（文章来源：证券日报） 证券日报网讯 2月27日，华阳股份在互动平台回答投资者提问时表示，目前，于家庄煤矿正在按计划推 进精勘工作。 ...

煤炭ETF（515220）业绩比较基准为中证煤炭指数收益率，管理人为国泰基金管理有限公司，基金经理 为吴中昊，成立（2020-01-20）以来回报为173.17%，近一个月回报为6.21%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月27日，截止午间收盘，煤炭ETF（515220）涨1.45%，报1.186元，成交额3.12亿元。煤炭ETF （515220）重仓股方面，中国神华截止午盘涨0.29%，陕西煤业涨0.60%，兖矿能源涨1.53%，中煤能源 涨3.29%，山西焦煤涨1.12%，华阳股份涨1.55%，美锦能源涨2.99%，潞安环能涨2.61%，淮北矿业涨 0.52%，平煤股份涨0.92%。 来源：新浪基金∞工作室 ...

（文章来源：证券日报） 证券日报网讯 2月26日，华阳股份在互动平台回答投资者提问时表示，截至2026年2月13日公司股东数 约9.4万户。 ...

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。 山西华阳新材料股份有限公司（以下简称"公司"）于2025年8月27日召开的第八届董事会2025年第七次 会议，于2025年9月17日召开2025年第四次临时股东大会，分别审议通过了《关于聘请2025年度财务报 告审计机构和内部控制审计机构的议案》，同意聘任深圳久安会计师事务所（特殊普通合伙）（以下简 称"久安事务所"）为公司2025年度审计机构（详见：临2025-050、临2025-055号公告）。 李程先生从业以来未受到过其他任何刑事处罚、行政处罚、行政监管措施和自律监管措施、纪律处分。 李智勇先生于2025年2月7日因执业行为被河北证监局采取出具警示函的行政监管措施。除上述事项外， 从业以来未受到过其他任何刑事处罚、行政处罚、行政监管措施和自律监管措施、纪律处分。 近日，公司收到久安事务所出具的《关于更换签字会计师的告知函》，现将相关变更情况告知如下： 一、本次签字会计师变更情况 久安事务所作为公司2025年度财务报表的审计机构，原指派徐大为先生、成进先生担任签字注册会计 师 ...

赵超 长江证券煤炭分析师: 各位领导下午好。今天是复工第一天，然后恭祝大家马年大吉，马上来财。然后本场是长 江金属和煤炭共同举办的马年开门红会议，煤炭上市公司第二场。华阳股份的专场交流， 然后我们也是非常荣幸的应邀请到了公司董秘路总，然后以及正在兼证券部部长的赵志新 赵总来跟大家一起交流公司的一个近况。然后也请大家，也请赵总跟大家打个招呼。 华阳股份董秘赵志新: 尊敬的各位投资者，大家新年第一天上班。也是在这里给大家拜一个晚年，祝大家就是马 年大吉。就是借用宋总的马年大吉，新年事业事业有成吧。 赵超 长江证券煤炭分析师: 感谢赵总，然后因为现在时间比较特殊，然后我想就是简单这样开完场之后，大家可以直 接进入到一个互动问答的环节。然后有请小助理帮我们开启一下这样一个互动，的一个提 问，看线上投资者有没有什么样的一个问题。 华阳股份董秘赵志新: 欢迎各位投资者，有什么问题可以尽管的问。 赵超 长江证券煤炭分析师: 赵总，就是因为刚开始，然后我想先抛砖引玉，提几个问题。对，然后因为公司最近的整 体的关注度也比较高，然后我想就也是提前收集了一些读者的消息，然后以及一些问题， 然后第一个就是关于因为现在 25 年也过完 ...

Investment Rating - The report maintains an "Overweight" rating for the coal industry, indicating a positive outlook for the sector compared to the overall market performance [1]. Core Insights - The report highlights a slow recovery in domestic coal supply and an expected reduction in imports, which is anticipated to support continued increases in coal prices [1]. - As of February 13, 2026, the spot prices for thermal coal at Qinhuangdao port showed increases, with Q4500, Q5000, and Q5500 grades rising by 23, 25, and 23 RMB/ton respectively [1]. - The report notes that the average daily coal inflow to the four ports in the Bohai Rim increased by 4.54% week-on-week, while the outflow rose by 14.42% [1]. - The report suggests that the current tight supply conditions, coupled with increased demand from downstream sectors, will likely sustain coal prices in the near term [1]. Summary by Sections Recent Industry Policies and Dynamics - The State Council issued guidelines on improving the national unified electricity market system, aiming for significant market participation by 2030 and full establishment by 2035 [8]. - Safety production measures in coal mines are being emphasized, with a focus on intelligent operations and strict enforcement of safety regulations [8]. Price Trends - Domestic thermal coal prices remained stable, with specific grades reporting no change in price [9][11]. - International thermal coal prices showed slight increases, with Indonesian coal prices rising by 1.2% [10]. Inventory and Supply - The Bohai Rim ports reported a decrease in coal inventory, with a total of 24.15 million tons as of February 14, 2026, down 1.96% from the previous week [21]. - The report indicates that the number of vessels anchored at the Bohai Rim ports decreased, reflecting tighter supply conditions [21]. Freight Rates - Domestic coastal freight rates decreased by 2.90%, while international freight rates showed mixed trends [28]. Company Valuation - The report includes a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalizations, and earnings projections [33].

