Summary of Key Points from Conference Call Records Industry Overview - The coal industry is expected to transition from a downtrend to an uptrend by 2026, ending a 3-4 year decline, with international coal prices exhibiting characteristics of "easy to rise, hard to fall" [1][5] - High natural gas prices have triggered a "gas-to-coal" transition, with U.S. natural gas prices projected to rise by 60% in 2025, leading to a 3% decline in gas power generation and a 12.3% increase in coal power generation [1][3] - Geopolitical tensions in the Middle East are expected to increase coal demand by approximately 20 million tons, accounting for about 2% of global trade volume, with Taiwan being the most affected due to nuclear power retirements [1][4] Core Insights and Arguments - The historical impact of geopolitical events on coal prices shows that while oil and gas prices exhibit significant elasticity, coal price increases are less pronounced due to its role as a primary energy source for power generation [2][4] - The "gas-to-coal" transition is expected to be more pronounced in 2026 if natural gas prices remain high, with a tightening global supply-demand balance anticipated [2][6] - The demand for coal in East Asia (Japan, South Korea, and Taiwan) is assessed, with Taiwan expected to increase coal usage significantly due to LNG supply disruptions [3][4] Additional Important Content - The domestic coal price is expected to rise to 700-720 RMB/ton during the off-season, with oil price increases boosting coal chemical profitability, which may offset some downward pressure on non-electric coal demand [1][5] - The supply side is projected to remain high, with production levels rebounding to historical highs due to local fiscal pressures, despite a previous policy aimed at reducing output [5][6] - The "global energy cycle" indicates that electricity demand will increase significantly, driven by new energy sources like electric vehicles and AI data centers, which will require stable baseload power from coal and natural gas [6][7] - Investment focus should be on companies with high overseas production capacity and market-driven pricing, such as Yancoal Australia and domestic leaders like China Shenhua and China Coal Energy [1][8]

Summary of Key Points from Conference Call Records Industry Overview - The records primarily focus on the coal chemical industry and its relationship with oil prices, highlighting the economic viability of coal chemical projects in the context of rising oil prices [1][4][10]. Core Insights and Arguments - **Oil and Coal Price Dynamics**: The widening oil-coal price gap significantly enhances the economic viability of coal chemical projects. Brent crude oil at $100 corresponds to a breakeven coal price of approximately 1,260 RMB/ton, while current coal prices around 750 RMB/ton yield a gross profit exceeding 400 RMB per ton [1][4][5]. - **Profitability of Existing Capacity**: Existing coal chemical enterprises are expected to realize profit improvements due to limited short-term new capacity from new projects, which face constraints from energy consumption and carbon indicators [1][6]. - **Coal Demand Growth**: Planned coal chemical projects are projected to increase coal consumption by approximately 30 million tons annually, accounting for nearly 10% of the industry's total consumption [1][8]. - **Investment in Coal Chemical Projects**: Major players like China Energy Group and Shaanxi Yulin Chemical are set to contribute to significant planned capacities from 2025 to 2030, including 10 million tons of coal-to-oil and 6.1 billion cubic meters of coal-to-gas [1][7]. - **Impact of Oil Price on Coal Sector**: The rise in oil prices has shifted the coal market dynamics, with a transition from "post-holiday replenishment" to "valuation uplift driven by rising oil prices" [2][3]. Additional Important Insights - **Investment Opportunities**: Companies such as China Chemical, Donghua Technology, and 3D Chemical are highlighted as beneficiaries of the coal chemical investment surge due to their strong market positions and project pipelines [11][12]. - **Future Capacity and Approval Challenges**: New capacity approvals are subject to national regulations and environmental standards, with significant delays expected in the construction of new projects [6][7]. - **Green Hydrogen and Ammonia Economics**: The economic viability of green hydrogen and ammonia is approaching a turning point, driven by rising chemical prices and fixed domestic green electricity costs [1][9]. - **Market Sentiment and Order Flow**: The coal chemical sector is expected to see an increase in project orders as environmental approvals are completed, with recent oil price increases likely to accelerate order placements in regions like Xinjiang [10][12]. Conclusion - The coal chemical industry is positioned for growth driven by rising oil prices, with existing capacities set to benefit significantly. Investment opportunities are emerging in companies with strong coal chemical capabilities, while the overall market dynamics are shifting towards a more favorable outlook for coal consumption and project development.

