Core Viewpoint - The coal stocks continue their recent upward trend, driven by a significant increase in thermal coal prices, with expectations for further price rises as the heating season approaches [1] Group 1: Stock Performance - Yanzhou Coal Mining Company (01171) rose by 4.18%, reaching HKD 11.47 [1] - Yancoal Australia (03668) increased by 2.5%, reaching HKD 28.7 [1] - China Coal Energy (01898) saw a rise of 2.41%, reaching HKD 11.06 [1] - China Shenhua Energy (01088) increased by 2.29%, reaching HKD 41.08 [1] Group 2: Price Trends - As of October 17, the Qinhuangdao Q5500 thermal coal closing price was RMB 748/ton, up by RMB 43/ton, a 6.1% increase [1] - Other port price indicators have reached around RMB 750/ton, nearing the expected coal-electricity profit-sharing price [1] - There is an expectation for prices to rise to the RMB 800-860 range due to the onset of the heating season and the peak demand for non-electric coal [1] Group 3: Market Sentiment - The industry fundamentals are improving due to positive changes on both the supply and demand sides, leading to coal price increases that exceed expectations [1] - The resurgence of trade conflicts may intensify market style shifts, enhancing the attractiveness of coal stocks due to their defensive dividend characteristics and clear fundamental turning points [1]

Core Viewpoint - The coal stocks continue their recent upward trend, driven by a significant increase in thermal coal prices, with expectations for further price rises as the heating season begins and demand increases [1] Group 1: Stock Performance - Yanzhou Coal Mining Company (01171) rose by 4.18%, trading at HKD 11.47 [1] - Yancoal Australia (03668) increased by 2.5%, trading at HKD 28.7 [1] - China Coal Energy (01898) saw a rise of 2.41%, trading at HKD 11.06 [1] - China Shenhua Energy (01088) gained 2.29%, trading at HKD 41.08 [1] Group 2: Coal Price Trends - As of October 17, the Qinhuangdao Q5500 thermal coal closing price reached CNY 748 per ton, an increase of CNY 43 per ton, or 6.1% [1] - Other port price indicators have reached approximately CNY 750 per ton, nearing the expected price range of CNY 800-860 [1] - The upcoming heating season and the peak demand for non-electric coal are expected to sustain the upward price trend [1] Group 3: Market Sentiment and Industry Outlook - The industry fundamentals are improving due to positive changes on both supply and demand sides, with coal price increases exceeding expectations [1] - The resurgence of trade conflicts may intensify market volatility, leading to a shift in investment styles [1] - The defensive nature of dividend characteristics and the clear turning point in the low-end fundamentals of coal are significantly enhancing the market's attractiveness [1]

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9]. Core Insights - The recent surge in thermal coal prices is attributed to unexpected demand due to climate anomalies and tightened supply from production checks. The report suggests that similar conditions to previous price spikes could lead to further price increases in Q4 2025 [2][6][7]. - The coal index (Yangtze) increased by 4.14% this week, outperforming the CSI 300 index by 6.37 percentage points, ranking 2nd out of 32 industries [6][15]. - As of October 17, the market price for thermal coal at Qinhuangdao was 748 RMB/ton, up 43 RMB/ton week-on-week, while coking coal prices at Jingtang Port rose to 1710 RMB/ton, an increase of 80 RMB/ton [6][15][44]. Summary by Sections Recent Trends - The report highlights that the thermal coal price has seen a significant increase due to early winter conditions and tight supply. The price is expected to continue to rise in Q4 due to these factors [6][16]. - The daily coal consumption across 25 provinces was 5.188 million tons, a decrease of 5.4% week-on-week but an increase of 0.8% year-on-year [16][36]. Price Movements - The report notes that the thermal coal price has increased by 6.10% recently, with significant price movements observed in the past five years during similar conditions [7][44]. - The report also discusses the historical context of price increases, identifying key periods where prices surged due to supply constraints and demand spikes [7]. Investment Recommendations - The report recommends focusing on coal stocks that have shown signs of bottom reversal and possess defensive characteristics, particularly in light of the ongoing trade tensions [7]. - Specific companies highlighted for their potential include Yanzhou Coal Mining, China Shenhua Energy, and Shanxi Coal International Energy [7][28].

