"2025年我省产煤超13亿吨，在支撑起我国多个省份能源需求的同时，煤矸石所带来的问题也日益凸 显。目前，我省煤矸石堆存量已超10亿吨，且仍以每年近亿吨的速度持续增长，由此引发的环境问题已 经严重影响了矿区人民群众的生产、生活。"正值2026年山西两会期间，民进山西省委会建议加快山西 省煤矸石资源化利用。 二是构建完整产业链并强化技术研发。推进煤矸石二次分选、发电、高性能建筑材料及高附加值化工产 品利用研究，形成"煤炭—固废发电—有价元素提取—化工产品—建材—井下充填—农业应用"闭合循环 产业链，以及"梯级回收+生态修复+井下充填"体系。关注典型示范项目，如朔州的固废综合利用企业 集群、大同的千万吨级处置与绿色建筑开发项目、晋城的井下智能分选与充填系统，提炼可复制经验。 加强产学研合作，攻关超细煤系高岭土制备、新型陶瓷研发等技术，缩小与国际技术差距。通过技术创 新和产业融合，提升煤矸石利用的附加值与经济效益，推动相关产业协同发展。 三是强化政策支持与信息整合。完善财政、税收、价格等激励政策，如减免煤矸石电厂增值税、对重大 项目给予国债支持，从煤炭可持续发展基金中划拨专项资金补助循环经济项目。加快建立煤矸石综合 ...

2月4日早盘，煤炭板块集体走强，兖矿能源、晋控煤业双双涨停，潞安环能涨超 9%，陕西煤业、山煤国际、山西焦煤、平煤股份均跟涨。截至发稿，中证 红利ETF（515080）盘中上涨1.98%，实时成交额超1.8亿元、最新规模超82亿元。 资金面数据显示，中证红利ETF（515080）最近两个交易日连续获资金净流入约1.93 亿元，显示市场"攻势"放缓节奏下避险情绪或有所增强。 消息面上，据海外媒体报道，由于政府提出大幅减产计划，部分国家矿商已暂停现货煤炭出口；上月向主要矿商下达的产量配额比2025年水平降低40%至 70%，作为该国提振煤价计划的一部分。 资料显示，中证红利ETF（515080）跟踪A股标杆红利资产指数——中证红利指数，主要选取两市现金股息率高、分红连续性在三年及以上、同时具有一定 规模及流动性的100只股票为成份股，采用股息率加权，反映A股市场高红利股票的整体表现。 | 日期 | 市盈率2(计算 | 股息率2(计 算用股本) | | --- | --- | --- | | Date | 用股本) P/E2 | | | | | D/P2 | | 20260203 | 9.77 | 4.98 | | ...

国企红利ETF紧密跟踪中证国有企业红利指数，从国有企业中选取现金股息率高、分红比较稳定且有一 定规模及流动性的100只上市公司证券作为指数样本，反映国有企业中高股息率证券的整体表现。 据Wind数据显示，截至2026年1月30日，中证国有企业红利指数前十大权重股分别为中远海控、潞安环 能、西部矿业、山煤国际、恒源煤电、平煤股份、山西焦煤、兖矿能源、陕西煤业、华阳股份，前十大 权重股合计占比16.61%。（以上所列示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况 不代表基金未来的投资方向，也不代表具体的投资建议，投资方向、基金具体持仓可能发生变化。市场 有风险，投资需谨慎） 国企红利ETF(159515)，场外联接(鹏扬中证国有企业红利ETF联接A：020115；鹏扬中证国有企业红利 ETF联接C：020116)。 风险提示："中证国有企业红利指数(000824)由中证指数有限公司（"中证"）编制和计算，其所有权归属 中证及/或其指定的第三方。中证对于标的指数的实时性、准确性、完整性和特殊目的的适用性不作任 何明示或暗示的担保，不因标的指数的任何延迟、缺失或错误对任何人承担责任（无论是否存在过 失）。中 ...

