近5日资金流向一览见下表： 证券之星消息，截至2026年2月10日收盘，山煤国际(600546)报收于11.23元，上涨1.35%，换手率 1.55%，成交量30.74万手，成交额3.43亿元。 2月10日的资金流向数据方面，主力资金净流入1139.59万元，占总成交额3.32%，游资资金净流出 174.11万元，占总成交额0.51%，散户资金净流出965.47万元，占总成交额2.81%。 山煤国际2025年三季报显示，前三季度公司主营收入153.32亿元，同比下降30.2%；归母净利润10.46亿 元，同比下降49.74%；扣非净利润10.88亿元，同比下降50.23%；其中2025年第三季度，公司单季度主 营收入56.73亿元，同比下降28.27%；单季度归母净利润3.91亿元，同比下降50.53%；单季度扣非净利 润4.06亿元，同比下降49.65%；负债率49.71%，投资收益4219.74万元，财务费用1.56亿元，毛利率 34.71%。山煤国际（600546）主营业务：煤炭生产业务、煤炭销售和物流业务、非煤贸易业务。 该股最近90天内共有6家机构给出评级，买入评级2家，增持评级4家；过去90天内机 ...

证券之星消息，截至2026年2月9日收盘，山煤国际(600546)报收于11.08元，上涨0.45%，换手率 1.41%，成交量27.95万手，成交额3.1亿元。 2月9日的资金流向数据方面，主力资金净流出35.64万元，占总成交额0.11%，游资资金净流出383.36万 元，占总成交额1.24%，散户资金净流入419.0万元，占总成交额1.35%。 | 指标 | 山煤国际 | 煤炭行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 219.66亿元 | 583.69亿元 | 13 33 | | 净资产 | 204.57亿元 | 461.13亿元 | 14 33 | | 净利润 | 10.46亿元 | 25.15亿元 | 12 33 | | 市盈率(动) | 15.75 | 0.87 | 7 33 | | 市净率 | 1.34 | 3.24 | 19 33 | | 毛利率 | 34.71% | 19.65% | 5 33 | | 净利率 | 10.38% | 1.88% | 9 33 | | ROE | 6.35% | -1.28% | 8 33 | 近5日资金流向 ...

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 ...

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that coal prices are expected to recover gradually to a reasonable price level of around 750 CNY/ton, influenced by supply constraints and increasing demand due to seasonal factors [3][5] - The report highlights that the price of thermal coal has reached a turning point, with a projected upward trajectory supported by policy adjustments and market dynamics [5][14] - The focus on both cyclical recovery and dividend stability presents a dual investment logic for coal stocks, suggesting that now is an opportune time for investment [6][15] Summary by Sections Investment Logic - Thermal coal prices are expected to rise through a four-step process: repairing central and local long-term contracts, reaching the coal-electricity profit-sharing line, and potentially exceeding the breakeven point for power plants, estimated at 860 CNY [5][14] - Coking coal prices are more influenced by supply-demand fundamentals, with target prices based on the ratio of coking coal to thermal coal prices [5][14] Key Market Indicators - As of February 6, the price of Qinhuangdao Q5500 thermal coal was 695 CNY/ton, reflecting a slight increase of 3 CNY from the previous week [3][20] - The report notes a decrease in the production rate of coal mines, with the operating rate for 442 coal mines in Shanxi, Shaanxi, and Inner Mongolia at 82.7% [20][21] Investment Recommendations - The report suggests four main lines for selecting coal stocks: 1. Cyclical logic: companies like Jinko Coal and Yanzhou Coal 2. Dividend logic: China Shenhua and Zhongmei Energy 3. Diversified aluminum elasticity: Shenhuo Co. and Electric Power Investment 4. Growth logic: Xinjie Energy and Guanghui Energy [6][15] Company Performance - The coal index experienced a slight decline of 0.62%, outperforming the CSI 300 index by 0.71 percentage points [8][24] - Major coal companies showed varied performance, with some experiencing significant gains while others faced declines [24][26]

煤炭 2026 年 02 月 08 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 2025-02 2025-06 2025-10 煤炭 沪深300 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 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 ...

[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 ...

