估值修复与再重估 [Table_ReportTime] 2026 年 3 月 1 日 行业研究-周报 | | | 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 执业编号：S1500525040002 邮箱：lirui@cindasc.com [Table_ReportDate] 2026 年 3 月 1 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com2 本期内容提要: [Table_Summary] [Table_ReportType] 行业周报 动力煤价格方面：本周秦港价格周环比增加，产地大同价格周环比上涨。 港口动力煤：截至 2 月 28 日，秦皇岛港动力煤(Q5500)山西产市场价 745 元/吨，周环比上涨 28 元/吨。产地动力煤：截至 2 月 28 日，陕西 榆林动力块煤（Q6000）坑口价 745 元/吨，周环比下跌 20.0 元/吨；内 蒙古东胜大块精煤车板价（Q5500）592 元/吨，周环比下跌 18.2 元/吨; 大同南郊粘煤坑口价(含税)（Q5500）603 元/吨，周环比上涨 ...

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Views - The report indicates that the coal industry is at the beginning of a new upward cycle, with a favorable combination of fundamentals and policies, making it a good time to invest in the coal sector [11][12] - The report highlights a significant increase in coal prices, with Qinhuangdao port's Q5500 coal price reaching 717 CNY/ton, up 24 CNY/ton week-on-week, driven by optimistic market expectations post-holiday and reduced supply from major coal-producing regions [11][30] - The report emphasizes the ongoing supply-demand balance in the short term, with a medium to long-term supply gap expected to persist, reinforcing the investment logic in coal assets [11][12] Summary by Sections 1. Coal Price Tracking - As of February 13, the market price for Qinhuangdao port's Q5500 coal is 717 CNY/ton, reflecting a week-on-week increase of 3.5% [6][30] - International coal prices have also risen, with Newcastle's FOB price for Q5500 coal at 81.5 USD/ton, up 6.5% week-on-week [6][30] 2. Coal Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 84.4%, down 3.1 percentage points week-on-week, while the utilization rate for coking coal mines is 81.39%, down 5.3 percentage points [11][49] - Daily coal consumption in inland provinces decreased by 10% week-on-week, while coastal provinces saw an 18.8% decline [11][50] 3. Coal Inventory Situation - Coal inventory in inland provinces increased by 1.854 million tons week-on-week, while coastal provinces saw a smaller increase of 0.235 million tons [50] 4. Investment Recommendations - The report suggests focusing on stable and high-performing companies such as China Shenhua, Shaanxi Coal, and others, while also considering companies with high elasticity like Yanzhou Coal and others [12]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [11][12] - The supply side is experiencing a reduction in coal production quotas set by the Indonesian government, which is expected to support coal prices in the future [3][11] - The overall coal supply in China is likely to face slight contraction due to regulatory changes and reduced overseas supply, while demand remains resilient, indicating a potential rise in coal prices throughout the year [11][12] Summary by Sections Coal Price Tracking - As of February 7, the market price for Qinhuangdao port thermal coal (Q5500) is 692 RMB/ton, a weekly increase of 1 RMB/ton [31] - The international thermal coal price at Newcastle is 76.3 USD/ton, up by 1.5 USD/ton week-on-week [31] - The price for coking coal at Jingtang port is 1700 RMB/ton, down by 80 RMB/ton [33] Coal Supply and Demand Tracking - The capacity utilization rate for thermal coal mines is 87.5%, down by 0.8 percentage points week-on-week [51] - Daily coal consumption in inland provinces has decreased by 81.80 thousand tons/day, a drop of 18.1% week-on-week [52] - The daily coal consumption in coastal provinces has also decreased by 16.30 thousand tons/day, down by 7.22% week-on-week [52] Investment Recommendations - The report suggests focusing on stable and high-performing companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and others, while also considering companies with high elasticity like Yanzhou Coal Mining and others [12][13] - The coal sector is characterized by high performance, cash flow, and dividends, making it a valuable investment opportunity [12][14]

