晨报 煤焦 成文时间： 2026 年 2 月 27 日 逻辑：昨日，黑色金属板块期货价格震荡回落，煤焦表现相对更弱。 近日 Mysteel 消息，华北部分钢企已接到 2026 年全国重要会议期间临时 自主减排通知，要求企业在 3 月 4 日—3 月 11 日执行阶段性减排管控， 高炉负荷按不低于 30%比例自主减排，并由企业结合自身装备、生产与原 料库存情况，制定专项减排执行方案，按要求上报备案，减排消息促使煤 焦价格反弹乏力。 证监许可【2011】1452 号 从煤焦基上面来看，本周煤矿正式进入复产高峰期，多数民营煤矿已 开始恢复生产，数据显示，本周原煤、精煤日产 151.6 万吨、64.9 万吨， 分别较前一周增加 43.0 万吨、19.0 万吨。进口端，节前蒙煤甘其毛都口 岸日通关量下降，节中短暂闭关，目前已恢复通关，2 月 23 日通关量约 18 万吨，口岸监管区库存整体尚处高位。春节期间物流运输出现一定影 响，货物周转效率有所降低，下游企业以消耗厂内原料库存为主，部分焦 化企业焦炭外运受限，厂内库存因此有所积压。需求端，本周钢厂高炉日 均铁水产量 233 万吨左右，下周受环保限产政策影响，预计铁水增 ...

正月初四，锡林郭勒草原上，寒风裹着轻雪，冰凉气息拂面而来。当千家万户沉浸在马年新春的祥和氛 围中时，国家能源集团胜利能源有限公司的生产现场却是一片忙碌的火热。作为蒙东地区优质精煤供应 的核心力量，该公司还肩负着锡林浩特市两座火电厂皮带输煤的重要使命，面对春节期间工业生产与民 生采暖用煤需求攀升、保供压力陡增的严峻考验，公司一线员工坚守岗位、履职尽责，全力打响守护万 家温暖的能源保供攻坚战。 今年春节期间，锡林郭勒盟虽未遭遇极端低温冰冻天气，但寒意依旧绵长，煤炭开采、运输、破碎、筛 选、输送、储存、装车全流程仍需时刻绷紧安全弦，确保各环节衔接顺畅。为扎实做好春节保供工作， 该公司提前谋划、精准施策，早早启动春节保供应急响应。 （来源：内蒙古日报） 转自：内蒙古日报 □本报记者 康丽娜 通讯员 刘虎威 "户外13.8公里的电厂输煤胶带机穿越草原丘壑，即便气温未达极端低温，也需时刻警惕设备磨损、杂 物卡顿等问题，必须赶在天黑前完成全流程排查。"胶带机巡检班班长孙小波叮嘱队员后，带领大家踏 雪出发。寒风拂面，队员们踩着过踝积雪，手持红外测温仪，逐一对胶带机滚筒、托辊等关键部位排 查，清理杂物、检查运行状态，悉心守护精 ...

转自：草原云 正月初四，锡林郭勒草原上，寒风裹着轻雪，冰凉气息拂面而来。当千家万户沉浸在马年新春的祥和氛 围中时，国家能源集团胜利能源有限公司的生产现场却是一片忙碌的火热。作为蒙东地区优质精煤供应 的核心力量，该公司还肩负着锡林浩特市两座火电厂皮带输煤的重要使命，面对春节期间工业生产与民 生采暖用煤需求攀升、保供压力陡增的严峻考验，公司一线员工坚守岗位、履职尽责，全力打响守护万 家温暖的能源保供攻坚战。 今年春节期间，锡林郭勒盟虽未遭遇极端低温冰冻天气，但寒意依旧绵长，煤炭开采、运输、破碎、筛 选、输送、储存、装车全流程仍需时刻绷紧安全弦，确保各环节衔接顺畅。为扎实做好春节保供工作， 该公司提前谋划、精准施策，早早启动春节保供应急响应，始终保持保供高压态势，明确胶带机巡检、 集控操作、设备检修等各岗位工作职责，细化作业标准、规范操作流程，以安全生产"四零"目标为导 向，全方位筑牢精煤供应屏障。 "我们提前45天开展'拉网式'隐患排查，重点检查矿坑边坡、运输道路、设备部件、仓储栈桥及集控监 测系统，整改隐患87处，更换设备磨损部件32个，维护28套胶带机在线监测装置，全方位防范各类生产 故障发生，为春节保供打下 ...

煤焦：市场情绪多变 盘面震荡运行 晨报 煤焦 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 成 材：武秋婷 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 从业资格号：F3038114 投资咨询号：Z0014834 电话：010-62688541 原材料： 冯艳成 从业资格号：F3059529 投资咨询号：Z0018932 电话：010-62688516 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 2026 年 2 月 6 日 逻辑：昨日市场情绪转弱，煤焦期价震荡回落。近日钢矿整体走势偏 弱，叠加季节性淡季，抑制煤焦反弹高度。 证监许可【2011】1452 号 从基上面来看，本周国内煤矿陆续开始停产放假，据 Mysteel 调研， 云南、山西晋中等地煤矿放假较早，产量下滑较为明显，下周农历腊月二 十三左右，将进入民营煤矿放假高峰期，停产煤矿激增，产量将大幅下滑。 本周原煤、精煤日产 192.5 万吨、75. ...

