（来源：火电之声） 项目自开工建设以来，面临天气环境恶劣、人力资源紧张、设备厂家产能不足等多重挑战，在集团公司统筹部署下，公司加强现场组织协调，带领项目团 队靠前部署、精准调度，创新实施"精准预测+分时段施工"模式，动态优化资源配置、灵活调整施工方案、科学穿插作业工序，从严从实抓好安全、质 量、工期全流程管控，以高标准要求推进项目建设与调试各项工作，实现了厂用受电、锅炉水压试验、锅炉点火吹管、汽轮机冲转、发电机并网等多个一 次成功，充分彰显了项目建设的过硬质量与高效管理水平。 目前，2号机组已完成锅炉酸洗、炉前碱洗，即将进入锅炉点火吹管阶段，按照计划将于2026年2月启动整套调试工作。下一步，上饶发电将以1号机组投 运为契机，持续强化安全生产红线意识，不断优化机组运维管理体系，全力打造安全、绿色、清洁、高效的现代化标杆电厂，将为推进公司"12457"发展 战略和助力集团公司建设世界一流能源企业作出突出贡献，更在优化区域电网结构、赋能地方经济社会高质量发展中发挥关键作用。 （来源：火电之声） 正式投产 168小时满负荷试运行圆满完成 12月30日22时58分，上饶发电1号机组一次性高质量通过168小时满负荷试运 ...

Group 1 - The "Three Oil Giants" refer to China National Petroleum Corporation (CNPC), Sinopec Limited, and China National Offshore Oil Corporation (CNOOC), which are the main state-owned enterprises in China's oil exploration, extraction, refining, and supply sectors [1] - A total of 35 personnel changes occurred across 9 listed companies controlled by Sinopec, CNPC, and CNOOC, with 6 companies experiencing changes at the chairman, general manager, and vice chairman levels [3] - Sinopec saw significant personnel changes, including the resignation of Chairman Ma Yongsheng and the appointment of Liu Qiang as General Manager and Vice Chairman [4][5] Group 2 - CNPC experienced personnel adjustments with 14 changes across 3 listed companies, including the resignation of Vice Chairman Hou Qijun and President Huang Yongzhang, with Ren Lixin appointed as the new President [13][14] - CNOOC had 4 personnel changes, including the resignation of Chairman Wang Dongjin and the appointment of Zhang Chuanjiang as the new Chairman [20][21] - The personnel changes reflect a broader trend of leadership transitions within major state-owned enterprises in China's oil and gas sector [3][19]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國中煤能源股份有限公司 呈交日期: 2025年12月31日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601898 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 9,152,000,400 | RMB | | | 1 RMB | | 9,152,000,400 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 9,152,000,400 | RMB | | | 1 RMB | | 9,152,000,400 | ...

Core Insights - The report indicates that the coal industry is entering a new cycle with a significant increase in value, driven by supply-demand restructuring and improved market conditions [1][4]. Group 1: Cycle Review - The coal price center has significantly increased during the 14th Five-Year Plan, and the 15th Five-Year Plan is expected to usher in a new cycle [4][15]. - The report reviews four cycles of the coal industry, highlighting that the current cycle may see a recovery from the bottom in the second half of 2025 [15][16]. - The average price of Qinhuangdao port 5500 kcal thermal coal reached 718 RMB/ton in the second half of 2025, reflecting a 6% increase compared to the first half [20][21]. Group 2: Supply Restructuring - Coal production from 2020 to 2024 increased by 23% to 4.78 billion tons, but growth is expected to slow significantly in 2025, with production growth in Xinjiang only at 2.6% [4][33]. - The report anticipates that coal production will enter a peak and decline phase, with growth rates expected to be between 0.5% and 1.0% from 2026 to 2028 [4][33]. - Regulatory policies are expected to impact coal production, potentially leading to negative growth in certain periods [4][33]. Group 3: Demand Restructuring - The demand for coal is expected to maintain resilience, with electricity consumption projected to grow at around 5% over the next five years, driven by new manufacturing and increased electrification [4][33]. - The report notes that while coal consumption is expected to decline in the short term due to electricity demand pressures, it is likely to recover as macroeconomic policies strengthen in 2026 [4][33]. - Chemical demand is projected to grow at approximately 5%, while declines in steel and construction materials are expected to narrow [4][33]. Group 4: Global and Commodity Perspectives - The report highlights that global coal production is expected to decline, while Southeast Asian demand is projected to grow by 3-5% from 2025 to 2030 [4][33]. - Compared to other commodities, coal has shown weaker performance, with the copper-coal ratio and gold-coal ratio at historical highs [4][33]. - The coal industry's share of industrial profits has dropped to historical lows, while the electricity sector's profit share has reached a high of 10% [4][33]. Group 5: Overall Viewpoint - The report concludes that the coal price center is expected to rise to around 750 RMB/ton in 2026, with leading companies offering dividend yields of 4-6% [4][33]. - Key companies identified include China Shenhua, Yanzhou Coal, and Shaanxi Coal, which are expected to maintain stable profitability [4][33]. - The report emphasizes that after a pessimistic outlook on coal prices is reversed, valuation elasticity is likely to become apparent [4][33].

