承中国神华能源股份有限公司董事会命 总会计师、董事会秘书 宋静刚 2026 年 1 月 17 日 中国神华能源股份有限公司（"本公司"）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。 | 运营指标 | 单位 | 2025 | 年 | 2024 | 年 | 同比变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （重述后） | | （%） | | | | | 12 月 | 累计 | 12 月 | 累计 | 12 月 | 累计 | | （一）煤炭 | | | | | | | | | 商品煤产量 1. | 百万吨 | 27.8 | 332.1 | 29.4 | 337.9 | (5.4) | (1.7) | | 2. 煤炭销售量 | 百万吨 | 41.4 | 430.9 | 38.0 | 460.2 | 8.9 | (6.4) | | （二）运输 | | | | | | | | | 1. 自有铁路运输周转量 | 十亿吨公里 | 24.6 | 313.0 | ...

Group 1 - The core point of the article is that China Shenhua announced a decrease in coal sales volume for the year 2025, with a total of 431 million tons sold, representing a year-on-year decline of 6.4% [1]

Group 1 - The core point of the article is that China Shenhua (01088.HK) announced a decrease in commodity coal production for December 2025, while coal sales volume increased year-on-year [1] Group 2 - The commodity coal production for December 2025 is projected to be 27.8 million tons, representing a year-on-year decrease of 5.4% [1] - The coal sales volume is expected to reach 41.4 million tons, showing a year-on-year increase of 8.9% [1]

Core Viewpoint - China Shenhua (01088) reported a decrease in commodity coal production for December 2025, indicating a potential trend in the coal industry [1] Production Summary - Commodity coal production for December 2025 is projected to be 27.8 million tons, a year-on-year decrease of 5.4% [1] - The total commodity coal production for the past 12 months is approximately 333 million tons, reflecting a year-on-year decrease of 1.7% [1] Sales Summary - Coal sales volume for December 2025 is expected to reach 41.4 million tons, showing a year-on-year increase of 8.9% [1] - The total coal sales volume for the past 12 months is 431 million tons, which represents a year-on-year decrease of 6.4% [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。 以上主要運營數據來自本公司內部統計。運營數據在月度之間可能存在較大差 異，其影響因素包括但不限於天氣變化、設備檢修、季節性因素和安全檢查等。運營 數據可能與相關期間定期報告披露的數據有差異。投資者應注意不恰當信賴或使用以 上信息可能造成投資風險。 承董事會命 中國神華能源股份有限公司 (在中華人民共和國註冊成立的股份有限公司) (股份代碼: 01088) 2025 年 12 月份主要運營數據公告 (海外監管公告) 中國神華能源股份有限公司（「本公司」）董事會及全體董事保證本公告內容不 存在任何虛假記載、誤導性陳述或者重大遺漏，並對其內容的真實性、準確性和完整 性承擔法律責任。 | | | 2025 | 年 | 2024 | 年 | 同比变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 運營指標 | 單位 | | | (重述後) | | ( ...

Core Insights - Douyin, in collaboration with the China Listed Companies Association, launched a special project titled "Burning Up! National Heavy Equipment" to showcase China's leading enterprises in various industries, aiming to present these technologies in a more relatable manner to the public [1][6] - The project features 53 content creators who have collectively garnered over 170 million followers, producing 56 exclusive in-depth exploration videos that have achieved over 4 billion views and 60 million likes within a month [1][8] Group 1: Project Overview - The initiative invites creators to explore 12 top-tier Chinese enterprises, including China Railway Construction and Blue Arrow Aerospace, providing unique insights into significant engineering projects [1][2] - Douyin supports creators through mechanisms like the "Creation Ladder Plan," offering access to rare filming locations, expert resources, and traffic incentives [1][6] Group 2: Content Highlights - Content creators have produced videos that detail the construction of the world's longest underwater high-speed rail tunnel, showcasing the advanced technology and capabilities of Chinese infrastructure [2][3] - Videos also cover various sectors, including agriculture, with creators documenting innovative irrigation techniques in Yunnan, recognized by the UN for drought resistance [3][5] Group 3: Audience Engagement - The project has resonated with viewers, with many expressing admiration for China's engineering prowess and technological advancements through comments on social media [8] - Douyin aims to continue promoting the "National Heavy Equipment" initiative, inviting more enterprises and creators to participate in showcasing China's technological achievements [8]

