6 月当月产量环比回升，陕西增产晋蒙减产持续：2020 年6 月，全国煤炭产量3.32 亿吨，同比下降1.20%，环比回升4.84%。晋蒙陕月度产量同比分别变化-1.23%、-9.76%和-3.68%，环比分别变化10.36%、-1.31%和0.50%。

ESG 是关注企业环境、社会、治理绩效而非传统财务绩效的投资理念和企 业评价标准。国内 ESG 投资仍处于规模化发展初期阶段，ESG 信息披露 程度不高，19 年钢铁、煤炭行业上市公司社会责任报告披露率分别为 56%、 54%。钢铁煤炭企业受行业属性拖累，上市公司 ESG 评级一般，且剔除法 下不占优势。随着 A 股上市公司逐渐被纳入 MSCI、富时罗素等指数，为 提高外资配置比例，钢煤企业应主动推进 ESG 体系建设，一方面做好 ESG 相关工作，例如建设“绿色钢厂”、“智能煤矿”等，另一方面建立 ESG 相 关信息详尽、稳定的披露机制，提升 ESG 评级表现，抓住外资配置机遇。

Needle coke industry is a primary raw material that finds its significant application in the production of steel, aluminum, stainless steel, silicon metals, and some other ferrous as well as non-ferrous metals. Needle coke also finds its key applications in the manufacturing of lithium-ion batteries that are in high demand in the automotive industry. Petroleum needle coke is mainly preferred by steel and battery manufacturers. This is because the battery and steel manufacturers working on the EAF technique only work on high-quality needle coke, ultra-high purity (UHP) for the production of lithium-ion battery anodes, and graphite electrodes. The growth of the needle coke market can be attributed to a steady surge in demand for lithium-ion battery anodes to be used in lithium-ion batteries coupled with high demand for graphite electrodes across the steel industry. The steel industry witnessed a growth rate of approximately 4% in 2018 in terms of production as compared to the previous year. Along with this, the share of electric arc furnace (EAF) route of steel production is increasing as compared to that of BOF, and this is further expected to provide impetus to the demand for graphite electrodes, thus influencing the growth of global needle coke market. The needle coke market is a very concentrated market consisting of approximately ten giant players. GrafTech International Ltd. and Phillips 66 Company are the leading manufacturers active in the needle coke market.

月份原煤产量3.34 亿吨，同比下降1.2%，日均原煤产量1114 万吨，环比增加86 万吨/天。国家统计局公布， 2020 年6 月份全国规模以上原煤产量3.34 亿吨，同比下降1.2%，降速比上月扩大1.1 个百分点，6 月份日均原煤产量1114 万吨，环比5 月上涨86 万吨/天。1-6 月累计产量18.1亿吨，同比增加0.6%。

煤炭板块近期快速上涨，主要原因是板块估值低处于长周期底部，在市场情绪 回暖和风格变化下，容易催化弹性反弹行情。上周大涨过后，板块的 P/B 和相 对 P/E 估值依然处于历史低位，从周期趋势、行业 ROE 水平以及分红角度看， 板块的估值吸引力依旧，推荐盈利逻辑向好、高分红低估值的价值型龙头公司。

在新冠疫情冲击下（压力测试），煤价底部已探明（469元/吨），且5月至今已累计反弹114 元/吨（+24.3%）。近期国家能源集团更是由于煤源紧张暂停现货销售，“迎峰度夏”期间煤价上涨动力强劲。