Report Industry Investment Rating - No relevant information provided Core Viewpoint - The current coal and coke market has general supply - demand contradictions and low inventory pressure, which support prices to some extent. However, due to the off - season influence, there is a lack of continuous upward driving force, and prices also fluctuate with market sentiment [2] Summary by Related Content Market Performance - Last week, the coal and coke futures prices first declined and then rose, closing slightly higher on a weekly basis. In the spot market, the coke price completed the first round of increase, and the coking coal market price was generally weak and stable [2] - The Indian government declared coking coal as a key strategic mineral last week, and the real - estate sector in the stock market rose, releasing the market's bullish sentiment and providing a good atmosphere for the strengthening of black - series futures [2] Fundamental Situation - As the Chinese New Year approaches, some regional coal mines reduced production due to safety inspections and underground conditions last week. The production of raw coal and clean coal was 1.978 million tons and 0.771 million tons respectively [2] - According to Mysteel's research, coal mines are expected to start taking holidays on February 5th, with holidays 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 744 million tons, affecting 1.868 million tons of raw coal production [2] - On the demand side, steel mill production is relatively stable, with the daily average hot metal output maintained at around 2.28 million tons [2]

绿色低碳转型步伐加快。有关部门制定出台新能源集成融合发展、促进新能源消纳和调控等一系列政策 措施，助力新能源发展提质增效。全年风电光伏新增装机超过4.3亿千瓦、累计装机规模突破18亿千 瓦，可再生能源发电装机占比超过六成。可再生能源发电量达到约4.0万亿千瓦时，超过欧盟27国用电 量之和。 行业有序发展成效显著。有关部门深入推进光伏行业"内卷式"竞争综合整治，2025年底多晶硅、硅片价 格分别达到53.86元/千克、1.329元/片，较年度最低点分别提高52.0%、35.6%。综合施策实现煤炭稳产 稳供稳价，引导现货价格运行在合理区间，2025年底环渤海港口5500大卡动力煤现货价格达到690元/ 吨，较年度最低点上升75元/吨。 图为新疆生产建设兵团第六师北塔山牧场风光电场。近年来，当地深挖资源优势，利用荒山坡地大力发 展风光电产业，有力推动新能源产业高质量发展。 李华北摄（人民视觉） 国家能源局近日举行新闻发布会，介绍2025年全国能源形势。国家能源局发展规划司副司长邢翼腾在会 上表示，2025年，我国能源供应保障能力有效提升，供需总体宽松，多项重要政策举措密集出台，行业 健康有序发展，新型能源体系建设基 ...

Core Insights - The National Energy Administration of China has outlined the energy landscape for 2025, indicating improved energy supply security, a relaxed supply-demand balance, and the implementation of multiple key policies to support healthy industry development and the establishment of a new energy system [1] Group 1: Energy Supply and Security - Energy supply security is expected to be robust, with coal production stable and industrial coal output increasing by 1.2% year-on-year. Crude oil and natural gas production are projected to reach historical highs, with industrial crude oil output up by 1.5% and natural gas output up by 6.2% [2] - The electricity supply is anticipated to be stable, with several ultra-high voltage direct current transmission projects coming online, enhancing the interconnectivity of the power system [2] Group 2: Green and Low-Carbon Transition - The pace of green and low-carbon transition is accelerating, with policies aimed at integrating and promoting renewable energy. New wind and solar installations are expected to exceed 430 million kilowatts, with cumulative installed capacity surpassing 1.8 billion kilowatts, and renewable energy generation accounting for over 60% of total power generation [2] - Renewable energy generation is projected to reach approximately 4 trillion kilowatt-hours, exceeding the total electricity consumption of the 27 EU countries combined [2] Group 3: Industry Development - The industry is experiencing significant orderly development, with measures to address competition in the photovoltaic sector. By the end of 2025, prices for polysilicon and silicon wafers are expected to rise by 52.0% and 35.6%, respectively, from their lowest points [2] - Coal production and supply are being stabilized, with the spot price of 5500 kcal thermal coal at ports in the Bohai Rim expected to reach 690 yuan per ton, an increase of 75 yuan from the lowest point [2] Group 4: New Energy Storage - New energy storage capacity is projected to grow by 84% compared to the end of 2024, reaching 136 million kilowatts/351 million kilowatt-hours, marking a more than 40-fold increase since the end of the 13th Five-Year Plan [3] - The North China region accounts for the largest share of new energy storage installations, with 32.5% of the total, followed by Northwest China at 28.2% [3] Group 5: Electricity Market Transactions - The scale of electricity market transactions is expected to reach a new high, with a cumulative transaction volume of 6.64 trillion kilowatt-hours, representing a year-on-year increase of 7.4% [5] - Market-based transactions are projected to account for 64.0% of total electricity consumption, an increase of 1.3 percentage points year-on-year, driven by the continuous operation of provincial spot markets and the expansion of registered market participants [7] - Cross-regional electricity transactions are expected to grow to 1.59 trillion kilowatt-hours, a historical high, with a year-on-year increase of 11.6% [7]

