"安全培训容不得半点含糊，教师队伍必须过得硬、靠得住。"芦岭煤矿相关负责人表示，下一步将持续 深化师资队伍建设，完善培养激励机制，定期开展教学能力提升培训，着力打造专业过硬、结构合理、 充满活力的高素质师资队伍，为矿井安全生产持续稳定向好提供坚实人才支撑。（刘丽华 蔡文涛） 分级分类管理，让优秀者出彩。该矿将《培训教师管理办法》《教学质量评估制度》纳入核心制度体 系，建立"学员评价+三级听课+综合考评"立体化评价机制。依据考评结果，将教师划分为"核心骨干－ 熟练教师－新任教师"三级梯队，实行差异化课酬分配，让优秀教师"有舞台、有待遇、有荣誉"，充分 调动教学积极性。 系统培养赋能，让能力强起来。实施教师轮训提升计划，组织优秀教师赴集团安全培训中心观摩"示范 课"，推行实操教师"一线淬炼"制度，鼓励参与注册安全工程师等专业认证。每年结合生产重点，组织 定制化课程开发，确保教学内容与生产实际"零脱节"，让培训"听得懂、用得上、管得住安全"。 激励约束并重，让责任实起来。建立健全考核淘汰机制，将学员满意度、"师带徒"成效、技能大赛表现 等纳入核心考核指标，实行年度综合评比与动态聘任。通过正向激励与反向约束，强化教师 ...

Group 1: Report Investment Rating - No relevant information provided Group 2: Core Views - Last week, the coking coal price was stable with an upward bias, and the prices of coking coal and coke futures stopped falling and rebounded. The coking coal 2605 contract closed at 1157 on Friday with a weekly decline of 1.2%, while the coke 2605 contract closed at 1722 on Friday with a weekly increase of 0.29% [2][3] - For coking coal, supply increased last week while demand remained stable. The coking coal 2605 contract stopped falling and rebounded last week, closing above the 20 - day moving average on Friday. Attention should be paid to the support at the 20 - day moving average [3][4] - For coke, both supply and demand declined last week. The coke 2605 contract stopped falling and rebounded last week and is expected to fluctuate in the short term [6][7] - The average coking coal - to - coke ratio last week was 1.49. From the seasonal chart of the past five years, it is currently at a relatively average level in the same period. Attention should be paid to the changes in the 1.35 - 1.55 range [7] Group 3: Summary by Related Catalogs 1. Coking Coal 1.1 Supply - The utilization rate of the approved production capacity of 523 coking coal mines nationwide was 89.3%, a 0.8% increase from the previous week; the daily average output of clean coal was 770,000 tons, an increase of 100,000 tons from the previous week [3] - The utilization rate of the production capacity of 314 independent coal washing plants nationwide was 37.4%, a 0.6% increase from the previous week; the daily average output of clean coal was 276,000 tons, an increase of 200,000 tons from the previous week [3] - Domestic coal mines were still in the process of resuming production, and coal mines in the main production areas had generally resumed production. The coking coal price continued to rise, and the production enthusiasm of independent coal washing plants increased, resulting in a steady increase in coking coal supply [3] 1.2 Demand - As the coking coal price continued to rise while the coke price increase failed to materialize, the profit per ton of coke for coking enterprises narrowed significantly, and some coking enterprises were in a loss - making state. The current round of concentrated replenishment by coking enterprises has basically ended, and coking and steel enterprises have become more cautious in purchasing coking coal. However, most coking enterprises maintained stable production, and there was still rigid demand for coking coal. Some coking and steel enterprises also had the demand for winter storage replenishment [4] - The phenomenon of failed online auctions of coking coal increased recently, and the market sentiment of coking coal declined and returned to rationality [4] 1.3 Inventory - Due to the replenishment demand of coking and steel enterprises, coal mines and coal washing plants had good shipments, and the inventory of clean coal showed a downward trend. However, as the replenishment demand weakened, the market returned to rationality, and downstream enterprises began to control inventory [3] 2. Coke 2.1 Supply - The utilization rate of the production capacity of all - sample independent coking enterprises nationwide was 72.41%, a 0.14% decrease from the previous week; the daily average output of all - sample independent coking enterprises nationwide was 633,100 tons, a decrease of 140,000 tons from the previous week [6] - The profit per ton of coke for 30 sample coking enterprises was - 66 yuan/ton, a decrease of 1 yuan/ton from the previous week. Due to the continuous rise of raw coal prices, the profitability of coking enterprises per ton of coke narrowed, and some coking enterprises in serious losses had plans to reduce production. However, most coking enterprises were still in normal production, and the coke supply remained stable. At ports, the coke spot price