每经AI快讯，2月13日，蒙古焦煤(00975.HK)盘中跌近18%，截至发稿跌14.51%，报12.2港元，成交额 2.59亿港元。 ...

蒙古焦煤就近期媒体报道发布澄清公告称，确认其营运附属公司ER及KEX已与蒙古国政府签署不具法 律约束力的谅解备忘录。根据备忘录，战略矿场的国家所有权权益要求将被豁免，改以与市价挂钩的特 别特许权使用费替代，蒙古国政府将享有矿场60%的累计经济利益。 蒙古焦煤(00975)盘中跌近18%，截至发稿，跌14.51%，报12.2港元，成交额2.59亿港元。 消息面上，据报道，近日，蒙古国总理赞丹沙塔尔与部分矿企签署收益分配初步协议，将乌哈胡达格、 纳林苏海特和巴鲁努纳兰(塔万陶勒盖矿区之一)以及额尔登特衍生铜矿的收益的60%，通过国家财富基 金以储蓄形式返还给蒙古国民众，切实履行企业社会责任，助力国家资源收益的合理分配。 ...

智通财经APP获悉，蒙古焦煤(00975)盘中跌近18%，截至发稿，跌14.51%，报12.2港元，成交额2.59亿 港元。 蒙古焦煤就近期媒体报道发布澄清公告称，确认其营运附属公司ER及KEX已与蒙古国政府签署不具法 律约束力的谅解备忘录。根据备忘录，战略矿场的国家所有权权益要求将被豁免，改以与市价挂钩的特 别特许权使用费替代，蒙古国政府将享有矿场60%的累计经济利益。 消息面上，据报道，近日，蒙古国总理赞丹沙塔尔与部分矿企签署收益分配初步协议，将乌哈胡达格、 纳林苏海特和巴鲁努纳兰（塔万陶勒盖矿区之一）以及额尔登特衍生铜矿的收益的60%，通过国家财富 基金以储蓄形式返还给蒙古国民众，切实履行企业社会责任，助力国家资源收益的合理分配。 ...

Investment Rating - The report provides a positive investment rating for the coal mining industry in Mongolia, highlighting its rich resources and potential for growth in exports, particularly to China [19][25]. Core Insights - Mongolia has abundant coal resources, with proven reserves of 252 million tons as of the end of 2020, including 135 million tons of lignite and brown coal, and 117 million tons of anthracite and bituminous coal [7][11]. - The coal mining sector is crucial for Mongolia's economy, with coal accounting for over 90% of the country's primary energy consumption, primarily used for power generation and exports [24][25]. - The report emphasizes the strategic importance of coal exports to China, which accounted for 94.9% of Mongolia's coal exports in 2024, showcasing the reliance on this market for growth [22][25]. Summary by Sections Coal Resource Overview - Mongolia's coal resources are mainly distributed across five regions, with the northern and southern areas being the most productive, contributing to 99% of the total output [7][11]. - The country has approximately 300 coal mines, with a significant portion of high-quality coking coal suitable for metallurgical processes [11][19]. Production and Export Trends - Coal production in Mongolia has seen fluctuations, with a peak of 32 million tons in 2011, primarily driven by export demand [21]. - The report forecasts a cumulative coal production of 97.72 million tons by 2024, reflecting a compound annual growth rate (CAGR) of 10.3% from 2013 to 2024 [21]. - In 2025, coal production is expected to slow down due to a decline in demand from the Chinese coking coal market [21]. Infrastructure and Trade Ports - Key coal export ports include Gashuunsukhait, Tsagaan Khad, and Mandula, with ongoing improvements in cross-border railway and logistics infrastructure to enhance export capacity [28][32]. - The report outlines various railway projects aimed at increasing coal export volumes by approximately 4 million tons annually [32]. Company Insights: Mongolian Coal - Mongolian Coal is identified as the largest high-quality coking coal producer and exporter in Mongolia, with a diversified resource portfolio including gold and copper [40][41]. - The company has strategically shifted towards resource diversification, reducing reliance on coal by expanding into gold and copper mining [46][90]. - As of mid-2025, the company reported total coal reserves of 612 million tons, with a focus on enhancing production capabilities and market presence [56][61]. Financial Performance - The company's revenue has shown significant growth, particularly from 2015 to 2019, driven by increased demand from infrastructure projects in China [55]. - The report notes a typical cyclical fluctuation in revenue, with a notable increase in 2022 and 2023, followed by a decrease in the first half of 2025 [55][61]. Cost Structure and Pricing - The report details the cost structure of coal production, with average costs remaining stable around $77 per ton from 2018 to the first half of 2025 [71]. - Pricing strategies are influenced by market dynamics, with a focus on maintaining competitive pricing in the context of international coal markets [68][70].

