Report Investment Rating - The medium - term outlook for the black building materials industry is "Oscillation" [6] Core Viewpoints - The supply side of steel is disturbed, the resumption of production by steel mills is slow, and the high shipment and high inventory of iron ore suppress the valuation of the futures market. As the downstream replenishment of coking coal and coke progresses, the support for replenishment weakens. During the off - season, the pressure of inventory accumulation in the steel sector is emerging, the fundamentals lack highlights, and the cost - side support is loosening, causing the futures market to face pressure. The oversupply of glass and soda ash continues to suppress futures prices. Before the Spring Festival, attention should be paid to the downstream replenishment intensity, and the resumption of production by steel enterprises in January is expected to boost the replenishment expectation, with the furnace material prices having the expectation of a low - level rebound [1][2][3] Summary by Category 1. Iron Element - **Iron Ore**: Overseas mine shipments have increased, mainly due to the recovery in Australia, while Brazil and non - mainstream countries have declined. The arrival volume has weakened, and there are still expectations of supply disturbances due to weather. The demand side has a stable rigid demand, and steel mills are in the process of replenishing inventory but with weak enthusiasm. Ports and steel mills are both increasing inventory, and the total inventory pressure is accumulating. In the short term, the supply pressure eases slightly, but the inventory pressure increases. The pre - festival replenishment on the demand side supports the ore price, and the supply - demand situation remains to be verified, with the short - term trend expected to be oscillatory [8] - **Scrap Steel**: The average arrival volume this week has slightly decreased, lower than the same period in previous lunar years. The daily consumption of electric furnaces is expected to decline, and the daily consumption of long - process scrap steel has also slightly decreased. Steel enterprises' inventory has increased, and the pre - festival replenishment progress is close to last year. The supply is stable, the daily consumption is expected to decline, and the overall fundamentals will marginally weaken, with the spot price expected to follow the finished products [9] 2. Carbon Element - **Coke**: The cost - side support is strong, and there are still expectations for the resumption of production by steel mills and winter storage replenishment demand. The supply - demand structural contradiction is limited, and the spot price increase is still expected to be implemented. The futures market is expected to follow coking coal [12] - **Coking Coal**: The domestic supply is stable, and the import of Mongolian coal is at a high level. The demand side is still in the winter storage stage, and the supply of coal mines is expected to decline near the holiday. The fundamentals will continue to marginally improve, with strong spot support. However, after the futures market has factored in the winter - storage replenishment, the bullish driving force of the fundamentals is limited, and it is expected to oscillate [13] 3. Alloys - **Silicomanganese**: The cost support has loosened, the market supply - demand remains loose, and the upstream inventory reduction pressure is large, suppressing the futures price. However, the current futures price has fallen to a low level, and the further downward space is limited under the cost support, with the price expected to operate at a low level around the cost valuation [3][16] - **Ferrosilicon**: The supply - demand is weak, the fundamental contradiction is limited, but the poor market trading activity suppresses the upward space of the futures price. In the short term, the futures price is expected to oscillate around the cost valuation [3][17] 4. Glass and Soda Ash - **Glass**: The supply has expectations of disturbances, but the mid - and downstream inventories are moderately high, and the current supply - demand is still in oversupply. If there is no more cold - repair by the end of the year, high inventory will always suppress the price, and it is expected to oscillate weakly; otherwise, the price will rise [3][14] - **Soda Ash**: The overall supply - demand is in oversupply. In the short term, it is expected to oscillate, and in the long term, the oversupply pattern will intensify, the price center will continue to decline, and capacity reduction will be promoted [3][14][16] 5. Steel - The spot market trading is average, the profitability of steel mills is improving, the iron - water output has stopped falling and stabilized, and the production of the five major steel products has remained stable. During the off - season, the demand is seasonally weakening, and the pressure of inventory accumulation is emerging. Based on the subsequent resumption of production by steel mills and winter - storage replenishment, the downside space of furnace materials is limited, and the cost side has support. However, due to the inventory accumulation pressure and lack of fundamental highlights, the futures market faces upward pressure, and it is expected to oscillate widely in the short term [8] 6. Commodity Index - **Comprehensive Index**: The commodity index increased by 1.13% to 2503.03, the Commodity 20 Index increased by 1.44% to 2879.55, the industrial products index increased by 0.40% to 2369.84, and the PPI commodity index increased by 0.19% to 1461.06 [102] - **Plate Index**: The steel industry chain index on January 26, 2026, was 1989.86, with a daily decline of 0.36%, a 5 - day increase of 0.93%, a 1 - month increase of 0.69%, and a year - to - date increase of 0.70% [103]

