Core Viewpoint - China Shenhua (601088.SH) announced the successful completion of the 168-hour trial operation of the No. 3 unit of its subsidiary Guoneng Guangtou Beihai Power Co., which is part of the Beihai Phase II expansion project, marking its transition to commercial operation [1] Group 1 - The Beihai Phase II project is expected to optimize the regional power structure and enhance the safety and stability of the power grid [1] - The construction of the No. 4 generator unit is progressing steadily, with plans for it to be operational by December 2025 [1] - Once fully operational, the Beihai Phase II project will effectively meet the long-term load growth demands of the region and support the development of the new western land-sea corridor and regional economic and social development [1]

Core Viewpoint - China Shenhua (601088) announced the successful completion of the 168-hour trial operation of the No. 3 unit of its subsidiary, Guoneng Guangtou Beihai Power Co., Ltd.'s Phase II expansion project, which has now transitioned to commercial operation [1] Group 1: Project Details - The Beihai Phase II project is located in the Xingan Town of Tieshan Port District, Beihai City, Guangxi Zhuang Autonomous Region [1] - The project plans to construct two ultra-supercritical once-through reheating coal-fired power generation units, each with a capacity of 1 million kilowatts [1] - This project is a key initiative in the energy development plan for Guangxi during the 14th Five-Year Plan period [1]

Investment Rating - The report maintains a "Buy" rating for the coal mining industry, indicating a positive outlook for the sector [4][6]. Core Insights - The report emphasizes the critical role of coal in ensuring power supply stability during the winter months, particularly in the context of increasing electricity demand driven by data centers [2][5]. - It highlights that the peak electricity demand in the U.S. is expected to increase by 166 GW over the next five years, with data centers being a significant contributor to this growth [2]. - The report suggests that coal-fired power generation will be essential in filling the supply gap during winter electricity shortages, reinforcing its importance as a reliable energy source [5]. Summary by Sections Coal Mining Prices - European ARA coal price is at $97.3 per ton, down by $1.44 per ton (-1.46%) from the previous week [1]. - Newcastle coal price is at $111.1 per ton, up by $0.2 per ton (+0.18%) [1]. - IPE South African Richards Bay coal price is at $85.1 per ton, up by $0.2 per ton (+0.18%) [1]. Electricity Demand - The report notes that coal power will play a crucial role in meeting electricity demand, especially during winter when renewable energy sources may be less reliable [5][6]. - The report recommends focusing on companies with strong performance potential, such as Yancoal Energy and Jinneng Holding, which are expected to benefit from the increased demand for coal [5][6]. Key Stocks - The report lists several key stocks with "Buy" ratings, including: - China Coal Energy (601898.SH) with an EPS forecast of 1.46 for 2024 and a PE ratio of 9.40 [6]. - China Shenhua Energy (601088.SH) with an EPS forecast of 2.95 for 2024 and a PE ratio of 14.40 [6]. - Jinneng Holding (601001.SH) with an EPS forecast of 1.68 for 2024 and a PE ratio of 9.00 [6]. Market Trends - The report indicates a significant increase in electricity demand, with data centers being a primary driver, and suggests that coal will remain a vital component of the energy mix in the coming years [2][5].

Core Points - China Shenhua Energy Co., Ltd. has approved a framework agreement for continuous related transactions with China Railway Taiyuan Bureau Group Co., Ltd. for the years 2026 to 2028 [1] - The agreement includes annual transaction limits and details on pricing policies [1][2] - The company will manage these continuous related transactions in accordance with regulatory requirements to ensure alignment with the interests of the company and its shareholders [2] Summary by Sections - **Framework Agreement**: The company signed a continuous related transaction framework agreement with Taiyuan Railway Bureau on November 27, 2025, covering transactions from 2026 to 2028 [1] - **Transaction Management**: The company commits to strict adherence to the terms of the framework agreement and will ensure compliance with regulatory requirements [2] - **Official Announcement**: The announcement was made by the Chief Accountant and Secretary of the Board, Song Jinggang, on November 29, 2025 [4]

