证券代码：601088 证券简称：中国神华 公告编号：临 2025-082 特此公告。 承中国神华能源股份有限公司董事会命 总会计师、董事会秘书 宋静刚 2025 年 12 月 30 日 中国神华能源股份有限公司 关于清远二期 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"）持股 67%的控股子公司国 能清远发电有限责任公司二期扩建工程项目（"清远二期"）3 号发电机组顺利 通过 168 小时试运行，正式投入商业运营。 清远二期位于广东省清远市英德市沙口镇，规划建设 2 台 100 万千瓦超超临 界二次再热燃煤发电机组，是广东省"十四五"规划能源保障重点工程。项目采 用高效清洁煤电技术，设计供电煤耗 262.23 克/千瓦时，可实现大气污染物超低 排放及废水零排放。 目前，清远二期 4 号发电机组建设工作稳步推进，计划于 2026 年 2 月投运。 项目全部投运后，将有效缓解所在区域能源供应压力，为粤港澳大湾区能源安全 提供保障。 ...

Core Viewpoint - China Shenhua Energy Co., Ltd. has successfully put its subsidiary, Guoneng Qingyuan Power Co., Ltd.'s Phase II expansion project into commercial operation, marking a significant step in energy supply for the Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 1: Project Details - The Phase II project, located in Qingyuan City, Guangdong Province, includes the construction of two 1 million kilowatt ultra-supercritical reheat coal-fired power generation units [1] - The project is a key energy security initiative under Guangdong's "14th Five-Year Plan" [1] - The designed coal consumption for power generation is 262.23 grams per kilowatt-hour, ensuring ultra-low emissions of air pollutants and zero wastewater discharge [1] Group 2: Future Developments - The construction of the fourth generator unit is progressing steadily, with plans for it to be operational by February 2026 [1] - Once fully operational, the project will significantly alleviate energy supply pressure in the region [1]

Core Viewpoint - China Shenhua Energy Co., Ltd. has successfully put its subsidiary, Guoneng Qingyuan Power Co., Ltd.'s Phase II expansion project into commercial operation, marking a significant step in energy supply for the Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 1: Project Details - The Phase II project, located in Qingyuan City, Guangdong Province, includes the construction of two 1 million kilowatt ultra-supercritical reheat coal-fired power generation units [1] - The project is a key energy security initiative under Guangdong's 14th Five-Year Plan, utilizing efficient and clean coal power technology [1] - The designed coal consumption for power generation is 262.23 grams per kilowatt-hour, achieving ultra-low emissions of air pollutants and zero wastewater discharge [1] Group 2: Future Developments - The construction of the fourth generator unit is progressing steadily, with plans for it to be operational by February 2026 [1] - Once fully operational, the project will significantly alleviate energy supply pressure in the region [1]

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) 中国神华能源股份有限公司 关于清远二期 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。 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 12 月 30 日在上海證券 交易所網站(www.sse.com.cn)刊登的「關於清遠二期 3 號機組通過 168 小時試運行的公告」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 12 月 29 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 ...

