1. Report Industry Investment Rating - The investment rating for the coal mining industry is "Bullish" [2] 2. Core Viewpoints of the Report - Currently, the coal economy is at the beginning of a new upward cycle, with fundamental and policy factors in resonance. It is advisable to allocate the coal sector at low levels [11]. - The underlying investment logic of coal production capacity shortage remains unchanged. The coal price has established a bottom and its central level has reached a new platform. High - quality coal enterprises maintain their core asset attributes, and coal assets are still undervalued with potential for valuation improvement. The coal sector has both dividend characteristics and pro - cyclical elasticity [3]. - In the context of energy inflation, the pattern of tight coal supply and demand in the next 3 - 5 years remains unchanged. High - quality coal enterprises have high - barrier, high - cash, high - dividend, and high - dividend - yield attributes. After a short - term correction, the coal sector has shown high investment value [3]. 3. Summaries Based on Relevant Catalogs 3.1 This Week's Core Viewpoints and Key Concerns - **Core Viewpoints**: In the short - term, coal supply and demand are basically balanced, but there is a long - term gap. Coal prices are expected to rise further due to tight supply and upcoming seasonal demand. Coal assets are cost - effective, with high win - rate and high odds. The report continues to be bullish on coal and suggests allocation at low levels [11]. - **Key Concerns**: From January to October 2025, China's coal imports decreased by 11.0% year - on - year. From January to September 2025, coal and coking coal imports in India decreased by 1.0% year - on - year, and in Japan decreased by 2.3% year - on - year [13] 3.2 This Week's Performance of the Coal Sector and Individual Stocks - The coal sector rose 4.43% this week, outperforming the market. The Shanghai and Shenzhen 300 Index rose 0.82% [14]. - The thermal coal sector rose 4.60%, the coking coal sector rose 2.46%, and the coke sector rose 6.42% [15]. - The top three stocks in terms of gains and losses in the coal mining and washing sector were Huayang Co., Ltd. (11.50%), Jinkong Coal Industry (10.11%), and China National Coal Group Corporation (8.54%) [18] 3.3 Coal Price Tracking - **Coal Price Index**: As of November 7, the comprehensive transaction price of CCTD Qinhuangdao thermal coal (Q5500) was 703.0 yuan/ton, up 10.0 yuan/ton week - on - week. The comprehensive average price index of Bohai Rim thermal coal (Q5500) was 694.0 yuan/ton, up 9.0 yuan/ton week - on - week. The annual long - term contract price of CCTD Qinhuangdao thermal coal (Q5500) was 684.0 yuan/ton, up 8.0 yuan/ton month - on - month [23]. - **Thermal Coal Price**: As of November 8, the market price of Qinhuangdao Port thermal coal (Q5500) from Shanxi was 808 yuan/ton, up 40 yuan/ton week - on - week. International thermal coal FOB prices also increased [29]. - **Coking Coal Price**: As of November 7, the ex - warehouse price of primary coking coal from Shanxi at Jingtang Port was 1800 yuan/ton, up 60 yuan/ton week - on - week. The CIF price of Australian Peak View Mine hard coking coal in China was 212.3 US dollars/ton, up 0.6 US dollars/ton week - on - week [31]. - **Anthracite and Pulverized Coal Price**: As of November 7, the wagon - loading price of Jiaozuo anthracite was 1020.0 yuan/ton, unchanged week - on - week. The wagon - loading prices of pulverized coal in Changzhi Lucheng and Yangquan increased [39] 3.4 Coal Supply and Demand Tracking - **Coal Mine Capacity Utilization**: As of November 7, the capacity utilization rate of sample thermal coal mines was 91.1%, up 0.6 percentage points week - on - week, and that of sample coking coal mines was 83.76%, down 1.0 percentage points week - on - week [46]. - **Import Coal Price Difference**: As of November 7, the price difference between domestic and foreign 5000 - kcal thermal coal was - 79.1 yuan/ton, down 19.5 yuan/ton week - on - week; the price difference for 4000 - kcal thermal coal was - 75.2 yuan/ton, down 20.1 yuan/ton week - on - week [42]. - **Coal - fired Power Consumption and Inventory**: Inland 17 provinces' coal inventory increased, while daily consumption decreased. Coastal 8 provinces' coal inventory decreased, while daily consumption increased [45]. - **Downstream Metallurgical Demand**: As of November 7, the Myspic comprehensive steel price index decreased, the price of Tangshan - produced primary metallurgical coke increased, the blast furnace operating rate increased, and the profit per ton of coke in independent coking enterprises increased [64][65]. - **Downstream Chemical and Building Materials Demand**: As of November 7, the prices of urea in some regions decreased, the national methanol, ethylene glycol, and acetic acid price indices decreased, the synthetic ammonia price index increased, the cement price index increased slightly, the cement clinker capacity utilization rate decreased, the float glass operating rate decreased, and the weekly coal consumption in the chemical industry increased [70][74][76] 3.5 Coal Inventory Situation - **Thermal Coal Inventory**: As of November 7, the coal inventory at Qinhuangdao Port increased to 577.0 tons. The 55 - port thermal coal inventory decreased to 6148.7 tons as of October 31, and the production - area inventory decreased to 292.0 tons [91]. - **Coking Coal Inventory**: As of November 7, the production - area coking coal inventory increased to 165.6 tons, the six - port coking coal inventory increased to 304.3 tons, the coking enterprise inventory increased to 923.8 tons, and the steel mill inventory decreased to 787.3 tons [92]. - **Coke Inventory**: As of November 7, the total coke inventory of coking plants, four - port coke inventory, and the total coke inventory of domestic sample steel mills all decreased [94] 3.6 Coal Transportation Situation - **International and Domestic Coal Transportation**: As of November 7, the Baltic Dry Index (BDI) was 2104.0 points, up 138.0 points week - on - week. As of November 6, the average daily coal shipment volume of the Datong - Qinhuangdao Railway increased slightly week - on - week [108]. - **Ratio of Cargo to Ships at Four Ports in the Bohai Rim**: As of November 7, the inventory of four ports in the Bohai Rim was 1449.0 tons, the number of anchored ships was 106, and the cargo - to - ship ratio was 13.7, down 4.03 week - on - week [106] 3.7 Weather Conditions - As of November 7, the Three Gorges outflow was 10200 cubic meters per second, down 23.88% week - on - week. - In the next 10 days (November 9 - 18), there will be precipitation in some areas, with high - impact weather including cooling in Xinjiang and central - eastern regions. - In the next 11 - 14 days (November 19 - 22), there will be light precipitation in some areas, and the average temperature in some regions will be different from the normal level [113] 3.8 Listed Company Valuation Table and Key Announcements - **Listed Company Valuation Table**: The table provides the closing prices, net profits attributable to the parent company, EPS, and P/E ratios of key listed coal companies from 2024A to 2027E [114]. - **Key Announcements**: Companies such as Meijin Energy, China Shenhua, and Hengyuan Coal and Electricity have made announcements regarding project terminations, asset acquisitions, and corporate restructurings [115][116][118]

