煤炭行业高质量发展

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扛牢能源安全首要责任 “十四五”煤炭行业实现跃升发展
Zhong Guo Dian Li Bao· 2025-09-08 01:01
"十四五"以来,煤炭行业深入贯彻落实党中央、国务院决策部署,在国家煤炭行业管理部门的带领下, 全行业上下凝心聚力、踔厉奋发,紧紧围绕保障能源安全、推动绿色低碳转型、提升产业竞争力的核心 目标,推动发展方式向质量效益型转变、生产要素向人才技术密集型转变、煤炭产品向原料与燃料并重 转变、煤炭生产向智能化生产转变,行业高质量发展迈出坚实步伐,取得了跨越式发展。 "十四五"以来,煤炭行业坚持"上大压小、增优汰劣",煤炭生产结构持续优化,全国煤矿数量降至4300 处以内,平均单井(矿)规模提高到170万吨/年左右,年产120万吨以上的大型现代化煤矿已经成为我 国煤炭生产主体。建成年产千万吨级煤矿83处、产能达到13.6亿吨/年,比2020年增加31处、产能增加 5.4亿吨/年。以坚实的生产体系为基础,一大批煤炭企业集团持续打造战略性新兴产业集群,加快布局 先进算力、前沿新材料、高端装备、新型储能、智慧物流、生态旅游、现代金融等新兴产业,抢占产业 发展新领域新赛道,塑造经济发展新优势。郑州煤矿机械集团智慧园区入选全球"灯塔工厂",榆鄂宁现 代煤化工集群成功入选国家级先进制造业集群,专精特新企业、"小巨人"企业、单项冠军企 ...
调整步入尾声,政策陆续落地,价格酝酿反攻
GOLDEN SUN SECURITIES· 2025-09-07 14:18
Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [5] Core Viewpoints - The report emphasizes that the performance pressure on coal companies has ended, and a recovery is expected, not just a rebound [3][8] - It anticipates that coal prices may peak by the end of the year, with a potential for upward movement due to supply constraints [3][8] Summary by Sections Market Overview - The CITIC Coal Index was at 3,459.14 points, up 0.10%, outperforming the CSI 300 Index by 0.91 percentage points [2][76] - Recent coal price trends show a slight recovery, with the price of Q5500 coal in major production areas experiencing increases [14][39] Financial Analysis of Coal Companies - The report identifies top performers in terms of cash flow and low debt levels among coal companies, highlighting companies like China Shenhua and Jinko Coal [3] - The report notes that the profitability of coal companies is likely to improve following the price lows observed in June [3] Key Areas of Analysis - **Thermal Coal**: The report indicates a rebound in thermal coal prices due to downstream demand for replenishment, with prices expected to rise during peak seasons [14][39] - **Coking Coal**: The report notes that coking coal prices are under pressure due to weak downstream demand, but there is still support for prices as the peak season approaches [41][55] - **Coke**: The report highlights that coke prices have seen a decline due to reduced demand from steel mills, with the first round of price reductions initiated by steel manufacturers [57][76] Investment Strategy - The report recommends stocks with high earnings elasticity, such as Lu'an Mining and Jinko Coal, and emphasizes the importance of monitoring domestic supply and import conditions [11][41] - It also suggests focusing on companies with strong performance records, such as Shaanxi Coal and Electric Power, and Huai Bei Mining [11][41]