供需博弈加剧，煤价震荡延续 | 基本状况 | | | --- | --- | | 上市公司数 | 37 | | 行业总市值(亿元) | 18,604.66 | | 行业流通市值(亿元) | 18,136.90 | 2025-12-27 华千亿收购提升价值》2025-12-20 弱势下探》2025-12-13 | 增持（维持） 评级： | | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：杜冲 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 2026E | 2027E | | | 执业证书编号：S0740522040001 | | 山西焦煤 | 6.42 | 1.19 | 0.55 | 0.35 | ...

Group 1: Report Industry Investment Rating - No specific investment rating provided [3] Group 2: Core View of the Report - Short - term market sentiment is still volatile, coal production is stabilizing on the fundamentals, demand remains relatively strong, and coal prices are fluctuating. It is recommended to wait and see and participate with caution [3] Group 3: Summary by Related Contents Market Situation - Last week, the exchange tightened the opening restrictions on the coking coal 2601 contract and raised the intraday trading fees to stabilize market sentiment. The coking coal price rose first and then fell, and the subsequent volatility decreased. Over the weekend, the Trump administration in the US announced an expansion of the scope of the 50% tariff on steel and aluminum imports, which is expected to impact the market sentiment. On the spot side, the high - priced resources of some coal mines had weak sales, and the prices declined. Coke completed the 6th round of price increase [3] Fundamentals - Last week, coal mines in Shanxi resumed the production increase rhythm, but some mines in Linfen reduced production due to underground conditions and the implementation of the 276 - working - day policy, resulting in slow overall production increase in Shanxi. It is expected that coal mines will continue the resumption of production this week, but the production increase progress is slow and easily interrupted by emergencies. The structural inventory pressure of coking coal has been significantly relieved. Recently, with the rise of coal prices, the downstream procurement rhythm has slowed down, and the inventory at the mine end has stabilized at a low level. In terms of demand, the profitability of coking and steel enterprises is good, and the production enthusiasm is high. The average daily hot metal output of steel mills has slightly increased to 240.66 tons, a week - on - week increase of 0.34 tons and a year - on - year increase of 11.89 tons. Attention should be paid to the implementation of environmental protection and production restriction policies around Beijing - Tianjin - Hebei during the military parade [3]