Core Insights - Yanzhou Coal Mining Company (兖矿能源) reported an increase in coal production and sales for Q3 2025, with production reaching 46.03 million tons, a year-on-year increase of 4.92% [1] - The total coal sales for Q3 2025 were 45.82 million tons, reflecting a year-on-year increase of 10.08%, with self-produced coal sales at 44.19 million tons, up 12.21% year-on-year [1] - For the first three quarters of 2025, the company produced 135.89 million tons of coal, a 6.90% increase year-on-year, while total coal sales were 126.24 million tons, up 2.43% year-on-year, with self-produced coal sales at 122.13 million tons, increasing by 4.50% year-on-year [1]

股票代码：600188 股票简称：兖矿能源 编号：临 2025-064 。 | ③ （六）聚甲醛 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1.产量 | 2.03 | 1.54 | 31.54 | 5.39 | 4.72 | 14.18 | | 2.销量 | 1.88 | 1.72 | 9.45 | 5.02 | 4.73 | 6.07 | | （七）全馏分液体石蜡④ | | | | | | | | 1.产量 | 10.78 | - | - | 33.97 | - | - | | 2.销量 | 12.42 | - | - | 34.06 | - | - | | （八）粗液体蜡④ | | | | | | | | 1.产量 | - | 11.05 | - | - | 28.68 | - | | 2.销量 | - | 11.65 | - | - | 28.70 | - | | （九）石脑油 | | | | | | | | 1.产量 | 6.28 | 6.37 | -1.36 | 18.78 | 17.29 | 8.65 | | 2.销量 ...

股票代码：600188 股票简称：兖矿能源 编号：临 2025-063 兖矿能源集团股份有限公司 境外控股子公司发布 2025 年第三季度产量销量 本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。 兖矿能源集团股份有限公司控股子公司兖煤澳大利亚有限公司 （"兖煤澳洲公司"，澳大利亚证券交易所上市代码"YAL"、香港联合 交易所有限公司上市代码"03668"）发布了 2025 年第三季度运营数 据公告，主要情况如下表： 投资者如需了解详情，请参见兖煤澳洲公司在澳大利亚证券交易 所网站（http://www2.asx.com.au）及香港联合交易所有限公司网站 （http://www.hkexnews.hk ）发布的报告全文。 1 第三季度 前三季度 2025 年 2024 年 增减幅 2025 年 2024 年 增减幅 商品煤产量 （权益份额） 9.3 10.2 -9% 28.2 27.2 4% 商品煤销量 （权益份额） 10.7 10.4 3% 27.3 27.3 0% 平均实现价格 （澳元/吨） 140 170 -18% 1 ...

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。 單位：萬噸 | | | 第三季度 | | | 第一至三季度 | | | --- | --- | --- | --- | --- | --- | --- | | | 年 2025 | 年 2024 | 增減幅 （%） | 年 2025 | 年 2024 | 增減幅 （%） | | 一、煤炭業務 | | | | | | | | 1.商品煤產量 | 4,603 | 4,387 | 4.92 | 13,589 | 12,712 | 6.90 | | ② 2.商品煤銷量 | 4,582 | 4,163 | 10.08 | 12,624 | 12,324 | 2.43 | | 其中：自產煤銷量 | 4,419 | 3,938 | 12.21 | 12,213 | 11,687 | 4.50 | | 二、煤化工業務 | | | | | | | | （一）甲醇 | | | | | | | | 1.產量 | 106.67 ...

Core Viewpoint - Yancoal Australia Limited, a subsidiary of Yancoal Energy, reported a decline in coal production for Q3 2025, indicating potential challenges in operational efficiency and market conditions [1] Production Summary - Q3 commodity coal production was 9.3 million tons, a decrease of 9% year-on-year [1] - Cumulative commodity coal production for the first three quarters reached 28.2 million tons, an increase of 4% compared to the same period last year [1] Sales Summary - Q3 commodity coal sales amounted to 10.7 million tons, reflecting a year-on-year increase of 3% [1] - Cumulative commodity coal sales for the first three quarters were 27.3 million tons, remaining flat compared to the previous year [1] Pricing Summary - The average realized price for Q3 was 140 AUD per ton, down 18% year-on-year [1] - The cumulative average realized price for the first three quarters was 146 AUD per ton, also a decrease of 18% compared to the same period last year [1]

