根据产权交易规则，山东产权交易中心将依据竞价结果于近日出具《结果通知单》。转让方与受让方应 在网络竞价结束后，签署《产权交易合同》。截至本公告日期，山东产权交易中心尚未出具本次股权挂 牌的《结果通知单》；转让方与受让方尚未签署《产权交易合同》。 股权挂牌起止日期为2025年12月30日至2026年1月27日。本次股权挂牌底价为人民币6.7亿元。截至上述 挂牌期满，意向受让方超过两名，根据产权交易规则，山东产权交易中心于2026年1月30日组织网络竞 价。网络竞价交易系统显示最高报价为人民币30.5亿元。 智通财经APP获悉，兖矿能源(01171)早盘涨超4%，截至发稿，涨4.36%，报11.74港元，成交额5919.5万 港元。 消息面上，2月1日，兖矿能源发布公告，公司全资子公司兖矿能源(鄂尔多斯)有限公司在山东产权交易 中心公开挂牌转让内蒙古鑫泰煤炭有限公司(鑫泰煤炭)100%股权。 ...

Core Viewpoint - The National Bureau of Statistics reported on the price changes of important production materials in the circulation market for late January 2026, indicating that 25 products saw price increases, 21 experienced declines, and 4 remained stable compared to mid-January 2026 [1]. Group 1: Price Changes in Major Categories - In the black metal category, prices for rebar, wire rod, and ordinary medium plates decreased by 0.7%, 0.8%, and 0.3% respectively [3]. - In the non-ferrous metal category, electrolytic copper and aluminum ingots saw price drops of 0.9% and 0.3%, while zinc ingots increased by 0.6% [3]. - Chemical products like sulfuric acid and pure benzene experienced price increases of 1.3% and 7.7%, while caustic soda and methanol saw declines of 5.1% and 1.1% [3]. Group 2: Energy and Coal Prices - In the petroleum and natural gas sector, liquefied natural gas (LNG) prices rose by 4.2%, while liquefied petroleum gas (LPG) and diesel prices fell by 1.0% [3]. - Coal prices showed mixed results, with anthracite coal increasing by 0.3% and Shanxi mixed coal decreasing by 1.4% [3]. Group 3: Agricultural Products and Inputs - Among agricultural products, rice and wheat prices increased by 0.2% and 0.3%, while soybean prices rose by 0.4% [4]. - In agricultural production materials, potassium fertilizer prices increased by 0.6%, while pesticide prices rose by 0.8% [4]. - The price of natural rubber increased by 1.5%, while imported pulp prices decreased by 2.1% [4].

Group 1 - Yancoal Australia (03668) saw a nearly 6% increase in early trading, with a year-to-date gain exceeding 30%. As of the report, the stock price rose by 5.52% to HKD 33.24, with a trading volume of HKD 25.84 million [1][5] - The company announced that in the fourth quarter of 2025, its commodity coal production will reach 10.4 million tons, a year-on-year increase of 7%, while commodity coal sales will be 10.8 million tons, up 4% year-on-year [1][5] - The CEO stated that the company's equity commodity coal production for 2025 will reach 38.6 million tons, nearing the upper limit of the annual production guidance range, marking a historical high for the company, with fourth-quarter production also setting a new record [1][5] Group 2 - According to a report from Zhongtai International, the company's coal sales for FY25 are expected to grow steadily, with ample cash reserves and a solid net cash position. Despite pressure on coal prices, the increasing proportion of metallurgical coal is optimizing the structure [1][5] - The low probability of La Niña is expected to limit the elasticity of winter demand, but the company's financial stability supports sustainable dividends and capital expenditures [1][5]

期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 焦煤 | 2605 | 震荡 | 震荡 | 震荡 偏强 | 震荡 | 持续性驱动不足，焦煤震荡运行 | | 焦炭 | 2605 | 震荡 | 震荡 | 震荡 偏弱 | 震荡 | 基本面支撑有限，焦炭延续震荡 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为弱势，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为强势。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 主要品种价格行情驱动逻辑—商品期货黑色板块 品种：焦煤（JM） 日内观点：震荡偏强 中期观点：震荡 宝城期货煤焦早报（2026 年 2 月 4 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 参考观点：震荡 核心逻辑：现货市场方面，甘其毛都口岸蒙煤最新报价为 ...

