煤炭是保障我国能源安全的“压舱石”。煤炭行业信用生态的健康稳固，不仅直接关系到产业链供应链的安全稳定，更是服务能源安全大局、驱动行业高质量发展的关键基石。

Coal is the "ballast stone" that ensures China's energy security. The healthy and stable credit ecosystem of the coal industry not only directly affects the safety and stability of the industrial chain and supply chain, but is also a crucial foundation for serving the overall energy security situation and driving the industry towards high-quality development.

煤炭行业信用基本面稳，韧性足。2025年，煤炭行业在盈利承压与周期波动中，展现出坚实的信用抗风险能力。

The credit fundamentals of the coal industry remain stable and resilient. By 2025, the coal industry will demonstrate a strong ability to withstand risks and maintain stability amid profit pressure and cyclical fluctuations.

一是行业整体运行稳中有调。全年供需呈现“整体平衡、结构分化”态势，2025年全国煤炭产量小幅增长，电力行业的刚性需求为市场提供了有力支撑。受煤价“先抑后扬”且整体中枢均价低于上年影响，行业盈利水平同比下滑，经营获现对资本支出的覆盖能力虽有弱化，但整体偿债链条可控，信用底盘坚实稳固；

First, the overall operation of the industry has been stable with some adjustments. The supply and demand situation throughout the year was characterized by "overall balance with structural differentiation". The national coal production will increase slightly in 2025, and the rigid demand in the power industry provides strong support for the market. Due to the "initial suppression followed by recovery" of coal prices and the overall average price being lower than the previous year, the industry's profit level declined year-on-year. Although the ability of operating cash flow to cover capital expenditures has weakened, the overall debt repayment chain is controllable and the credit foundation is solid and stable.

二是资本运作抗风险强。全年未新增违约主体，信用基本面零突破，体现了极强的行业韧性。行业资产负债率61%，虽较上年微升，但债务规模总体适中，风险处于可控区间。债券市场信用利差持续收窄，融资环境宽松，企业接续融资能力充足，资本市场对行业预期保持乐观；

Second, the capital operation has strong risk-resistance capabilities. Throughout the year, no new defaulting entities were added, and the credit fundamentals remained unchanged. This demonstrates extremely strong industry resilience. The industry's debt-to-asset ratio was 61%, which slightly increased compared to the previous year, but the overall debt scale was moderate, and the risks were within a controllable range. The credit spreads in the bond market continued to narrow, the financing environment was loose, enterprises had sufficient capacity for continuous financing, and the capital market maintained an optimistic expectation for the industry.

三是信用标杆引领示范。今年初，中国煤炭工业协会公布的2025年度煤炭行业信用等级评价结果显示，行业信用矩阵更加优化。全年共136家主体通过认定，涵盖大型集团、生产煤矿、装备制造等多类业态，其中AAA级企业达122家，行业优质信用主体占比高。同时，30篇诚信建设典型案例覆盖安全生产、绿色低碳、科技创新等核心领域。以中国神华、淮北矿业、河南能源集团等为代表的企业，通过构建ESG治理体系、践行生态责任、完善合规管理，成功打造“信用+”多元化应用场景，为全行业提供了可复制、可推广的鲜活经验。

The third aspect is the leading and exemplary role of credit benchmarks. At the beginning of this year, the 2025 annual credit rating eva luation results of the coal industry released by the China Coal Industry Association showed that the industry credit matrix has been further optimized. A total of 136 entities were recognized throughout the year, covering various types of business such as large groups, production mines, and equipment manufacturing. Among them, there were 122 AAA-rated enterprises, and the proportion of high-quality credit entities in the industry was high. At the same time, 30 typical cases of integrity construction covered core areas such as safety production, green and low-carbon development, and scientific and technological innovation. Enterprises such as China Shenhua, Huai'an Mining, and Henan Energy Group, by building an ESG governance system, fulfilling ecological responsibilities, and improving compliance management, successfully created "credit+" diversified application scenarios, providing replicable and promotable practical experiences for the entire industry.

　　2026年煤炭行业信用建设环境趋优，质效齐升。2026年是“十五五”规划开局之年，也是煤炭行业信用体系建设法治化、规范化的关键之年，煤炭行业信用状况将呈现“整体稳健、结构分化、层级分明、质效提升”的核心特征。

In 2026, the credit construction environment in the coal industry will improve, with both quality and efficiency rising. 2026 marks the beginning of the "14th Five-Year Plan" and is also a crucial year for the legal and standardized construction of the credit system in the coal industry. The credit status of the coal industry will exhibit core characteristics of "overall stability, structural differentiation, clear hierarchy, and improvement in quality and efficiency".