was stable, the enthusiasm of traders for shipping to ports was average, and the inventory increased slightly [6] 2.2 Demand - The blast furnace operating rate of 247 steel mills was 78.68%, a 0.16% decrease from the previous week; the daily average pig iron output was 2.281 million tons, an increase of 90,000 tons from the previous week; the profitability rate of steel mills was 40.69%, an 0.86% increase from the previous week [6] - After the Baotou Steel accident, the safety situation of steel mills was tense, and the off - season of steel demand was obvious. The blast furnace operating rate decreased slightly, the rigid demand for coke declined, and the inventory of coke in steel mills was at a relatively high level in history. Steel mills were highly resistant to the coke price increase proposed by coking enterprises, and it was difficult to implement. Overall, steel mills mainly purchased on demand [6] 3. Inventory Data | Commodity | Location | Inventory (10,000 tons) | Weekly Change (10,000 tons) | | --- | --- | --- | --- | | Coking Coal | Port | 289.38 | - 9.52 | | | All - sample independent coking plants | 1177.71 | 44.86 | | | 247 sample steel mills | 803.24 | 1.04 | | | Total | 2270.33 | 36.38 | | Coke | Port | 196.06 | 7.99 | | | All - sample independent coking plants | 81.45 | - 0.36 | | | 247 sample steel mills | 661.64 | 11.31 | | | Total | 939.15 | 18.94 | [8] 4. Other Data | Indicator | Value | Weekly/Year - on - Year Change | | --- | --- | --- | | Coking enterprise operating rate (capacity < 1 million tons) | 44.78% | - 0.84% | | Coking enterprise operating rate (capacity 1 - 2 million tons) | 66.46% | - 0.03% | | Coking enterprise operating rate (capacity > 2 million tons) | 77.48% | 0 | | Blast furnace operating rate of 247 steel mills nationwide | 78.68% | - 0.16% | | Profitability rate of 247 steel mills nationwide | 40.69% | 0.86% | | Cumulative pig iron output (December) | 83604.10 million tons | - 3.00% | | Cumulative crude steel output (December) | 96081.23 million tons | - 4.40% | [10]

Market Performance - The Hong Kong stock market showed mixed performance with the Hang Seng Index slightly up by 0.06% and the Hang Seng China Enterprises Index down by 0.15% [1] - The Hang Seng Tech Index experienced a significant decline, dropping by 1.24% throughout the day [1] Sector Performance - Major technology stocks mostly declined, with Baidu down over 3%, Xiaomi down 2.8%, and Alibaba and Meituan also experiencing losses, while Tencent and JD.com saw gains [1] - Precious metals prices surged due to a weak US dollar, with international gold prices surpassing $5,100 per ounce, leading to a strong performance in gold and non-ferrous resource stocks [1] - China Silver Group saw a remarkable increase of over 19%, while China Nonferrous Mining rose nearly 10%, and several other gold stocks reached historical highs [1] - Energy sector stocks, including oil and coal, performed actively, with CNOOC rising over 4% to set a new high [1] Declining Sectors - Commercial aviation, military, and photovoltaic stocks faced notable declines, with GCL-Poly Energy dropping 13.5% and AVIC Aerospace falling over 5% [1] - Leading power equipment stocks corrected, with Goldwind Technology down over 7% [1] - Apple-related stocks, automotive stocks, new consumer concept stocks, and lithium battery stocks also experienced downward trends [1]

Core Viewpoint - The article emphasizes the importance of energy regulation in achieving the goals set forth in the 14th and 15th Five-Year Plans, particularly in building a strong energy nation and ensuring high-quality development in the energy sector [2][10]. Group 1: Progress in Energy Regulation - The National Energy Administration (NEA) has made significant progress in energy regulation, focusing on energy security and implementing various regulatory tasks in line with the central government's directives [3]. - The NEA has strengthened the political attributes of energy regulation, enhancing party building and implementing strict oversight mechanisms to ensure compliance with regulations [3][4]. Group 2: Energy Supply and Market Development - The NEA has successfully monitored energy supply during peak seasons and has implemented measures to ensure the smooth execution of major energy projects [4]. - A unified national electricity market has been established, with over 60% of electricity transactions being market-based for