核心观点：上周煤炭板块上涨0.5%，表现弱于沪深300上涨0.8%。动力煤，国庆节期间价格整体较为稳定；节前一周的产地方面，山西晋北地区煤价暂稳；内蒙古鄂尔多斯末煤偏稳，块煤价格继续上升但涨幅收窄；陕西神府地区煤价暂稳，关中地区供应紧张，煤价上涨10-20元/吨不等。节前一周的港口动力煤价持续小幅上涨，主要因为下游厂商在节前加大采购力度，同时汽运费有所上涨。节前皇岛港已放开装船，库存周环比大幅下降107万吨至633万吨，下游电厂库存目前仍处高位，基本按需采购长协煤。短期内在产地环保检查、冬储补库、运输成本上升等因素作用下动力煤价整体稳中有升。

煤价维持高位，行业盈利能力继续改善。2018年前三季度，火电需求持续向好带动煤价维持高位，行业毛利率及整体盈利能力继续改善。根据国家统计局数据，今年前8月规模以上煤炭企业亏损比例为25.55%，较上年同期的20.91%上升4.63pcts，累计营业收入/成本同比增长4.70%/2.60%，销售利润率提升2.06pcts，累计利润总额同比增长16.60%，亏损比例提升与总体盈利改善并存，显示企业之间分化明显。

8 月份，部分产煤大省环保检查力度不减，在一定程度上制约了煤炭产能释放速度。8 月当月全国原煤产量完成29660万吨，同比增长4.2%，增速与上年同期基本持平。火电产量同比增加6.0%，增速环比7 月上升1.7 个百分点影响，电煤需求继续保持良好势头，8 月当月全国原煤销量为27850 万吨，同比增长0.2%。

The mining chemicals market has been segmented based on product, application, and region. Based on product, the market has been segmented into frothers, flocculants, collectors, solvent extractants, grinding aids, and others. Other products include depressants, activators, and modifiers. Based on application, the market has been segmented into mineral processing, explosives & drilling, water & wastewater treatment, and others. Other applications include exploration, and emulsion explosives.

Widespread illegal mining activity and rising regulatory risks stemming from improving commodity prices will pose challenges to miners in SSA over the coming months and hinder investment into the region. Meanwhile, South Africa's mining sector will continue to face headwinds over the coming months, despite the introduction a new and improved draft mining charter.

2016 年，供暖能源以煤为主，年消耗约4 亿吨标煤。我国北方城市居民安装集中供热系统是从上世纪50 年代开始建立的，供暖分界线位于北纬33 度附近的秦岭和淮河一带，包括北方十四省市自治区，取暖总面积约206 亿平方米。从供暖时间上看，华北地区一般为4 个月，东北、西北地区一般为5-7 个月。从用能结构上看，2016 年底，供暖能源以燃煤为主（占83%），天然气、电、地热能、生物质能等合计约占17%。取暖用煤年消耗约4 亿吨标煤，其中散煤约2 亿吨标煤。