中信证券股份有限公司 关于中国神华能源股份有限公司 发行股份及支付现金购买资产并募集配套 资金暨关联交易 之 独立财务顾问报告 独立财务顾问 二〇二六年二月 中信证券股份有限公司关于中国神华能源股份有限公司 发行股份及支付现金购买资产并募集配套资金暨关联交易之独立财务顾问报告 独立财务顾问声明和承诺 一、独立财务顾问声明 （一）本独立财务顾问与本次交易各方无任何关联关系。本独立财务顾问 本着客观、公正的原则对本次交易出具独立财务顾问报告； （二）本独立财务顾问报告所依据的文件和材料由本次交易各方提供，提 供方对所提供文件及资料的真实性、准确性和完整性负责，并保证该等信息不 存在虚假记载、误导性陈述或者重大遗漏。本独立财务顾问不承担由此引起的 任何风险责任； （三）本独立财务顾问报告是在假设本次交易各方当事人均全面和及时履 行本次交易相关协议和声明或承诺的基础上出具； （四）本独立财务顾问报告不构成对上市公司的任何投资建议或意见，对 投资者根据本独立财务顾问报告作出的任何投资决策可能产生的风险，本独立 财务顾问不承担任何责任； （五）本独立财务顾问未委托或授权其他任何机构和个人提供未在独立财 务顾问报告中列载的 ...

证券代码：601088 证券简称：中国神华 公告编号：临 2026-010 中国神华能源股份有限公司 关于发行股份及支付现金购买资产并募集配套资金暨 关联交易报告书（申报稿）修订说明的公告 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。 中国神华能源股份有限公司（"公司"）拟发行 A 股股份及支付现金购买 控股股东国家能源投资集团有限责任公司持有的国家能源集团国源电力有限公 司 100%股权、国家能源集团新疆能源化工有限公司 100%股权、中国神华煤制 油化工有限公司 100%股权、国家能源集团乌海能源有限责任公司 100%股权、 内蒙古平庄煤业（集团）有限责任公司 100%股权、国家能源集团陕西神延煤炭 有限责任公司 41%股权、山西省晋神能源有限公司 49%股权、国家能源集团包 头矿业有限责任公司 100%股权、国家能源集团航运有限公司 100%股权、神华 煤炭运销有限公司 100%股权、国家能源集团港口有限公司 100%股权，以支付 现金的方式购买国家能源集团西部能源投资有限公司持有的国电建投内蒙古能 ...

关联交易事项获得上海证券交易所审核通过的公告 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。 证券代码：601088 证券简称：中国神华 公告编号：临 2026-009 中国神华能源股份有限公司 关于发行股份及支付现金购买资产并募集配套资金暨 承中国神华能源股份有限公司董事会命 总会计师、董事会秘书 宋静刚 中国神华能源股份有限公司（"公司"）拟发行 A 股股份及支付现金购买 控股股东国家能源投资集团有限责任公司持有的国家能源集团国源电力有限公 司 100%股权、国家能源集团新疆能源化工有限公司 100%股权、中国神华煤制 油化工有限公司 100%股权、国家能源集团乌海能源有限责任公司 100%股权、 内蒙古平庄煤业（集团）有限责任公司 100%股权、国家能源集团陕西神延煤炭 有限责任公司 41%股权、山西省晋神能源有限公司 49%股权、国家能源集团包 头矿业有限责任公司 100%股权、国家能源集团航运有限公司 100%股权、神华 煤炭运销有限公司 100%股权、国家能源集团港口有限公司 100%股权，以支 ...

国投证券研报指出，中国神华预计25年实现归母净利润495-545亿元（中枢520亿元），较上年重述后数 据同比下降11.3%-2.3%。一体化协同保障运营韧性，非煤运输业务驱动铁路周转量提升。重大资产注入 与内生扩产协同推进，高分红政策稳定延续。公司收购集团12项资产的重组方案已于1月23日获股东大 会高票通过并进入监管审核程序。同时，公司加速布局新能源项目，2025 年上半年新增可再生能源发 电项目215 兆瓦，设立的新能源投资基金已累计投资可再生能源装机规模6887 兆瓦，推动公司新能源比 重稳步提升。基于公司一体化运营的龙头地位，以及持续稳定的高分红属性，给予公司2026年15倍 PE，对应目标价格40.1元，首次覆盖，予以"增持-A"投资评级。 ...

