Core Viewpoint - The article highlights the advanced techniques and safety measures employed by the Li Mingzhi team at Shandong Energy Luxi Mining's Xin Julong Company, focusing on their specialized drilling operations to ensure mine safety through effective pressure relief methods [1][2]. Group 1: Drilling Operations and Safety Measures - The Li Mingzhi team utilizes large-diameter drilling equipment to engage with the energy stored in rock layers, emphasizing the importance of precision in every drilling operation to ensure mine safety [2]. - The team conducts thorough geological analyses and stress monitoring to identify risk points, tailoring specific response plans for each drilling operation [2]. - Real-time monitoring systems are employed to detect anomalies during drilling, allowing for early risk identification and management [2]. Group 2: Quality Control and Management - The team adheres to a quality philosophy where even a millimeter difference can impact the effectiveness of pressure relief, implementing meticulous management practices [3]. - They maintain a "growth record" for drill bits and enforce a mandatory replacement policy to prevent quality degradation due to equipment wear [3]. - An electronic management system for drilling records is established, ensuring strict adherence to a three-tier acceptance process, with non-compliant drill holes being redone [3]. Group 3: Team Collaboration and Skill Development - The Li Mingzhi team emphasizes standardized operations and collective skill enhancement, conducting in-depth training and practical competitions to ensure all members meet operational standards [4]. - A "machine operator responsibility system" is in place, empowering operators with command authority and safety veto power to enhance engagement and accountability [4]. - The team encourages innovation and knowledge sharing among members, leading to improved operational efficiency while maintaining safety and quality standards [4].

Group 1 - The coal mining sector saw a slight increase of 0.33% on January 19, with Xinda Zhou A leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] - Key stocks in the coal mining sector showed varied performance, with Xinda Zhou A closing at 6.48, up 7.11%, and Jiangte Equipment at 10.08, up 7.01% [1] Group 2 - Major coal companies like China Shenhua and Shaanxi Coal experienced slight declines, with China Shenhua closing at 40.70, down 0.73% [2] - The coal mining sector experienced a net inflow of 1.03 billion yuan from institutional investors, while retail investors saw a net inflow of 773.97 million yuan [2][3] - The top net inflows from institutional investors were led by Shaanxi Coal with 80.36 million yuan, while retail investors showed significant outflows in several stocks [3]

Economic Growth Overview - In 2025, China's GDP reached 14,018.79 billion yuan, growing by 5.0% year-on-year[5] - Quarterly GDP growth rates were 5.4% in Q1, 5.2% in Q2, 4.8% in Q3, and 4.5% in Q4, with Q4 showing a 1.2% quarter-on-quarter increase[5] Industrial Performance - Industrial capacity utilization has been improving since Q2 2025, particularly in coal mining, electrical machinery, and automotive sectors[3] - December 2025 industrial production growth accelerated to 5.2% year-on-year, up from 4.8% in November[5] Investment and Consumption Trends - Investment and consumption growth slowed in December 2025, with investment showing a decline of -10.6% year-on-year[5] - However, high-frequency data indicates early signs of stabilization in investment, supported by new policy financial tools and increased special bond issuance[5] Export and Government Consumption - Exports are expected to be a key support for economic growth in Q1 2026, with net exports showing improvement[5] - Government consumption is also anticipated to play a significant role in boosting the economy, with recent policy measures aimed at promoting consumption[5] Real Estate Sector - Real estate investment saw a further decline to -17.2% year-on-year in December 2025, reflecting high base effects from the previous year[8] - Despite the current downturn, a gradual recovery in real estate investment is expected as the high base effect diminishes[8] Risks and Future Outlook - Potential risks include policy measures falling short of expectations and unexpected changes in domestic economic conditions[8] - The first quarter of 2026 is anticipated to show a recovery in infrastructure investment, supported by a higher proportion of special bonds directed towards infrastructure projects[7]

