Group 1: Report Overview - The report is an energy and chemical research report on coal, dated August 20, 2025 [2] Group 2: Market Review - On August 20, the port thermal coal market was stable with limited fluctuations in quotes and transactions. The 5500 - kcal coal was quoted at 700 - 710 yuan/ton, 5000 - kcal at 640 - 645 yuan/ton, and 4500 - kcal at 560 - 565 yuan/ton in the market. Different regions had different price ranges for non - electric enterprise coal [3] Group 3: Important Information - From January to July, national railways transported 11.96 billion tons of coal, including 8.16 billion tons of thermal coal. The coal inventory of railway - directly - supplied power plants remained at a high level. The freight volumes of mining construction materials, smelting supplies, and grain increased by 13.6%, 8.2%, and 12.7% year - on - year respectively [4] Group 4: Logic Analysis - Supply: Recent continuous rainfall in the northwest led to a significant decline in the coal mine operating rate in major coal - producing areas of Shanxi, Shaanxi, and Inner Mongolia. As of August 19, the operating rate in Ordos was 71% and in Yulin was 45%. The daily average coal output of Ordos and Yulin was over 3.5 million tons, and the overall domestic supply tightened [5] - Import: Affected by the improvement of domestic coal prices, the sentiment in the import market continued to warm up this week. Due to the good price advantage of imported coal, the inquiry enthusiasm of coastal power plants increased significantly, and the market transaction atmosphere improved [5] - Demand: Power plants maintained a stable operation with a load of 70% - 80%. Power plant inventories were at a high level, and only a small amount of rigid - demand purchases were made in the market under the long - term agreement coal supply. On the other hand, the cement operating rate at the non - electric end hovered at a low level, while the restart of methanol and urea maintenance devices led to a high - level operating rate, and the demand for chemical coal was generally good, providing stable support for coal prices in the pit - mouth area [5] - Inventory: Northwest rainfall affected coal transportation. The daily average volume of the Datong - Qinhuangdao Railway was less than 1 million tons, and the number of approved carriages by the Hohhot Railway Bureau was around 15. With high outbound volumes, port inventories continued to decline. As of August 20, the inventory of Bohai Rim ports dropped to 21.8 million tons, a decrease of 10 million tons from the high level, and the inventory level was low. The daily consumption of coastal power plants increased seasonally, and inventories decreased, while the inventories of inland power plants were still high [5] - Outlook: In late August, coal production in major producing areas was restricted, the coal operating rate in Ordos and Yulin dropped significantly, and the daily average output decreased to 3.5 million tons, resulting in supply tightening. Power plant inventories decreased, import profits emerged, and power plants only made rigid - demand purchases. The shipping from production areas to ports was at a loss, and traders suspended shipping. Port inflows were at a low level, while outflows were high, and port inventories continued to decline. With continuous high - temperature weather across the country, the daily consumption of power plants reached the annual peak, coal consumption returned to the same - period level, the inventories of coastal power plants were lower than the same - period level, and continuous rigid - demand purchases were made. The FOB prices at ports rebounded continuously. Affected by continuous rainfall, the coal mine operating rate in the pit - mouth area dropped significantly, production was restricted, and the demand for chemical coal was good. The pit - mouth prices rebounded continuously, rising 100 yuan/ton from the low point, and are expected to remain firm and rise in the short term [5]

能源化工研发报告 大宗商品研究 煤炭日报 2025 年 8 月 4 日 【逻辑分析】 供应方面，近期西北地区持续降雨，晋陕蒙煤炭主产地煤矿开工率大幅回落，截 8 月 2 日，鄂尔多斯地区煤矿开工率 66%，榆林地区煤矿开工率 41%，鄂榆两市煤炭日均 产量降至 320 万吨以上，国内供应整体收紧。进口方面，5500 大卡煤种价格在 500 - 550 元/吨之间，5000 大卡煤种价格在 440 - 490 元/吨之间，4500 大卡煤种价格在 380 - 430 元/吨之间。需求方面，受多地暴雨天气影响，部分电厂负荷较之前有所下降，库存处 于中等水平。下游电厂采购策略仍以长协为主，近期煤炭市场价格呈现上涨趋势，受"买 涨不买跌"的心理影响，采购少量市场煤以补充库存。另一方面，非电端水泥开工率低 位徘徊，甲醇、尿素检修装置重启，开工率高位运行，化工煤需求整体尚可，对坑口地 区煤炭价格支撑力度平稳。库存方面，西北降雨影响发运，大秦线日均运量 100 万吨， 呼局批车数 15 列附近，调出高位，港口库存持续去库，截止 8 月 4 日，环渤海港口库 存降至 2340 万吨，高位减少 800 万吨，库存水平偏中性。沿 ...