晨报 煤焦 煤焦：市场情绪波动 盘面反弹空间有限 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 成 材：武秋婷 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 有色金属：于梦雪 从业资格号：F03127144 投资咨询号：Z0020161 电话：021-20857653 成文时间： 2026 年 2 月 5 日 逻辑：昨日煤焦期价震荡反弹，主要是关于印尼煤炭 RKAB 产量配额 削减可能会影响出口的消息发酵，提振煤炭市场情绪，但印尼煤炭生产以 动力煤为主，焦煤和无烟煤影响较小，且根据我国海关的数据，2022 年 -2025 年印尼出口到中国的煤炭当中，动力煤占比达到了 98%以上，因此， 印尼出口减量对我国炼焦煤市场供给格局的影响非常小。近日钢矿走势偏 弱，叠加季节性淡季，煤焦或难以走出独立行情。 证监许可【2011】1452 号 从基上面来看，本周国内煤矿陆续开始停产放假，据 Mysteel 调研， 云南、山西晋中等地煤矿放假较早，产量下滑较为明显，下周农历腊月二 十三左右，将进入民 ...

Core Viewpoint - The company has demonstrated resilience and commitment to high-quality development amidst challenges, achieving its annual goals and setting a strong foundation for the upcoming "15th Five-Year Plan" [1] Group 1: Safety Management - Safety is emphasized as the lifeline of mining operations, with a focus on comprehensive risk management and adherence to safety protocols [2] - The company has implemented a "Safety Production Control Enhancement Year" initiative to address new safety risks arising from complex geological conditions [3] - A systematic approach to safety training and risk management has been adopted to minimize human-related risks and enhance operational safety [3] Group 2: Production Optimization - The company aims to stabilize existing production while expanding capacity and improving quality, targeting the construction of "four types of mines" [4] - A tailored management strategy for different mines has been established to optimize production capacity and resource utilization [4] - The company is committed to enhancing production efficiency through integrated mining design and proactive management of mining processes [5] Group 3: Cost Management and Efficiency - The company is focused on cost reduction and efficiency improvement through a "Six Precision, Six Improvement" strategy, aiming to compress costs and enhance profitability [6] - Specific actions include reducing unnecessary expenditures, optimizing production processes, and implementing comprehensive cost control measures [7] - The company is exploring asset optimization and resource integration to enhance operational efficiency and reduce idle inventory [8] Group 4: Future Development - The company is poised to leverage its strengths and adopt pragmatic measures to achieve new breakthroughs in high-quality development [8]

Summary of Conference Call for Pingmei Shenma Energy Company Company Overview - **Company**: Pingmei Shenma Energy Company - **Industry**: Coal Mining and Energy Production Key Points Production and Sales Data - In 2025, the company reported a total coal production of over 25 million tons, which is a decrease of approximately 140-150 thousand tons compared to the previous year, representing a 5% decline from 26.5 million tons in the prior year [1][3] - The production of premium coal decreased to around 800-1000 thousand tons, reflecting a significant drop from the previous year's figures [1][3] - The planned production capacity was adjusted from 33.13 million tons to 32.33 million tons due to the sale of the Xiangshan mine [4] Future Production Plans - The production and sales plan for 2026 has not been finalized yet, but it is expected to be similar to the previous year [4][11] - The company anticipates a slight increase in production for 2026, with premium coal production expected to remain around 12 million tons [5][12] Pricing and Revenue - The average long-term contract price for coking coal in Q3 was reported at approximately 1237, with an increase to 1580 in October and reaching 1660 in November and December [15][16] - The average price for January was 1660, with a slight decrease to 1630 in February [17][19] - The fulfillment rate for long-term contracts for coking coal is around 90% [20] Supply and Demand - The company plans to maintain a supply of nearly 10 million tons of power coal, with stable pricing based on regulatory requirements [23][24] - The company has a competitive edge in pricing, being approximately 20 yuan higher than some local competitors due to better coal quality [25][26] Cost Structure - The average mining cost for premium coal is around 500-570 yuan per ton, with additional costs for washing and transportation [33][34] - The company has been focusing on improving the quality of its coal to maintain competitive pricing [25][26] Financial Performance - Several subsidiaries reported losses, primarily due to high operational costs and safety-related shutdowns, but improvements are expected in the second half of the year [37][38] - The financial company associated with Pingmei Shenma reported a profit of nearly 100 million yuan, mainly from investment income [41][42] Capital Expenditure and Future Projects - The company plans to invest approximately 6-7 billion yuan in capital expenditures for new projects, including the Iron Factory project, which is expected to take over two years to complete [44][47] - Future capital expenditures are projected to remain stable at around 4-5 billion yuan annually, focusing on safety and asset upgrades [49] Regulatory Environment - The safety production environment remains stable, with strict regulations in place, particularly for key monitoring units [51][53] - The company is adapting to regulatory changes regarding coal supply and pricing mechanisms, but no significant changes have been implemented yet [30][31] Dividend Policy - The company aims to maintain a dividend payout ratio of around 60%, ensuring consistent returns to shareholders [65][66] Market Position and Outlook - The company is optimistic about its market position, despite facing challenges in the coal industry, and is focused on sustainable growth and quality improvements [68][69] Conclusion - Overall, Pingmei Shenma Energy Company is navigating production challenges while maintaining a focus on quality, pricing strategy, and regulatory compliance, with plans for future growth and stability in the coal market.

