Core Viewpoint - The company Qinfa (00866) has entered into a coal supply agreement with Zhejiang Energy Asia Pacific, marking a strategic move to secure stable revenue from coal sales [1][2]. Group 1: Agreement Details - SDE, a non-wholly owned subsidiary of the company, will sell 150,000 metric tons of Indonesian thermal coal to Zhejiang Energy Asia Pacific [1]. - The agreement allows for a 10% adjustment in the base quantity, with shipments scheduled to commence in November 2025 [1]. - The coal will be delivered in two shipments of 75,000 metric tons each, with pricing based on a formula involving the Indonesian coal price index and adjustments for coal quality and calorific value [1]. Group 2: Strategic Implications - The initial expectation was for a 20-year supply agreement; however, the parties opted for a shorter-term agreement to allow for further evaluation of annual production capacity [2]. - The agreement is seen as a means to provide a stable income source due to the ongoing demand from Zhejiang Energy's state-owned power plants [2]. - The board of directors considers the terms of the agreement to be fair and reasonable, aligning with the company's and shareholders' overall interests [2].

Core Viewpoint - China Qinfa (00866.HK) has entered into a coal supply agreement with Zhejiang Energy Asia Pacific, involving the purchase of 150,000 metric tons of Indonesian thermal coal [1] Group 1: Agreement Details - The agreement allows for a mutual adjustment of the base quantity by 10% upwards or downwards [1] - Initially, a 20-year supply agreement was anticipated, but both parties require more time to assess annual production capacity before committing to a long-term contract [1] Group 2: Revenue Stability - The coal supply agreement is expected to provide the company with a stable revenue source due to the ongoing demand from Zhejiang Energy's state-owned power plants [1]

中 國 秦 發 集 團 有 限 公 司 CHINA QINFA GROUP LIMITED （ 於開曼群島註冊成立的有限公司） （股份代號︰00866） 關連交易 香 港 交易 及 結 算 所 有限 公 司 和 香港 聯 合 交 易 所有 限 公 司 對 本公 佈 的 內 容概 不 負 責， 對 其 準 確 性或 完 整 性 亦不 發 表 任 何 聲明 ， 並 明 確 表示 概 不 就 因本 公 佈 全部 或 任 何 部 分內 容 而 產 生或 因 依 賴 該 等內 容 而 引 致 的任 何 損 失 承擔 任何責任。 供煤協議 供煤協議 董 事 會 欣 然 宣 佈 ， SDE（ 本 公 司 的 非 全 資 附 屬 公 司 ）與 浙 江 能 源 亞 太 訂 立 供煤協議，內容有關浙江能源亞太向SDE購買煤炭。 上市規則的涵義 於 本 公 佈 日 期 ， 由 於 浙 江 能 源 亞 太 為 力 遠（ 本 公 司 的 間 接 非 全 資 附 屬 公 司 ）的主要股東，故其為本公司附屬公司層面的關連人士。因此，供煤協 議的訂立及其項下擬進行的交易構成上市規則第14A章項下本公司的關連 交易。 – 1 – 由於(i)浙 ...

Group 1 - The coal stocks have collectively retreated after a period of continuous increase, with notable declines in companies such as China Coal Energy, which fell over 4%, and Yanzhou Coal Mining, which dropped 3% [1] - Despite a year-on-year decline in coal prices expected until the third quarter of 2025, there has been a significant quarter-on-quarter recovery in coal prices and improved performance for coal companies in the third quarter [1] - An increasing number of financial institutions, investment funds, and insurance companies are incorporating Environmental, Social, and Governance (ESG) factors into their investment decisions, leading to restrictions or withdrawals from coal-related projects, resulting in higher financing costs for coal companies [1] Group 2 - Short-term factors such as economic recovery, extreme weather, and geopolitical issues may create trading opportunities due to tight coal supply and demand, although high volatility should be noted [1] - The latest price movements of various coal companies indicate a downward trend, with specific declines such as Feishang Non-Ferrous Coal down 8.58% and China Shenhua down 2.76% [1]

