中国神华能源股份有限公司 关于举办 2025 年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 年度报告将于 2026 年 3 月 31 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 2026 年 4 月 2 日召开"中国神华 2025 年度业绩说明会"（"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：2026 年 4 月 2 日（星期四）16:00-17:00 会议召开地点：上海证券交易所上证路演中心 证券代码：601088 证券简称：中国神华 公告编号：临 2026-019 四、投资者参加 ...

Core Viewpoint - China Shenhua announced that its 2025 annual report will be disclosed on March 31, and an interactive online performance briefing will be held on April 2 to facilitate investor understanding of the company's operational and financial status [1] Group 1 - The annual performance briefing will take place from 16:00 to 17:00 at the Shanghai Stock Exchange's online roadshow center [1] - Company directors and senior management will participate in the briefing [1] - Investors can submit questions from March 26 to April 1, 16:00, either through the roadshow center or via email by 17:00 on March 31, and the company will address these questions during the meeting [1]

Core Viewpoint - Morgan Stanley has added China Shenhua (01088) to its focus list for mainland China/Hong Kong with a rating of "Overweight" [1] Group 1: Company Overview - China Shenhua is the largest coal producer in China [1] - The company is projected to reach a coal production of 330 million tons and sales of 430 million tons by 2025 [1] Group 2: Market Dynamics - Despite the continuous increase in domestic coal supply, the stock has experienced a sustained revaluation due to China's energy transition [1] - Coal prices have risen year-on-year, leading to higher profit contributions from Shenhua's coal segment [1] Group 3: Investment Appeal - The stock currently offers an attractive dividend yield of approximately 7%, making it appealing in volatile market conditions [1]

Group 1 - The bank forecasts QHD5500 coal prices for 2026 to be 750 RMB, 720 RMB, and 670 RMB per ton, reflecting a tightening global energy market and slight impacts from Indonesia's quota reductions [1] - China Shenhua (601088) has a target price of 48.6 RMB for A-shares and 48 HKD for H-shares, rated "Neutral" [1] - Yanzhou Coal Mining (600188) has a target price of 11.4 HKD, and Shaanxi Coal and Chemical Industry (601225) has a target price of 22.8 RMB, both maintaining a "Sell" rating due to current stock prices exceeding fundamental valuations [1] Group 2 - UBS reports that the annual price for Chinese thermal coal in 2026 is expected to be between 750 to 800 RMB per ton, with price increases likely during the summer replenishment window in May and June [2] - The potential for prices to briefly test 900 RMB per ton exists under tight supply conditions, but the likelihood of sustained increases is low due to China's responsive policy coordination capabilities [2]

Group 1 - The central enterprise dividend ETF, Fu Guo (159332), opened at 1.234 yuan with an increase of 0.98% on March 24 [1][2] - Major holdings of the ETF include China Merchants Industry Holdings, which rose by 0.72%, and China Shenhua Energy, which fell by 1.76% [1] - The ETF's performance benchmark is the China Central Enterprises Dividend Index return rate, managed by Fu Guo Fund Management Co., Ltd., with a return of 26.33% since its establishment on July 16, 2024, and a monthly return of 2.08% [2] Group 2 - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [3]

Core Viewpoint - UBS forecasts that the price of thermal coal in China will be between 750 to 800 RMB per ton for the full year of 2026, with price increases expected during the summer replenishment window in May and June, influenced by high international energy prices and fluctuations in Indonesian supply [2] Price Forecast - The projected prices for QHD5500 coal from 2026 to 2028 are 750 RMB, 720 RMB, and 670 RMB per ton, reflecting a tightening global energy market and slight impacts from Indonesia's quota reductions [2] Company Ratings - China Shenhua (601088.SH) and China Shenhua (01088) have target prices set at 48.6 RMB and 48 HKD respectively, with a "Neutral" rating [2] - Yanzhou Coal Mining (01171) has a target price of 11.4 HKD, and Shaanxi Coal and Chemical Industry (601225.SH) has a target price of 22.8 RMB, both maintaining a "Sell" rating due to current stock prices exceeding fundamental valuations [2]

Group 1 - UBS forecasts that the price of Chinese thermal coal for the year 2026 will be between 750 to 800 RMB per ton [1][6] - Price increases are expected to be concentrated in the summer replenishment window from May to June, influenced by high international energy prices and fluctuations in Indonesian supply [1][6] - In a tight supply scenario, prices may briefly test 900 RMB per ton, but sustained increases are unlikely due to China's rapid policy response capabilities [1][6] Group 2 - UBS projects QHD5500 coal prices for 2026, 2027, and 2028 to be 750 RMB, 720 RMB, and 670 RMB per ton respectively, reflecting a tightening global energy market and slight impacts from Indonesia's quota reductions [4] - The target price for China Shenhua (601088.SH) A-shares and China Shenhua (01088) H-shares is set at 48.6 RMB and 48 HKD respectively, with a "neutral" rating [4] - Yanzhou Coal Mining (01171) has a target price of 11.4 HKD, and Shaanxi Coal and Chemical Industry (601225.SH) has a target price of 22.8 RMB, both maintaining a "sell" rating due to current stock prices reflecting fundamentals [4]

