投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 黑色金属 | 日报 2026 年 2 月 6 日 煤焦日报 专业研究·创造价值 煤焦低位整理 核心观点 焦炭：截至 2 月 6 日当周，全样本独立焦化厂和钢厂焦化厂焦炭日均产量 合计 110.38 万吨，周环比增 0.53 万吨，同比下降 1.62 万吨；需求端 247 家钢厂日均铁水产量 228.58 万吨，周环比小幅增加 0.6 万吨/天，同 比增加 0.14 万吨。整体来看，本周焦炭基本面并无明显变化，供需两端 均低位小幅增加，缺乏单边动能，预计短期内焦炭期货维持低位震荡格 局。 焦煤：截至 2 月 6 日当周，全国 523 家炼焦煤矿精煤日均产量为 75.5 万 吨，周环比下降 1.6 万吨。临近春节，焦煤产量将迎来短期收缩，但节后 预计可迅速恢复。进口方面，1 月甘其毛都口岸合计通关 30,877 车，虽 环比 12 月下降 17.2%，但较去年同期大幅增长 42.9%，蒙煤进口量仍处于 较高水平。需求端，独立焦化厂与钢厂焦化厂的焦炭日均产量合计为 110.38 万吨，周环比小幅增加 0.53 万吨。整体来看，焦煤基本面支撑有 限，中 ...

Core Insights - Shaanxi Coal Industry (601225.SH) reported its main operational data for January 2026, indicating a coal production of 15.19 million tons and self-produced coal sales of 13.91 million tons [1] - The total electricity generation for the month was 4.488 billion kilowatt-hours, with total electricity sales reaching 4.244 billion kilowatt-hours [1] Group 1 - The coal production in January 2026 was 15.19 million tons [1] - The self-produced coal sales amounted to 13.91 million tons [1] - The total electricity generation for January was 4.488 billion kilowatt-hours [1] Group 2 - The total electricity sales for the month reached 4.244 billion kilowatt-hours [1]

Core Insights - Shaanxi Coal Industry (601225.SH) reported its main operational data for January 2026, indicating a coal production of 15.19 million tons and self-produced coal sales of 13.91 million tons [1] - The total electricity generation for the month reached 4.488 billion kilowatt-hours, with total electricity sales amounting to 4.244 billion kilowatt-hours [1] Production Data - Coal production in January 2026 was 15.19 million tons [1] - Self-produced coal sales for the same period were 13.91 million tons [1] Electricity Generation - Total electricity generation in January 2026 was 4.488 billion kilowatt-hours [1] - Total electricity sales during the month were 4.244 billion kilowatt-hours [1]

证券代码：601225 证券简称：陕西煤业 公告编号：2026-002 | 运营指标 | 单位 | 2026 | 年 | 2025 | 年 | | 同比变化（%） | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 1 月 | 累计 | 1 月 | 累计 | 1 月 | 累计 | | 一、煤炭 | | | | | | | | | 煤炭产量 | 万吨 | 1,519.00 | 1,519.00 | 1,428.16 | 1,428.16 | 6.36 | 6.36 | | 自产煤销量 | 万吨 | 1,391.00 | 1,391.00 | 1,293.39 | 1,293.39 | 7.55 | 7.55 | | 二、发电 | | | | | | | | | 总发电量 | 亿千瓦时 | 44.88 | 44.88 | 33.18 | 33.18 | 35.26 | 35.26 | | 总售电量 | 亿千瓦时 | 42.44 | 42.44 | 31.10 | 31.10 | 36.46 | 36.46 | 以上主要运营数据来自本公司内部统计，可能 ...

Group 1 - The core viewpoint of the article highlights that Shaanxi Coal Industry reported significant growth in coal production and sales for January, with a year-on-year increase of 6.36% in coal production and 7.55% in coal sales [1] - In January, the total electricity generation reached 4.488 billion kilowatt-hours, reflecting a substantial year-on-year growth of 35.26% [1] - The total electricity sales for January amounted to 4.244 billion kilowatt-hours, which represents a year-on-year increase of 36.46% [1] Group 2 - The cumulative coal production for the year so far stands at 1,519 million tons, showing a consistent year-on-year growth of 6.36% [1] - The cumulative coal sales for the year are also at 1,391 million tons, with a year-on-year increase of 7.55% [1] - The cumulative total electricity generation for the year is 4.488 billion kilowatt-hours, maintaining the same growth rate of 35.26% year-on-year [1]

Core Viewpoint - The company reported an increase in coal production and sales, as well as significant growth in power generation and sales for the year 2026 compared to the previous year [1] Group 1: Coal Production and Sales - The company's coal production reached 15.19 million tons in January 2026, representing a year-on-year increase of 6.36% [1] - Self-produced coal sales amounted to 13.91 million tons, showing a year-on-year increase of 7.55% [1] Group 2: Power Generation and Sales - Total power generation was 4.488 billion kilowatt-hours, which is a year-on-year increase of 35.26% [1] - Total electricity sales reached 4.244 billion kilowatt-hours, reflecting a year-on-year increase of 36.46% [1]