Core Insights - The global coal industry has transitioned from a peak profit phase to a new normal characterized by value reconstruction, where profit elasticity and capital operations have become key to success in a differentiated landscape [1][2]. Industry Overview - The global coal mining industry is experiencing a significant economic cycle driven by external shocks and supply-demand mismatches from 2020 to 2024, with a notable profit center established above pre-pandemic levels, despite facing new challenges of profit contraction [2]. - The industry reached a record profit peak of $52.4 billion in 2022, driven by geopolitical conflicts and a surge in international coal prices, following a brief downturn in 2020 due to the pandemic [2][3]. - The average net profit margin improved dramatically from a loss of $7.2 billion in 2020 to a peak of 17.27% in 2022, indicating a fundamental reversal in profitability [3]. Profitability and Efficiency - The coal industry's net profit is projected to normalize at $25.7 billion in 2024, still significantly higher than pre-pandemic levels, reflecting a structural elevation in overall profitability [3]. - The average net profit margin is expected to decline to 7.66% by 2024, indicating a departure from the peak profit phase and highlighting the cyclical nature of profitability [5]. Global Landscape - Asia, particularly China, India, and Indonesia, dominates the global coal industry, with these countries playing pivotal roles in shaping the market dynamics [8]. - China serves as the largest producer and consumer, ensuring energy security with stable profitability, while India experiences robust domestic demand growth, achieving an average net profit margin of 26.69% [8]. - Indonesia and Australia benefit significantly from international coal price surges, with average net profit margins of 19.05% and 15.64%, respectively [8]. Company Comparisons - Major players like China Shenhua and Indian Coal exhibit strong integrated advantages, showcasing resilience and stable profitability amid cyclical fluctuations [11]. - Emerging companies, such as Stanmore in Australia, have capitalized on acquisition opportunities during the cycle, achieving a remarkable compound annual growth rate of 118.56% [11]. - Export-oriented firms in Indonesia, like Golden Energy, have maximized profits from price elasticity, with average returns on equity reaching 71.67% [11]. Strategic Recommendations - The coal industry must transition from being mere fuel suppliers to comprehensive energy service providers, focusing on enhancing energy security and integrating renewable energy solutions [17][20]. - Companies should extend their value chains by developing high-end coal chemical products and exploring synergies with renewable energy projects [20]. - Emphasizing ESG management can transform perceived costs into competitive advantages, enabling firms to secure lower financing costs and enhance their public image [21]. - Maintaining prudent capital discipline is essential, focusing investments on core business areas and ensuring a healthy balance sheet to navigate future economic cycles [22].

Group 1 - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed down 0.70% on December 29, with a trading volume of 33.25 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 December 26, the fund had a total of 350 million shares and a total size of 349 million yuan [1] Group 2 - The fund's recent trading activity shows a cumulative trading amount of 559 million yuan over the last 20 trading days, with an average daily trading amount of 27.93 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, with a return of -0.04% during the management period [1] - The top holdings of the fund include COSCO Shipping Holdings, Orient Overseas International, China National Freight, PetroChina, CITIC Bank, CNOOC, China Shenhua Energy, China Pacific Insurance, China Unicom, and Agricultural Bank of China, with respective holding percentages [2]

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) experienced a slight decline of 0.68% in its closing price on December 29, with a trading volume of 3.5853 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% annually, while the custody fee is 0.10% annually [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 Liquidity - As of December 26, the latest share count for the ETF is 151 million shares, with a total size of 156 million yuan [1]. - Over the past 20 trading days, the cumulative trading amount for the ETF reached 96.319 million yuan, with an average daily trading amount of 4.8159 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 on September 30, 2025, achieving a return of 2.95% 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 (01088) announced the successful completion of the 4th unit of the Beihai Phase II expansion project, which has now entered commercial operation after a 168-hour trial run [1] Group 1: Project Details - The Beihai Phase II project consists of two 1 million kilowatt ultra-supercritical once-through coal-fired generating units, both of which are now operational [1] - The trial operation period showed stable performance of the units, with environmental indicators being excellent [1] Group 2: Environmental Standards - Emission concentrations of smoke, sulfur dioxide, and nitrogen oxides are significantly below ultra-low emission standards, reaching levels comparable to gas-fired power generation units [1] Group 3: Regional Impact - With the commissioning of Beihai Phase II, Beihai Power has become the largest supportive and adjustable power source in the region, providing strong support for the safety and stability of the regional power grid and the construction of a new power system [1]

