（股份代碼：01088） 臨時股東會適用之代表委任表格 本人╱吾等 （附註1） ， 地址為 ， 為中國神華能源股份有限公司（「本公司」）股本中每股面值人民幣1.00元之H股 股 （附註2） 之登記持有人，茲委任會議主席 （附註3） 或， 地址為 ， 為本人╱吾等之代表，代表本人╱吾等出席本公司將於2025年10月24日（星期五）下午二時三十分假座中華人民共和國北京市朝 陽區鼓樓外大街19號歌華開元大酒店二層和廳舉行之2025年第二次臨時股東會（「臨時股東會」或「會議」）及其任何續會，以審議並 酌情通過召開臨時股東會通告所載之決議案，並於臨時股東會及其任何續會上代表本人╱吾等及以本人╱吾等之名義依照下列指 示 （附註4） 就該等決議案投票。 （在中華人民共和國註冊成立的股份有限公司） | (vi) 授權董事會根據境內外監管機構要求，對上述第(iv)項和第(v)項 | | --- | | 有關協議和法定文件進行修改。 | | (vii) 授權董事會批准本公司在發行新股後增加註冊資本、對《公司章 | | 程》中涉及股本總額、股權結構等相關內容進行適當及必要的修 | | 改，並履行境內外法定的有關批准、登記、備案手續 ...

地址為： （登記在股東名冊上）為本公司股本中每股面值人民幣1.00元的H股股份 （附註二） 股的登記持有人，茲通告本公司本人╱吾等擬親自或委託代理人出席本公司2025年10月24日 （星期五）下午二時三十分，假座中華人民共和國北京市朝陽區鼓樓外大街19號歌華開元大酒店 二層和廳舉行的本公司2025年第二次臨時股東會。 （在中華人民共和國註冊成立的股份有限公司） （股份代碼：01088） 臨時股東會回條 致：中國神華能源股份有限公司（「本公司」） 本人╱吾等 （附註一） 日期： 簽署： 聯繫電話： 附註： 一. 請用正楷書寫登記在股東名冊上的全名及地址。 二. 請將 閣下名義登記的H股股份數目填上。 三. 此回條在填妥及簽署後須於2025年10月21日（星期二）或以前以親身或以郵遞、電子郵件、圖文傳真送達或交 回本公司董事會辦公室，地址為中華人民共和國北京市東城區安定門西濱河路22號神華大廈A座1003室（郵政 編碼100011，電子郵箱：ir@ csec.com ，傳真號碼：(+86) 10 5813 1814），方為有效。 四. 透過香港中央結算有限公司、銀行、經紀公司或其他託管人持有本公司股份的非登記H股 ...

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通告之內容概不負責，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通告全部或任何部分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） 臨時股東會通告 茲通告中國神華能源股份有限公司（「本公司」）謹定於2025年10月24日（星期五） 下午二時三十分，假座中華人民共和國北京市朝陽區鼓樓外大街19號歌華開元大酒店 二層和廳召開2025年第二次臨時股東會（「臨時股東會」），以審議並酌情通過下列議 案： 作為一般決議案： 1. 考慮及酌情通過本公司截至2025年6月30日止六個月之中期利潤分配的議 案：擬分配截至2025年6月30日止六個月之中期股息每股人民幣0.98元（含 稅），共計約人民幣19,471百萬元（含稅）（「2025年中期股息」）。 作為特別決議案： – 1 – 2. 考慮及酌情通過授予董事會及董事會授權人士發行股份一般性授權的議 案： (i) 在依照下文第(ii)項所列條件的前提下，授予董事會在相關期間（定義 見下文）一般性授權，根據市場情況和公司需要，決定單 ...

