消息面上，申万宏源表示，大秦铁路检修结束，调入量环比回升、但同比仍偏低。同时，中央安全生产 考核巡查组将于11月全面进驻，主产区安监形势趋于严峻，进一步强化市场对供给收紧的预期。展望后 市，预计11月后安监趋严；运费上涨带来发运倒挂、与冬季取暖旺季需求共振，预计动力煤价格修整后 将上涨。 开源证券指出，多数煤企依然保持了高分红的意愿，中报仍有6家上市煤企发布中期分红方案（中国神 华/山西焦煤/陕西煤业/上海能源/兖矿能源/中煤能源）。资本市场在全球政经高度不确定以及国内稳经 济的预期下，投资行为存在情绪上的脉冲，煤炭板块具备周期与红利的双重属性，当前煤炭持仓低位， 基本面已到拐点右侧，已到布局时点。 智通财经APP获悉，部分煤炭股继续上扬，截至发稿，力量发展(01277)涨5.19%，报1.62港元；易大宗 (01733)涨4.6%，报0.91港元；中煤能源(01898)涨2.63%，报11.71港元；中国神华(01088)涨1.3%，报 41.98港元。 ...

国信证券研报称，在2024年中至今，前期由于煤价下行、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。 港股煤炭股继续涨势，其中，恒鼎实业涨近8%，中煤能源、金马能源涨超2%，其中中煤能源创2011年 以来新高价，力量发展、首钢能源、中国神华、兖煤澳大利亚均涨超1.2%。 消息上，近期，北方多地遭遇"断崖式"降温，如黑龙江漠河10月25日清晨气温降至-25℃，刷新当地10 月下旬历史最低值；内蒙古呼伦贝尔部分地区跌破-30℃，为近十年同期极寒。寒潮来袭，张家口、大 庆等多地已提前开始供暖，煤炭季节性消费旺季正式拉开序幕。 需求端，煤炭需求旺季临近，钢厂和火电企业的需求也持续高位，多重因素推动煤价上行；"反内卷"政 策持续，叠加近期安全生产考核巡查将开启，或将对煤炭超能力生产等安全隐患做出整改，也共同强化 了供给收缩的预期，推动煤价企稳回升。 | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 01393 | 恒鼎实业 | 0. ...

Core Viewpoint - China Shenhua, known as the "Dividend King," is set to distribute approximately 195 billion yuan in cash dividends to shareholders, representing 79% of its mid-term net profit for 2025 [2][4]. Dividend Distribution - The company will distribute a cash dividend of 0.98 yuan per share, totaling around 194.71 billion yuan, with A-shares receiving approximately 161.61 billion yuan [4][5]. - The dividend distribution will take place on November 10, with the A-share registration date set for November 7 [4]. Historical Dividend Performance - Since its IPO in 2007, China Shenhua has distributed a total of approximately 480.5 billion yuan in cash dividends, accounting for 62% of its cumulative profits [2][5]. - The company has maintained a high dividend payout ratio, with rates exceeding 70% in recent years, including 91.81% in 2020 and 76.53% in 2024 [5][6]. Financial Performance - In the first three quarters of 2025, China Shenhua reported a net profit of approximately 391 billion yuan, despite a decline in coal prices and sales [2][9]. - The company's revenue for the same period was approximately 2,131.51 billion yuan, reflecting a year-on-year decrease of 16.57% [9][10]. - The company has a strong financial position, with a debt-to-asset ratio of only 24.36% and cash reserves exceeding 1,200 billion yuan [2][14]. Industry Context - China Shenhua operates in a cyclical industry, currently experiencing a low economic cycle, with both coal and electricity sales declining [12][13]. - Despite the challenging market conditions, the company has demonstrated resilience, earning approximately 1.4 billion yuan per day in the first three quarters of 2025 [13].

Core Viewpoint - The coal market in China is experiencing a price increase due to low port inventories, seasonal demand, and regulatory constraints on production, leading to improved performance expectations for coal companies [1][2][3] Group 1: Market Conditions - Coal port inventories have dropped to a three-year low, prompting price increases at production sites, with Qinhuangdao port prices stabilizing at 770 yuan/ton [1] - The onset of winter and significant temperature drops in northern China have initiated the seasonal demand for coal, with early heating measures already in place in several regions [1] - The "anti-involution" policy and upcoming safety inspections are expected to further constrain coal supply, reinforcing price stability and potential increases [1][2] Group 2: Price Trends - According to Zhongtai Securities, coal prices are expected to maintain a steady upward trend due to the heating season and enhanced safety production checks [2] - The sample power plants' coal inventory has decreased by 222 million tons year-on-year, while port inventories have dropped by 245 million tons, indicating a tight supply situation [2] - The shipping volume for the first four weeks of October was 20.34 million tons, down 10.8% month-on-month and 40.1% year-on-year, reflecting production constraints [2] Group 3: Company Performance - In Q3, the coal sector reported revenues of 297.9 billion yuan, a year-on-year decline of 16.5% but a quarter-on-quarter increase of 1.5%, with net profits improving by 14.1% from Q2 [3] - China Shenhua's Q3 coal production reached 86 million tons, a year-on-year increase of 2.3%, while sales volume was 112 million tons, down 3.5% year-on-year [2][3] - Yancoal Australia reported a 9% year-on-year decline in coal production for Q3, while sales volume increased by 3% [2] Group 4: Company Insights - China Shenhua holds significant coal reserves, with a total of 3.44 billion tons and a production capacity of 327 million tons for 2024, positioning it as a leader in the industry [4] - China Coal Energy ranks third in coal resource reserves among listed companies, with a production capacity of 165 million tons and ongoing projects expected to enhance output [5] - Yancoal plans to produce 155-160 million tons of coal by 2025, with ongoing projects expected to add nearly 50 million tons of capacity [5]