信达证券近日发布煤炭开采行业周报：截至1月15日，沿海八省煤炭库存较上周下降58.30万吨，周环比 下降1.71%；日耗较上周下降10.00万吨/日，周环比下降4.39%；可用天数较上周下降0.50天。内陆十七 省：截至1月15日，内陆十七省煤炭库存较上周下降150.70万吨，周环比下降1.59%；日耗较上周上升 9.90万吨/日，周环比增加2.46%；可用天数较上周下降0.90天。 动力煤矿井产能利用率周环比增加，炼焦煤矿井产能利用率周环比增加。截至1月16日，样本动力煤矿 井产能利用率为90.6%，周环比增加0.3个百分点；样本炼焦煤矿井开工率为88.47%，周环比增加3.1个 百分点。 沿海八省日耗周环比下降，内陆十七省日耗周环比增加。沿海八省：截至1月15日，沿海八省煤炭库存 较上周下降58.30万吨，周环比下降1.71%；日耗较上周下降10.00万吨/日，周环比下降4.39%；可用天数 较上周下降0.50天。内陆十七省：截至1月15日，内陆十七省煤炭库存较上周下降150.70万吨，周环比下 降1.59%；日耗较上周上升9.90万吨/日，周环比增加2.46%；可用天数较上周下降0.90天。 化工耗煤周 ...

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [10][11] - The coal supply is expected to tighten due to domestic supply constraints and Indonesia's reduction in coal production targets, which will support a stable recovery in coal prices throughout the year [10][11] - The investment logic of coal capacity shortages remains unchanged, with a short-term supply-demand balance and a long-term gap still present [10][11] - High-quality coal companies are characterized by high profitability, cash flow, return on equity (ROE) of 10-15%, and dividend yields exceeding 5% [10][11] - The coal sector is considered undervalued, with overall valuation expected to improve, and public funds currently underweight in coal holdings [10][11] Summary by Sections 1. Coal Prices - As of January 31, the market price for Qinhuangdao port thermal coal (Q5500) is 691 CNY/ton, up 5 CNY/ton week-on-week [3][29] - The international thermal coal offshore price for Newcastle NEWC5500 is 74.5 USD/ton, up 0.7 USD/ton week-on-week [3][29] - The price for coking coal at Jing Tang port remains stable at 1780 CNY/ton [31] 2. Coal Supply and Demand - The capacity utilization rate for sample thermal coal mines is 88.3%, down 1.3 percentage points week-on-week [10][49] - Daily coal consumption in inland provinces decreased by 8.30 thousand tons/day (-1.8%) [50] - Daily coal consumption in coastal provinces decreased by 7.70 thousand tons/day (-3.3%) [50] 3. Industry Performance - The coal sector saw a 3.98% increase this week, outperforming the broader market [13][16] - The thermal coal segment rose by 4.07%, while the coking coal segment increased by 3.92% [16] 4. Future Outlook - The coal supply bottleneck is expected to persist, necessitating new high-quality capacity planning to meet medium to long-term energy demands [11] - The coal sector is characterized by high performance, cash flow, and dividends, with a favorable long-term outlook due to macroeconomic improvements and regulatory changes [11]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Insights - The current phase is viewed as the beginning of a new upward cycle for the coal economy, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [3][13] - The coal supply bottleneck is expected to persist, necessitating the planning and construction of high-quality production capacity to meet medium- to long-term energy coal demand [14] - The coal sector is characterized by high performance, high cash flow, and high dividend yields, with a favorable investment outlook due to the tightening supply-demand balance and the potential for price increases [5][14] Summary by Sections 1. Price Trends - As of January 24, the market price for Qinhuangdao port thermal coal (Q5500) is 686 RMB/ton, down 11 RMB/ton week-on-week [4][31] - The price for coking coal at Jingtang port is 1780 RMB/ton, up 30 RMB/ton week-on-week [33] 2. Supply and Demand Dynamics - The utilization rate of sample thermal coal mines is 89.6%, down 1 percentage point week-on-week, while the utilization rate for coking coal mines is 89.33%, up 0.9 percentage points [5][49] - Daily coal consumption in inland provinces increased by 33.70 thousand tons/day (+8.18%) and in coastal provinces by 23.90 thousand tons/day (+10.97%) [5][50] 3. Industry Performance - The coal sector has shown resilience, with a 1.44% increase in the coal sector index, outperforming the broader market [16] - The thermal coal segment saw a slight decline of 0.29%, while the coking coal segment increased by 3.84% [18] 4. Investment Recommendations - Focus on companies with stable operations and strong performance, such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy [14] - Consider companies with significant price elasticity and cost advantages in the coal chemical sector for potential alpha opportunities [5][13]

