Core Viewpoint - The coal sector has shown strong performance recently, with significant price increases in various coal companies, driven by improving supply-demand fundamentals and low historical prices for thermal and coking coal [1] Group 1: Market Performance - As of the report, Antai Group has reached the daily limit increase, while Lu'an Huanneng and Jinkong Coal Industry have risen over 5%, and companies like China Coal Energy and New Dazhou have increased by approximately 4% [1] - The current prices for thermal coal and coking coal are still at historical lows, providing room for a rebound [1] Group 2: Supply and Demand Dynamics - The supply side is experiencing a contraction in production due to the "checking overproduction" policy, while the demand side is entering the heating season, which is expected to improve the coal supply-demand fundamentals [1] - Both types of coal are anticipated to have upward price elasticity, with thermal coal supported by long-term contract mechanisms and profit-sharing logic between coal and power companies [1] - Coking coal, being more market-sensitive, may exhibit greater price elasticity due to its higher marketization [1] Group 3: Investment Sentiment - Many coal companies continue to express a strong willingness for high dividends, with six listed coal companies announcing mid-term dividend plans [1] - In the context of global political and economic uncertainty and domestic economic stabilization expectations, investment behavior in the capital market shows emotional fluctuations [1] - The coal sector possesses both cyclical and dividend attributes, with current low holdings indicating that the fundamentals have reached a turning point, suggesting it is an opportune time for investment [1]

每经AI快讯，港股煤炭股多数走高，截至发稿，兖矿能源涨5.62%，报11.67港元；中国秦发涨4.79%， 报3.06港元；中煤能源涨3.2%，报11.3港元；中国神华涨2.47%，报41.46港元。 ...

炼焦煤 永泰能源（600157.SH） 增持-A(维持) 前三季度煤电一体对冲波动，未来业绩或受益煤价上涨 公司钒电池储能核心技术实现行业性突破。公司所属新加坡 Vnergy 公 司研发的第 1 代正极固体增容材料，可将正极电解液成本降至传统方案的 40%～60%，结合短流程工艺后更有望 再下降 40%，还可将原有系统工作温 度区间从 10℃～40℃扩大至 5℃～70℃，从而提高热稳定性，且完全兼容现 有钒电池电堆系统，可实现"零改造升级"，为行业带来 突破性解决方案。 投资建议 分析师： 考虑到公司明确海则滩煤进展，且电力业务毛利率提升，预计公司 2025-2027 年归母净利分别为 3.78/7.57/16.60 亿元。公司坚持"煤电为基、 储能为翼"的发展战略，内生与外延成长同步推进，且公司重视股东合理回 报，维持"增持-A"投资评级。 风险提示 投资要点 事件：2025 年 10 月 29 日，公司发布三季报。前三季度公司实现营业收 入 177.28 亿元，同比减少 20.77%；实现归母净利 1.98 亿元，同比减少 86.48%。 三季度单季公司实现营业收入 70.52 亿元，同比减少 10.31 ...