Investment Rating - The report provides a positive investment rating for the coal mining industry in Mongolia, highlighting its rich resources and potential for growth in exports, particularly to China [19][25]. Core Insights - Mongolia has abundant coal resources, with proven reserves of 252 million tons as of the end of 2020, including 135 million tons of lignite and brown coal, and 117 million tons of anthracite and bituminous coal [7][11]. - The coal mining sector is crucial for Mongolia's economy, with coal accounting for over 90% of the country's primary energy consumption, primarily used for power generation and exports [24][25]. - The report emphasizes the strategic importance of coal exports to China, which accounted for 94.9% of Mongolia's coal exports in 2024, showcasing the reliance on this market for growth [22][25]. Summary by Sections Coal Resource Overview - Mongolia's coal resources are distributed across various regions, with the northern and southern areas being the most productive, contributing to 99% of the total output [7][11]. - The country has approximately 300 coal mines, with a significant portion of high-quality coking coal suitable for metallurgical processes [11][19]. Production and Export Trends - Coal production in Mongolia has seen fluctuations, with a peak of 32 million tons in 2011, primarily driven by export demand [21]. - The report forecasts a cumulative coal production of 97.72 million tons by 2024, reflecting a compound annual growth rate (CAGR) of 10.3% from 2013 to 2024 [21]. - In 2025, coal production is expected to slow down due to a decline in demand from the Chinese coking coal market [21]. Infrastructure and Trade Ports - Key coal export ports include Gashuunsukhait, Tsagaan Khad, and Mandula, with ongoing improvements in cross-border railway and logistics infrastructure to enhance export capacity [28][32]. - The report outlines various railway projects aimed at increasing coal export volumes by approximately 4 million tons annually [32]. Company Analysis: Mongolian Coal - Mongolian Coal is identified as the largest producer and exporter of high-quality coking coal in Mongolia, with diversified mineral resource development including gold and copper [40][43]. - The company has a strategic focus on expanding its resource base and reducing dependency on coal by entering the gold and copper sectors [46][90]. - As of mid-2025, the company reported total coal reserves of 612 million tons, with significant production capabilities from its UHG and BN mines [56][58]. Financial Performance - The company's revenue has shown cyclical fluctuations, with significant growth from 2015 to 2019, followed by a contraction during the pandemic, and a resurgence in 2021-2024 [55]. - The report highlights that coal sales remain the primary revenue source, with hard coking coal contributing the majority of sales [55][67]. Cost Structure and Pricing - The report details the cost structure of coal production, with average costs remaining stable around $77 per ton from 2018 to mid-2025, despite fluctuations in transportation and compliance costs [71][74]. - Pricing strategies are influenced by market dynamics, with hard coking coal prices expected to stabilize around $160-$180 per ton in 2024 [70][71].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或因依 賴該等內容而引致的任何損失承擔任何責任。 1 截至本公告日期，概無就此議題與蒙古國政府訂立具法律約束力的協議。最終確 定協議文件在落實前將由蒙古國政府提交國會審閱及最終批准。 本公司認為，備忘錄代表在現行法律框架內找到非歧視性解決方案的重要一步， 最終將為所有相關持份者所接受，因而將改善蒙古國整個行業於投資的法律框 架。因此，本公司及其營運附屬公司（ER及KEX）將積極參與與蒙古國政府及其 工作組的正式溝通、書信往來及磋商，繼續維護其合法權益及權利的同時將提供 一切支持建設性對話的資源，從而在備忘錄界定的框架內促成最終協議文件的定 稿。 MONGOLIAN MINING CORPORATION （於開曼群島註冊成立的有限責任公司） （股份代號：975） 澄清公告 茲提述Mongolian Mining Corporation（「本公司」，連同其附屬公司統稱「本集團」） 日期為二零二五年二月二十七日及二零二五年三月六日的公告，以及於二零二五 年九 ...

