据交易所数据显示， 山西焦化连续两个交易日涨停，晋级2连板。该股今日于11时0分封涨停，成交额 7.47亿元，换手率6.24%。金融界App AI线索挖掘：近期 煤炭行业供需格局持续改善，2025年第四季度 动力煤与炼 焦煤价格均环比大幅上涨，其中动力煤均价环比增长8%，炼焦煤均价环比增长10%；煤炭 板块整体呈现反弹态势，相关个股受到市场关注。风险提示：连板股波动剧烈，注意追高风险，理性投 资！（注：以上由AI基于交易所等公开数据生成，内容不构成投资建议。） ...

Group 1: Report Overview - Report Type: Coke and Coking Coal Daily Review [1] - Date: January 29, 2026 [2] - Research Team: Black Metal Research Team, including researchers Zhai Hepan, Nie Jiayi, and Feng Zeren [3] Group 2: Market Performance - On January 28, the main contracts 2605 of coke and coking coal futures rebounded after a decline, recovering part of the previous day's losses. The closing price of J2605 was 1684 yuan/ton with a decline of 0.12%, and the trading volume was 13,284 lots. The closing price of JM2605 was 1134.5 yuan/ton with an increase of 0.44%, and the trading volume was 714,203 lots [5]. - The KDJ indicators of the daily line of coke 2605 contract continued to decline, but the J - value was significantly dull. The KDJ indicators of the daily line of coking coal 2605 contract showed a differentiated trend, with the J - value and K - value turning up and the D - value continuing to decline. The green columns of the MACD of the daily line of coke and coking coal 2605 contracts enlarged for the second consecutive trading day [8]. Group 3: Spot Market - On January 28, the flat - price index of quasi - first - class metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port was 1470 yuan/ton, with no change. The summary price of low - sulfur main coking coal in Tangshan was 1455 yuan/ton, in Lvliang was 1483 yuan/ton, in Linfen was 1640 yuan/ton, in Handan was 1420 yuan/ton, in Heze was 1430 yuan/ton, and in Pingdingshan was 1660 yuan/ton, all with no change [8]. Group 4: Market Outlook - News: The regulatory policy tightening led to the decline of metal prices with poor fundamentals. The international energy prices rose due to the tense situation in the Middle East, and the coal - coke prices rebounded after reaching a low [10]. - Fundamentals: Independent coking enterprises have been in continuous losses for 5 weeks, and the loss amplitude has been expanding for 3 weeks. The coke production has decreased slightly for 2 consecutive weeks after increasing in the first 2 weeks of the year. The port coke inventory has increased for 5 consecutive weeks, and the steel mill coke inventory has increased for 5 consecutive weeks and reached a new high since early October last year, while the coking enterprise coke inventory has increased after decreasing for 4 consecutive weeks. The Mongolian coal customs clearance volume has rebounded since January 12, and the customs clearance volume at the Ganqimaodu Port has basically remained above 190,000 tons recently. The coking coal inventory of 230 independent coking plants has increased significantly for 5 consecutive weeks and reached a new high since the end of January last year, while the coking coal inventory of steel enterprises and ports has been relatively stable [10]. - Forecast: The news has a dual impact on the coal - coke futures prices, but the fundamentals change little, resulting in the relative stability of coal - coke futures. It is expected that the market may first decline and then rise. It is advisable to try the strategy of buying for hedging or investment at low prices after the callback stabilizes [11]. Group 5: Industry News - As of the end of 2025, the total assets of central enterprises exceeded 95 trillion yuan, with a total profit of 2.5 trillion yuan, fixed - asset investment of 5.1 trillion yuan, and tax payment of 2.5 trillion yuan in 2025. The investment in strategic emerging industries was 2.5 trillion yuan, accounting for 41.8% of the total investment [12]. - During the "14th Five - Year Plan" period, 940 million tons of crude steel production capacity, 470 million tons of cement clinker production capacity, 360 million tons of coking production capacity, and 170 million kilowatts of coal - fired power units have completed ultra - low emission transformation [12]. - The number and production capacity of open - pit coal mines in China will continue to increase, and their position in the energy supply system will become more important [12]. - By January 25, Wuhai Energy Company completed 1.2284 million tons of raw coal production and 1.0239 million tons of commercial coal sales, achieving a good start [13]. - Haohua Energy expects its net profit in 2025 to be between 419 million yuan and 569 million yuan, a year - on - year decrease of 45.08% - 59.55% [13]. - Baofeng Energy expects its net profit in 2025 to be between 11 billion yuan and 12 billion yuan, a year - on - year increase of 73.57% - 89.34% [13]. - In 2025, the raw coal production of large - scale industrial enterprises in Ningxia was 10.28106 million tons, a year - on - year decrease of 1.1% [13]. - In 2025, Shaanxi added 30.95 million tons/year of coal production capacity, and 10.04 million kilowatts of renewable energy installed capacity [13]. - The iron ore "water - rail intermodal transport" business of Hubei Energy Jingzhou Coal Port was officially launched [13]. - Shanxi is promoting economic development and "major project construction year" work [13]. - Hudong - Zhonghua Shipbuilding signed a contract to build 4 + 2 LNG carriers [14]. - Huaibei Mining expects its net profit in 2025 to be about 1.495 billion yuan, a year - on - year decrease of about 69.21% [14]. - China National Energy Group opened a new coal supply channel to the central - China region [14]. - Northeast Power Grid's power consumption load reached a record high in late December 2025 [14]. - The daily power generation of Datang Huayin Electric Power's thermal power units reached a record high [14]. - Shanxi Coking expects to be profitable in 2025, but its net profit will decline by more than 50% year - on - year [14]. - In 2025, China's effective supply of coking coal was close to 480 million tons, a year - on - year increase of 1.4%. The net import volume of coking coal decreased for the first time since 2021, a year - on - year decrease of 3.4% [14]. - In 2025, the freight volume of the Ganqimaodu Port reached 42.433 million tons, a year - on - year increase of 3.7%, a record high [14]. - The anti - dumping measures for stainless steel welded pipes originating from China in the Eurasian Economic Union will be extended to November 12, 2026 [14]. - Mongolia plans to produce 90 million tons of coal, 1.9 million tons of copper, and 9.4 million tons of iron ore in 2026 [14]. - India and the EU reached a free - trade agreement on January 27 [14]. - India's coal production target for the 2026 - 27 fiscal year is 1.31 billion tons [15]. - A barge collision accident in Indonesia may affect coal barge transportation [15]. - In 2025, Brazil's Vale's iron ore production reached 336 million tons, a new high since 2018 [15]. - The EU plans to ban the import of Russian natural gas and oil [15]. - In 2025, South Africa's Richards Bay Coal Terminal's coal export volume increased by 11% year - on - year to 57.66 million tons, a four - year high [15]. - India Oil Corporation plans to purchase at least 24 million barrels of Brazilian crude oil in the next two years [15].

