| | | | | | 100 11 1 11 11 | | --- | --- | --- | --- | --- | --- | | 序号 | 交易对方 | 交易标的名称 及权益比例 | 支付方式 | | 支付总对价 | | | | | 发行股份对价 | 现金对价 | | | 1 | 国家能源集团 | 因源电力 100%股权 | 1.419.570.95 | 3.038.628.34 | 4.458.199.29 | | 2 | 国家能源集团 | 新疆能源 100%股权 | 385,968.09 | 826.174.67 | 1,212,142.76 | | ਤੋ | 国家能源集团 | 化工公司 100%股权 | 951.360.87 | 2,036,412.54 | 2.987,773.41 | | ন | 国家能源集团 | 乌海能源 100%股权 | 452.608.70 | 968,820.63 | 1.421.429.33 | | રે | 国家能源集团 | 平庄煤业 100%股权 | 177.798.55 | 380.582.38 | 558,380.93 | | 6 | 国家能源集团 | 神延 ...

12月19日，中国神华（601088）一口气发布了88则公告，其中《中国神华发行股份及支付现金购买资产 并募集配套资金暨关联交易报告书（草案）》引发关注，其中提到公司拟通过发行股份及支付现金方式 收购控股股东国家能源集团及其全资子公司西部能源持有的12家标的公司相关股权，总交易对价高达 1335.98亿元。 | 交易类型 | 交易对方名称 | | --- | --- | | 发行股份及支付现金购买资产 | 国家能源投资集团有限责任公司 | | | 国家能源集团西部能源投资有限公司 | | 募集配套资金 | 不超过 35 名符合条件的特定对象 | 本次交易完成后，中国神华的煤炭保有资源量将逼近700亿吨大关，产业链协同效应得到强化，进一步 巩固其全球综合能源上市公司的龙头地位。值得注意的是，本次交易金额超过了中国船舶 （600150.SH）1151.50亿元吸收合并中国重工以及国泰君安（601211.SH）换股吸收合并海通证券976亿 元的交易金额，成为A股市场最大的收购案。 交易具体情况为：中国神华通过发行A股股份及支付现金的方式购买国家能源集团持有的国源电力 100%股权、新疆能源100%股权、化工公司10 ...

一、 中国神华：综合能源运营商 1.1 公司简介：第一大煤炭央企，一体化运营 中国神华能源股份有限公司（简称中国神华）成立于 2004 年 11 月 8 日，是国家能源投 资集团有限责任公司（简 称国家能源集团）旗下 A+H 股旗舰上市公司，H 股和 A 股股票 分别于 2005 年 6 月 15 日、2007 年 10 月 9 日在 香港联交所、上海证交所上市。公司是 以煤炭为基础的综合能源上市公司，主要经营煤炭、电力、煤化工、铁 路、港口、航运六 大板块业务，实行跨行业、跨产业纵向一体化发展和运营模式。 上游-煤炭板块：截至 2024 年 底，煤炭核定产能 3.5 亿吨/年，建成千万吨级矿井群和国内 首个 2 亿吨煤炭生产基地，各项生产、技术、质量、 能耗、环保等指标保持世界先进水平。 打造智能化矿山示范典型，研发应用智能一体化应用平台等关键核心技 术，建成 24 座省 级以上智能化煤矿。拥有 21 座省级以上绿色矿山，连年被煤炭工业协会授予"煤炭工业 节能减 排先进企业"称号。煤炭可开采量储量约为 150.9 亿吨，公司煤炭产量绝大多数为 动力煤，2024 年产量为 3.27 亿 吨，约占全国产量 7% ...

Group 1 - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed at a 0.40% increase with a trading volume of 34.08 million yuan on December 23 [1] - The fund was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of December 22, the fund's latest share count was 341 million shares, with a total size of 340 million yuan [1] Group 2 - The fund's recent trading activity shows a cumulative trading amount of 615 million yuan over the last 20 trading days, with an average daily trading amount of 30.75 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, with a return of -0.22% during the management period [1] Group 3 - The top holdings of the fund include COSCO Shipping Holdings, Orient Overseas International, China National Foreign Trade Transportation Group, PetroChina, CITIC Bank, CNOOC, China Shenhua Energy, People's Insurance Company of China, China Unicom, and Agricultural Bank of China, with respective holding percentages [2] - The largest holding is COSCO Shipping Holdings at 0.85%, followed by Orient Overseas International at 0.40% and China National Foreign Trade Transportation Group at 0.33% [2]

