事、副总经理，无上市公司董秘工作经验。 薪酬方面，刘源薪酬未在上市公司公告中披露，王镜疑2024年担任五洋自控董事会秘书、副总经理薪酬 为38.72万元可供参考。 挖贝网2月12日，五洋自控[300420]近日完成变更董事会秘书事宜，王镜疑辞去公司董事会秘书职务， 公司聘任刘源为董事会秘书。 刘源，1989年出生，硕士研究生学历，历任国投证券股份有限公司投资银行业务委员会项目经理、高级 经理、副总裁，中信证券股份有限公司投资银行管理委员会副总裁、高级副总裁，深圳市卓泰智能机器 人有限公司总经理，2026年1月至今，任五洋自控董事、副总经理，无上市公司董秘工作经验。 薪酬方面，刘源薪酬未在上市公司公告中披露，王镜疑2024年担任五洋自控董事会秘书、副 ...

准东经开区是全国最大整装煤田所在地，全国十大露天煤矿中5席落于此，2025年纳税超10亿元企 业5家、超亿元31家，正全力推进"三年内所有矿山零碳"目标。上汽集团则凭借电动智能化技术与全球 资源配置能力，助力准东提升矿山智能化、绿色化开采水平。 2026年1月，新疆准东经济技术开发区管委会与上汽集团旗下上汽红岩、友道智途启动战略合作； 经半个月深度磋商，上汽集团副总裁祖似杰带队赴准东经开区，与管委会主任孟宪民等领导及当地企业 代表完成战略合作框架协议签署，标志着双方从前期业务合作进入全方位、深层次战略协同阶段。同 期，友道智途与易普力（新疆）矿山工程有限公司达成100 台无人矿卡初步合作意向，加速新疆智慧矿 山落地。 此次合作以"互利共赢、创新驱动、可持续发展"为原则，聚焦准东经开区的资源禀赋与上汽集团的 技术优势，覆盖定制化智能装备研发、本地化生产、绿色能源配套、智慧物流、智慧出行及金融服务六 大领域，核心落地两大项目：上汽红岩将在准东分期建设年产能1000台无人驾驶宽体自卸车一体化项 目；友道智途设立辐射新疆全域的区域营运中心。 双方明确，将联合定制适配准东矿区工况的新能源自动驾驶矿卡，推进核心零部件与整 ...

Core Viewpoint - Baosteel Co., Ltd. has experienced fluctuations in stock price and trading volume, with a recent increase of 2.12% on February 3, 2023, and a total market capitalization of 109.15 billion yuan [1] Group 1: Stock Performance - Year-to-date, Baosteel's stock price has increased by 1.26%, but it has seen declines of 5.12% over the last five trading days, 4.37% over the last 20 days, and 10.74% over the last 60 days [2] - As of February 3, 2023, the stock price is reported at 2.41 yuan per share, with a trading volume of 1.283 billion yuan and a turnover rate of 1.72% [1] Group 2: Financial Performance - For the period from January to September 2025, Baosteel achieved a revenue of 48.08 billion yuan, representing a year-on-year decrease of 3.58%, while the net profit attributable to shareholders increased by 145.03% to 233 million yuan [2] Group 3: Shareholder Information - As of December 19, 2025, the number of shareholders for Baosteel is 869,100, a decrease of 2.65% from the previous period, with an average of 36,105 circulating shares per shareholder, an increase of 2.73% [2] - The top circulating shareholder is China Securities Finance Corporation, holding 767 million shares, while Hong Kong Central Clearing Limited has reduced its holdings by 574 million shares [3]

记者深入井下，亲身感受建设者利用科技手段"破岩穿层"。他们将物联网、AI智能、数字孪生等前沿技 术融入矿山施工，推动传统矿山施工向数字化、智能化转型。同时，建设者致力于打造一个地下的绿色 循环系统，通过先进的采矿与充填工艺，未来将实现废料就地回填、废水循环利用，达成资源开采的绿 色闭环。 记者：姜兆臣 新华社音视频部制作 新春之际，记者深入到全国最大单体地下铁矿——鞍钢西鞍山铁矿进行探秘。 正在建设中的西鞍山铁矿地质条件复杂，复式褶皱、挤压破碎带与含水层交织叠加，冬季严寒更给施工 增添多重考验。 ...