Report Industry Investment Rating - The investment rating for the coal mining industry is "Bullish" [2] Report's Core View - The coal industry is at the beginning of a new upward cycle, with fundamental and policy factors in resonance. It is advisable to allocate coal stocks on dips. The underlying investment logic of coal production capacity shortage remains unchanged, and coal prices have established a bottom and are expected to rise. High - quality coal enterprises have core asset attributes such as high profitability, high cash flow, high ROE, and high dividends. The coal sector is still undervalued, and its valuation is expected to increase. The coal supply bottleneck is expected to last until the "15th Five - Year Plan", and coal prices are likely to remain high. The report continues to be bullish on the coal sector and recommends top - down attention to several types of coal companies [3][11][12] Summary by Directory 1. This Week's Core View and Key Focus - **Core View**: The coal industry is in the early stage of a new upward cycle. The supply side shows an increase in the utilization rate of sample power and coking coal mine wells. On the demand side, there are differences in coal consumption between inland and coastal areas, and non - electric demand also shows different trends. Coal prices stopped falling and rebounded since late December, but the rebound momentum weakened this week. In the future, inventory depletion and the upcoming cold wave will support coal prices, and the market is expected to be stable and slightly strong before the holiday. The coal sector has high - dividend support and upward elasticity, making it a cost - effective investment [11] - **Investment Suggestions**: Focus on companies with stable operations and performance, those with large previous declines and high elasticity, and high - quality metallurgical coal companies. Also, pay attention to other related companies [12] - **Key Focus**: In 2025, China's coal imports decreased by 9.6% year - on - year; India's coal production was basically flat with a slight decline; global seaborne coal trade decreased by 2.8% [13] 2. This Week's Performance of the Coal Sector and Individual Stocks - The coal sector fell 3.33% this week, underperforming the broader market. The CSI 300 fell 0.57% to 4731.87. The top - three sectors in terms of gains were computer, electronics, and media [14] - The power coal, coking coal, and coke sectors fell 3.46%, 3.66%, and 4.38% respectively [17] - The top - three gainers in the coal mining and washing sector were Anyuan Coal Industry (3.97%), Huayang Co., Ltd. (2.90%), and Diantou Energy (0.81%) [20] 3. Coal Price Tracking - **Coal Price Index**: As of January 16, the comprehensive transaction price of CCTD Qinhuangdao thermal coal (Q5500) was 688.0 yuan/ton, up 2.0 yuan/ton week - on - week; the comprehensive average price index of Bohai Rim thermal coal (Q5500) was 686.0 yuan/ton, up 1.0 yuan/ton week - on - week; the annual long - term agreement price of CCTD Qinhuangdao thermal coal (Q5500) was 684.0 yuan/ton, down 10.0 yuan/ton month - on - month [24] - **Thermal Coal Price**: At ports, the market price of Qinhuangdao Port thermal coal (Q5500) from Shanxi was 697 yuan/ton on January 17, up 1 yuan/ton week - on - week. At production sites, prices in some areas were stable while in Datong, it decreased. Internationally, FOB and CIF prices showed different trends [30] - **Coking Coal Price**: At ports, the prices of coking coal in Jingtang Port and Lianyungang increased. At production sites, prices in some areas increased while in others they were stable. The CIF price of Australian Peak Downs hard coking coal in China increased [32] - **Anthracite and Pulverized Coal Injection Price**: The coking anthracite car - loading price in Jiaozuo was flat, while the prices of pulverized coal injection in Changzhi and Yangquan decreased [40] 4. Coal Supply and Demand Tracking - **Coal Mine Capacity Utilization**: As of January 16, the capacity utilization rate of sample power coal mine wells was 90.6%, up 0.3 percentage points week - on - week; the capacity utilization rate of sample coking coal mine wells was 88.47%, up 3.1 percentage points week - on - week [47] - **Import Coal Price Difference**: As of January 16, the price difference between domestic and foreign 5000 - kcal and 4000 - kcal thermal coal decreased [43] - **Coal - fired Power Consumption and Inventory**: Inland 17 provinces saw a decrease in coal inventory and an increase in daily consumption, while coastal 8 provinces saw a decrease in both inventory and consumption [44] - **Downstream Metallurgical Demand**: The Myspic composite steel price index increased slightly, the price of first - grade metallurgical coke was flat, the blast furnace operating rate decreased, the profit per ton of coke decreased, the profit per ton of steel in the blast furnace increased, the iron - scrap price difference decreased, and the blast furnace scrap consumption ratio decreased [65][66] - **Downstream Chemical and Building Materials Demand**: Urea prices in some regions increased, the national methanol price index decreased, the national ethylene glycol price index decreased, the national acetic acid price index increased, the national synthetic ammonia price index increased, the national cement price index decreased, the cement clinker capacity utilization rate decreased, the float glass operating rate decreased, and chemical weekly coal consumption increased [72][76] 5. Coal Inventory Situation - **Thermal Coal Inventory**: Qinhuangdao Port's coal inventory increased to 550.0 tons; 55 ports' thermal coal inventory decreased to 6830.8 tons; the inventory of 462 sample mines decreased to 283.9 tons [91] - **Coking Coal Inventory**: The production - site inventory decreased to 272.4 tons, the six - port inventory decreased to 298.9 tons, the inventory of independent coking plants increased to 954.8 tons, and the inventory of sample steel mills increased to 802.2 tons [92] - **Coke Inventory**: The inventory of coking plants decreased to 40.6 tons, the four - port inventory increased to 188.1 tons, and the inventory of sample steel mills increased to 650.33 tons [94] 6. Coal Transportation Situation - **International and Domestic Coal Transportation**: As of January 16, the China Yangtze River Coal Transportation Comprehensive Freight Index (CCSFI) was 704 points, down 3.6 points week - on - week [107] - **Ratio of Cargo to Ships at Four Northern Ports**: As of January 16, the inventory at four ports in the Bohai Rim was 1465.2 tons, the number of anchored ships was 99, and the ratio of cargo to ships was 14.8, down 1.96 week - on - week [102] - **Daqin Line Coal Transportation**: The average daily coal shipment volume on the Daqin Line this week was 118.0 tons, up 9.75 tons week - on - week [107] 7. Weather Situation - As of January 16, the Three Gorges outbound flow was 9180 cubic meters per second, up 23.22% week - on - week [114] - In the next 10 days, there will be precipitation in some areas, and a cold wave will affect many regions with significant temperature drops [114] - In the long - term (January 27 - 30), there will be precipitation in some areas, and the average temperature in some regions will be lower or higher than normal [114] 8. Listed Company Valuation Table and Key Announcements - **Listed Company Valuation Table**: The table shows the closing prices, net profit attributable to shareholders, EPS, and PE of key listed companies from 2024A to 2027E [115] - **Key Announcements**: Xinji Energy released its 2025 performance report; Pingdingshan Tianan Coal Mining Co., Ltd. announced the progress of its controlling shareholder's strategic restructuring; Guanghui Energy announced a guarantee - related关联交易; Meijin Energy announced a guarantee for its subsidiary and its 2025 performance forecast [116][117][118] 9. This Week's Important Industry News - By 2030, Guizhou's coal production and trial - operation capacity will reach 260 million tons per year [119] - Yunnan will increase coal resource exploration and promote the release of advanced coal production capacity [119] - 20 coal mines in Ordos passed the intelligent acceptance [119] - Guizhou has made breakthroughs in the coal and unconventional natural gas fields [119] - Jiangsu released its 2026 major project list, including one coal - related project [120]

