Core Insights - Shanxi Coking Coal Group is implementing intelligent transportation systems in its mines, significantly improving efficiency and safety in coal transportation [1][2] - The transition from traditional coal transportation methods to smart, automated systems is driven by the need to address inefficiencies and high energy consumption [1] Group 1: Intelligent Transportation Systems - The intelligent transportation system allows for remote control, fault monitoring, and modern management of coal transportation, reducing the need for manual labor [1] - The traditional coal transportation system faced challenges such as high energy consumption (60% of total energy) and safety risks due to reliance on manual labor [1] - Shanxi Coking Coal is focusing on optimizing the collaboration between people, machines, and the environment to enhance the efficiency of coal transportation [1] Group 2: Technological Advancements - The use of permanent magnet variable frequency direct drive technology has increased the efficiency of the driving system from 80% to over 94%, saving 51.11 million kWh annually and reducing maintenance frequency by 65% [2] - Intelligent inspection robots enhance the efficiency of the main transportation system by conducting comprehensive scans and generating real-time equipment health reports, reducing fault detection time by 69% [2] - The intelligent operation rate of the main transportation belts in Shanxi Coking Coal's mines has reached 74%, with an average reduction of 67% in labor requirements [2] Group 3: Strategic Goals - Shanxi Coking Coal aims to reshape the underground transportation ecosystem to achieve safe, efficient, and environmentally friendly production [2]

最新 日变化 周变化 月变化 年变化 最新 日变化 周变化 月变化 年变化 秦皇岛5500 699.0 1.0 6.0 9.0 -66.0 25省终端可用天数 18.1 0.3 -1.9 -2.8 0.5 秦皇岛5000 614.0 1.0 8.0 19.0 -56.0 25省终端供煤 621.3 0.6 12.8 -18.7 -1.5 广州港5500 795.0 0.0 0.0 -15.0 -65.0 北方港库存 2330.0 -10.0 -98.0 -324.0 49.3 鄂尔多斯5500 500.0 0.0 10.0 5.0 -40.0 北方锚地船舶 85.0 -5.0 7.0 23.0 31.0 大同5500 555.0 0.0 10.0 5.0 -75.0 北方港调入量 151.2 6.5 8.3 19.7 50.2 榆林6000 670.0 0.0 0.0 -20.0 -92.0 北方港吞吐量 176.9 12.3 13.8 43.6 42.0 榆林6200 745.0 0.0 0.0 0.0 -45.0 CBCFI海运指数 614.7 -23.8 -66.7 2.9 139.3 25省终端日耗 ...

1. Report Information - Report Name: Coking Coal Daily Report [1] - Research Team: Black Team of the Research Center [1] - Date: February 2, 2026 [1] 2. Price Information Spot Prices - The latest price of Liulin Main Coking Coal is 1483.00, with a weekly increase of 57.00 and a yearly increase of 13.47% [2] - The latest price of Raw Coal Port Delivery Price is 1024.00, with a daily increase of 4.00, a weekly increase of 8.00, a monthly increase of 64.00, and a yearly increase of 11.30% [2] - The latest price of Shaheyi Mongolian No.5 is 1400.00, with a monthly increase of 60.00 and a yearly increase of 2.94% [2] - The latest price of Anze Main Coking Coal is 1630.00, with a daily and weekly decrease of 10.00, a monthly increase of 130.00, and a yearly increase of 16.43% [2] Futures Prices - The latest price of the 05 contract is 1175.50, with a daily increase of 35.00, a weekly increase of 24.50, a monthly increase of 60.00, and a yearly increase of 4.72% [2] - The latest price of the 09 contract is 1253.50, with a daily increase of 32.50, a weekly increase of 26.00, a monthly increase of 62.50, and a yearly increase of 3.90% [2] - The latest price of the 01 contract is 1430.00, with a daily increase of 32.50, a weekly increase of 35.50, a monthly increase of 384.00, and a yearly increase of 15.37% [2] 3. Inventory Information - The total inventory is 4130.25, with a weekly increase of 30.63 and a monthly increase of 71.92 [2] - 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] 4. Other Information Coking Capacity Utilization - The coking capacity utilization rate is 71.86, with a weekly decrease of 0.55, a monthly increase of 0.14, and a yearly decrease of 1.71% [2] Coking Coke Inventory - Coking 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] Basis and Spread - The 05 basis is -103.32, with a daily decrease of 97.07, a weekly decrease of 86.57, a monthly increase of 23.91, and a yearly decrease of 75.99 [2] - The 09 basis is -181.32, with a daily decrease of 94.57, a weekly decrease of 88.07, a monthly increase of 21.41, and a yearly increase of 0.63 [2] - The 01 basis is -357.82, with a daily decrease of 94.57, a weekly decrease of 97.57, a monthly decrease of 300.09, and a yearly increase of 1.48 [2] - The 5 - 9 spread is -78.00, with a daily increase of 2.50, a weekly decrease of 1.50, a monthly decrease of 2.50, and a yearly decrease of 0.07 [2] - The 9 - 1 spread is -176.50, with a weekly decrease of 9.50, a monthly decrease of 321.50, and a yearly increase of 4.35 [2] - The 1 - 5 spread is 254.50, with a daily decrease of 2.50, a weekly increase of 11.00, a monthly increase of 324.00, and a yearly increase of 1.18 [2]