Core Viewpoint - The coal sector is experiencing a strong performance, with significant capital inflow into coal ETFs, driven by attractive valuation metrics and high dividend yields, presenting a dual opportunity for investors [1][3][5] Group 1: Market Performance - The coal ETF (515220) has seen over 400 million yuan in net inflow over the past five days, indicating strong investor interest [1] - As of January 28, 2026, the China Securities Coal Index has a price-to-book ratio of 1.59 and a dividend yield of 5.82%, making it particularly appealing in a low-interest-rate environment [1] Group 2: Supply and Demand Dynamics - The coal industry is currently in a critical phase of supply-demand balance, providing solid fundamental support for a sector rebound [3] - Supply constraints are characterized by enhanced restrictions and slowing growth, with domestic coal production expected to grow only 0.5%-1% by 2026 due to regulatory measures and limited new capacity [3] - Demand is showing marginal improvement, driven by increased electricity consumption during winter and a recovery in industrial production, particularly in chemical and steel sectors [3] Group 3: Valuation and Investment Appeal - The coal sector's valuation is at a historical low, with a price-to-earnings ratio of 13.99 and a price-to-book ratio of 1.56, suggesting ample room for valuation recovery as coal prices rise and corporate profitability improves [4] - The high dividend yield characteristic of the coal industry, with leading companies offering yields between 4%-8%, provides a defensive investment option amid market volatility [5] Group 4: Institutional Interest and Fund Flows - Institutional holdings in the coal sector are at historical lows, but as the fundamental outlook improves, capital is gradually returning, enhancing liquidity and creating a positive feedback loop of improved fundamentals, capital inflow, and rising stock prices [6] Group 5: Investment Tools - The coal ETF (515220) serves as an efficient tool for investors to gain exposure to the coal sector, encompassing leading companies with strong capacity and dividend attributes, thus allowing investors to mitigate individual stock risks while benefiting from sector recovery and high dividends [7]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The current supply - demand contradiction in the coking coal and coke market is general, with little inventory pressure, providing some support for prices. However, due to the off - season, demand is weak and stable, lacking a continuous upward drive, and prices are also affected by market sentiment [3] Group 3: Summary by Relevant Catalogs Market Performance - Recently, the prices of steel and ore futures have been weak, while coking coal and coke have been relatively firm, showing a volatile operation. In the spot market, the price of coke has completed the first round of increase, and the price of coking coal has been generally weak and stable [3] Supply Side - Near the Spring Festival, some coal mines in certain regions have reduced production due to safety inspections and underground conditions. Last week, the output of raw coal and clean coal was 1.978 million tons and 0.771 million tons respectively. It is expected that coal mines will start to have holidays on February 5, with the holiday duration ranging from 2 to 62 days and an average of 10.1 days, similar to last year. The planned production cuts and shutdowns of coal mines involve a capacity of about 7.44 billion tons, affecting raw coal production by 1.868 million tons. The expected reduction in coal supply supports the relatively strong operation of coal prices, but the production cuts are basically in line with past years' patterns, and downstream has stocked up in advance [3] Demand Side - Steel mills' production is relatively stable, with the daily average hot metal output maintained at around 2.28 million tons [3]

煤炭股爆发，煤炭ETF（515220）涨超4.6%，资金连续4日净流入额超4亿元，当前规模超88亿元。 从基本面看，供给方面，随着春节临近，煤矿将陆续开始放假，短期煤炭供给较难放量。中期维 度，今年产能核增退出与内蒙古灾害治理项目政策有望逐步推出，煤炭供给有减量空间，具体需等待政 策落地情况，如果超出市场预期，煤价具备向上弹性。 需求方面，电厂日耗抬升，煤炭可用天数下行，冬季用电供暖需求正在改善，此前积累的煤炭库存 逐步去化。根据国家气候中心预测，未来一个月将有多次冷空气过程，煤炭需求预期改善。 同时，煤炭行业的估值与分红亦凸显价值：截至2026年1月28日，中证煤炭指数市净率仅为1.59 倍，股息率5.82%，在当前低利率的市场环境下，其"高股息、高现金流"的防御属性具备较高的配置性 价比。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产 品要素、风险等级及收益分配原则，选择与自身风险承 ...

Summary of the Conference Call Company and Industry - **Company**: China Shenhua Energy Company - **Industry**: Energy and Mining Key Points and Arguments Asset Acquisition Update - The Shanghai Stock Exchange accepted the asset acquisition application on January 30, 2026, with an expedited review process expected to complete by mid-2026 [2][5] - The company aims to finalize the asset acquisition and consolidation in the first half of 2026 [2][5] Asset Details - The acquisition includes coal, coal power, and coal chemical assets, with coal reserves of 20.5 billion tons and recoverable reserves of 13 billion tons [9][10] - The operational capacity is approximately 20 million tons of coal and 13.23 million kilowatts of power generation capacity [9][10] - Capital expenditure for these projects is estimated at around 80 billion yuan over the next five years [10] Financial Performance - The net profit attributable to shareholders for the first three quarters was higher than expected, but the annual forecast indicates a potential decrease of 2-3 billion yuan due to non-recurring expenses [12][13] - The company experienced a 1.7% decline in coal production in 2025, primarily due to land acquisition delays in the eastern Mongolia region [14] Production and Sales Outlook - The production plan for 2026 is still under review, with expectations of maintaining a stable production level compared to 2025 [17] - The company has a balanced production state in the Shendong mining area, with minor fluctuations due to resource depletion [16] Pricing and Revenue - The average selling price of electricity decreased by 4.5% in the first three quarters of 2025, with expectations of continued downward pressure on prices in 2026 [33][34] - Capacity fees are projected to increase from 50% to 70%, which will positively impact profit stability and cost compensation [35][36] Capital Expenditure Plans - The capital expenditure for 2025 is expected to be lower than planned due to project delays and regulatory approvals [51][52] - Future capital expenditures are anticipated to remain stable, with significant investments in new coal mining projects and upgrades to existing facilities [55][57] Transportation and Logistics - The transportation segment saw a positive performance in the second half of 2025, attributed to increased external coal purchases [48][49] - Overall transportation prices remained stable, with minor adjustments based on government regulations [49] Regulatory Environment - The approval process for coal mines is decentralized, with significant authority resting at the provincial level, affecting production capacity management [29][30] Conclusion - The company is focused on completing the asset acquisition and maintaining stable production levels while navigating regulatory challenges and market pressures. Future capital expenditures will be strategically allocated to enhance operational efficiency and expand capacity.

