2月9日，华阳股份盘中上涨2.03%，截至10:39，报9.55元/股，成交2.03亿元，换手率0.59%，总市值 344.52亿元。 资金流向方面，主力资金净流出1676.50万元，特大单买入1448.37万元，占比7.14%，卖出2235.95万 元，占比11.02%；大单买入4190.18万元，占比20.64%，卖出5079.10万元，占比25.02%。 华阳股份今年以来股价涨15.62%，近5个交易日涨7.67%，近20日涨11.05%，近60日涨10.15%。 资料显示，山西华阳集团新能股份有限公司位于山西省阳泉市桃北西街2号，成立日期1999年12月30 日，上市日期2003年8月21日，公司主营业务涉及主要从事煤炭生产、洗选加工、销售,电力生产、销售, 热力生产、销售,太阳能发电业务,光伏设备及元器件、电池制造,飞轮储能技术及产品的研发、生产、销 售、推广与服务,新能源技术推广服务,以及道路普通货物运输、设备租赁、施工机械配件等。主营业务 收入构成为：末煤52.34%，其他(补充)13.21%，洗块煤9.84%，外购统销煤炭9.50%，供电7.39%，洗末 煤6.05%，煤泥1.35%，供热0. ...

来源：中国能源网 我们认为，当前正处在煤炭经济新一轮周期上行的初期，基本面、政策面共振，现阶段逢低配置煤炭板 块正当时。本周基本面变化：供给方面，本周样本动力煤矿井产能利用率为87.5%(-0.8个百分点)，样本 炼焦煤矿井产能利用率为86.67%(-2.46个百分点)。需求方面，内陆17省日耗周环比下降81.80万吨/日 (-18.1%)，沿海8省日耗周环比下降16.30万吨/日(-7.22%)。非电需求方面，化工耗煤周环比上升1.80万 吨/日(+0.24%)；钢铁高炉开工率为79.53%(+0.53个百分点)；水泥熟料产能利用率为39.4%(-5.79个百分 点)。价格方面，本周秦港Q5500煤价收报692元/吨(+1元/吨)；京唐港主焦煤价格收报1700元/吨(-80元/ 吨)。值得注意的是，本周海外供给端突发扰动，印尼政府1月向主要矿商下达的产量配额比2025年水平 降低40％至70%，引起行业协会反对，已暂停现货煤炭出口。此前2022年印尼也曾短暂停止出口，本次 印尼暂停现货出口的影响以及具体减产力度仍需跟踪验证。我们认为，印尼政府将2026年煤炭生产配额 设定为6亿吨，较2025年实际产量7.9 ...

煤炭 2026 年 02 月 08 日 投资评级：看好（维持） 行业走势图 相关研究报告 《煤价回归合理才是常态，稳煤价逻 辑依旧—行业周报》-2026.2.1 《2025Q4 煤价环比改善，重视周期弹 性—行业点评报告》-2026.1.27 《煤价动态波动中寻求合理点位，稳 字是核心—行业周报》-2026.1.25 数据来源：聚源 -12% 0% 12% 24% 36% 2025-02 2025-06 2025-10 煤炭 沪深300 印尼进口煤价中枢有望提高，稳煤价逻辑依旧 ——行业周报 王高展（分析师） 程镱（分析师） wanggaozhan@kysec.cn 证书编号：S0790525070003 chengyi@kysec.cn 证书编号：S0790525090001 本周要闻回顾：印尼进口煤价中枢有望提高，稳煤价逻辑依旧 动力煤方面：动力煤价格微跌，截至 2 月 6 日，秦港 Q5500 动力煤平仓价为 695 元/吨，环比上涨 3 元/吨，前期已经完成了我们估算的第四目标价格区间，即 800-860 元区间。目前回调至煤电盈利均分的 750 元价格以下，我们预计未来价 格将逐步修复到 750 元 ...

