Core Viewpoint - China Shenhua Energy Co., Ltd. announced the successful completion of the 4th unit of the Jiujiang Phase II expansion project, which has passed a 168-hour continuous full-load test and is now in commercial operation [2] Group 1 - The Jiujiang Phase II project consists of two 1 million kilowatt ultra-supercritical secondary reheating coal-fired power generation units, both of which are now operational [2]

证券代码：601088 证券简称：中国神华 公告编号：临 2025-062 中国神华能源股份有限公司董事会及全体董事保证本公告内容不存在任何 虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 宋静刚 近日，中国神华能源股份有限公司全资子公司国能神华九江发电有限责任公 司二期扩建工程项目（"九江二期"）4 号机组顺利通过 168 小时连续满负荷试 运行，移交商业运营。至此，九江二期 2 台 100 万千瓦超超临界二次再热燃煤发 电机组全部建成投运。 2025 年 10 月 22 日 九江二期位于江西省九江市湖口县流泗镇，是江西省"十四五"重大项目和 支撑性清洁煤电项目。试运期间，机组运行平稳，环保指标优秀，烟尘、二氧化 硫、氮氧化物排放浓度达到超低排放标准。九江二期投运后，将为江西省及华中 地区能源安全提供有力保障，并进一步拉动区域社会经济发展。 特此公告。 中国神华能源股份有限公司 承中国神华能源股份有限公司董事会命 关于九江二期 4 号机组通过 168 小时试运行的公告 总会计师、董事会秘书 ...

格隆汇10月21日丨中国神华(601088.SH)公布，近日，中国神华能源股份有限公司全资子公司国能神华 九江发电有限责任公司二期扩建工程项目（"九江二期"）4号机组顺利通过168小时连续满负荷试运行， 移交商业运营。至此，九江二期2台100万千瓦超超临界二次再热燃煤发电机组全部建成投运。 九江二期位于江西省九江市湖口县流泗镇，是江西省"十四五"重大项目和支撑性清洁煤电项目。试运期 间，机组运行平稳，环保指标优秀，烟尘、二氧化硫、氮氧化物排放浓度达到超低排放标准。九江二期 投运后，将为江西省及华中地区能源安全提供有力保障，并进一步拉动区域社会经济发展。 ...

中国神华公告，近日，全资子公司国能神华九江发电有限责任公司二期扩建工程项目（"九江二期"）4 号机组顺利通过168小时连续满负荷试运行，移交商业运营。至此，九江二期2台100万千瓦超超临界二 次再热燃煤发电机组全部建成投运。 ...

Core Viewpoint - China Shenhua (01088.HK) announced the successful completion of the 4th unit of its subsidiary Guoneng Shenhua Jiujiang Power Co., Ltd.'s Phase II expansion project, marking the full operational status of two 1 million kilowatt ultra-supercritical secondary reheating coal-fired power generation units [1] Group 1 - The Jiujiang Phase II project is located in Liusi Town, Hukou County, Jiujiang City, Jiangxi Province, and is recognized as a significant project during the "14th Five-Year Plan" period, supporting clean coal power initiatives in the region [1] - During the trial operation period, the unit operated smoothly with excellent environmental performance, achieving ultra-low emission standards for dust, sulfur dioxide, and nitrogen oxides [1] - The commissioning of Jiujiang Phase II will significantly enhance energy security for Jiangxi Province and the Central China region, while also promoting regional socio-economic development [1]

Core Viewpoint - China Shenhua Energy Co., Ltd. has successfully completed the commercial operation of its Jiujiang Phase II project, enhancing energy security in Jiangxi Province and the Central China region [1] Group 1: Project Overview - The Jiujiang Phase II project includes two 1 million kilowatt ultra-supercritical secondary reheating coal-fired power generation units [1] - The project is located in Liusi Town, Hukou County, Jiujiang City, Jiangxi Province, and is a significant project under Jiangxi's 14th Five-Year Plan [1] Group 2: Operational Performance - The fourth unit of the Jiujiang Phase II project has passed a 168-hour continuous full-load trial operation [1] - During the trial operation, the units demonstrated stable performance with excellent environmental indicators, meeting ultra-low emission standards for dust, sulfur dioxide, and nitrogen oxides [1] Group 3: Economic Impact - The operation of the Jiujiang Phase II project will provide strong support for energy security in Jiangxi Province and the Central China region [1] - The project is expected to further stimulate regional social and economic development [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告之 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 概不就因本公告全部或任何部份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。 中国神华能源股份有限公司 ( 在中華人民共和國註冊成立的股份有限公司 ) (股份代碼:01088) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而 做出。 茲載列中國神華能源股份有限公司於 2025 年 10 月 22 日在上海證券 交易所網站(www.sse.com.cn)刊登的「關於九江二期 4 號機組通過 168 小時試運行的公告」文件，僅供參閱。 承董事會命 中國神華能源股份有限公司 總會計師、董事會秘書 宋靜剛 北京，2025 年 10 月 21 日 於本公告日期，董事會成員包括執行董事張長岩先生，非執行董事康 鳳偉先生及李新華先生，獨立非執行董事袁國強博士、陳漢文博士及 王虹先生，職工董事焦蕾女士。 1 证券代码：601088 证券简称：中国神华 公告编号：临 2025-062 关于九江二期 4 号机组通过 168 小时试运行的公告 中国神华能源股份有限公 ...