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The fundamentals of coking coal and coke are loose, which exerts pressure on prices. In the short - term, geopolitical factors and Two Sessions policies provide support. It is expected that the futures prices will fluctuate widely [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - JM主力合约收盘价为1121.50元/吨，环比下降46.50元；J主力合约收盘价为1680.50元/吨，环比下降59.50元 [2]. - JM期货合约持仓量为608649.00手，环比增加7413.00手；J期货合约持仓量为41618.00手，环比减少3249.00手 [2]. - 焦煤前20名合约净持仓为 - 82084.00手，环比减少13916.00手；焦炭前20名合约净持仓为 - 3587.00手，环比增加1156.00手 [2]. - JM9 - 5月合约价差为97.00元/吨，环比增加13.50元；J9 - 5月合约价差为76.00元/吨，环比增加12.50元 [2]. - 焦煤仓单为18000.00张，环比增加18000.00张；焦炭仓单为1310.00张，环比无变化 [2]. 3.2 Spot Market - 干其毛都蒙5原煤价格为1060.00元/吨，环比增加40.00元；唐山一级冶金焦价格为1665.00元/吨，环比无变化 [2]. - 俄罗斯主焦煤远期现货（CFR）价格为165.00美元/湿吨，环比增加2.50美元；日照港准一级冶金焦价格为1470.00元/吨，环比无变化 [2]. - 京唐港澳大利亚进口主焦煤（场地价）为1580.00元/吨，环比增加10.00元；天津港一级冶金焦价格为1570.00元/吨，环比无变化 [2]. - 京唐港山西产主焦煤（场地价）为1610.00元/吨，环比无变化；天津港准一级冶金焦价格为1470.00元/吨，环比无变化 [2]. - 山西晋中灵石中硫主焦价格为1387.00元/吨，环比无变化；J主力合约基差为 - 15.50元/吨，环比增加59.50元 [2]. - 内蒙古乌海产焦煤出厂价为1280.00元/吨，环比无变化；JM主力合约基差为183.50元/吨，环比增加46.50元 [2]. 3.3 Upstream Situation - 314家独立洗煤厂精煤产量为19.90万吨，环比增加3.00万吨；314家独立洗煤厂精煤库存为288.50万吨，环比减少10.40万吨 [2]. - 314家独立洗煤厂产能利用率为0.27%，环比增加0.04%；原煤产量为43703.50万吨，环比增加1024.20万吨 [2]. - 煤及褐煤进口量为3094.27万吨，环比减少2765.73万吨；523家炼焦煤矿山原煤日均产量为182.90万吨，环比增加31.30万吨 [2]. - 16个港口进口焦煤库存为485.74万吨，环比减少8.70万吨；独立焦企全样本炼焦煤总库存为796.15万吨，环比减少33.31万吨 [2]. - 焦炭18个港口库存为270.71万吨，环比增加9.01万吨；独立焦企全样本焦炭库存为63.20万吨，环比增加1.01万吨 [2]. - 全国247家钢厂炼焦煤库存为775.64万吨，环比减少16.82万吨；全国247家样本钢厂焦炭库存为671.26万吨，环比减少3.85万吨 [2]. - 独立焦企全样本炼焦煤可用天数为12.41天，环比减少0.24天；247家样本钢厂焦炭可用天数为12.53天，环比增加0.12天 [2]. 3.4 Industry Situation - 炼焦煤进口量为1376.98万吨，环比增加303.87万吨；焦炭及半焦炭出口量为100.00万吨，环比增加28.00万吨 [2]. - 炼焦煤总供给为5478.50万吨，环比增加238.97万吨；独立焦企产能利用率为72.29%，环比下降0.54% [2]. - 独立焦化厂吨焦盈利情况为17.00元/吨，环比增加24.00元；焦炭产量为4274.30万吨，环比增加104.00万吨 [2]. 3.5 Downstream Situation - 全国247家钢厂高炉开工率为77.71%，环比下降2.51%；247家钢厂高炉炼铁产能利用率为85.32%，环比下降2.13% [2]. - 粗钢产量为6817.74万吨，环比下降169.36万吨 [2]. 3.6 Industry News - During the Two Sessions in 2026, many NPC deputies and CPPCC members put forward suggestions on the development of the steel industry, focusing on capacity control, rectifying "involution - style" competition, and supporting the development of "AI + steel" [2]. - The G7 finance ministers held a phone call to discuss how to deal with the soaring oil prices caused by the war between the US, Israel and Iran. They basically reached a consensus not to release strategic oil reserves for the time being. US President Trump said that the war against Iran might end soon, which led to a rapid decline in US oil prices [2]. 3.7 Viewpoint Summary - On the supply side, the operating load of coking enterprises has been reduced, the in - plant inventory has continued to accumulate, and the profit per ton of coke has turned positive. On the demand side, affected by the Two Sessions, the steel mill's start - up and hot metal production have declined [2]. - Technically, the intraday coking coal main contract closed down 3.86% to 1121.5, below the 20 - day and 60 - day moving averages, with the MACD red column shrinking, and DIFF and DEA below the 0 - axis. Affected by Trump's statement that the war may end soon, crude oil dropped sharply, driving the coal sector to weaken synchronously [2]. - The coking coal and coke fundamentals are loose, which exerts pressure on the futures prices. In the short - term, there is certain support from geopolitical sentiment and Two Sessions policy expectations. It is expected that the futures prices will fluctuate widely [2].

