该行表示，中国神华稳健盈利是受惠于其成本控制，而且派息比率胜预期，不过，由于夏季结束，热煤 需求将出现季节性疲弱，因此整体预计投资者对最新业绩有稍微正面的反应。另外，根据该行最近与行 业专家的调查，煤炭行业的反内卷政策迄今对热煤供应端的实际影响有限。该行将中国神华今明两年的 盈测轻微上调3%和7%，目标价由27.8港元上调至29.6港元，维持"沽售"评级。 瑞银发表研究报告指，中国神华上半年的盈利及派息均胜于预期，纯利按年跌15%，处于盈利预告的中 位，亦意味着公司次季盈利按年降10%至133亿元；派中期息0.98元，派息比率为79%，高于指引及去年 同期的76.5%水平。 ...

Group 1 - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 18.56%, with 230 stocks having a shareholding ratio exceeding 20% [1] - As of September 1, southbound funds held a total of 4,654.29 million shares, accounting for 18.56% of the total share capital of the stocks, with a total market value of 58,913.83 million HKD, representing 14.18% of the total market value [1] - The stocks with the highest shareholding ratios by southbound funds include China Telecom at 74.09%, followed by Gree Power at 70.24% and China Shenhua at 67.86% [1] Group 2 - Southbound funds with a shareholding ratio exceeding 20% are mainly concentrated in the healthcare, financial, and industrial sectors, with 49, 34, and 34 stocks respectively [2] - The top stocks with high shareholding ratios include China Telecom (74.09%), Gree Power (70.24%), and China Shenhua (67.86%), among others [2][3] - A significant portion of the stocks with high southbound fund holdings are AH concept stocks, with 123 out of 230 stocks (53.48%) 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 (00728) at 74.09%, Green Power Environmental (01330) at 70.24%, and China Shenhua (01088) at 67.86% [1] - Alibaba-W (09988), Meituan-W (03690), and Horizon Robotics-W (09660) saw the largest increases in holding amounts over the last five trading days, with increases of +4.318 billion, +2.228 billion, and +1.588 billion respectively [1] - The companies with the largest decreases in holding amounts over the last five trading days include Pop Mart (09992) at -1.380 billion, Sino Biopharmaceutical (01093) at -1.136 billion, and Xiaomi Group-W (01810) at -1.116 billion [3] Hong Kong Stock Connect Holding Ratios - China Telecom (00728): 10.284 billion shares, 74.09% holding ratio [1] - Green Power Environmental (01330): 0.284 billion shares, 70.24% holding ratio [1] - China Shenhua (01088): 2.292 billion shares, 67.86% holding ratio [1] - Other notable companies include Kaisa New Energy (01108) at 67.54% and Tianjin Chuangye Environmental Protection (01065) at 64.61% [1] Recent Increases in Holdings - Alibaba-W (09988): +4.318 billion, +31.4964 million shares [1] - Meituan-W (03690): +2.228 billion, +21.6345 million shares [1] - Horizon Robotics-W (09660): +1.588 billion, +168.2526 million shares [1] - Other companies with significant increases include Ping An Insurance (02318) and Kangfang Biologics (09926) [1] Recent Decreases in Holdings - Pop Mart (09992): -1.380 billion, -4.475 million shares [3] - Sino Biopharmaceutical (01093): -1.136 billion, -10.3326 million shares [3] - Xiaomi Group-W (01810): -1.116 billion, -2.0667 million shares [3] - Other companies with notable decreases include SMIC (00981) and Innovent Biologics (01801) [3]

事件： 报告作者： 刘波 S1500525070001 高升 S1500524100002 李睿 S1500525040002 本文源自报告：《高长协降成本显经营韧性，收并购拓资源筑成长空间》 报告发布时间：2025年8月31日 发布报告机构：信达证券研究开发中心 2025年8月29日，中国神华发布半年度报告，2025年上半年公司实现营业收入1381.09亿元，同比下降18.3%，实现归母净利润246.41亿元，同比下降12.0%；扣非后净利润243.12亿元，同 2025年第二季度，公司单季度营业收入685.24亿元，同比下降15.36%；单季度归母净利润126.92亿元，同比下降5.62%。 点评： 煤炭板块：成本控制成效显著，盈利韧性凸显。产销量方面：2025上半年，公司商品煤产量165.4百万吨，同比下降1.7%；煤炭销售量204.9百万吨，同比下降10.9%，其中自产煤销量161. 电力板块：燃料成本下降及容量电价对冲部分影响。产销量方面：2025年上半年，公司总发电量987.8亿千瓦时，同比下降7.4%；总售电量929.1亿千瓦时，同比下降7.3%；燃煤机组平均利用 运输与煤化工板块：铁路&港口& ...