four consecutive years, indicating a robust market structure [5]. Group 3: Regulatory Enforcement and Safety - The NEA has intensified regulatory enforcement, addressing over 700 administrative violations in the energy sector and ensuring fair access to energy infrastructure [6][13]. - Safety measures have been upgraded, with significant actions taken to address safety risks and improve emergency response capabilities in the electricity sector [7][14]. Group 4: Enhancing Public Energy Services - New policies have been implemented to improve access to electricity, benefiting approximately 1.5 million households and saving around 20 billion yuan in investment costs [8]. - The NEA has focused on resolving public energy issues, enhancing complaint handling processes, and improving service quality for consumers [8][15]. Group 5: Innovation in Energy Regulation - The NEA is innovating regulatory mechanisms, promoting digital oversight, and enhancing the regulatory framework to adapt to new energy market dynamics [9][16]. - Collaborative efforts with international regulatory bodies are being pursued to share best practices and improve the overall regulatory environment [9]. Group 6: Future Directions in Energy Regulation - The NEA aims to achieve a clean, low-carbon, safe, and efficient energy system by 2026, aligning with national goals for energy transition and sustainability [10][11]. - Continuous reforms and innovative strategies will be implemented to enhance the regulatory framework and ensure effective energy governance [12][16].

文 | 张阳阳 上涨个股中，领涨股北方铜业涨幅为8.33%，蓝焰控股涨5.28%；晋控煤业、华阳股份、东杰智能涨逾 2%；潞安环能、仟源医药、大禹生物等10只个股涨超1%；山西焦化、亚宝药业、锦波生物等9只个股 涨幅均在1%以下。 下跌个股中，领跌股华翔股份跌幅为8.49%，科达自控跌3.15%；安泰集团、跨境通跌逾2%；狮头股 份、金利华电等4只个股跌超1%；同德化工、壶化股份、晋控电力等7只个股跌幅均在1%以下。 山西板块26日整体表现稳健，指数整体上涨0.40%，成交额为182.10亿元，大盘三大指数普跌情况下实 现逆势上涨。 涨跌情况方面，山西板块41只个股，有24只上涨，15只下跌，2只平盘。 1月26日，A股三大指数集体下跌，截至收盘，上证指数跌0.09%，深证成指跌0.85%，创业板指跌 0.91%；北证50跌1.45%。沪深两市成交额约32482.03亿元，较前一个交易日放量约1629.79亿元。 ...

Market Overview - The A-share market saw most indices decline today, with the Shanghai Composite Index slightly down by 0.09% closing at 4132.61 points, the Shenzhen Component Index down by 0.85% at 14316.64 points, the ChiNext Index down by 0.91% at 3319.15 points, and the STAR 50 Index down by 1.35% at 1532.8 points [1] - Overall, there were 1602 stocks that rose and 3767 stocks that fell, with a total trading volume of 32,482 billion yuan, an increase of 1630 billion yuan compared to the previous trading day [1] Industry Performance - Among the primary industries, non-ferrous metals, petroleum and petrochemicals, coal, agriculture, forestry, animal husbandry, and fishery led the gains with increases of 4.57%, 3.18%, 2.07%, 0.85%, and 0.79% respectively [1] - Conversely, industries such as defense and military, automotive, social services, electronics, and real estate experienced declines, with decreases of 4.47%, 2.31%, 2.30%, 2.24%, and 2.23% respectively [1] Concept Sector Performance - The top-performing concept sectors included gold and jewelry, vaccines, selected rare metals, animal health, blood products, industrial metals, nickel ore, rare earths, influenza, cobalt ore, small metals, and biotechnology [2] - Sectors such as satellite internet, commercial aerospace, satellite navigation, and military information technology experienced pullbacks [2]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][5]. Core Insights - The company is the largest coal producer and exporter in Mongolia, with a strong focus on diversification into gold and copper mining to mitigate risks associated with its coal business [4][5]. - The coal business remains the company's cornerstone, with a peak production of 16.34 million tons expected in 2024, while the newly developed gold business is anticipated to contribute over $100 million in net profit in 2026 [4][5]. - The company has a robust geographical advantage due to its proximity to the Chinese market, which supports its coal sales [5][24]. Summary by Relevant Sections Company Overview - The company is the first Mongolian enterprise listed on international capital markets and operates in the Tavan Tolgoi coalfield, managing two open-pit coal mines, UHG and BN [13][15]. - The company aims to enhance shareholder value while contributing to Mongolia's development through modern technology and responsible mining practices [14][13]. Coal Business - The company operates in a world-class