Group 1: Market Performance - The A-share coal sector is experiencing a strong upward trend, with sub-sectors like coking coal and thermal coal rising in tandem, indicating a sustained profit-making effect [1] - Shanxi Coking Coal has hit the daily limit up, becoming the leading stock in the sector, while Lu'an Environmental Energy has increased by over 8%, leading the coking coal sub-sector [1] - Other stocks such as Jinko Coal, Electric Power Energy, Shaanxi Black Cat, and Haohua Energy are also seeing synchronized gains, reflecting a significant increase in market activity [1] Group 2: Industry Outlook - The coal price is expected to rise by approximately 5-7% in 2026, with improved performance for listed companies anticipated to follow suit [2] - Coal inventory has significantly decreased, with a total of 22.59 million tons reported, marking a week-on-week decline of 2.9% and a year-on-year drop of 20.4%, indicating a tight supply-demand balance [2] - The implementation of stricter safety regulations and continued restrictions on imported coal are expected to accelerate the elimination of outdated production capacity, leading to an increase in industry concentration [2] Group 3: Related Industries - The coal chemical industry is expected to benefit from rising coal prices and stable supply, with a projected 6% growth in coal consumption driven by new coal chemical projects [3] - The power industry, particularly thermal power, is seeing a resilient coal demand, with a 3.3% year-on-year increase in coal consumption since the beginning of 2026 [3] - The steel industry is also benefiting from the improved coal sector, with a 1.5% year-on-year increase in pig iron production and a 0.9% week-on-week increase in coking coal sales, highlighting the synergy within the steel-coal supply chain [3]

Market Overview - The market experienced fluctuations throughout the day, with the Shanghai Composite Index rising by 0.27%, the Shenzhen Component Index increasing by 0.09%, and the ChiNext Index declining by 0.57% [1] - A total of 1,739 stocks rose, with 84 hitting the daily limit up, while 3,640 stocks fell [2] Stock Performance - Among the rising stocks, 169 had gains exceeding 7%, 105 gained between 5-7%, and 252 rose between 3-5% [3] - Conversely, 2,912 stocks saw declines of 0-3%, 558 fell by 3-5%, and 58 dropped by more than 7% [3] - Resource stocks surged, particularly gold stocks, with Sichuan Gold achieving four consecutive limit-ups, and both Zhaojin Mining and Hunan Gold achieving three consecutive limit-ups [3] Sector Highlights - Oil and gas stocks collectively rose, with Tongyuan Petroleum and Zhongman Petroleum hitting the daily limit up, and China National Offshore Oil Corporation (CNOOC) increasing over 6% to reach a new high [4] - The non-ferrous metals sector strengthened, with silver stocks achieving seven consecutive limit-ups, and China Aluminum hitting the daily limit up, marking a 16-year high [5] - The coal sector also saw gains, with Shanxi Coking Coal and Shaanxi Black Cat both hitting the daily limit up [7] Declines - The pharmaceutical and medical stocks faced adjustments, with Bibet and Baipusai dropping over 10% [8] Trading Volume and Activity - The total trading volume reached approximately 29,922.93 billion, with a notable increase in trading activity for major ETFs, including the CSI 300 ETF from Huatai-PB, which exceeded 30 billion in trading volume [11]

期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 观点参考 宝城期货煤焦早报（2026 年 1 月 28 日） 时间周期说明：短期为一周以内、中期为两周至一月 | 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 | 基本面拖累，焦煤区间震荡 | | 焦炭 | 2605 | 震荡 | 震荡 | 震荡 偏弱 | 震荡 | 向上驱动不足，焦炭震荡运行 | 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 参考观点：震荡 ◼ 品种观点参考 核心逻辑：现货市场方面，甘其毛都口岸蒙煤最新报 ...

