该行将中煤能源评级降至"沽售"，因公司今年可能录得负数自由现金流，管理层似乎无意提高派息比 例，2025至2027年预测股息回报率仅达3.7%至3.9%，目标价从7.39港元降至7.21港元。该行又指，中国 神华中期业绩展示出盈利具韧性，在上半年煤价下跌期间，其煤炭业务单位利润降幅为最小，维持"持 有"评级，目标价由32.18港元上调至39.48港元。 中银国际发表研究报告指，虽然目前市场预期国内港口煤炭库存水平相对偏低，可为冬季现货动力煤价 格带来支持，但考虑到第二季价格水平逊预期，仍将今年全年现货煤价预测下调4%。该行认为，内地 煤炭板块当前估值水平缺乏吸引力，维持行业"中性"评级。 ...

Core Viewpoint - China Shenhua (01088.HK) reported a slight decrease in coal production and sales for the year ending August 2024, indicating a potential shift in market dynamics and operational adjustments [1] Production and Sales - The company's coal production for 2024 is projected at 28.6 million tons, a decrease of 0.3% year-on-year [1] - Coal sales are expected to reach 37.5 million tons, reflecting a year-on-year decline of 3.1% [1] Transportation Metrics - Self-owned railway transportation turnover is anticipated to be 28 billion ton-kilometers, showing a year-on-year increase of 10.7% [1] - Huanghua Port's shipping volume is expected to be 19.3 million tons, up 11.6% year-on-year [1] - Tianjin coal terminal's shipping volume is projected at 4 million tons, marking an 8.1% increase year-on-year [1] - However, shipping freight volume is expected to decline to 9.6 million tons, a decrease of 16.5% year-on-year [1] - Shipping turnover is projected to be 94 tons nautical miles, down 27.1% year-on-year [1] Power Generation - Total power generation is expected to reach 23.39 billion kWh, reflecting a year-on-year increase of 3.8% [1] - Total electricity sales are projected at 21.97 billion kWh, showing a year-on-year growth of 3.6% [1] Chemical Production - Polyethylene sales are expected to be 32,300 tons, a slight increase of 0.9% year-on-year [1] - Polypropylene sales are projected at 28,100 tons, indicating a year-on-year decrease of 4.4% [1] Factors Influencing Changes - The increase in self-owned railway transportation turnover is attributed to sufficient coal sources along the railway [1] - The growth in Huanghua Port's shipping volume is due to an increase in incoming resources [1] - The decline in shipping freight volume and turnover is primarily due to business structure adjustments and changes in shipping routes [1] - The year-on-year growth in polyethylene and polypropylene sales is influenced by lower production levels in the previous year due to scheduled maintenance of coal-to-olefin production equipment [1]

中国神华（601088）(01088)发布公告，于2025年8月，商品煤产量为2860万吨，同比减少0.3%;煤炭销 售量为3750万吨，同比减少3.1%。1-8月商品煤产量为2.23亿吨，同比减少0.5%;煤炭销售量为2.8亿吨， 同比减少9.2%。 于2025年8月，总发电量为233.9亿千瓦时，同比增长3.8%;总售电量为219.7亿千瓦时，同比增长3.6%。 1-8月总发电量为1441.2亿千瓦时，同比减少3.8%;总售电量为1354.6亿千瓦时，同比减少3.8%。 ...

| 这宫指标 | 单位 | 2025年 | | 2024 年 | | 同比变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | (重述后) | | (%) | | | | | 8月 | 累计 | 8月 | 累计 | 8月 | 累计 | | (一) 煤炭 | | | | | | | | | 1. 商品煤产量 | 百万吨 | 28.6 | 223.3 | 28.7 | 224.4 | (0.3) | (0.5) | | 2. 煤炭销售量 | 百万吨 | 37.5 | 280.2 | 38.7 | 308.7 | (3.1) | (9.2) | | (二)运输 | | | | | | | | | 1. 自有铁微존输碳量 | 十亿吨公里 | 28.0 | 207.1 | 25.3 | 211.0 | 10.7 | (1.8) | | 2. 黄骅巷表船量 | 自月吨 | 19.3 | 146.3 | 17.3 | 144.0 | 11.6 | 1.6 | | 3. 天津煤码头翅量 | 自力吨 | 4.0 | 29.8 | 3.7 | 29. ...

