证券研究报告 | 行业点评 | 煤炭 中东局势推升油价，支撑煤炭估值提升 ——行业点评报告 投资要点 投资建议 原油价格上涨显著提升替代能源需求，煤炭作为重要化石能源，可以从电力、化 工等途径替代原油，未来煤炭需求有望进一步提升，低估值煤炭资产有望重估， 我们从直接受益石油涨价、估值（PB）、股价距前高空间较大等方面筛选受益的 相关公司：直接受益石油涨价的无烟煤公司华阳股份、兰花科创等，PB 较低的 恒源煤电、上海能源、山西焦化、永泰能源、甘肃能化、淮北矿业、潞安环能、 平煤股份等，股价距前高空间较大的安泰集团、大有能源、宝泰隆、郑州煤电、 云煤能源等。 风险提示 煤炭 报告日期：2026 年 03 月 01 日 行业评级: 看好(维持) 分析师：樊金璐 执业证书号：S1230525030002 fanjinlu@stocke.com.cn 相关报告 1 《假期能源板块强势，节后上 涨可期》 2026.02.23 2 《节前布局煤炭板块，节后有 望上涨》 2026.02.11 3 《印尼意在稳价，节后有望开 启补库行情》 2026.02.08 http://www.stocke.com.cn 1/2 请务必阅 ...

Investment Rating - The industry rating is "Positive" (maintained) [4] Core Insights - The rise in oil prices due to the Middle East situation is significantly increasing the demand for coal as a substitute energy source, which is expected to further enhance coal demand and lead to a revaluation of undervalued coal assets [2] - The oil-coal price gap has widened, with Brent crude oil increasing by $12.36 per barrel (20.31%) since January 1, 2026, while Qinhuangdao thermal coal prices rose by 69 yuan/ton (10.12%) during the same period [4] - The coal consumption in the chemical industry is projected to grow by 10.2% in 2025, with a further increase expected in 2026, indicating a significant rise in coal consumption [4] Summary by Sections Investment Suggestions - Companies that are expected to benefit from rising oil prices include Huayang Co., Lanfang Ketech, and those with low price-to-book ratios such as Hengyuan Coal Power, Shanghai Energy, and Shanxi Coking Coal [2] - Companies with significant room for stock price recovery include Antai Group, Dayou Energy, and Baotailong [2] Market Dynamics - The military actions in the Middle East have led to a notable increase in oil prices, which in turn affects the energy consumption structure in downstream industries, potentially increasing coal usage in power generation and chemical sectors [4] - The coal chemical sector is expected to see a substantial increase in coal consumption, particularly in methanol, synthetic ammonia, and other chemical products [4]