Core Viewpoint - China Shenhua (601088) announced the successful completion of the 168-hour continuous full-load test run of the No. 3 unit of its wholly-owned subsidiary Guoneng Shenhua Jiujiang Power Generation Co., Ltd.'s Phase II expansion project, which has now been handed over for commercial operation [1] Group 1 - The Jiujiang Phase II project is located in Liusi Town, Hukou County, Jiujiang City, Jiangxi Province, and involves the construction of two 1 million kilowatt ultra-supercritical double-reheat coal-fired power generation units [1] - The construction of the No. 4 power generation unit of the Jiujiang Phase II project is progressing steadily and is expected to be put into operation soon [1]

证券代码：601088 证券简称：中国神华 公告编号：临 2025-051 中国神华能源股份有限公司 关于九江二期 3 号机组通过 168 小时试运行的公告 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。 近日，中国神华能源股份有限公司（"本公司"）全资子公司国能神华九江 发电有限责任公司二期扩建工程项目（"九江二期"）3 号机组顺利通过 168 小 时连续满负荷试运行，移交商业运营。 九江二期位于江西省九江市湖口县流泗镇，规划建设 2 台 100 万千瓦超超临 界二次再热燃煤发电机组。项目应用汽电双驱引风机技术、220kV 三相一体主变 等先进技术和设备；纯凝工况下设计供电煤耗 259.92g/kWh，供热工况下设计供 电煤耗 249.8g/kWh，处于国内领先水平；采用高效协同智能环保设备和系统， 可实现废水零排放和大气污染物超低排放。 目前，九江二期 4 号发电机组建设工作稳步推进，计划将于近期投运。九江 二期全部投运后，将为江西省及华中地区能源安全提供有力保障，并进一步拉动 区域社会经济发展。 特此公告。 宋静刚 20 ...

每经AI快讯，8月25日，中国神华（601088）公告称，全资子公司国能神华九江发电有限责任公司二期 扩建工程项目3号机组顺利通过168小时连续满负荷试运行，已移交商业运营。该机组位于江西省九江 市，采用多项先进技术和设备，设计供电煤耗处于国内领先水平。目前4号机组建设工作正在稳步推 进，计划近期投运。项目全部投运后将为江西省及华中地区能源安全提供保障，并拉动区域社会经济发 展。 ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9]. Core Viewpoints - The recent coal mine accident in Fujian has raised concerns about the vulnerability of coal supply in China. The accident is expected to amplify local safety regulation efforts, potentially impacting coal supply. Despite this, stable demand and rigid supply constraints suggest that coal prices may continue to rise in the short term [2][7]. - The coal index (Yangtze) increased by 0.99% this week, underperforming the CSI 300 index by 3.19 percentage points, ranking last among all industries [6][14]. - The market anticipates that the upcoming "Golden September and Silver October" period will support coal demand, particularly as non-electric demand begins to pick up [6][7]. Summary by Sections Supply and Demand Overview - As of August 21, the daily coal consumption in 25 provinces was 6.427 million tons, up 8.0% week-on-week. The supply of coal was 6.324 million tons, an increase of 3.8% [31]. - The total coal inventory in these provinces was 119.798 million tons, a decrease of 0.4% from the previous week, with an available days supply of 18.6 days, down 1.6 days [31]. Price Trends - As of August 22, the market price for Qinhuangdao 5500 kcal thermal coal was 704 RMB/ton, reflecting a week-on-week increase of 6 RMB/ton (+0.86%) [38]. - The price for coking coal at Jingtang Port remained stable at 1610 RMB/ton [6]. Market Performance - The report highlights that the coal sector's performance has been mixed, with the thermal coal index rising by 1.09% and the coking coal index increasing by 0.76%, both underperforming compared to the CSI 300 index [14][18]. - The report identifies several companies with strong investment potential, including Yanzhou Coal Mining Company, Shanxi Coking Coal Group, and China Shenhua Energy [8]. Company Announcements - China Shenhua announced the approval of its Chongqing Wanzhou Power Plant expansion project, which will add 2×1000 MW capacity [52]. - Yanzhou Coal's Australian subsidiary reported a revenue of 2.675 billion AUD for the first half of 2025 [53]. Future Outlook - The report suggests that while daily consumption may gradually decline, the overall demand for coal remains robust, supported by seasonal factors and ongoing supply constraints [6][15]. - The focus will be on monitoring safety regulations and their impact on supply, as well as the performance of coal prices in the context of broader market conditions [7][8].

