发电方面，总发电量176.5亿千瓦时，同比减少4.1%；总售电量165.8亿千瓦时，同比减少4.4%。煤化工 方面，聚乙烯销售量3.41万吨，同比增长8.6%；聚丙烯销售量2.85万吨，同比增长3.6%。 公告称，2025 年 11 月，公司航运货运量及周转量同比下降的主要原因，是业务结构调整、航线结构变 化。2025 年 1-11 月，公司聚乙烯、聚丙烯销售量同比增长的主要原因，是上年同期煤制烯烃生产设备 按计画检修导致基数较低 格隆汇12月15日丨中国神华(01088.HK)公布，2025年11月，商品煤产量2700万吨，同比减少4.3%，煤炭 销售量达到3700万吨，同比减少3.6%。 运输方面，自有铁路运输周转量283亿吨公里，同比增长4.0%；黄骅港装船量1760万吨，同比增长 0.6%；天津煤码头装船量350万吨；航运货运量930万吨，同比减少10.6%；航运周转量103亿吨海里， 同比减少21.4%。 ...

中国神华（601088）(01088)发布公告，于2025年11月，商品煤产量为2700万吨，同比减少4.3%;前11个 月商品煤产量约3.043亿吨，同比减少1.4%。2025年11月煤炭销售量为3700万吨，同比减少3.6%;前11个 月煤炭销售量为3.895亿吨，同比减少7.7%。 ...

运输方面，自有铁路运输周转量283亿吨公里，同比增长4.0%；黄骅港装船量1760万吨，同比增长 0.6%；天津煤码头装船量350万吨；航运货运量930万吨，同比减少10.6%；航运周转量103亿吨海里， 同比减少21.4%。 格隆汇12月15日丨中国神华(01088.HK)公布，2025年11月，商品煤产量2700万吨，同比减少4.3%，煤炭 销售量达到3700万吨，同比减少3.6%。 公告称，2025 年 11 月，公司航运货运量及周转量同比下降的主要原因，是业务结构调整、航线结构变 化。2025 年 1-11 月，公司聚乙烯、聚丙烯销售量同比增长的主要原因，是上年同期煤制烯烃生产设备 按计画检修导致基数较低 发电方面，总发电量176.5亿千瓦时，同比减少4.1%；总售电量165.8亿千瓦时，同比减少4.4%。煤化工 方面，聚乙烯销售量3.41万吨，同比增长8.6%；聚丙烯销售量2.85万吨，同比增长3.6%。 ...

智通财经APP讯，中国神华(01088)发布公告，于2025年11月，商品煤产量为2700万吨，同比减少4.3%; 前11个月商品煤产量约3.043亿吨，同比减少1.4%。2025年11月煤炭销售量为3700万吨，同比减少3.6%; 前11个月煤炭销售量为3.895亿吨，同比减少7.7%。 ...

中国神华公告，2025年11月煤炭销售量为3700万吨，同比下降3.6%；累计销售量为3.9亿吨，同比下降 7.7%。 ...

2025 年 11 月，本公司航運貨運量及周轉量同比下降的主要原因，是業務結構調 整、航線結構變化。 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。 (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 11 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) | | (%) | | | | | 11 月 | 累計 | 11 月 | 累計 | 11 月 | 累計 | | （一）煤炭 | | | | | | | | | 商品煤產量 1. | 百萬噸 | ...

Core Viewpoint - The Hong Kong High Dividend ETF (159302) has shown a positive performance with a year-to-date increase in scale despite a slight decrease in shares outstanding, indicating strong investor interest in high dividend yielding assets [1][2]. Group 1: Fund Performance - As of December 15, the Hong Kong High Dividend ETF (159302) closed up 0.38% with a trading volume of 13.0572 million yuan [1]. - The fund was established on August 23, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - The fund's performance benchmark is the China Securities Hong Kong Stock Connect High Dividend Investment Index, adjusted for valuation exchange rates [1]. Group 2: Fund Size and Liquidity - As of December 12, the latest share count for the fund was 10.3 million shares, with a total size of 136 million yuan [1]. - Compared to December 31, 2024, the fund's shares decreased by 5.06%, while its size increased by 12.53% [1]. - Over the last 20 trading days, the cumulative trading amount was 351 million yuan, with an average daily trading amount of 17.5693 million yuan [1]. - Year-to-date, the cumulative trading amount reached 3.056 billion yuan, with an average daily trading amount of 13.23 million yuan [1]. Group 3: Fund Holdings - The current fund manager is Zhang Yichi, who has managed the fund since its inception, achieving a return of 31.65% during his tenure [2]. - Major holdings include COSCO Shipping Holdings (7.63%), Yancoal Australia (5.59%), and Orient Overseas International (5.05%), among others, with significant positions in various sectors [2].