2025年半年度权益分派实施公告 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。 重要内容提示： ● 每股分配比例 证券代码：601088 证券简称：中国神华公告编号：临2025-066 中国神华能源股份有限公司 A股每股现金红利人民币0.98元（含税）。其中，A股自然人股东和证券投资基金暂不扣缴所得税，派 发现金红利每股人民币0.98元（含税）；合格境外机构投资者（QFII）、人民币合格境外机构投资者 （RQFII）、沪股通股东派发现金红利每股人民币0.882元（税后）。 ● 相关日期 ■ ● 差异化分红送转： 否 一、通过分配方案的股东会届次和日期 本次利润分配方案于2025年10月24日经中国神华能源股份有限公司（"本公司"）2025年第二次临时股东 会审议通过。会议决议公告于2025年10月25日登载于上海证券交易所网站。 二、分配方案 1.发放年度：2025年半年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（"中国结 算上海分公司"）登记在册的本公司全体A股股东 ...

Core Points - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed up 0.88% on November 3, with a trading volume of 49.4557 million yuan [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 October 31, the fund had 225 million shares outstanding and a total size of 228 million yuan [1] - Over the last 20 trading days, the fund's cumulative trading amount reached 1.129 billion yuan, with an average daily trading amount of 56.4648 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, achieving a return of 1.18% during the tenure [1] Holdings Summary - The top holdings of the Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF include: - COSCO Shipping Holdings (0.85% holding, 218,000 shares, market value of 2.9175 million yuan) [2] - Orient Overseas International (0.40% holding, 10,500 shares, market value of 1.3717 million yuan) [2] - China Foreign Transport (0.33% holding, 270,000 shares, market value of 1.1396 million yuan) [2] - China National Petroleum (0.32% holding, 162,000 shares, market value of 1.0973 million yuan) [2] - CITIC Bank (0.32% holding, 175,000 shares, market value of 1.1136 million yuan) [2] - CNOOC (0.29% holding, 58,000 shares, market value of 1.0041 million yuan) [2] - China Shenhua Energy (0.29% holding, 30,500 shares, market value of 982,600 yuan) [2] - China Pacific Insurance (0.29% holding, 164,000 shares, market value of 1.0107 million yuan) [2] - China Unicom (0.28% holding, 104,000 shares, market value of 952,800 yuan) [2] - Agricultural Bank of China (0.27% holding, 189,000 shares, market value of 933,900 yuan) [2]

今日聚焦 1、中国神华：2025年半年度权益分派实施 共计派发现金红利194.71亿元 中国神华公告称，公司2025年半年度利润分配方案已获股东会审议通过，将以总股本198.69亿股为基 数，每股派发现金红利人民币0.98元(含税)，共计派发现金红利人民币194.71亿元(含税)。其中，A股股 本164.91亿股，派发A股现金红利人民币161.61亿元(含税)。股权登记日为2025年11月7日，现金红利发 放日为2025年11月10日。 2、中国移动：控股股东中国移动集团拟向中国石油集团划转4198万股公司股份 中国移动公告称，公司控股股东中国移动集团拟通过国有股份划转方式，将其持有的公司4198.13万股A 股股份(占公司总股数的0.19%)划转给中国石油天然气集团有限公司。 三花智控公告称，截至2025年10月31日，公司通过股票回购专用证券账户以集中竞价交易方式回购公司 股份193.61万股，占公司总股本的0.0460%，最高成交价为47.00元/股，最低成交价为22.69元/股，成交 总金额为5598.33万元(不含交易费用)。本次回购符合公司既定的回购方案。 6、思维列控：公司董事、副总经理赵建州被 ...

（编辑 任世碧） 证券日报网讯 11月3日晚间，中国神华发布2025年半年度权益分派实施公告称，公司2025年半年度权益 分派方案为A股每股现金红利人民币0.98元（含税），股权登记日为2025年11月7日，除权（息）日及现 金红利发放日均为2025年11月10日。 ...

【导读】A股拟中期分红公司数量创新高，中国神华拟派发现金红利194.71亿元 【编者按】财报是上市公司生产经营活动的"成绩单"，更是投资者决策的重要依据。作为中 国经济的"定盘星""压舱石"，上市公司的经营状况如何？业绩含金量多少？未来将有哪些布 局？ 数据之中有价值，报告背后更精彩。中国基金报推出《财报面面观》策划，解读财报数据， 聚焦热门行业，提示潜在风险，洞悉核心价值，为投资者了解公司真实情况提供参考，更好 地助力上市公司提高信息披露质量。 中国基金报记者 闻言 11月3日晚间，中国神华发布2025年半年度权益分派实施公告称，公司计划在11月10日以总 股本198.69亿股为基数，每股派发现金红利0.98元（含税），共计派发现金红利194.71亿元 （含税）。 2025年以来，A股拟中期分红公司数量创新高。Wind数据显示，截至11月3日，845家A股公 司公告拟实施2025年中期分红，同比增长20.03%，其中325家A股公司首次发布中期分红预 案。 众多A股公司拟实施中期分红的底气，来自其稳健的财务状况和良好的盈利能力。 Wind数据显示，截至11月3日，31家A股公司拟进行2025年中期分红，并且 ...

中国神华（601088）(601088.SH)发布公告，公司将实施2025年半年度权益分派，每股派发现金红利人 民币0.98元(含税)，共计派发现金红利人民币194.71亿元(含税)。股权登记日为2025年11月7日，现金红 利发放日为2025年11月10日。 ...