研究早观点 2025 年 9 月 29 日 星期一 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,828.11 | -0.65 | | 深证成指 | | 13,209.00 | -1.76 | | 沪深 | 300 | 4,550.05 | -0.95 | | 中小板指 | | 8,177.93 | -1.85 | | 创业板指 | | 3,151.53 | -2.60 | | 科创 | 50 | 1,450.82 | -1.60 | | 资料来源：最闻 | | | | 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 【今日要点】 【行业评论】煤炭：煤炭扩储行为研究之二:探索扩储周期-探索扩储周 期 【行业评论】煤炭：煤炭进口数据拆解：25 年 8 月进口煤继续复苏， 关注海外价格回升趋势 【行业评论】电力设备及新能源：行业周报（20250915-20250921）- 宇树科技宣布开源模型，多晶硅能耗标准收紧 2019 年 2 月 ...

Investment Rating - The report maintains an investment rating of "A" for the coal industry, indicating a positive outlook for the sector [1]. Core Insights - The report explores the behavior of coal expansion, highlighting the increasing trend of coal companies expanding their reserves. It emphasizes the long construction cycle for new coal mines, typically ranging from 5 to 8 years or longer. The report also discusses the advantages of conventional expansion versus acquisition expansion [2][3][4]. Summary by Sections 1. Introduction - The report is part of a series analyzing coal expansion behaviors, aiming to provide a multi-dimensional understanding of the coal industry's expansion activities [10]. 2. Conventional vs. Acquisition Expansion - New coal mine construction has a lengthy cycle, requiring various approvals and processes. Conventional expansion involves obtaining mining rights and constructing new mines, while acquisition expansion allows for quicker resource access but carries potential uncertainties [11][14][15]. 3. Exploration and Transition to Mining - The transition from exploration to mining is a critical step in coal mine development, requiring thorough geological assessments to determine resource quantities. The report outlines the different stages of exploration and their implications for resource pricing [18][20][21]. 4. Coal Mine Construction Cost Analysis - The average investment cost for new coal mines is reported at 702.89 CNY per ton, with significant variations across regions and mining methods. The report notes that costs have been rising, particularly in Shanxi and Shaanxi provinces, while Inner Mongolia shows lower costs for open-pit mining [29][40][42][46]. 5. Investment Return Model Simulation - The report simulates the profitability of new coal mines, indicating that rising construction costs and mining rights prices will likely increase production costs. It emphasizes the importance of scale in mitigating these cost increases [4][56][58]. 6. Investment Recommendations - The report suggests capturing investment opportunities during the expansion cycle, focusing on companies such as Shanxi Coal International, Jinko Coal Industry, Huayang Co., and others, as they navigate rising costs and market dynamics [4][5].