Investment Strategy - The report highlights that global oil and gas capital expenditures are on a downward trend, leading to a slowdown in supply growth. Since the signing of the Paris Agreement in 2015, capital expenditures in the oil and gas upstream sector have significantly decreased, with a notable drop of nearly 22% from the 2014 peak [9][29]. - The report indicates that major energy companies are facing increasing pressure from policies aimed at carbon reduction, prompting them to shift focus towards energy transition and renewable projects. This trend is expected to continue, resulting in a sustained reduction in capital expenditures for oil and gas [9][29]. - The report notes that the active drilling rig count in the U.S. remains low, which may lead to a slowdown in U.S. oil production growth. The OPEC+ group is also expected to maintain limited supply increases in the coming year [9][29]. Oil Market - The Brent crude oil price is reported at $67.93 per barrel, reflecting a slight increase of 0.03% week-on-week, while WTI crude oil is at $63.13 per barrel, down 0.28% [31][30]. - The report mentions that geopolitical tensions, particularly the ongoing conflict in Ukraine, have contributed to fluctuations in oil prices, with expectations of resilient demand amid limited supply growth [10][29]. Coal Market - The report states that the average market price for Qinhuangdao port thermal coal (Q5500) is 703 RMB per ton, showing a week-on-week increase of 1.59%. The market is characterized by stable prices, with downstream demand primarily driven by essential purchases [11][12]. - Inventory levels at major ports are reported to be 23.336 million tons, down 1.27% week-on-week, indicating a tightening supply situation [11][12]. - The report highlights that domestic coal production is being affected by weather conditions, but overall supply remains sufficient to meet demand from power plants and the chemical industry [11][12]. Coking Coal Market - The report indicates that the coking coal market is currently in a stalemate, with prices for coking coal remaining stable at 1,610 RMB per ton. The market is influenced by fluctuating raw material prices and the profitability of downstream steel enterprises [14][15]. - The report notes that the average daily pig iron production from 247 steel mills is 2.4082 million tons, reflecting a slight increase of 0.04% week-on-week, which supports the demand for coking coal [14][15]. Natural Gas Market - The report highlights a breakthrough in natural gas helium extraction technology in China, with a new device achieving a helium purity level of 6N9. This development is expected to enhance the domestic helium supply [16][17]. - Natural gas prices in the U.S. have decreased, with the NYMEX natural gas average at $2.81 per million British thermal units, down 2.2% week-on-week [16][17]. Oilfield Services - The report emphasizes that the oilfield services sector is expected to maintain its growth due to government policies aimed at increasing oil and gas reserves. The capital expenditure for major oil companies is projected to remain high, supporting the oilfield services industry's outlook [18][19]. - The global active rig count is reported at 1,621, with a slight increase of 21 rigs week-on-week, indicating ongoing activity in the oilfield services sector [18][19].

Group 1 - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 18.52%, with 225 stocks having a shareholding ratio exceeding 20% [1] - As of August 22, southbound funds held a total of 4,644.35 million shares, accounting for 18.52% of the total share capital of the stocks, with a market value of 58,612.16 billion HKD, representing 14.16% of the total market value [1] - The highest shareholding ratio by southbound funds is in China Telecom, with 103.72 million shares held, accounting for 74.73% of the issued shares [1] Group 2 - Southbound funds with a shareholding ratio exceeding 20% are mainly concentrated in the healthcare, financial, and industrial sectors, with 46, 34, and 32 stocks respectively [2] - The top stocks with high southbound fund holdings include China Telecom, Green Power Environmental, and China Shenhua, with shareholding ratios of 74.73%, 69.97%, and 68.02% respectively [2][3] - A significant portion of the stocks with high southbound fund holdings are AH concept stocks, with 122 out of 225 stocks (54.22%) having a shareholding ratio over 20% being AH stocks [1]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (74.73%), Gree Power (69.97%), and China Shenhua (68.02%) [1] - Tencent Holdings, ZTE Corporation, and China Life Insurance saw the largest increases in holding amounts over the last five trading days, with increases of +2.325 billion, +1.195 billion, and +1.174 billion respectively [1] - The largest decreases in holding amounts were observed in the Yingfu Fund (-9.695 billion), Hang Seng China Enterprises (-4.549 billion), and Kuaishou-W (-1.290 billion) [2] Group 1: Top Holding Ratios - China Telecom (00728) holds 10.372 billion shares, representing 74.73% [1] - Gree Power (01330) holds 0.283 billion shares, representing 69.97% [1] - China Shenhua (01088) holds 2.298 billion shares, representing 68.02% [1] - Other notable companies include Kaisa New Energy (67.68%) and Tianjin Chuangye Environmental Protection (64.36%) [1] Group 2: Recent Increases in Holdings - Tencent Holdings (00700) increased by +2.325 billion, with a change of +3.8742 million shares [1] - ZTE Corporation (00763) increased by +1.195 billion, with a change of +33.1474 million shares [1] - China Life Insurance (02628) increased by +1.174 billion, with a change of +47.359 million shares [1] Group 3: Recent Decreases in Holdings - Yingfu Fund (02800) decreased by -9.695 billion, with a change of -37.5204 million shares [2] - Hang Seng China Enterprises (02828) decreased by -4.549 billion, with a change of -4.9016 million shares [2] - Kuaishou-W (01024) decreased by -1.290 billion, with a change of -17.2260 million shares [2]