广发证券认为，近期，动力煤日耗维持中高位，1月下旬至2月上旬高位有望继续消化，而临近春节供应 总体收窄，预计煤价有望延续整体稳定。焦炭首轮提涨顺利落地，下游采购情绪整体向好，预计焦炭价 格有望稳中有升。该行认为，进入26年，预计供应端增速较前期大幅下降，同时考虑到25年需求受到制 约26年也有较大改善空间，预计煤价中枢有望稳步回升。 消息面上，据证券时报报道，近日，焦炭年内首轮调涨落地。据卓创资讯（301299）数据，唐山市场主 流钢厂对湿熄焦炭价格上调50元/吨、干熄焦上调55元/吨，2026年1月30日零时起执行。邢台、天津地 区部分钢厂对湿熄焦炭上调50元/吨、干熄焦炭上调55元/吨，2026年1月30日零点执行。石家庄地区个 别钢厂对湿熄焦炭上调50元/吨、干熄焦炭上调55元/吨，2026年1月30日零点执行。 煤炭股早盘走高，截至发稿，兖矿能源（600188）(01171)涨6.67%，报11.98港元；兖煤澳大利亚 (03668)涨5.84%，报33.34港元；中煤能源（601898）(01898)涨4.19%，报11.43港元；力量发展(01277) 涨4%，报1.82港元；中国神华（60108 ...

智通财经APP获悉，兖煤澳大利亚(03668)再涨近6%，年内累计涨幅已超30%。截至发稿，涨5.52%，报 33.24港元，成交额2584.36万港元。 中泰国际发布研报称，公司FY25煤炭销量稳增、现金充裕、净现金地位稳固，虽煤价承压但冶金煤占 比提升优化结构，拉尼娜概率偏低制约冬季需求弹性，但财务稳健性支撑分红与资本开支可持续性。 消息面上，兖煤澳大利亚此前公告称，于2025年第四季度，商品煤产量达1040万吨，同比增长7%；商 品煤销量1080万吨，同比增长4%。首席执行官表示，公司在2025年的权益商品煤产量达3,860万吨，实 现了接近全年产量指引区间上限，创公司历史新高，第四季度产量达到1,040万吨同样刷新公司记录。 ...

1. Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The short - term demand for thermal coal is strong, the inventory at northern ports is continuously decreasing, and downstream terminal enterprises still have restocking needs, which support the coal price to rebound slightly. However, the medium - and long - term fundamentals of thermal coal still face pressure. It is expected that the coal price will run in a narrow range at a low level before the Spring Festival, and may maintain a slightly stronger trend in the short term [4] 3. Summary by Relevant Catalogs 3.1 Time Cycle Explanation - Short - term refers to within one week, and medium - term refers to two weeks to one month [1] 3.2 Calculation of Price Fluctuation - For varieties with night trading, the starting price is the night - trading closing price; for those without night trading, it is the previous day's closing price. The daily - trading closing price is the end price to calculate the price change. A decline of more than 1% is considered weak, a decline between 0 - 1% is oscillating weakly, an increase between 0 - 1% is oscillating strongly, and an increase of more than 1% is strong. Oscillating strongly/weakly only applies to intraday views, and there is no distinction for short - term and medium - term views [2][3] 3.3 Price and Market Logic of Thermal Coal - The intraday and medium - term view of thermal coal is oscillating. The core logic is that during the critical period of peak winter power consumption, residential electricity consumption has improved significantly, and with two weeks to go before the Spring Festival, industrial electricity consumption has not declined. In the short term, the daily coal consumption of power plants has reached the peak of the year, and the restocking demand of downstream power plants and other terminal enterprises still exists, supporting the coal price to stabilize and rebound slightly. However, in the context of the peak season in January, the price of 5500K coal at ports only rose slightly by 11 yuan/ton, which also reflects the current weakness of the coal fundamentals and the market's bearish expectation of the subsequent coal supply - demand pattern [4]