Report Investment Rating for the Industry - The investment rating for the coking coal and coke sector in the black industry is "oscillating with an upward bias" [1] Core View of the Report - The market shows strong expectations for demand improvement. Although the first - round price increase of coke has been fully implemented, there is unlikely to be a second - round increase before the Spring Festival. There may be some restocking demand for coking coal after the Spring Festival. The coking coal主力合约 is trying to break through the upper pressure level of 1,200, and it is considered to be oscillating with an upward bias in the short term [1] Summary by Relevant Catalogs Market Quotes - On Friday, the coking coal主力 contract Jm2605 closed at 1,155.5 yuan/ton, a 0.82% decline compared to the daytime session opening. The coke主力 contract J2605 closed at 1,721.5 yuan/ton, a 0.09% decline compared to the daytime session opening. On Friday night, the coking coal主力 contract closed at 1,194.0 yuan/ton, a 3.33% increase compared to the daytime session closing, and the coke主力 contract closed at 1,746.0 yuan/ton, a 1.42% increase compared to the daytime session closing [1] Important News - In 2025, the national fiscal revenue was 21.6 trillion yuan, a 1.7% year - on - year decrease, and fiscal expenditure was 28.74 trillion yuan, a 1% year - on - year increase [1] - In January 2026, the national steel industry PMI was 47.4, up 2.2 percentage points from 45.2 in December 2025. It remained in the contraction range for the third consecutive month, but the recovery amplitude was significantly larger [1] - The Chicago Mercantile Exchange (CME) raised the trading margin requirements for COMEX gold and silver futures. For non - high - risk accounts, the gold futures margin will be increased from 6% to 8% of the current contract value, and for high - risk accounts, it will be raised from 6.6% to 8.8%. For silver, the non - high - risk account margin will be increased from 11% to 15%, and the high - risk account margin will be raised from 12.1% to 16.5% [1] - According to Mysteel's research, the blast furnace operating rate of 247 steel mills was 79%, a 0.32 - percentage - point increase compared to last week and a 1.02 - percentage - point increase compared to last year. The blast furnace iron - making capacity utilization rate was 85.47%, a 0.04 - percentage - point decrease compared to last week and a 0.83 - percentage - point increase compared to last year. The steel mill profitability rate was 39.39%, a 1.30 - percentage - point decrease compared to last week and a 9.53 - percentage - point decrease compared to last year. The daily average pig iron output was 2.2798 million tons, a 0.12 - million - ton decrease compared to last week and a 2.53 - million - ton increase compared to last year [1] Market Logic - Last week, macroscopically, many real - estate enterprises are no longer required by regulatory authorities to report the "three red lines" indicators monthly, which is beneficial to the real - estate and its upstream industrial chains. Fundamentally, as the Spring Festival holiday approaches, the downstream demand is expected to decline, and the auction transaction situation is average [1] - Although the first - round price increase of coke has been fully implemented today, there is unlikely to be a second - round increase before the Spring Festival. During the Spring Festival, the supply side will cut production, and coking enterprises need to maintain basic daily consumption. There may be some restocking demand for coking coal after the Spring Festival [1] Trading Strategy - The coking coal主力 contract has increased long positions and is trying to break through the upper pressure level of 1,200. It should be viewed as oscillating with an upward bias in the short term [1]

Group 1 - The core point of the article is that Hengyuan Coal Power's stock price has dropped by 5.06%, currently trading at 6.57 CNY per share, with a total market capitalization of 7.884 billion CNY [1] - Hengyuan Coal Power, established on December 29, 2000, and listed on August 17, 2004, primarily engages in coal mining, washing, transportation, sales, and production services, with coal accounting for 96.50% of its main business revenue [1] Group 2 - From the perspective of the top ten circulating shareholders, Huatai-PB Fund's ETF has reduced its holdings by 1.1711 million shares, now holding 50.9818 million shares, which is 4.25% of the circulating shares [2] - The Huatai-PB SSE Dividend ETF, established on November 17, 2006, has a latest scale of 19.265 billion CNY, with a year-to-date return of 3.36% and a one-year return of 5.94% [2] - The fund managers, Liu Jun and Li Qian, have significant experience, with Liu Jun having a tenure of 16 years and 248 days, and Li Qian with 6 years and 92 days [2]