华阳集团一矿年产能850万吨，是国家首批智能化示范煤矿。这个直径2.2米的切割滚筒就是采煤机，采煤像切蛋糕一样，把煤炭大块大块切割下来。作业产 生的大量煤尘，激发智能化降温降尘系统开始运行。过去，开采煤机需要3人一组观察地形指挥机器；现在，只需要一个人拿着无线遥控器就可以一键启 停，并且5G信号覆盖全矿井，一部防爆手机随时可与井上视频通话解决作业中遇到的问题。 随着矿井智能化改造，过去三四个小时才能处理的问题，现在几分钟就解决了。而且与之前相比，采煤机每天还多产出1000吨原煤，人员却减少一半。 作为智能化矿井的新生力量，像王帅一样年轻的矿工们带来新技术，也为企业带来活力。在矿井深处，他们用汗水、青春与信念，传递新一代年轻工人的力 量。 央视网消息（新闻联播）：作为全国重要的综合能源基地，山西平均每天的原煤产量超过350万吨，为华北地区供暖供电提供了有力支撑。总台《新春走基 层》记者跟随华阳集团一矿综采四队的青年矿工，深入矿井，记录下他们的工作与生活。 早晨6时20分，记者和一个班组20名矿工一起，穿上20多斤重的工作装备，先后搭乘"猴车"和火车，向地下400米深的采煤区行进。 27岁的王帅，入职一年多，学的 ...

[Table_Page] 投资策略周报|煤炭开采 证券研究报告 [Table_Title] 煤炭行业周报（2026 年第 6 期） 本周动力煤市场稳中有升，进口煤优势进一步收窄 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-02-08 | [Table_PicQuote] 相对市场表现 -10% -3% 4% 10% 17% 24% 02/25 04/25 07/25 09/25 11/25 02/26 煤炭开采 沪深300 | [分析师： Table_Author]沈涛 | | | --- | --- | | | SAC 执证号：S0260523030001 | | SFC CE No. AUS961 | | | 010-59136686 | | | shentao@gf.com.cn | | | 分析师： 安鹏 | | | | SAC 执证号：S0260512030008 | | SFC CE No. BNW176 | | | 021-38003693 | | | an ...

煤炭周报 印尼减产增强供给收缩预期，看好节后行情 glmszqdatemark 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价 | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | | | 601001 | 晋控煤业 | 15.67 | 1.68 | 1.01 | 1.32 | 9 | 16 | 12 | 推荐 | | 600546 | 山煤国际 | 11.03 | 1.14 | 0.67 | 1.17 | 10 | 16 | 9 | 推荐 | | 601699 | 潞安环能 | 13.37 | 0.82 | 0.74 | 1.01 | 16 | 18 | 13 | 推荐 | | 600348 | 华阳股份 | 9.36 | 0.62 | 0.47 | 0.67 | 15 | 20 | 14 | 推荐 | | 600188 | 兖矿能源 | 15. ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2][26]. Core Insights - The report highlights that Indonesia's coal production is expected to decline significantly in 2026 due to the revision of the RKAB quota, with production set at approximately 600 million tons, a notable decrease from 740 million tons in 2025 [6][7]. - The reduction in coal production is anticipated to lead to a tightening of coal supply, which may drive up global coal prices, particularly for thermal coal [7]. - The Indonesian government is implementing policies to control coal production and exports, aiming to enhance domestic energy security and increase fiscal revenue through coal export taxes [7]. Summary by Sections Industry Overview - The total number of listed companies in the coal industry is 37, with a total market capitalization of approximately 198.55 billion yuan and a circulating market capitalization of about 194.41 billion yuan [2]. Regulatory Changes - The Indonesian Ministry of Energy and Mineral Resources is reviewing the RKAB quotas, which are crucial for coal mining operations. The approval rate for the first batch of RKAB in 2026 was only 71.49%, with significant reductions in approved quotas for many companies [6][7]. Market Dynamics - The report notes that the domestic market obligation (DMO) will be adjusted to ensure local demand is met before allowing coal exports. The DMO demand is expected to remain above 250 million tons [7]. - The report predicts that Indonesia's coal exports will face substantial declines starting in Q2 2026, which will further constrain global coal supply and potentially elevate prices [7]. Investment Recommendations - The report recommends focusing on high-elasticity stocks in the thermal coal sector, including companies like Yanzhou Coal Mining Company, Huayang Co., and others, as they are expected to benefit from rising coal prices [7].

