据央视新闻消息，我国最新印发了《煤炭清洁高效利用重点领域标杆水平和基准水平(2025年版)》，推 动煤炭产业由低端向高端、煤炭产品由初级燃料向高价值产品攀升。中国煤炭工业协会数据显示，我国 煤化工原料耗煤量正以每年2000万至3000万吨的规模持续增长。新标准进一步明确将燃煤发电供热煤 耗、煤制天然气等纳入能效管控重点领域，设立标杆与基准水平，此举将有力推动煤炭从燃料向原料的 应用拓展。 信达证券认为，结合对能源产能周期的研判，煤炭供给瓶颈约束有望持续至"十五五"，仍需新规划建设 一批优质产能以保障我国中长期能源煤炭需求。在煤炭布局加速西移、资源费与吨煤投资大幅提升背景 下，国内经济开发刚性成本和国外进口煤成本的抬升均有望支撑煤价中枢保持高位。当前，煤炭板块仍 属高业绩、高现金、高分红资产，行业仍具高景气、长周期、高壁垒特征，叠加宏观经济底部向好，央 企市值管理新规落地，煤炭央国企资产注入工作已然开启，以及一二级市场估值倒挂，愈加凸显优质煤 炭公司盈利与成长的高确定性。煤炭板块向下调整有高股息安全边际支撑，向上弹性有后续煤价上涨预 期催化，继续全面看多"或跃在渊"的煤炭板块。 开源证券认为，"反内卷"重塑煤炭 ...

1月26日，郑州煤电跌5.25%，截至发稿，报4.33元/股，成交1.38亿元，换手率2.59%，总市值52.76亿 元。 资料显示，郑州煤电股份有限公司位于河南省郑州市中原西路66号，成立日期1997年11月13日，上市日 期1998年1月7日，公司主营业务涉及煤炭生产及销售,发电及输变电。主营业务收入构成为：煤炭 88.38%，物资流通5.00%，其他3.23%，铁路运输2.06%，建筑工程1.34%。 从郑州煤电十大流通股东角度 国泰中证煤炭ETF（515220）基金经理为吴中昊。 截至发稿，吴中昊累计任职时间4年0天，现任基金资产总规模240.55亿元，任职期间最佳基金回报 112.67%， 任职期间最差基金回报-16.04%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，任何在本文出现的信息（包括但 不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验，因此本文内 容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联系 biz@staff ...

Investment Rating - The report maintains a "Buy" rating for key companies in the electric power and new energy sectors, including Ningde Times, Mingyang Electric, and Sunshine Power [6]. Core Insights - The focus on affordability in the U.S. AI power sector is expected to influence the mid-term elections in 2026, with significant price increases in wholesale electricity driven by rising gas prices and capacity costs [2][15]. - The report highlights the potential for a significant increase in capacity prices due to the growing demand from data centers, which are projected to account for 95% of the incremental capacity [2][23]. - The "Energy as a Service" (EAAS) model is identified as a viable solution for data centers to achieve rapid power access while internalizing costs, with an estimated annual installation demand of 29-45 GW from 2026 to 2030 [4][31]. Summary by Sections Section 1: Price Increases and Capacity Demand - The PJM wholesale electricity price increased by 43.7% year-on-year, with gas prices contributing 66% and capacity price increases contributing 30% [2][15]. - The report estimates that capacity prices could rise by 100% to 300% from current levels due to the demand from data centers [2][15]. Section 2: Energy as a Service (EAAS) Model - The EAAS model is projected to maintain a demand of 29-45 GW per year from 2026 to 2030, with small gas turbines being economically advantageous [4][31]. - This model allows data centers to meet their urgent power needs while minimizing the impact on overall electricity costs [4][31]. Section 3: Electric Grid and Regulatory Changes - The report emphasizes the need for accelerated approval processes for electric grid and power sources to reduce electricity costs through economies of scale [3][31]. - Recent regulatory changes, including FERC's proposals, aim to streamline the approval process for large loads and enhance the capacity of the electric grid [31][40]. Section 4: Recommendations for Key Companies - The report recommends several companies for investment, including Ningde Times, Mingyang Electric, and Sunshine Power, all rated as "Buy" [9]. - Other recommended companies include Guodian NARI, Dongfang Electric, and Harbin Electric, which are positioned to benefit from the rising demand for electric power equipment [9]. Section 5: Market Dynamics and Future Outlook - The report anticipates a recovery in household solar storage demand driven by rising electricity prices, with potential for significant market growth [5][10]. - The overall electric power market is expected to experience a structural shift due to the increasing load from data centers, necessitating a reevaluation of investment strategies in the sector [31][35].