Core Viewpoint - Guizhou Ansheng Energy Co., Ltd. is advancing high-quality "rich mine precision mining" through technological innovation, focusing on the construction of smart mines to achieve comprehensive automation in mining, transportation, and washing processes, thereby promoting the transformation and upgrading of coal enterprises for high-quality development in the new era [1][8]. Group 1: Technological Innovation and Investment - The company has invested 260 million yuan in smart coal mine construction since 2017, achieving 100% mechanization in coal mining and auxiliary production systems across all its coal mines [2][3]. - Key projects include the establishment of the first intelligent coal mining face in Southwest China at the Fa'er coal mine in 2018 and the first thin coal seam intelligent unmanned working face in Guizhou at the Xiaotun coal mine [2][3]. Group 2: Automation and Efficiency - The transition from "single-point intelligence" to "full-system collaboration" has led to a reduction in production personnel from 13 to 5, improving production efficiency by 10% [3][4]. - Each mine has reduced personnel by 150, saving 15 million yuan annually in labor costs while enhancing safety and economic benefits [4]. Group 3: Smart Mining Systems - The "5G + Smart Mine" system integrates 12 major systems, creating a data-centric, networked control platform that enhances safety and operational efficiency [5][6]. - The implementation of AI video analysis systems and real-time monitoring has improved safety measures, such as automatic shutdowns in hazardous situations [6]. Group 4: Key Technology Breakthroughs - The company has focused on overcoming industry bottlenecks by developing key technologies, such as the "110 method" and "2G N00 method," which have increased production by 146,000 tons and revenue by 116 million yuan [7]. - The introduction of advanced equipment like hydraulic supports and high-power coal mining machines has significantly improved mining efficiency and safety in complex geological conditions [8]. Group 5: Overall Impact on Workforce and Environment - The shift to smart mining has transformed the working environment, allowing workers to transition from high-risk roles to positions focused on equipment inspection and maintenance, enhancing their quality of life [4][8]. - The company's efforts in smart mining not only optimize underground working conditions but also ensure that every miner enjoys dignified labor and a happy life, contributing to the sustainable development of the coal industry [8].

Core Viewpoint - Guangdong Mingzhu Group Co., Ltd. is expected to experience explosive growth in its 2025 annual performance, with net profit attributable to shareholders projected to increase by 2908.49% to 3577.04% year-on-year, amidst a slight decline in domestic iron ore production [1] Group 1: Performance Growth - The significant increase in performance is primarily driven by the remarkable improvement in the operating results of its wholly-owned subsidiary, Mingzhu Mining, aligning with the trends of technological upgrades and capacity optimization in the mining industry [1][2] - Mingzhu Mining's iron concentrate sales are expected to increase by approximately 160.83% year-on-year, with net profit attributable to shareholders (excluding non-recurring gains and losses) projected to reach between 3.49 billion to 4.27 billion yuan, reflecting a year-on-year growth of 208.00% to 276.45% [2] Group 2: Market Demand and Strategic Alignment - The performance growth of Guangdong Mingzhu aligns with the changing market demand in the iron ore industry, supported by a slowdown in the decline of domestic real estate, positive growth in infrastructure, and a sustained improvement in manufacturing [3] - The company is committed to returning value to investors, with a cash dividend proposal for the third quarter of 2025, planning to distribute a total of 130 million yuan in cash dividends, which accounts for 55.48% of the net profit attributable to shareholders for the first three quarters of 2025 [3]

Core Viewpoint - The company is focused on the development of various intelligent mining robots and equipment, aiming to become an industry benchmark in the smart mining transformation [1] Group 1: Product Development - The company is continuously researching and developing various intelligent mining robots and smart equipment for multiple application scenarios [1] - The "assisted transportation autonomous driving and intelligent scheduling products" have been selected as typical applications by the National Mine Safety Administration and the Ministry of Industry and Information Technology [1] Group 2: Market Opportunities - The company is positioned to capitalize on the opportunities presented by the intelligent upgrade of mining operations [1] - The company aims to enhance its technological innovation and scene implementation capabilities to support the smart transformation of the mining industry [1]