此乃要件 請即處理 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通函的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容而產生或因依賴該等內容而引致的任 何損失承擔任何責任。 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券交易商、 銀行經理、律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓名下所有中國神華能源股份有限公司股份，應立即將本通函送交買主、承讓人、經手 買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 本通函僅供參考，並不構成收購、購買或認購中國神華能源股份有限公司證券的邀請或要約。 （在中華人民共和國註冊成立的股份有限公司） （股份代碼：01088） 建議發行股份一般性授權 及 2025年第二次臨時股東會通告 董事會函件載於本通函第3頁至第7頁。 本公司將於2025年10月24日（星期五）下午二時三十分，假座中華人民共和國北京市朝陽區鼓樓外大街19 號歌華開元大酒店二層和廳召開2025年第二次臨時股東會，該會議通告載於本通函第8頁至第13頁。 隨函附奉上述臨時股東會適用的回條及代表委任表格 ...

Investment Rating - The report rates the coal industry as "Overweight" [4]. Core Viewpoints - Coal prices are expected to rebound in the off-season, with pressure anticipated in the first half of 2026, but the year-on-year decline compared to 2025 will ease. It is projected that coal prices could exceed 800 RMB/ton in the second half of 2026 [2]. Summary by Sections Investment Highlights - The report recommends maintaining positions in key companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy, while also continuing to recommend Yanzhou Coal Mining and Jinneng Holding. The investment opportunities arising from state-owned enterprise reforms should be emphasized, which may create a sector-wide effect [4]. - The demand side shows a significant recovery, with total electricity consumption in August growing by 4.6%, compared to only 2.5% in Q1, and is expected to exceed a 5% growth rate for the year. This contradicts previous market pessimism [4]. - On the supply side, the output of raw coal in August was 390 million tons, a year-on-year decrease of 3.2%, but a month-on-month increase of 10 million tons. The total coal production for the year is expected to be stable at around 475-480 million tons, with a slight decline in H2 due to "overproduction checks" [4]. Coal Price Tracking - As of September 26, 2025, the price of Q5500 coal at Huanghua Port was 713 RMB/ton, up 0.6% from the previous week. The price of Q5000 coal at the same port was 622 RMB/ton, up 0.5% [7][10]. - The price of coking coal at Jingtang Port was 1710 RMB/ton, an increase of 6.2% from the previous week [35]. Inventory and Supply Chain - The inventory at Qinhuangdao decreased by 12.2% to 5.4 million tons as of September 25, 2025. The total inventory at northern ports was 29.64 million tons, down 0.9% [20]. - The report notes a decrease in both port and steel mill inventories, indicating a tightening supply situation [54][56]. International Coal Prices - The report highlights that Australian Newcastle coal prices have decreased, with the price of Q5500 coal at Newcastle being 71 USD/ton, up 1 USD (1.3%) from the previous week. The cost of domestic coal is lower than that of Australian imports by 7 RMB/ton [18][19].

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 supply side is constrained, with the sample coal mine capacity utilization rates for thermal coal at 93.8% (+0.5 percentage points) and coking coal at 86.46% (+1.81 percentage points) [11][46] - Demand has shown a decrease in daily consumption in inland and coastal provinces, with inland provinces down by 37.80 thousand tons/day (-11.14%) and coastal provinces down by 12.50 thousand tons/day (-5.61%) [11][47] - The report anticipates that coal prices will continue to strengthen due to rigid supply constraints, seasonal demand increases, and maintenance impacts on transportation lines [11][12] Summary by Sections 1. Coal Price Tracking - As of September 27, the market price for thermal coal (Q5500) at Qinhuangdao Port is 703 RMB/ton, up by 4 RMB/ton [29] - The price for coking coal at Jingtang Port is 1710 RMB/ton, an increase of 100 RMB/ton [31] 2. Supply and Demand Tracking - The capacity utilization rate for thermal coal mines is reported at 93.8%, while for coking coal it is 86.46% [46] - Daily coal consumption in inland provinces has decreased, while coal inventories have increased [47] 3. Industry Performance - The coal sector has shown a decline of 1.44% this week, underperforming compared to the broader market [14][17] - The report highlights that the coal sector remains characterized by high performance, cash flow, and dividends, indicating a strong investment opportunity [12][14] 4. Future Outlook - The report suggests that the coal sector is likely to experience a tightening supply-demand balance over the next 3-5 years, with high barriers to entry and strong cash flow characteristics for quality coal companies [12][11] - Investors are encouraged to focus on companies with stable operations and strong performance, such as China Shenhua, Shaanxi Coal, and others [12]