1. Report Industry Investment Rating - The investment rating for the coal mining industry is "Bullish" [2] 2. Core Viewpoints of the Report - Currently at the beginning of a new upward cycle in the coal economy, with fundamental and policy factors in resonance, it is advisable to allocate the coal sector at low levels [2][3][11] - The underlying logic of coal supply constraints since July still exists, and there's no need to overly worry about a significant decline in coal prices. The stabilization point of coal prices is approaching [2][3][11] - The underlying investment logic of coal production capacity shortage remains unchanged. Coal prices have established a bottom and are on a new platform, high - quality coal enterprises maintain core asset attributes, and coal assets are relatively undervalued with potential for overall valuation improvement [3][11] - The coal supply bottleneck is expected to last until the "15th Five - Year Plan". The coal sector is a high - performance, high - cash, and high - dividend asset, with high certainty in the profitability and growth of high - quality coal companies [3][12] - The coal sector has a high - dividend safety margin when it adjusts downward and upward elasticity catalyzed by the expected increase in coal prices. It is recommended to focus on the current allocation opportunities in the coal sector [3][12] 3. Summary by Relevant Catalogs 3.1 This Week's Core Viewpoints and Key Concerns - **Core Viewpoints**: The coal economy is in the early stage of a new upward cycle. This week, the utilization rate of sample thermal coal and coking coal mine production capacity decreased. The daily coal consumption in inland 17 provinces and coastal 8 provinces increased, while non - power coal demand decreased. Coal prices showed a mixed trend. Although the current market is weak, after New Year's Day, the coal consumption support is expected to strengthen. The coal allocation logic remains unchanged, and it is recommended to allocate at low levels [11] - **Key Investment Recommendations**: Focus on three types of companies: those with stable operations and performance, those that have fallen sharply previously with high elasticity, and those with special and scarce global metallurgical coal resources. Also, pay attention to other related companies [12] - **Recent Key Concerns**: In November 2025, the total social electricity consumption increased by 6.2% year - on - year. From January to November 2025, US coal production increased by 4.1% year - on - year, and Russian coal production increased by 0.1% year - on - year [13] 3.2 This Week's Performance of the Coal Sector and Individual Stocks - The coal sector fell 0.89% this week, underperforming the broader market. The CSI 300 rose 1.95% to 4657.24 [14] - The thermal coal, coking coal, and coke sectors fell 1.24%, 0.81%, and 0.49% respectively [16] - The top three gainers in the coal mining and washing sector were Anyuan Coal Industry (6.42%), Huayang Co., Ltd. (5.01%), and Inner Mongolia Electric Power Investment Energy Co., Ltd. (2.75%) [19] 3.3 Coal Price Tracking - **Coal Price Index**: As of December 26, the comprehensive transaction price of CCTD Qinhuangdao thermal coal (Q5500) was 695.0 yuan/ton, down 7.0 yuan/ton week - on - week. The comprehensive average price index of Bohai Rim thermal coal (Q5500) was 695.0 yuan/ton, down 4.0 yuan/ton week - on - week. The annual long - term agreement price of CCTD Qinhuangdao thermal coal (Q5500) was 694.0 yuan/ton, up 10.0 yuan/ton month - on - month [23] - **Thermal Coal Price**: As of December 27, the market price of Qinhuangdao Port's Shanxi - produced thermal coal (Q5500) was 677 yuan/ton, down 34 yuan/ton week - on - week. At the production sites, prices in some areas rose or remained flat. International thermal coal FOB prices and some arrival prices fell [27] - **Coking Coal Price**: As of December 26, port and some production - site coking coal prices remained flat, while the arrival price of Australian Peak Downs hard coking coal in China rose 0.3 US dollars/ton week - on - week [29] - **Anthracite and Pulverized Coal Injection Price**: As of December 26, the vehicle - board price of Jiaozuo anthracite remained flat, while the vehicle - board prices of some pulverized coal injection decreased [38] 3.4 Coal Supply and Demand Tracking - **Coal Mine Capacity Utilization**: As of December 26, the capacity utilization rate of sample thermal coal mines was 86.4%, down 4.0 