Core Viewpoint - The 2025 China Enterprise ESG "Golden Responsibility Award" aims to recognize companies that have made significant contributions to ESG (Environmental, Social, and Governance) practices, with over 5,000 enterprises participating in the evaluation process [1][4]. Group 1: ESG Services and Initiatives - Sina Finance ESG Rating Center offers 14 ESG services, including information, reports, training, and consulting, to help listed companies promote ESG concepts and enhance their sustainable development performance [1][4]. - In 2025, many quality enterprises in China are actively practicing their responsibilities in environmental, social, and governance aspects, while domestic financial institutions are steadily integrating ESG investment concepts into their entire business processes [1][4]. Group 2: Award Selection and Winners - The award selection process involved over three months of competition, combining ESG performance, professional evaluation scores, and online voting results [1][4]. - The winners of the 2025 China Enterprise ESG "Golden Responsibility Award" for Best Social Responsibility include China Shenhua, China General Nuclear Power, China Resources Sanjiu, Sinopec, Shougang, Wuliangye, Yangtze Power, China Telecom, CNOOC Services, and LONGi Green Energy [2][5]. Group 3: ESG Rating Center Overview - The Sina Finance ESG Rating Center is the first Chinese ESG professional information and rating aggregation platform, dedicated to promoting sustainable development and responsible investment [3][6]. - The center aims to establish ESG evaluation standards suitable for China's characteristics and enhance corporate ratings, while also launching multiple ESG innovation indices for investors [3][6].

Industry Outlook - Morgan Stanley projects that the MSCI China Materials Index will outperform the MSCI China Index by 65 percentage points in 2025, driven by supply dynamics [1] - The firm expects continued outperformance in 2026 due to supply disruptions and further M&A activities [1] - The demand growth for basic metals in China is anticipated to slow and stabilize, with copper and aluminum demand growth rates expected to be 2.5% and 1.5% respectively [2] Company Ratings and Forecasts - China Hongqiao's rating is maintained at "Overweight," with the target price raised from HKD 34 to HKD 40, citing its integrated model as a cost advantage [1][3] - Zijin Mining is highlighted as a top pick for 2026 due to its exposure to copper and gold [3] - Jiangxi Copper's rating is upgraded to "Neutral," despite a recent stock price increase of over 40% [3] - Baosteel's rating is downgraded to "Neutral," while Angang Steel's rating is downgraded to "Underweight" due to expected declines in steel profit margins [3] Supply Chain Dynamics - Supply disruptions are ongoing, with South32 scheduled maintenance at the Mozal aluminum smelter in March 2026 and a strike at Capstone Copper's Mantoverde copper-gold mine expected to reduce copper supply by 77,000 tons [1][2] - Zijin Mining has issued a positive profit forecast, expecting a net profit of RMB 51-52 billion for 2025, representing a year-on-year growth of 59-62% [1] M&A Activities - Industry consolidation is advancing, with notable acquisitions such as Luoyang Molybdenum's purchase of Brazilian gold assets and Jiangxi Copper's acquisition of SolGold [1]

Core Insights - The A-share market is experiencing a weak consolidation, with the China Securities Dividend Quality ETF showing a counter-trend increase of 0.40% despite declines in major stocks [1] - The fund has seen a continuous net inflow for five days, indicating sustained investor interest [1] Group 1: Market Performance - As of January 15, the China Securities Dividend Quality ETF (159209) has outperformed the market with a 0.40% increase, while major stocks like Kweichow Moutai and 37 Interactive Entertainment have seen declines of 0.11% and 0.64% respectively [1] - The fund has attracted approximately 25 million in net inflows during the trading session, reflecting strong market interest [1] Group 2: Fund Strategy and Recognition - The China Securities Dividend Quality Total Return Index achieved a remarkable 20.36% increase in 2025, leading among similar A-share dividend indices [3] - The fund's recent approval for a linked fund and its inclusion as a margin trading product by the Shenzhen Stock Exchange enhances its liquidity and participation depth [3] - The "Dividend Quality" strategy focuses on high dividend and high profitability quality companies, effectively avoiding traditional high dividend "value traps" [3] - The fund offers a competitive fee structure of "0.15% + 0.05%" and a monthly dividend assessment mechanism, providing unique advantages in long-term cost and cash flow experience [3]

Industry Outlook - Morgan Stanley projects that the MSCI China Materials Index will outperform the MSCI China Index by 65 percentage points in 2025, driven by supply dynamics [1] - The index is expected to continue its outperformance in 2026 due to supply disruptions and increased merger activities [1] - The preference order for the Chinese basic materials industry in 2026 is copper/gold, aluminum, lithium, coal, and steel [3] Company Performance - China Hongqiao's rating is maintained at "Overweight," with the target price raised from HKD 34 to HKD 40, citing its integrated model as a cost advantage [1][4] - Zijin Mining is highlighted as a top pick for 2026 due to its exposure to copper and gold [4] - Jiangxi Copper's rating is upgraded to "Neutral," despite a recent stock price increase of over 40% [4] - Baosteel's rating is downgraded to "Neutral," while Angang Steel's rating is downgraded to "Underweight" due to expected declines in steel profit margins [4] Supply Chain Dynamics - Ongoing supply disruptions include maintenance at South32's Mozal aluminum smelter and a strike at Capstone Copper's Mantoverde copper-gold mine, which is expected to reduce copper supply by 77,000 tons [2] - The lithium market is anticipated to tighten due to strong energy storage demand, with more supply expected to come online in the second half of the year [3]