Group 1 - On February 3, Baotailong's stock increased by 1.22%, with a trading volume of 224 million yuan [1] - The financing data on the same day showed that Baotailong had a financing purchase amount of 13.82 million yuan and a financing repayment of 15.78 million yuan, resulting in a net financing outflow of 1.96 million yuan [1] - As of February 3, the total balance of margin trading for Baotailong was 209 million yuan, accounting for 3.29% of its circulating market value, which is above the 70th percentile level over the past year [1] Group 2 - As of September 30, the number of Baotailong's shareholders was 83,100, a decrease of 10.86% from the previous period, while the average circulating shares per person increased by 12.18% to 23,062 shares [2] - For the period from January to September 2025, Baotailong reported an operating income of 479 million yuan, a year-on-year decrease of 57.55%, while the net profit attributable to shareholders increased by 118.44% to 50.36 million yuan [2] Group 3 - Baotailong has distributed a total of 332 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3] - As of September 30, 2025, among the top ten circulating shareholders of Baotailong, Guotai Zhongzheng Coal ETF ranked as the third-largest shareholder with 53.28 million shares, an increase of 32.45 million shares from the previous period [3] - Hong Kong Central Clearing Limited entered as a new sixth-largest shareholder with 21.22 million shares, while other funds also increased their holdings in Baotailong [3]

尤为值得称道的是，针对边远巷道闲置设备物料分散、回收难度大等问题，各专业、各单位发扬"蚂蚁 搬象"的韧劲和"滴水穿石"的毅力，开展常态化回收行动。工作人员不畏井下环境复杂、运输不便等困 难，逐巷排查、逐件清点，累计回收可复用单轨吊梁约500根、电缆约3600米，皮带H架、托辊等物料 4900余件，这些回收物资经检修后重新投入使用，累计节约采购成本数百万元，以点滴积累汇聚起降本 增效的强大合力。 职工是企业发展的核心动力。鲍店煤矿坚持"多劳多得、增收创效"导向，打破传统分配模式，创新激励 机制，每月设立100万元工程施工市场结算资金，鼓励职工主动承接巷道铺底、物料回收、煤泥清理、 水沟清挖等"零活工程"，让职工在付出劳动的同时获得实实在在的收益。 这一举措充分调动了职工的积极性和主动性，从一线矿工到后勤人员，纷纷主动参与到创效工作中，形 成"人人想创效、个个能创效"的良好局面。2025年全年，该矿共调配职工2965人次，完成单项工程293 项，综合创效575万元。在增加职工绩效收入的同时，高效解决了一批以往遗留的零星工程和难点问 题，既优化了生产环境，又提升了企业运营效率，实现了"企业增效、职工增收"的良性循环 ...

Report Industry Investment Rating - No relevant information provided Core Viewpoint - The current coal and coke market has general supply - demand contradictions and low inventory pressure, which support prices to some extent. However, due to the off - season influence, there is a lack of continuous upward driving force, and prices also fluctuate with market sentiment [2] Summary by Related Content Market Performance - Last week, the coal and coke futures prices first declined and then rose, closing slightly higher on a weekly basis. In the spot market, the coke price completed the first round of increase, and the coking coal market price was generally weak and stable [2] - The Indian government declared coking coal as a key strategic mineral last week, and the real - estate sector in the stock market rose, releasing the market's bullish sentiment and providing a good atmosphere for the strengthening of black - series futures [2] Fundamental Situation - As the Chinese New Year approaches, some regional coal mines reduced production due to safety inspections and underground conditions last week. The production of raw coal and clean coal was 1.978 million tons and 0.771 million tons respectively [2] - According to Mysteel's research, coal mines are expected to start taking holidays on February 5th, with holidays ranging from 2 to 62 days and an average of 10.1 days, similar to last year. The planned production cuts and shutdowns of coal mines involve a capacity of about 744 million tons, affecting 1.868 million tons of raw coal production [2] - On the demand side, steel mill production is relatively stable, with the daily average hot metal output maintained at around 2.28 million tons [2]