Zeolites were first discovered in the 18th century as a natural mineral which has an exceptional adsorption property. Zeolites are crystalline solids structures made of aluminosilicates with variable Si/Al ratio, that form a framework with cavities and channels inside, where cations, water, and small molecules could get adsorbed or desorbed. Synthetic zeolite could be produced from natural minerals, such as natural zeolite, silica, and alumina. Due to their large pore volume, zeolite molecular sieves have an impeccable adsorption capacity and catalysis properties. Since the birth of synthetic zeolite, the application of synthetic zeolite has been greatly expanding. Zeolites molecular sieves are currently used in a wide range of industries, such as oil and gas, petrochemicals, wastewater treatmen t, environmental, automotive, pharmaceuti cal, a griculture, and aquaculture for the application of catalysis, separation processes, adsorption of Sulphur and nitrogen, prevent air pollution, etc. Zeolite catalyst consumption is dominated by the Fluid Catalytic Cracker (FCC) and desulphurization application in refineries, which accounts for more than 70% in value.

2020年1-4月，原煤产量累计11.5亿吨，累计同比+1.3%；进口煤及褐煤累计1.27亿吨，累计同比+27%；供给合计12.8亿吨，累计同比+3.4%。1-4月，发电量累计同比-5%，火电发电量累计同比-6%。固定资产投资累计同比-10.3%，其中房地产投资、基建投资（不含电力）、制造业投资的累计同比分别-3%/-12%/-19%。煤炭下游主要是50%发电，20%钢铁，15%建材，15%煤化工及其他。1-4月严重供过于求。

西方发达国家从上世纪 90 年代就开始研究智 能开采技术，力拓、英美资源等国际大型矿山已经启动智慧矿山项目。我 国煤矿生产经历机械化-自动化-智能化的过程，截止 2018 年，全国采煤机 械化程度达到 78.5%，相比 1978 年的 32.3%显著提升。随着电气自动化 技术的不断更新，电液控制技术不断发展。煤矿智能化是循序渐进的过程， 逐步由单个系统智能化向多系统智慧化方向发展。

煤炭公司 20 年 1 季度归母净利润同比下跌 22%至平均 8.9 亿元。主营收入 下跌 6%至平均 98 亿元，符合预期。我们认为主要是煤价下跌、产销量的 下降以及产业链的盈利下降较多，以及业绩基数较高（行业最高景气期已 过）、资产负债表的修复力度边际减少。我们预计如果没有疫情发生，1 季 度归母净利下跌幅度在 7%左右。