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9] Core Viewpoints - The coal price has accelerated its upward trend, with the current market price for Qinhuangdao thermal coal reaching 817 RMB/ton, an increase of 47 RMB/ton week-on-week. The report suggests that the price could potentially rise to 931 RMB/ton based on profit recovery scenarios for power plants [2][6][16] - The report emphasizes the importance of understanding cyclical trends over pinpointing absolute price peaks, highlighting a favorable environment for coal investments due to global monetary easing and a rebound in the coal cycle [2][7] Summary by Sections Weekly Tracking Summary - The coal index (Yangtze) increased by 4.53%, outperforming the CSI 300 index by 3.71 percentage points. The thermal coal index rose by 4.84%, while the coking coal index increased by 1.87% [16][20] - As of November 7, the market price for Qinhuangdao thermal coal was 817 RMB/ton, with a week-on-week increase of 47 RMB/ton. The main coking coal price at Jingtang Port was 1860 RMB/ton, up 100 RMB/ton [6][16] Supply and Demand Analysis - The report notes a tightening supply due to production checks and increased winter demand, predicting that coal prices in Q4 may exceed expectations. It highlights the importance of monitoring winter storage and port inventory changes [6][17] - The daily coal consumption across 25 provinces was 511.7 million tons, a decrease of 0.5% week-on-week, while coal supply increased slightly to 547.3 million tons [34] Price Projections - The report provides calculations indicating that if the profit margins for coal-fired power plants return to long-term averages, the acceptable market price for thermal coal could rise to 789 RMB/ton or even 931 RMB/ton under certain conditions [7][12] - The report also discusses the impact of upcoming capacity price adjustments in 2026, which could further influence coal pricing dynamics [7][12] Investment Recommendations - The report suggests a comprehensive embrace of the coal sector's "Davis Double Play" bottom reversal trend, recommending a diversified selection of stocks based on different strategies: balanced, aggressive, and stable leaders [2][7]

