7 月份以来，煤炭产量同比下降，成为自去年11 月以来首次出现负增长，当月，全国原煤产量完成28150 万吨，同比减少2.0%，而上年同期为增长8.5%。受工业用电需求增加、高温天气影响，电煤需求继续保持良好势头，7 月当月全国原煤销量为29000万吨，同比增长4.13%。

最近我国能源安全问题得到国家高层的重视，中石油、中石化、中海油将国内油气勘探开发提速，掀起一场新的油气开发大会战，保障我国油气供应。从年初以来我们陆续调研油田开发的情况看，今年各个大型油气田钻完井工作量剧增，钻机、压裂车、连续油管车等关键设备紧缺，而且随着开发任务的进一步提速，我们预计未来 3 年内国内油服行业维持高景气度，设备与工程技术服务都将迎来新一轮发展。

上半年供给端呈现负增长，但需求向好：据统计局数据，2018 年1-7月，供给端增速为-0.05%，供给负增长的原因有1）2017 年全力保证供应满负荷生产导致2018 年出现采掘衔接问题；2）安全检查等也成为了影响产量的边际变量。

8 月由于经济预期仍较悲观，上证综指下跌5.3%，而煤炭板块方面由于前期跌幅较大以及环保限产钢焦产业链景气上行，本月跑赢上证综指3%，跑赢沪深300 2.9%。

上半年行业整体供需好于预期，各煤种价格延续高位运行，其中动力煤和焦煤均价相比17 年全年均价分别上涨2%和10%。全行业盈利也维持稳健增长，上半年行业规模以上企业实现利润总额1564 亿元，同比增长18.4%。

In 2017, Chile was the world’s leading copper mine producer with a 27.2% share in global output, the second-biggest molybdenum mine producer with 20.4%, and the sixth-largest producer of silver, with 5.3%. The country also ranked first in the production of iodine with a 64.5% global share, second in lithium compounds with 32.8%, and eighth in potassium compounds with 2.8%. Mining is the thirdlargest economic sector in Chile, accounting for 10.1% of the country’s GDP, 2.6% of formal employment and 55.4% of national exports. Since late 2016, an upward trend in the prices of iron, molybdenum, coal, copper and lithium, has propelled a recovery of domestic mining production and exports, and led to the resumption of several investment projects. Mining exports rose by a robust 24.7% y/y in 2017, while the sector’s trade surplus widened to USD 36.9bn.