该行指出，国内方面，2025年下半年国内通过查煤矿超产的形式实现了供给的快速收缩，秦皇岛动力煤 平仓价亦从最低的609元/吨一路上行至834元/吨。海外方面，煤价运行的大致趋势与国内类似，印尼等 煤炭出口国家希望抬升煤价来改善企业的业绩和增厚财政，从近期印尼政府的相关政策来看，供给收缩 驱动煤价上行也成为了重要手段。综合国内和海外判断，当前煤价尚处于偏低位置，离合理价格仍存在 一定距离，存在政策驱动供给收缩抬升煤价的逻辑。 煤炭股延续近期涨势，截至发稿，蒙古焦煤(00975)涨5.15%，报12.65港元；兖矿能源(01171)涨4.38%， 报13.36港元；力量发展(01277)涨3.23%，报1.92港元；兖煤澳大利亚(03668)涨2.36%，报33.78港元；中 煤能源(01898)涨2.11%，报12.58港元。 消息面上，据智通财经报道，2月3日，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；此外印尼上月向主要矿商下达的产量配额比2025年全年水平降低40%至70%，作 为该国提振煤价计划的一部分。长城证券发布研报称，煤炭供给收缩驱动煤价上行的逻辑再次被验证。 ...

该行指出，国内方面，2025年下半年国内通过查煤矿超产的形式实现了供给的快速收缩，秦皇岛动力煤 平仓价亦从最低的609元/吨一路上行至834元/吨。海外方面，煤价运行的大致趋势与国内类似，印尼等 煤炭出口国家希望抬升煤价来改善企业的业绩和增厚财政，从近期印尼政府的相关政策来看，供给收缩 驱动煤价上行也成为了重要手段。综合国内和海外判断，当前煤价尚处于偏低位置，离合理价格仍存在 一定距离，存在政策驱动供给收缩抬升煤价的逻辑。 消息面上，据智通财经报道，2月3日，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；此外印尼上月向主要矿商下达的产量配额比2025年全年水平降低40%至70%，作 为该国提振煤价计划的一部分。长城证券发布研报称，煤炭供给收缩驱动煤价上行的逻辑再次被验证。 智通财经APP获悉，煤炭股延续近期涨势，截至发稿，蒙古焦煤(00975)涨5.15%，报12.65港元；兖矿能 源(01171)涨4.38%，报13.36港元；力量发展(01277)涨3.23%，报1.92港元；兖煤澳大利亚(03668)涨 2.36%，报33.78港元；中煤能源(01898)涨2.11%，报 ...

钨金价格今天继续上涨，氧化钨每吨涨2万元，中钨酸铵涨每吨1万元。佳鑫国际资源（03858）涨超 12%。 中国中免(01880)涨超5%，春运首周海南离岛免税购物"开门红"。 歌礼制药-B(01672)再涨超6%，预计将于第二季度向FDA递交ASC36口服片治疗肥胖症的IND。 智通财经APP获悉，港股恒生指数涨0.43%，涨116点，报27299点；恒生科技指数涨1.10%。港股早盘成 交1186亿港元。 小米集团-W(01810)涨超4%，新一代SU7预计4月份上市。 先导智能（00470）首日挂牌涨0.44%；钓鱼第一股乐欣户外（02720）上市次日涨33%。 建滔系早盘走高。覆铜板2025年业绩实现高速增长，产品调价趋势有望进一步延续。建滔积层板 (01888)涨14%；建滔集团(00148)涨5%。 贵金属板块走高，万国黄金集团(03939)涨超9%刷新上市新高，公司受益于金价提升；紫金黄金国际 （02259）涨超9%，灵宝黄金、赤峰黄金、中国黄金国际跟涨。 中芯国际(00981)绩后跌3.63%，高盛指其首季毛利率指引低于预期。 健康160(02656)重挫33%，回吐年内多数涨幅，总市值一度跌穿 ...

今日上午港股 1 . 黄金股持续走高，截至发稿， 万国黄金集团(03939)涨9.39%，紫金黄金国际(02259)涨9.15%，灵宝 黄金(03330)涨7.24%，赤峰黄金(06693)涨6.23% 。 消息面上，金价呈现震荡运行，截至发稿，现货黄 金徘徊于5050美元上方。美国2025年12月零售销售表现低于预期，降息预期略有升温。 2 . 紫金矿业(02899)涨超3.5% 。消息面上，近日，紫金矿业会议审议通过《公司三年(2026—2028年) 主要矿产品产量规划和2035年远景目标纲要》，明确未来3年主要矿产品产量规划指标。 3 . 中国中免(01880)涨超3.5% 。消息面上，海口海关2月9日发布统计数据，自2025年11月1日离岛免 税政策调整以来，截至2026年2月8日，新政实施满百日，海口海关监管离岛免税购物金额115.85亿 元，同比增长14.71%。 4. MONGOL MINING(00975)盘中涨超15%，截至发稿，涨12.05% 。国联民生证券发布研报称，2025 年随着黄金等新的矿场陆续开发，公司已经从单一Coking coal生产商逐渐成长为黄金铜等多矿场生产 商，初步完 ...