Core Insights - The primary goal is to reverse the PPI trend, with September PPI's year-on-year decline narrowing to 2.3%, indicating a stabilization in PPI driven by coal prices [3] - The coal price is expected to remain stable, with 2025 potentially marking a policy bottom for coal prices, as supply-side policies are anticipated to be introduced [3] - The coal industry is experiencing a transformation, with limited supply elasticity due to strict capacity controls and increasing mining difficulties, particularly in eastern regions [3] Industry Summary - As of November 7, 2025, Qinhuangdao's 5500K thermal coal closing price is 817 RMB/ton, up 6.1% week-on-week, with significant price increases in Inner Mongolia, Shaanxi, and Shanxi [1] - Daily average production of thermal coal from 462 sample mines is 5.493 million tons, a week-on-week increase of 42,000 tons but a year-on-year decrease of 6.2% [1] - Methanol and urea operating rates are at 87.8% and 82.7%, respectively, both above historical levels [1] Company Recommendations - Companies with excellent resource endowments and stable operating performance, such as China Shenhua, China Coal Energy, and Shaanxi Coal, are recommended for investment [4] - Companies with production growth potential benefiting from a coal price cycle bottom, including Yanzhou Coal, Huayang Co., Guanghui Energy, Jinkong Coal, and Gansu Energy, are also suggested [4] - Companies with globally scarce resources benefiting from long-term supply tightness, such as Huaibei Mining, Pingmei Shenma, Shanxi Coking Coal, Lu'an Environmental Energy, and Shanmei International, are highlighted [4]

Group 1 - The Invesco Great Wall CSI National New Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (520990) closed up 0.65% on November 7, with a trading volume of 132 million yuan [1] - The fund was established on June 26, 2024, with a management fee of 0.50% per year and a custody fee of 0.10% per year [1] - As of November 6, 2024, the fund's latest share count was 5.043 billion shares, with a total size of 5.4 billion yuan, reflecting a year-to-date share increase of 34.62% and a size increase of 54.22% [1] Group 2 - The current fund managers are Gong Lili and Wang Yang, with returns of 24.24% and 9.92% respectively during their management periods [2] - The fund's top holdings include China Petroleum, China Mobile, China Shenhua, CNOOC, COSCO Shipping, Sinopec, China Telecom, China Unicom, China Coal Energy, and China Resources Land, with significant weightings in the portfolio [2][3] Group 3 - The top holdings and their respective portfolio weights are as follows: - China Petroleum: 10.88% - China Mobile: 10.33% - China Shenhua: 9.72% - CNOOC: 9.54% - COSCO Shipping: 8.43% - Sinopec: 7.42% - China Telecom: 4.54% - China Unicom: 3.45% - China Coal Energy: 2.59% - China Resources Land: 2.23% [3]

