Company Overview - Yanzhou Coal Mining Company Limited is located in Zoucheng, Shandong Province, established on September 25, 1997, and listed on July 1, 1998. The company's main business includes coal mining, washing, processing, sales, coal railway transportation, coal chemical industry, and power generation [1] - The revenue composition of Yanzhou Coal includes coal business at 58.09%, coal chemical and power at 22.48%, non-coal trade and logistics at 12.29%, undistributed projects at 5.47%, mining equipment manufacturing at 0.96%, and loans and financing leasing at 0.71% [1] Stock Performance - As of November 27, Yanzhou Coal's stock price increased by 2.03%, reaching 14.06 CNY per share, with a trading volume of 346 million CNY and a turnover rate of 0.42%, resulting in a total market capitalization of 141.13 billion CNY [1] - Year-to-date, Yanzhou Coal's stock price has risen by 4.54%, with a decline of 0.92% over the last five trading days, a decrease of 4.81% over the last 20 days, and an increase of 10.02% over the last 60 days [1] Financial Performance - For the period from January to September 2025, Yanzhou Coal reported operating revenue of 104.96 billion CNY, a year-on-year decrease of 1.57%, and a net profit attributable to shareholders of 7.12 billion CNY, a year-on-year decrease of 37.57% [2] - Since its A-share listing, Yanzhou Coal has distributed a total of 86.85 billion CNY in dividends, with 42.38 billion CNY distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders of Yanzhou Coal is 134,200, a decrease of 9.15% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 75.09 million shares, a decrease of 34.53 million shares from the previous period, and Guotai CSI Coal ETF as the fourth-largest shareholder with 70.87 million shares, an increase of 43.08 million shares [3]

Core Insights - During the "14th Five-Year Plan" period, Shandong's state-owned enterprises (SOEs) are expected to achieve a profit total growth of 80% compared to the "13th Five-Year Plan" period [2] Financial Performance - By 2024, Shandong's SOEs are projected to reach total assets of 5.3 trillion yuan, operating income of 2.5 trillion yuan, and profits exceeding 100 billion yuan, representing growth of 45%, 44%, and 42% respectively compared to the end of the "13th Five-Year Plan" [2] - Shandong's SOEs lead in total assets and operating income among provincial SOEs in China, ranking second in profit total [2] Innovation and R&D - R&D expenditure for Shandong's SOEs has an annual compound growth rate exceeding 20%, expected to reach 52.9 billion yuan in 2024, ranking first among provincial SOEs [3] - A total of 78 national-level research platforms and 609 provincial-level platforms have been established, with 487 major technology projects led or participated in by these enterprises [3] Industry Focus and Capital Allocation - Shandong is concentrating state-owned capital in ten key industries, infrastructure, important mineral resources, and public services, with these sectors accounting for 93% of the total assets [3] - 25 provincial SOEs are leading 19 key industrial chains, fostering clusters in high-end equipment and new-generation information technology [3] Reform Initiatives - Key reforms in personnel management, labor employment, and distribution systems are crucial for strengthening state-owned enterprises [4] - The personnel management reform emphasizes a "can go, can come" approach, with 161 managerial members exiting due to underperformance [4] - Labor employment reform has achieved a 100% open recruitment rate, with approximately 120,000 recruits, 60% of whom are recent graduates [4] Strategic Restructuring - Six strategic restructurings among provincial SOEs have been completed during the "14th Five-Year Plan," enhancing scale and synergy [5] - The restructured Shandong Development Group reported total assets of 249.66 billion yuan, operating income of 23.31 billion yuan, and profits of 2.54 billion yuan, with year-on-year growth of 14.78%, 10.57%, and 6.34% respectively [5] Market Capitalization and Listings - As of September, Shandong has 51 publicly listed companies, with a total market capitalization exceeding 1.2 trillion yuan [5] - The province has added 10 new listed companies during the "14th Five-Year Plan," with significant capital injections and mergers enhancing the financial landscape [5][6] - Specific companies like Shandong Gold and Weichai Power have market capitalizations exceeding 100 billion yuan, with nine companies surpassing 50 billion yuan [6]

Core Insights - The article highlights the net inflow and outflow of funds in the Hong Kong stock market, with specific focus on the top performers and laggards in terms of capital movement [1][2][3] Fund Inflows - The top three stocks with the highest net inflow are: - 盈富基金 (02800) with a net inflow of 74.33 billion, representing a 24.09% increase in capital [2] - 恒生中国企业 (02828) with a net inflow of 19.17 billion, showing a 29.84% increase [2] - 南方恒生科技 (03033) with a net inflow of 14.88 billion, reflecting a 14.32% increase [2] Fund Outflows - The top three stocks with the highest net outflow are: - 小米集团-W (01810) with a net outflow of -6.11 billion, indicating a -4.66% decrease [2] - 泡泡玛特 (09992) with a net outflow of -2.74 billion, showing an -8.07% decrease [2] - 兖矿能源 (01171) with a net outflow of -1.84 billion, reflecting a -43.34% decrease [2] Net Inflow Ratios - The stocks with the highest net inflow ratios are: - 南方港美科技 (03442) at 75.22% with a net inflow of 711.95 million [2] - 工银南方中国 (03167) at 75.00% with a net inflow of 10.4 million [2] - 保诚 (02378) at 64.37% with a net inflow of 539.33 million [2] Net Outflow Ratios - The stocks with the highest net outflow ratios are: - 中国春来 (01969) at -67.51% with a net outflow of -146.76 million [3] - 丘钛科技 (01478) at -58.59% with a net outflow of -969.83 million [3] - 中国东方教育 (00667) at -56.10% with a net outflow of -1830.56 million [3]