期货研究报告|黑色专题 2026-02-06 双焦 2601 合约交割总结报告 研究院 黑色建材组 研究员 xingyawen@htfc.com 从业资格号：F03054449 投资咨询号：Z0016137 投资咨询业务资格： 证监许可【2011】1289 号 策略摘要 邝志鹏 kuangzhipeng@htfc.com 从业资格号：F3056360 投资咨询号：Z0016171 余彩云 yucaiyun@htfc.com 从业资格号：F03096767 投资咨询号：Z0020310 刘国梁 liuguolaing@htfc.com 从业资格号：F03108558 投资咨询号：Z0021505 邢亚文 焦煤 2601 合约交割规模创出历史最高水平，究其原因在于一方面是临近交割月盘面大 幅下跌，给予卖方较好的参与机会；另一方面是现货销售不佳，导致卖方参与交割意 愿较强。焦炭 2601 合约交割规模有限，主要原因在于月差结构有利于卖方转抛远月， 导致实际交割量相对不足。考虑到后期基本面和宏观预期并未出现明显转弱趋势，因 此焦煤和焦炭远月交割风险相对有限。 核心观点 ■ 市场分析 本次焦煤交割量达到 41.4 万吨 ...

资产配置月报 202602 如何衡量黄金的交易拥挤度？ glmszqdatemark 2026 年 02 月 06 日 如何衡量黄金的交易拥挤度？ 大类资产量化观点 风格量化观点 行业配置量化观点 [Table_Author] | 分析师 | 叶尔乐 | | --- | --- | | 执业证书： S0590525110059 | | | 邮箱： | yeerle@glms.com.cn | | 分析师 | 祝子涵 | | 执业证书： S0590525110061 | | | 邮箱： | zhuzihan@glms.com.cn | 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 2026 年 1 月底黄金价格出现大幅下跌，或是短期利空事件触发与市场自身交易 结构脆弱性共振的结果。下跌的诱因或来自凯文沃什被提名美联储主席候选人， 但黄金长期上涨的根本逻辑未发生改变；前期黄金价格持续上涨，黄金交易拥挤 度处于高位，其脆弱的交易结构在利空消息的刺激下导致了这次大幅下跌。 对于黄金的交易拥挤度，我们可以从其价格乖离率和沪金主力平值 IV 来观察。在 黄金长期上涨逻辑不变的情况 ...

市场数据：2026 年 2 月 5 日 收盘价（元/股）： 15.44 年内最高/最低（元/ 股）： 流通 A 股/总股本（亿 股）： 流通 A 股市值（亿元）： 914.65 总市值（亿元）： 1,549.79 资料来源：常闻 基础数据：2025 年 9 月 30 日 胡博 执业登记编码：S0760522090003 邮箱：hubo1@sxzq.com 程俊杰 执业登记编码：S0760519110005 邮箱：chengjunjie@sxzq.com 动力煤 兖矿能源（600188.SH） 买入-A(维持) 印尼煤出口暂停催化海外煤价，公司海外业务有望受益 2026 年 2 月 6 日 公司研究/公司快报 事件描述 2 月 3 日据财联社报道，印尼矿业官员表示，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。印尼主要行业协会反对此举，警告 称可能引发裁员和矿山关闭。 事件点评 | 基本每股收益(元/股)： | 0.71 | | --- | --- | | 摊薄每股收益(元/股)： | 0.71 | | 每股净资产(元/股)： | 14.24 | | 净资产收益率(%)： | 7.80 | | 资 ...

Investment Rating - The coal industry is rated as "synchronous with the market" [3] Core Insights - The coal market has shown a mixed performance, with supply constraints in thermal coal and limited downstream demand. The price of thermal coal has seen slight increases, while metallurgical coal prices remain stable [4][5][6] - The report emphasizes the importance of monitoring downstream replenishment demand and market supply conditions as the industry approaches the Spring Festival [6] Summary by Sections 1. Coal Industry Market Performance - The coal market has experienced a contraction in supply, particularly in thermal coal, with limited increases in downstream consumption. As of January 30, the spot price for thermal coal in the Bohai Rim was 695 RMB/ton, reflecting a weekly change of +0.58% [4] - The inventory of coal at nine ports in the Bohai Rim was reported at 24.686 million tons, a decrease of 5.07% week-on-week [4] 2. Thermal Coal - Supply has contracted due to some private mines halting production for the Spring Festival, leading to reduced thermal coal output. The demand from power plants has not significantly increased, and the cement market remains weak [4] 3. Metallurgical Coal - Production levels for metallurgical coal remain stable, with prices showing slight increases. As of January 30, the price for main coking coal at Jingtang Port was 1,800 RMB/ton, unchanged from the previous week [5] - The total inventory of coking coal at independent coking plants and sample steel mills was reported at 10.361 million tons and 8.141 million tons, respectively, with week-on-week changes of +4.09% and +1.38% [5] 4. Investment Recommendations - The report suggests that the loosening of the US dollar credit system may lead to a revaluation of physical assets, enhancing pricing power in the commodity sector. However, geopolitical tensions and changes in the Federal Reserve leadership could lead to short-term volatility [6] - Specific companies to watch include Guohui Energy for oil and gas, and for coking coal, focus on Panjiang Coal, Shanxi Coking Coal, Huabei Mining, and others. For thermal coal, attention is drawn to Yanzhou Coal, Shanxi Coal International, and others [6]