山东能源鲁西矿业彭庄煤矿以班组管理精细化、工程质量标准化、修旧利废全员化、创新举措应用化为 核心，全力推动矿井管理水平和生产能力整体提升。 班组管理精细化构筑安全防线 该矿通过深入学习事故案例、开展多样化安全宣教，持续增强职工安全意识。他们全面推行"班前交底 +班中巡查+班后复盘"的闭环机制，班前会明确风险点与操作规范，班中由技术骨干巡检，班后通过10 分钟短会即时总结并整改隐患，实现问题当日清零。 他们还充分利用安全活动日、班前会等时间，反复讲解岗位作业标准、安全规程及标准化知识，充分发 挥技术人员、班组长与生产骨干的带头作用，规范职工操作行为。坚持"不放过一个不放心人、不漏盯 一个关键环节、不姑息一次违规作业"，严抓安全不放心人员排查，强化"我的安全我负责、他人安全我 有责"的责任意识，着力消除物的不安全状态与人的不安全思想，将隐患扑灭在萌芽状态，筑牢现场安 全根基。 工程质量标准化打造精品工程 该矿健全工程质量验收考核机制，对工程质量实施每班验收，有问题立即整改，并严肃考核责任人，确 保验收有标准、考核有制度、整改有期限，不断促使巷道标准化达到验收要求。 修旧利废全员化助推提质增效 该矿积极发动全员在降 ...

Group 1: Coal, Oil, and Natural Gas Production - In December, the production of raw coal in large-scale industries was 440 million tons, a year-on-year decrease of 1.0%, with an average daily output of 14.1 million tons [16][17] - For the entire year, the raw coal production reached 4.83 billion tons, showing a year-on-year increase of 1.2% [2][17] - The oil production in December was 17.8 million tons, a year-on-year decrease of 0.6%, with an average daily output of 5.74 million tons [4][19] - The total oil production for the year was 216.05 million tons, reflecting a year-on-year increase of 1.5% [6][20] - The oil processing volume in December was 62.46 million tons, a year-on-year increase of 5.0%, with a daily processing volume of 2.015 million tons [5][20] - The total oil processing volume for the year was 737.59 million tons, a year-on-year increase of 4.1% [6][21] - Natural gas production in December was 23 billion cubic meters, a year-on-year increase of 5.1%, with an average daily output of 740 million cubic meters [8][23] - The total natural gas production for the year was 261.9 billion cubic meters, a year-on-year increase of 6.2% [9][24] Group 2: Electricity Production - In December, the electricity generation in large-scale industries was 858.6 billion kilowatt-hours, a year-on-year increase of 0.1%, with an average daily generation of 27.7 billion kilowatt-hours [11][26] - The total electricity generation for the year was 9,715.9 billion kilowatt-hours, reflecting a year-on-year increase of 2.2% [11][26] - The decline in thermal power generation narrowed to 3.2% year-on-year, a decrease of 1.0 percentage point compared to November [11][26] - Hydropower generation increased by 4.1% year-on-year, but the growth rate slowed by 13.0 percentage points compared to November [11][26] - Nuclear power generation grew by 3.1% year-on-year, with a slowdown of 1.6 percentage points compared to November [11][26] - Wind power generation increased by 8.9% year-on-year, with a slowdown of 13.1 percentage points compared to November [11][26] - Solar power generation saw an 18.2% year-on-year increase, with a slowdown of 5.2 percentage points compared to November [11][26]

1月17日，由国能神东煤炭集团有限责任公司与中煤张煤机公司联合研发的具有自主知识产权国内首套 大采高10kV智能高效刮板输送成套装备在中煤张煤机公司成功通过出厂评议，与会专家团队一致认 为：整套设备配套合理、技术先进、性能卓越，具备功率密度高、适应能力强、运行损耗低、生命周期 长等显著优势，满足"一井一面"年产20Mt及400m以上超长运距综采工作面的配套开采需求，主要技术 参数和性能指标均达到国际先进水平。 针对矿井潮湿、多尘、有瓦斯的严苛工况，装备创新采用模块化高压舱体设计，搭配定制化绝缘材料与 密封结构，从根源上提升耐环境性能与绝缘可靠性；该设计成功突破高压绝缘防护瓶颈，经多次耐压试 验验证，绝缘性能完全满足10kV等级安全运行标准，有效规避井下高压供电风险。 全工况智能监测体系，赋能设备安全高效运行 该套装备在关键部位集成高压监测、温度传感、振动检测等多维度感知模块，构建覆盖设备运行全流程 的智能管控体系；该系统可实时捕捉高压绝缘异常、部件磨损等潜在风险并发出预警，实现设备状态的 精准预判与智能运维；此外，系统兼容自动张紧、远程集控等功能，简化操作流程，为矿井"无人化"开 采提供技术保障。 作为双方合 ...

