Core Insights - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed up 0.59% on October 23, with a trading volume of 45.18 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 22, the fund's latest share count was 292 million, with a total size of 296 million yuan [1] - Over the past 20 trading days, the fund's cumulative trading amount reached 1.099 billion yuan, with an average daily trading amount of 54.94 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, achieving a return of 1.32% 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 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 People's Insurance Group (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]

Core Viewpoint - The A-share market has seen a significant increase in dividend distribution in the first three quarters of 2025, with a total cash distribution of 662.03 billion yuan, representing an 18.93% year-on-year growth [1] Group 1: Dividend Distribution Overview - A total of 843 listed companies in the A-share market announced profit distribution plans for the first three quarters of 2025, a 22.71% increase from 687 companies in the same period of 2024 [1] - Among these, 588 companies have completed dividend payments totaling 309.69 billion yuan, while 255 companies with a total of 352.33 billion yuan in proposed dividends are expected to complete their distributions in the fourth quarter [1] Group 2: High Dividends from State-Owned Enterprises and Industry Leaders - The six major state-owned banks plan to distribute over 204.7 billion yuan, accounting for nearly 31% of the total dividend amount [2] - Industrial Fulian plans to distribute 6.55 billion yuan, which is 52.3% of its net profit for the first half of 2025, with a dividend yield of 5.8% [2] - China Shenhua intends to distribute 19.47 billion yuan, equivalent to 78.4% of its net profit for the same period, supported by high coal prices and improved operational efficiency [2] Group 3: Financial Sector and Agricultural Industry Dividends - CITIC Bank plans to distribute 10.46 billion yuan, a 15% increase year-on-year, with a distribution ratio exceeding 30% [3] - Wens Foodstuff Group and Shennong Development are also distributing high dividends, with Wens proposing 1.99 billion yuan, representing 35.2% of its net profit [3] Group 4: Increased Dividend Activity Among Small and Medium Enterprises - Small and medium-sized enterprises are showing increased enthusiasm for dividend distribution, with Huayan Precision Machinery proposing a high dividend of 60 million yuan, yielding 4.2% [4] - Companies like Meihua Medical and Zhejiang Huayuan have increased their dividend frequency, indicating a shift towards a more stable shareholder return mechanism [4] Group 5: Policy Support and Strategic Adjustments - The growth in dividend distribution is closely linked to policy support, including guidelines from the State-owned Assets Supervision and Administration Commission aimed at enhancing investor returns [5][6] - Companies are adjusting their strategies and governance structures, with mature companies focusing on profit distribution while growth-stage companies use dividends to signal improved profitability and cash flow [6] Group 6: Market Trends and Investor Sentiment - The A-share market is experiencing a shift from technology growth to value dividend styles, with high-dividend stocks benefiting from net inflows from institutional investors [7]

Major Events - Guanghe Tong (00638) has set the offer price at HKD 21.5 per share, with the public offering receiving a subscription rate of 550.99 times [1] - China Biologic Products (01177) announced the Phase III study data of Kymriah combined with Fluvestrant for the first-line treatment of advanced breast cancer will be presented at ESMO 2025 [1] - Derun Holdings (01709) plans to conduct a placement of new shares at a discount of approximately 11.34%, aiming to raise about HKD 761 million [1] - New World Development (00017) clarified media reports, stating that it has not undertaken any debt management projects regarding perpetual and other debt securities [1] - China Shenhua (01088) reported that Unit 4 of the Jiujiang Phase II project has successfully completed a 168-hour trial run [1] - Jingwei TianDi (02477) has acquired a TCSP licensed company and launched a new feature called FOPAY [1] - Rongzun International Holdings (01780) announced that its controlling shareholder intends to place up to 60% of the company's shares, reducing their stake to 15% [1] Financial Performance - Pop Mart (09992) reported a year-on-year revenue growth of 245%-250% for the third quarter [2] - China Telecom (00728) recorded a profit attributable to shareholders of RMB 30.8 billion for the first three quarters, reflecting a year-on-year increase of 5.0% [2] - Luk Fook Holdings (00590) reported that its overall retail value, retail income, and same-store sales for the second quarter exceeded the first quarter, increasing by 18%, 15%, and 10% respectively [2] - Minmetals Resources (01208) produced a total of 127,000 tons of copper in the third quarter, marking an 11% year-on-year increase [2] - Datang Power (00991) achieved a total electricity generation of approximately 2,062.41 billion kilowatt-hours in the first three quarters, up about 2.02% year-on-year [2] - Far East Horizon (03360) reported an increase in profit attributable to ordinary shareholders for the first three quarters [2] - China General Nuclear Power Corporation (01164) produced a total of 644.3 tons of natural uranium in the third quarter [2]

