Group 1 - The methanol concept sector is active, with companies such as Yanzhou Coal Mining, Shanxi Black Cat, and China Coal Energy reaching the daily limit up [1] - Yunnan Coal Energy and Shanxi Coking Coal are among the stocks with significant gains [1]

（文章来源：每日经济新闻） 每经AI快讯，2月4日，港股煤炭股走强，截至发稿，兖矿能源(01171.HK)涨5.51%、兖煤澳大利亚 (03668.HK)涨4.76%、中煤能源(01898.HK)涨4.01%、中国神华(01088.HK)涨2.61%。 ...

消息面上，2月1日，兖矿能源发布公告，公司全资子公司兖矿能源(鄂尔多斯)有限公司在山东产权交易 中心公开挂牌转让内蒙古鑫泰煤炭有限公司(鑫泰煤炭)100%股权。 兖矿能源（600188）(01171)早盘涨超4%，截至发稿，涨4.36%，报11.74港元，成交额5919.5万港元。 根据产权交易规则，山东产权交易中心将依据竞价结果于近日出具《结果通知单》。转让方与受让方应 在网络竞价结束后，签署《产权交易合同》。截至本公告日期，山东产权交易中心尚未出具本次股权挂 牌的《结果通知单》；转让方与受让方尚未签署《产权交易合同》。 股权挂牌起止日期为2025年12月30日至2026年1月27日。本次股权挂牌底价为人民币6.7亿元。截至上述 挂牌期满，意向受让方超过两名，根据产权交易规则，山东产权交易中心于2026年1月30日组织网络竞 价。网络竞价交易系统显示最高报价为人民币30.5亿元。 ...

根据产权交易规则，山东产权交易中心将依据竞价结果于近日出具《结果通知单》。转让方与受让方应 在网络竞价结束后，签署《产权交易合同》。截至本公告日期，山东产权交易中心尚未出具本次股权挂 牌的《结果通知单》；转让方与受让方尚未签署《产权交易合同》。 股权挂牌起止日期为2025年12月30日至2026年1月27日。本次股权挂牌底价为人民币6.7亿元。截至上述 挂牌期满，意向受让方超过两名，根据产权交易规则，山东产权交易中心于2026年1月30日组织网络竞 价。网络竞价交易系统显示最高报价为人民币30.5亿元。 智通财经APP获悉，兖矿能源(01171)早盘涨超4%，截至发稿，涨4.36%，报11.74港元，成交额5919.5万 港元。 消息面上，2月1日，兖矿能源发布公告，公司全资子公司兖矿能源(鄂尔多斯)有限公司在山东产权交易 中心公开挂牌转让内蒙古鑫泰煤炭有限公司(鑫泰煤炭)100%股权。 ...

广发证券认为，近期，动力煤日耗维持中高位，1月下旬至2月上旬高位有望继续消化，而临近春节供应 总体收窄，预计煤价有望延续整体稳定。焦炭首轮提涨顺利落地，下游采购情绪整体向好，预计焦炭价 格有望稳中有升。该行认为，进入26年，预计供应端增速较前期大幅下降，同时考虑到25年需求受到制 约26年也有较大改善空间，预计煤价中枢有望稳步回升。 消息面上，据证券时报报道，近日，焦炭年内首轮调涨落地。据卓创资讯（301299）数据，唐山市场主 流钢厂对湿熄焦炭价格上调50元/吨、干熄焦上调55元/吨，2026年1月30日零时起执行。邢台、天津地 区部分钢厂对湿熄焦炭上调50元/吨、干熄焦炭上调55元/吨，2026年1月30日零点执行。石家庄地区个 别钢厂对湿熄焦炭上调50元/吨、干熄焦炭上调55元/吨，2026年1月30日零点执行。 煤炭股早盘走高，截至发稿，兖矿能源（600188）(01171)涨6.67%，报11.98港元；兖煤澳大利亚 (03668)涨5.84%，报33.34港元；中煤能源（601898）(01898)涨4.19%，报11.43港元；力量发展(01277) 涨4%，报1.82港元；中国神华（60108 ...

Core Insights - The coal industry is expected to see an improvement in supply-demand dynamics starting in 2026 after a generally loose supply in 2025 [1] Group 1: Coal Sector Review - The coal sector outperformed the market in January, with a cumulative increase of 8.3% year-to-date, surpassing the CSI 300 index by 6.7 percentage points [16] - The coal sector's price-to-earnings (PE) ratio is currently at 15.7 times, ranking 5th among all sectors, indicating a relatively high valuation [20][26] - The coal sector's price-to-book (PB) ratio stands at 1.51 times, also reflecting a historical high level [24] Group 2: Coal Market Overview - In December, electricity consumption remained flat year-on-year, while coal imports increased by approximately 12% [29] - Domestic coal prices in January showed stability, with power coal prices rising slightly by 2.1% or 14 RMB/ton compared to the end of December [29] - International coal prices saw a notable increase, with Newcastle's 6000 kcal thermal coal price rising by 3.8% to 110.1 USD/ton [45] Group 3: Domestic Demand and Supply - In 2025, domestic coal production increased by 1.2% year-on-year, while coal imports decreased by 9.6% [56] - The total coal production in 2025 reached 483.2 million tons, with significant contributions from Shanxi, Inner Mongolia, and Shaanxi [56] - The demand for electricity in 2025 grew by 5.0%, with the industrial sector showing varied growth rates [46] Group 4: Key Companies and Financial Analysis - Key companies in the coal sector include China Shenhua, Yanzhou Coal, and Shaanxi Coal, all rated as "Buy" with robust dividend policies [6][7] - Financial metrics for these companies indicate a favorable outlook, with expected earnings per share (EPS) growth and attractive valuation ratios [7]