Group 1: Market Performance - The A-share coal sector is experiencing a strong upward trend, with sub-sectors like coking coal and thermal coal rising in tandem, indicating a sustained profit-making effect [1] - Shanxi Coking Coal has hit the daily limit up, becoming the leading stock in the sector, while Lu'an Environmental Energy has increased by over 8%, leading the coking coal sub-sector [1] - Other stocks such as Jinko Coal, Electric Power Energy, Shaanxi Black Cat, and Haohua Energy are also seeing synchronized gains, reflecting a significant increase in market activity [1] Group 2: Industry Outlook - The coal price is expected to rise by approximately 5-7% in 2026, with improved performance for listed companies anticipated to follow suit [2] - Coal inventory has significantly decreased, with a total of 22.59 million tons reported, marking a week-on-week decline of 2.9% and a year-on-year drop of 20.4%, indicating a tight supply-demand balance [2] - The implementation of stricter safety regulations and continued restrictions on imported coal are expected to accelerate the elimination of outdated production capacity, leading to an increase in industry concentration [2] Group 3: Related Industries - The coal chemical industry is expected to benefit from rising coal prices and stable supply, with a projected 6% growth in coal consumption driven by new coal chemical projects [3] - The power industry, particularly thermal power, is seeing a resilient coal demand, with a 3.3% year-on-year increase in coal consumption since the beginning of 2026 [3] - The steel industry is also benefiting from the improved coal sector, with a 1.5% year-on-year increase in pig iron production and a 0.9% week-on-week increase in coking coal sales, highlighting the synergy within the steel-coal supply chain [3]