Investment Rating - The report maintains a "Positive" investment rating for the coal mining industry, consistent with the previous rating [2]. Core Insights - The current phase is viewed as the beginning of a new upward cycle for the coal economy, with a focus on the recovery of coal market conditions and value reassessment [3][5]. - Supply constraints are expected to re-emerge, with domestic coal production potentially declining due to regulatory checks and safety inspections [5][13]. - Demand for coal is projected to see slight growth in 2026, driven by a 5% economic growth rate and increased coal consumption in non-electric sectors [5][13]. - Short-term coal prices are expected to stabilize and potentially rise due to seasonal demand increases and inventory reductions at coastal ports [5][13]. Summary by Sections 1. Coal Prices - As of January 10, the market price for Qinhuangdao port thermal coal (Q5500) is 696 CNY/ton, up 17 CNY/ton week-on-week [4][32]. - The price for coking coal at Jingtang port remains stable at 1650 CNY/ton [34]. - International thermal coal prices show slight increases, with Newcastle coal at 71.8 USD/ton, up 0.3 USD/ton week-on-week [4][32]. 2. Supply and Demand Dynamics - The capacity utilization rate for thermal coal mines is reported at 90.3%, an increase of 8.2 percentage points week-on-week [5][13]. - Demand from coastal provinces has increased, with daily consumption rising by 29.9 thousand tons (+15.11%) [5][13]. - Chemical coal consumption has also increased, with a weekly rise of 8.36 thousand tons (+1.13%) [5][13]. 3. Market Outlook - The report emphasizes the importance of coal supply as a stabilizing factor in the market, with expected regulatory constraints leading to a tighter supply environment [5][13]. - The anticipated recovery in coal prices and the potential for value reassessment in the sector are highlighted as key investment themes [5][13]. - The report suggests that the coal sector remains an attractive investment opportunity, particularly for high-quality coal companies with strong cash flows and dividend yields [5][15].

Core Viewpoint - The coal mining industry is experiencing a decline in capacity utilization for both thermal and coking coal, indicating potential shifts in supply and demand dynamics [1][3]. Group 1: Capacity Utilization - As of December 26, the capacity utilization rate for sample thermal coal mines is 86.4%, down 4.0 percentage points week-on-week [1][3]. - The capacity utilization rate for sample coking coal mines is 84.21%, down 2.4 percentage points week-on-week [1][3]. Group 2: Price Trends - Thermal coal prices at Qinhuangdao port (Q5500) are reported at 677 RMB/ton, a decrease of 34 RMB/ton week-on-week [2]. - The price of thermal coal in Shanxi (Q6000) is 765 RMB/ton, an increase of 5.0 RMB/ton week-on-week [2]. - International thermal coal prices have also seen declines, with Newcastle (NEWC5500) at 74.0 USD/ton, down 0.5 USD/ton week-on-week [2]. Group 3: Demand and Consumption - Daily coal consumption in coastal provinces has increased by 11.30 thousand tons/day, a rise of 5.53% week-on-week [4]. - Daily coal consumption in inland provinces has increased by 20.90 thousand tons/day, a rise of 5.56% week-on-week [4]. - Chemical coal consumption has decreased by 2.57 thousand tons/day, down 0.35% week-on-week [4]. Group 4: Investment Outlook - The current phase is viewed as the early stage of a new upward cycle in the coal economy, with a recommendation for low-cost allocation in the coal sector [5]. - The coal market is expected to maintain a weak operational trend due to high port inventories and above-average temperatures [5]. - The investment logic of coal capacity shortages remains unchanged, with expectations for price stabilization and potential valuation increases [6][7]. Group 5: Recommendations - Focus on stable and high-performing companies such as China Shenhua, Shaanxi Coal, and China Coal Energy, as well as those with high elasticity like Yanzhou Coal and Guohua Energy [7]. - Attention should also be given to high-quality metallurgical coal companies due to their unique resource scarcity [7].

