Core Viewpoint - Guosheng Securities initiates coverage on Power Development (01277) with a "Buy" rating, highlighting its high ROE and profitability driven by quality coal resources in Inner Mongolia, Ningxia, and South Africa [1] Group 1: Company Overview - The company operates four coal mines with a total capacity of 10.1 million tons per year and reserves of 1.005 billion tons, including the Dafenpu coal mine (6.5 million tons/year) and Yong'an coal mine (1.2 million tons/year) [2] - The main products, "Power 2" and "Power Mix," have a calorific value above 4000 kcal, with "Power 2" being a low-sulfur, high-ash melting point environmental coal that commands a brand premium [2] Group 2: Growth Strategy - The acquisition of Ningxia Power Mining in 2022 adds significant assets, with an expected increase of 2.1 million tons/year in coking coal capacity, creating a new profit growth driver [3] - The company aims to increase its stake in MCMing to 51% for consolidation, with MCMing holding several coal projects in South Africa, including Makhado and Vele, which have substantial resource reserves [3] Group 3: Financial Projections - Revenue projections for 2025-2027 are estimated at 4.834 billion, 6.013 billion, and 6.553 billion yuan, with corresponding net profits of 1.237 billion, 1.680 billion, and 2.404 billion yuan, leading to PE ratios of 10.0X, 7.3X, and 5.1X respectively [1] Group 4: New Ventures - A partnership with Minenet for the Roti Fonk heavy mineral project is expected to generate approximately $1.6 billion in revenue and $0.8 billion in gross profit, with a gross margin of around 50% [4] Group 5: Dividend Policy - The company has a strong dividend policy, with special dividends announced for 2023-2025, including a mid-year dividend of 0.05 HKD per share and a special dividend of 0.035 HKD per share, resulting in a semi-annual dividend yield of 5% based on a share price of 1.63 HKD [5]

商 品 研 究 2026 年 1 月 27 日 期货研究 动力煤：供需趋于双弱，煤价企稳小幅探涨 | 樊园园 | 投资咨询从业资格号：Z0023682 | fanyuanyuan@gtht.com | | --- | --- | --- | | 1. 【基本面跟踪】 | | | | 动力煤基本面数据 | | | | | 指 标 | 单 位 | 本 期 | 环 比 | 同比去年 | | --- | --- | --- | --- | --- | --- | | | 大同南郊动力煤Q5500 | 元/吨 | 564.0 | 0.0 | -62.0 | | 产地价格 | 鄂尔多斯伊金霍勒旗电煤Q5500 | 元/吨 | 526.0 | 1.0 | -43.0 | | | 动力煤价格:榆林烟煤末Q6000 | 元/吨 | 589.0 | 1.0 | -63.0 | | | 秦港山西产Q5500 | 元/吨 | 599.0 | 0.0 | -23.0 | | 港口价格 | 秦港山西产Q5000 | 元/吨 | 520.0 | 0.0 | -15.0 | | | 秦港山西产Q4500 | 元/吨 | 750.0 | 6. ...

Market Overview - The market is at a critical short-term turning point, facing a directional choice soon [1] - Positive performance could lead to new highs, while poor performance may result in a pullback [1] Key News - In January, 177 game approvals were granted, positively impacting the gaming sector [1] - The central bank emphasized its commitment to maintaining financial market stability and addressing systemic financial risks, providing reassurance to market participants [1] Sector Analysis - The precious metals sector, particularly gold and silver, experienced a spike followed by a pullback, indicating caution for investors to avoid chasing highs [1] - The overall performance of the precious metals sector remains healthy, but investors should be wary of potential corrections [1] Market Trends - The upward trend since January 19 is still intact, with the index above the 5-day and 10-day moving averages [2] - The key support level is around 4120 points; as long as this level holds, the market remains in an upward state [2] - Stability in heavyweight sectors such as non-ferrous metals, oil, coal, insurance, securities, and banking is crucial for maintaining the upward trend [2] Investment Strategy - Investors are advised to be patient and wait for the market to indicate its final direction [2] - Caution is advised against blindly chasing high-priced stocks due to recent pressure on high-positioned assets [2]

Core Insights - The National Bureau of Statistics reported a comprehensive increase in coal prices across various types, with anthracite coal showing the most significant rise [1] Price Changes Summary - Anthracite coal (washed middle block) price reached 904.2 CNY/ton, an increase of 41.2 CNY/ton, representing a 4.8% rise [1] - Shanxi premium mixed coal (5500 kcal) price was 702.7 CNY/ton, up by 8.5 CNY/ton, reflecting a 1.2% increase [1] - Coking coal (main coking coal) price stood at 1482.1 CNY/ton, with a rise of 7.1 CNY/ton, indicating a 0.5% increase [1] - Additionally, the price of coking coal (quasi-first-grade metallurgical coke, with ash content between 12.01% and 13.50%) remained stable at 1346.4 CNY/ton, unchanged from the previous period [1]