Core Viewpoint - The company announced a change in accounting policy, which was approved in its board meetings, and stated that this change will not have a significant impact on its financial condition, operating results, or cash flow [1] Group 1 - The company will hold its sixth meeting of the Audit and Risk Management Committee and the fifth meeting of the Board of Directors on December 30, 2025 [1] - The board approved the proposal regarding the change in accounting policy [1] - The change in accounting policy does not involve retrospective adjustments for previous years and does not require submission for shareholder approval [1]

Core Viewpoint - China Coal Energy announced that it will hold its first extraordinary shareholders' meeting of 2026 on January 30, 2026, to review the proposal for the election of Mr. Gao Shigang as an executive director of the company's fifth board of directors [1] Group 1 - The extraordinary shareholders' meeting is scheduled for January 30, 2026 [1] - The agenda includes the election of Mr. Gao Shigang as an executive director [1]

Core Viewpoint - The announcement from China Coal Energy indicates significant corporate governance changes, including the appointment of a new president and the nomination of an executive director [1] Group 1 - China Coal Energy's fifth board meeting in 2025 approved multiple resolutions, including the appointment of the company's president [1] - The meeting also included the proposal for the nomination of the company's executive director [1]

证券代码：601898 证券简称：中煤能源 公告编号：2025-039 中国中煤能源股份有限公司 关于会计政策变更的公告 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。 重要内容提示： 本公告全文已于本公告日刊登于上海证券交易所网站、香港联合交易所有限 公司网站、本公司网站、中国证券报、上海证券报、证券时报和证券日报。 中国中煤能源股份有限公司于 2025 年 12 月 30 日召开第五届董事会审计与 风险管理委员会 2025 年第六次会议和第五届董事会 2025 年第五次会议，审议通 过了《关于公司会计政策变更有关情况的议案》，同意本次会计政策变更。本次 会计政策变更事项对公司财务状况、经营成果和现金流量无重大影响，不涉及以 前年度的追溯调整，无需提交公司股东会审议。 随着公司"智控"项目深入推进，仓储物流数字化转型取得明显成效，各单 位上线统一的采存一体化平台"云仓系统"，以规范和加强存货中原材料物资管 理。云仓系统上线后，原材料能够实现按照批次管理与计价，系统主要采用先进 先出法安排原材料出库，各单位物资管理与计价更加准 ...

Group 1 - The core point of the article is the announcement by China Coal Energy (01898.HK) regarding the appointment of Gao Shigang as a candidate for the fifth board of directors and as the company's president [1] Group 2 - The board resolution suggests that Gao Shigang will be appointed as an executive director candidate, pending approval at the shareholders' meeting [1] - The term for the new appointments will last until the end of the fifth board's term [1] - Gao Shigang's term as president will commence upon the board's resolution and will last until the establishment of the sixth board and the hiring of new senior management [1]

Core Viewpoint - The company announced the decision to appoint Mr. Gao Shigang as a candidate for the fifth board of directors, pending shareholder approval at the upcoming meeting [1] Group 1 - The board resolution suggests Mr. Gao Shigang will serve as an executive director candidate until the end of the fifth board's term [1] - The board also resolved to appoint Mr. Gao as the company's president, effective from the date of the board's resolution until the establishment of the sixth board and the hiring of new senior management [1]