9 月份，国内经济继续面临较大的下行压力，发电量和用电量增速放缓，加上清洁能源的高效利用和特高压输电的速增长，对火电形成挤压，火力发电量占比下降。

报告对煤炭开采行业的相关市状况、发展环境、相关政策等多方面进行深入分析。

电动车行业受销量、政策持续催化，2015 年底行业有望延续，长期成长性确定，动力电池、锂电设备需求爆发，整车是中长期最优环节；能源互联网静待政策出台，地方政策有望积极配合，商业模式逐渐清晰；储能受益新能源介入、电动车普及规模化，国内市场爆发在即。

今年以来，煤炭市场需求放缓、供应充足、库存处于高位，煤炭价格持续下滑。进入六月份以后，煤炭市场运行趋稳，与 5 月份相比没有大的波动。价格方面，尽管大型煤炭企业普遍上调了 6 月份动力煤的销售价格。

能源结构调整将是“十三五”能源政策基调，或持续压制煤炭需求。中国能源结构调整政策明确，一是基于雾霾等大气污染治理的压力，另一方面也是为了达成碳减排的国际承诺，因此低碳已成为能源结构调整的终极目标。按照能源局发布的能源发展规划，2020 年国内煤炭消费目标要控制在 42 亿吨的天花板。如果按目前的经济增长速度和新能源替代速度推算， “十三五”期间年平均煤炭消费增速或不足 1%，该目标很容易实现。即便未来宏观经济有所回暖，下游耗煤行业在 GDP 中的占比明显降低，煤炭消费对经济增长的弹性也在减弱。

2015年煤价全年下跌，但股票价格跟随市场上涨，整体表现较差。

5月份，国内经济依然保持低迷状态，煤炭市场供大于求的态势没有发生根本改变。

4 月份，国内经济依然低迷，煤炭市场也进入传统的消费淡季，煤炭的产量和销量继续下降。尽管煤炭进口量减少、大秦线20 多天的春季检修有效降低了港口煤炭运量，但是由于煤炭下游行业需求不足以及不断消耗库存的影响。

2015 年一季度，煤炭市场运行形势依然严峻，虽然煤炭产量继续下降，进口也大幅减少，但是由于需求的进一步放缓以及用户不断消耗库存减少采购，市场仍然处于供大于求的状态。

北方港口动力煤市场整体平稳，价 格变化不大。最近北方天气转冷，部分地区出现下雪和雾霾天气，对产煤地煤炭运输影响较大，同时环渤海地 区雾霾弥漫导致长时间封航也推涨了国内沿海运费。

从企业发展的专业视角，结合对能源产业发展的研究成果，帮助业界厂商、投资者、产业人士更精确地把握中国能源行业发展规律，更深入地分析大型能源企业如何在产业链价值重新分配中稳获收益。

10 月份，随着宏观经济增速放缓，清洁能源发展提速，煤炭下游需求减少，尤其是电煤日耗水平明显下降，促使铁路、港口煤炭发运等反映国内煤炭市场需求状况的多项指标进一步下降。

煤炭虽不是周期类行业中的最佳选择，但也有可以操作的相关标的。

今年以来，受宏观经济尤其是工业生产下行、产业结构调整及气温等因素影响，主要用煤行业需求减缓，煤炭市场呈现整体宽松态势。

今年以来，受宏观经济减速、固定资产投资低迷和清洁能源冲击影响，主要用煤行业需求下滑，煤炭市场呈现供大于求态势。

Tantalum is a grey metallic element that is heavy and hard. The metal is shown to resist chemical attacks at temperatures below 150°C. Tantalum is a rare earth metal and is not found in large amounts. Tantalum exhibits resistance to corrosion due to the presence of an oxide film on its surface. The melting point of tantalum is quite high and is lower only than that of tungsten and rhenium. The metal exhibits maximum capacitance when compared to other elements in the periodic table and has an atomic number of 73. It is denoted by the symbol "Ta".

Rare earth metals comprise seventeen chemical elements in the periodic table, i.e., fifteen elements of the lanthanide series, and scandium, and yttrium. Scandium and yttrium are also considered rare earth metals as they are found in the same mineral ore deposits as the other elements of the lanthanide series. Rare earth metals have unique physical and chemical properties, which make them suitable to alloy with other metals for use in applications that require enhanced magnetic strength, hightemperature resistance, and other properties.

澳大利亚是中国企业矿业投资的重要目标国。本文在澳大利亚矿产资源与矿产经济概述基础上，系统介绍了矿业投资者经常面临的澳大利亚矿业法律与税务等事宜，供投资者参考。

Neon, a noble and inert gas and aerogen, is a chemical element that exhibits chemical inertness on account of its unique atomic structure. It is highly unreactive; therefore, it is widely used for non-reactive applications. Apart from neon, there are five other naturally occurring noble gases: helium, argon, krypton, xenon, and radon.

Nickel is an element represented in the periodic table as Ni and bears the atomic number 28. The metal is silvery white and lustrous with a golden tinge. The metal is classified as a transition metal and is hard and ductile. Pure nickel has the tendency to show a reactive property in the powdered form, which is exposed over a large surface area. Larger chunks of metal are less reactive, as contact with air forms a layer of oxide on the surface. Nickel is not found on the earth's surface due to its reaction with oxygen when exposed to air. Most of the nickel is confined to the interior of the earth and the ores of nickel are extracted through mining. Such ores are called primary nickel and recycled nickel is called secondary nickel.

Cobalt occurs in combination with other elements in minerals such as skutterudite (a cobalt-nickel arsenide), carrollite (a copper-cobalt-(nickel) sulfide), and asbolane (a nickel-cobalt-manganese oxide). It is obtained from three main ore deposits: Sedimenthosted stratiform copper deposits, magmatic nickel sulfide deposits, and nickel laterite deposits. Cobalt is generally processed as a by-product of processed nickel and copper ores. It can also be produced through recycling. Cobalt and its alloys find application in many sectors and industries, such as battery chemicals, superalloys, defense, and catalysts.