Summary of Conference Call on Coal Industry Industry Overview - The focus of the conference call was on the coal industry, particularly the recent trends in coal prices and inventory levels [1][2][5]. Key Points and Arguments 1. **Coal Price Trends**: - Coal prices have started to rise, with Qinhuangdao's 5500 kcal coal price increasing by 5 yuan from 691 to 696 yuan. High-calorie coal from Yulin saw a significant increase of over 20 yuan, nearly 4% [1][2]. - Despite the price increase, there remains a notable price inversion between pit and port prices, with Shanxi coal prices around 750 yuan and Inner Mongolia near 800 yuan, compared to port prices below 700 yuan [2]. 2. **Inventory Levels**: - There has been a significant decrease in coal inventory, with Qinhuangdao's inventory down by 2% and the overall inventory at nine northern ports down by 7%, reaching levels lower than in 2023 and 2025 [2][5]. - The current inventory levels indicate a strong correlation with supply and demand dynamics, suggesting a potential for continued price stability [3][5]. 3. **Market Dynamics**: - The market is currently in the latter half of the peak season, with traders expected to remain active in shipping despite the price inversion, anticipating further price increases [2][3]. - The expectation is for minor fluctuations in coal prices, potentially reaching 700-750 yuan, but significant price surges are not anticipated [3]. 4. **International Market Influences**: - International coal prices are also on the rise, with Australian and Indonesian coal prices increasing by approximately 1%. The Australian price is around 705 yuan, while Indonesian coal is priced above 720 yuan [6]. - Indonesia is expected to reduce its coal export quotas significantly, from 790 million tons last year to an anticipated 600 million tons, raising concerns about supply constraints [6][7]. 5. **Government Policies**: - The Indonesian government is implementing policies to control coal prices and maintain tax revenues, which may lead to reduced production and tighter supply [7][9]. - Domestic policies in China are also focused on stabilizing coal supply, with no significant increases in production expected during the 15th Five-Year Plan period [19][20]. 6. **Investment Opportunities**: - The coal sector is viewed as a stable investment option amidst market volatility, with companies like Yancoal and China Shenhua being highlighted for their dividend yields and resilience [22][23]. - The focus is on selecting companies that offer both safety and growth potential, particularly those with strong fundamentals and dividend policies [23][24]. 7. **Future Outlook**: - The overall sentiment is cautiously optimistic, with expectations for a gradual recovery in coal prices and continued interest from investors seeking stable assets [26]. - The coal market is expected to remain tight, with both domestic and international factors contributing to a favorable outlook for coal investments in the near term [26]. Additional Important Content - The call emphasized the importance of coal as a stable asset class in a volatile market, with a focus on the need for investors to seek out reliable investment opportunities [14][22]. - The discussion included insights into the broader energy market, noting the impact of rising oil and gas prices on coal demand and pricing dynamics [11][15]. This summary encapsulates the key insights and discussions from the conference call regarding the coal industry, highlighting price trends, inventory levels, market dynamics, and investment opportunities.

证券日报网讯 2月2日，兖矿能源发布公告称，截至2026年1月31日，公司尚未回购A股、H股股份。 （文章来源：证券日报） ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 兗礦能源集團股份有限公司(在中華人民共和國註冊成立的公司) 呈交日期: 2026年2月2日 I. 法定/註冊股本變動 1. 由于本公司系在中華人民共和國註册成立，"法定股本"的概念幷不適用。上文第I節所示"法定/註册股本"的信息系指本公司的"註册股本"。 FF301 第 2 頁 共 11 頁 v 1.2.0 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01171 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,075,500,000 | RMB | | 1 RMB | | 4,075,500,000 | | 增加 / ...

关于股份回购进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 股票代码：600188 股票简称：兖矿能源 编号：临 2026-005 兖矿能源集团股份有限公司 因公司实施 2025 年半年度权益分派，A 股股份回购价格上限由不超过人民币 17.08 元/股调整为不超过人民币 16.90 元/股。 有关详情请参见公司日期为2025年8月29日的第九届董事会第十八次会议决议 公告、关于以集中竞价交易方式回购股份的回购报告书、关于以集中竞价交易方 式回购股份方案的公告以及日期为2025年9月16日的关于2025年半年度权益分派实 施后调整A股回购价格上限的公告。该等资料刊载于上海证券交易所网站、香港联 合交易所有限公司网站、公司网站及/或《中国证券报》《上海证券报》《证券时 报》《证券日报》。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司在回购股份期间，应当在每个月的前 3 个交 易日内公告截至上月末的回购进展情况。现将公司截 ...