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) has shown a modest increase of 0.38% in its closing price on November 7, with a trading volume of 6.93 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 for the fund is set at 0.30% per annum, while the custody fee is 0.10% per annum [1]. - The performance benchmark for the fund is the S&P Hong Kong Stock Connect Low Volatility Dividend Index return (adjusted for exchange rates) [1]. Group 2: Fund Size and Management - As of November 6, the fund has a total of 175 million shares outstanding, with a total size of 182 million yuan [2]. - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have managed the fund since its inception, achieving a return of 3.82% during their tenure [2]. Group 3: Top Holdings - The fund's major holdings include: - Hang Lung Properties: 1.08% holding, valued at 4.0664 million yuan [3] - Jiangxi Copper Co.: 1.08% holding, valued at 4.0565 million yuan [3] - China Shenhua Energy: 1.05% holding, valued at 3.9728 million yuan [3] - Far East Horizon: 0.99% holding, valued at 3.7202 million yuan [3] - CNOOC: 0.96% holding, valued at 3.6159 million yuan [3] - Sino Land: 0.94% holding, valued at 3.5443 million yuan [3] - China Petroleum: 0.87% holding, valued at 3.2921 million yuan [3] - Hengan International: 0.87% holding, valued at 3.2589 million yuan [3] - Henderson Land: 0.81% holding, valued at 3.0452 million yuan [3] - Bank of China (Hong Kong): 0.81% holding, valued at 3.0623 million yuan [3]

Core Viewpoint - China Shenhua reported a decline in electricity sales and average selling prices due to increased competition in the electricity market and lower long-term contract prices [1][3] Group 1: Electricity Generation and Sales - From January to September 2025, the national power generation increased by 1.6% year-on-year, while thermal power generation decreased by 1.2% [1] - China Shenhua's electricity generation during the same period was 162.87 billion kWh, a year-on-year decline of 5.4% [1] - The company's average selling price for electricity was 382 RMB per MWh, down by 18 RMB per MWh, a decrease of 4.5% year-on-year [1] Group 2: Market Competition and Strategic Response - The decline in sales volume and average selling price is attributed to lower signing prices for long-term contracts and increased participation of renewable energy in market bidding [1] - The company plans to strengthen investment management in thermal power projects and enhance electricity marketing to improve revenue from capacity fees and auxiliary services [1][3] Group 3: New Energy Projects and Carbon Emission Management - China Shenhua is actively engaging with local governments and enterprises to develop multiple new energy projects, with a total planned, under construction, and operational capacity of approximately 3.4587 million kW as of September 2025 [1][2] - The company is conducting research on Scope 3 carbon emissions accounting and has made progress in large-scale CCUS demonstration projects [2] Group 4: Operational Stability and Future Plans - Despite a year-on-year decline in cumulative performance for the first three quarters, the decline rate has narrowed each quarter, indicating strong operational stability [3] - The company aims to enhance coal resource acquisition, optimize coal product structure, and improve the resilience of its integrated industrial chain [3]

中国神华能源股份有限公司 关于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事项的进展公告 证券代码：601088 证券简称：中国神华 公告编号：临 2025-067 截至本公告披露日，本次交易的中介机构已进场开展尽职调查工作，本次交 易相关的审计、评估等工作正在有序推进中。公司将根据本次交易的进展情况， 按照相关法律法规的规定履行后续审议程序与信息披露义务。 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。 一、本次交易的基本情况 中国神华能源股份有限公司（"公司"）拟发行 A 股股份及支付现金购买 控股股东国家能源投资集团有限责任公司持有的煤炭、坑口煤电以及煤制油煤制 气煤化工等相关资产并于 A 股募集配套资金（"本次交易"）。根据《上市公 司重大资产重组管理办法》等相关法律法规的规定，本次交易构成关联交易，预 计不构成重大资产重组，本次交易不会导致公司实际控制人变更。 二、本次交易的进展情况 根据上海证券交易所有关规定，公司 A 股股票于 2025 年 8 月 4 日（星期一） 开市起停牌，具体内容详见公司 2025 ...