截至发稿，朱运累计任职时间1年62天，现任基金资产总规模16.19亿元，任职期间最佳基金回报 79.03%， 任职期间最差基金回报79.03%。 数据显示，易方达基金旗下1只基金重仓中孚实业。易方达资源行业混合（110025）三季度增持100.85 万股，持有股数883.02万股，占基金净值比例为2.83%，位居第九大重仓股。根据测算，今日浮盈赚取 约432.68万元。 易方达资源行业混合（110025）成立日期2011年8月16日，最新规模16.18亿。今年以来收益9.23%，同 类排名1438/9009；近一年收益79.03%，同类排名557/8164；成立以来收益139%。 易方达资源行业混合（110025）基金经理为朱运。 1月19日，中孚实业涨5.24%，截至发稿，报9.85元/股，成交2.35亿元，换手率0.62%，总市值394.78亿 元。 资料显示，河南中孚实业股份有限公司位于河南省巩义市新华路31号，成立日期1997年1月28日，上市 日期2002年6月26日，公司主营业务涉及煤炭开采、火力发电、电解铝和铝精深加工产品的生产、销售 及技术研发。主营业务收入构成为：有色金属94.76%，电力9 ...

Group 1 - The A-share market in 2025 experienced significant changes, primarily driven by valuation increases across various sectors, with the non-ferrous metals industry leading the gains [4] - The overall A-share market performance can be divided into four phases: Phase 1 (Jan-Mar): Technology concepts led the "tech bull"; Phase 2 (Apr-Jun): External shocks and internal support boosted the market; Phase 3 (Jun-Nov): Liquidity and economic conditions resonated, accelerating trends; Phase 4 (Nov-Dec): A period of consolidation after the main index rise [4] - Key characteristics of the 2025 A-share market include a new level of total market capitalization, continuous inflow of new funds, and a shift in market structure, with the electronics sector reaching the highest market value for the first time [4] Group 2 - Yonyou Network expects a reduction in losses for 2025, projecting a net profit of -1.3 billion to -1.39 billion yuan, with revenue expected to be between 9.17 billion and 9.27 billion yuan [6][8] - The company is transitioning to a subscription-based business model, which is expected to impact revenue growth rates, despite a recovery in contract signing amounts starting from the second quarter of 2025 [7] - The launch of the BIP "Ontology-Driven Agent" aims to enhance AI capabilities in enterprises, shifting from probabilistic generation to logical execution, providing a new foundation for high-quality AI applications [10][11] Group 3 - Ant Group's collaboration with Weining Health has led to the rapid deployment of AI products, with the monthly active users of the Ant Health app exceeding 30 million, indicating strong market penetration [12][13] - Weining Health's WiNEX series AI products have been implemented in nearly 150 medical institutions, enhancing clinical decision-making and documentation efficiency [14] - The Chinese medical software system market is projected to reach 11.5 billion yuan by 2029, with Weining Health focusing on domestic innovation and adaptation [15][16] Group 4 - The People's Bank of China reported stable loan rates and increased corporate loan issuance, indicating a positive outlook for the banking sector [18][19] - The December social financing data showed a year-on-year increase in new loans, primarily driven by corporate loans, suggesting a robust lending environment [19][20] Group 5 - The UK AR7 offshore wind auction results exceeded expectations, with a total auction volume of 8.4GW, marking a 58% increase from the previous round, indicating strong future demand for offshore wind projects [21][22] - Domestic manufacturers are expected to benefit from increased orders as a result of the AR7 auction outcomes, with significant growth anticipated in the offshore wind sector [24] Group 6 - Tencent Holdings is projected to achieve a revenue of 195.4 billion yuan in Q4 2025, with strong growth in its gaming and advertising segments [25][26] - The company is expected to maintain robust performance across its core businesses, with AI capabilities enhancing its overall ecosystem [27] Group 7 - The coal market is expected to see price support due to seasonal demand and supply constraints, with current prices at 695 yuan/ton [28][31] - The coking coal market is experiencing a recovery in demand as steel production increases, leading to a rise in coking coal prices [29][30] Group 8 - The State Grid's investment during the 14th Five-Year Plan is projected to reach 4 trillion yuan, significantly boosting the power equipment supply chain [41] - The focus on new energy systems and AI integration in power operations is expected to enhance operational efficiency and support the growth of emerging industries [41]