2025 年 A 股业绩前瞻：结构分化加剧，资源与制造板块领跑 证券研究报告/策略专题报告 2026 年 02 月 01 日 分析师：徐驰 执业证书编号：S0740519080003 Email：xuchi@zts.com.cn 分析师：张文宇 执业证书编号：S0740520120003 Email：zhangwy01@zts.com.cn 一、业绩预告全景：整体偏弱，分化显著 截至 2026 年 1 月 31 日共有 2963 家上市公司披露业绩预警，整体喜忧参半，但以"报 忧"为主基调。"报喜"类（预增、续盈、略增、扭亏）公司共 1095 家，占比约 37%； "报忧"类（预减、略减、续亏、首亏）公司则有 1867 家，占比约 63%。整体来看， 2025 年上市公司盈利整体呈现企稳回升趋势，但整体仍处于弱通道。另外，不少企业 盈利同比有所改善，但分化明显，仍有大批公司未能实现盈利增长。 相关报告 行业方面，2025 年出现集中"报喜"的行业有非银金融，有色金属，美容护理，汽车 与公用事业。集中"报忧"的行业有煤炭，房地产，轻工制造，食品饮料和建筑装饰。 非银金融板块集体预增，业绩预警表现远好于其他行业， ...

Market Overview - Global major asset performance showed mixed results, with the Korean KOSPI leading with a 4.70% increase, while the Chinese A-shares faced declines, particularly in small and growth indices [2][3] - The A-share market experienced a downturn, with the ChiNext Index falling by 2.85% and the CSI 500 down by 2.56%, indicating a shift of funds towards large-cap blue-chip stocks for safety [3][4] Industry Performance - The oil and petrochemical sector led the weekly gains with an 8.0% increase, followed by communication and coal sectors with 5.8% and 3.7% respectively [6] - Conversely, the defense and military industry saw a significant decline of 7.7%, while electric equipment and automotive sectors also faced losses of 5.1% [6][7] Commodity Market - Precious metals experienced a historic pullback, with gold prices initially rising due to safe-haven demand but later falling sharply due to profit-taking and a stronger dollar [4][22] - Oil prices remained strong due to geopolitical tensions and supply disruptions, particularly from the U.S. cold wave affecting exports [4] Strategic Insights - The nomination of Kevin Warsh as the new Federal Reserve Chair is expected to influence monetary policy, with a potential focus on interest rate cuts while being cautious about balance sheet expansion [10][11] - Market reactions to Warsh's nomination indicated a preference for his hawkish stance against balance sheet expansion, leading to a rise in U.S. Treasury yields and a decline in gold and U.S. equities [11] Economic Indicators - The official manufacturing PMI for January was reported at 49.3%, a decrease of 0.8 percentage points from the previous month, indicating a contraction in manufacturing activity [12] - The WTO ruled against the U.S. in a dispute over the Inflation Reduction Act, stating that certain clean energy subsidies violated trade rules, which may impact U.S.-China trade relations [13]

Investment Rating - The report maintains a rating of "Buy" for key companies in the coal industry, including China Shenhua, Yanzhou Coal, Shaanxi Coal, and others, while some companies like Huayang Co. and Shanmei International are rated as "Overweight" [4]. Core Insights - The coal consumption scale has reached a peak plateau, with the demand for electricity generated from coal expected to stabilize in the coming years. The report suggests that the traditional growth model of coal-fired power generation may face a turning point due to the increasing share of clean energy [6][7]. - The transition of coal-fired power from a primary energy source to a supporting role in the new energy system is emphasized, with a significant expansion in installed capacity expected in the next few years [6][11]. Summary by Sections 1. Coal-fired Power: Transitioning to Peak Regulation and Support - The role of coal-fired power is shifting towards providing peak regulation and support, with its share in the energy mix declining but still remaining a core component of energy security [6][11]. - Installed capacity of coal-fired power is expected to continue expanding, with projections of new installations reaching 87 GW, 86 GW, and 43 GW from 2026 to 2028, respectively [6][29]. 2. Clean Energy: Becoming the Main Source of New Installations - Hydropower is expected to play a dual role in stable supply and peak regulation, with new installations projected to reach 17 GW, 18 GW, and 33 GW from 2026 to 2028 [7][39]. - Wind power is anticipated to see significant growth, with new installations expected to reach 109 GW, 161 GW, and 193 GW during the same period, reflecting its transition to a primary energy source [7][52]. - Solar energy is entering a stable development phase, with new installations projected at 192 GW, 139 GW, and 153 GW from 2026 to 2028, despite recent challenges in energy consumption and bidding processes [7][59]. 3. Investment Recommendations: Focus on Dividend and Flexibility - The report recommends focusing on companies with strong cash flow stability and dividend potential, such as China Shenhua and Shaanxi Coal, while also highlighting companies like Yanzhou Coal and Huayang Co. as having potential benefits from high coal demand [6][7][8].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that coal prices are expected to rebound, with a focus on the cyclical elasticity of both thermal coal and coking coal prices, which are currently at historical lows, providing room for recovery [5][15] - The report emphasizes that the price of thermal coal is influenced by supply constraints and increasing demand due to seasonal factors, while coking coal prices are more market-driven [4][5] Summary by Relevant Sections Investment Logic - Thermal coal prices are expected to rise through a four-step process: repairing central and local long-term contracts, reaching the coal-electricity profit-sharing line, and approaching the breakeven point for power plants, estimated at around 750 RMB per ton for 2025 [4][15] - Coking coal prices are determined by supply and demand fundamentals, with target prices based on the ratio of coking coal to thermal coal prices [4][15] Investment Recommendations - The report suggests a dual logic for coal stocks: cyclical elasticity and stable dividends. Key stocks to consider include: - Cyclical logic: Jin控煤业, 兖矿能源 for thermal coal; 平煤股份, 淮北矿业, 潞安环能 for metallurgical coal - Dividend logic: 中国神华, 中煤能源, 陕西煤业 - Diversification and growth logic: 神火股份, 电投能源, 新集能源, 广汇能源 [5][16] Key Market Indicators - The coal index increased by 3.68%, outperforming the Shanghai and Shenzhen 300 index by 3.6 percentage points [10][25] - As of January 30, the price of Qin港 Q5500 thermal coal was 692 RMB per ton, reflecting a slight increase of 7 RMB from the previous period [21] - The report notes a significant drop in coal inventory at ports, indicating tightening supply conditions [21][23]