Investment Rating - The report maintains a "Recommended" rating for several companies in the coal industry, including 晋控煤业, 山煤国际, 潞安环能, 华阳股份, 兖矿能源, 中国神华, 陕西煤业, 中煤能源, and 中广核矿业 [2][14] Core Insights - The reduction in coal production in Indonesia has heightened expectations for supply contraction, which is anticipated to positively impact coal prices post-holiday [6][9] - The report forecasts that coal prices may return to a seasonal fluctuation range of 750-1000 RMB/ton, driven by domestic capacity reductions and Indonesian production cuts [9][10] - The report highlights the importance of companies with high spot market exposure and improved balance sheets, particularly those in Shanxi province, which are expected to be less affected by production limits [9][14] Summary by Sections Company Earnings Forecasts, Valuation, and Ratings - 晋控煤业: EPS forecast for 2024A is 1.68 RMB, PE for 2024A is 9, rated as "Recommended" [2] - 山煤国际: EPS forecast for 2024A is 1.14 RMB, PE for 2024A is 10, rated as "Recommended" [2] - 潞安环能: EPS forecast for 2024A is 0.82 RMB, PE for 2024A is 16, rated as "Recommended" [2] - 华阳股份: EPS forecast for 2024A is 0.62 RMB, PE for 2024A is 15, rated as "Recommended" [2] - 兖矿能源: EPS forecast for 2024A is 1.44 RMB, PE for 2024A is 11, rated as "Recommended" [2] - 中国神华: EPS forecast for 2024A is 2.95 RMB, PE for 2024A is 14, rated as "Recommended" [2] - 陕西煤业: EPS forecast for 2024A is 2.31 RMB, PE for 2024A is 10, rated as "Recommended" [2] - 中煤能源: EPS forecast for 2024A is 1.46 RMB, PE for 2024A is 10, rated as "Recommended" [2] - 中广核矿业: EPS forecast for 2024A is 0.04 HKD, PE for 2024A is 93, rated as "Recommended" [2] - 新集能源: EPS forecast for 2024A is 0.92 RMB, PE for 2024A is 8, rated as "Recommended" [2] - 淮北矿业: EPS forecast for 2024A is 1.80 RMB, PE for 2024A is 7, rated as "Recommended" [2] - 兰花科创: EPS forecast for 2024A is 0.49 RMB, PE for 2024A is 13, rated as "Cautiously Recommended" [2] Market Dynamics - The coal market has seen a slight increase in prices due to ongoing supply constraints and decreasing port inventories, with expectations for a price surge post-holiday as downstream operations resume [9][10] - The report notes that the coal consumption by power plants remains high, despite a week-on-week decrease, indicating strong demand [12] - The report emphasizes the importance of monitoring coal price trends and the performance of coal companies in light of changing market conditions [10][19]

供给收缩或提振煤价，逢低再布局弹性标的 煤炭 证券研究报告/行业定期报告 2026 年 02 月 07 日 执业证书编号：S0740522040001 Email：duchong@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 37 | | 行业总市值(亿元) | 19,855.11 | | 行业流通市值(亿元) | 19,441.23 | 2026-02-02 配置机会》2026-01-31 2026-01-24 | 增持（维持） 评级： | | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：杜冲 | | | （元） | 2023A | 2024A | 2025E | 2026E | 2027E | 2023A | 2024A | 2025E | 202 ...

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].

煤炭 行业事件点评 领先大市-A(上调) 2026 年 2 月 6 日 行业研究/行业分析 【山证煤炭】弱法币致实物定价权提升， 关注短期事件驱动影响-【山证煤炭】行 业周报（20260126-20260201） 2026.2.3 【山证煤炭】2025 年四季度煤炭债复盘： 财务表现仍有改善空间，供应链风险可 控 2026.1.27 胡博 执业登记编码：S0760522090003 邮箱：hubo1@sxzq.com 程俊杰 执业登记编码：S0760519110005 邮箱：chengjunjie@sxzq.com 印尼矿商暂停现货出口，减产落地超市场预期 分析师： 投资建议：考虑海外煤价或将受催化，有望提振国内煤价预期，上调行 业评级。若海外煤价加速上涨，利好海外业务占比较高的【兖矿能源】。此 外，【潞安环能】、【山西焦煤】、【晋控煤业】、【山煤国际】等弹性品种也将 受益。 风险提示：印尼煤炭减产不及预期，印尼煤炭矿商恢复出口，海外价格上涨 不及预期。 请务必阅读最后股票评级说明和免责声明 1 煤炭板块近一年市场表现 资料来源：常闻 行业研究/行业分析 投资要点： 事件：2 月 3 日据财联社报道，印尼矿业 ...