Investment Rating - The report maintains a positive outlook on the coal industry, indicating an "Overweight" rating due to expected price increases driven by supply constraints and high demand from cold weather [1]. Core Insights - The report highlights that as of January 9, 2026, the spot prices for thermal coal at Qinhuangdao port have increased, with Q4500, Q5000, and Q5500 grades priced at 526, 613, and 699 CNY/ton respectively, reflecting increases of 21, 20, and 17 CNY/ton week-on-week [1]. - Supply is expected to contract due to ongoing safety inspections and regulatory measures, while demand remains robust due to cold weather, supporting higher thermal coal prices [1]. - The report also notes that the average daily consumption of coal has improved, with a daily average of 164.79 million tons being shipped out from the Bohai Rim ports, a 0.69% increase week-on-week [1]. Summary by Sections 1. Recent Industry Policies and Dynamics - A national safety production meeting was held on January 6, emphasizing the need for stringent safety measures in mining operations [7]. - A new coal transportation route from Longkou to Guangzhou was inaugurated, enhancing coal distribution efficiency [7]. 2. Price Movements - Domestic thermal coal prices have seen a week-on-week increase, with specific grades reporting price hikes [8]. - International thermal coal prices have shown stability with slight increases in certain markets, such as Indonesia [9]. 3. Inventory and Supply - Bohai Rim port coal inventory decreased to 26.727 million tons, a 2.91% drop week-on-week, indicating tighter supply conditions [20]. - The average daily coal inflow to the Bohai Rim ports increased by 4.28% week-on-week, while outflow also saw a slight increase [20]. 4. Shipping Costs - Domestic coastal shipping costs have decreased slightly, with average freight rates reported at 31.90 CNY/ton, a 1.69% decline week-on-week [26]. - International shipping rates have shown mixed trends, with some routes experiencing price increases while others have decreased [26]. 5. Company Valuations - The report includes a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalizations, and earnings projections [30].

1月12日，乌兰察布市独立新型储能电站项目投资主体优选结果公示。 据项目清单， 共16个项目，合计2 .2GW/ 8.8GWh，均为4h储能项目 ，其中10个主体选择建设100MW/ 400MWh规模项目， 6个主体选择建设200MW/ 800MWh规模项目。 从投资主体来看， 核心关联主体包括 远景能源、海泰新能、中核南京、大唐、运达能源、中国建筑股份、华润新能源、中 国绿发、中国铁道建筑、国家电投、海博思创智储投资、青岛金湖电力、陕西煤业化工 等。 | 序号 | 投资主体名称 | 核心关联主体 | 装机容量 | 装机容量 | | --- | --- | --- | --- | --- | | | | | (MW) | (MW) | | 1 | 远景能源有限公司 | 远景能源 | 100 | 400 | | 2 | 唐山海泰新能科技股份有限公司 | 海泰新能 | 100 | 400 | | 3 | 乌兰察布核祥新能源有限公司 | 中核(南京)能源发展有限公司 | 100 | 400 | | 4 | 大唐(四子王旗) 新能源有限公司 | 中国大唐集团 | 100 | 400 | | 5 | 运达能源科技集团股 ...

诺安新动力灵活配置混合A（320018）成立日期2012年3月5日，最新规模7209.04万。今年以来收益 1.75%，同类排名6418/9012；近一年收益18.36%，同类排名5554/8157；成立以来收益302.94%。 诺安新动力灵活配置混合A（320018）基金经理为李晓杰。 截至发稿，李晓杰累计任职时间2年323天，现任基金资产总规模12.13亿元，任职期间最佳基金回报 71.09%， 任职期间最差基金回报1.21%。 1月12日，陕西煤业涨0.04%，截至发稿，报22.60元/股，成交6.97亿元，换手率0.32%，总市值2191.07 亿元。陕西煤业股价已经连续6天上涨，区间累计涨幅6%。 资料显示，陕西煤业股份有限公司位于陕西省西安市高新区锦业一路2号，成立日期2008年12月23日， 上市日期2014年1月28日，公司主营业务涉及煤炭开采、洗选、运输、销售以及生产服务等业务。主营 业务收入构成为：自产煤55.83%，其中:原选煤39.02%，贸易煤31.85%，其中:洗煤16.81%，电力 8.69%，其他3.26%，运输0.37%。 从基金十大重仓股角度 数据显示，诺安基金旗下1只基金 ...