商 品 研 究 2026 年 01 月 26 日 焦炭：产业叠加资金配合，区间震荡 【宏观及行业新闻】 （1）1 月 23 日中国煤炭资源网 CCI 冶金煤指数：CCI 山西低硫主焦 S0.7 1627（-）；CCI 山西中硫主 焦 S1.3 1260（-）；CCI 山西高硫主焦 S1.6 1249（-） （2）【中国煤炭资源网】产地焦煤简评，本日（1 月 23 日）炼焦煤线上竞拍挂牌量总计 21.2 吨，流拍 率 16%，较昨日上升 9%，平均溢价 18.78 元/吨。今日挂牌资源主要以焦煤、配焦原煤为主，终端需求表现 不佳，焦钢市场持续博弈，原料支撑减弱，下游采购心态偏弱，多谨慎观望暂缓拿货，焦煤市场成交一般， 成交价格跌多涨少，且流拍率有所上升，今日多数资源降幅在 10-36 元/吨，个别价格小幅涨 1-10 元/吨。 泰 君 安 期 货 研 究 所 焦煤：产业叠加资金配合，区间震荡 刘豫武 投资咨询从业资格号：Z0023649 liuyuwu2@gtht.com 【基本面跟踪】 焦煤焦炭基本面数据 | | | JM2605 | 昨日收盘价(元/吨) 1157 | 涨跌(元/吨) 25. 5 | 涨跌幅 ...

| | 指 标 | 单 位 | 本 期 | 环 比 | 同比去年 | | --- | --- | --- | --- | --- | --- | | 产地价格 | 大同南郊动力煤Q5500 | 元/吨 | 564.0 | 0.0 | -62.0 | | | 鄂尔多斯伊金霍勒旗电煤Q5500 | 元/吨 | 526.0 | 0.0 | -44.0 | | | 动力煤价格:榆林烟煤末Q6000 | 元/吨 | 589.0 | 0.0 | -64.0 | | 港口价格 | 秦港山西产Q5500 | 元/吨 | 599.0 | 0.0 | -24.0 | | | 秦港山西产Q5000 | 元/吨 | 514.0 | 0.0 | -19.0 | | | 秦港山西产Q4500 | 元/吨 | 750.0 | 0.0 | -37.0 | | 海外价格 | 印尼FOB Q3800 | 美元/吨 | 49.5 | 0.2 | -0.5 | | | 澳大利亚FOB Q5500 | 美元/吨 | 74.0 | 0.0 | -7.0 | | 1月长协价格 | 港口Q5500 | 元/吨 | 684.0 | -10.0 | -9.0 ...

期货研究报告 投资咨询业务资格：证监许可【2011】1778 号 宝城期货煤焦早报（2026 年 1 月 26 日） ◼ 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 | 震荡 偏强 | 震荡 | 多空交织，焦煤窄幅震荡 | | 焦炭 | 2605 | 震荡 | 震荡 | 震荡 偏弱 | 震荡 | 单边驱动不足，焦炭区间震荡 | 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。 （仅供参考，不构成任何投资建议） 专业研究·创造价值 1 / 3 请务必阅读文末免责条款 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 ...

Group 1 - The overall market trend for 2026 is expected to be optimistic, driven by a combination of fundamental, liquidity, sentiment, and policy factors [1][2] - China's GDP has surpassed 140 trillion, indicating a strong economic achievement that supports market performance [1] - Despite a recent cooling in market sentiment, the overall bullish sentiment remains high, and the market is currently undergoing a necessary adjustment phase [2] Group 2 - Historical analysis shows that previous bull markets have been characterized by short bursts of activity followed by long periods of adjustment, which negatively impacted investor experiences [3] - The current market environment is being guided towards healthier long-term development through measures such as increased margin requirements and regulatory support [4] - The AI sector remains a key focus for 2026, with strong growth expected in upstream computing power and semiconductor equipment due to expansion and rising demand [5][6] Group 3 - The innovative drug sector is projected to continue its growth trajectory in 2026, focusing on new drug platforms and expanding applications for existing treatments [6]