● 本报记者 李嫒嫒 8月以来，A股上市公司并购重组持续活跃。Wind数据显示，8月1日至8月24日，共有96家上市公司披露 并购重组公告。专家表示，并购重组是推动资源优化配置的重要方式，也是上市公司提质增效的重要手 段。 多起案例涉及化解同业竞争 "本次重组不是简单规模叠加，其核心目标在于实现'1+1＞2'的战略倍增效应。"中国神华相关负责人在 接受媒体采访时表示，通过本次交易，公司将从实质上解决同业竞争问题、进一步提高资源储备、优化 产业布局。同时，此次重组资产也是落实煤炭"反内卷"的有力措施，有利于促进能源行业有序发展和良 性竞争。 支持政策连续出台 中国证券报记者注意到，支持上市公司开展并购重组的相关政策持续出台，推动产业创新升级。 日前，中国人民银行等七部门联合印发《关于金融支持新型工业化的指导意见》提出，完善并购贷款政 策，支持链主企业聚焦产业链上下游开展"补链""延链"型投资，带动全产业链协同发展。 国务院国资委党委书记、主任张玉卓日前在沪调研央企战略性新兴产业发展情况时提出，要坚持内涵式 发展和高质量并购并重，以国家产业政策和市场为导向，选准选好重点投资领域，坚持投早、投小、投 硬科技，当好长 ...

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [5]. Core Viewpoints - The Asian metallurgical coal market is expected to continue its recovery in Q3 2025, supported by post-monsoon inventory replenishment in India and potential rebounds in the Chinese domestic market [2]. - Despite supply pressures from adverse weather and safety issues in Australian mining, the overall outlook for the metallurgical coal market remains positive [2]. Summary by Sections Industry Overview - Global energy prices have shown mixed trends, with Brent crude oil futures at $67.73 per barrel, up by $1.88 (+2.85%) from the previous week, while WTI crude oil futures increased by $0.86 (+1.37%) to $63.66 per barrel [1]. - Natural gas prices in Northeast Asia rose to $11.705 per million British thermal units, an increase of $0.847 (+7.80%) [1]. Coal Price Trends - European ARA port coal prices increased by $3.0 to $101.8 per ton (+3.1%), while Newcastle port coal prices rose slightly by $0.2 to $112.3 per ton (+0.2%) [1]. - The IPE South African Richards Bay coal futures settled at $89.7 per ton, down by $0.5 (-0.4%) [1]. Investment Recommendations - Key recommendations include major coal enterprises such as China Coal Energy (H+A) and China Shenhua (H+A), with a focus on companies showing potential for turnaround like China Qinfa [3]. - High-performing stocks include Shaanxi Coal and Electricity, China Energy Investment, and Huai Bei Mining, while companies like Yancoal and Jinkong Coal are noted for their flexibility and potential for growth [3]. Market Dynamics - The report highlights a significant trend where China is transitioning from a coal importer to an exporter, driven by a surplus in the domestic market [8]. - The forecast for Q3 2025 anticipates that the price of high-quality low-volatile hard coking coal will average $178 per ton, with expectations of $181 per ton in the second half of 2025 [8].

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9] Core Insights - The resilience of demand must be paired with the rigidity of supply to support a stable coal price cycle. Developed countries have already entered a downward supply channel, while countries with current supply growth may face similar risks in the future. The combination of supply rigidity and demand resilience is expected to lead to a stable global coal supply-demand pattern [2][7] Summary by Sections Introduction - The report emphasizes that the stability of coal prices requires a logical closure formed by supply rigidity. It explores the long-term perspectives on demand, supply, and costs, aiming to clarify the medium to long-term price center of coal [5][17] Experience from Developed Countries - Coal supply changes are primarily influenced by resource endowment and demand variations. Countries with shrinking coal supply account for about 19% of global supply, including the US, Europe, Japan, South Korea, Australia, and South Africa. Historical trends indicate that long-term coal supply contraction is typically due to resource depletion, long transportation distances, and stringent environmental policies [5][35] Outlook for Growing Countries - China faces supply growth constraints due to resource depletion in Shanxi and central eastern regions. Indonesia and Russia are experiencing rising costs. Countries with ongoing coal supply growth account for approximately 77% of global supply, with China alone accounting for 50%. Future projections indicate potential supply shortages in China and declining production in Indonesia due to increased export costs [6][7] Investment Recommendations - The report suggests that the combination of supply rigidity and demand resilience will prolong the duration of coal price flattening. It recommends several companies for investment based on their performance and market conditions, including Yanzhou Coal Mining Company, Shanxi Coking Coal Group, and China Shenhua Energy [7][9]