煤炭开采行业研究简报：《世界能源统计年鉴2025》煤炭相关梳理
AI智能总结
请仔细阅读本报告末页声明行业走势作者分析师执业证书编号：S0680520070001邮箱：zhangjinming@gszq.com分析师执业证书编号：S0680524070012邮箱：liuliyu@gszq.com分析师执业证书编号：S0680524100001邮箱：gaoziming@gszq.com研究助理执业证书编号：S0680124070012邮箱：liaolanqi@gszq.com相关研究1、《煤炭开采：中国秦发、中煤能源、安源煤业，重申看好的理由》2025-06-292、《煤炭开采：地缘政治加剧天然气价格波动，欧洲煤炭市场再度补库催化煤价》2025-06-293、《煤炭开采：“夏至”的骄阳刺破阴霾，“变”已至》2025-06-22投资EPS（元）评级2024A2025E2026E2027E买入0.200.220.410.61买入1.461.211.291.39买入-0.28-0.070.040.10买入1.681.101.271.46买入2.952.712.832.98买入2.311.932.042.15买入1.440.991.181.37 增持（维持）张津铭刘力钰高紫明廖岚琪PE2025E2026E8.494.559.358.76-90.82145.7311.289.7815.1614.5310.039.5112.4710.402024-112025-03煤炭开采沪深300 2024A5.837.20-6.8013.108.708.70 2027E3.068.1063.948.4913.809.009.00 P.2内容目录1.原油：地缘冲突扩大油价波动...........................................................................................................................32.天然气：天然气价格波动率亦放大.....................................................................................................................43.煤炭：海运煤炭价格平稳................................................................................................................................64.电力：新能源发电不稳定性凸显......................................................................................................................75.气温：企稳边际回升.......................................................................................................................................86.本周能源行业资讯........................................................................................................................................10风险提示..........................................................................................................................................................10图表目录图表1：布伦特原油期货结算价（美元/桶）........................................................................................................3图表2：WTI原油期货结算价（美元/桶）...........................................................................................................3图表3：原油价格变化（美元/桶）.....................................................................................................................3图表4：OPEC+原油生产（百万桶/日）..............................................................................................................3图表5：荷兰TTF天然气期货结算价（欧元/兆瓦时）..........................................................................................4图表6：美国HH天然气期货结算价（美元/百万英热）........................................................................................4图表7：东北亚LNG现货到岸价（美元/百万英热）.............................................................................................4图表8：天然气价格变化（欧元/兆瓦时，美元/百万英热）...................................................................................4图表9：欧洲天然气库容率（%）.......................................................................................................................5图表10：欧洲天然气库存（TWh）....................................................................................................................5图表11：美国天然气产量（bcf/d）....................................................................................................................5图表12：美国天然气需求（bcf）.......................................................................................................................5图表13：美国天然气库存（bcf）.......................................................................................................................5图表14：美国天然气钻机（台）........................................................................................................................5图表15：纽卡斯尔港（6000K）煤炭价（美元/吨）.............................................................................................6图表16：IPE南非理查兹湾煤炭期货结算价（美元/吨）......................................................................................6图表17：欧洲ARA港口（6000K）煤炭价（美元/吨）........................................................................................6图表18：煤炭价格变化（美元/吨）...................................................................................................................6图表19：欧洲天然气发电（百万瓦）.................................................................................................................7图表20：欧洲煤电（百万瓦）...........................................................................................................................7图表21：欧洲光伏发电（百万瓦）.....................................................................................................................7图表22：欧洲风能发电（百万瓦）.....................................................................................................................7图表23：欧洲核电发电（百万瓦）.....................................................................................................................7图表24：欧洲水电发电（百万瓦）.....................................................................................................................7图表25：西北欧主要国家平均气温（摄氏度）....................................................................................................8图表26：北欧主要国家气温（摄氏度）...................................................................................