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） 持續關連交易進展公告 2026-2028年持續關連交易框架協議 茲提述中國神華能源股份有限公司（「本公司」）日期為2025年10月24日之公告 （「該公告」），內容有關本公司董事會批准與代表中國國家鐵路集團有限公司（「國 鐵集團公司」）的中國鐵路太原局集團有限公司（「太原鐵路局」）訂立2026-2028年 持續關連交易框架協議。根據該協議，本公司及其附屬公司與國鐵集團公司及其 附屬公司同意相互提供運輸服務、出售煤炭及提供其他產品及服務。除非文義另 有所指，本公告所用詞彙與該公告所界定者具有相同涵義。 董事會欣然宣佈於2025年11月27日，本公司與太原鐵路局訂立了2026-2028年持 續關連交易框架協議。2026-2028年持續關連交易框架協議的主要條款及其項下持 續關連交易詳情請見該公告。 承董事會命 中國神華能源股份有限公司 總會 ...

本公司将按照相关监管要求做好持续关连交易管理，严格执行《持续关连交 易框架协议》有关条款，确保持续关连交易符合本公司及股东的整体利益。 特此公告。 承中国神华能源股份有限公司董事会命 证券代码：601088 证券简称：中国神华 公告编号：临 2025-069 中国神华能源股份有限公司 持续关连交易进展公告 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。 经中国神华能源股份有限公司（"本公司"）第六届董事会第十四次会议批 准，本公司拟与代表中国国家铁路集团有限公司（"国铁集团公司"）的中国铁 路太原局集团有限公司（"太原铁路局"）签订 2026 年至 2028 年《持续关连交 易框架协议》（"《持续关连交易框架协议》"）并确定其项下每年的交易上限 金额。 2025 年 11 月 27 日，本公司与太原铁路局签署了《持续关连交易框架协议》。 《持续关连交易框架协议》项下本公司及其下属企业和单位与国铁集团公司及其 下属企业和单位 2026 年至 2028 年持续关连交易的主要内容、定价政策及年度上 限金额等内容详 ...

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The coal sector has seen a decline, underperforming the CSI 300 index by 1.9 percentage points, with a weekly drop of 5.67% as of November 21, 2025 [2] - Short-term coal consumption is low, leading to an increase in social inventory, but it remains below last year's levels. There is a need to ensure supply while releasing production safely [5][29] - The report anticipates a gradual balance in supply and demand in the fourth quarter, with coal prices expected to rise steadily, targeting 850 CNY/ton [5][29] Summary by Sections Coal Market Performance - As of November 21, 2025, the average daily coal sales from monitored enterprises were 7.53 million tons, a week-on-week increase of 1.2% but a year-on-year decrease of 2.7% [2] - The total coal inventory (including port storage) was 24.61 million tons, up 1.3% week-on-week but down 19% year-on-year [2][6] Price Trends - The price index for thermal coal (Q5500K) was stable at 698 CNY/ton, while the imported thermal coal price index was 944 CNY/ton, also unchanged [3] - The price of coking coal at major ports showed a decline, with the main coking coal price at 1,790 CNY/ton, down 2.2% week-on-week [4] Investment Recommendations - The report suggests prioritizing investments in high-dividend thermal coal companies, specifically mentioning China Shenhua, Shaanxi Coal, and others [5][29] - Focus on coking coal companies such as Huabei Mining and Shanxi Coking Coal, as well as coking companies with improved profits like Jinneng Technology and others [5][29]

