In 2017, China’s coal mining sector registered an improved y/y performance, which was attributed to a number of factors such as the favourable domestic economic conditions and the ongoing supply-side reform and coal industry consolidation, accompanied by high coal prices. The government continued its efforts to “clean up” the coal sector and optimise its operating efficiency through a number of measures. The main stress was put on the restructuring of SOEs, elimination of small, outdated and inefficient production facilities, as well as decreasing the excess coal production capacity. The stronger performance of China’s coal sector in 2017 was also a result of the improved balance between coal supply and demand on the domestic market, the increased power consumption and the y/y recovery of thermal power generation. The above factors contributed to improved production efficiency and higher profitability of the coal mining businesses. The revenue of coal mining enterprises rose from RMB 2,233bn in 2016 to RMB 2,544bn in 2017, while the net profit hiked from RMB 116bn to RMB 296bn. The number of coal mining enterprises rose to 5,111, up from 5,049 units in 2016.

5 月当月,全国煤炭产量 3.12 亿吨,同比增长 3.5%。10大产煤省份中，河南、山东、安徽、黑龙江等省份合计减产 290 万吨，减量较上月降低 56%；贵州、河北、新疆恢复正增长，合计同比增产 198.07 万吨。陕西煤炭产量同比下降 8.06%，降幅较上月缩小 3.33 个百分点。

上周，煤炭板块上升 2.0%，沪深 300 指数上升 2.5%，煤炭板块表现弱于大盘。动力煤：目前煤矿产量稳定，供应整体偏宽松；下游电厂日耗虽开始回暖，但库存仍处于历史高位，预计仅将维持常态补库。短期价格预计小幅震荡，放长时间预计今年旺季不旺现象仍将持续。

上半年减产“搭台”，地缘“唱戏”，油价波动加大。19 年上半年油价走势先扬后抑。主要是三大因素驱动：一是技术面的超跌反弹；二是OPEC+减产联盟持续超预期减产，5 月数据显示减产进度滞后的俄罗斯也已超额完成任务；三是地缘政治事件频发，年初以委内瑞拉局势为焦点，目前事态已经基本平息；5 月起伊核问题再次扰动市场，中国、印度、土耳其相继减少和停止进口伊朗原油，局势雪上加霜。不断升级的贸易摩擦开始实质性影响宏观经济数据，市场对需求前景普遍表示悲观；油价与金融市场（尤其是美股）走势联动再次得到映证。

山西发展煤炭产业具有多种优势。资源丰富，煤种齐全，焦煤、无烟煤等稀缺煤占比较高。从规模看，全省亿吨级以上煤炭企业共4 家，1000 万吨及以上7 家。从区位看，距离中东部煤炭消费地较近，铁路网完善，交通运输条件便利，优势明显。山西是国家重要的煤炭、煤电和煤化工基地。