本周，北方四港日均吞吐量 129.41 万吨，环比减少 5.98%，同比提升 16.85%； 日均铁路调入量 134.77 万吨，环比减少 0.30%，同比减少 0.05%。节日期间，港口调 入调出均有所下降，库存微增。受此影响，截至 10 月 9 日，秦皇岛港动力末煤 Q5500 平仓价 606 元/吨，较节前（9 月 30 日）价格上涨 3 元/吨，涨幅有所回落。

全国原煤产量同比小幅增长，但产地清查叠加进口限制预期，总供给预计偏紧：2020 年 1-8 月全国累计生产原煤 24.46 亿吨，同比增加 2.44%。内蒙古地区倒查“二十年”部分 证照不全矿井暂停，年初至今产量同比减少 10.40%，该地区产量的减少使得部分采购需 求转移到了陕西和山西地区，陕西地区每月累计同比增速自年初至今维持在 10%以上的水 平，总体而言并未对总供给产生影响。煤价分产地区别较大，陕西动力煤价格跌幅也超过 15%。综合考虑进口煤限制调控政策调节供给，托底煤价，预计动力煤、焦煤价格高位平 稳运行。

本周产地煤价稳中有升，水泥化工用煤需求叠加冬储启动支撑坑口煤价。截至 9 月 18 日，陕 西榆林动力块煤（Q6000）坑口价 465.0 元/吨，周环比上涨 10 元/吨；大同南郊粘煤坑口价(含 税)（Q5500）404.0 元/吨，周环比上涨 8 元/吨；内蒙古东胜大块精煤车板价（Q5500）391.0 元/吨，周环比上涨 18 元/吨。“金九银十”之际，国家煤监局要求对晋陕蒙鲁豫云贵川渝等 11 个产煤省区开展安全大检查，限制供给。夏季过后民用电负荷下降，但水泥、化工等非电 耗煤需求好转，同时冬季储煤启动，产地供需趋紧，煤价上行。

Q3 各煤种价格同比虽然依旧下滑，但环比改善明显，且坑口煤价环比涨幅高于港 口。预计板块 Q3 净利环比约增长 18%以上，同比降幅有望收窄。四季度预计煤 炭供给缺乏向上的弹性，煤价整体维持高位，行业景气预期稳中向好。目前板块 估值处于历史低位，龙头公司估值提升逻辑清晰，推荐业绩向好、股息率有保障 的低估值龙头。

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。