| | 申银万国期货研究所 沈击莽 (从业编号F03148029 交易咨询号Z0022842) | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | shenyb@sywggh.com.cn 021-50582113 | | | | | | | | | 11.0 18 | | | | | | | | | | 1月 | 5月 | 9 H | 1月 | 5月 | 9月 | | | 前1日收盘价 | 1393. 5 | 1147.0 | 1222.5 | 1863. 5 | 1703.5 | 1774.0 | | | 前2日收盘价 | 1390. 5 | 1138.5 | 1217.5 | 1860. 0 | 1698.5 | 1769.0 | | Eli | 浅跌 | 3.0 | 8.5 | 5.0 | 3.5 | 5.0 | 5.0 | | स्त | 煮跌幅 | 0. 22% | 0. 75% | 0. 41% | 0. 19% | 0. 29% | 0. 28% | | 10 | 成交堂 | 1668 | 798141 | 3 ...

1月底至2月初，美国、印度相继正式将焦煤列为"关键矿产资源"，引发了市场对全球炼焦煤资源价值的重估。 2月4日，一则关于"印尼将暂停煤炭出口"的消息引发市场广泛关注。上周五，印尼能源与矿产资源部证实，目 前的情况是尚未正式批准煤炭生产商2026年的工作计划与预算，而非立即停止出口。根据惯例，印尼政府通常 在每年3月底前完成上半年出口配额的审批，且年中还可能进行调整。因此，市场所担忧的"出口锐减"局面，目 前仍存在较大不确定性。 从供应端看，国内焦煤市场供应在节前维持相对高位，但受春节假期影响，已进入季节性减产阶段。随着假期 临近，煤矿陆续安排放假，减产范围正逐步扩大。截至2月6日，523家样本矿山炼焦煤开工率为86.67%，环比 回落2.46个百分点；原煤日均产量192.53万吨，环比下降万吨；精煤日均产量75.45万吨，环比减少1.62万吨。整 体来看，产地供应将持续收缩。 图为523家样本矿山精煤日均产量 进口方面，蒙古与澳大利亚的煤炭呈现结构性分化，整体供应压力仍存但结构有所调整。受盘面升水影响，蒙 煤进口量维持高位。供应持续宽松导致部分口岸库存累积。与蒙煤形成对比的是，澳大利亚优质炼焦煤资源仍 显紧俏 ...

Group 1 - The European Central Bank (ECB) President Lagarde will discuss the EU economic situation and ECB activities on February 9, with Eurozone January CPI falling to 1.7% and core CPI to 2.2%, both below the ECB's 2% medium-term target [1] - The demand for electronic storage and CPU orders is surging, with capital expenditure and orders in the computing sector maintaining high growth, indicating a sustained improvement in industry conditions [1][15] Group 2 - The Shanghai Composite Index closed at 4123.09 points, up 1.41%, while the Shenzhen Component Index rose 2.17% to 14208.44 points, and the ChiNext Index increased by 2.98% to 3332.77 points, with total trading volume reaching 2.25 trillion [2] - The retail sector is experiencing a full recovery in travel demand during the Spring Festival, with flight bookings up 10% and hotel bookings increasing by over 15% [3] Group 3 - The beverage sales during the Spring Festival are strong, with notable growth in various brands, indicating a robust demand across food and beverage categories [5] - The high-end liquor market is stable, with significant growth in premium brands, while the real estate liquor segment is expected to see a turning point mid-year [6] Group 4 - The coal supply is tightening due to reduced export quotas from Indonesia, leading to a rapid increase in coal prices, which have rebounded from a low of $38 to $49.27 [6] - The high-end consumer market is gradually recovering, with a target of double-digit growth set for 2026, particularly in luxury and soft luxury segments [7] Group 5 - The new RWA regulations in Hong Kong clarify the non-monetary nature of virtual assets and define the path for RWA, with expectations for the secondary market to open in 2026 [8][9] - The home appliance market shows significant differentiation in sales performance, with black electronics and washing machines growing, while air conditioning and refrigerators decline [10][11] Group 6 - The demand for new energy sectors is increasing, with lithium carbonate prices at 130,000, and significant growth expected in sodium battery applications and wind power orders [13] - The computing-related industry is making significant progress, with Nvidia's quartz glass substrate samples being delivered and expected improvements in production efficiency [14] Group 7 - The overseas AI capital expenditure is surging, with major companies like AWS and Google significantly increasing their capital spending, driving demand across the AI supply chain [16][17] - The optical module market is experiencing rapid growth, with demand expected to double by 2026, particularly in data centers [20]