围绕这一痛点，他带领团队将"近距离煤层群多元灾害协同治理"作为首要攻坚方向，通过系统性技术研发，打破单一灾害治理的局限，构建多灾种联动防控 体系，尤其在三甲煤矿创新实践了"巷道协同锚护+沿空留巷无煤柱开采+瓦斯水火灾害协同治理"等新方法和新技术，让三甲煤矿转变了对瓦斯灾害的治理 理念，由"瓦斯难防难治甚至灾害不可避免"转变成"瓦斯可治、可防、可控，瓦斯零超限可以实现"，为煤矿安全生产筑牢防线。同时，针对贵州不少煤矿因 系统、采区、采面及巷道布局不合理导致的采掘失调难题，团队同步推进"煤矿生产系统、采区采面与巷道超前优化布局"，强调新矿井、新采区、新水平的 前瞻性规划，从源头提升开采效率与安全系数，为能源产业高质量发展扫清障碍，并在黔鑫煤矿、玉龙煤矿等多个煤矿实现了单翼"采1备2至备多+利用备 采(留巷)巷道实现瓦斯超前立体治理"的安全高效开采目标。 成果落地生根创新赋能实践 将实验室的理论成果转化为矿山现场的实用方案，是龙景奎始终坚守的科研导向。他坚持"少掘巷道、多采煤炭""有用就留、能留尽留"的开采思路和目标， 在大西南矿业公司安能煤矿率先实现913孤岛工作面"双留巷"开采，即将邻近的911工作面回风巷留作 ...