Core Viewpoint - China Shenhua's stock price has shown slight fluctuations, with a recent decline of 2.01% and a total market capitalization of 822.16 billion yuan, indicating a mixed investor sentiment in the market [1] Financial Performance - For the first half of 2025, China Shenhua reported a revenue of 138.11 billion yuan, a year-on-year decrease of 17.83%, and a net profit attributable to shareholders of 24.64 billion yuan, down 16.48% compared to the previous year [2] - The company has distributed a total of 460.99 billion yuan in dividends since its A-share listing, with 140.47 billion yuan distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for China Shenhua was 161,300, a decrease of 16.75% from the previous period, while the average number of circulating shares per shareholder increased by 20.32% to 103,331 shares [2] - The top circulating shareholders include China Securities Finance Corporation with 595 million shares and Hong Kong Central Clearing Limited with 171 million shares, the latter having increased its holdings by 14.73 million shares [3] Stock Performance - Year-to-date, China Shenhua's stock price has increased by 0.39%, with a 1.80% rise over the last five trading days, an 8.35% increase over the last 20 days, and a 9.76% increase over the last 60 days [1] Business Overview - China Shenhua primarily engages in coal and electricity production and sales, with coal accounting for 75.23% of its revenue, followed by electricity at 29.35%, and other segments including rail transport, port operations, and coal chemical products [1] - The company is classified under the coal mining sector, specifically focusing on thermal coal [1]

此外，从PE和PB变化看煤炭行业20年，把握底部反转时机。 纵观煤炭板块PE与PB变化，可以发现，煤炭行业经过前期的高速发展期后，PE和PB均震荡下行。期间 PE与PB有两次明显的分化。第一次在2014年-2017年中，主要系前期牛市拉动指数上涨，后期则是由于 煤企自身利润不佳，导致PE较高。第二次在2024年中至今，前期是由于煤价下行、煤企利润不佳导 致，但是2025年下半年煤价反弹后，煤企利润有望改善且四季度煤价具备向上弹性，叠加本轮市场转好 后，煤炭板块表现明显弱于其他板块，且底部明确，看好板块四季度反弹。 国信证券表示，2025年下半年煤价反弹后，煤企利润有望改善且四季度煤价具备向上弹性，叠加本轮市 场转好后，煤炭板块表现明显弱于其他板块，且底部明确，看好板块四季度反弹。节后煤价迅速止跌并 反弹，反映供应收紧预期持续增强，抬高煤价底部，旺季需求释放或打开煤价上行空间。二季度同时验 证煤价、业绩底部，当前板块高PE低PB，处于周期性低谷，煤价上行或打开板块反弹空间。 10月20日，港股煤炭股延续上周强势行情。截至收盘，金马能源(06885)大涨超15%，兖矿能源 （600188）(01171)涨近4%， ...

Core Viewpoint - The coal sector in Hong Kong continues its strong performance, driven by a combination of supply constraints and increased demand due to unusual weather patterns and expectations of a cold winter [1][5]. Supply and Demand Dynamics - Domestic coal consumption has reached the highest level in the past five years, influenced by abnormal high temperatures and cold winter expectations, leading to increased winter storage demand [1][5]. - Coal production has been constrained since July due to regulatory checks on overproduction, with July and August showing a year-on-year decline in output [1][3]. - The overall inventory of coal has decreased significantly, with major ports holding 60.43 million tons, down from mid-May highs, and coal mine inventories also showing a reduction [2][3]. Price Movements - The price of thermal coal has rebounded during the off-season, with the price at Huanghua Port reaching 750 RMB/ton, an increase of 34 RMB/ton (4.7%) from the previous week [1]. - Coking coal prices have also seen an increase, with prices at Jing Tang Port rising to 1690 RMB/ton, up 30 RMB/ton (1.8%) [1]. Financial Performance and Outlook - The coal industry is expected to see improved profitability in Q3, with demand showing significant recovery and supply constraints likely to persist [1][2]. - The coal sector's price-to-earnings (PE) and price-to-book (PB) ratios indicate a potential bottom reversal, with expectations of improved profits as coal prices rebound in the latter half of 2025 [4][5]. Company-Specific Insights - China Shenhua (01088) reported a decline in net profit for the first half of 2025 but maintains a high dividend payout ratio, indicating stable cash flow and profitability [7]. - Yanzhou Coal Mining (01171) is recognized for its strong dividend policy and competitive valuation, with a commitment to maintaining a dividend payout ratio of no less than 60% [8]. - China Coal Energy (01898) has shown a decline in net profit but is expected to benefit from stable long-term contracts and new project developments, maintaining a positive outlook [8].