能源化工研发报告 大宗商品研究 煤炭日报 2025 年 7 月 29 日 煤炭日报 【市场回顾】 现货市场：7 月 29 日，港口市场交投氛围一般，贸易商报价依旧维稳，现 5500 大 卡市场报价 650-660 元/吨，5000 大卡市场报价 590-600 元/吨，4500 大卡市场报价 520 元/吨；内蒙地区非电企业用煤 5500 大卡煤种价格处于 425 - 465 元/吨之间，5000 大卡 煤种价格处于 355 - 395 元/吨之间，4500 大卡煤种价格处于 285 - 325 元/吨之间；榆林 地区非电企业用煤 6000 大卡煤的价格区间为 520 - 550 元/吨，5800 大卡煤的价格区间为 490 - 520 元/吨；山西非电企业用煤 5500 大卡煤种价格在 480 - 530 元/吨之间，5000 大 卡煤种价格在 420 - 470 元/吨之间，4500 大卡煤种价格在 360 - 410 元/吨之间。江内港 口 5500 大卡动力煤报价区间为 690 - 710 元/吨；5000 大卡动力煤报价在 630 - 640 元/吨。 【重要资讯】 【逻辑分析】 供应方面，坑口价格 ...

大宗商品研究 能源化工研发报告 煤炭日报 2025 年 7 月 24 日 煤炭日报 【市场回顾】 现货市场：7 月 24 日，港口市场交投氛围一般，贸易商报价维持坚挺，现 5500 大 卡市场报价 650-660 元/吨，5000 大卡市场报价 590-600 元/吨，4500 大卡市场报价 520 元/吨；内蒙地区非电企业用煤 5500 大卡煤种价格在 420 - 460 元/吨之间，5000 大卡煤 种价格在 350 - 390 元/吨之间，4500 大卡煤种价格在 280 - 320 元/吨之间；榆林地区非 电企业用煤6000大卡煤的价格区间为500 - 530元/吨，5800大卡煤的价格区间为475 - 505 元/吨；山西非电企业用煤 5500 大卡煤种价格在 475-525 元/吨之间，5000 大卡煤种价格 在 415-465 元/吨之间，4500 大卡煤种价格在 355-405 元/吨之间。江内港口 5500 大卡动 力煤报价区间为 685 - 700 元/吨，仍有个别贸易商报价高达 710 元/吨；5000 大卡动力煤 报价在 630 - 640 元/吨。 【重要资讯】 截至 6 月底，全国 ...

Financial Data and Key Metrics Changes - The company reported the best first half operational performance in the past five years, with long coal and attributable sellable coal volume up by 15% to 16% compared to last year [6][7] - The cash balance at the end of the quarter was $1,800,000,000 after paying a fully franked final dividend of $687,000,000 [8][20] - Cash operating costs for the first half are expected to be towards the middle of the guidance range of $89 to $97 per tonne [7][21] Business Line Data and Key Metrics Changes - Total ROM coal production increased to 17,000,000 tonnes, which is 12% more than the first quarter and 23% more than the second quarter last year [9][10] - Attributable saleable coal production was 9,400,000 tonnes, similar to the first quarter and 15% more than the second quarter last year [10][12] - The sales volume of 8,100,000 tonnes was 1,300,000 tonnes lower than saleable production due to logistical issues [14][20] Market Data and Key Metrics Changes - Global thermal coal demand remains strong despite a decrease in Indonesian exports by 11% and Colombian exports by 23% [15][16] - The average realized thermal coal price was AUD 130 per tonne, and the average realized metallurgical coal price was AUD 197 per tonne, both down from the previous quarter [18] - The overall average realized price decreased to AUD 142 per tonne compared to AUD 157 in the prior quarter [18] Company Strategy and Development Direction - The company is focused on maximizing operational efficiency and minimizing costs in response to decreasing coal prices [7] - There is an intention to consider acquisition opportunities during the cyclical downturn while balancing capital management and returns [48][80] - The company aims to maintain a strong financial position with $1,800,000,000 in cash and no interest-bearing debt [20][80] Management's Comments on Operating Environment and Future Outlook - Management noted that the coal industry is currently at the bottom of the cycle, with expectations for a recovery towards the end of the year [56] - The company is well-positioned to navigate the cyclical low in coal prices, with competitive cash operating costs and strong cash reserves [95] - There is an expectation that delayed shipments from the second quarter will be delivered in the current quarter [15][26] Other Important Information - The total recordable injury frequency rate improved to 6.32, below the industry average of 7.93 [9] - The company is currently undergoing a CEO recruitment process, with a strong management team in place during the interim [82] Q&A Session Summary Question: Will the sales volume from the second quarter be fully translated into sales in the third quarter? - Management expects the sales volume of approximately 1,400,000 tonnes that slipped from the second quarter to be recovered in the third quarter [26][27] Question: What is the expected growth in metallurgical coal volume compared to thermal coal? - The metallurgical coal volumes represent about 20% to 25% of overall sales and are expected to remain stable moving forward [32] Question: Is the company looking to mitigate costs and CapEx in the current price environment? - The company is focused on optimizing its capital expenditure and minimizing costs while considering value-accretive opportunities during the downturn [48][50] Question: How does the decrease in China's coal imports affect Yancoal? - Yancoal's contracts with China remain unaffected, and the company continues to supply high-quality coal despite the decrease in imports [60][61] Question: What is the company's position on potential asset acquisitions? - The company is open to considering both internal and external opportunities for acquisitions, focusing on value accretion [101][102]