1. Report Industry Investment Rating - The investment rating for the coal mining industry is "Bullish" [2] 2. Core Viewpoints of the Report - Currently at the beginning of a new upward cycle in the coal economy, with fundamental and policy factors in resonance, it is advisable to allocate the coal sector at low levels [2][3][11] - The underlying logic of coal supply constraints since July still exists, and there's no need to overly worry about a significant decline in coal prices. The stabilization point of coal prices is approaching [2][3][11] - The underlying investment logic of coal production capacity shortage remains unchanged. Coal prices have established a bottom and are on a new platform, high - quality coal enterprises maintain core asset attributes, and coal assets are relatively undervalued with potential for overall valuation improvement [3][11] - The coal supply bottleneck is expected to last until the "15th Five - Year Plan". The coal sector is a high - performance, high - cash, and high - dividend asset, with high certainty in the profitability and growth of high - quality coal companies [3][12] - The coal sector has a high - dividend safety margin when it adjusts downward and upward elasticity catalyzed by the expected increase in coal prices. It is recommended to focus on the current allocation opportunities in the coal sector [3][12] 3. Summary by Relevant Catalogs 3.1 This Week's Core Viewpoints and Key Concerns - **Core Viewpoints**: The coal economy is in the early stage of a new upward cycle. This week, the utilization rate of sample thermal coal and coking coal mine production capacity decreased. The daily coal consumption in inland 17 provinces and coastal 8 provinces increased, while non - power coal demand decreased. Coal prices showed a mixed trend. Although the current market is weak, after New Year's Day, the coal consumption support is expected to strengthen. The coal allocation logic remains unchanged, and it is recommended to allocate at low levels [11] - **Key Investment Recommendations**: Focus on three types of companies: those with stable operations and performance, those that have fallen sharply previously with high elasticity, and those with special and scarce global metallurgical coal resources. Also, pay attention to other related companies [12] - **Recent Key Concerns**: In November 2025, the total social electricity consumption increased by 6.2% year - on - year. From January to November 2025, US coal production increased by 4.1% year - on - year, and Russian coal production increased by 0.1% year - on - year [13] 3.2 This Week's Performance of the Coal Sector and Individual Stocks - The coal sector fell 0.89% this week, underperforming the broader market. The CSI 300 rose 1.95% to 4657.24 [14] - The thermal coal, coking coal, and coke sectors fell 1.24%, 0.81%, and 0.49% respectively [16] - The top three gainers in the coal mining and washing sector were Anyuan Coal Industry (6.42%), Huayang Co., Ltd. (5.01%), and Inner Mongolia Electric Power Investment Energy Co., Ltd. (2.75%) [19] 3.3 Coal Price Tracking - **Coal Price Index**: As of December 26, the comprehensive transaction price of CCTD Qinhuangdao thermal coal (Q5500) was 695.0 yuan/ton, down 7.0 yuan/ton week - on - week. The comprehensive average price index of Bohai Rim thermal coal (Q5500) was 695.0 yuan/ton, down 4.0 yuan/ton week - on - week. The annual long - term agreement price of CCTD Qinhuangdao thermal coal (Q5500) was 694.0 yuan/ton, up 10.0 yuan/ton month - on - month [23] - **Thermal Coal Price**: As of December 27, the market price of Qinhuangdao Port's Shanxi - produced thermal coal (Q5500) was 677 yuan/ton, down 34 yuan/ton week - on - week. At the production sites, prices in some areas rose or remained flat. International thermal coal FOB prices and some arrival prices fell [27] - **Coking Coal Price**: As of December 26, port and some production - site coking coal prices remained flat, while the arrival price of Australian Peak Downs hard coking coal in China rose 0.3 US dollars/ton week - on - week [29] - **Anthracite and Pulverized Coal Injection Price**: As of December 26, the vehicle - board price of Jiaozuo anthracite remained flat, while the vehicle - board prices of some pulverized coal injection decreased [38] 3.4 