Core Insights - The article highlights the significant achievements during the "14th Five-Year Plan" period, emphasizing economic resilience and development in Henan province despite challenges such as the pandemic and various risks. Group 1: Economic Performance - The province's GDP reached 6.66 trillion yuan, with total fiscal revenue at 701.9 billion yuan, and industrial enterprises' revenue at 5 trillion yuan. Retail sales of consumer goods totaled 2.9 trillion yuan, while total import and export value was 935.67 billion yuan [1] - The province has 11.605 million business entities, and the urbanization rate of the permanent population is 60% [1] Group 2: Industrial Transformation - Strategic emerging industries accounted for over 25% of the industrial added value, with seven major industrial clusters contributing over 70% to the industrial output [1] - The province boasts three global "lighthouse factories," 16 national-level excellent smart factories, 450 specialized and innovative "little giants," 59 manufacturing champions, 12,800 national high-tech enterprises, and 30,000 technology-based SMEs [1] Group 3: Rural Revitalization - The article mentions effective measures taken for rural revitalization, although specific details are not provided [1] Group 4: Reform and Opening Up - Strategic restructuring was achieved for 19 enterprises, including China Pingmei Shenma Group and Henan International Group. The establishment of new entities like Henan Rural Commercial Bank was also noted [1] - 3.7 million new business entities were added, with leading companies like Muyuan, Yutong, and Hualan expanding, alongside the emergence of new enterprises like Pandonglai and Mixue Ice City [1] Group 5: Environmental Improvement - The water quality of the Yellow River has met Class II standards for six consecutive years, and the water quality of the South-to-North Water Diversion project remains stable at Class II or above [1] Group 6: Social Welfare - Urban employment increased by 6.037 million, with 2.462 million rural laborers transferring to new jobs. The per capita disposable income of residents grew by an average of 6% annually [1]

Group 1 - The extreme cold weather, with temperatures dropping below -40℃, poses significant challenges for energy supply in regions like Inner Mongolia and Heilongjiang [1][2] - National Energy Investment Corporation's Baiyinhuamon East Coal Mine has proactively entered a supply guarantee mode, maintaining a 95% equipment utilization rate and ensuring high coal stock levels to meet winter demands [2][3] - The Shenhua Group's coal mine in Ordos has established a comprehensive supply guarantee system, focusing on stable underground production and smooth surface operations during harsh weather [3][4] Group 2 - The coal production team at the coal mine is utilizing intelligent numerical simulation technology to optimize coal cutting efficiency, achieving a daily average output of over 15,000 tons and maintaining a 98% equipment operating rate [4] - The coal transportation process has implemented a "frost prevention" response to ensure the smooth operation of rail coal transport channels during the cold wave [4] - The "Warm Nuclear No. 1" project in Shandong has successfully introduced nuclear energy for heating in three cities, showcasing a new model for clean energy heating that can be replicated nationwide [5]

展望"十五五"，陕西煤业将以高质量发展为统领，围绕"打造世界一流专业领军企业"目标，以"增量、 提质、转型"为路径，以"持续增强核心功能、提升核心竞争力"为主线，聚焦主责主业，夯实发展根 基，在重点突破中开新局，在实干笃行中谋新篇，努力实现规模与质量双提升。 （文章来源：证券时报） 数据显示，"十四五"时期，陕西煤业新增探明储量23.31亿吨；新增产能合计4700万吨/年，较"十三 五"末增长49.74%。"十四五"累计生产原煤近8亿吨，规模效应持续放大，稳居行业头部地位。 除了生产规模持续攀升，陕西煤业在绿色发展、科技创新、"四化"建设、价值创造等方面均实现了一系 列革新。这直接带动陕西煤业行业影响大幅提升。"十四五"时期，公司先后参与制定国家及行业标准规 范20项，入选首批"管理标杆创建行动标杆企业"和"世界一流专业领军企业"创建名单；全国、省级五一 劳动奖状（章）新增14个，15家单位荣获省级文明（标兵）单位，国企形象彰显有力，企业知名度和影 响力大幅增强。 "十四五"时期，面临市场供需多变等复杂局面，陕西煤业齐心协力、奋勇争先，全力"打造三个标杆、 营造一个氛围"，各项工作实现质的突破，企业核心竞争力 ...

