智通财经APP讯，兖矿能源(600188.SH)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，挂牌底价为6.7亿元。若 本次交易最终达成，预计将对公司2026年归属于母公司股东的净利润产生较大影响。 ...

股票代码：600188 股票简称：兖矿能源 编号：临 2026-004 兖矿能源集团股份有限公司 关于挂牌转让全资子公司 100%股权的公告 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。 一、交易情况概述 （一）审批程序 根据上市监管规定及公司内部决策权限，本次股权挂牌经总经理 办公会审批通过，无需提交公司董事会审议，相关审批程序符合上市 监管要求及《公司章程》等内部管理制度。 （二）审计评估情况 1.审计情况：审计基准日为 2025 年 6 月 30 日。经新联谊会计师 事务所（特殊普通合伙）审计，截至审计基准日，鑫泰煤炭资产总额 20,978.05 万元，负债总额 12,166.80 万元，净资产 8,811.25 万元。 1 2.评估情况：评估基准日为 2025 年 6 月 30 日。经北京中企华资 产评估有限责任公司评估，以经审计的财务数据为基础，采用收益法 评估净资产价值为 62,354.09 万元，增值率 607.66%，即鑫泰煤炭股 东全部权益价值为 62,354.09 万元，该评估结果已履行相关备案程 序。 ...

格隆汇2月1日丨兖矿能源(600188.SH)公告，经总经理办公会审议批准，兖矿能源集团股份有限公司("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。 本次股权挂牌底价为67,001万元。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305,001万元。若本次 交易最终达成，预计将对公司2026年归属于母公司股东的净利润产生较大影响。具体影响尚需根据最终 成交结果、有关交易费用、相关经审计的财务数据确定。 ...

格隆汇2月1日丨兖矿能源(600188.SH)公告，经总经理办公会审议批准，兖矿能源集团股份有限公司("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。 本次股权挂牌底价为67,001万元。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305,001万元。若本次 交易最终达成，预计将对公司2026年归属于母公司股东的净利润产生较大影响。具体影响尚需根据最终 成交结果、有关交易费用、相关经审计的财务数据确定。 ...

兖矿能源公告称，其全资子公司兖矿能源（鄂尔多斯）有限公司挂牌转让鑫泰煤炭100%股权。审计、 评估基准日均为2025年6月30日，经审计，鑫泰煤炭净资产8811.25万元；经评估，其股东全部权益价值 为6.24亿元，增值率607.66%。挂牌期为2025年12月30日至2026年1月27日，底价6.70亿元。1月30日网 络竞价，最高报价30.50亿元。若交易达成，预计影响2026年净利润，但交易存在不确定性。 ...

Investment Rating - The report maintains an "Accumulate" rating for the coal industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Insights - The report highlights a favorable supply-demand dynamic in the coal market, with expectations of stable to increasing coal prices due to ongoing high demand and tightening supply conditions [7][8]. - The report emphasizes the importance of strategic investments in coal companies with strong dividend yields and low valuations, particularly in light of the anticipated recovery in coal prices [8]. Summary by Sections 1. Industry Overview - The coal industry comprises 37 listed companies with a total market capitalization of approximately 19,847.47 billion yuan and a circulating market value of about 19,430.80 billion yuan [2]. 2. Company Performance Tracking - Key companies such as China Shenhua, Shanxi Coking Coal, and Yancoal Energy are highlighted for their robust operational performance and strategic growth plans [12][13]. - China Shenhua is expected to achieve a net profit of 495-545 billion yuan in 2025, while Shanxi Coking Coal anticipates a significant decline in profits due to market pressures [8]. 3. Coal Price Tracking - The report notes that the price of thermal coal at the port has seen a slight increase, with the average price at the Qinhuangdao port reported at 698 yuan per ton, reflecting a week-on-week increase of 8 yuan [8]. - The international coal price has also risen, with Newcastle coal futures closing at 111.75 USD per ton, marking a daily increase of 2.43% [8]. 4. Supply and Demand Dynamics - The report indicates that the daily coal consumption across 25 provinces in China reached 6.648 million tons, showing a year-on-year increase of 36.48% [8]. - Supply constraints are expected as many private coal mines prepare for seasonal shutdowns, leading to a reduction in overall coal supply [8]. 5. Investment Opportunities - The report suggests focusing on companies with strong dividend policies and growth potential, such as China Shenhua, Yancoal Energy, and others, which are expected to benefit from the anticipated recovery in coal prices [8][12]. - It also highlights the potential for companies like Lu'an Huanneng and Pingmei Shenma to rebound as market conditions improve [8].