证券研究报告 | 行业研究简报 gszqdatemark 2026 01 18 年 月 日 煤炭开采 2025 全球海运煤炭：贸易量减分化，欧盟进口持续收缩 本周全球能源价格回顾。截至 2026 年 1 月 16 日，原油价格方面，布伦 特原油期货结算价为 64.13 美元/桶，较上周上涨 0.79 美元/桶（+1.25%）； WTI 原油期货结算价为 59.44 美元/桶，较上周上涨 0.32 美元/桶 （+0.54%）。天然气价格方面，东北亚 LNG 现货到岸价为 11.35 美元/百 万英热，较上周上涨 1.71 美元/百万英热（+17.72%）；荷兰 TTF 天然气 期货结算价 37.2 欧元/兆瓦时，较上周上涨 8.78 欧元/兆瓦时（+30.87%）； 美国 HH 天然气期货结算价为 3.11 美元/百万英热，较上周下降 0.06 美元 /百万英热（-1.89%）。煤炭价格方面，欧洲 ARA 港口煤炭（6000K）到 岸价 96.7 美元/吨，较上周上涨 0.2 美元/吨（+0.2%）；纽卡斯尔港口煤 炭（6000K）FOB 价 111.6 美元/吨，较上周上涨 4.3 美元/吨（+4.0%）； ...

