煤焦化是发展最成熟、最具代表性的煤化工产业，也是冶金工业的辅助产业。中国炼焦技术已进入世界先进行列，成为世界焦炭生产、消费及贸易第一大国。近年来，煤焦化市场逐步复苏，带来产品价格的持续上涨，从行业周期的角度来看，我们认为焦炭行业正处于行业景气提升的阶段。

　　焦炭出口平均价格自2005年下半年大幅度下跌以来，在2006年开始止跌回升，2006年年内最大涨幅曾经达到过33美元/吨。进入2007年以来更是逐月环比上涨，在涨幅最大的第三季度平均价格达到了203美元/吨，比上年同期144美元/吨，累计上涨了近60美元/吨。

图：2002-2007年焦炭出口量及出口价格走势（美元/吨）
 
来源：国家统计局

　　预计2007-2008年国内粗钢表观消费量增长仍将保持在11％左右，这对国内焦炭需求将形成强有力的拉动因素，国内焦炭市场在钢材价格和炼焦成本的推动下也将对焦炭价格形成加固。

Coal-coking, as an auxiliary sector for the metallurgical industry, is the most mature sector in technology and the most representative of the coal chemical industry. China’s coking technology is advanced in the world and China is the biggest coke producer, consumer and exporter in the world. In recent years, coking market has had a gradual recovery, which has brought about a continuous rise in prices of coking products. We herein believe that the coking industry is on the upward trend from the perspective of industry cycles.

Since the second half of 2005, the average export price of coke had dropped dramatically. However, coke market had a rally in 2006 and once had the largest gain, hitting US$33 per ton, in the year. Since entering the year of 2007, the month-on-month growth in coke price has even picked up. The third quarter of 2007 had the biggest gain, which made coke price stand at US$203 per ton, representing an accumulated rise of nearly US$60/ton in coke price compared to US$144 per ton posted in the same period of 2006.

Export Volume and Export Price of China Coke, 2002-2007
 
Source: The National Bureau of Statistics of China

It is forested that in the period 2007 to 2008, China’s growth of apparent consumption volume of crude steel will remain around 11%, which will be a powerful impetus to coke demand in China. Domestic coke market, stimulated by steel price and coking cost, will also strengthen coke price.

第一章 煤化工行业概况 
1.1煤化工产业链 
1.2煤化工产业环境 
1.2.1高油价：世界煤化工技术进步的动力 
1.2.2资源约束：中国发展煤化工的必要性 
1.2.3能源价格改革：增强煤化工替代优势 
1.2.4传统煤化工处于成熟期 

第二章 煤焦化政策环境 
2.1煤焦化――加快行业结构调整 
2.2上游煤炭行业政策 
2.2.1控制煤炭产量 
2.2.2改小建大，优化结构 
2.2.3暂停探矿权 

第三章 煤炭行业分析 
3.1煤炭产业发展状况 
3.1.1几年来煤炭消费量 
3.1.2供煤炭产量增速将放缓 
3.2煤价趋势分析---高煤价时代将会延续 
3.2.1重化工业开始，能源消耗量大 
3.2.2中长期我国煤炭资源紧缺性是高煤价的基础 
3.2.3行业集中度的提高有利于政策性成本的转移 
3.2.4高煤价时代将会继续 

第四章 煤焦化市场分析 
4.1焦炭市场分析 
4.1.1炼焦煤涨价更具潜力 
4.1.2焦炭市场需求 
4.1.3焦炭市场供给 
4.2煤焦油市场分析 
4.2.1我国煤焦油需求结构与预测分析 
4.2.2煤焦油出口形势分析 
4.2.3煤焦化相关产品价格走势分析 
4.2.4煤焦油加工业的未来发展方向 

第五章 焦炭行业区域分析 
5.1我国焦炭行业区域分布状况 
5.2 2007-2008年初年山西省焦炭行业发展分析 
5.2.1 2007年，山西焦炭市场需求较旺、价格回升 
5.2.2 2008年以来山西省焦炭价格上涨 
5.2.3.焦炭价格上涨原因分析 
5.3河北省焦炭行业发展分析 
5.3.1河北焦炭行业概况 
5.3.2河北省焦炭市场发展状况 