Investment Rating - The report maintains a "Buy" rating for the coal sector, with specific recommendations for several companies [2][3]. Core Insights - Coal prices have stabilized and rebounded slightly before the holiday, with expectations for a stronger market post-holiday. Supply has tightened due to the upcoming holiday and production targets being met, while demand has increased due to cold weather affecting power plant consumption [10][11]. - The report forecasts that coal prices may return to a seasonal fluctuation range of 750-1000 RMB/ton, driven by domestic capacity reductions and a significant decrease in Indonesia's production targets for 2026 [10][11]. - Investment recommendations focus on companies with high spot market exposure and strong balance sheets, particularly those in Shanxi province, which are less affected by production limits [10][15]. Summary by Sections Company Earnings Forecasts, Valuation, and Ratings - Recommended companies include: - Jin控煤业 (Jin控 Coal Industry): EPS forecast of 1.68 RMB for 2024, with a PE ratio of 9 [2]. - 山煤国际 (Shan Coal International): EPS forecast of 1.14 RMB for 2024, with a PE ratio of 10 [2]. - 潞安环能 (Luan Environmental Energy): EPS forecast of 0.82 RMB for 2024, with a PE ratio of 17 [2]. - 华阳股份 (Huayang Co.): EPS forecast of 0.62 RMB for 2024, with a PE ratio of 15 [2]. - 兖矿能源 (Yankuang Energy): EPS forecast of 1.44 RMB for 2024, with a PE ratio of 10 [2]. - 中国神华 (China Shenhua): EPS forecast of 2.95 RMB for 2024, with a PE ratio of 14 [2]. - 陕西煤业 (Shaanxi Coal): EPS forecast of 2.31 RMB for 2024, with a PE ratio of 10 [2]. - 中煤能源 (China Coal Energy): EPS forecast of 1.46 RMB for 2024, with a PE ratio of 9 [2]. - 中广核矿业 (CGN Mining): EPS forecast of 0.04 HKD for 2024, with a PE ratio of 113 [2]. - 新集能源 (Xinjie Energy): EPS forecast of 0.92 RMB for 2024, with a PE ratio of 8 [2]. - 淮北矿业 (Huaibei Mining): EPS forecast of 1.80 RMB for 2024, with a PE ratio of 7 [2]. - 兰花科创 (Lanhua Sci-Tech): EPS forecast of 0.49 RMB for 2024, with a PE ratio of 13 [2]. Market Performance - The coal sector has outperformed the broader market, with a weekly increase of 4.0% compared to a 0.1% increase in the CSI 300 index [17][20]. - Notable performers include 陕西黑猫 (Shaanxi Black Cat) with a 14.50% increase and 盘江股份 (Panjiang Coal) with a 13.25% increase [23][24]. Industry Dynamics - The report highlights a tightening supply due to production limits and increased demand from power plants, leading to a potential price increase in the coal market [10][11]. - The focus on high dividend yield companies is emphasized as a defensive strategy amid uncertain international conditions [11].

Investment Rating - The coal industry is rated as "stronger than the market" [7] Core Views - The report emphasizes that the fundamental goal is to reverse the Producer Price Index (PPI), with seasonal demand during the "peak winter" leading to a 1.3% increase in coal mining and washing prices, contributing to a 0.2% rise in PPI over three consecutive months [5][6] - The coal price is expected to stabilize due to its high correlation with PPI, with a potential low point for coal prices in 2025, influenced by policies aimed at reducing excessive competition [5] - The coal industry is undergoing a transformation driven by energy security demands, with limited supply elasticity due to strict capacity controls and increasing extraction difficulties, particularly in eastern regions [5][6] - Despite weak macroeconomic conditions affecting coal demand, the rigid supply and rising costs are expected to support coal prices, which are likely to maintain a volatile upward trend [5] Summary by Sections Coal Market Overview - As of January 30, the Qinhuangdao 5500K thermal coal price is 692 CNY/ton, up 7 CNY/ton week-on-week, with a year-on-year decline of 61 CNY/ton [3][31] - The average daily output of 462 sample coal mines is 5.329 million tons, down 81,000 tons week-on-week but up 1.77 million tons year-on-year [3][42] - The coal inventory index is slightly down to 180.4, indicating a minor decrease in coal stocks [3][53] Coking Coal - The main coking coal price at Jingtang Port is stable at 1800 CNY/ton, with a year-on-year increase of 340 CNY/ton [4][72] - The average daily output of 523 sample coking coal mines is 771,000 tons, reflecting a year-on-year increase of 64.2% [4][71] - The coking coal inventory stands at 2.672 million tons, down 7.2% week-on-week [4][71] Supply and Demand Dynamics - The daily consumption of the six major power plants has decreased to 847,000 tons, down 3.7% week-on-week but up 27.8% year-on-year [42][43] - The inventory of the six major power plants is 13.185 million tons, down 0.6% week-on-week [43][44] - The methanol and urea operating rates are at 91.2% and 88.3%, respectively, indicating a slight increase [47][48] Investment Opportunities - The report suggests focusing on companies with strong resource endowments and stable operating performance, such as China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical [6] - Companies with production growth potential benefiting from the coal price cycle, such as Yanzhou Coal Mining, Huayang Co., and Gansu Energy, are also highlighted [6] - Firms with global resource scarcity attributes, like Huaibei Mining and Shanxi Coking Coal, are recommended for investment [6]