Market Overview - The market experienced fluctuations throughout the day, with the Shanghai Composite Index rising by 0.27%, the Shenzhen Component Index increasing by 0.09%, and the ChiNext Index declining by 0.57% [1] - A total of 1,739 stocks rose, with 84 hitting the daily limit up, while 3,640 stocks fell [2] Stock Performance - Among the rising stocks, 169 had gains exceeding 7%, 105 gained between 5-7%, and 252 rose between 3-5% [3] - Conversely, 2,912 stocks saw declines of 0-3%, 558 fell by 3-5%, and 58 dropped by more than 7% [3] - Resource stocks surged, particularly gold stocks, with Sichuan Gold achieving four consecutive limit-ups, and both Zhaojin Mining and Hunan Gold achieving three consecutive limit-ups [3] Sector Highlights - Oil and gas stocks collectively rose, with Tongyuan Petroleum and Zhongman Petroleum hitting the daily limit up, and China National Offshore Oil Corporation (CNOOC) increasing over 6% to reach a new high [4] - The non-ferrous metals sector strengthened, with silver stocks achieving seven consecutive limit-ups, and China Aluminum hitting the daily limit up, marking a 16-year high [5] - The coal sector also saw gains, with Shanxi Coking Coal and Shaanxi Black Cat both hitting the daily limit up [7] Declines - The pharmaceutical and medical stocks faced adjustments, with Bibet and Baipusai dropping over 10% [8] Trading Volume and Activity - The total trading volume reached approximately 29,922.93 billion, with a notable increase in trading activity for major ETFs, including the CSI 300 ETF from Huatai-PB, which exceeded 30 billion in trading volume [11]

Market Overview - The market experienced fluctuations throughout the day, with the Shanghai Composite Index rising by 0.27%, the Shenzhen Component Index increasing by 0.09%, and the ChiNext Index declining by 0.57% [2] - A total of 1,739 stocks rose, 84 stocks hit the daily limit, and 3,640 stocks fell [3] Sector Performance - Resource stocks surged, with gold stocks leading the gains; Sichuan Gold achieved four consecutive limit-ups, while Zhaojin Mining and Hunan Gold recorded three consecutive limit-ups [4] - Oil and gas stocks collectively rose, with Tongyuan Petroleum and Zhongman Petroleum hitting the daily limit, and China National Offshore Oil Corporation increasing over 6% to reach a new high [5] - The non-ferrous metals sector strengthened, with Silver Nonferrous achieving seven consecutive limit-ups, and China Aluminum hitting the daily limit, marking a 16-year high [6] - The coal sector also saw gains, with Shanxi Coking Coal and Shaanxi Black Cat hitting the daily limit [7] Market Dynamics - The pharmaceutical and medical stocks adjusted, with Bibete and Baipusais falling over 10% [8] - The market experienced at least three significant drops during the day, suggesting an unseen force controlling market momentum [8] - Several broad-based ETFs saw increased trading volume, with the HuShen 300 ETF from Huatai-PineBridge exceeding 30 billion yuan in trading volume, and other ETFs like the HuShen 300 ETF from E Fund and the CSI 500 ETF also surpassing 20 billion yuan [8] Policy Insights - According to a report from CITIC Securities, past bull markets have seen overheating leading to cooling policies; the current bull market since September 24 has maintained a positive policy tone, with periodic long-term policies to regulate market entry [9] - Recent policies, such as the increase in risk factors for insurance funds and a 0.25 percentage point reduction in monetary policy tool rates, aim to cool the market without altering the overall positive trend [9] - The proactive cooling measures are intended to manage the bull market's pace, preventing irrational exuberance and fostering a gradual bull market, which is noted as the slowest bull market in A-share history [9] ETF Performance - Gold ETF (Hua Xia, product code: 518850) saw a 5-day increase of 8.41%, with a net subscription of 350 million yuan [11] - Gold Stocks ETF (product code: 159562) increased by 18.74% over five days, with a net subscription of 510 million yuan [12] - Non-ferrous Metals ETF (product code: 516650) rose by 8.99% in five days, with a net subscription of 770 million yuan [13] - Public Utilities ETF (product code: 159301) had a modest increase of 0.72% over five days, with no net subscription changes [14]