Core Insights - The report highlights the significant growth in the multi-metal reserves of the company, with a notable increase in revenue and net profit for the year 2025, indicating a stable upward cycle in performance [5][6][9] - The company has successfully enhanced its gold production cost advantages, maintaining a competitive position in the global market [7][9] Company Performance - In 2025, the company achieved an operating revenue of 171 billion yuan, a year-on-year increase of 25.9%, and a net profit of 29.7 billion yuan, up 36.7% [5] - The basic earnings per share (EPS) for 2025 was reported at 1.1 yuan, reflecting a growth of 36.8% [5] - The company’s multi-metal resource reserves have significantly increased, with gold reserves rising by 9% to 149.48 tons and silver reserves increasing by 282% to 2701.48 tons [6][7] Revenue and Cost Analysis - The revenue from gold sales in 2025 reached 55.05 billion yuan, a 24% increase year-on-year, while silver sales grew by 18% to 11.60 billion yuan [7] - The production costs for gold were reported at 142.18 yuan per gram, showing a decrease of 2.2%, which contributed to an increase in gross margin to 81.63% [7][8] Shareholder Returns - The company has established a diversified investor return system, with a cash dividend of 4.8 yuan per 10 shares, totaling 1.332 billion yuan, resulting in a dividend payout ratio of 44.82% for 2025 [8] - The company has also initiated a share buyback program, with a total repurchase amounting to 34.09 million yuan by the end of 2025 [8] Future Outlook - The company forecasts operating revenues of 209.18 billion yuan, 261.05 billion yuan, and 303.96 billion yuan for the years 2026 to 2028, with net profits expected to reach 50.33 billion yuan, 79.42 billion yuan, and 103.52 billion yuan respectively [9]

