本篇报告作为天然气专题系列报告的第三篇，从我国天然气定价机制的改革出发介绍了当前天然气产业链各个环节的定价水 平。同时深入剖析了美国天然气市场化改革的历史进程并揭示了其发展规律，并对我国未来天然气行业坚定不移向市场化迈 进的发展进行了展望。

2020 年煤炭供需再平衡，煤价筑底企稳大概率。供给跨过违法违规合法化产量释放高峰后，呈现“三西”地区的供给集中度显著提升，落后产能（对僵尸煤矿、冲击地压和瓦斯灾害严重矿井）继续退出，东部沿海区域的煤炭资源自然衰减的问题日益显著，煤矿准入超产难度提升，结构性缺煤问题将长期存在，由此煤价的区域性导致不同区域的煤炭企业经营同质化问题削弱，单纯关注港口及主产区煤炭市场已经不合适，具体到细分公司需要重点比较分析。整体而言，20 年煤炭供需形势有望由2018 年上半年至今的略宽松向更加平衡发展。煤炭价格降幅明显收窄、筑底企稳是大概率事件，从而使行业效益有望保持持续稳定。

公司19 年装备使用率97%（活跃钻机28 座超深水钻机、14 座恶劣环境钻机、3 座半潜钻机），比18 年有所提升。合同期限延长，是由客户的需求增加驱动的，并且整个2019 年都是如此。

Mining is the process of extracting coal, metals, minerals, and others from the earth. For these extractions, mining equipment are used for which drill bits are required. Mining drill bits are cutting tools that are used to dig hole of circular area. These drill bits are deployed to remove rock or debris material to create different size of holes. By type, the market is segmented into rotary bits, DTH hammers bits, and others. The others segment is further divided into anchor bits, cross bits, and chisel bits. Whereas, the rotary bits segment is bifurcated into fixed cutter bits and roller cone bits. Based on material, the market is categorized into steel, diamond, and tungsten carbide. The diamond bits segment is further classified into thermally stable diamond bits, PDC, and surface set diamond bits. Bit size analyzed in the report includes up to 150 mm to above 300 mm. By operation segment, the market is bifurcated into underground drilling and surface drilling.