Group 1 - The core viewpoint of the news is the performance and characteristics of the Guangfa CSI National New Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (520900), which has seen a decrease in both share count and scale in 2024 [1][2] - As of September 25, 2024, the ETF had a total of 1.651 billion yuan in assets and 1.642 billion shares, reflecting a year-to-date decrease of 34.46% in shares and 28.86% in scale compared to December 31, 2024 [1] - The ETF's management fee is 0.50% annually, and the custody fee is 0.10% annually, with its performance benchmark being the yield of the CSI National New Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index [1] Group 2 - The current fund managers are Huo Huaming and Lü Xin, with Huo managing since June 26, 2024, achieving a return of 2.09%, while Lü has managed since April 30, 2025, with a return of 14.85% [2] - The ETF's top holdings include China Mobile, China Petroleum, COSCO Shipping, CNOOC, China Shenhua, Sinopec, China Telecom, China Unicom, China Merchants Bank, and China Coal Energy, with respective holding percentages [2][3] Group 3 - The largest holding is China Mobile at 10.90%, followed by China Petroleum at 10.62%, and COSCO Shipping at 9.72%, with their respective market values being 212 million yuan, 206 million yuan, and 189 million yuan [3] - Other significant holdings include CNOOC (9.09%), China Shenhua (8.14%), Sinopec (7.71%), China Telecom (4.89%), China Unicom (3.71%), China Merchants Bank (2.64%), and China Coal Energy (2.59%) [3]

Core Viewpoint - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) experienced a decline of 1.03% in its closing price on September 25, with a trading volume of 40.68 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 September 24, the fund's latest share count is 344 million shares, with a total size of 335 million yuan [1]. - The current fund manager is He Yuxuan, who has managed the fund since its inception, with a performance return of -2.80% during the management period [1]. Group 2: Fund Holdings - The top holdings of the Tianhong ETF include: - China COSCO Shipping (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 National 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 People's Insurance Group (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].

Core Insights - The report emphasizes the potential awakening of the coal sector, suggesting that after a challenging period, coal prices are expected to rise towards the end of the year, providing upward momentum for the sector [2]. Industry Performance - As of September 19, 2025, the coal industry has seen a decline of 2.3% year-to-date, ranking last among 30 industries. However, in the week of September 19, it experienced a weekly increase of 3.6%, ranking second among the industries, indicating a significant contrast in performance [2]. - The report predicts that the coal price will stabilize and potentially reach a peak by the end of the year, which could drive further positive performance in the coal sector [2]. Company Focus - The report highlights several companies to watch within the coal sector: - **Keda Control**: Noted for its focus on smart mining [2]. - **China Coal Energy (H+A)** and **China Shenhua (H+A)**: Major state-owned enterprises in the coal industry [2]. - **China Qinfa**: Recommended for its turnaround potential [2]. - **Shanxi Coal and Electricity, Huainan Mining, and Xinji Energy**: Identified as strong performers [2]. - **Yankuang Energy, Jinkong Coal, and Pingmei Shenma**: Noted for their elasticity and potential for growth [2]. - **Huayang Co. and Gansu Energy**: Suggested as companies with future growth potential [2]. - **Anyuan Coal Industry**: Highlighted for its recent changes in control and ongoing asset restructuring [2].

Core Viewpoint - Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) experienced a decline of 1.71% in its closing price on September 22, with a trading volume of 41.02 million yuan [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] - The fund's performance benchmark is the CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index return (adjusted for valuation exchange rate) [1] Fund Size and Performance - As of September 19, the fund had a total of 344 million shares and a total size of 343 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, with a return of -0.41% during the management period [1] Top Holdings - The latest report indicates that the top holdings of the fund include: - COSCO Shipping Holdings (0.85% holding, 2.9175 million yuan market value) - Orient Overseas International (0.40% holding, 1.3717 million yuan market value) - China National Offshore Oil Corporation (0.29% holding, 1.0041 million yuan market value) - Other significant holdings include China Petroleum, CITIC Bank, China Shenhua Energy, and Agricultural Bank of China, among others [2]