1. Report Industry Investment Rating - There is no information about the report industry investment rating provided in the content 2. Core Viewpoints of the Report - For the 2601 contract of coking coal, the short - term, medium - term, and intraday views are shock, shock, and shock - biased - strong respectively, with a shock - based approach. It is supported by strong expectations and shows high - level shocks [1]. - For the 2601 contract of coke, the short - term, medium - term, and intraday views are shock, shock, and shock - biased - strong respectively, with a shock - based approach. It is supported by strong costs and operates at a high level [1]. 3. Summary by Relevant Catalogs 3.1 Coking Coal (JM) - **Core Logic**: As of the week ending October 31, the daily average output of clean coal from 523 coking coal mines nationwide was 75.8 thousand tons, a weekly decrease of 0.3 thousand tons per day, basically stable, and 2.2 thousand tons per day lower than the same period last year. From October 20th to 25th, the total number of Mongolian coal trucks passing through the 288 port was 4,814, a weekly decrease of 2,406 trucks. Due to the political turmoil in Mongolia in the middle of the month, the customs clearance efficiency dropped significantly in the short term, but it has returned to normal this week, with the daily number of trucks increasing to around 1,200. On the demand side, as of the week ending October 31, the total daily average output of coke from all - sample independent coking plants and steel - mill coking plants was 110.8 thousand tons, a weekly increase of 0.08 thousand tons. Overall, the supply - demand pattern of coking coal has no obvious change, and the upward drive mainly comes from the macro - level benefits brought by the relaxation of Sino - US trade relations, as well as the strong expectations for coking coal supply due to safety inspections and anti - cut - throat competition [5]. 3.2 Coke (J) - **Core Logic**: As of the week ending October 31, the total daily average output of coke from all - sample independent coking plants and steel - mill coking plants was 110.8 thousand tons, a weekly increase of 0.08 thousand tons. After the second round of price increases for coke, the profit per ton of coke for 30 independent coking plants monitored by Steel Union was - 32 yuan/ton, an improvement of 9 yuan week - on - week, but still in a loss state, and the production enthusiasm has not significantly improved, with coking enterprises still having the intention to raise prices. On the demand side, the daily average output of hot metal from 247 steel mills nationwide was 236.36 thousand tons, a weekly decrease of 3.54 thousand tons per day, and the profitability rate decreased by 2.6 percentage points to 45.02%. Overall, the coke supply is stable, the demand is declining, and the fundamentals are marginally weakening. However, during the week, the Chinese and US presidents met and reached multiple economic and trade consensuses, and the cooling of trade frictions has improved the market sentiment, so coke futures temporarily maintain high - level operation [6].

投资咨询业务资格：证监许可【2011】1778 号 宝城期货动力煤早报（2025 年 11 月 3 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 | 动力煤现货 | | | | 震荡 | 多空博弈加剧，港口煤价高位震 | | --- | --- | --- | --- | --- | --- | | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 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。 期货研究报告 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 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：动力煤现货 日内观点： 中期观点： 参考观点：震荡 核心逻辑：近期，国内动力煤价格企稳运行，不过煤市乐观氛围仍未扭转，贸易商采购积极性良 好，涨价煤矿依然较多。从供应端来看，虽然外贸煤进口量平稳运行，但月末煤矿完成生产目标 后停产增多，叠加 11 月中央安全生产考核 ...

| 建筑材料 | | | | 亚士创能 | | | --- | --- | --- | --- | --- | --- | | 综合 | -1.64 | 23.80 | 34.42 | 东阳光 | -4.60 | | 电子 | -1.99 | 1584.56 | -23.09 | 清越科技 | -20.02 | | 有色金属 | -3.52 | 713.63 | -13.34 | 华锡有色 | -9.19 | （文章来源：证券时报网） 证券时报·数据宝统计，截至上午10:28，今日沪指跌0.16%，A股成交量676.62亿股，成交金额10455.84 亿元，比上一个交易日减少13.32%。个股方面，2584只个股上涨，其中涨停57只，2696只个股下跌， 其中跌停9只。从申万行业来看，石油石化、煤炭、传媒等涨幅最大，涨幅分别为2.51%、2.30%、 1.73%；有色金属、电子、综合等跌幅最大，跌幅分别为3.52%、1.99%、1.64%。（数据宝） 今日各行业表现（截至上午10:28） | 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- ...

智通财经APP获悉，中煤能源(01898)涨近4%，截至发稿，涨3.11%，报11.29港元，成交额9256.8万港 元。 消息面上，近日，中煤能源发布2025年前三季度业绩。华泰证券指出，中煤能源第三季收入同比跌 23.78%，按季增0.29%；纯利降0.96%，按季增28.26%。今年首三季收入同比跌21.24%；纯利同比降 14.57%。该行表示，公司第三季纯利按季明显改善，同比则接近持平，主要是由于自产煤降本，煤炭 销售均价回升，加上煤化工量利修复所致。 值得关注的是，近日，中煤能源公布，公司参与出资央企战新基金，该基金为公司制，公司作为股东认 购10亿元的基金份额，占比 1.96%。本次交易总额人民币10亿元，资金来源为公司的自有资金。本次交 易旨在落实国家战略部署，推动央企战新产业和未来产业发展，突出长期资本、耐心资本、战略资本的 核心价值。该基金投资领域与公司主营业务协同性强，可通过基金接入更广泛的产融平台，有助于公司 拓宽产业合作生态圈。 ...