Core Viewpoint - The coking coal sector experienced a significant increase of 5.79% on January 28, with Shanxi Coking Coal leading the gains, reflecting positive market sentiment in this industry [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4151.24, up by 0.27%, while the Shenzhen Component Index closed at 14342.9, up by 0.09% [1] - Key stocks in the coking coal sector showed notable price increases, with Shanxi Coking Coal rising by 10.00% to a closing price of 4.40, and Shaanxi Black Cat increasing by 9.92% to 4.32 [1] Group 2: Trading Volume and Capital Flow - The coking coal sector saw a net inflow of 4.12 billion yuan from main funds, while retail investors experienced a net outflow of 2.96 billion yuan [1] - The trading volume for Shanxi Coking Coal reached 1.1099 million shares, with a total transaction value of 4.74 billion yuan [1] Group 3: Individual Stock Analysis - Shanxi Coking Coal had a main fund net inflow of 950.59 million yuan, accounting for 20.07% of its trading volume, while retail investors had a net outflow of 530.89 million yuan [2] - Shaanxi Black Cat reported a main fund net inflow of 1.25 billion yuan, representing 22.33% of its trading volume, with retail investors showing a net outflow of 8.21 million yuan [2]

Market Overview - The market experienced fluctuations on January 28, with the Shanghai Composite Index rising by 0.27%, the Shenzhen Component Index increasing by 0.09%, and the ChiNext Index declining by 0.57% [2][12]. - A total of 1,739 stocks rose, 84 stocks hit the daily limit up, while 3,640 stocks fell [3][13]. Sector Performance - Resource stocks surged, with gold stocks leading the gains. Sichuan Gold achieved a four-day limit up, while Zhaojin Mining and Hunan Gold saw three consecutive limit ups [4][14]. - Oil and gas stocks collectively rose, with Tongyuan Petroleum and Zhongman Petroleum hitting the limit up, and China National Offshore Oil Corporation (CNOOC) increasing over 6% to reach a new high [5][16]. - The non-ferrous metals sector strengthened, with Silver Industry (Wei Quan) achieving seven consecutive limit ups, and China Aluminum hitting the limit up, marking a 16-year high [6][17]. - The coal sector also saw gains, with Shanxi Coking Coal and Shaanxi Black Cat hitting the limit up [7][18]. Declines - The pharmaceutical and medical stocks faced adjustments, with Bibete and Baipusais falling over 10% [8][19]. Trading Activity - Significant trading activity was noted, with the HuShen 300 ETF from Huatai-PB exceeding 30 billion yuan in trading volume, and other ETFs like the HuShen 300 ETF from E Fund and the CSI 500 ETF also surpassing 20 billion yuan [9][20]. - A report from CITIC Securities indicated that in previous bull markets, overheating trading conditions prompted cooling policies to prevent severe consequences, suggesting that the current proactive cooling measures are aimed at regulating market momentum without altering the overall positive policy stance [9][20].