全年规上原煤产量13.05亿吨。晋北采煤沉陷区新能源基地加快建设。新能源和清洁能源装机同比增加 1829万千瓦、达到9048万千瓦，占比首次超过煤电……刚刚过去的2025年，我省努力在能源革命上走在 前、作示范，奋力在推动资源型经济转型发展上迈出新步伐。 今年政府工作报告提出，要"大力推动能源转型"。能源是经济社会发展的基石，对人民生活改善和社会 长治久安具有重要意义。省政协十三届四次会议开幕以来，"能源转型""构建新型能源体系"等话题引起 委员们的热议，大家纷纷表示要锐意进取、担当作为，奋力谱写山西能源转型新篇章。 "政府工作报告提出，因地制宜推动适度多元发展。白酒产业是我省特色优势产业，产业集聚度高、能 源需求集中，其酿酒、蒸馏、仓储等环节对能源的稳定性、清洁性要求逐步提升。建设以天然气为基 础，集新能源与可再生能源于一体的多源、多能耦合、多能互补综合能源供用示范试点，既是推动综合 能源+特色产业深度融合的重要探索，也是拓宽能源消纳渠道、提升能源利用效率的有效路径。"省政 协委员、中城乡山西能源集团有限公司董事长吴建光说。 立足白酒产业镇发展实际，吴建光提出，加快落地综合能源服务试点，推动消纳侧综合能源发 ...

Core Viewpoint - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) experienced a net redemption of 4.0133 million yuan on February 3, ranking 38th out of 212 in cross-border ETF net outflows [1] Group 1: Fund Performance - As of February 3, the latest size of the Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) is 562 million yuan, down from 564 million yuan the previous day, with a net outflow of 0.71% of the previous day's size [1] - Year-to-date, the fund's shares have decreased by 9.58% and its size has decreased by 8.03% compared to December 31, 2025, when the shares were 616 million and the size was 611 million yuan [2] Group 2: Liquidity and Trading Activity - Over the last 20 trading days, the cumulative trading amount for the ETF is 254 million yuan, with an average daily trading amount of 12.6913 million yuan [2] - In the 22 trading days this year, the cumulative trading amount is 266 million yuan, with an average daily trading amount of 12.0983 million yuan [2] Group 3: Fund Management and Holdings - The current fund managers are Liu Tingyu and Cai Leping, with Liu managing the fund since July 23, 2025, achieving a return of 0.96%, while Cai has managed it since November 5, 2025, with a return of -1.82% [2] - Major holdings in the fund include China COSCO Shipping, China Shenhua Energy, CNOOC, Sinopec Engineering, China National Offshore Oil Corporation, and others, with respective holding percentages and market values detailed [2]

消息面上，据报道，印尼矿业官员周二表示，由于印尼政府提出大幅减产计划，该国矿商已暂停现货煤 炭（核心股）出口。印尼上月向主要矿商下达的产量配额比2025年水平降低40%至70%，作为该国提振 煤价计划的一部分。这一举措将直接减少全球煤炭市场的现货供应规模，推动国际煤炭价格中枢上移， 也为国内煤炭市场价格提供了较强的外部支撑。 相关行业： 煤炭（核心股）采选：作为煤炭产业链最上游的环节，煤炭采选企业直接受益于煤价上行，业绩弹性将 得到充分释放。随着海外供给收缩带动煤价走高，国内具备优质煤炭产能的企业将凭借稳定的产量与价 格优势，实现盈利水平的显著提升，行业景气度持续上行。 煤炭（核心股）贸易：煤炭贸易企业依托渠道优势，能够在煤价上行周期中通过价差获取丰厚收益。在 全球煤炭供给格局重塑的背景下，拥有海外货源渠道与国内销售网络的贸易企业，将充分把握市场价格 波动机遇，拓展盈利空间。 煤炭（核心股）深加工：煤制烯烃、煤制油等深加工项目的盈利能力与煤炭价格密切相关，在煤价上行 且下游化工（核心股）品价格维持稳定的情况下，具备一体化产能布局的深加工企业能够通过产业链协 同消化成本压力，同时分享煤价上行带来的收益增量。 早 ...