Group 1: Insurance Sector - Insurance stocks are experiencing significant declines, with China Life (02628) down 3.75%, New China Life (01336) down 3.28%, and China Pacific Insurance (02601) down 2.74%. The government plans to issue approximately 200 billion yuan in special bonds to inject capital into major insurance companies, marking the first time this method will be used for insurance firms in China [1] Group 2: Logistics and Delivery - ZTO Express (02057) has seen an increase of over 2.3%. The company estimates that its total revenue for 2025 will be between 48.5 billion yuan and 50 billion yuan, representing a growth of approximately 9.5% to 12.9% compared to 44.2807 billion yuan in 2024 [1] Group 3: Biotechnology - Innovent Biologics (09969) has risen over 4%, with a current increase of 3.25%. The company anticipates achieving revenue of 2.37 billion yuan in 2025, a year-on-year growth of approximately 134%, and expects to turn a profit with a net profit of around 630 million yuan [1] Group 4: Coal Sector - Coal stocks are generally declining, with Yancoal Australia (03668) down 6.63%, Shougang Resources (00639) down 7.83%, and China Shenhua (01088) down 2.47%. This decline follows reports that the Indonesian government has proposed a production cut plan, leading to a 40% to 70% reduction in production quotas for major miners [2] Group 5: Medical Devices - GigaGen (02367) has increased over 8%, currently up 4.11%. The company recently announced that its "recombinant type I α1 collagen and sodium hyaluronate composite solution" has been approved as a medical device, marking a significant milestone as the first product of its kind for improving facial smoothness [2] Group 6: Semiconductor Sector - Semiconductor stocks are all declining, with Hua Hong Semiconductor (01347) down 5.91% and SMIC (00981) down 3.49%. This follows a significant drop in AMD's stock price by 17.31% after its fourth-quarter report indicated that while revenue exceeded expectations, the guidance for the first quarter was below market expectations [3] Group 7: Restaurant Sector - Restaurant stocks are performing well, with Yum China (09987) up 8.41% and Haidilao (06862) up 2.69%. The restaurant industry has shown signs of recovery, with retail sales in the sector growing by 3.8%, 3.2%, and 2.2% year-on-year in the last quarter of 2025, significantly outpacing overall retail growth [3] Group 8: Consumer Goods - Miniso (09896) has risen over 5.1% after announcing its partnership with the Central Radio and Television Station for the 2026 Spring Festival Gala. This collaboration is seen as a significant marketing move to elevate the brand's visibility in the mainstream market [4] Group 9: Gold Sector - Gold stocks are declining, with China Gold International (02099) down 6.8% and Zijin Mining (02899) down 6.29%. Recent volatility in the international gold market has been noted, with expectations that geopolitical tensions and liquidity easing by the Federal Reserve may drive gold prices higher [4] Group 10: Cryptocurrency - Cryptocurrency ETFs and related stocks are continuing to decline, with significant drops in prices, including Bitcoin falling below $72,000 for the first time in 15 months. The price has decreased by over 42% from its peak last October [5] Group 11: US Market Highlights - Boston Scientific (BSX.US) fell 17.59% after providing lower-than-expected guidance for fiscal year 2026. The company expects adjusted earnings per share to be between $3.43 and $3.49, slightly below analyst expectations [6] - Solar stocks surged, with Enphase Energy (ENPH.US) rising 38.6% following reports of interest from Elon Musk's teams in the Chinese solar supply chain [6]

每经AI快讯，港股煤炭股普遍回落，截至发稿，兖煤澳大利亚(03668.HK)跌7.2%，报32.46港元；首钢 资源(00639.HK)跌6.96%，报3.21港元；力量发展(01277.HK)跌6.35%，报1.77港元；中国神华 (01088.HK)跌1.68%，报42.18港元。 （文章来源：每日经济新闻） ...