coalfield, producing high-quality hard coking coal, with significant reserves of 340 million tons at UHG and 272 million tons at BN [24][25]. - In 2024, the company expects to achieve a peak coal production of 16.34 million tons, with a significant increase in sales through the Mongolian Stock Exchange (MSE) [39][44]. - The average production cost of coal has increased from $31.4 per ton in 2017 to $41.1 per ton in 2024, reflecting a compound annual growth rate of 4% [50][51]. Gold Business - The BKH gold mine commenced commercial production in September 2025, with expectations to reach full production of 85,000 ounces by 2027, contributing significantly to the company's revenue [4][5]. - The gold business is viewed as a second growth curve for the company, with low all-in sustaining costs (AISC) enhancing profitability [5][41]. Copper Business - The acquisition of a 50.5% stake in UCC provides access to the White Hill copper-gold project, which is expected to further diversify the company's revenue streams [4][5]. Political and Economic Context - The company operates in a politically sensitive environment characterized by "resource nationalism," which poses risks but is manageable due to the company's established position and diversification strategy [4][5]. - The mining sector significantly contributes to Mongolia's GDP, with mining and transportation expected to account for a 2.7% increase in GDP in 2024 [4][5]. Financial Projections - The company forecasts net profits of $0.93 million, $2.63 million, and $3.77 million for the years 2025, 2026, and 2027, respectively, with a PE ratio of less than 7 for 2026 [5][6].

盘面上，大金融板块护盘，券商、保险等方向领涨；资源股强势，其中，有色、贵金属概念持续爆发， 四川黄金等多股涨停，煤炭、油气板块走强，中国海油创历史新高，中国神华等股走高；化工板块拉 升，红宝丽涨停；生物疫苗、抗病毒、流感等医药股全线上涨，华兰疫苗等多股涨停。下跌方面，热门 板块和个股集体杀跌，半导体芯片、商业航天、机器人、AI应用等方向跌幅居前，中国卫星触及跌 停；此外，白酒板块下挫，洋河股份创8年多新低。 展望后市，中信证券认为，市场信心持续恢复过程中，只要在相对低位、能讲出逻辑且不在宽基权重的 行业预计都可能将修复。 从个股看，两市上涨1604家，下跌3771家，98家涨幅持平。两市共79股涨停，共42股跌停。 今日市场放量震荡，三大指数集体收跌，创业板指、科创50指数调整明显。市场连续两个交易日成交超 3万亿，较上个交易日放量超千亿，两市下跌个股超3700只。 截至收盘，沪指跌0.09%报4132.61点，成交14519亿元；深成指跌0.85%报14316.64点，成交17964亿 元。创业板指下跌0.91%，报3319.15点。 据券商中国，代表风险偏好的两大变量集体来袭。一是地缘风险加剧和美元指数杀 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the prices of black commodities first declined and then rebounded. Iron ore led the decline in the black - series at the beginning of the week, and coking coal and coke futures also weakened significantly. From Thursday, the chemical products sector rebounded across the board, and coking coal and coke prices followed the market sentiment and strengthened [4]. - In terms of supply and demand, some coal mines in the main production areas have stopped production, but most maintain normal production, with a slight increase in daily average output. Spot trading has weakened, and coal prices in the production areas have dropped slightly. Terminal buyers mainly purchase on - demand, and mine inventories have accumulated compared with the previous period [4]. - In terms of imports, the port clearance volume remains above 190,000 tons, maintaining the highest level in the same period. After the continuous decline of the futures market, traders' quotes have generally declined. Currently, the transaction price of some Mongolian No. 5 raw coal has dropped to 1,000 - 1,020 yuan/ton, and the cost of Mongolian coal and Shanxi mainstream warehouse receipts is 1,160 - 1,270 yuan/ton [4]. - After the continuous rise of raw coal prices, the losses of coking enterprises have deepened. The first price increase proposed by coking enterprises was rejected. Some coking enterprises have taken measures such as delaying shipments to downstream customers. The game between coking and steel enterprises is intense, and the first price cut may be implemented, but the upward space is expected to be limited. Currently, steel mills' profits are average, and the pig iron output is basically flat compared with the previous period. Constrained by high raw material prices and safety inspections, steel mills are still cautious about replenishing inventories [4]. - With only three weeks left until the Lunar New Year, downstream demand for raw materials still exists but is difficult to increase significantly. In the short term, attention should be paid to whether the pig iron output can exceed 2.3 million tons. From the perspective of capital sentiment, the main contract increased its positions by 3,000 lots this week, and the speculation degree has significantly declined compared with the previous period. Currently, the fundamental contradictions are limited, the futures price is basically at the same level as the Mongolian No. 5 warehouse receipts, and the price is in a relatively reasonable range. It is expected that the market will continue to fluctuate within a range following the market sentiment, and attention should be paid to the pressure at the previous high point [4]. 