Core Viewpoint - The coal industry is entering a new upward cycle, with fundamental and policy factors aligning, making it an opportune time to invest in coal stocks [5] Price Trends - As of January 10, the market price for Qinhuangdao port thermal coal (Q5500) is 696 RMB/ton, an increase of 17 RMB/ton week-on-week [2] - The price for Shanxi-produced coking coal at Jingtang port remains stable at 1650 RMB/ton as of January 9 [3] - International thermal coal prices show mixed trends, with Newcastle NEWC5500 at 71.8 USD/ton (up 0.3 USD) and ARA6000 at 95.3 USD/ton (down 1.8 USD) [2] Supply and Demand Dynamics - The utilization rate for thermal coal mines is 90.3%, up 8.2 percentage points week-on-week, while coking coal mine utilization is at 85.34%, up 5.7 percentage points [3] - Coastal provinces show an increase in daily coal consumption by 29.90 thousand tons/day (+15.11%), while inland provinces see a decrease of 7.40 thousand tons/day (-1.81%) [4][5] - Chemical coal consumption has increased by 8.36 thousand tons/day (+1.13%) [4] Inventory Levels - As of January 8, coal inventory in coastal provinces decreased by 111.60 million tons (-3.17%), while inland provinces saw a larger drop of 409.00 million tons (-4.15%) [4] Investment Strategy - The coal sector is characterized by high performance, cash flow, and dividends, with a recommendation to invest in quality coal companies [7] - Companies such as China Shenhua, Shaanxi Coal, and others are highlighted for their stable operations and strong performance [7] - The coal market is expected to remain tight in the next 3-5 years, with a focus on the potential for price increases and valuation recovery [6][7]

Group 1 - On January 9, Shaanxi Coal Industry's stock increased by 0.49% with a transaction volume of 783 million yuan, while the financing net purchase was -44.38 million yuan, indicating a low financing balance compared to the past year [1] - As of September 30, 2025, Shaanxi Coal Industry reported a revenue of 118.08 billion yuan, a year-on-year decrease of 5.86%, and a net profit attributable to shareholders of 12.71 billion yuan, down 20.26% year-on-year [2] - The company has distributed a total of 81.64 billion yuan in dividends since its A-share listing, with 47.33 billion yuan distributed in the last three years [3] Group 2 - As of September 30, 2025, the number of shareholders of Shaanxi Coal Industry increased by 2.07% to 105,000, while the average circulating shares per person decreased by 2.02% to 92,312 shares [2] - Among the top ten circulating shareholders, China Securities Finance Corporation holds 195 million shares, unchanged from the previous period, while Hong Kong Central Clearing Limited reduced its holdings by 10.7 million shares to 133 million shares [3]

Investment Rating - The report maintains a "Positive" investment rating for the coal mining industry, consistent with the previous rating [2]. Core Insights - The current phase is viewed as the beginning of a new upward cycle for the coal economy, with a focus on the recovery of coal market conditions and value reassessment [3][5]. - Supply constraints are expected to re-emerge, with domestic coal production potentially declining due to regulatory checks and safety inspections [5][13]. - Demand for coal is projected to see slight growth in 2026, driven by a 5% economic growth rate and increased coal consumption in non-electric sectors [5][13]. - Short-term coal prices are expected to stabilize and potentially rise due to seasonal demand increases and inventory reductions at coastal ports [5][13]. Summary by Sections 1. Coal Prices - As of January 10, the market price for Qinhuangdao port thermal coal (Q5500) is 696 CNY/ton, up 17 CNY/ton week-on-week [4][32]. - The price for coking coal at Jingtang port remains stable at 1650 CNY/ton [34]. - International thermal coal prices show slight increases, with Newcastle coal at 71.8 USD/ton, up 0.3 USD/ton week-on-week [4][32]. 2. Supply and Demand Dynamics - The capacity utilization rate for thermal coal mines is reported at 90.3%, an increase of 8.2 percentage points week-on-week [5][13]. - Demand from coastal provinces has increased, with daily consumption rising by 29.9 thousand tons (+15.11%) [5][13]. - Chemical coal consumption has also increased, with a weekly rise of 8.36 thousand tons (+1.13%) [5][13]. 3. Market Outlook - The report emphasizes the importance of coal supply as a stabilizing factor in the market, with expected regulatory constraints leading to a tighter supply environment [5][13]. - The anticipated recovery in coal prices and the potential for value reassessment in the sector are highlighted as key investment themes [5][13]. - The report suggests that the coal sector remains an attractive investment opportunity, particularly for high-quality coal companies with strong cash flows and dividend yields [5][15].