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) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而 做出。 茲載列中國神華能源股份有限公司於 2025 年 11 月 8 日在上海證券交 易所網站(www.sse.com.cn)刊登的「關於發行股份及支付現金購買資 產並募集配套資金暨關聯交易事項的進展公告」文件，僅供參閱。 承董事會命 中國神華能源股份有限公司 總會計師、董事會秘書 宋靜剛 北京，2025 年 11 月 7 日 於本公告日期，董事會成員包括執行董事張長岩先生，非執行董事康 鳳偉先生及李新華先生，獨立非執行董事袁國強博士、陳漢文博士及 王虹先生，職工董事焦蕾女士。 1 二、本次交易的进展情况 根据上海证券交易所有关规定，公司 A 股股票于 2025 年 8 月 4 日（星期一） 开市起停牌，具体内容详见公司 2025 年 8 月 2 ...

Core Insights - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (520660) has seen a 1.02% increase, marking a potential three-day winning streak with a trading volume of 45.99 million yuan [1] - As of November 6, the ETF's latest scale reached a record high since its inception, with a total net inflow of 123 million yuan over the past ten trading days [1] - China Shenhua has announced a significant cash dividend distribution of approximately 19.5 billion yuan, representing 79% of the company's mid-term net profit attributable to shareholders [1] Group 1 - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (520660) is closely tracking the CSI National State-Owned Enterprises Dividend RMB Mid-Price Index, which selects stable dividend-paying companies from the State-owned Assets Supervision and Administration Commission's list [2] - The top ten weighted stocks in the index include major companies such as China Petroleum, China Shenhua, and China Mobile, reflecting a focus on high dividend yield state-owned enterprises [2] Group 2 - In the first half of 2025, insurance funds accelerated their allocation to dividend stocks, with an increase of nearly 320 billion yuan, surpassing the total allocation for the previous year [2] - The insurance sector is facing challenges due to rising valuations and declining dividend yields, prompting a shift from a "buy and hold" strategy to a more selective approach [2] - It is estimated that the industry is still under-allocated in dividend stocks by 800 billion to 1.6 trillion yuan, with potential completion of this allocation in the next two to three years [2]

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) has shown a positive performance with a closing increase of 1.17% and a trading volume of 18.4374 million yuan on November 6, 2023 [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% per annum, while the custody fee is 0.10% per annum [1]. - The performance benchmark for the fund is the S&P Hong Kong Stock Connect Low Volatility Dividend Index return (adjusted for exchange rates) [1]. Fund Size and Management - As of November 5, 2023, the fund has a total of 175 million shares and a total size of 180 million yuan [2]. - The current fund managers are Yan Dong and Yu Zhanchang, both managing the fund since its inception, with a return of 2.53% during their tenure [2]. Top Holdings - The latest report indicates that the top holdings of the fund include: - Hang Lung Properties: 1.08% holding, valued at 4.0664 million yuan [3] - Jiangxi Copper: 1.08% holding, valued at 4.0565 million yuan [3] - China Shenhua Energy: 1.05% holding, valued at 3.9728 million yuan [3] - Far East Horizon: 0.99% holding, valued at 3.7202 million yuan [3] - CNOOC: 0.96% holding, valued at 3.6159 million yuan [3] - Sino Land: 0.94% holding, valued at 3.5443 million yuan [3] - PetroChina: 0.87% holding, valued at 3.2921 million yuan [3] - Hengan International: 0.87% holding, valued at 3.2589 million yuan [3] - Henderson Land: 0.81% holding, valued at 3.0452 million yuan [3] - Bank of China Hong Kong: 0.81% holding, valued at 3.0623 million yuan [3].