山西焦化表示，本次业绩预减主要受两大因素影响。主营业务方面，2025年我国焦炭市场整体呈现"供 强需弱、价格承压"的格局。供应端产能持续释放，受钢铁行业粗钢产量压减政策影响，终端需求偏 弱。焦炭价格全年呈现"先弱后强，再回落"走势，焦化行业整体盈利能力受到严峻挑战。尽管公司已采 取一系列措施以应对复杂的市场形势，主营业绩较上年有所好转，但毛利率受成本和市场因素影响仍有 较大压力。 1月27日，山西焦化发布2025年业绩预告。数据显示，公司2025年预计实现归母净利润7415.15万 元-8865.15万元，与上年同期26311.77万元相比，将减少17446.62万元-18896.62万元。 与此同时，扣除非经常性损益后，归属于母公司所有者的净利润预计为3477.36万元-4927.36万元，与上 年同期23874.26万元相比，将减少18946.9万元-20396.9万元，同比减少79.36%-85.43%，核心盈利指标 承压明显。 文 | 张阳阳 预计归母净利润同比降幅达66.31%-71.82%，这一深耕能源的晋企——山西焦化（600740）2025年业绩 下滑态势显著。 非经营性损益方面，公司持有49 ...

Market Overview - The A-share market experienced fluctuations on January 28, with the Shanghai Composite Index rising by 0.27% to 4151.24 points, and the Shenzhen Component Index increasing by 0.09% to 14342.89 points. However, the ChiNext Index fell by 0.57% to 3323.56 points, and the Sci-Tech Innovation Index decreased by 0.47% to 1880.57 points [3][4]. Sector Performance - The resource sector led the market, with significant gains in precious metals and oil and gas. The gold sector saw a surge, with China Gold achieving four consecutive trading limit increases, and Hunan Gold achieving three consecutive increases. Other notable performers included Zhongman Petroleum and Xiaocheng Technology, both with two limit increases in three days [4][5]. - The precious metals sector rose by 10.75%, while oil and gas extraction and services increased by 7.61%. The gold concept stocks also saw a rise of 7.54% [5]. Individual Stock Highlights - Notable stocks included Shanxi Coking Coal, which rose by 10% to 4.40, and Shaanxi Black Cat, which increased by 9.92% to 4.32. Other significant gainers included Lu'an Environmental Energy and Jinko Energy [6]. - The total trading volume in the Shanghai and Shenzhen markets reached 2.97 trillion, an increase of 704 billion compared to the previous trading day, with over 3600 stocks declining [6]. Capital Flow - There was a net inflow of capital into sectors such as non-ferrous metals, securities, and communication services, while sectors like photovoltaic equipment, aerospace, and automotive experienced net outflows. Notable inflows included China Aluminum with 1.909 billion, Northern Rare Earth with 1.855 billion, and others [8]. - Conversely, BlueFocus Communication Group, Sungrow Power Supply, and Kweichow Moutai faced significant sell-offs, with net outflows of 2.466 billion, 1.767 billion, and 1.333 billion respectively [8]. Institutional Insights - Dongfang Securities noted that capital is focusing on price increase logic, with technology and resources alternating in performance [10]. - Flash Gold Asset Management emphasized that short-term volatility does not alter the structural opportunities in high-end manufacturing [11]. - Huatai Securities indicated that historically, industries with sustained recovery capabilities during earnings forecast disclosures tend to yield excess returns [12].

Group 1 - The core point of the article is that Shanxi Coking (sh600740) reached its daily limit with a price of 4.4 yuan, reflecting a 10% increase and a total market capitalization of 11.273 billion yuan, driven by several factors including successful related party transactions, growth in the pure benzene business, and improved governance structure [1] Group 2 - Shanxi Coking's related party transactions for 2025 were approved with a high rate of 96.76%, indicating strong support from major shareholders for the management team, which reduces short-term operational uncertainties [1] - The company's pure benzene business experienced a significant production increase of 52.23%, becoming a new growth driver despite an overall decline in net profit for 2025 [1] - The coal chemical sector has recently attracted market attention, with signs of capital inflow, suggesting that Shanxi Coking's stock performance may also be influenced by sector-wide movements [1] - Technical indicators such as the MACD forming a golden cross and the stock price breaking through key resistance levels may have attracted technical investors, contributing to the stock's limit-up performance [1] - Monitoring data indicates that there was a notable inflow of institutional funds on the day, reflecting a positive market outlook for the company [1]