Core Viewpoint - Shenhua Energy is acquiring twelve assets from its parent company, China National Energy Group, for a total consideration of RMB133.6 billion, which is expected to significantly enhance its coal resources and production capacity [1][3]. Acquisition Details - The acquisition will be financed with 30% of the consideration paid through the issuance of 1,363 million new A shares at RMB30.38, while the remaining 70% will be paid in cash [2]. - The deal is subject to approvals from relevant government authorities and independent shareholders [4]. Impact on Company Metrics - The acquisition is projected to increase Shenhua's coal resources by 65%, recoverable coal reserves by 98%, and coal output by 57% [3]. - Installed power generation capacity will rise by 28%, and production capacity of polyolefin will increase by 2.1 times [3]. - The proforma EPS is expected to enhance by 6% in 2024 and 5% in the first seven months of 2025 [3]. Shareholder Protection - To protect minority shareholders, profit guarantees have been secured for various coal assets for the next three to six years, although there are no guarantees for power and coal-chemical operations [4][6]. Financial Considerations - The target assets will require total capital expenditure of RMB70-80 billion over the next five years, but the operating cash flow from these assets is expected to cover this expenditure [5]. - The consideration values the target assets at 17 times the estimated earnings for 2025 based on annualized earnings for the first seven months of 2025 [4]. Concerns - Approximately 60% of the coal resources from the target assets are located in Xinjiang Autonomous Region, where Shenhua currently has no operations, and coal prices are lower compared to Inner Mongolia and Shaanxi Province, potentially affecting long-term profitability [6]. Rating and Target Price - The company's forecasts and HOLD rating remain unchanged, with a target price for Shenhua's H shares set at HK$42.5, reflecting a 5% average dividend yield for 2025-2027 [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is expected to pay a total consideration of 133.598 billion yuan for the asset acquisition, with a corresponding PE ratio of 14.17x for the non-deductible net profit attributable to the parent company in 2024. The payment structure includes approximately 93.519 billion yuan in cash (70%) and about 40.080 billion yuan in shares (30) [2][11]. - The asset injection is anticipated to strengthen the company's leading position in the coal industry, enhancing its scale and integrated advantages [2][11]. - The company’s coal reserves are projected to increase by 64.72% to 68.49 billion tons, while its recoverable coal reserves will rise by 97.71% to 34.5 billion tons. Additionally, coal production is expected to grow by 56.57% to 512 million tons, and installed power generation capacity will increase by 27.82% to 60.88 GW [11]. Summary by Relevant Sections Transaction Price & Valuation - The acquisition price is set at 133.598 billion yuan, with cash payments of 93.519 billion yuan and share payments of 40.080 billion yuan. The issuance price for A shares is 29.40 yuan per share, with approximately 1.363 billion shares issued, representing 6.42% of the total share capital [2][11]. - The net asset value of the acquired assets is approximately 94.995 billion yuan, resulting in a PB ratio of 1.41x, which is considered reasonable compared to the company's PB of 1.94x as of December 19 [2][11]. Performance Commitment - The performance commitment for most assets is set for three years (2026-2028), with extended commitments for certain assets until 2031. Expected contributions to net profit for 2026, 2027, and 2028 are 29.58 billion yuan, 45.45 billion yuan, and 66.43 billion yuan, respectively [11]. Financial Analysis - The company is expected to maintain a strong cash flow, with a projected operating cash flow of 93.3 billion yuan in 2024, ensuring the ability to meet the cash payment obligations [11]. - The transaction is expected to enhance the earnings per share (EPS), with a projected increase from 1.47 yuan to 1.54 yuan for the first seven months of 2025, and from 2.97 yuan to 3.15 yuan for 2024 [11].

花旗发布研报称，中国神华（601088）(01088)近日公布最新购入母企资产方案，经修订后交易不包括 电子商务公司100%股权。总体而言，是次交易总价约1,336亿人民币，30%将透过发行对价股支付，余 额70%以现金结算。同时，公司拟向不超过35名特定投资者发行新A股，募集资金不超过200亿人民 币，全部用于支付本次交易的现金对价及相关费用。花旗认为计划将显著提升中国神华的营运表现。另 该行提到，此次收购的提议估值似乎高于当前估值，相信大部分境内投资者会更关注神华在交易后的增 长潜力和股息潜力。该行予其目标价45.1港元，评级为"买入"。 ...

智通财经APP获悉，花旗发布研报称，中国神华(01088)近日公布最新购入母企资产方案，经修订后交易 不包括电子商务公司100%股权。总体而言，是次交易总价约1,336亿人民币，30%将透过发行对价股支 付，余额70%以现金结算。同时，公司拟向不超过35名特定投资者发行新A股，募集资金不超过200亿 人民币，全部用于支付本次交易的现金对价及相关费用。花旗认为计划将显著提升中国神华的营运表 现。另该行提到，此次收购的提议估值似乎高于当前估值，相信大部分境内投资者会更关注神华在交易 后的增长潜力和股息潜力。该行予其目标价45.1港元，评级为"买入"。 ...

花旗发表研究报告指，中国神华近日公布最新购入母企资产方案，经修订后交易不包括电子商务公司 100%股权。总体而言，是次交易总价约1336亿元，30%将透过发行对价股支付，余额70%以现金结算。 同时，公司拟向不超过35名特定投资者发行新A股，募集资金不超过200亿元，全部用于支付本次交易 的现金对价及相关费用。花旗认为计划将显著提升中国神华的营运表现。另该行提到，此次收购的提议 估值似乎高于当前估值，相信大部分境内投资者会更关注神华在交易后的增长潜力和股息潜力。该行予 其目标价45.1港元，评级为"买入"。 ...

12月22日，中国神华（601088）早盘高开后震荡走低，截至收盘，股价报40.88元/股，当日上涨 0.71%，总市值达8122.25亿元。 中国神华日前披露，公司拟以发行股份及支付现金方式收购控股股东国家能源投资集团有限责任公司 （以下简称，"国家能源集团"）旗下12家公司资产，交易总对价为1335.98亿元，创下A股历史最高交易 规模纪录。同时，拟向不超过35名特定投资者募集配套资金，配套募集资金不超过200亿元。 此次交易现金支付比例高达70%，对应金额约为935.19亿元，有效控制了股权稀释，保障了中小股东的 持股价值。另外，据公告，以中国神华与标的资产2024和2025年1-7月扣非净利润测算，交易完成后， 在不考虑配套募资的情况下，中国神华每股收益将分别增厚6.1%、4.4%。 中国神华预计，本次交易完成后公司不存在即期回报摊薄情况，但若标的公司未来业绩实现情况不佳， 公司的即期回报仍可能被摊薄。为降低上述风险，该公司强调，将加快完成对标的公司的整合，提升公 司盈利能力；积极完善利润分配政策，强化投资者回报机制。 中国神华是国内最大的煤炭上市公司，也是国家能源集团下属的A+H股上市公司，2004 ...