焦煤焦炭周报 2026 年 1 月 26 日 供应压力较大 双焦震荡偏弱 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 上周主要期货市场收市数据 注:(1)成交量、持仓量：手； (2)涨跌=周五收盘价－上周五收盘价； 从业资格号：F03120615 投资咨询号：Z0022965 敬请参阅最后一页免责声明 1/8 ⚫ 下游：钢厂节前检修高位，铁水产量偏弱，叠加终端需 求淡季，原料需求不佳。上周钢厂的焦炭生产维持，日 均焦炭产量小增，库存明显增加。 ⚫ 中游：焦化利润不佳，焦企开工放缓，焦炭产量减少。 全国平均吨焦盈利-66（环比-1）元/吨。上周产能利用 率为72.41%（-0.14）；焦炭日均产量63.31（-0.14） 万吨，焦炭库存81.45（-0 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Chinese capital market is accelerating its opening - up, and new regulations for public funds are set to address industry issues. The bond market shows a slight upward trend, and the stock market has a positive outlook with new - fund issuance booming. Commodity markets, including metals, energy, and agriculture, have various price movements driven by different factors [2][17][25][36] - The macro - economic data shows a mixed picture, with GDP growth slowing, inflation rising slightly, and changes in various economic indicators such as manufacturing PMI, social financing, and trade [1] 3. Summary by Directory 3.1 Macro Data Overview - GDP growth in Q4 2025 was 4.5% year - on - year, down from 4.8% in the previous quarter and 5.4% in the same period last year. Manufacturing PMI was 50.1%, up from 49.8% in the previous month. Non - manufacturing PMI was 50.2%, slightly up from 50.0% [1] - Social financing in December 2025 was 22075 billion yuan, down from 35299 billion yuan in the previous month. M0, M1, and M2 growth rates changed compared to the previous month and the same period last year [1] - CPI in December 2025 was 0.8% year - on - year, up from - 0.3% in the previous month. PPI was - 1.9% year - on - year, slightly improved from - 2.3% [1] 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The China Securities Regulatory Commission added 14 futures and options as domestic specific varieties, signaling an acceleration of capital market opening [2] - The Fed is expected to keep the federal funds rate unchanged at 3.50% - 3.75% in its January meeting, with a 95% probability according to the CME FedWatch tool [3] - On January 23, 31 domestic commodity varieties had positive basis, and 37 had negative basis [3] 3.2.2 Metals - Gold prices broke through $5000 per ounce, and silver prices exceeded $106 per ounce, with a 3% increase. Analysts predict gold price increases between 10% - 35% in 2026 [4][5] - Gold - related listed companies' performance improved due to rising gold prices, and some companies are still acquiring gold - mine assets [5] - The prices of gold and silver reached their highest weekly gains since 2020, driven by factors such as a weak dollar, capital outflows from currency and bonds, and geopolitical tensions [5] - The lithium carbonate futures price exceeded 180,000 yuan per ton, driven by supply contraction and demand growth, but market divergence is increasing [5] 3.2.3 Coal, Coke, Steel, and Minerals - Coking coal prices rose significantly, with most coal types increasing by over 100 yuan per ton, increasing coke production costs [7] - Coking enterprises' losses intensified, with an average loss of 65 yuan per ton of coke last week, a 20 - yuan increase from the previous week [7] - The coke market is in a tight supply - demand balance, with high steel - mill iron - water production and low coke production [8] - In 2025, the national coal production by large - scale enterprises reached 48.3 billion tons, a 1.2% year - on - year increase [8] 3.2.4 Energy and Chemicals - In December 2025, the national electricity market trading volume was 608 billion kWh, a 6.6% year - on - year increase. Green power trading volume increased by 32.3% [10] - Due to a cold wave in the US, natural gas futures prices exceeded $6 per million British thermal units for the first time since 2022 [10] - The US may cancel the 25% tariff on India if India's oil imports from Russia continue to decline [11] 3.2.5 Agricultural Products - In mid - January 2026, 29 out of 50 important production materials' prices rose, 13 declined, and 8 remained unchanged compared to early January. Pig prices increased by 3.2% [14] - Fruit prices, such as strawberries, cherries, and tangerines, decreased due to sufficient supply [14] - As of mid - January 2026, the price of soybeans increased by 0.31% month - on - month [14] 3.3 Financial News Compilation 3.3.1 Open Market - On January 23, the central bank conducted 125 billion yuan of 7 - day reverse repurchase operations, with a net injection of 38.3 billion yuan after deducting the maturity amount [15] - This week, 1181 billion yuan of reverse repurchases and 200 billion yuan of MLF will mature. The central bank conducted 900 billion yuan of MLF operations in January, with a net injection of 700 billion yuan [15] - The central bank's mid - term liquidity net injection in January reached 1 trillion yuan to maintain market liquidity [16] 3.3.2 Important News - The CSRC issued guidelines for public - fund performance comparison benchmarks, and the Asset Management Association of China released operating rules, which will take effect on March 1 [17] - The national market operation and consumption promotion meeting emphasized promoting commodity and service consumption upgrades [17] - In 2025, the actual use of foreign capital in China was 747.69 billion yuan, a 9.5% year - on - year decrease, but some industries saw growth [18] - The central bank will promote global financial governance reform and international financial cooperation in 2026 [18] 3.3.3 Bond Market Summary - The Chinese bond market showed a slight upward trend, with interest - rate bond yields falling by about 1bp. The 10 - year treasury bond yield reached 1.83% [25] - In the exchange bond market, most Vanke bonds rose, and the real - estate bond index and high - yield urban investment bond index also increased [26] - The convertible bond index rose, with some bonds having significant gains and losses [26][27] - Most money - market interest rates declined, and bond - issuance yields and multiples were reported [27][28] 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar closed at 6.9642, down 14 points from the previous trading day, but up 48 points last week. The RMB central parity rate against the US dollar was raised by 90 points [31] - The US dollar index fell 0.79%, and most non - US currencies rose [31] 3.3.5 Research Report Highlights - Huatai Fixed - Income believes that the second - tier perpetual bonds have recovered, and the bond market may continue to fluctuate in Q1, with some trading opportunities [32] - Huatai Securities is optimistic about the investment opportunities of high - quality real - estate enterprises, commercial operators, Hong Kong - funded real - estate enterprises, and high - dividend property - management companies [32] - CICC Fixed - Income reports that the scale of nominal fixed - income + funds reached a record high in Q4 2025, while pure - bond funds faced redemption pressure [33] - CITIC Securities expects the expansion of public REITs to become normal, which will help transform the REITs market from "small and scattered" to "large and excellent" [34] - CITIC Construction Investment warns of risks such as US inflation, economic recession, European energy crisis, and global geopolitical risks [34] 3.4 Stock Market News - Foreign public - fund institutions are optimistic about the A - share market in 2026, maintaining high - position strategies and focusing on the technology sector [36][37] - Since the beginning of 2026, the new - fund issuance market has recovered, with 76 new funds established and a total fundraising of 71.939 billion yuan as of January 24 [37] 3.5 Today's Reminders - On January 26, 195 bonds will be listed, 127 bonds will be issued, 127 bonds will be paid, and 498 bonds will pay principal and interest [35]