Group 1 - Coal stocks generally declined, with Yancoal Australia (03668) down 7.2% to HKD 32.46, Shougang Resources (00639) down 6.96% to HKD 3.21, Powerlong Development (01277) down 6.35% to HKD 1.77, and China Shenhua Energy (601088) (01088) down 1.68% to HKD 42.18 [1] - Indonesian officials announced a production reduction plan, leading to a temporary suspension of spot coal exports, with production quotas for major miners down 40% to 70% compared to 2025 [1] - Some media reports of a "suspension of exports" are misinterpretations; Indonesia is not fully banning exports, but some large coal mines cannot quote or execute spot transactions due to the uncertainty of the 2026 production plan quotas [1] Group 2 - According to Huatai Securities, the impact of the reduction in Indonesian coal spot exports on China's monthly average thermal coal consumption and average import volume is estimated to be 0.5% and 4.2%, respectively [1] - The timing of the impact coincides with the Lunar New Year in February 2026, when coal consumption typically declines due to factory holidays, suggesting that market sentiment may be more affected than the fundamental aspects [1]

智通财经APP获悉，煤炭股普遍回落，截至发稿，兖煤澳大利亚(03668)跌7.2%，报32.46港元；首钢资 源(00639)跌6.96%，报3.21港元；力量发展(01277)跌6.35%，报1.77港元；中国神华(01088)跌1.68%，报 42.18港元。 根据华泰证券测算，当期印尼煤炭现货出口收缩对中国月度平均动力煤消费量和平均进口量的影响分别 是0.5%和4.2%，由于2026年2月恰好是农历新年、工厂陆续放假、煤炭消费量在自然回落的过程中，情 绪面的冲击可能大于基本面冲击。 消息面上，昨日有消息称，印尼能源与矿产资源部官员对外表示，由于印尼政府提出减产计划，该国矿 商已暂停现货煤炭出口，印尼上月向主要矿商下达的产量配额较2025年下降40%至70%。据智通财经， 长期跟踪国际煤炭贸易的煤炭江湖负责人赵阳表示，部分媒体所谓"暂停出口"实为市场误读，印尼并非 全面禁止出口，而是部分大型煤矿因2026年度生产计划(RKAB)配额尚未确定，暂时无法对外报价和执 行现货交易。 ...

机构：中金公司 研究员：Yan CHEN/Lingzhi WANG Results Preview According to corporate filings, the firm's acquisition of coal and power assets was approved at the shareholders' general meeting. Looking ahead, we expect the firm to expand its coal resources, increase the capacity of power generation units, and further strengthen its advantages in coal-to-power integration and its leading position in the industry. Financials and valuation Preannounced 2025 H-share earnings down 14.7–6.3% YoY Due to adjustments to our fore ...

Investment Rating - The report assigns an "Accumulate-A" investment rating to the company with a target price of 40.1 CNY for the next six months [4][11]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 495-545 billion CNY for 2025, representing a year-on-year decline of 11.3%-2.3% [1]. - The integration of operations and the acquisition of significant assets are expected to enhance the company's operational resilience and support its high dividend policy, with a commitment to maintain a dividend payout ratio of no less than 65% from 2025 to 2027 [1][6]. - The company is actively transitioning its power generation business towards green and low-carbon initiatives, with a focus on increasing renewable energy projects [2]. Financial Performance Summary - The company forecasts revenues of 2957.1 billion CNY, 3177.4 billion CNY, and 3504.3 billion CNY for 2025, 2026, and 2027 respectively, with growth rates of -12.6%, 7.4%, and 10.3% [6][10]. - The expected net profits for the same years are 515.0 billion CNY, 530.9 billion CNY, and 561.2 billion CNY, with growth rates of -12.2%, 3.1%, and 5.7% [6][10]. - The company’s coal production and sales are projected to be 332 million tons and 431 million tons respectively for 2025, reflecting a decrease of 1.7% and 6.4% year-on-year [1]. Operational Insights - The company is enhancing its integrated operations model, which includes coal, power generation, rail transport, and coal chemical production, to maintain stable performance amid external pressures [8]. - The acquisition of 12 assets is expected to increase the company's coal reserves and production capacity significantly, with a projected increase in annual production capacity to 512 million tons, a 57% growth [1][6]. - The company is also optimizing its transportation network and advancing construction projects to support its operational efficiency [1]. Market Positioning - The company maintains a leading position in the integrated operations of coal and power generation, which is expected to provide a solid financial foundation for its high dividend commitments [6][11]. - The report highlights the competitive landscape in the power generation sector, particularly with the increasing participation of renewable energy sources [2].