新京报记者 李英强 编辑 甘浩 校对 卢茜 国六货车拉煤来到河南江河纸业公司门外，齐刷刷排队等候换上电动车头，才能进厂卸货。 2025年10月以来，该纸业公司实行的"只许新能源电动车入厂"规定，让河南焦作某运输公司的老板王佳利无可奈何。 新京报记者（报料邮箱：xjb@bjnews.com.cn）赴河南多地调查发现，河南武陟县、新乡县、巩义市、伊川县、济源市等地一些造纸、火 电企业，只允许新能源电动货车入厂。由此，也催生了货车"换头"的生意，有人专门在厂区外租赁新能源电动车头，根据使用时长，每 次"换头"收费200元至400元不等，也有货车因等待卸货耗时长，被收费六七百元。 多家企业称，运输货车更换新能源电动车头才能入厂，是为了响应环保部门对于大气污染防治的要求。 新京报记者查询发现，2023年7月，河南省政府办公厅印发《河南省推动生态环境质量稳定向好三年行动计划（2023—2025年）》，明确 提出交通运输清洁方面目标：到2025年，火电、钢铁、石化、化工、煤炭、焦化、有色等行业大宗货物清洁运输比例达到80%以上。 "基层在执行和落实政策过程中可能出现了偏差。"2026年1月18日，河南省生态环境厅移动源污染 ...

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础持续夯实，助力我国经济持续回升向好。 绿色低碳转型步伐加快 谈及2025年能源行业，邢翼腾重点介绍了3方面成效： 能源安全保障有力有效。2025年是"十四五"以来能源保供成效最好的一年。原煤生产保持稳定，规上工 业原煤产量同比增长1.2%。油、气产量双创历史新高，规上工业原油产量同比增长1.5%，规上工业天 然气产量同比增长6.2%。电力供应平稳有序，一批特高压直流输电工程投产送电，电力系统互补互济 水平持续提升。 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 ...

【 摘要 】浙商证券廖静池称，展望后市，科技成长板块在经历三周的强势期之后，"跟随"权重 指数节奏进入高位震荡整理。招商银行陈峤认为，短期黄金回调动能仍在累积，中长期看，黄金 基本面逻辑稳固，牛市趋势未改。 一、焦点锐评 1．黄金、白银史诗级暴跌 1月30日，在亚市早盘传出特朗普将提名凯文·沃什任美联储主席的消息后贵金属即转跌，现货白 银价格一度暴跌36%，创出历史最大日内跌幅；现货黄金价格一度下跌超过12%，盘中跌穿每盎 司4700美元，遭遇40年来单日最大跌幅。沃什在美联储任职期间一贯对通胀保持警惕，经常支持 更高利率。但去年他转而呼应特朗普观点。 【解读】招商银行陈峤分析称，短期看，在本月极端单边行情落地后，市场回调动能仍在累积， 后续调整走势或进一步延续，建议交易型投资者保持警惕，防范市场波动风险。中长期看，黄金 基本面逻辑稳固，牛市趋势未改。当下市场更多聚焦于美元信用重塑与全球秩序重构，与1970- 1974年布雷顿森林体系瓦解时的黄金牛市更为类似。 二、权益市场 1.富国基金：从"结构牛"走向"全面牛" A股 | 万得全A | 6783.79 -1.59% | | 5. 78% | 5. 83% ...