Market Overview - The market experienced fluctuations throughout the day, with the Shanghai Composite Index rising by 0.27%, the Shenzhen Component Index increasing by 0.09%, and the ChiNext Index declining by 0.57% [2] - A total of 1,739 stocks rose, 84 stocks hit the daily limit, and 3,640 stocks fell [3] Sector Performance - Resource stocks surged, with gold stocks leading the gains; Sichuan Gold achieved four consecutive limit-ups, while Zhaojin Mining and Hunan Gold recorded three consecutive limit-ups [4] - Oil and gas stocks collectively rose, with Tongyuan Petroleum and Zhongman Petroleum hitting the daily limit, and China National Offshore Oil Corporation increasing over 6% to reach a new high [5] - The non-ferrous metals sector strengthened, with Silver Nonferrous achieving seven consecutive limit-ups, and China Aluminum hitting the daily limit, marking a 16-year high [6] - The coal sector also saw gains, with Shanxi Coking Coal and Shaanxi Black Cat hitting the daily limit [7] Market Dynamics - The pharmaceutical and medical stocks adjusted, with Bibete and Baipusais falling over 10% [8] - The market experienced at least three significant drops during the day, suggesting an unseen force controlling market momentum [8] - Several broad-based ETFs saw increased trading volume, with the HuShen 300 ETF from Huatai-PineBridge exceeding 30 billion yuan in trading volume, and other ETFs like the HuShen 300 ETF from E Fund and the CSI 500 ETF also surpassing 20 billion yuan [8] Policy Insights - According to a report from CITIC Securities, past bull markets have seen overheating leading to cooling policies; the current bull market since September 24 has maintained a positive policy tone, with periodic long-term policies to regulate market entry [9] - Recent policies, such as the increase in risk factors for insurance funds and a 0.25 percentage point reduction in monetary policy tool rates, aim to cool the market without altering the overall positive trend [9] - The proactive cooling measures are intended to manage the bull market's pace, preventing irrational exuberance and fostering a gradual bull market, which is noted as the slowest bull market in A-share history [9] ETF Performance - Gold ETF (Hua Xia, product code: 518850) saw a 5-day increase of 8.41%, with a net subscription of 350 million yuan [11] - Gold Stocks ETF (product code: 159562) increased by 18.74% over five days, with a net subscription of 510 million yuan [12] - Non-ferrous Metals ETF (product code: 516650) rose by 8.99% in five days, with a net subscription of 770 million yuan [13] - Public Utilities ETF (product code: 159301) had a modest increase of 0.72% over five days, with no net subscription changes [14]

Core Viewpoint - Haohua Energy expects a significant decline in net profit for the fiscal year 2025, primarily due to a sharp drop in coal market prices, despite an increase in coal sales volume [1] Financial Performance - The company anticipates a net profit attributable to shareholders of 419 million to 569 million yuan for 2025, a decrease of 617 million to 467 million yuan compared to the previous year's profit of 1.037 billion yuan, representing a year-on-year decline of 59.55% to 45.08% [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 391 million and 541 million yuan, down from 1.026 billion yuan in the previous year, indicating a reduction of 635 million to 485 million yuan, or a year-on-year decrease of 61.87% to 47.26% [1] Operational Highlights - In the fourth quarter of 2025, Haohua Energy reported a year-on-year increase in coal production and sales volume of 11.15% and 8.46%, respectively [1] - However, coal sales revenue decreased by 4.93% year-on-year, and gross profit from sales fell by 8.37% [1] - The average coal sales price for 2025 is expected to decline by 20.40%, which has led to a significant drop in gross profit despite a slight increase in production and sales volume [1] Business Segment Performance - The methanol business has seen a notable improvement in gross profit due to increased production and sales volume, coupled with a decrease in raw coal prices [1]