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The coal sector has seen a decline, underperforming the CSI 300 index by 1.9 percentage points, with a weekly drop of 5.67% as of November 21, 2025 [2] - Short-term coal consumption is low, leading to an increase in social inventory, but it remains below last year's levels. There is a need to ensure supply while releasing production safely [5][29] - The report anticipates a gradual balance in supply and demand in the fourth quarter, with coal prices expected to rise steadily, targeting 850 CNY/ton [5][29] Summary by Sections Coal Market Performance - As of November 21, 2025, the average daily coal sales from monitored enterprises were 7.53 million tons, a week-on-week increase of 1.2% but a year-on-year decrease of 2.7% [2] - The total coal inventory (including port storage) was 24.61 million tons, up 1.3% week-on-week but down 19% year-on-year [2][6] Price Trends - The price index for thermal coal (Q5500K) was stable at 698 CNY/ton, while the imported thermal coal price index was 944 CNY/ton, also unchanged [3] - The price of coking coal at major ports showed a decline, with the main coking coal price at 1,790 CNY/ton, down 2.2% week-on-week [4] Investment Recommendations - The report suggests prioritizing investments in high-dividend thermal coal companies, specifically mentioning China Shenhua, Shaanxi Coal, and others [5][29] - Focus on coking coal companies such as Huabei Mining and Shanxi Coking Coal, as well as coking companies with improved profits like Jinneng Technology and others [5][29]

Core Viewpoint - Yanzhou Coal Mining Company Limited's stock has experienced a decline in recent trading sessions, with a notable drop in both revenue and net profit year-on-year, indicating potential challenges in the coal industry [1][2]. Financial Performance - As of September 30, 2025, Yanzhou Coal reported a revenue of 104.96 billion yuan, a decrease of 1.57% year-on-year, and a net profit attributable to shareholders of 7.12 billion yuan, down 37.57% compared to the previous year [2]. - The company's stock price has increased by 1.71% year-to-date but has seen a decline of 7.88% over the last five trading days and 9.22% over the last twenty days [1]. Shareholder Information - The number of shareholders as of September 30, 2025, is 134,200, which represents a decrease of 9.15% from the previous period [2]. - The company has distributed a total of 86.85 billion yuan in dividends since its A-share listing, with 42.38 billion yuan distributed in the last three years [3]. Major Shareholders - As of September 30, 2025, the top circulating shareholder is Hong Kong Central Clearing Limited, holding 75.09 million shares, a decrease of 34.53 million shares from the previous period [3]. - The Guotai CSI Coal ETF ranks as the fourth-largest circulating shareholder, increasing its holdings by 43.08 million shares to 70.87 million shares [3].

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The report indicates that the coal industry is at the beginning of a new upward cycle, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal stocks on dips [12][13] - The report highlights a tight supply situation, with coal prices stabilizing at a new platform, and emphasizes the high profitability, cash flow, and dividend yield of quality coal companies [12][13] - The report suggests that the coal sector is undervalued and has potential for valuation enhancement, with a focus on high dividend yields and cyclical elasticity [12][13] Summary by Sections Coal Price Tracking - As of November 22, the market price for Qinhuangdao port thermal coal (Q5500) is 827 RMB/ton, unchanged from the previous week [28] - The price for thermal coal from Shanxi at the pit head is 780 RMB/ton, up by 15 RMB/ton week-on-week [28] - International thermal coal prices have seen slight increases, with Newcastle thermal coal at 86.5 USD/ton, up by 1.5 USD/ton [28] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.5%, an increase of 0.3 percentage points week-on-week [46] - Daily coal consumption in 17 inland provinces has increased by 14.7 thousand tons/day, a rise of 4.37% week-on-week [12] - The report notes that the daily coal consumption in 8 coastal provinces has also risen by 7.5 thousand tons/day, up by 4.18% week-on-week [12] Coal Inventory Situation - Coal inventories in coastal provinces increased by 25.5 thousand tons week-on-week, while inland provinces saw an increase of 89.1 thousand tons [12] - The report indicates a decrease in available days of coal supply in both coastal and inland regions [12] Company Performance - The report emphasizes the strong performance of companies like China Shenhua, Shaanxi Coal and Chemical Industry, and others, which are expected to maintain stable operations and robust earnings [13] - It also highlights companies with higher elasticity such as Yanzhou Coal Mining Company and others, suggesting they are worth monitoring [13]