Market Overview - On February 2, 2026, both stock indices closed lower with a trading volume of 2.86 trillion, a decrease of approximately 400 billion from the previous trading day[1] - The coal, communication, and agriculture sectors saw minor gains, while non-ferrous metals, food and beverage, real estate, computer, and military industries experienced significant declines[1] - The market showed a wide fluctuation with a V-shaped intraday trend, influenced by the overnight volatility in non-ferrous metals, leading to a significant drop in the non-ferrous sector[1] Industry Trends - The technology and non-ferrous sectors are currently in a consolidation phase, resulting in a lack of a leading sector to drive the market[1] - The communication sector, despite maintaining an upward technical pattern, faces skepticism regarding the sustainability of its rebound due to previous substantial gains and lack of valuation advantages[1] Investment Insights - The market is expected to enter a weak consolidation phase, suggesting a need for cautious positioning in portfolios[1] - Precious metals and non-ferrous metals are in a high-level fluctuation phase, making it unsuitable for aggressive buying; however, potential investment opportunities may arise if there is a stabilization after a pullback[1] Fund Flow - On January 30, 2026, the Shanghai Composite Index saw a net outflow of 34.314 billion, while the Shenzhen Composite Index had a net outflow of 1.775 billion[4] - The top three sectors for capital inflow were communication equipment, semiconductors, and agriculture, while industrial metals, minor metals, and software development saw the highest outflows[4] Economic Indicators - The Ministry of Industry and Information Technology reported that the electronic information manufacturing industry is expected to achieve a revenue of 17.4 trillion yuan in 2025, with a year-on-year growth of 7.4%[5] - The profit margin for the electronic information manufacturing sector is projected to be 4.3%, an increase of 0.2 percentage points compared to the previous year[5]

每经AI快讯，中国神华(01088.HK)跌超4%，截至发稿，跌4.6%，报41.04港元，成交额2.75亿港元。 （文章来源：每日经济新闻） ...

Group 1 - The coal sector is increasingly recognized for its "cash cow" attributes, with over 740 million yuan net inflow into coal ETFs (515220) in the past 10 days [1] - The energy structure transformation is a long and complex process, and coal's strategic position as a "supply guarantee" cannot be replaced in the short term, ensuring continued strong demand for the industry [1] - Supply-side dynamics are undergoing significant restructuring, with stricter regulations on safety and environmental standards, leading to a tight capacity release in the industry [1] Group 2 - The overall demand for coal is expected to remain stable with slight growth by 2026, driven by resilient coal power demand and new growth momentum in the coal chemical sector [1] - The coal ETF (515220) has a scale exceeding 9 billion yuan, tracking the CSI Coal Index (399998), with a high dividend yield expected to exceed 6% by the end of 2025 [1] - The reasonable high-level operation of coal prices is anticipated to further enhance industry profitability and dividend capacity beyond expectations [1]

基金评价 /[Table_Date] 2026.02.02 | [Table_Authors] | 庄梓恺(分析师) | | --- | --- | | | 021-23219370 | | | zhuangzikai@gtht.com | | 登记编号 | S0880525040038 | 国泰海通证券开放式基金周报(20260202) 建议均衡偏成长风格配置，重视科技成长风格基金，兼顾大 金融、顺周期等资产 本报告导读： A 股震荡，石油石化、通信和煤炭板块表现较优，部分重仓有色金属、通信等板块 的基金表现较优。建议均衡偏成长风格配置，重视科技成长风格基金，兼顾大金融、 顺周期等资产。 投资要点： [Table_Report] 相关报告 国泰海通证券：ETF 数据周报（2026.02.01） 2026.02.01 国泰海通证券：基金数据周报（2026.02.01） 2026.02.01 国泰海通证券：ETF 数据周报（2026.01.25） 2026.01.25 国泰海通证券开放式基金周报(20260125) 2026.01.25 国泰海通证券：基金数据周报（2026.01.25） 2026.01.25 ...

中国神华(01088)跌超4%，截至发稿，跌4.6%，报41.04港元，成交额2.75亿港元。 消息面上，1月30日晚，中国神华公布，预计集团2025年度的归属于公司所有者的本年利润为人民币508 亿元至人民币558亿元，与上年披露数据相比，下降18.6%至10.6%；与经重述的上年数据相比下降 14.7%至6.3%。公告指，2025年，集团生产经营态势保持平稳，一体化运营核心优势持续巩固，能源安 全稳定供应得到有力保障。但受行业供需形势变化影响，集团煤炭销售量及平均销售价格下降，导致经 营业绩同比下降。 ...