近期煤炭板块表现较好主要有两个原因。首先，基本面有所改善。过去两周， 由于库存偏高和日耗一般，煤炭价格呈现阴跌状态。然而，港口价格阴跌导致 坑口和港口价格倒挂不断扩大，加上寒潮频繁和产地煤矿临近放假，近期煤炭 价格有所企稳甚至反弹。这一背景下，短期内板块在价格层面出现一定企稳信 号，对市场情绪产生积极推动作用。 其次，与资金层面的切换有关。目前煤炭 板块的盈利分位数和估值分位数处于过去 5~10 年的下 1/3 水平，估值较低。 在风险偏好提升的大背景下，高切低的投资思路使得不仅成长弹性公司如兖矿 力量上涨明显，中煤、陕煤、神华等红利标的也表现出色。尤其是神华，今年 涨幅偏高，这与市场对周期红利股逐渐比稳健红利股更具吸引力有关。 如何看待 2026 年煤炭行业的发展前景？ 如何看待年初以来煤炭板块内部行情分化？20260126 摘要 近期煤炭价格因寒潮和煤矿放假临近出现企稳反弹，短期内板块价格企 稳信号对市场情绪产生积极影响，但持续性有待观察。 煤炭板块盈利和估值分位数均处于过去 5-10 年较低水平，在风险偏好 提升背景下，高切低投资思路推动兖矿力量等成长型公司以及中煤、陕 煤、神华等红利标的上涨。 市场对 ...

Summary of Key Points from Conference Call Records Industry Overview Steel Industry - Iron ore supply is expected to become more relaxed, with Australian shipments projected to reach a historical high of 960 million tons in 2026, an increase of 24 million tons year-on-year. Brazilian shipments are also expected to rise by approximately 10 million tons. This supply increase supports the cost reduction logic for steel companies, leading to further profit recovery in the steel industry [2][1]. Non-Ferrous Metals - The non-ferrous metals sector shows significant signs of valuation recovery, with silver leading the charge. Industrial metals are in the early stages of recovery, while basic and energy metals are at the initial stage of bottom reversal. Short-term recommendations include increasing allocations to copper and aluminum [3][4]. Glass Fiber Sector - The glass fiber sector is experiencing price increases for electronic fabrics due to improved supply-demand dynamics. The unit profit forecast for China Jushi's electronic fabric is expected to rise from 0.7 yuan in 2025 to 1.3 yuan in 2026, potentially reaching 1.5 yuan. This could lead to an annual performance of 4.5 to 5 billion yuan for China Jushi [5][1]. Oil Shipping Sector - The oil shipping sector has seen a significant year-on-year increase in LCC freight rates, now exceeding $110,000, a rise of 87%. This is driven by increased production from South American deep-sea oil fields, OPEC's production policies, and a rebound in China's crude oil imports. The sector is entering a strong prosperity phase [8][1]. Chemical Industry - The chemical industry is witnessing a significant repair in the supply-demand balance. In 2026 and 2027, attention should be paid to sub-industries with high operating rates and limited new capacity, such as chlor-alkali, organic silicon, and PTA polyester filament. Major polyester filament manufacturers have initiated production cuts to alleviate inventory pressure [10][1]. Additional Insights Soda Ash Market - The soda ash market currently faces low price expectations due to overproduction, but demand is better than anticipated. The price has dropped below 1,100 yuan, indicating an oversold condition. Companies like Boyan Chemical are recommended due to their cost advantages and strong growth potential [11][1]. Dual Carbon Policy Impact - The dual carbon policy significantly impacts the chemical industry, with local governments tightening energy consumption limits for new projects. This affects high-energy-consuming sectors like chlor-alkali and organic silicon. Companies benefiting from this policy include Jiahua Energy and Junzheng Group [12][1]. Coal Industry - The coal sector is viewed positively under the backdrop of resource inflation, with a high probability of a bottom reversal by the end of 2026. Key recommendations include Yanzhou Coal and China Coal Energy [19][1]. Price Trends in Coal - As of last week, thermal coal prices have stabilized around 695 yuan, while coking coal prices have increased by 150 yuan to 1,770 yuan. The prices are expected to remain stable due to winter stocking demands [20][1]. Import Trends - In 2025, China’s coal imports fell to 490 million tons, a nearly 10% decrease. The outlook for 2026 suggests continued challenges in increasing imports due to rising domestic costs and supply vulnerabilities from major exporting countries like Indonesia and Australia [21][22][23]. This summary encapsulates the key insights and projections from the conference call records, providing a comprehensive overview of the current state and future expectations across various industries.