Group 1: Report Information - Report Name: Coking Coal Daily Report [1] - Research Team: Black Team of the Research Center [1] - Date: February 4, 2026 [1] Group 2: Price Information - **Domestic Coking Coal**: - The latest price of Liulin Main Coking Coal is 1483.00, with no daily change, no weekly change, a monthly increase of 80.00, and a yearly increase of 13.47% [2] - The latest price of Raw Coal Port Delivery Price is 1027.00, with no daily change, a weekly increase of 24.00, a monthly increase of 74.00, and a yearly increase of 12.24% [2] - The latest price of Shaheyi Mongolian No.5 is 1430.00, with no daily change, a weekly increase of 30.00, a monthly increase of 90.00, and a yearly increase of 5.93% [2] - The latest price of Anze Main Coking Coal is 1600.00, with a daily decrease of 30.00, a weekly decrease of 40.00, a monthly increase of 100.00, and a yearly increase of 14.29% [2] - **International Coking Coal**: - The latest price of Peak Downs is 222.00, with no daily change, a weekly decrease of 39.00, a monthly decrease of 6.50, and a yearly increase of 25.00 [2] - The latest price of Goonyella is 222.00, with no daily change, a weekly decrease of 39.00, a monthly decrease of 7.50, and a yearly increase of 20.00 [2] - **Futures Market**: - The latest price of Futures Contract 05 is 1167.00, with a daily decrease of 2.50, a weekly increase of 46.00, a monthly increase of 89.00, and a yearly increase of 2.10% [2] - The latest price of Futures Contract 09 is 1246.50, with a daily increase of 0.50, a weekly increase of 45.00, a monthly increase of 92.00, and a yearly increase of 1.59% [2] - The latest price of Futures Contract 01 is 1413.50, with a daily decrease of 4.50, a weekly increase of 35.50, a monthly increase of 357.50, and a yearly increase of 12.05% [2] - **Basis and Spread**: - The 05 basis is -94.82, with a daily increase of 2.50, a weekly decrease of 108.07, a monthly decrease of 5.09, and a yearly decrease of 1.01 [2] - The 09 basis is -174.32, with a daily decrease of 0.50, a weekly decrease of 107.07, a monthly decrease of 8.09, and a yearly decrease of 0.02 [2] - The 01 basis is -341.32, with a daily increase of 4.50, a weekly decrease of 97.57, a monthly decrease of 273.59, and a yearly increase of 0.61 [2] - The 5 - 9 spread is -79.50, with a daily decrease of 3.00, a weekly increase of 1.00, a monthly decrease of 3.00, and a yearly decrease of 0.05 [2] - The 9 - 1 spread is -167.00, with a daily increase of 5.00, a weekly increase of 9.50, a monthly decrease of 265.50, and a yearly increase of 3.84 [2] - The 1 - 5 spread is 246.50, with a daily decrease of 2.00, a weekly decrease of 10.50, a monthly increase of 268.50, and a yearly increase of 1.08 [2] Group 3: Inventory and Utilization Information - **Total Inventory**: The latest total inventory is 4130.25, with a weekly increase of 30.63 and a monthly increase of 71.92 [2] - **Inventory by Sector**: - Coal mine inventory is 267.18, with a weekly decrease of 7.17, a monthly decrease of 26.16, and a yearly decrease of 35.25% [2] - Port inventory is 289.38, with a weekly decrease of 9.52, a monthly decrease of 10.12, and a yearly decrease of 36.30% [2] - Steel mill coking coal inventory is 803.24, with a weekly increase of 1.04, a monthly decrease of 3.48, and a yearly decrease of 5.30% [2] - Coking plant coking coal inventory is 1177.71, with a weekly increase of 44.86, a monthly increase of 137.99, and a yearly decrease of 4.28% [2] - Coking plant coke inventory is 85.91, with a weekly increase of 0.20, a monthly increase of 0.33, and a yearly decrease of 0.43% [2] - **Coking Capacity Utilization**: The latest coking capacity utilization is 71.86, with a weekly decrease of 0.55, a monthly increase of 0.14, and a yearly decrease of 1.71% [2]

2026年02月04日 国泰君安期货商品研究晨报-黑色系列 观点与策略 | 铁矿石：预期现实博弈，矿价窄幅震荡 | 2 | | --- | --- | | 螺纹钢：宽幅震荡 | 3 | | 热轧卷板：宽幅震荡 | 3 | | 硅铁：成本预期松动，弱势震荡 | 5 | | 锰硅：商品情绪共振，弱势震荡 | 5 | | 焦炭：高位震荡 | 7 | | 焦煤：高位震荡 | 7 | | 动力煤：供需弱平衡，节前煤价以稳为主 | 9 | | 原木：小幅探涨 | 10 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 商 品 研 究 2026 年 2 月 4 日 铁矿石：预期现实博弈，矿价窄幅震荡 李亚飞 投资咨询从业资格号：Z0021184 liyafei2@gtht.com 【基本面跟踪】 铁矿石基本面数据 | 期 货 | | | 昨日收盘价（元/吨） | 涨跌（元/吨） | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | | | | -5.5 | -0.70% | | | I2605 | | 777.5 | 昨日持 ...

Core Viewpoint - The monitoring of market prices for 50 important production materials across nine categories indicates a mixed trend in price changes, with 25 products experiencing price increases, 21 seeing declines, and 4 remaining stable during the latter half of January 2026 compared to the first half of the month [2]. Group 1: Price Changes in Major Categories - In the black metal category, prices for rebar, wire rod, and ordinary plates decreased by 0.7%, 0.8%, and 0.3% respectively, while seamless steel pipes saw a minor decline of 0.1% [4]. - The non-ferrous metals category showed a significant drop in electrolytic copper by 0.9% and lead ingot by 1.9%, while zinc ingot increased by 0.6% [4]. - Chemical products experienced varied changes, with sulfuric acid rising by 1.3% and caustic soda falling by 5.1% [4]. Group 2: Energy and Coal Prices - In the petroleum and natural gas sector, liquefied natural gas (LNG) prices increased by 4.2%, while liquefied petroleum gas (LPG) and diesel saw declines of 1.0% [4]. - Coal prices showed a slight increase for anthracite coal by 0.3%, while Shanxi mixed coal decreased by 1.4% [4]. Group 3: Agricultural and Forestry Products - Agricultural products such as rice, wheat, and corn saw price increases of 0.2%, 0.3%, and 0.4% respectively, while the price of white sugar decreased by 1.0% [5]. - In the forestry products category, natural rubber prices rose by 1.5%, while imported pulp and corrugated paper experienced declines of 2.1% and 1.9% respectively [5].