3. Summaries According to Related Catalogs 3.1 Coking Coal Market - **Warehouse Receipt Cost**: Different varieties of coking coal have different spot prices and warehouse receipt costs in various locations. For example, the spot price of Mongolian No. 5 in Tangshan on January 22, 2026, was 1,390 yuan/ton, and the warehouse receipt cost was 1,163 yuan/ton [8]. - **Basis**: The basis, weekly change, basis rate, average value in the past month, and seasonality of different contracts (January, May, September) are provided. For example, the basis of the January contract is - 41, with a weekly change of - 267 and a basis rate of - 3.33% [10]. - **Supply** - **Mine**: The daily average output of raw coal from 523 mines this week was 1.9944 million tons, a week - on - week increase of 16,500 tons; the daily average output of clean coal was 770,100 tons, a week - on - week increase of 1,600 tons [17]. - **Coal Washery**: The daily average output of sample coal washeries was 276,300 tons, a week - on - week increase of 28,000 tons; the capacity utilization rate was 37.41%, a week - on - week increase of 0.62% [20]. - **Import**: In 2025, China's cumulative coking coal imports decreased by 2.7% year - on - year. In December 2025, the import volume from Mongolia increased by 7.6% month - on - month and 59.1% year - on - year [21][24]. - **Auction Data**: In the week of January 16, 2026, the coking coal listing volume was 1.8641 million tons, the transaction rate was 94.42%, and the non - transaction rate was 5.58%. Compared with the week of January 9, 2026, the listing volume increased by 394,700 tons, the transaction rate increased by 8.57%, and the non - transaction rate decreased by 8.57% [27]. 3.2 Coke Market - **Coking Profit**: The coking profit in different regions (national, Shanxi, Hebei, Inner Mongolia, Shandong) has different values and weekly changes. For example, the national coking profit on January 22, 2026, was - 66 yuan/ton, a week - on - week decrease of 1 yuan/ton [36]. - **Basis**: Similar to coking coal, the basis, weekly change, basis rate, average value in the past month, and seasonality of different coke contracts (January, May, September) are provided [39]. - **Inventory Distribution**: As of January 23, 2026, the coke inventory in steel mills was 661,640 tons, a week - on - week increase of 11,310 tons; the available days of steel mill inventory were 12.35 days, a week - on - week increase of 0.38 days; the inventory of independent coking enterprises was 81,450 tons, a week - on - week decrease of 360 tons; the port inventory was 196,060 tons, a week - on - week increase of 7,990 tons [52].

Group 1 - The Hong Kong stock market experienced a decline, with the Hang Seng Index down by 0.2%, while the Central Enterprises Dividend Index rose by 1.08% [1] - Among the constituents of the Central Enterprises Dividend Index, China Merchants Energy surged over 6%, China Railway increased by over 5%, and China National Offshore Oil, China National Building Material, and China Shenhua all rose by over 4% [1] - The Tianhong Central Enterprises Dividend ETF (159281) recorded a trading volume exceeding 63 million yuan, with a net subscription of 22 million shares during the session [1] Group 2 - CICC indicated that the dividend sector presents phase-specific and structural opportunities amid increasing external uncertainties or a pullback in growth styles, highlighting a "seesaw" effect between dividend and technology growth styles [2] - Demand for capital allocation is expected to support the dividend sector, including the shift of long-term funds from insurance and bank wealth management towards equity assets, as well as the transition of household deposits to dividend assets [2] - The overall dividend payout ratio in the A-share market has increased to 45%, providing fundamental support for the dividend style, alongside continuous encouragement from capital market policies for dividend-oriented strategies [2]