2月6日，华阳股份盘中上涨2.05%，截至13:14，报9.47元/股，成交2.47亿元，换手率0.73%，总市值 341.63亿元。 资金流向方面，主力资金净流入2613.04万元，特大单买入2225.81万元，占比9.02%，卖出995.47万元， 占比4.04%；大单买入5800.04万元，占比23.52%，卖出4417.34万元，占比17.91%。 机构持仓方面，截止2025年9月30日，华阳股份十大流通股东中，国泰中证煤炭ETF（515220）位居第 二大流通股东，持股7133.42万股，相比上期增加4331.79万股。香港中央结算有限公司位居第三大流通 股东，持股4374.28万股，相比上期增加1406.65万股。南方中证500ETF（510500）位居第四大流通股 东，持股2620.64万股，相比上期减少54.82万股。景顺长城周期优选混合A（018504）位居第八大流通 股东，持股1383.47万股，为新进股东。万家精选A（519185）位居第九大流通股东，持股1253.36万 股，相比上期增加319.38万股。易方达中证红利ETF（515180）位居第十大流通股东，持股1179.58万 股， ...

Investment Rating - The report recommends a "Buy" rating for several companies directly benefiting from Indonesian coal resources, including China Qinfa, Power Development, Yanzhou Coal Mining, and others [11]. Core Insights - Indonesia's coal production is expected to decline by approximately 5.5% in 2025, with production estimated at 790 million tons, down from 836 million tons in 2024 [1][14]. - As the world's largest coal exporter, Indonesia's coal exports are projected to decrease by about 5.0% in 2025, with total exports expected to reach 505 million tons [2][20]. - The report highlights significant declines in coal export revenue and tax contributions, leading to increased fiscal pressure on the Indonesian government [3][28]. - Domestic coal demand is expected to grow robustly, driven by population growth and increasing electricity needs [31]. - The Indonesian government plans to implement a series of policies to tighten coal production quotas, increase export taxes, and enhance domestic market obligations (DMO) to support coal prices and increase tax revenue [4][36]. Summary by Sections Coal Production and Export Trends - In 2025, Indonesia's coal production is projected to be 790 million tons, a decrease of 5.5% from 2024 [1][14]. - The coal export volume for 2025 is expected to be 505 million tons, reflecting a 5.0% decline compared to the previous year [2][20]. - The export revenue for coal (excluding lignite) in the first eleven months of 2025 is reported at $22.17 billion, a year-on-year decrease of 20.27% [28]. Domestic Demand and Policy Changes - The IEA forecasts that Indonesia's coal consumption will reach approximately 266 million tons in 2025, primarily due to population growth and economic expansion [31]. - The Indonesian government is set to implement a "combination policy" to manage coal supply actively, which includes tightening production quotas and increasing export taxes [4][36]. Regulatory and Taxation Framework - New regulations will impose a progressive export tax ranging from 1% to 11%, depending on coal type and price, effective from 2026 [9][44]. - The introduction of stricter mining rights taxes linked to coal quality and production methods is expected to raise operational costs for coal producers [45]. Investment Recommendations - The report emphasizes investment in companies that are well-positioned to benefit from the changes in the Indonesian coal market, particularly those with strong domestic market presence and resilience to price fluctuations [11].

华阳股份（600348.SH）2月5日在投资者互动平台表示，公司碳纤维材料可应用于航空等领域，目前正 在努力开展应用场景认证工作。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：董秘你好，最近中国向国际电信联盟（ITU）提交了新 增20.3万颗卫星的频率与轨道资源申请，美国的SpaceX也申请部署100万颗卫星，卫星重要的材料之一 就是用T800以上的碳纤维材料，请问贵公司量产的T1000能用做卫星制造吗？是否通过了相关认证？ ...