Core Viewpoint - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) experienced a slight decline of 0.10% in its closing price on November 24, with a trading volume of 42.6078 million yuan [1]. Group 1: Fund Overview - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - As of November 21, the fund had a total of 267 million shares and a total size of 272 million yuan [1]. - The fund's performance benchmark is the adjusted return of the CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index [1]. Group 2: Liquidity and Performance - Over the last 20 trading days, the ETF recorded a cumulative trading amount of 1.006 billion yuan, with an average daily trading amount of 50.3229 million yuan [1]. - The current fund manager, He Yuxuan, has managed the fund since its inception, achieving a return of 1.74% during the management period [1]. Group 3: Top Holdings - The ETF's top holdings include: - COSCO Shipping Holdings (0.85% holding, 218,000 shares, market value of 2.9175 million yuan) - Orient Overseas International (0.40% holding, 10,500 shares, market value of 1.3717 million yuan) - China Foreign Transport (0.33% holding, 270,000 shares, market value of 1.1396 million yuan) - China National Petroleum (0.32% holding, 162,000 shares, market value of 1.0973 million yuan) - CITIC Bank (0.32% holding, 175,000 shares, market value of 1.1136 million yuan) - CNOOC (0.29% holding, 58,000 shares, market value of 1.0041 million yuan) - China Shenhua Energy (0.29% holding, 30,500 shares, market value of 982,600 yuan) - China Pacific Insurance (0.29% holding, 164,000 shares, market value of 1.0107 million yuan) - China Unicom (0.28% holding, 104,000 shares, market value of 952,800 yuan) - Agricultural Bank of China (0.27% holding, 189,000 shares, market value of 933,900 yuan) [2].

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) has shown a positive performance with a closing increase of 0.58% on November 24, 2023, and a trading volume of 1.7916 million yuan [1] Group 1: Fund Overview - The fund was established on September 30, 2025, and is officially named Penghua S&P Hong Kong Stock Connect Low Volatility Dividend Index Securities Investment Fund [1] - The management fee is set at 0.30% annually, while the custody fee is 0.10% annually [1] - As of November 21, 2023, the fund has a total of 160 million shares and a total size of 166 million yuan [1] Group 2: Liquidity and Trading Activity - Over the last 20 trading days, the ETF has accumulated a total trading amount of 183 million yuan, with an average daily trading amount of 9.1706 million yuan [1] Group 3: Fund Management - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have managed the fund since its inception, achieving a return of 3.44% during their tenure [1] Group 4: Top Holdings - The ETF's top holdings include: - Hang Lung Properties: 1.08% holding, 496,000 shares, valued at 4.0664 million yuan - Jiangxi Copper: 1.08% holding, 122,000 shares, valued at 4.0565 million yuan - China Shenhua: 1.05% holding, 110,000 shares, valued at 3.9728 million yuan - Far East Horizon: 0.99% holding, 588,000 shares, valued at 3.7202 million yuan - CNOOC: 0.96% holding, 210,000 shares, valued at 3.6159 million yuan - Sino Land: 0.94% holding, 384,000 shares, valued at 3.5443 million yuan - PetroChina: 0.87% holding, 496,000 shares, valued at 3.2921 million yuan - Hengan International: 0.87% holding, 134,500 shares, valued at 3.2589 million yuan - Henderson Land: 0.81% holding, 122,000 shares, valued at 3.0452 million yuan - Bank of China Hong Kong: 0.81% holding, 91,000 shares, valued at 3.0623 million yuan [2]

Core Viewpoint - China Shenhua's stock price has shown a slight decline recently, with a year-to-date increase of 2.44% and a notable drop of 2.78% over the past five trading days [1][2]. Financial Performance - For the period from January to September 2025, China Shenhua reported a revenue of 213.15 billion yuan, representing a year-on-year decrease of 16.05%. The net profit attributable to shareholders was 39.05 billion yuan, down 15.24% compared to the previous year [2]. - Cumulative cash dividends since the A-share listing amount to 480.47 billion yuan, with 15.99 billion yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders reached 209,200, an increase of 29.69% from the previous period. The average number of circulating shares per shareholder decreased by 23.09% to 79,468 shares [2]. - The top ten circulating shareholders include China Securities Finance Corporation, holding 595 million shares, and Hong Kong Central Clearing Limited, which reduced its holdings by 67.33 million shares [3]. Market Activity - On November 24, China Shenhua's stock price was 41.22 yuan per share, with a trading volume of 613 million yuan and a turnover rate of 0.09%. The total market capitalization stood at 818.98 billion yuan [1]. - The net outflow of main funds was 15.43 million yuan, with significant buying and selling activity observed in large orders [1].