兗礦能源集團股份有限公司 YANKUANG ENERGY GROUP COMPANY LIMITED * ( 在中華人民共和國註冊成立的股份有限公司 ) (股份代碼：01171) 兗礦能源集團股份有限公司境外控股子公司 發佈 2025 年第三季度產量銷量 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。 | | | 第三季度 | | | 前三季度 | | | --- | --- | --- | --- | --- | --- | --- | | | 2025 年 | 2024 年 | 增減幅 | 2025 年 | 2024 年 | 增減幅 | | 商品煤產量 （權益份額） | 9.3 | 10.2 | -9% | 28.2 | 27.2 | 4% | | 商品煤銷量 （權益份額） | 10.7 | 10.4 | 3% | 27.3 | 27.3 | 0% | | 平均實現價格 （澳元/噸） | 140 | 170 | -18% | 146 | 177 | ...

Core Viewpoint - The Hong Kong coal stocks continue their strong performance due to improving fundamentals and renewed interest in dividend assets, with significant price increases observed in several companies [1]. Group 1: Stock Performance - Jinma Energy (06885.HK) surged over 13%, Yanzhou Coal Mining (01171.HK) rose approximately 4%, and China Shenhua Energy (01088.HK) and other stocks increased by over 2% [1][2]. - As of the latest data, Jinma Energy's price reached 1.290, with a gain of 0.150 (13.16%), while Yanzhou Coal's price was 11.460, up by 0.450 (4.09%) [2]. Group 2: Market Conditions - The domestic coal consumption has reached the highest level for the same period in the past five years, driven by unusual high temperatures and expectations of a cold winter, which have boosted winter storage demand [1][3]. - The coal prices at northern ports increased significantly, with the price of thermal coal at 748 RMB/ton as of October 17, reflecting a week-on-week increase of 39 RMB/ton [3]. Group 3: Supply and Demand Dynamics - Since the implementation of the overproduction inspection policy by the Energy Bureau in July, domestic coal production has been constrained, with production declining year-on-year for two consecutive months in July and August, leading to overall inventory levels falling below last year's figures [6]. - The coal industry is experiencing a dual improvement in supply and demand, with analysts noting that coal prices have consistently exceeded expectations [6]. Group 4: Investment Sentiment - The coal sector is viewed favorably due to both cyclical and dividend logic, with expectations of improved supply-demand fundamentals driven by production constraints and seasonal demand recovery [7]. - The capital market's response to global economic uncertainties and domestic economic stabilization has led to a surge in investment sentiment, with many coal companies maintaining high dividend yields [7].

Core Viewpoint - The Hong Kong coal stocks continue their recent upward trend, with significant gains observed in various companies [1] Company Performance - Yanzhou Coal Mining Company (兖矿能源) increased by 4.18%, reaching HKD 11.47 [1] - Yancoal Australia (兖煤澳大利亚) rose by 2.5%, trading at HKD 28.7 [1] - China Coal Energy Company (中煤能源) saw a rise of 2.41%, priced at HKD 11.06 [1] - China Shenhua Energy Company (中国神华) experienced a 2.29% increase, with shares at HKD 41.08 [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 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]

消息面上，动力煤价格近期大涨。开源证券指出，截至10月17日，秦港Q5500动力煤平仓价为748元/ 吨，环比上涨43元/吨，涨幅6.1%，其他港口价格指标有的已达到750元，几近完成我们提示的煤电盈利 均分的价格，静待价格上穿过程，有望至800-860区间。电煤消费有望受益供暖季开启，叠加非电煤旺 季，价格有望持续上升趋势。 国泰海通发布研报称，受益行业基本面受到供给和需求端的双重好转，煤价涨幅持续超预期。市场风偏 方面，贸易冲突再起后可能导致本就有高低切的风格切换诉求来的更加剧烈。无论是防守型的红利属 性，还是低位基本面有明显拐点的煤炭可能对于市场的吸引力都在大幅度提升。 智通财经APP获悉，煤炭股延续近期涨势，截至发稿，兖矿能源(01171)涨4.18%，报11.47港元；兖煤澳 大利亚(03668)涨2.5%，报28.7港元；中煤能源(01898)涨2.41%，报11.06港元；中国神华(01088)涨 2.29%，报41.08港元。 ...