智通财经APP讯，中国神华(01088)发布公告，于2025年8月，商品煤产量为2860万吨，同比减少0.3%;煤 炭销售量为3750万吨，同比减少3.1%。1-8月商品煤产量为2.23亿吨，同比减少0.5%;煤炭销售量为2.8亿 吨，同比减少9.2%。 于2025年8月，总发电量为233.9亿千瓦时，同比增长3.8%;总售电量为219.7亿千瓦时，同比增长3.6%。 1-8月总发电量为1441.2亿千瓦时，同比减少3.8%;总售电量为1354.6亿千瓦时，同比减少3.8%。 ...

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) 2025 年 8 月份主要運營數據公告 (海外監管公告) 以上主要運營數據來自本公司內部統計。運營數據在月度之間可能存在較大差 異，其影響因素包括但不限於天氣變化、設備檢修、季節性因素和安全檢查等。運營 數據可能與相關期間定期報告披露的數據有差異。投資者應注意不恰當信賴或使用以 上信息可能造成投資風險。 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9月16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。 中國神華能源股份有限公司（「本公司」）董事會及全體董事保證本公告內容不 存在任何虛假記載、誤導性陳述或者重大遺漏，並對其內容的真實性、準確性和完整 性承擔法律責任。 | | | 2025 | ...

Core Viewpoint - The coal industry is experiencing a downward trend in prices, with significant declines in both thermal and coking coal prices in the first half of 2025 compared to the previous year [2][3]. Price Trends - In H1 2025, the average price of Qinhuangdao thermal coal (Shanxi origin) Q5500 was 676 CNY/ton, down 22.8% year-on-year. In Q2 2025, the price dropped significantly to an average of 632 CNY/ton, a decrease of 12.4% quarter-on-quarter [1][2]. - The average price of coking coal at Jingtang Port (Shanxi origin) in H1 2025 was 1379 CNY/ton, down 38.8% year-on-year, with Q2 2025 averaging 1315 CNY/ton, a quarter-on-quarter decline of 8.8% [1][2]. Company Performance - In H1 2025, 27 listed coal companies (excluding Shanxi Coking Coal) produced a total of 610 million tons of coal, a year-on-year increase of 2.5%, but sales fell to 650 million tons, down 5.4% year-on-year. The total revenue for these companies was 538.4 billion CNY, a decrease of 18.1% year-on-year, and net profit attributable to shareholders was 56 billion CNY, down 31.7% year-on-year [3][4]. - The weighted average gross margin for these companies was 28.8%, down 2.1 percentage points year-on-year, while the net margin was 13.3%, down 2.6 percentage points year-on-year. The weighted average return on equity (ROE) was 4.8%, down 2.5 percentage points year-on-year [3]. Future Outlook - The coal price is expected to rebound due to policy support and market dynamics, with thermal coal prices projected to recover to long-term contract prices around 700 CNY/ton. The forecast for thermal coal prices in 2025 is around 750 CNY/ton, with a potential peak at 860 CNY/ton [5][6]. - Coking coal prices are anticipated to be influenced by supply-demand fundamentals, with target prices based on the ratio of coking coal to thermal coal prices. The current ratio suggests target prices for coking coal of 1608 CNY, 1680 CNY, 1800 CNY, and 2064 CNY for various scenarios [6]. - Despite the overall profit pressure in 2025, many coal companies maintain high dividend yields, with six listed companies announcing interim dividend plans totaling 24.13 billion CNY, indicating a strong commitment to shareholder returns [6].

Group 1 - Chinese coal prices are expected to remain low as the country approaches 2025, with current prices around 700 yuan ($98) per ton having subsided after a brief spike in August [1][2] - The Chinese government aims to reduce coal usage starting in 2026 as part of its climate targets, but declining prices complicate these efforts [2][3] - China Shenhua Energy Co. anticipates less price volatility in the second half of the year, contrasting with previous coal shortages that led to price spikes [3][4] Group 2 - The Chinese authorities have managed supply effectively, leading to a more stable outlook regarding demand surges [4][5] - Despite a significant drop in coal imports this year, there was a 20% increase in August compared to the previous month, indicating a strategy to mitigate supply disruptions [5] - The growth of solar and wind energy is meeting electricity demand, allowing for reductions in coal usage, although capacity remains unchanged as a backup [6][7] Group 3 - The continued availability of cheap coal is making it difficult to reduce its consumption, with its increasing role in the chemicals industry contributing to this trend [7] - Shenhua's parent company predicts a prolonged plateau in coal demand, potentially reaching peak coal as early as next year [7]