Investment Rating - The report assigns an "Overweight" rating to the coal industry [5][27]. Core Insights - The coal sector's fund holdings have rebounded from historical lows, confirming the cyclical bottom in Q2 2025, with a reversal in the supply-demand dynamics now evident [3][5]. - The report recommends core stocks such as China Shenhua, Shaanxi Coal, and China Coal Energy, while also suggesting continued investment in Yanzhou Coal and Jinneng Holding [5][6]. Summary by Sections Fund Holdings - As of Q4 2025, the coal sector's fund holdings increased by 0.03% to 0.61%, with the top ten coal stocks' market value ratio rising from 0.49% in Q3 to 0.53% [5][9]. - The number of coal stocks in the top ten holdings decreased from 26 in Q3 2025 to 22 in Q4 2025, indicating a higher allocation to industry leaders with strong profit certainty [5][9]. Major Holdings - The top five coal stocks held by funds are China Shenhua (0.58%), Shaanxi Coal (1.70%), Yanzhou Coal (2.93%), Lu'an Environmental Energy (5.86%), and China Coal Energy (1.60%) [9][12]. - Notable increases in holdings were observed in Shanxi Coal International (5.00%), Pingmei Shenma (4.82%), and Hengyuan Coal Power (2.44%) [13]. Market Performance - The coal industry index outperformed the CSI 300 index in Q4 2025, indicating a positive market trend for coal stocks [6][18]. - The report highlights significant changes in holdings by the Shanghai-Hong Kong Stock Connect, with increased stakes in Jiangxi Tungsten, Zhengzhou Coal, and Kailuan Energy [13][14]. Valuation Metrics - The report provides valuation metrics for key coal companies, with China Shenhua's estimated PE ratio for 2025 at 15.50 and for 2026 at 14.62, indicating a favorable investment outlook [21][22].

Core Insights - The coal industry is undergoing a significant restructuring on the supply side, with policies aimed at controlling coal consumption in power generation and coal-to-gas projects, leading to a tighter supply environment. The emphasis on high-quality and compliant production capacity is expected to increase [4][6][10] - Demand for coal remains stable, driven by resilient electricity consumption and growth in the coal chemical sector, particularly in coal-to-oil and coal-to-olefins projects. Overall coal demand is projected to see slight growth in 2026 [4][6][10] - Investment recommendations include focusing on growth-oriented companies such as TBEA, Jinkong Coal, Huayang Co., Xinjie Energy, Huaihe Energy, and Yancoal Energy, as well as stable dividend-paying companies like China Shenhua, Shaanxi Coal, and China Coal Energy [4][10] - Contrary to common perceptions, the report argues that coal will maintain its strategic importance in energy supply, with a robust demand foundation supporting the industry's fundamentals. The cash-generating nature of the coal sector is expected to strengthen, with coal prices likely to remain at reasonable high levels, enhancing profitability and dividend capacity [4][10] Supply Side Analysis - The domestic coal production growth rate is slowing, with December 2025 coal production at 4.37 million tons, a year-on-year decrease of 1.0%. The overall production for 2025 is projected at 48.32 billion tons, a 1.2% increase year-on-year [22][24] - The report highlights that the supply-demand balance is tightening, with significant policy changes and production adjustments in key coal-producing regions [4][6][10] Demand Side Analysis - Industrial coal demand is showing a steady increase, while thermal power demand is experiencing temporary pressure. The chemical sector is emerging as a new growth driver, with coal consumption in chemical industries growing by 7% year-on-year in December [4][10] - The report indicates that the overall coal consumption is expected to stabilize and achieve slight growth in 2026, supported by ongoing electricity demand [4][10] Key Events and Policy Changes - Recent policy changes include the implementation of stricter safety regulations and the introduction of export tariffs by Indonesia, which are expected to impact global coal supply dynamics [6][10] - The report notes the establishment of a new coal transportation base in Guazhou, which is expected to enhance coal distribution efficiency and support national energy security [6][10] Price Dynamics - The seasonal adjustment of national railway freight rates is expected to influence coal price volatility, with price movements likely to accelerate during periods of freight rate adjustments [10] - The report anticipates that coal prices will rebound, particularly in the peak demand season, driven by improved demand and operational conditions [10]