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 亚洲货币和大宗商品两大市场齐飞！ 高盛的警告 从今天股市的盘面来看，贵金属、有色金属、石油行业、煤炭行业、化学原料、农业种植等板块概念涨幅居 前。市场似乎正在炒作"全面涨价"的逻辑。那么，这个逻辑是否真有那么硬？ 高盛最新警告称，随着价格飙升与需求减弱，基础金属的上涨将面临逆风。高盛股权研究联合负责人Trina Chen表示，真正的生产商开始负面反应。各行业订单量下降了10%至30%，甚至电网订单也在放缓。她表 示，之所以能走到今天，是因为基本面支撑，还有资金流动和宏观环境。但在价格快速上涨之后，这两者不再 互相支持。 不过，除了美元之外，似乎还有其他变量在影响着大宗商品的价格。中金公司认为，天气作为大宗商品市场的 关键扰动变量，让能源、金属、农产品等核心板块同步迎来供需调整，但影响逻辑与核心关切却呈现鲜明 的"同频"不"同调"特征——各板块或聚焦气温波动，或紧盯降水变化，关切维度与影响路径各具差异。 美国总统特朗普表示，并不担心近期美元走贬，美元因此崩跌。相对应地，新兴亚洲货币指数上涨至自去年9 月以来的最高水平，M ...

（记者 曾健辉） 每经头条（nbdtoutiao）——从极寒测试到万套装车！半固态电池今年有望搭载多款新车：各大厂商摩 拳擦掌，动力电池技术迎来迭代年 每经AI快讯，昊华能源1月28日晚间发布业绩预告，预计2025年度实现归属于母公司所有者的净利润约 4.19亿元到约5.69亿元，与上年同期相比，将减少约6.17亿元到约4.67亿元，同比减少59.55%~45.08%。 业绩变动主要原因是，2025年，公司业绩同比大幅下滑，主要系煤炭市场价格大幅下行影响。尽管公司 全力保障生产运营，实现稳产增产，煤炭销量同比增加24万吨，但仍未能有效抵消价格下降带来的影 响。 ...

2025年，公司业绩同比大幅下滑，主要系煤炭市场价格大幅下行影响。尽管公司全力保障生产运营，实 现稳产增产，煤炭销量同比增加24万吨，但仍未能有效抵消价格下降带来的影响。 智通财经APP讯，昊华能源(601101.SH)发布2025年度业绩预告，预计2025年度实现归属于母公司所有者 的净利润41,929万元到56,929万元，与上年同期(法定披露数据)相比，将减少61,728万元到46,728万元， 同比减少59.55%到45.08%。 ...

证券代码：601101 证券简称：昊华能源 公告编号：2026-002 2025 年，煤炭销售价格同比下滑 20.40%，尽管自产煤的产销 量总体略有增长，但毛利仍同比出现明显下降；甲醇业务因产销 量较上年增加，叠加原料煤价格下降，毛利实现了显著提升。 本公告之经营数据源自公司内部统计、未经审计，仅供投资 者及时了解公司生产经营概况之用，具体财务数据以公司正式披 露的 2025 年年度报告为准。 北京昊华能源股份有限公司 关于 2025 年第四季度经营情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指 引第 3 号——行业信息披露》的要求，北京昊华能源股份有限公 司（以下简称"公司"）2025 年第四季度主要经营情况公告如下： | | 2025 年第四季度 | 同比增减（%） | 2025 年 1-12 月 | 同比增减（%） | | --- | --- | --- | --- | --- | | 煤炭产量（万吨） | 447.27 | 11.15% | 1, ...

Core Viewpoint - The company, Haohua Energy, expects a significant decline in net profit for the year 2025, primarily due to a sharp drop in coal market prices [1] Financial Performance - The projected net profit attributable to the parent company for 2025 is estimated to be between 419.29 million yuan and 569.29 million yuan, representing a year-on-year decrease of 59.55% to 45.08% [1] - The expected net profit after deducting non-recurring gains and losses is forecasted to be between 391.31 million yuan and 541.31 million yuan, reflecting a year-on-year decline of 61.87% to 47.26% [1] Market Conditions - The company's performance is significantly impacted by the substantial decline in coal market prices [1] - Despite efforts to maintain production and achieve stable output, the increase in coal sales volume by 240,000 tons year-on-year was insufficient to offset the negative effects of price declines [1]