Coal Supply and Demand Tracking - **Coal Mine Capacity Utilization**: As of December 26, the capacity utilization rate of sample thermal coal mines was 86.4%, down 4.0 percentage points week - on - week, and that of sample coking coal mines was 84.21%, down 2.4 percentage points week - on - week [45] - **Import Coal Price Difference**: As of December 26, the price difference between domestic and foreign 5000 - kcal and 4000 - kcal thermal coal increased week - on - week [41] - **Coal - fired Power Daily Consumption and Inventory**: In both inland 17 provinces and coastal 8 provinces, coal inventory increased, daily consumption increased, and the number of available days decreased [46] - **Downstream Metallurgical Demand**: As of December 26, the Myspic composite steel price index fell, the price of Tangshan - produced primary metallurgical coke fell, the blast furnace operating rate decreased, the average profit per ton of coke for independent coking enterprises decreased, the profit per ton of steel for blast furnaces increased, the iron - scrap price difference decreased, and the scrap consumption ratio of pure blast furnace enterprises decreased [64][65] - **Downstream Chemical and Building Materials Demand**: As of December 26, the prices of some chemical products showed different trends, the national cement price index fell, the cement clinker capacity utilization rate decreased, the float glass operating rate decreased, and the weekly coal consumption in the chemical industry decreased [68][70] 3.5 Coal Inventory Status - **Thermal Coal Inventory**: As of December 26, the coal inventory at Qinhuangdao Port decreased, the 55 - port thermal coal inventory increased, and the production - site inventory increased [82] - **Coking Coal Inventory**: As of December 26, the production - site, port, coking enterprise, and steel mill coking coal inventories all increased [83] - **Coke Inventory**: As of December 26, the total coke inventory of coking plants decreased, the four - port total coke inventory increased, and the total coke inventory of domestic sample steel mills increased [85] 3.6 Coal Transportation Status - **International and Domestic Coal Transportation**: As of December 24, the Baltic Dry Index (BDI) fell. As of December 25, the average daily coal shipment volume on the Datong - Qinhuangdao Railway decreased week - on - week [98] - **Cargo - to - Ship Ratio at Four Major Ports in the Bohai Rim**: As of December 26, the inventory at the four major ports in the Bohai Rim decreased, the number of anchored ships remained unchanged, and the cargo - to - ship ratio decreased [96] 3.7 Weather Conditions - As of December 26, the Three Gorges outbound flow increased by 0.31% week - on - week [103] - In the next 10 days (December 28, 2025 - January 6, 2026), precipitation in some areas will be higher than normal, and after January 1, the average temperature in most parts of central and eastern China will turn 1 - 2°C lower than normal [103] - In the next 11 - 14 days (January 7 - 10, 2026), precipitation and temperature in different regions will show different trends [103] 3.8 Valuation Table and Key Announcements of Listed Companies - **Valuation Table**: The report provides the valuation data of key listed companies, including net profit attributable to the parent company, EPS, and PE from 2024A to 2027E [104] - **Key Announcements**: There are announcements from multiple companies, such as the share transfer of Jizhong Energy, the completion of the shareholding increase plan of Panjiang Co., Ltd., the acceptance of the application for asset acquisition by Inner Mongolia Electric Power Investment Energy Co., Ltd., the guarantee provided by Kailuan Co., Ltd., and the maintenance of the credit rating of Meijin Energy [105][106][107] 3.9 This Week's Key Industry News - Indonesia plans to impose a 1% - 5% export tax on coal from 2026 [109] - In November 2025, China's coal imports decreased by 19.9% year - on - year, with thermal coal imports increasing by 7.0% month - on - month and coking coal imports increasing by 1.3% month - on - month [109] - 8000 tons of high - quality Mongolian coal arrived in Gannan [109] - As of the end of November 2025, the national cumulative power generation installed capacity increased by 17.1% year - on - year [109]