对于背后的建仓逻辑，新华保险表示，鸿鹄基金二期贯彻长期投资理念，通过低频交易、长期持有的方式以获得稳健股息收益，三期基金投 资范围聚焦中证A500指数成分股中符合条件的大型上市公司A+H股。 "随着长期资金入市比例提升，险资系私募将成为业内持有A股规模最大的私募机构之一" 业内人士表示，险资私募需要缴纳红利税，但可享 受额外的风险因子折扣，降低资本占用与偿付能力消耗，私募正逐步成为险资加仓的重要渠道。 随着上市公司中报出炉，险资"长钱"投资业绩及部分持仓浮出水面。 财联社记者注意到，新华保险半年报披露了鸿鹄基金的部分经营情 况。截至2025年二季度末，鸿鹄志远（上海）私募投资基金有限公司（以下简称"鸿鹄基金一期"）总资产达到571.12亿元，净资产556.84 亿元，其中综合收益总额为56.84亿元。 截至2025年3月初，鸿鹄基金一期500亿元已全部投资落地，目前位列伊利股份（600887.SH）、陕西煤业（601225.SH）、中国电信 （601728.SH）前十大流通股股东，二季度末对这3家公司的持股市值合计达120.4亿元。 此外，国丰兴华鸿鹄志远二期私募证券投资基金（以下简称"鸿鹄基金二期"）也在上 ...

Core Viewpoint - The article highlights the performance and investment strategy of the Honghu Fund, managed by Xinhua Insurance, which has shown significant growth and strategic positioning in the market through long-term investments in high-dividend stocks [1][2][3]. Group 1: Fund Performance - As of June 30, 2025, the total assets of Honghu Fund reached 57.112 billion yuan, with net assets of 55.684 billion yuan and a total comprehensive income of 5.684 billion yuan [1][3]. - The Honghu Fund has fully invested its initial capital of 50 billion yuan, achieving a performance that is lower in risk and higher in returns compared to benchmarks [3][9]. - The fund's operating income for the period was 1.203 billion yuan, with a net profit of 968 million yuan [3]. Group 2: Investment Holdings - The Honghu Fund is among the top ten shareholders of Yili Group, Shaanxi Coal, and China Telecom, with a combined market value of 12.04 billion yuan as of the end of Q2 2025 [1][5]. - The fund increased its holdings in Yili Group from 1.88% to 2.42%, ranking 7th among its top shareholders, and in Shaanxi Coal from 1.04% to 1.2%, ranking 5th [5][7]. - The Honghu Fund's second phase has entered the top ten shareholders of China National Petroleum and China Shenhua, while the third phase has acquired shares in Sinopec [1][8]. Group 3: Investment Strategy - The Honghu Fund's investment strategy focuses on long-term holdings and low-frequency trading to achieve stable dividend income [2][8]. - The fund targets large listed companies that are constituents of the CSI A500 index, aligning with the insurance industry's need for stable, high-dividend assets [2][7]. - The trend indicates that insurance capital is increasingly utilizing private equity as a significant channel for investment, particularly in high-dividend stocks, which are seen as a safety net in the current market environment [9][10].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 44.79 CNY [5][11]. Core Views - The company is recognized as a leader in the coal sector, with expected capacity increases in the future. The report suggests that the coal market has reached its bottom in the first half of 2025, and a recovery in supply and demand is anticipated, enhancing the investment value of the company [2][11]. - The company reported a total revenue of 138.11 billion CNY for the first half of 2025, a decrease of 18.3% year-on-year, and a net profit attributable to shareholders of 24.64 billion CNY, down 8.6% year-on-year, which exceeded market expectations [11]. - The company plans to distribute a mid-term dividend of 79% based on its mid-term profits, signaling a commitment to high dividends, which is higher than the 75% distribution rate for the 2024 fiscal year [11]. Financial Summary - For the fiscal year 2023, the company reported total revenue of 343.07 billion CNY, with a projected decline to 319.69 billion CNY in 2025, reflecting a decrease of 5.5% [4][12]. - The net profit attributable to shareholders is expected to decrease from 59.69 billion CNY in 2023 to 49.44 billion CNY in 2025, a decline of 15.7% [4][12]. - The earnings per share (EPS) is projected to be 2.49 CNY in 2025, down from 3.00 CNY in 2023 [4][12]. Operational Insights - The company achieved a coal production of 165 million tons in the first half of 2025, a decrease of 1.7% year-on-year, with self-produced coal sales down by 3.4% [11]. - The average selling price of coal (excluding tax) was 493 CNY per ton, a decrease of 12.9% year-on-year [11]. - The company’s cash flow remains robust, with cash on hand amounting to 161.5 billion CNY and a debt-to-asset ratio of only 31.12% [11].