Core Insights - The Hong Kong Dividend Low Volatility ETF (520890) has seen a significant decrease in both share count and total assets in 2024, with shares down 41.46% and assets down 26.98% year-to-date [1][2] Fund Overview - The fund was established on September 4, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of November 19, 2024, the fund's total shares stood at 72.08 million, with a total size of 107 million yuan [1] Performance Metrics - The fund manager, Li Qian, has achieved a return of 50.85% since taking over management on September 4, 2024 [2] - The fund's performance benchmark is the Hang Seng Stock Connect High Dividend Low Volatility Index [1] Liquidity Analysis - Over the last 20 trading days, the ETF has accumulated a trading volume of 843 million yuan, averaging 42.17 million yuan per day [1] - Year-to-date, the ETF has recorded a total trading volume of 4.22 billion yuan, with an average daily trading volume of 19.73 million yuan [1] Top Holdings - The ETF's top holdings include Shougang Resources (3.76%), Yanzhou Coal Mining (2.94%), and VTECH Holdings (2.76%), among others [2] - The total market value of the top holdings reflects a diversified investment strategy within the fund [2]

Core Viewpoint - Coal stocks continue to decline, with notable drops in major companies such as China Coal Energy, Yanzhou Coal Mining, and China Shenhua Energy, indicating a bearish trend in the coal sector [1] Group 1: Market Performance - As of the latest report, China Coal Energy (01898) fell by 4.48% to HKD 10.87, Yanzhou Coal Mining (01171) decreased by 3.71% to HKD 10.63, China Shenhua Energy (01088) dropped by 1.56% to HKD 40.36, and Yancoal Australia (03668) declined by 0.87% to HKD 27.22 [1] Group 2: Coal Price Trends - Coal prices have risen above RMB 830 per ton, but a short-term peak in coal prices may have been reached. In October, the output of industrial raw coal was 410 million tons, a year-on-year decrease of 2.3%, but month-on-month stable [1] - The fundamental shift in the supply-demand dynamics of the coal industry since May is identified as the core reason for the recent price increases, suggesting a long-term upward trend in coal prices remains intact [1] Group 3: Future Outlook - According to Dongwu Securities, coal companies are expected to see their earnings bottom out starting from the third quarter, with coal prices projected to stabilize as they are anticipated to reach a low point in Q2 2025. This stability is expected to benefit leading companies, ensuring consistent profitability [1] - The expected decline in insurance capital costs may lead to a decrease in dividend yields for major players like China Shenhua and Shaanxi Coal from approximately 4.5% in 2025 to around 3.5% by mid-2026 [1]

Group 1 - Coal stocks continue to decline, with China Coal Energy (601898) down 4.48% to HKD 10.87, Yanzhou Coal Mining (600188) down 3.71% to HKD 10.63, China Shenhua Energy (601088) down 1.56% to HKD 40.36, and Yancoal Australia (03668) down 0.87% to HKD 27.22 [1] - According to Guotai Junan Securities, coal prices have risen above CNY 830 per ton, but the short-term surge may be coming to an end. In October, the output of industrial raw coal was 410 million tons, a year-on-year decrease of 2.3%, but month-on-month stable [1] - The fundamental shift in the supply-demand dynamics of the coal industry since May is identified as the core reason for the current price increase, indicating that the medium-term upward trend in coal prices will remain unchanged [1] Group 2 - Dongwu Securities suggests that high dividend logic indicates coal prices are expected to bottom out in Q2 2025, with coal companies' performance starting to recover from Q3. Future stability in coal prices is anticipated to support sustained profitability for leading companies [1] - It is projected that as insurance capital costs continue to decline, high dividend stocks like China Shenhua and Shaanxi Coal and Chemical Industry (601225) may see their dividend yield decrease from approximately 4.5% in 2025 to around 3.5% by mid-2026 [1]

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the coal industry [1][13]. Core Viewpoints - The 2026 medium- and long-term coal supply contract plan aligns with expectations, with a slight relaxation in performance requirements. The plan continues the mechanism established in the 2022 contracts, which was a significant adjustment from the previous five-year mechanism [1][2]. - The pricing mechanism for coal contracts has been adjusted to include a monthly price adjustment mechanism for production area contracts, while the port benchmark price remains unchanged at 675 RMB/ton [3][10]. - The report suggests that with the implementation of "anti-involution" policies, the expected increase in domestic coal supply is limited, leading to a recovery in coal prices and improved performance in long-term contracts [3][6]. Summary by Sections Contract Signing Requirements - For power companies, the signing demand should not be less than 80% of the required amount, with 80% of these contracts under key regulatory oversight. For coal companies, the task volume should not be less than 75% of their own resource volume [2][10]. Pricing Mechanism - The production area contracts will now have a monthly price adjustment mechanism, with the benchmark price set based on the reasonable price range for coal production in Shanxi, Shaanxi, and Inner Mongolia. The floating price will be determined by various indices [3][10]. Performance Supervision - The contract performance requirements have been relaxed, with monthly performance rates required to be no less than 80%, and quarterly and annual rates should generally not be less than 90%. There is an emphasis on increasing performance during peak seasons [3][10]. Investment Recommendations - The report highlights several companies with significant recovery potential, including Jin控煤业, 华阳股份, 山煤国际, 兖矿能源, 陕西煤业, 中煤能源, and 中国神华 [6].