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The coal sector has shown a rise, outperforming the CSI 300 index by 6.49 percentage points, with a weekly increase of 4.27% as of October 17, 2025 [2] - The report highlights that the onset of winter and heating demand is expected to boost coal consumption, with a potential increase in coal prices to 800 RMB/ton [6][25] - The report suggests that supply and demand are expected to gradually balance in the fourth quarter, leading to a steady rise in coal prices [6][25] Summary by Sections Market Performance - As of October 17, 2025, the coal sector outperformed the CSI 300 index, with 28 stocks rising and only 7 falling [2] - The highest weekly increase was seen in Dayou Energy, which rose by 53.13% [2] Supply Data - The average daily coal sales from monitored enterprises were 7.05 million tons, a week-on-week increase of 7.7% but a year-on-year decrease of 5.7% [2] - The average daily coal production was 6.91 million tons, up 2.5% week-on-week but down 6.1% year-on-year [2] - Total coal inventory (including port storage) was 24.36 million tons, down 3.9% week-on-week and 11.3% year-on-year [2] Price Trends - The price of thermal coal (Q5500K) in the Bohai Rim was 680 RMB/ton, a week-on-week increase of 0.44% [3] - The price of coking coal at Jingtang Port was 1690 RMB/ton, up 1.8% week-on-week [4] Investment Recommendations - The report recommends focusing on flexible thermal coal companies and coking coal companies undergoing turnaround [6][25] - Key companies to watch include China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining Company for thermal coal, and Huabei Mining and Shanxi Coking Coal for coking coal [6][25]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [11][12] - The coal market is expected to maintain a slightly tight supply-demand balance, with coal prices trending upwards, potentially exceeding early-year highs [11][12] - The underlying investment logic of coal capacity shortages remains unchanged, with a confirmed price bottom and an upward trend in the price center [11][12] Summary by Sections 1. Coal Price Trends - As of October 18, the market price for Qinhuangdao port thermal coal (Q5500) is 740 CNY/ton, up 34 CNY/ton week-on-week [11][30] - The price for coking coal at Jing Tang port is 1690 CNY/ton, an increase of 30 CNY/ton [11][32] - International thermal coal prices have also seen increases, with Newcastle thermal coal at 72.8 USD/ton, up 1.8 USD/ton [11][30] 2. Supply and Demand Dynamics - The capacity utilization rate for thermal coal mines is 91.7%, down 0.1 percentage points week-on-week, while coking coal mine utilization increased to 87.33%, up 5.4 percentage points [11][47] - Daily coal consumption in inland provinces decreased by 31.20 thousand tons/day, while coastal provinces saw an increase of 1.40 thousand tons/day [11][48] 3. Investment Recommendations - Focus on stable and high-performing companies such as China Shenhua, Shaanxi Coal, and China Coal Energy, as well as those with significant upside potential like Yanzhou Coal and Electric Power Energy [12] - The coal sector is characterized by high performance, cash flow, and dividends, with a favorable long-term outlook [12] 4. Market Performance - The coal sector has outperformed the broader market, with a weekly increase of 4.27%, while the Shanghai Composite Index fell by 2.22% [14][17] - The thermal coal segment rose by 6.55%, indicating strong market interest [17]

Core Viewpoint - China Shenhua Energy Co., Ltd. will hold a performance briefing for the third quarter of 2025 to discuss its operational results and financial status with investors [1][2]. Group 1: Event Details - The performance briefing will take place on October 27, 2025, from 16:00 to 17:00 [3][5]. - The event will be conducted via the Shanghai Stock Exchange's online interactive platform [2][6]. - Investors can submit questions for the briefing from October 20 to October 24, 2025, and the company will address common concerns during the session [2][7]. Group 2: Participation Information - Investors can register and log in to the Shanghai Stock Exchange's online platform to participate in the briefing [4][5]. - The company encourages active participation from investors and will provide answers to their questions during the event [7][8].