Core Viewpoint - The Central Enterprise ETF (159959) opened at 1.530 yuan, experiencing a slight decline of 0.33% on December 15 [1] Group 1: ETF Performance - The Central Enterprise ETF's major holdings include companies such as 澜起科技 (Lianqi Technology), 中芯国际 (SMIC), and 海康威视 (Hikvision), with respective opening declines of 2.02%, 1.41%, and 0.71% [1] - The ETF's performance benchmark is the 中证央企结构调整指数 (CSI Central Enterprise Structural Adjustment Index), managed by 银华基金管理股份有限公司 (Yinhua Fund Management) [1] - Since its establishment on October 22, 2018, the ETF has achieved a return of 53.63%, while its return over the past month has been -3.61% [1] Group 2: Individual Stock Movements - Notable stock movements within the ETF include 国电南瑞 (Guodian NARI) increasing by 0.34%, 招商银行 (China Merchants Bank) remaining unchanged, and 宝钢股份 (Baosteel) decreasing by 0.56% [1] - Other stocks such as 中国神华 (China Shenhua) and 中国建筑 (China State Construction) also remained unchanged, while 长安汽车 (Changan Automobile) and 中国电信 (China Telecom) saw declines of 0.77% and 0.15%, respectively [1]

Core Viewpoint - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) experienced significant net redemptions, indicating a trend of outflow in the cross-border ETF market [1][2] Group 1: Fund Performance - On December 12, the ETF faced net redemptions of 2.0134 million yuan, ranking 19th out of 200 in terms of cross-border ETF net outflows [1] - The latest fund size is 685 million yuan, up from 682 million yuan the previous day, with a net outflow representing 0.30% of the previous day's size [1] - Over the past 5 days, the ETF saw net redemptions totaling 3.0162 million yuan, ranking 27th out of 200 [1] - In the last 10 days, net redemptions reached 23.5849 million yuan, ranking 14th out of 200 [1] - Over the past 20 days, the total net redemptions amounted to 31.8381 million yuan, ranking 17th out of 200 [1] Group 2: Fund Management and Holdings - The fund is managed by Liu Tingyu and Cai Leping, with Liu managing since July 23, 2025, achieving a return of 1.19%, while Cai has managed since November 5, 2025, with a return of -1.59% [2] - The ETF's top holdings include COSCO Shipping Holdings (6.08%), China Nonferrous Mining (3.25%), and China National Offshore Oil Corporation (2.54%), among others, with significant positions in various state-owned enterprises [2] - The fund's management fee is 0.50% annually, and the custody fee is 0.10% annually [1] Group 3: Market Comparison - The ETF is part of a group of funds tracking the Central State-Owned Enterprises Dividend Index, which includes other ETFs such as Huaxia and Wanji [2] - As of December 12, the fund's size is 685 million yuan, with a recent average daily trading volume of 15.0941 million yuan over the last 20 trading days [2] - The fund's recent net subscription figures indicate a trend of outflows, with a net subscription of -0.02 billion yuan over the past month [2]

Investment Rating - The report rates the coal industry as "Overweight" [4]. Core Insights - The coal sector has confirmed a cyclical bottom in Q2 2025, with supply-demand dynamics showing a reversal point and downward risks fully released [2]. - The report emphasizes the importance of winter demand in determining future coal prices, especially if temperatures drop unexpectedly in December and January, potentially increasing residential electricity demand and coal consumption by power plants [4]. - The report highlights the ongoing challenges in the U.S. power system, particularly the "impossible trinity" of decarbonization goals, grid reliability, and the cost-speed requirements of AI data centers, suggesting that the U.S. may need to abandon its decarbonization targets to meet these demands [4]. Summary by Sections Investment Recommendations - The report continues to recommend core dividend stocks such as China Shenhua, Shaanxi Coal, and China Coal Energy, along with Yanzhou Coal and Jinneng Holding [4]. Coal Price Trends - As of December 12, 2025, the price of Q5500 coal at Huanghua Port is 763 RMB/ton, down 38 RMB/ton (-4.7%) from the previous week [7]. - Domestic coal prices have entered a rational decline phase since November, with a focus on whether winter demand can exceed expectations [4]. Supply and Demand Analysis - Domestic supply remains stable, with imports continuing to decrease; total supply is expected to maintain a stable decline throughout the year [4]. - The report notes that the average price of metallurgical coke at major domestic ports has decreased, with the price of primary metallurgical coke at 1686 RMB/ton, down 55 RMB/ton (-3.2%) [58]. Inventory Levels - As of December 12, 2025, Qinhuangdao's coal inventory has increased by 48,000 tons (7.0%), with total inventory at major northern ports rising by 201,200 tons (5.8%) [22]. - The report indicates that the total inventory of coking coal at three major ports is 3.01 million tons, up 11,000 tons (3.8%) from the previous week [57]. Market Tracking - The report tracks coal price declines across various ports, with significant drops noted at Huanghua, Jiangsu, and Ningbo ports [7][9]. - The report also highlights that the average price of Australian coking coal has increased by 3 USD/ton (1.4%), while domestic coking coal remains cheaper than imported options [46].