国泰海通主要观点如下： 智通财经APP获悉，国泰海通发布研报称，印尼矿业官员周二表示，由于印尼政府提出大幅减产计划， 该国矿商已暂停现货煤炭出口。印尼上月向主要矿商下达的产量配额比2025年水平降低40%至70%，作 为该国提振煤价计划的一部分。整体价格预计26年国内均价在国内供给平稳海外进口略降，需求端稳中 有恢复的背景下，均价结束4年下降周期，恢复增长。煤炭板块周期底部已经确认在25Q2，供需格局已 经显现了逆转拐点，且该行预计26年开始煤炭及下游主要需求火电将步入新一轮的上行大周期，值得期 待。 焦煤：需求端有望淡季不淡。截至2026年2月5日，京唐港主焦煤库提价（山西产）1700元/吨，较前一 周下跌80元/吨（-4.5%）。上周日均铁水产量环比微降，该行认为需求端有望淡季不淡。 行业回顾：1）截至2026年2月5日，京唐港主焦煤库提价1700元/吨（-4.5%），港口一级焦1696元/吨 （-0.5%），炼焦煤库存三港合计266.3万吨（-4.9%），200万吨以上的焦企开工率为 79.18%（0.08PCT）。2）澳洲纽卡斯尔港Q5500离岸价上涨2美元/吨（2.3%），北方港(Q5500)下水煤 ...

国内新闻 新闻聚焦 ◐ 国家能源局公布煤矿智能化技术升级应用试点名单。 据国家能源局网站2月9日消息，为加快煤矿智能化关键技术攻关和推广 应用，迭代提升煤矿智能化建设运行水平，经组织申报、初审推荐、专家评审和网上公示等程序，确定"煤巷钻锚铺一体化智能 快速掘进试点项目"等77个项目为煤矿智能化技术升级应用试点项目。现将试点项目名单予以公布。 【更多详情】 ◐ 国家能源局启动第六批能源领域首台（套）重大技术装备申报工作。 据国家能源局网站2月9日消息，为落实《中华人民共和 国能源法》关于"国家支持依托重大工程集中开展科技攻关和集成应用示范"的有关部署，国家能源局现组织开展第六批能源领域 首台（套）重大技术装备申报工作。 【更多详情】 响古巴所有国际机场。该通知有效期为期一个月，从2月1 0日持续至3月11日。 ◐ 日本柏崎刈羽核电站再次启动。 据央视新闻报道，日本东京电力公司2月9日说，日本柏崎刈羽核电站6号机组再次启动。按 计划，反应堆于2月9日当天内达到临界状态，2月15日开始试发电和输电。之后，东京电力公司将再度关闭反应堆检查各设备， 如果没有问题，将于3月1 8日实施"综合负荷性能检查"，接着开启商业运 ...

春节临近，国家能源集团乌海能源公司骆驼山洗煤厂依旧是一片忙碌景象。装煤现场，一排排重型卡车 整齐列队，静待装煤。现场听不见高声指挥，也看不见匆忙奔走的人影，伴随着智能语音系统的清晰提 示声，煤炭顺着下料口倾泻而下，簌簌地滑入车厢。如今在这个洗煤厂，智能无人装车系统正彻底改变 着传统作业的面貌。 记者走进洗煤厂集控中心二楼，装车现场尽收眼底。装车调度员蔺振国坐在操作台前，目光从容地扫过 多个分屏画面——车辆识别、精准定位、煤流量曲线、实时吨位统计……数据无声流动，秩序一目了 然。今年的春节，将是蔺振国成为"智能化装车员"后在岗度过的第一个春节。 "以前，每个通道都得有人盯着，冬天人在寒风里一站就是几个小时，夏天又是煤尘又是暴晒，还得近 距离指挥车辆，安全压力也大。"蔺振国回忆道。如今，随着智能无人装车系统在乌海能源公司多个洗 煤厂投运，传统的人工挥旗、呐喊指挥的场景已成为历史。装车调度员从煤尘飞扬的现场，转移到了明 亮洁净的集控中心；指挥方式，也从利用对讲机和手势，变成了利用鼠标、键盘和智慧大脑系统。 （来源：内蒙古日报） 转自：内蒙古日报 □本报记者 郝飚 通讯员 贾梦怡 "你看，现在装一车，误差可以控制在极 ...