Market Overview - The A-share market experienced significant volatility, with a mid-week pullback followed by a recovery on Friday[1] - Geopolitical risks related to the US-Iran situation led to rising oil prices, positively impacting energy and coal sectors with strong weekly gains[1] Style and Sector Performance - The growth style saw an overall decline, while the energy and public utility sectors led the market, resulting in a rebound in the dividend style with increased trading activity[1] - The transportation and public utility sectors showed an increase in weekly congestion levels, while real estate, financial services, and healthcare lagged behind in trading congestion[1] Institutional Insights - Year-to-date, quantitative funds have outperformed, indicating a positive earning effect for institutions[4] - Most institutional heavy-weight indices experienced a weekly decline, with the quantitative fund heavy-weight index down by 2.62%[22] Sector Highlights - The energy sector outperformed with a weekly excess return of 9.32%, while public utilities followed with a 6.03% excess return[29] - The Longjiang Energy Dividend Index recorded a weekly gain of 6.07%, indicating strong performance in the energy dividend space[36] Market Sentiment - The trading activity in the dividend style showed signs of recovery, reflecting improved market sentiment[13] - The Longjiang Emission Reduction Pioneer Index performed well, with a weekly return of 14.45%, highlighting a focus on environmental themes[36]

Market Overview - The three major A-share indices collectively rose today, with the Shanghai Composite Index increasing by 0.65% to close at 4123.14 points, the Shenzhen Component Index rising by 2.04% to 14354.07 points, and the ChiNext Index up by 3.04% to 3306.14 points [3][5]. - The total trading volume in the Shanghai and Shenzhen markets was 24,170 billion, a decrease of 2,539 billion compared to the previous day [3]. Key Influences - Market movements were significantly influenced by statements from former President Trump, indicating that the end of the war is near, which led to a sharp decline in oil prices from $119.48 to $85 [5]. - The performance of U.S. indices, including a rebound in the Nasdaq and Dow Jones, created a favorable environment for the Asia-Pacific market opening [5]. Sector Performance - The A-share market's gains were limited by declines in major sectors, particularly the three major oil companies, which collectively fell by an average of 7%, and the coal sector, with significant drops in companies like China Shenhua [5][6]. - The four major banks also experienced an average decline of 1%, which constrained the upward movement of the Shanghai Composite Index [6]. Individual Stock Performance - Despite the overall market constraints, 4,352 A-share stocks rose while only 808 fell, with a median increase of approximately 1.5% for the rising stocks [6]. - The technology sector showed strong performance, particularly in semiconductors and communications, driven by a nearly 3% increase in the Nasdaq index [6]. Future Outlook - The Hang Seng Index outperformed the A-share market, with the Hang Seng Technology Index showing particularly strong results, supporting the view that it has reached a temporary bottom [7]. - Stocks like Tencent, Alibaba, and others benefited from the recent "shrimp farming boom" and the application of AI technology, which is expected to support market recovery [7]. - The future trajectory of the Hong Kong market will depend on the resolution of the U.S.-Iran conflict, but an overall upward trend is beginning to emerge [7].

煤价震荡运行，把握淡季回调机遇 【2026.3.2-2026.3.8】 证券研究报告——煤炭行业周报 分析师：景剑文 执业证书编号：S0770523090001 邮箱：jingjw@dtsbc.com.cn 研究助理：温慧 执业证书编号：S0770125070012 邮箱：wenh@dtsbc.com.cn 地址：山西太原长治路 111 号山 西世贸中心 A 座 F12、F13 网址:http://www.dtsbc.com.cn 请务必阅读最后一页免责声明 1 核心观点 风险提示 终端需求大幅回落，板块轮动加快，板块突发利空。 大同证券研究中心 行业评级：看好 图表 2：煤炭行业涨跌幅（%） 数据来源：Wind，大同证券 发布日期：2026.3.10 煤炭行情走势图 动力煤方面，本周动力煤各环节价格呈现震荡波动态势。港口 端价格下降，产地端呈现有涨有跌，国际端纽卡斯尔 Q5500 动 力煤 FOB 价下降。短期来看，节后需求稳步复苏，煤价有望延 续震荡运行；中长期在国内供给约束与全球能源格局偏紧背景 下，价格将向合理区间修复，维持窄幅震荡。 数据来源：Wind 大同证券 炼焦煤方面，本周炼焦煤各环节价格普遍 ...