Group 1: Market Overview - On Tuesday, coking coal futures experienced a rebound after a decline due to falling crude oil prices, with coking coal main contract rising 0.75% to 804.5 CNY/ton and coke main contract increasing 1.46% to 1387.5 CNY/ton [1] - The import volume of Mongolian coking coal has become a significant factor in port inventory reduction, with current port inventory around 3 million tons, which has increased to 4 million tons after the restoration of customs clearance [1][2] - The overall supply of coking coal remains loose, with no significant improvement in the supply-demand fundamentals despite a decrease in import volumes [2][3] Group 2: Supply and Demand Dynamics - Steel mills' daily molten iron production has stabilized around 2.42 million tons, with a profitability rate of approximately 58%, but high molten iron levels have not effectively reduced coking coal inventory [2] - The demand for coking coal is expected to remain weak, with the fourth round of coke price reductions leading to a drop of 240-250 CNY/ton [2][3] - The coal market is anticipated to see an increase in supply exceeding demand in early July, potentially stabilizing coal prices if extreme weather does not occur [4] Group 3: Future Price Trends - The market sentiment remains cautious, with the price support for coking coal relatively weak due to the ongoing loose supply conditions [3][6] - The recent geopolitical tensions have subsided, leading to a significant drop in crude oil futures, which may influence energy prices [7] - The coking coal market is expected to maintain a wide range of fluctuations in the near term due to mixed market factors and ongoing supply pressures [6][7]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View The report concludes that as of late June, coal production in major producing areas has declined, but overall supply remains relatively abundant. Power plant inventory depletion is slow, and with the impact of imported coal, power plants only maintain necessary purchases. Port inventory is continuously decreasing. As temperatures rise nationwide, power plant daily consumption will continue to increase seasonally, and there will be necessary purchases later. The port FOB price is temporarily stable, and coal prices in the pithead area are expected to remain stable [5]. 3. Summary by Directory Market Review - On June 23, port market price - holding sentiment persisted, and trader quotes continued to rise. For example, the 5500 - kcal market quote was 615 - 620 yuan/ton, and different regions had their own price ranges for various coal types [3]. Important News - In May 2025, China imported 2865.3 million tons of thermal coal (non - coking coal), a year - on - year decrease of 16.06% and a month - on - month decrease of 0.96%. From January to May 2025, the cumulative import of thermal coal was 14500.2 million tons, a year - on - year decrease of 7.9%. In May 2025, China imported 738.7 million tons of coking coal, a year - on - year decrease of 23.7% and a month - on - month decrease of 16.9% [4]. Logical Analysis - **Supply**: Pithead prices have temporarily stopped falling and stabilized. Some coal mines have shut down, and the coal mine operating rates in major coal - producing areas in Shanxi, Shaanxi, and Inner Mongolia have declined. As of June 22, the coal mine operating rate in Ordos was 66%, and in Yulin it was 44%. The daily coal output in Ordos and Yulin was around 3.7 million tons, but the overall domestic supply was still abundant. The domestic and imported markets showed different trends, with the domestic coal price basically stable and imported coal prices falling [5]. - **Demand**: Power plant loads were generally low, and inventories were at high levels. Power plants mainly relied on long - term contract coal. Some coastal power plants had nearly completed their August imported coal purchases. Non - power sectors such as cement had low operating rates, while the operating rates of coal - to - methanol and coal - to - urea were high, and the demand for chemical coal was fair, providing stable support for coal prices in the pithead area [5]. - **Inventory**: Due to shipping losses, port inflows decreased. The daily average freight volume of the Datong - Qinhuangdao line dropped to 1 million tons, and the number of approved carriages by the Hohhot Railway Bureau dropped to around 30. Outflows were low, and port inventory continued to decrease. As of June 23, the inventory at Bohai Rim ports was around 26.7 million tons, a reduction of 5 million tons from the high level but still relatively high. Coastal power plant daily consumption increased seasonally, but inventory depletion was slow, and inland power plant inventories remained high [5].