Core Viewpoint - China Shenhua Energy Co., Ltd. announced the successful completion of the 4th unit of the Jiujiang Phase II expansion project, which has passed a 168-hour continuous full-load test and is now in commercial operation [2] Group 1 - The Jiujiang Phase II project consists of two 1 million kilowatt ultra-supercritical secondary reheating coal-fired power generation units, both of which are now operational [2]

证券代码：601088 证券简称：中国神华 公告编号：临 2025-062 中国神华能源股份有限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。 宋静刚 近日，中国神华能源股份有限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"）4 号机组顺利通过 168 小时连续满负荷试 运行，移交商业运营。至此，九江二期 2 台 100 万千瓦超超临界二次再热燃煤发 电机组全部建成投运。 2025 年 10 月 22 日 九江二期位于江西省九江市湖口县流泗镇，是江西省"十四五"重大项目和 支撑性清洁煤电项目。试运期间，机组运行平稳，环保指标优秀，烟尘、二氧化 硫、氮氧化物排放浓度达到超低排放标准。九江二期投运后，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。 中国神华能源股份有限公司 承中国神华能源股份有限公司董事会命 关于九江二期 4 号机组通过 168 小时试运行的公告 总会计师、董事会秘书 ...

格隆汇10月21日丨中国神华(601088.SH)公布，近日，中国神华能源股份有限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"）4号机组顺利通过168小时连续满负荷试运行， 移交商业运营。至此，九江二期2台100万千瓦超超临界二次再热燃煤发电机组全部建成投运。 九江二期位于江西省九江市湖口县流泗镇，是江西省"十四五"重大项目和支撑性清洁煤电项目。试运期 间，机组运行平稳，环保指标优秀，烟尘、二氧化硫、氮氧化物排放浓度达到超低排放标准。九江二期 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。 ...

中国神华公告，近日，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"）4 号机组顺利通过168小时连续满负荷试运行，移交商业运营。至此，九江二期2台100万千瓦超超临界二 次再热燃煤发电机组全部建成投运。 ...

Core Viewpoint - China Shenhua (01088.HK) announced the successful completion of the 4th unit of its subsidiary Guoneng Shenhua Jiujiang Power Co., Ltd.'s Phase II expansion project, marking the full operational status of two 1 million kilowatt ultra-supercritical secondary reheating coal-fired power generation units [1] Group 1 - The Jiujiang Phase II project is located in Liusi Town, Hukou County, Jiujiang City, Jiangxi Province, and is recognized as a significant project during the "14th Five-Year Plan" period, supporting clean coal power initiatives in the region [1] - During the trial operation period, the unit operated smoothly with excellent environmental performance, achieving ultra-low emission standards for dust, sulfur dioxide, and nitrogen oxides [1] - The commissioning of Jiujiang Phase II will significantly enhance energy security for Jiangxi Province and the Central China region, while also promoting regional socio-economic development [1]

Core Viewpoint - China Shenhua Energy Co., Ltd. has successfully completed the commercial operation of its Jiujiang Phase II project, enhancing energy security in Jiangxi Province and the Central China region [1] Group 1: Project Overview - The Jiujiang Phase II project includes two 1 million kilowatt ultra-supercritical secondary reheating coal-fired power generation units [1] - The project is located in Liusi Town, Hukou County, Jiujiang City, Jiangxi Province, and is a significant project under Jiangxi's 14th Five-Year Plan [1] Group 2: Operational Performance - The fourth unit of the Jiujiang Phase II project has passed a 168-hour continuous full-load trial operation [1] - During the trial operation, the units demonstrated stable performance with excellent environmental indicators, meeting ultra-low emission standards for dust, sulfur dioxide, and nitrogen oxides [1] Group 3: Economic Impact - The operation of the Jiujiang Phase II project will provide strong support for energy security in Jiangxi Province and the Central China region [1] - The project is expected to further stimulate regional social and economic development [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。 中国神华能源股份有限公司 ( 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 10 月 22 日在上海證券 交易所網站(www.sse.com.cn)刊登的「關於九江二期 4 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 10 月 21 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 证券代码：601088 证券简称：中国神华 公告编号：临 2025-062 关于九江二期 4 号机组通过 168 小时试运行的公告 中国神华能源股份有限公 ...