percentage points week - on - week, and that of sample coking coal mines was 84.21%, down 2.4 percentage points week - on - week [45] - **Import Coal Price Difference**: As of December 26, the price difference between domestic and foreign 5000 - kcal and 4000 - kcal thermal coal increased week - on - week [41] - **Coal - fired Power Daily Consumption and Inventory**: In both inland 17 provinces and coastal 8 provinces, coal inventory increased, daily consumption increased, and the number of available days decreased [46] - **Downstream Metallurgical Demand**: As of December 26, the Myspic composite steel price index fell, the price of Tangshan - produced primary metallurgical coke fell, the blast furnace operating rate decreased, the average profit per ton of coke for independent coking enterprises decreased, the profit per ton of steel for blast furnaces increased, the iron - scrap price difference decreased, and the scrap consumption ratio of pure blast furnace enterprises decreased [64][65] - **Downstream Chemical and Building Materials Demand**: As of December 26, the prices of some chemical products showed different trends, the national cement price index fell, the cement clinker capacity utilization rate decreased, the float glass operating rate decreased, and the weekly coal consumption in the chemical industry decreased [68][70] 3.5 Coal Inventory Status - **Thermal Coal Inventory**: As of December 26, the coal inventory at Qinhuangdao Port decreased, the 55 - port thermal coal inventory increased, and the production - site inventory increased [82] - **Coking Coal Inventory**: As of December 26, the production - site, port, coking enterprise, and steel mill coking coal inventories all increased [83] - **Coke Inventory**: As of December 26, the total coke inventory of coking plants decreased, the four - port total coke inventory increased, and the total coke inventory of domestic sample steel mills increased [85] 3.6 Coal Transportation Status - **International and Domestic Coal Transportation**: As of December 24, the Baltic Dry Index (BDI) fell. As of December 25, the average daily coal shipment volume on the Datong - Qinhuangdao Railway decreased week - on - week [98] - **Cargo - to - Ship Ratio at Four Major Ports in the Bohai Rim**: As of December 26, the inventory at the four major ports in the Bohai Rim decreased, the number of anchored ships remained unchanged, and the cargo - to - ship ratio decreased [96] 3.7 Weather Conditions - As of December 26, the Three Gorges outbound flow increased by 0.31% week - on - week [103] - In the next 10 days (December 28, 2025 - January 6, 2026), precipitation in some areas will be higher than normal, and after January 1, the average temperature in most parts of central and eastern China will turn 1 - 2°C lower than normal [103] - In the next 11 - 14 days (January 7 - 10, 2026), precipitation and temperature in different regions will show different trends [103] 3.8 Valuation Table and Key Announcements of Listed Companies - **Valuation Table**: The report provides the valuation data of key listed companies, including net profit attributable to the parent company, EPS, and PE from 2024A to 2027E [104] - **Key Announcements**: There are announcements from multiple companies, such as the share transfer of Jizhong Energy, the completion of the shareholding increase plan of Panjiang Co., Ltd., the acceptance of the application for asset acquisition by Inner Mongolia Electric Power Investment Energy Co., Ltd., the guarantee provided by Kailuan Co., Ltd., and the maintenance of the credit rating of Meijin Energy [105][106][107] 3.9 This Week's Key Industry News - Indonesia plans to impose a 1% - 5% export tax on coal from 2026 [109] - In November 2025, China's coal imports decreased by 19.9% year - on - year, with thermal coal imports increasing by 7.0% month - on - month and coking coal imports increasing by 1.3% month - on - month [109] - 8000 tons of high - quality Mongolian coal arrived in Gannan [109] - As of the end of November 2025, the national cumulative power generation installed capacity increased by 17.1% year - on - year [109]

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。 关于北海二期 4 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"）持股约 52%的控股子公司 国能广投北海发电有限公司（"北海电力"）二期扩建工程项目（"北海二期"） 4 号机组顺利通过 168 小时试运行，移交商业运营。至此，北海二期 2 台 100 万 千瓦超超临界一次再热燃煤发电机组全部建成投运。 试运期间，机组运行平稳，环保指标优秀，烟尘、二氧化硫、氮氧化物排放 浓度远低于超低排放标准，达到燃气发电机组排放标准。北海二期投运后，北海 电力成为所在区域最大的支撑性、调节性 ...