Investment Rating - The industry rating has been upgraded to "Overweight" [9] Core Insights - The report emphasizes that the coal market requires a "black swan" event to stimulate coal prices, with a focus on the exit of domestic capacity increases as a critical factor [2] - The report highlights the tightening of regulations in Indonesia, which could lead to reduced exports and support coal prices [3] - The report notes that the coal price has started to rebound due to increased daily consumption and cost support [31] Summary by Sections Market Review - The CITIC Coal Index reached 3818.02 points, up 6.26%, outperforming the CSI 300 Index by 3.48 percentage points, ranking 7th in the CITIC sector performance [73] Key Events - Since September 2021, over 500 million tons of coal production capacity have been added, which must be replaced by the end of 2025 to avoid risks of revocation of approvals [2] - The report indicates that the domestic coal market's supply-demand imbalance could be reversed if the exit of increased capacity is implemented [2] International Market Focus - Indonesia's new regulations aim to reduce production and increase domestic consumption, which could lead to a decrease in exports and support coal prices [3] - The report mentions that Indonesia's coal consumption is expected to grow by 9% in 2024, reaching 247 million tons, with significant consumption from the mining and power sectors [3] Investment Strategy - The report suggests that the implementation of fiscal and financial policies to stimulate domestic demand will positively impact the coal industry [9] - The report recommends focusing on companies with strong fundamentals and potential for growth, such as China Shenhua and Shaanxi Coal and Chemical Industry [12]

Investment Rating - The report maintains a "Buy" rating for several key companies in the coal industry, including Shanxi Coking Coal, Lu'an Mining, Yancoal Energy, China Shenhua, Shaanxi Coal and Chemical Industry, and others [5]. Core Views - The coal market is expected to see strong marginal improvements in supply and demand, leading to a stabilization and potential increase in coal prices. The report anticipates that coal prices will continue to rise due to high electricity demand during the cold weather and a reduction in port inventories [6][8]. - The demand side remains resilient, with non-electric demand and electricity demand both expected to maintain high levels. The report highlights that steel production and chemical industry coal consumption are driving this demand [8]. - On the supply side, there are expectations of reduced coal production due to regulatory changes and potential capacity cuts in key mining regions, which could further tighten supply [8]. - The report suggests that investors should consider low-entry opportunities in the coal sector, focusing on companies with strong dividend yields and low valuations, as well as those with significant production capacity growth [8]. Summary by Sections 1. Core Views and Operational Tracking - The report emphasizes the importance of dividend policies and growth prospects for listed companies in the coal sector, indicating a focus on stable earnings and potential for future growth [12][14]. 2. Coal Price Tracking - The report provides detailed tracking of coal prices, including indices for thermal coal and coking coal, highlighting recent price movements and trends in both domestic and international markets [9][10]. 3. Coal Inventory Tracking - There is a focus on coal production levels and inventory status, with recent data showing a decrease in port coal inventories, indicating improved supply-demand dynamics [8][10]. 4. Downstream Performance in the Coal Industry - The report tracks downstream consumption patterns, including daily coal usage by power plants and trends in steel and cement prices, which are critical for understanding overall coal demand [9][10]. 5. Recent Performance of the Coal Sector and Individual Stocks - The report analyzes the recent performance of the coal sector, noting fluctuations in stock prices and market sentiment, while also providing forecasts for key companies [8][10].

Group 1 - The coal mining sector increased by 1.23% on January 9, with Jiangte Equipment leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] - Jiangte Equipment's stock price rose by 9.95% to 9.06, with a trading volume of 448,900 shares and a transaction value of 397 million yuan [1] Group 2 - Major coal companies such as China Shenhua and Xinda Zhou A also saw increases, with China Shenhua up 2.41% to 42.45 and a transaction value of 1.551 billion yuan [1] - Conversely, some companies like Dayou Energy and Shanxi Coking Coal experienced declines, with Dayou Energy down 3.23% to 8.10 and a transaction value of 859 million yuan [2] - The coal mining sector experienced a net outflow of 324 million yuan from major funds, while retail investors saw a net inflow of 397 million yuan [2][3] Group 3 - Jiangte Equipment had a net inflow of 109 million yuan from major funds, while retail investors had a net outflow of 46 million yuan [3] - China Shenhua also saw a net inflow of 34.67 million yuan from major funds, with retail investors experiencing a slight outflow [3] - The overall trend indicates a mixed sentiment in the coal mining sector, with significant retail interest despite the net outflow from major funds [2][3]

Group 1 - The coal mining sector saw a slight increase of 0.35% on January 8, with Dayou Energy leading the gains [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] - Dayou Energy's stock price rose by 6.35% to 8.37, with a trading volume of 1.75 million shares [1] Group 2 - The coal mining sector experienced a net inflow of 140 million yuan from institutional investors, while retail investors contributed a net inflow of 92.66 million yuan [2] - Major stocks in the coal mining sector showed varied performance, with Shanxi Coking Coal experiencing a net inflow of 162 million yuan from institutional investors [3] - The overall trading activity indicated a mixed sentiment, with some stocks like Yanzhou Coal Mining seeing a net outflow from retail investors [3]