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [4] Core Views - The coal mining sector is currently facing a prolonged downturn in prices, with market sentiment at a low point. However, there are signs of potential recovery as some production capacities are experiencing losses, indicating a gradual emergence of cost support. The industry is awaiting favorable policy changes to restore confidence [2][10] Summary by Sections Industry Trends - The coal mining market is experiencing a narrow adjustment with slight supply tightening in major production areas. Downstream demand remains primarily driven by essential needs [13] - Port inventories are continuously decreasing, but there is still a lack of upward momentum in prices due to limited demand from downstream buyers [14] - The shipping market has seen a slight increase in the number of vessels at northern ports, indicating some recovery in logistics [27] Key Companies - Recommended stocks include China Shenhua (601088.SH), Shaanxi Coal and Chemical Industry (601225.SH), and Xinji Energy (601918.SH), all rated as "Buy" with projected earnings per share (EPS) growth [9] - China Shenhua is highlighted as a central enterprise with strong performance, while companies like Qinfa and New Hope Energy are noted for their potential turnaround [10] Price Movements - As of May 30, the price of thermal coal at the port is reported at 620 CNY/ton, remaining stable week-on-week. However, the market is characterized by a lack of strong demand from power plants, leading to a cautious purchasing attitude [37] - Coking coal prices are under pressure, with significant declines observed in various grades, indicating a bearish market sentiment [40][53] Market Outlook - The report emphasizes that the coal industry will maintain its critical role in China's energy system during the 14th Five-Year Plan period. The overall supply-demand balance is expected to remain stable, with a potential increase in industry concentration [37]

大宗商品研究 能源化工研发报告 煤炭日报 2025 年 5 月 21 日 煤炭日报 【市场回顾】 现货市场：5 月 21 日，港口市场观望为主，贸易商报价弱稳运行，现 5500 大卡市 场报价 615-620 元/吨，5000 大卡市场报价 530-535 元/吨，4500 大卡市场报价 470 元/吨； 内蒙地区非电企业用煤 5500 大卡煤种价格区间为 390 - 430 元/吨，5000 大卡煤种价格区 间为 330 - 370 元/吨，4500 大卡煤种价格则在 250 - 290 元/吨；榆林地区非电企业用煤 6000 大卡煤的价格区间为 480-510 元/吨，5800 大卡煤的价格区间为 460-490 元/吨；山 西非电企业用煤 5500 大卡煤种价格区间为 430 - 480 元/吨，5000 大卡煤种价格区间为 370 - 420 元/吨，4500 大卡煤种价格区间为 320 - 370 元/吨。江内港口 5500 大卡动力煤 的报价为 670 - 680 元/吨，5000 大卡动力煤的报价区间为 575 - 580 元/吨。 【重要资讯】 4 月份，全社会用电量 7721 亿千瓦时，同比 ...

大宗商品研究 能源化工研发报告 煤炭日报 2025 年 5 月 7 日 煤炭日报 【市场回顾】 现货市场：5 月 7 日，港口市场看跌情绪浓厚，贸易商报价维持偏弱，现 5500 大卡 市场报价 650 元/吨，5000 大卡市场报价 570-580 元/吨，4500 大卡市场报价 515 元/吨； 内蒙地区非电企业用煤 5500 大卡煤炭含税价在 420 - 460 元/吨，5000 大卡煤炭价格在 350 - 390 元/吨，4500 大卡煤炭价格则在 270 - 310 元/吨；榆林地区非电企业用煤 6000 大卡煤价格区间为 510-540 元/吨，5800 大卡煤价格区间为 485-515 元/吨；山西非电企 业用煤 5500 大卡煤种的含税价格处于 460 - 510 元/吨，5000 大卡煤种价格为 400 - 450 元/吨，4500 大卡煤种价格则在 340 - 390 元/吨之间。江内港口 5500 大卡动力煤报价在 695-710 元/吨，5000 大卡动力煤报价 610-625 元/吨。 【重要资讯】 1-3 月，全国各电力交易中心累计组织完成市场交易电量 14574.8 亿千瓦时，同比 ...