Group 1: Report Information - Report title: Coal and Coke Data Flash - January - February 2026 Coal Import Data [1] - Date: March 10th - Researcher: Hou Jian, Professional Qualification F03126001, Trading Consultation Z0023671 [4] - Contact phone number: (010)56711796 [4] - Research institution: Green大华 Futures Research Institute, with CSRC license [2011]1288 [4] Group 2: Industry Investment Rating - No information provided Group 3: Core Views - In February, the coal market experienced a seasonal decline due to the Spring Festival. The reduction in imports from Indonesia has shown a marginal impact on domestic imports [3] - The total coal and lignite imports from January - February 2026 were 7,722.2 million tons, a slight increase of 1.45% compared to the same period in 2025 (7,612 million tons) [3][4] - In March, the marginal impact of Indonesian policies needs to be monitored in conjunction with the port - gathering intensity of coal transportation from the north to the south in China and the increase in domestic raw coal production [4] Group 4: Data Summary - China's coal and lignite imports in February 2026 were 3,094.3 million tons [3] - China's coal and lignite imports from January - February 2026 were 7,722.2 million tons [3]

Market Overview - The A-share market saw all major indices rise today, with the Shanghai Composite Index increasing by 0.65% to close at 4123.14 points, the Shenzhen Component Index rising by 2.04% to 14354.07 points, the Sci-Tech 50 Index up by 2.16% to 1420.54 points, and the ChiNext Index gaining 3.04% to 3306.14 points [1][10] - Overall, 4531 stocks rose while 850 stocks fell, with a total trading volume of 239.79 billion yuan, a decrease of 24.97 billion yuan from the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the top gainers included Communication (up 4.32%), Electronics (up 3.41%), Machinery Equipment (up 2.81%), and Building Materials (up 2.07%). Conversely, the sectors that experienced declines were Oil & Petrochemicals (down 5.14%), Coal (down 3.11%), and Comprehensive (down 1.83%) [1][10] Concept Sector Performance - The leading concept sectors today included Optical Modules (CPO), Copper Clad Laminates, Optical Communication, Cultivated Diamonds, Optical Chips, Circuit Boards, High-Speed Copper Connectors, HBM, RF and Antennas, Glass Fiber, Superhard Materials, Photolithography Machines, 6G, TOPcon Batteries, and High Send-Transfer Expectations [2]

证券研究报告——煤炭行业周报 大同证券研究中心 分析师：景剑文 执业证书编号：S0770523090001 邮箱：jingjw@dtsbc.com.cn 煤价震荡运行，把握淡季回调机遇 【2026.3.2-2026.3.8】 行业评级：看好 核心观点 风险提示 终端需求大幅回落，板块轮动加快，板块突发利空。 研究助理：温慧 执业证书编号：S0770125070012 邮箱：wenh@dtsbc.com.cn 地址：山西太原长治路 111 号山 西世贸中心 A 座 F12、F13 网址:http://www.dtsbc.com.cn 请务必阅读最后一页免责声明 1 发布日期：2026.3.10 煤炭行情走势图 动力煤方面，本周动力煤各环节价格呈现震荡波动态势。港口 端价格下降，产地端呈现有涨有跌，国际端纽卡斯尔 Q5500 动 力煤 FOB 价下降。短期来看，节后需求稳步复苏，煤价有望延 续震荡运行；中长期在国内供给约束与全球能源格局偏紧背景 下，价格将向合理区间修复，维持窄幅震荡。 数据来源：Wind 大同证券 炼焦煤方面，本周炼焦煤各环节价格普遍回调。港口端京唐港、 连云港山西产主焦煤价格周环比均有下降，产 ...