Group 1 - The report highlights the tightening of safety regulations in the coal industry, which is expected to lead to a recovery in the performance of flexible stocks due to rising coal prices during the peak season [2][4][21] - In September, significant events included the strict enforcement of safety regulations in coal-producing areas and the release of a consultation draft for coking coal options [5][6] - The report notes that the domestic coal production growth rate is slowing, with a focus on the supply side and the impact of safety inspections on production capacity [10][28] Group 2 - Demand for coal is strong ahead of maintenance on the Daqin railway, with high iron and steel production during the "golden September and silver October" period [4][21] - The coal supply-demand balance indicates a potential increase in coal prices as the market adjusts to seasonal demand fluctuations [22][20] - The report anticipates that the seasonal adjustment of railway freight rates will enhance the economic viability of coal production areas and increase price volatility [16][14] Group 3 - The report provides a detailed analysis of coal production and sales trends, indicating that coal production in major regions like Shanxi and Inner Mongolia is stabilizing, while overall production is concentrated among a few large companies [33][41] - The coal import volume has decreased significantly, with a notable decline in imports from Indonesia and Mongolia, reflecting broader market trends [46][47] - The report emphasizes the importance of monitoring coal prices and production levels, particularly in light of recent regulatory changes and market dynamics [39][42]

证券代码：601088 证券简称：中国神华 公告编号：临 2025-061 中国神华能源股份有限公司 关于举办 2025 年第三季度业绩说明会的公告 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。 重要内容提示： （网址：http://roadshow.sseinfo.com） 中国神华能源股份有限公司（"本公司"）2025 年第三季度报告将于 2025 年 10 月 25 日披露。为便于广大投资者更全面深入地了解公司经营成果与财务状 况，本公司将于 2025 年 10 月 27 日召开"中国神华 2025 年第三季度业绩说明会" （"本次业绩说明会"），就投资者普遍关心的问题进行交流。具体安排如下： 一、业绩说明会类型 本次业绩说明会以网络互动方式召开，本公司将针对 2025 年第三季度业绩与 经营情况与投资者进行交流，在信息披露允许的范围内就投资者普遍关注的问题 进行解答，听取投资者的意见和建议。 1 会议召开时间：2025 年 10 月 27 日（星期一）16:00-17:00 会议召开地点：上海证券 ...

Core Viewpoint - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) experienced a decline of 1.29% in its closing price on October 17, with a trading volume of 53.86 million yuan [1] Group 1: Fund Overview - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF 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 16, the fund had a total of 320 million shares and a total size of 324 million yuan [1] - The fund's performance benchmark is the adjusted return of the CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index [1] Group 2: Liquidity and Trading Activity - Over the last 20 trading days, the ETF recorded a cumulative trading amount of 1.048 billion yuan, with an average daily trading amount of 52.41 million yuan [1] Group 3: Fund Management - The current fund manager is He Yuxuan, who has managed the fund since its inception, with a return of -0.15% during the management period [1] Group 4: Top Holdings - The ETF's top holdings include: - COSCO Shipping Holdings (0.85% holding, 218,000 shares, market value of 2.9175 million yuan) - Orient Overseas International (0.40% holding, 10,500 shares, market value of 1.3717 million yuan) - China Foreign Transport (0.33% holding, 270,000 shares, market value of 1.1396 million yuan) - China Petroleum (0.32% holding, 162,000 shares, market value of 1.0973 million yuan) - CITIC Bank (0.32% holding, 175,000 shares, market value of 1.1136 million yuan) - CNOOC (0.29% holding, 58,000 shares, market value of 1.0041 million yuan) - China Shenhua Energy (0.29% holding, 30,500 shares, market value of 982,600 yuan) - China Pacific Insurance (0.29% holding, 164,000 shares, market value of 1.0107 million yuan) - China Unicom (0.28% holding, 104,000 shares, market value of 952,800 yuan) - Agricultural Bank of China (0.27% holding, 189,000 shares, market value of 933,900 yuan) [2]

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 18 日在上海證券 交易所網站(www.sse.com.cn)刊登的「關於舉辦 2025 年第三季度業 績說明會的公告」文件，僅供參閱。 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 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 17 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 2025-061 中国神华能源股份有限公司 关于举办 2025 年第三季度业绩说明会的公告 中国神华能源股份有限公司董事会及全体 ...