第六章 重点上市公司分析 
6.1山西焦化 
6.1.1公司简介 
6.1.2公司发展方向 
6.2安泰集团 
6.2.1公司简介 
6.2.2公司发展方向 
6.3开滦股份 
6.3.1公司简介 
6.3.2公司主要业务状况 
6.3.3焦炭分公司发展状况 
6.3.4公司焦化下游产业链延伸 
6.4太原煤气化股份有限公司---G煤气化 
6.4.1公司简介 
6.4.2公司主要业务状况 
6.4.3公司焦炭业务发展方向 
6.5黑化股份 
6.5.1公司简介 
6.5.2公司主营业务 
6.6云维股份 
6.6.1公司简介 
6.6.2公司战略 
6.7四川圣达 
6.7.1公司介绍 
6.7.2公司主要业务 
6.7.3 公司战略 
6.8国际实业 
6.8.1公司简介 
6.8.2公司主要业务 

第七章 总结 

1. General Situation of China Coal Chemical Industry
1.1. Industry Chain
1.2. Industry Environment
1.2.1. High Oil Price: Impetus to Advancement of World Coal Chemical Technology
1.2.2. Resources Restriction: Necessity of Developing Coal Chemical Industry in China
1.2.3 Energy Price Reform: Strengthening the Advantages of Coal Chemicals as Substitute
1.2.4 Traditional Coal Chemical Industry Is the Process of Becoming Maturity

2. Policy Environment for Coking Industry
1.1 Coking – Accelerating the Adjustments to Industry Structure
1.2 Policy of Upstream Coal Industry
2.2.1 To Control the Coal Output
2.2.2 To Build Big Companies by Merging Small Ones and Optimize the Industry Structure
2.2.3 To Suspend the Grant of Prospecting Right

3. Coal Industry
3.1 China Coal Industry Development
3.1.1 Coal Consumption in Recent Years
3.1.2 Growth in Coal Supply Will Slow Down
3.2 Coal Price Trend - High Price Will Extend
3.2.1 Heavy Chemical Industry Starts and Energy Consumption Increases
3.2.2 Coal Shortage Will Be the Base for High Coal Price
3.2.3 High Industry Concentration Degree Is Good to Transfer the Policy Cost
3.2.4 High Price Era Will Continue

4. Coking Market
4.1 Analysis of Coking Market
4.1.1 Coking Coal Has A Bigger Potential for Price Hikes
4.1.2 Demand of Coking Coal Market
4.1.3 Supply of Coking Coal Market
4.2 Coal Tar Market
4.2.1 Demand Structure and Forecast of China Coal Tar Market
4.2.2 Export of Coal Tar
4.2.3 Price Trend of Related Products
4.2.4 Development Trend of Coal Tar Industry in the Future

5. Analysis of Coking Industry by Region
5.1 Regional Distribution of China Coking Industry
5.2 Coking Industry Development in Shanxi province, 2007-2008
5.2.1 Strong Demand of Coking Market in Shanxi Province and Market Rally in 2007
5.2.2 Price Hikes in Shanxi Coking Market Since 2008
5.2.3 Factors Pushing Up Price
5.3 Coking Industry Development in Hebei Province
5.3.1 General Situation of Coke Market in Hebei Province
5.3.2 Coke Market Development in Hebei Province

6. Major Companies
6.1 Shanxi Coking Co., Ltd
6.1.1 Brief Introduction
6.1.2 Development Direction
6.2 Shanxi Antai Group Co., Ltd
6.2.1 Brief Introduction
6.2.2 Development Direction
6.3 Kailuan Clean Coal Co., Ltd
6.3.1 Brief Introduction
6.3.2 Major Businesses
6.3.3 Coking Subsidiary Company
6.3.4 Extension of Downstream Industry
6.4 Taiyuan Coal Gasification (Group) Co., Ltd
6.4.1 Brief Introduction
6.4.2 Major Businesses
6.4.3 Development Direction
6.5 Heilongjiang HeiHua Co., Ltd
6.5.1 Brief Introduction
6.5.2 Major Businesses
6.6 Yunnan Yunwei Co., Ltd
6.6.1 Brief Introduction
6.6.2 Company Strategy
6.7 Sichuan Shengda Industrial Co., Ltd
6.7.1 Brief Introduction
6.7.2 Major Businesses
6.7.3 Company Strategy
6.8 Xinjiang International Industry Co., Ltd
6.8.1 Brief Introduction
6.8.2 Major Businesses

7. Conclusion