Core Viewpoint - The coal sector is experiencing a rise in stock prices, driven by expectations of increased coal prices due to the heating season and enhanced safety regulations [1] Group 1: Stock Performance - Yanzhou Coal Mining Company (兖矿能源) shares rose by 5.62%, reaching HKD 11.67 [1] - China Qinfa (中国秦发) shares increased by 4.79%, reaching HKD 3.06 [1] - China Coal Energy (中煤能源) shares rose by 3.2%, reaching HKD 11.3 [1] - China Shenhua Energy (中国神华) shares increased by 2.47%, reaching HKD 41.46 [1] Group 2: Market Analysis - Zhongtai Securities (中泰证券) reports that coal prices are expected to maintain an upward trend due to the heating season and safety production assessments [1] - Recent constraints on coal supply and increased demand for coal during the winter peak are contributing to a stable rise in coal prices [1] - Port coal prices have remained above CNY 770 per ton, marking a mid-year high [1] Group 3: Future Outlook - The firm anticipates that coal prices will continue to rise in November, supported by the heating season and comprehensive safety production evaluations [1] - The coal sector has seen significant declines this year, leading to low institutional holdings and a healthy trading structure [1] - The demand for non-electric coal during the peak season and the release of winter demand are expected to further strengthen coal prices [1] - The third-quarter reports from listed companies indicate a sequential improvement in the performance of thermal coal enterprises, confirming a rebound in the industry [1] - Coking coal companies are experiencing lagging improvements due to long-term pricing mechanisms, but the overall upward trend remains intact [1] - The company maintains a positive outlook on investment opportunities in the new coal upcycle [1]

Group 1 - The current index level is not as critical as the underlying quality of the market, with structural opportunities still present despite a focus on timing being less important [1] - The overall growth is entering a recovery phase, with improvements in net profit margins across various sectors, indicating a broadening of growth prospects [2] - The market is expected to experience a period of horizontal adjustment, suggesting a temporary pause in aggressive investment strategies [4] Group 2 - The recent U.S.-China trade discussions have alleviated external uncertainties, contributing to a favorable policy environment for the A-share market [5] - The focus is shifting towards internal structural optimization, with an emphasis on sectors like AI and cyclical industries that are expected to perform well in the coming year [7] - The market is likely to see a rotation in investment themes, with a potential focus on sectors benefiting from domestic demand and global supply chain dynamics [9] Group 3 - The technology sector remains a key focus, although there may be increased volatility in the short term due to high allocation levels and potential shifts in investment strategies [10] - The outlook for the market remains optimistic in the medium to long term, supported by clear economic growth targets and stable policy environments [8] - The recovery in profitability is expected to solidify the bull market, with a focus on sectors that can leverage both domestic and international opportunities [11][12]

值得关注的是，近日，中煤能源公布，公司参与出资央企战新基金，该基金为公司制，公司作为股东认 购10亿元的基金份额，占比1.96%。本次交易总额人民币10亿元，资金来源为公司的自有资金。本次交 易旨在落实国家战略部署，推动央企战新产业（300832）和未来产业发展，突出长期资本、耐心资本、 战略资本的核心价值。该基金投资领域与公司主营业务协同性强，可通过基金接入更广泛的产融平台， 有助于公司拓宽产业合作生态圈。 中煤能源（601898）(01898)涨近4%，截至发稿，涨3.11%，报11.29港元，成交额9256.8万港元。 消息面上，近日，中煤能源发布2025年前三季度业绩。华泰证券指出，中煤能源第三季收入同比跌 23.78%，按季增0.29%；纯利降0.96%，按季增28.26%。今年首三季收入同比跌21.24%；纯利同比降 14.57%。该行表示，公司第三季纯利按季明显改善，同比则接近持平，主要是由于自产煤降本，煤炭 销售均价回升，加上煤化工量利修复所致。 ...