Investment Rating - The report maintains an "Outperform" rating for the company [6][20]. Core Views - The company has shown significant cost improvements and efficiency enhancements, with a mid-term dividend payout ratio of 79% [4][19]. - The coal business experienced a rebound in production and sales in Q2 2025, with a notable decrease in costs [2][12]. - The electricity segment faced weak downstream demand, leading to a decline in power generation and sales, although profit margins improved due to stable selling prices and reduced costs [3][13]. - The company is planning large-scale asset acquisitions to strengthen industrial synergy and enhance resource reserves [4][19]. - The forecast for net profit has been adjusted downward due to a greater-than-expected decline in coal prices, with projected net profits for 2025-2027 at 512, 519, and 527 billion yuan respectively [5][20]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 138.11 billion yuan, a year-on-year decrease of 18.3%, and a net profit of 24.64 billion yuan, down 12.0% [11]. - In Q2 2025, revenue was 68.52 billion yuan, a decline of 15.4% year-on-year and 1.5% quarter-on-quarter, with a net profit of 12.69 billion yuan, down 5.6% year-on-year but up 6.2% quarter-on-quarter [11]. Coal Business - In Q2 2025, the company produced 83 million tons of coal, a decrease of 2% year-on-year, while coal sales were 106 million tons, down 6.3% year-on-year [2][12]. - The average selling prices for self-produced and purchased coal were 472 yuan/ton and 511 yuan/ton, respectively, both showing significant year-on-year declines [2][12]. - The unit cost of self-produced coal in H1 2025 was 177.7 yuan/ton, down 14.9 yuan/ton year-on-year, with a significant drop to 161 yuan/ton in Q2 2025 [2][12]. Electricity Business - The company reported power generation and sales of 48.4 billion and 45.4 billion kWh in Q2 2025, respectively, both down approximately 3.6% year-on-year [3][13]. - The gross margin improved to 16.9%, an increase of 2.3 percentage points year-on-year [3][13]. Transportation Business - Revenue from the railway, port, and shipping segments in H1 2025 was 21.4 billion, 3.5 billion, and 1.6 billion yuan, respectively, with varying year-on-year changes [18]. - The overall profitability of the transportation segment improved due to reduced repair costs [18]. Dividend and Acquisition Plans - The company plans to distribute a cash dividend of 0.98 yuan per share, representing 79% of the net profit attributable to shareholders for H1 2025 [19]. - The planned acquisitions include 100% stakes in several energy and coal companies, which are expected to enhance resource reserves and operational synergies [4][19].

格隆汇9月1日｜天风证券研报指出，中国神华2025年H1归母净利润246.4亿元，同比-12%。公司煤电运 一体化大幅提高了业绩的稳定性，2025年H1秦皇岛动力煤价格跌幅约为-22.8%，公司归母净利润下滑 幅度大幅小于煤价跌幅。煤炭业务整体运行稳定，成本控制能力仍然出色。从最新的数据上看，公司年 度长协+月度长协比再度提升，现货比例再度下降，有利于公司稳定销售收入。成本方面，公司的控制 能力依然非常出色，截止2025年H1，自产煤吨煤成本177.7元/吨，同比-7.7%，除折旧及摊销费用有小 幅度的上涨，其余项目均有不同程度下降，其中修理费、其他成本下调幅度较大。公司在电力板块的资 本开支较大，根据2025年报中公布的资本开支计划，发电业务占比最高，主要投入于广东、广西、江 西、河北四省份的电厂扩建工程，总装机增量为864万千瓦，预计后续或贡献业绩增量。公司中期利润 分配方案体现对投资者回报的高度重视，维持"买入"评级。 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國神華能源股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01088 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,377,482,000 | RMB | | 1 | RMB | | 3,377,482,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 3,377,482,000 | RMB | | 1 | RMB | | 3,377,482,000 | | ...