Meeting Overview - The first temporary shareholders' meeting of Inner Mongolia Electric Power Investment Energy Co., Ltd. was held on February 9, 2026, with a total of 246 shareholders present, representing 1,429,837,138 shares, which is 63.7872% of the total voting shares [3][4]. Voting Method and Attendance - The meeting utilized a combination of on-site voting and online voting, with the on-site meeting held at the company's office in Tongliao City, Inner Mongolia [3][4]. - The attendance included 4 shareholders voting on-site, representing 1,258,759,983 shares (56.1552%), and 242 shareholders voting online, representing 171,077,155 shares (7.6320%) [4]. Proposal Review and Voting Results - Proposal 1: The expected situation of daily related transactions for 2026 was approved with 136,087,711 shares in favor, accounting for 99.9527% of the valid votes [6][7]. - Proposal 2: The mid-term profit distribution plan was approved with 1,429,764,638 shares in favor, accounting for 99.9949% of the valid votes [9][10]. Legal Opinion - The legal opinion provided by Beijing Zhongzi Law Firm confirmed that the meeting's procedures, qualifications of attendees, voting procedures, and results complied with relevant laws and regulations, making the voting results valid [12].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600971 证券简称：恒源煤电 公告编号：2026-012 安徽恒源煤电股份有限公司 关于以集中竞价交易方式回购公司股份的回购报告书 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份金额：不低于人民币20,000万元，不高于人民币25,000万元。 ● 回购股份资金来源：公司自有资金 ● 回购股份用途：回购股份用于转换公司发行的可转换公司债券。若公司未能在股份回购实施完成后三 年内转换完毕，未转换股份将依法履行相关程序后予以注销。 ● 回购股份价格：不超过人民币 9.55元/股。该价格不高于公司董事会通过回购股份决议前 30 个交易日 公司股票交易均价的 150%。 ● 回购股份方式：集中竞价交易方式 1.本次回购期限内，存在公司股票价格持续超出回购方案披露的价格上限，导致本次回购方案无法顺利 实施的风险； 2.若发生对公司股票交易价格产生重大影响的事项，或公司生产经营、财务状况、外部客观情况发生重 大变化，或其他导致公司董事会决定终 ...

证券代码：900948 证券简称：伊泰B股 公告编号：临2026-011 内蒙古伊泰煤炭股份有限公司 关于公司2026年1月 对外提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 被担保人名称及是否为上市公司关联人：被担保人为内蒙古伊泰煤制油有限责任公司、内蒙古伊泰化 工有限责任公司、伊泰伊犁矿业有限公司、伊泰伊犁能源有限公司，均不是公司关联人。 ● 1月实际发生担保105,070.05万元，无反担保。 ● 对外担保逾期的累计数量：截至本公告日，无逾期对外担保。 被担保人基本情况详见《内蒙古伊泰煤炭股份有限公司2025年度为控股子公司提供担保预计的公告》 （临2025-019）及《内蒙古伊泰煤炭股份有限公司关于2025年度为部分全资子公司、控股子公司商业承 兑汇票融资业务提供担保预计的公告》（临2025-020）。 被担保人截至2024年12月31日的财务数据如下： ● 特别风险提示：公司实际发生的对外担保均为合并报表范围内企业，风险可控。 一、公司对外担保预计审批情况 内蒙古伊泰煤炭股份 ...

Group 1: Market Performance - The Hong Kong stock market has seen a cumulative increase of 5,969 points over the past eight months, but started September with mixed performance, with the Hang Seng Index down by 17 points or 0.1%, closing at 27,953 points and a trading volume of HKD 1,005.67 million [1] - Macau's gaming revenue for August rose by 20.4% year-on-year, aligning with market expectations, leading to a surge in gaming stocks, particularly Galaxy Entertainment, which reached a nearly 33-month high with a 3.9% increase, closing at HKD 51 [1] Group 2: Company Performance - China Tuhu (02399.HK) reported a 19.8% increase in net profit to RMB 73.8 million for the six months ending June, despite a 4.9% decrease in revenue to RMB 600 million and a similar decline in gross profit [2] - The company's EBITDA, net profit margin, and return on equity improved by 4.1 percentage points, 2.5 percentage points, and 0.7 percentage points to 22.5%, 12.3%, and 9.8% respectively [2] - Tuhu's trade receivables turnover days decreased by 34 days to 108 days, and the debt-to-asset ratio significantly narrowed by 12.5 percentage points to 32.2%, indicating ongoing improvement in overall metrics [2] Group 3: Acquisition and Future Prospects - Tuhu acquired 100% of Chameleon Ventures Limited for RMB 340 million, which operates over 40 retail stores in Beijing, with past profits of RMB 16.34 million and RMB 18.59 million over the last two years [3] - The seller provided a profit guarantee, ensuring that Tuhu's profit will not be less than RMB 26 million this year, with compensation for any shortfall [3] - Tuhu plans to leverage the new acquisition to enhance sales and continue optimizing underperforming stores, with a potential price target of around RMB 7.7, indicating a possible upside of approximately 30% [3]