9 月份以来，煤炭价格持续上涨，当前秦皇岛港口煤价已涨至 599 元/吨。我们 在 9 月 10 日发布的点评中明确提出“伴随大秦线检修临近、电厂补库存有望 带动煤价上涨”，判断已得到验证。基于当前动力煤供需情况，我们认为基本 面对煤价的支撑仍在。

Mining drilling services include drilling work carried out on contract basis for numerous mining customer bases, operating across the wide ranges of commodities such as coal, metals, and others. Various types of mining drilling services are surface drilling, underground coring, and others. Furthermore, the drilling services’ agreements are typically carried out through a tender process. Drilling service providers quote an extensive costing process that guarantees that the projects are well planned and taken into consideration the geography, geology, time-frame, and others. The report focuses on the current trends and future growth opportunities of various types of mining types such as coal, metal, mineral, quarry, and others. Furthermore, the study evaluates the current market trends and suggests future growth opportunities by analyzing government regulations & policies. The report further covers the strategies adopted by the key players to sustain the competitive environment and increase their market share.

Mining chemicals play a major role in the processing of mineral ores. The consumption of base metals (such as iron, steel, and aluminum) and precious metals (such as silver, gold, and platinum) increased steadily, due to their various applications in various industries. The metal mining processes require mining chemicals during the stage of processing the respective ores. With the increase in the consumption of these metals, mining activities for these metals have surged globally, especially in Canada and Mexico. Canada is a global leader in mining operations, with active production of more than 60 metals and minerals, and it is a major producer of primary aluminum, cobalt, diamond, gold, nickel, platinum group metals, salt, titanium concentrates, and uranium. In addition, Canada ranks among the top five countries in the global production of 14 major metals and minerals, such as first in potash production; second in uranium and niobium; third in cobalt, aluminum, tungsten, and platinum group metals; fourth in nickel, salt, sulfur, and titanium; and fifth in diamond, cadmium, and gold.

8 月煤炭产量同比基本持平，进口量同比大幅下降37%，火电发电量当月同比+6.2%，固定资产投资当月同比+9.3%，供需整体改善，但由于此前补库到位，动力煤价格8 月呈下降趋势，焦炭落实一轮提涨，焦煤基本企稳。

9 月8 日，煤炭开采指数上涨3.3%，强于沪深300 的上涨0.54%，领跑各板块，其中靖远煤电、郑州煤电涨停，陕西煤业上涨5.4%。

2020 年上半年业绩下跌，但Q2 业绩环比上升。重点关注的29 家上市公司，2020 年上半年合计实现归母净利428 亿元，同比下降19.4%，如果剔除对行业影响较大的中国神华，28 家上市公司，2020 年上半年合计实现归母净利221 亿元，同比下降23.2%，同比业绩的下跌主要是由于受疫情影响，下游开工率不足，价格上涨缺乏有力支撑，煤价下跌，公司的利润水平随之被压缩。环比来看，29 家上市公司2020Q2 归母净利为232 亿元，环比Q1 上升18.3%；剔除神华后，28 家2020Q2 归母净利润124 亿元，环比Q1 上升26%，环比上升主要是疫情好转复工，产能随着下游需求回升而逐渐释放。

一季度动力煤企业经营情况受疫情影响较大，电厂耗煤负荷偏低、煤价在3 月之后持续走弱，整体看一季度煤价中枢在550 元/吨左右，煤企盈利同比下行；进入二季度，煤价依然受下游用电企业复产较慢拖累持续下行，在煤价跌破500元/吨的整数关口后，监管层面对煤价调控力度明显加大。

煤炭板块昨日再度出现领涨，板块交易金额也略有放大。我们认为主要是板块低估值前提下，资金驱动带来的轮动行情。目前板块机构持仓比例少、估值处于历史周期底部，加之基本面边际改善预期明朗，反弹逻辑清晰。短期看，板块反弹的节奏取决于资金轮动的情况，但行业龙头估值修复空间明确，业绩向好、股息率有保障的低估值龙头有配置价值。

9 月份以来，煤炭价格持续上涨，环渤海5500 大卡动力煤价格累计上涨18 元/吨，且本周以来涨幅扩大。此轮煤价上涨由内蒙倒查煤炭贪腐20 年、大秦线检修和电厂补库存等多因素导致，对此我们点评如下。