Report Industry Investment Rating - The investment rating for the coal mining industry is "Bullish" [2] Report's Core View - The coal industry is at the beginning of a new upward cycle, with fundamental and policy factors in resonance. It is advisable to allocate coal stocks on dips. The underlying investment logic of coal production capacity shortage remains unchanged, and coal prices have established a bottom and are expected to rise. High - quality coal enterprises have core asset attributes such as high profitability, high cash flow, high ROE, and high dividends. The coal sector is still undervalued, and its valuation is expected to increase. The coal supply bottleneck is expected to last until the "15th Five - Year Plan", and coal prices are likely to remain high. The report continues to be bullish on the coal sector and recommends top - down attention to several types of coal companies [3][11][12] Summary by Directory 1. This Week's Core View and Key Focus - **Core View**: The coal industry is in the early stage of a new upward cycle. The supply side shows an increase in the utilization rate of sample power and coking coal mine wells. On the demand side, there are differences in coal consumption between inland and coastal areas, and non - electric demand also shows different trends. Coal prices stopped falling and rebounded since late December, but the rebound momentum weakened this week. In the future, inventory depletion and the upcoming cold wave will support coal prices, and the market is expected to be stable and slightly strong before the holiday. The coal sector has high - dividend support and upward elasticity, making it a cost - effective investment [11] - **Investment Suggestions**: Focus on companies with stable operations and performance, those with large previous declines and high elasticity, and high - quality metallurgical coal companies. Also, pay attention to other related companies [12] - **Key Focus**: In 2025, China's coal imports decreased by 9.6% year - on - year; India's coal production was basically flat with a slight decline; global seaborne coal trade decreased by 2.8% [13] 2. This Week's Performance of the Coal Sector and Individual Stocks - The coal sector fell 3.33% this week, underperforming the broader market. The CSI 300 fell 0.57% to 4731.87. The top - three sectors in terms of gains were computer, electronics, and media [14] - The power coal, coking coal, and coke sectors fell 3.46%, 3.66%, and 4.38% respectively [17] - The top - three gainers in the coal mining and washing sector were Anyuan Coal Industry (3.97%), Huayang Co., Ltd. (2.90%), and Diantou Energy (0.81%) [20] 3. Coal Price Tracking - **Coal Price Index**: As of January 16, the comprehensive transaction price of CCTD Qinhuangdao thermal coal (Q5500) was 688.0 yuan/ton, up 2.0 yuan/ton week - on - week; the comprehensive average price index of Bohai Rim thermal coal (Q5500) was 686.0 yuan/ton, up 1.0 yuan/ton week - on - week; the annual long - term agreement price of CCTD Qinhuangdao thermal coal (Q5500) was 684.0 yuan/ton, down 10.0 yuan/ton month - on - month [24] - **Thermal Coal Price**: At ports, the market price of Qinhuangdao Port thermal coal (Q5500) from Shanxi was 697 yuan/ton on January 17, up 1 yuan/ton week - on - week. At production sites, prices in some areas were stable while in Datong, it decreased. Internationally, FOB and CIF prices showed different trends [30] - **Coking Coal Price**: At ports, the prices of coking coal in Jingtang Port and Lianyungang increased. At production sites, prices in some areas increased while in others they were stable. The CIF price of Australian Peak Downs hard coking coal in China increased [32] - **Anthracite and Pulverized Coal Injection Price**: The coking anthracite car - loading price in Jiaozuo was flat, while the prices of pulverized coal injection in Changzhi and Yangquan decreased [40] 4. Coal Supply and Demand Tracking - **Coal Mine Capacity Utilization**: As of January 16, the capacity utilization rate of sample power coal mine wells was 90.6%, up 0.3 percentage points week - on - week; the capacity utilization rate of sample coking coal mine wells was 88.47%, up 3.1 percentage points week - on - week [47] - **Import Coal Price Difference**: As of January 16, the price difference between domestic and foreign 5000 - kcal and 4000 - kcal thermal coal decreased [43] - **Coal - fired Power Consumption and Inventory**: Inland 17 provinces saw a decrease in coal inventory and an increase in daily consumption, while coastal 8 provinces saw a decrease in both inventory and consumption [44] - **Downstream Metallurgical Demand**: The Myspic composite steel price index increased slightly, the price of first - grade metallurgical coke was flat, the blast furnace operating rate decreased, the profit per ton of coke decreased, the profit per ton of steel in the blast furnace increased, the iron - scrap price difference decreased, and the blast furnace scrap consumption ratio decreased [65][66] - **Downstream Chemical and Building Materials Demand**: Urea prices in some regions increased, the national methanol price index decreased, the national ethylene glycol price index decreased, the national acetic acid price index increased, the national synthetic ammonia price index increased, the national cement price index decreased, the cement clinker capacity utilization rate decreased, the float glass operating rate decreased, and chemical weekly coal consumption increased [72][76] 5. Coal Inventory Situation - **Thermal Coal Inventory**: Qinhuangdao Port's coal inventory increased to 550.0 tons; 55 ports' thermal coal inventory decreased to 6830.8 tons; the inventory of 462 sample mines decreased to 283.9 tons [91] - **Coking Coal Inventory**: The production - site inventory decreased to 272.4 tons, the six - port inventory decreased to 298.9 tons, the inventory of independent coking plants increased to 954.8 tons, and the inventory of sample steel mills increased to 802.2 tons [92] - **Coke Inventory**: The inventory of coking plants decreased to 40.6 tons, the four - port inventory increased to 188.1 tons, and the inventory of sample steel mills increased to 650.33 tons [94] 6. Coal Transportation Situation - **International and Domestic Coal Transportation**: As of January 16, the China Yangtze River Coal Transportation Comprehensive Freight Index (CCSFI) was 704 points, down 3.6 points week - on - week [107] - **Ratio of Cargo to Ships at Four Northern Ports**: As of January 16, the inventory at four ports in the Bohai Rim was 1465.2 tons, the number of anchored ships was 99, and the ratio of cargo to ships was 14.8, down 1.96 week - on - week [102] - **Daqin Line Coal Transportation**: The average daily coal shipment volume on the Daqin Line this week was 118.0 tons, up 9.75 tons week - on - week [107] 7. Weather Situation - As of January 16, the Three Gorges outbound flow was 9180 cubic meters per second, up 23.22% week - on - week [114] - In the next 10 days, there will be precipitation in some areas, and a cold wave will affect many regions with significant temperature drops [114] - In the long - term (January 27 - 30), there will be precipitation in some areas, and the average temperature in some regions will be lower or higher than normal [114] 8. Listed Company Valuation Table and Key Announcements - **Listed Company Valuation Table**: The table shows the closing prices, net profit attributable to shareholders, EPS, and PE of key listed companies from 2024A to 2027E [115] - **Key Announcements**: Xinji Energy released its 2025 performance report; Pingdingshan Tianan Coal Mining Co., Ltd. announced the progress of its controlling shareholder's strategic restructuring; Guanghui Energy announced a guarantee - related关联交易; Meijin Energy announced a guarantee for its subsidiary and its 2025 performance forecast [116][117][118] 9. This Week's Important Industry News - By 2030, Guizhou's coal production and trial - operation capacity will reach 260 million tons per year [119] - Yunnan will increase coal resource exploration and promote the release of advanced coal production capacity [119] - 20 coal mines in Ordos passed the intelligent acceptance [119] - Guizhou has made breakthroughs in the coal and unconventional natural gas fields [119] - Jiangsu released its 2026 major project list, including one coal - related project [120]