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Views - The report indicates that the coal industry is at the beginning of a new upward cycle, with a favorable combination of fundamentals and policies, making it a good time to invest in the coal sector [11][12] - The report highlights a significant increase in coal prices, with Qinhuangdao port's Q5500 coal price reaching 717 CNY/ton, up 24 CNY/ton week-on-week, driven by optimistic market expectations post-holiday and reduced supply from major coal-producing regions [11][30] - The report emphasizes the ongoing supply-demand balance in the short term, with a medium to long-term supply gap expected to persist, reinforcing the investment logic in coal assets [11][12] Summary by Sections 1. Coal Price Tracking - As of February 13, the market price for Qinhuangdao port's Q5500 coal is 717 CNY/ton, reflecting a week-on-week increase of 3.5% [6][30] - International coal prices have also risen, with Newcastle's FOB price for Q5500 coal at 81.5 USD/ton, up 6.5% week-on-week [6][30] 2. Coal Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 84.4%, down 3.1 percentage points week-on-week, while the utilization rate for coking coal mines is 81.39%, down 5.3 percentage points [11][49] - Daily coal consumption in inland provinces decreased by 10% week-on-week, while coastal provinces saw an 18.8% decline [11][50] 3. Coal Inventory Situation - Coal inventory in inland provinces increased by 1.854 million tons week-on-week, while coastal provinces saw a smaller increase of 0.235 million tons [50] 4. Investment Recommendations - The report suggests focusing on stable and high-performing companies such as China Shenhua, Shaanxi Coal, and others, while also considering companies with high elasticity like Yanzhou Coal and others [12]

Investment Rating - The report maintains a "Buy" rating for the coal sector, with specific recommendations for several companies [2][3]. Core Insights - The report highlights a positive outlook for the coal market post-Chinese New Year, driven by supply constraints and inventory depletion, with expectations of significant price increases [9][11]. - Domestic coal prices are stabilizing with slight fluctuations, while port coal prices are accelerating upward [12][11]. - The report anticipates that coal prices will return to a balanced supply-demand state in 2023-2024, with prices expected to fluctuate between 750-1000 RMB/ton [11][12]. Summary by Sections Company Earnings Forecast, Valuation, and Ratings - Recommended companies include: - Jinko Coal Industry (601001): EPS forecast of 1.68 RMB for 2024, with a PE of 10 [2]. - Shanxi Coal International (600546): EPS forecast of 1.14 RMB for 2024, with a PE of 10 [2]. - Lu'an Environmental Energy (601699): EPS forecast of 0.82 RMB for 2024, with a PE of 17 [2]. - Huayang Co., Ltd. (600348): EPS forecast of 0.62 RMB for 2024, with a PE of 15 [2]. - Yancoal Energy (600188): EPS forecast of 1.44 RMB for 2024, with a PE of 12 [2]. - China Shenhua Energy (601088): EPS forecast of 2.95 RMB for 2024, with a PE of 14 [2]. - Shaanxi Coal and Chemical Industry (601225): EPS forecast of 2.31 RMB for 2024, with a PE of 10 [2]. - China Coal Energy (601898): EPS forecast of 1.46 RMB for 2024, with a PE of 10 [2]. - CGN Mining (1164.HK): EPS forecast of 0.04 HKD for 2024, with a PE of 108 [2]. - Xinji Energy (601918): EPS forecast of 0.92 RMB for 2024, with a PE of 8 [2]. - Huaibei Mining (600985): EPS forecast of 1.80 RMB for 2024, with a PE of 7 [2]. - Lanhua Sci-Tech (600123): EPS forecast of 0.49 RMB for 2024, with a PE of 13 [2]. Market Performance - The coal sector outperformed the broader market, with a weekly increase of 1.9% compared to the 0.4% increase in the CSI 300 index [20][17]. - The thermal coal sub-sector showed the highest increase of 3.0%, while the coking coal sub-sector experienced a decline of 3.9% [20][17]. Industry Dynamics - The report notes that domestic coal supply is tightening due to the Chinese New Year holiday, with a significant decrease in port inventory levels compared to the previous year [11][9]. - The report emphasizes the importance of high spot market exposure and recommends focusing on companies with strong balance sheets and high cash flow [12][11].

Core Viewpoint - The article highlights the rapid production and development of sodium-ion batteries by Huayang Group's subsidiary, Huana Xinneng, showcasing its innovative approach and successful transition into the new energy sector [1][3]. Group 1: Production and Demand - As of early 2026, Huana Xinneng has fully booked its orders, indicating strong demand for its sodium-ion batteries [3]. - The production facility utilizes automated robots to efficiently manufacture sodium-ion battery cells, which are set to be deployed across various applications, including emergency power sources and energy storage for buildings [1][3]. Group 2: Strategic Development - Huayang Group is implementing a "dual-wheel drive" development strategy, focusing on both traditional coal industries and new energy sectors, aiming for a unique transformation path [3][4]. - The establishment of the Huayang Group Industrial Technology Research Institute in January 2023 plays a crucial role in supporting the company's energy transition strategy [3][4]. Group 3: Research and Innovation - The research institute has developed a comprehensive research and industrial system, including three autonomous research branches and 29 related enterprises, focusing on sodium-ion batteries and other advanced materials [4]. - Huana Xinneng has successfully passed the first batch of national evaluations for sodium-ion battery products, gaining industry recognition for quality and performance [4]. Group 4: Application and Impact - The sodium-ion battery products are widely used in various fields, including electric bicycles, solar street lights, and large-scale energy storage systems, establishing a complete industrial chain from material development to application [4]. - A sodium-ion battery emergency power system has been successfully implemented in the Kaiyuan coal mine, providing a reliable and pollution-free power source, enhancing safety for miners [5].

Core Viewpoint - Huayang Co., Ltd. (600348) has developed sodium-ion battery technology based on research from the Institute of Physics, Chinese Academy of Sciences, and is at the forefront of industry standards with dual technology routes of layered oxides and poly-anions [1] Company Summary - The company is committed to advancing the sodium battery industry in collaboration with peers [1]