Although Turkey has initiated a privatisation and liberalisation process of its mining industry, the state still has controlling stakes in the key companies operating in the sector. At the same time, the government sees private sector investments from local and foreign companies as a crucial factor for the development of domestic mineral reserves. In order to lure more investors, the government has pursued a policy of making the business environment in the mining industry more attractive. Still, the political and economic challenges over 2016-2018 are undermining foreign investor confidence in the country in general and the mining sector in particular.

The coal mining industry in China has been undergoing an intense consolidation process, with many small inefficient businesses closing down, allowing the number of large coal enterprises to increase. Due to their extensive operating scale and big market shares, SOEs are the sector’s main revenue generators. In 2017, the country’s top five coal producers generated over 22% of the total revenue of the coal mining sector, up from the 15% share in 2016. The government industry reforms envisage further consolidation of China’s mining sector, which is likely to increase the M&A activity in the sector. In order to boost their profits across the value chain, coal producers are expected to further expand their presence in segments such as syngas, olefins and liquid fuels, as well as in the coal-tooil conversion.

Brazil’s mining sector features a high level of concentration, especially in respect of most metallic mining outputs, with most production in the hands of a small number of large firms with capital of mixed origins. Regulation is an important factor in the outlook for the sector, since the market is still adapting to the new dispositions of the Mining Code, approved in June 2018. Non-metallic mineral activity shows a more fragmented structure, due to the prominence of civil construction aggregates in sub-sector output. In these products it is a big advantage to be close to the consumer, which favours both small companies and local ones.

煤炭是中国能源体系的支柱。我国煤炭资源的可靠性、价格的低廉性、利用的可洁净性，决定了我国“煤为基础，多元发展”的能源战略方针不会改变。煤炭占我国一次性能源消费总量的60.4%，煤炭提供了70%左右的能源和60%以上的化工原料。煤炭作为我国能源结构中的主导性能源和基础性能源为国民经济持续发展发挥了重要作用。

煤炭板块上周整体呈现宽幅震荡走势，尾盘承压下挫，指数收盘于2945.32 点，全周下跌1.30%，跑赢沪深300 指数0.51 个百分点。36 家上市公司跌多涨少，10 家收涨，26 家收跌。其中，美锦能源（000723）（16.12%）、安源煤业（600397）（11.18%）、ST 云维（600725）(8.31%)、红阳能源（600758）（4.39%）涨幅居前，陕西煤业（601225）（-7.25%）、宝泰隆（601011）（-5.70%）、冀中能源（000937）（-4.59%）、*ST 大有（-4.26%）跌幅相对明显。

历史数据显示，M1 与M2 的同比增速之差领先中周期煤价变动，也可很好地解释煤炭板块超额收益，社融规模的持续扩张或带动M1 增速的加快，或在中期带动煤价上涨，加之目前供需预期的双向修正利好煤价预期改善，且板块估值水平接近历史底部，板块近期表现有望持续活跃。