Investment Rating - The report maintains a rating of "Buy" for several key companies in the coal mining sector, including Yanzhou Coal Mining Company, China Shenhua Energy, and others [5][12]. Core Insights - Global energy investment is projected to reach $3.3 trillion in 2025, marking a 2% increase from 2024, with a significant shift towards clean energy investments outpacing fossil fuels [1][4]. - The report highlights that while clean energy investments are surging, challenges such as grid bottlenecks, supply chain pressures, and regional imbalances pose significant risks to the energy transition [1][4]. - The focus of energy investments is irreversibly shifting towards clean energy, with the modernization of the grid, supply chain resilience, and financing in emerging markets being critical for successful transition [4][56]. Summary by Sections 1. Power Investment - Global power investment is expected to reach a record $1.5 trillion in 2024, driven by low-emission power, grid, and battery storage investments [16]. - Solar energy faces financial pressures due to overcapacity, while wind energy remains stable, and nuclear power is experiencing a revival [20][21]. - Grid investment is lagging behind renewable energy deployment, with significant bottlenecks in supply chains and labor shortages [48][49]. 2. Energy Supply - Fossil fuel supply investment is expected to decline by 2% in 2025, marking the first decrease since 2020, primarily due to falling oil prices and rising costs [2][56]. - Coal investment is at a record high driven by China and India, although growth rates are slowing [56][59]. - Investment in low-carbon technologies is robust, with liquid biofuels and low-emission hydrogen expected to see a 30% increase in 2025 [57]. 3. Terminal Demand - Electrification is accelerating, with significant investments in the transportation sector, while building investments are stagnating due to policy rollbacks and cost pressures [3][55]. - Industrial energy efficiency is rebounding in China and the U.S., but global low-emission steel investments are contracting significantly [3][55]. 4. Investment Strategy - The report recommends focusing on companies that are well-positioned in the coal mining sector, particularly those with strong performance metrics [9][12].

Core Viewpoint - China Qinfa (00866) has been included in the MSCI Global Small Cap Index, effective after the market close on November 24, 2025, which is expected to enhance its visibility among international institutional investors [1] Group 1: Stock Performance - China Qinfa's stock rose over 4% and is currently trading at 3.2 HKD, with a trading volume of 3.4588 million HKD [1] Group 2: MSCI Inclusion - The inclusion in the MSCI Global Small Cap Index is a significant milestone for the company, as the index is widely referenced by international investment institutions [1] Group 3: Mining Operations - The company's wholly-owned subsidiary, PT Trisula Sumber Energi (TSE), is currently in the pre-operational planning phase for coal mining in South Kalimantan, Indonesia, with construction expected to begin in Q1 2026 [1] - China Qinfa holds mining rights for five major mining areas in Indonesia: SDE, TSE, SME, VSE, and IMJ, with the SDE area planned to have a production capacity of 30 million tons [1]

Core Viewpoint - China Qinfa has been included in the MSCI Global Small Cap Index, effective after the market close on November 24, 2025, which is expected to enhance its visibility among international investors [1] Group 1: Stock Performance - China Qinfa's stock rose over 4% and is currently trading at 3.2 HKD with a trading volume of 3.4588 million HKD [1] Group 2: MSCI Inclusion - The inclusion in the MSCI Global Small Cap Index is a significant milestone for the company, as MSCI indices are widely referenced by international institutional investors [1] Group 3: Mining Operations - The company's wholly-owned subsidiary, PT Trisula Sumber Energi (TSE), is in the pre-operational planning stage for coal mining in South Kalimantan, Indonesia, with construction expected to begin in Q1 2026 [1] - China Qinfa holds mining rights for five major mining areas in Indonesia: SDE, TSE, SME, VSE, and IMJ, with the SDE area planned to have a production capacity of 30 million tons [1]

Core Viewpoint - Qinfa (00866) has been included in the MSCI Global Small Cap Index following a recent review by MSCI, with the adjustment effective after the market close on November 24, 2025 [1] Group 1 - The MSCI Global Small Cap Index is designed to measure the performance of small-cap companies in the market [1] - MSCI indices are referenced by international professional investment institutions [1]

Core Viewpoint - China Qinfa (00866) has been included in the MSCI Global Small Cap Index following a recent review by MSCI, with the adjustment effective after the market close on November 24, 2025 [1] Group 1 - The MSCI Global Small Cap Index is designed to measure the performance of small-cap companies in the market [1] - MSCI indices are referenced by international professional investment institutions [1]

香 港 交易 及 結 算 所 有限 公 司 及 香港 聯 合 交 易 所有 限 公 司 對 本公 佈 之 內 容概 不 負 責， 對 其 準 確 性或 完 整 性 亦不 發 表 任 何 聲明 ， 並 明 確 表示 概 不 對 因本 公 佈 全部 或 任 何 部 分內 容 而 產 生或 因 倚 賴 該 等內 容 而 引 致 之任 何 損 失 承擔 任何責任。 中 國 秦 發 集 團 有 限 公 司 CHINA QINFA GROUP LIMITED 中國秦發集團有限公司 主席 徐達先生 自願公佈 香港，二零二五年十一月六日 獲納入MSCI全球小型股指數 （ 於開曼群島註冊成立的有限公司） （股份代號︰00866） 本 公 佈 由 中 國 秦 發 集 團 有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司 統 稱「 本 集 團」）自願 作出 ，旨 在向 本公 司股 東及 潛在 投資 者提 供本 集團 的最 新發 展情 況。 本 公 司 董 事 會（「 董 事 會 」）欣 然 宣 佈 ， 繼 近 期 摩 根 士 丹 利 資 本 國 際 公 司 （「 MSCI 」）進 行 指 數 檢 討 後 ， 本 公 ...