一是政策制度护航，标准更趋完善。5月1日起将正式施行的《能源行业公共信用信息管理办法》，是行业信用建设的里程碑。该办法首次建立轻微、一般、严重三级分类的失信认定标准，明确了归集、披露、修复、异议处理全流程闭环机制。这将彻底解决过去评价“一刀切”与主观化问题，依托全国信用信息共享平台实现数据互通，为行业信用管理提供坚实法治遵循。与此同时，电煤长协履约与信用挂钩机制持续深化。国家发改委将签约量80%的合同及重点运力合同纳入台账，实时记入信用档案，构建起国家、地方、企业三方联动的立体化监管网络。在行业自律层面，协会正在抓紧修订《煤炭行业自律公约》和《煤炭从业人员职业道德准则》，持续完善信用评价标准，加强会员企业信用培训，持续推动“煤”好信用生态建设；

First, policy and institutional safeguards are in place, and standards have become more refined. The "Energy Industry Public Credit Information Management Measures", which will come into effect on May 1st, is a milestone in the construction of industry credit. This measure establishes a three-level classification system of minor, general, and serious for the identification of credit violations, and clearly defines a closed-loop mechanism for data collection, disclosure, correction, and dispute handling. This will completely solve the problems of "one-size-fits-all" and subjectivity in past eva luations. It will achieve data interoperability through the national credit information sharing platform and provide solid legal basis for industry credit management. At the same time, the mechanism linking the fulfillment of long-term power purchase agreements with credit has continued to deepen. The National Development and Reform Commission has included 80% of the contracted volumes and key transportation capacity contracts in the ledger and recorded them in the credit file in real time, establishing a three-party collaborative regulatory network of national, local, and enterprise levels. At the industry self-regulation level, associations are currently working hard to revise the "Coal Industry Self-discipline Convention" and the "Coal Industry Professional Ethics Guidelines", continuously improving credit eva luation standards, strengthening credit training for member enterprises, and continuously promoting the construction of a "good credit ecosystem" for coal.

二是市场运行提质，集中度加速提升。受基本面边际改善、政策制度持续完善及地缘政治影响，行业运行质量企稳向好。头部煤企依托资源、成本与规模优势，盈利能力与信用质量持续优良，融资渠道畅通。中诚信国际、联合资信等评级机构均维持煤炭行业“稳定”展望，认为未来12-18个月行业总体信用质量不会发生重大变化。预计2026年行业生产结构将进一步优化，产业集中度将进一步提升，这将进一步巩固行业整体信用稳定性；

Second, the market operation has improved, and the concentration ratio has accelerated its growth. Due to the marginal improvement in the fundamentals, the continuous improvement of policy systems, and the influence of geopolitics, the operation quality of the industry has stabilized and improved. The leading coal enterprises, leveraging their advantages in resources, costs, and scale, have maintained excellent profitability and credit quality, and have smooth financing channels. Rating agencies such as China Credit Rating and United Credit Rating have maintained a "stable" outlook for the coal industry, believing that the overall credit quality of the industry will not undergo significant changes in the next 12-18 months. It is expected that in 2026, the production structure of the industry will be further optimized, the industry concentration ratio will further increase, which will further consolidate the overall credit stability of the industry.

三是绿色转型深化，信用维度更显内涵。当前行业正加速向数字化、智能化、绿色化转型。2026年，智能化建设、煤炭与新能源融合发展、煤电灵活性改造、CCUS应用等成为转型重点。信用评价体系已将绿色生产、转型投入等指标纳入核心权重，推动企业由“被动守规”向“主动创信”转变，构建“守信激励、失信惩戒”的良性循环。

Thirdly, the green transformation is deepening, and the credit dimension is revealing its deeper meaning. Currently, the industry is accelerating its transition towards digitalization, intelligence, and greenization. In 2026, intelligent construction, the integration of coal and new energy, coal power flexibility transformation, and CCUS application will become the key areas of transformation. The credit eva luation system has incorporated indicators such as green production and transformation investment into the core weights, promoting enterprises to shift from "passive compliance" to "active credit creation", and establishing a virtuous cycle of "rewarding credit and punishing Breach of trust".

　　正视风险挑战，筑牢信用防线。在展望向好的同时，仍需清醒认识行业面临的三重风险：一是煤价波动风险。若下游需求持续疲软，煤价中枢下移可能进一步挤压企业盈利，影响偿债能力；二是个体经营风险。部分煤炭企业在偿债高峰期面临的流动性压力不容忽视，需防范局部信用风险释放；三是转型成本风险。智能化、绿色化转型带来的资本开支增加，可能对企业短期现金流形成考验。

Face up to risks and challenges, strengthen the credit defense line. While looking forward to a positive situation, it is still necessary to clearly recognize the three types of risks faced by the industry: First, there is the risk of coal price fluctuations. If the downstream demand remains weak, the downward movement of the coal price may further squeeze the profits of enterprises and affect their debt repayment ability; second, there is the risk of individual operation. The liquidity pressure faced by some coal enterprises during the debt repayment peak period cannot be ignored, and local credit risks need to be prevented from being released; third, there is the risk of transformation costs. The increase in capital expenditure brought about by intelligent and green transformation may pose a test to the short-term cash flow of enterprises.

　　信用是企业行稳致远的“软实力”，更是行业高质量发展的“硬支撑”。展望2026年，我们将进一步推进信用体系建设与安全生产、能源保供、绿色转型的深度融合，以信用建设为纽带，巩固行业盈利企稳态势，优化债务结构，全力扛起能源安全保障重任，为经济社会高质量发展提供更加坚实的能源支撑与信用保障！

Credit is the "soft power" that enables enterprises to achieve stability and long-term success, and it is also the "hard support" for the high-quality development of the industry. Looking forward to 2026, we will further promote the integration of credit system construction with safety production, energy supply assurance, and green transformation. By using credit construction as a link, we will consolidate the stable profit situation of the industry, optimize the debt structure, fully shoulder the responsibility of ensuring energy security, and provide more solid energy support and credit guarantee for the high-quality development of the economy and society!