Group 1 - UBS forecasts that the price of thermal coal in China will be between 750 to 800 RMB per ton for the full year of 2026, with price increases expected during the summer replenishment window in May and June [1] - The potential for prices to briefly test 900 RMB per ton exists under tight supply conditions, but sustained increases are unlikely due to China's responsive policy coordination capabilities [1] - The projected QHD5500 coal prices for 2026 to 2028 are 750 RMB, 720 RMB, and 670 RMB per ton, reflecting a slight impact from tightening global energy markets and Indonesia's quota reductions [1] Group 2 - China Shenhua (601088.SH) and China Shenhua (01088) have target prices set at 48.6 RMB and 48 HKD respectively, with a "neutral" rating [1] - Yanzhou Coal Mining (01171) has a target price of 11.4 HKD, and Shaanxi Coal and Chemical Industry (601225.SH) has a target price of 22.8 RMB, both maintaining a "sell" rating due to current stock prices reflecting fundamentals [1]

Core Insights - The main focus of the news is the significant inflow of capital into various stocks, highlighting the top 20 stocks by capital inflow as of March 23, with notable performances in sectors such as automotive, power equipment, and coal [1][2][3] Group 1: Stock Performance - BYD saw a capital inflow of 1.731 billion, with a price increase of 5.47% [2] - GCL-Poly Energy experienced a capital inflow of 1.426 billion, with a price increase of 7.64% [2] - Shunhao Co. reported a capital inflow of 1.018 billion, with a price increase of 9.97% [2] - Jinfat Technology had a capital inflow of 711 million, with a price increase of 10.02% [2] - Wolong Electric Drive received a capital inflow of 710 million, with a price increase of 8.04% [2] Group 2: Sector Analysis - The automotive sector, represented by BYD and Haima Automobile, showed strong capital inflows, indicating investor confidence [1][2] - The power equipment sector, including GCL-Poly Energy and Wolong Electric Drive, also attracted significant capital, reflecting growth potential [1][2] - The coal sector, represented by Shanxi Coal and China Shenhua, displayed mixed performance with varying capital inflows and stock price changes [1][3]

Investment Rating - The report maintains a "Buy" rating for key coal companies, including China Shenhua, Shaanxi Coal, and others, indicating a positive outlook for the coal sector [11]. Core Insights - The coal market is experiencing a reversal with domestic coal prices beginning to rise, driven by seasonal demand and geopolitical factors [2][10]. - The report identifies three phases of coal price increases: initial support from Indonesian production cuts, followed by heightened demand due to geopolitical tensions, and potential supply constraints from other coal-producing countries [4][8]. - The focus on companies with overseas operations, such as China Qinfa and Yancoal Australia, is emphasized as they are expected to benefit from rising international coal prices [4][10]. Summary by Sections Market Overview - The CITIC Coal Index is at 4451.82 points, down 2.05%, but outperformed the CSI 300 Index by 0.14 percentage points, ranking fourth in the CITIC sector [71]. - Domestic coal prices have shown signs of recovery, with thermal coal prices stabilizing and beginning to rise seasonally [5][10]. Key Phenomena - Thermal coal prices have stopped declining and are now on an upward trend, indicating a reversal in market sentiment [2]. - Coking coal prices surged by 8.7% in the latest trading session, reflecting strong demand driven by geopolitical tensions and increased profitability in coal chemical production [3][10]. Supply and Demand Dynamics - The report notes that coal production is stable, with some mines temporarily halting operations due to underground issues, while overall supply remains adequate [10]. - Demand from non-electric sectors, such as metallurgy and chemicals, is driving procurement, with some terminals shifting to domestic coal due to high import prices [15][31]. Price Trends - As of March 20, 2026, the price of thermal coal at northern ports is reported at 737 CNY/ton, reflecting a slight increase [31]. - Coking coal prices are also on the rise, with significant increases reported in various regions, indicating a robust market for coking coal [36][41]. Investment Recommendations - The report recommends focusing on companies with high coal chemical ratios, such as Yancoal Energy and China Xuyang Group, as they are expected to benefit from increased profitability [4][10]. - Specific stocks are highlighted for investment, including China Shenhua, Shaanxi Coal, and others, based on their strong earnings potential and market positioning [11].