Market Overview - The Hong Kong stock market opened lower but rebounded, with the Hang Seng Index closing up 0.22% at 26,446.56 points and a total turnover of HKD 290.2 billion [1] - The Hang Seng China Enterprises Index rose 0.21% to 9,384.76 points, while the Hang Seng Tech Index increased by 0.91% to 6,043.61 points [1] Blue Chip Performance - WuXi Biologics (02269) led blue-chip stocks, rising 6.47% to HKD 38.84, contributing 13.66 points to the Hang Seng Index [2] - Other notable blue-chip performers included Li Auto-W (02015) up 4.56% and Nongfu Spring (09633) up 4.11% [2] Sector Highlights - The large technology stocks mostly rose, with Alibaba up over 2% and Kuaishou up 1% [3] - The lithium battery sector saw significant gains, with CATL (03750) surging 7% to a new high [3] - The pharmaceutical sector also performed well, with Jiangsu Hengrui Medicine (02617) skyrocketing 115% [3] Policy and Industry Developments - The National Development and Reform Commission and the National Energy Administration announced a plan to achieve a new energy storage capacity of over 180 million kilowatts by 2027, with an investment of approximately RMB 250 billion [4] - The Ministry of Industry and Information Technology released a plan for the automotive industry aiming for 32.3 million vehicle sales in 2025, with a focus on new energy vehicles [6] Stock Movements - Jiangsu Hengrui Medicine (02617) experienced a dramatic increase of 115.58%, reaching HKD 415 [8] - Lion Group (02562) surged 25.34% to HKD 19.24 after announcing a binding investment agreement in AI and blockchain [9] - Shanghai Fudan (01385) faced pressure, dropping 3.77% to HKD 37.82, following its inclusion in the U.S. entity list [11]

Investment Rating - The report rates the coal industry as "Overweight" [4]. Core Viewpoints - Coal prices are expected to peak, with pressure remaining in the first half of 2026 but easing compared to the same period in 2025. Demand for electricity coal, combined with the elasticity of coal prices, is likely to lead to prices exceeding 800 RMB/ton in the second half of 2026 [2]. - The report recommends core companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy, while continuing to recommend Yanzhou Coal Mining and Jincheng Anthracite Mining [4]. Summary by Sections Demand and Supply Analysis - In July, national electricity consumption increased by 8.6% year-on-year, and thermal power generation rose by 4.3%, indicating a significant improvement in the supply-demand balance [4]. - Raw coal production in July was 380 million tons, a decrease of 40 million tons month-on-month, primarily due to extreme weather in Inner Mongolia and Shaanxi [4]. - For the second half of the year, production is expected to decline slightly due to "overproduction checks," with total production projected at 2.35 to 2.4 billion tons, maintaining year-on-year stability [4]. Price Trends - As of September 12, 2025, the price of Q5500 coal at Huanghua Port was 688 RMB/ton, down 3 RMB/ton (-0.4%) from the previous week [7]. - The price of Q5000 coal at Huanghua Port was 595 RMB/ton, down 8 RMB/ton (-1.3%) from the previous week [10]. - The report notes that domestic coal prices are stabilizing while imports continue to decline, leading to an overall downward trend in supply [4]. Focus on Coking Coal - As of September 12, 2025, the price of main coking coal at Jingtang Port was 1550 RMB/ton, unchanged from the previous week [35]. - The average price of metallurgical coke at major domestic ports was 1653 RMB/ton, down 43 RMB/ton (-2.5%) from the previous week [60]. Inventory and Production Rates - As of September 12, 2025, coking coal inventory at three major ports totaled 2.646 million tons, a decrease of 1.6% from the previous week [51]. - The operating rate of coking enterprises with production over 200 million tons was 79.18%, showing a slight increase [4]. Long-term Contracts - The annual long-term contract price for Q5500 coal at Northern Ports was 674 RMB/ton, up 6 RMB/ton (0.9%) month-on-month [33]. - The report indicates that long-term contract prices for coking coal remained stable compared to the previous week [69].