1. Report Information - Report Name: Coking Coal Daily Report - Research Team: Black Team of the Research Center - Date: January 27, 2026 [1] 2. Price Information Spot Prices - The latest price of Liulin Main Coking Coal is 1,483.00, with a daily change of 57.00, weekly change of 57.00, monthly change of 33.00, and annual change of 11.76% [2] - The latest price of Raw Coal Port Delivery Price is 1,040.00, with a daily change of 24.00, weekly change of -5.00, monthly change of 70.00, and annual change of 13.04% [2] - The latest price of Shaheyi Mongolian No. 5 is 1,400.00, with no daily change, weekly change of 60.00, monthly change of 60.00, and annual change of 2.94% [2] - The latest price of Anze Main Coking Coal is 1,640.00, with no daily change, weekly change of 20.00, monthly change of 40.00, and annual change of 17.14% [2] International Prices - The latest price of Peak Downs is 260.00, with a daily change of 2.00, weekly change of 18.00, monthly change of 32.00, and annual change of 64.00 [2] - The latest price of Goonyella is 260.00, with a daily change of 0.40, weekly change of 17.00, monthly change of 31.00, and annual change of 61.00 [2] Futures Prices - The latest price of Futures Contract 05 is 1,151.00, with a daily change of 7.00, weekly change of 1.00, monthly change of 24.00, and annual change of 0.35% [2] - The latest price of Futures Contract 09 is 1,227.50, with a daily change of 9.00, no weekly change, monthly change of 23.00, and annual change of 0.37% [2] - The latest price of Futures Contract 01 is 1,394.50, with a daily change of 7.50, weekly change of 3.00, monthly change of 351.50, and annual change of 11.78% [2] 3. Inventory Information - The total inventory is 4,099.62, with a weekly change of 12.02, monthly change of 88.22, and annual change of -15.89% [2] - The coal mine inventory is 274.35, with a weekly change of 1.98, monthly change of -8.55, and annual change of -37.42% [2] - The port inventory is 298.90, with a weekly change of -0.90, monthly change of 12.73, and annual change of -35.20% [2] - The steel mill coking coal inventory is 802.20, with a weekly change of 4.47, monthly change of -2.79, and annual change of -3.06% [2] - The coking plant coking coal inventory is 1,132.85, with a weekly change of 61.17, monthly change of 96.56, and annual change of -2.21% [2] - The coking plant coke inventory is 85.71, with a weekly change of 0.33, monthly change of 0.19, and annual change of 0.86% [2] 4. Production and Utilization Information - The coking capacity utilization rate is 72.41, with a weekly change of -0.14, monthly change of 0.75, and annual change of -0.29% [2] 5. Basis and Spread Information - The basis for Futures Contract 05 is -16.75, with a daily change of -7.00, weekly change of -1.00, monthly change of 49.56, and annual change of 35.08 [2] - The basis for Futures Contract 09 is -93.25, with a daily change of -9.00, no weekly change, monthly change of 50.56, and annual change of -0.27 [2] - The basis for Futures Contract 01 is -260.25, with a daily change of -7.50, weekly change of -3.00, monthly change of -277.94, and annual change of 0.71 [2] - The spread between Futures Contract 05 and 09 is -76.50, with a daily change of -2.00, weekly change of 1.00, monthly change of 1.00, and annual change of 0.01 [2] - The spread between Futures Contract 09 and 01 is -167.00, with a daily change of 1.50, weekly change of -3.00, monthly change of -328.50, and annual change of 5.82 [2] - The spread between Futures Contract 01 and 05 is 243.50, with a daily change of 0.50, weekly change of 2.00, monthly change of 327.50, and annual change of 1.42 [2]

| 铁矿石：刚需仍存，价格震荡 | 2 | | --- | --- | | 螺纹钢：宽幅震荡 | 3 | | 热轧卷板：宽幅震荡 | 3 | | 硅铁：原料短期价格松动，宽幅震荡 | 5 | | 锰硅：原料短期价格松动，宽幅震荡 | 5 | | 焦炭：产业叠加资金配合，区间震荡 | 7 | | 焦煤：产业叠加资金配合，区间震荡 | 7 | | 动力煤：供需趋于双弱，煤价企稳小幅探涨 | 9 | | 原木：区间震荡 | 10 | 国 泰 君 安 期 货 研 究 2026年01月27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：刚需仍存，价格震荡 李亚飞 投资咨询从业资格号：Z0021184 liyafei2@gtht.com 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 所 商 品 研 究 2026 年 1 月 27 日 【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 | | --- | --- | --- | --- | --- | --- | | | | | | -10.5 | -1.32% | | | I260 ...