Investment Rating - The report maintains a "Recommended" rating for the coal industry, indicating a positive outlook for the sector [2][3]. Core Insights - The report highlights a slight increase in fund holdings in the coal sector, with total market value rising to 6.874 billion yuan in Q4 2025, up 12.13% from Q3 2025, but still at a low level compared to historical data [9]. - The report notes that the coal sector's fund holding ratio is at its lowest in three years, suggesting low investment crowding in the sector [9]. - Key companies such as China Shenhua and Zhongmei Energy are favored by funds, with significant increases in holdings for Yancoal Energy and Shanxi Coal International [9]. - Short-term supply tightening and ongoing replenishment demand are expected to stabilize and potentially rebound coal prices, projected to fluctuate between 750-1000 yuan per ton [9]. - The report recommends focusing on companies with high spot market elasticity, such as Jinko Coal Industry and Shanxi Coal International, as well as industry leaders like China Shenhua and Shaanxi Coal Industry [9]. Summary by Sections Fund Holdings Analysis - Fund holdings in coal stocks increased to 6.874 billion yuan in Q4 2025, a 12.13% rise from Q3 2025, with a holding ratio of approximately 0.36% of total fund holdings [9]. - The report identifies the top five companies by fund holdings, including China Shenhua and Shaanxi Coal Industry, with notable increases in holdings for Yancoal Energy and Shanxi Coal International [9]. Price Outlook - The report anticipates that coal prices will stabilize and rebound due to supply constraints and replenishment needs, with a seasonal fluctuation expected between 750-1000 yuan per ton [9]. - The analysis indicates that the coal industry is likely to return to a state of basic supply-demand balance in 2023-2024, driven by production cuts and regulatory normalization [9].

2026.01. 26 作者 | 一财阿驴 V OF 09 % 1620家战 3767家下跌 涨跌停比 9:42 V 0 . 3 % 10 91 % A股三大指数高开低走. 集体收跌,沪指在金融、石油等权重股护盘下跌幅微弱,深市与创业 板指集体走弱,结构性差异创近期新高,沪指5日均线与10日均线形成支撑,收盘价站稳4130 点。 个股跌多涨少,赚钱效应低迷,盘面上,商业航 天板块回调,半导体、机器人、金融科技、AI算 力、消费电子、固态电池概念股跌幅靠前。黄金 股掀涨停潮,煤炭、有色金属、油气板块齐走 强,疫苗概念股逆势大涨。 资金情绪 主力资金净流出 216.26 亿元 . 2 5 万亿元 ▲ 5.28% 两市成交额放量,资金呈"晓晓板效应",权重 股与防御板块吸金,中小盘题材股遭遇大规模 资金撤离,沪市成交占比提升,黄金、有色金属、 银行等板块成为成交核心,而半导体、Al应用等 前期热门题材股成交缩量目资金净流出。 散户资金净流入 14.4亿元 今天你冲了还是撤了? 机构呈"防御为主、调仓换股"特征,资金大规模撤离半导体、AI应用、商业航天等前期热门题材,转而加 仓黄金、银行、电力等低估值防御性板块,通过 ...

Core Viewpoint - Huayang Co., Ltd. (600348) is achieving steady development through capacity optimization, cost control, product structure upgrades, sales strategy adjustments, and industry chain extension [1] Group 1 - The company is implementing capacity optimization measures to enhance operational efficiency [1] - Cost control initiatives are being employed to maintain profitability [1] - Upgrading product structure is part of the company's strategy to meet market demands [1] Group 2 - Adjustments in sales strategies are being made to improve market positioning [1] - The company is extending its industry chain to create additional value [1]

证券日报网讯1月26日，中煤能源（601898）在互动平台回答投资者提问时表示，目前，公司在新疆区 域以推进存量项目为主，区域业务占公司整体业务的比重较少。下一步，将以中国中煤在新疆区域的发 展和业务开拓为主，结合实际积极稳妥有序落实区域发展规划。 ...