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The coal industry has a long - term expectation of a loose supply of thermal coal without capacity control policies. Even during the peak winter season, downstream users are cautious in purchasing. Considering the support during the peak season and the anti - involution policy, the thermal coal price is expected to remain in a narrow range in February [4] Group 3: Summary According to Relevant Catalogs Supply Side - In the week of January 16th, the capacity utilization rate of 462 thermal coal mines nationwide was 90.6%, with a daily average raw coal output of 5.467 million tons, returning to the level of mid - December. After entering the new year, some coal mines that had stopped production due to achieving annual targets resumed production, and the coal mines in the production areas were operating stably as the Spring Festival holiday had not yet arrived [4] - In the first two weeks of January, the seaborne coal arrival volume in China was 13.252 million tons, with a daily average arrival volume of 1.104 million tons. This was a month - on - month decrease compared to the daily average arrival volume of 1.317 million tons in December but a 13.8% year - on - year increase [4] Demand Side - In late January, affected by the cold wave, the temperature in coastal cities dropped sharply, and the daily coal consumption of power plants increased [4]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：明察宏观 文 财信研究院宏观团队 李沫 胡文艳 伍超明 核心观点 一、价比量更重要：经济、政策以及资产配置新瞄点 其一，价格直接牵动企业盈利与居民收入，是激活"价格-盈利-收入-消费"内循环的关键枢纽，比GDP等 总量指标更能反映经济内生活力。其二，当前"量增价缩"格局不可持续，推动价格回升至合理区间已是 宏观政策必然选择，否则将侵蚀供需两端并阻碍新质生产力发展。其三，A股市场未来的走势，核心在 于建立"价格-盈利-信心"正向循环，价格回升既是启动盈利修复的关键，也是稳定市场预期的压舱石。 二、2026年价格走势分析 （一）趋势研判：2026年物价回升趋势明确。从宏观视角看，供需缺口趋于收敛、M1增速触底回升、 居民就业筑底改善以及产能周期有望上行等四大领先指标，共同为物价回升奠定基础。从价格构成看， 2026年CPI与PPI的"翘尾因素"将显著高于上年；同时"十五五"开局之年，扩大内需政策与供给侧"反内 卷"政策有望形成合力，共同支撑"新涨价因素"，推动价格实现温和回升。 （二）核心判断：上游主导PPI回升，预计2026年二季度 ...

宝城期货煤焦早报（2026 年 1 月 27 日） 期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 ◼ 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 | 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 | 上涨 | 震荡 | 氛围偏谨慎，焦煤震荡运行 | | 焦炭 | 2605 | 震荡 | 震荡 | 震荡 偏强 | 震荡 | 供需暂稳，焦炭区间运行 | 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：上涨 中期观点：震荡 参考观点：震荡 核心逻辑：1 月 26 日收盘，焦煤主力合约报收于 1159.5 元/ ...

Market Overview - The A-share market saw a collective decline on Monday, with the Shanghai Composite Index down by 0.09%, the Shenzhen Component down by 0.85%, and the ChiNext Index down by 0.91%. The total trading volume in the Shanghai and Shenzhen markets was 32,478.31 billion yuan [1][7] - In terms of industry performance, sectors such as power equipment, non-ferrous metals, and defense industry led the gains, while communication, banking, and coal sectors lagged behind. Concept sectors that performed well included avian influenza, lead, and zinc, while military information technology, terahertz, and military-civilian integration concepts saw declines [1][7] Important News - The precious metals market experienced significant volatility on Monday, with COMEX silver initially surging over 16% and spot silver nearly rising 14%, both surpassing the $117 per ounce mark before retreating. COMEX silver's gains narrowed to 2.5%, while spot silver turned negative. COMEX gold and spot gold also briefly crossed the $5,000 and $5,100 thresholds, respectively, but later saw their gains diminish, with both settling around the $5,000 mark [2][8] - Exchanges took measures to cool down the commodity futures market, with the Shanghai Futures Exchange and Shanghai International Energy Exchange announcing reductions in daily opening trading limits for silver and tin futures contracts to 800 lots and 200 lots, respectively. They also imposed restrictions on 16 clients regarding opening positions in tin and silver futures for one month and limited withdrawals. Additionally, the trading limits for copper, international copper, and aluminum futures contracts were adjusted to 9%, with margin ratios for hedging and general positions set at 10% and 11% [2][8]