Core Viewpoint - China Coal Energy Company Limited (01898.HK) announced that its stock price experienced an abnormal fluctuation, with a cumulative deviation of 20% over three consecutive trading days [1] Group 1 - The company confirmed that there are no undisclosed significant information by the company, its controlling shareholder, or actual controller [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。 ( 于中華人民共和國註冊成立的股份有限公司 ) (股份代號：01898) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而發表。 以下為中國中煤能源股份有限公司於上海證券交易所網站刊發之《中國中煤能源股 份有限公司股票交易異常波動公告》。 承董事會命 中國中煤能源股份有限公司 董事長、執行董事 王樹東 中國 北京 2026 年 3 月 3 日 於本公告刊發日期，本公司的執行董事為王樹東、高士崗和廖華軍；非執行董事為徐倩； 獨立非執行董事為景奉儒、詹豔景和黃江天。 * 僅供識別 证券代码：601898 证券简称：中煤能源 公告编号：2026-005 中国中煤能源股份有限公司 股票交易异常波动公告 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： 一、 股票交易异常波动的具体情况 1 ...

中煤能源公告称，公司股票在2026年2月27日、3月2日和3月3日连续3个交易日收盘价格涨跌幅偏离值累 计达20%，构成股票交易异常波动。经核查，公司目前日常经营及外部环境未发生重大变化，公司及控 股股东、实际控制人均不存在应披露而未披露的重大信息，未发现相关媒体报道、市场传闻，未涉及市 场热点概念，公司董高监及控股股东在此期间未买卖公司股票。 ...

Core Insights - The coal industry is experiencing a steady recovery in demand post-holiday, with overseas thermal coal prices generally rising [1] - The coal sector has outperformed the market, with a cumulative increase of 15.9% since the beginning of the year, surpassing the CSI 300 index by 14.2 percentage points [4][14] - The overall profitability of the coal mining industry is expected to improve in 2026, with a projected total profit of 352 billion yuan in 2025, a 42% year-on-year decline [4] Group 1: Coal Sector Review - In February, the coal sector continued to lead the market, with a cumulative increase of 15.9% year-to-date, outperforming the CSI 300 index by 14.2 percentage points [4][14] - The coal sector's price-to-earnings (PE) ratio is at 16.4 times, ranking 7th among all sectors, indicating it is at a historical high but still undervalued compared to other sectors [20][27] - The coal sector's price-to-book (PB) ratio is at 1.59 times, also at a historical high, ranking 9th among all sectors [20][25] Group 2: Coal Market Review - In 2025, electricity consumption increased by 5%, while non-electric demand remained weak, leading to a 10% year-on-year decline in coal imports [4][30] - Domestic thermal coal prices showed a positive trend in February, with the Qinhuangdao port price for 5500 kcal thermal coal rising by 7.7% or 53 yuan per ton compared to the end of January [30][34] - Internationally, Newcastle's 6000 kcal thermal coal price rose by 6.6% to $117.4 per ton, while coking coal prices saw a decline [47][51] Group 3: Supply and Demand Dynamics - Domestic coal production in 2025 increased by 1.2% year-on-year, with total production reaching 483.2 million tons [57] - Coal imports decreased by 9.6% in 2025, totaling 490 million tons, with significant declines in imports from Indonesia and other countries [57][81] - Global seaborne coal loading volumes fell by 2.8% in 2025, although demand from emerging markets remains strong [71] Group 4: Key Companies - Key companies with stable earnings and valuation advantages include China Shenhua, Yanzhou Coal, and China Coal Energy [4] - Companies expected to benefit from improved demand and supply constraints include Huabei Mining, Shanxi Coking Coal, and Lu'an Environmental Energy [4] - Companies with long-term growth potential include Huayang Co., New Energy, and Baofeng Energy [4]

Core Viewpoint - The coal sector in A-shares is experiencing a significant upward trend, driven by strong market demand and positive policy support [1][2]. Group 1: Market Performance - The coal sector saw a notable increase in stock prices, with companies like Shaanxi Black Cat hitting the daily limit, and others such as China Coal Energy and Yanzhou Coal Mining also rising [1]. - There is a strong willingness from major funds to invest in the coal sector, highlighting its status as a key focus within the energy market [1]. Group 2: Positive Influences on Coal Prices - Geopolitical conflicts, particularly in the Middle East, are expected to drive up coal prices and increase domestic coal chemical demand [2]. - The National Energy Administration has outlined plans for coal to remain a cornerstone of energy security, with a focus on supply stability and technological upgrades [2]. - As of March 3, the spot price for 5500 kcal thermal coal in the Bohai Rim region is reported at 750-770 RMB per ton, showing a significant weekly increase [2]. Group 3: Benefiting Industries - The coal mining industry is set to benefit directly from rising prices of thermal and coking coal, enhancing the overall industry outlook [3]. - The coal chemical sector is likely to see increased demand due to geopolitical factors, positively impacting related companies [3]. - The coal transportation industry is experiencing steady revenue growth due to stable coal production and increased transportation demand [3].

格隆汇3月3日丨中煤能源(601898.SH)涨3.02%，报17.050元，股价创历史新高，总市值2260.60亿元。 ...

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: 2026年2月28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: 2026年3月2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 | | 2 ...

Group 1 - The coal stocks have mostly risen, indicating a positive trend in the sector [1] - Mongol Mining (00975.HK) increased by 6.24%, reaching HKD 13.28 [1] - China Coal Energy (01898.HK) rose by 3.15%, reaching HKD 13.41 [1] - Yancoal Australia (03668.HK) saw a rise of 5.17%, reaching HKD 35 [1] - Yanzhou Coal Mining (01171.HK) increased by 1.93%, reaching HKD 14.27 [1]

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The coal sector has outperformed the CSI 300 index, with a weekly increase of 5.7% compared to a 1.08% rise in the index, resulting in a 4.62 percentage point outperformance [2] - The report highlights a strong support for coal prices due to rising oil prices driven by geopolitical tensions in the Middle East, suggesting a shift in energy consumption towards coal in various sectors [5] - The report indicates that coal assets are expected to be revalued positively, with healthy fundamentals in coking coal and low inventories supporting price stability and potential increases [5] Summary by Sections Coal Sector Performance - As of February 27, 2026, the coal sector saw a 5.7% increase, with all 37 stocks in the sector rising, and the highest performer being Jiangxi Tungsten Equipment with a 38.99% increase [2] Thermal Coal Industry - The price of thermal coal (Q5500K) in the Bohai Rim was 685 RMB/ton, up 0.44% week-on-week, while the import price index for Chinese thermal coal rose by 6.21% to 958 RMB/ton [2] - Inventory levels at Qinhuangdao port increased by 90,000 tons to 5.08 million tons as of February 27, 2026 [2] Coking Coal Industry - As of February 27, 2026, the price of main coking coal at Jingtang Port remained stable at 1,700 RMB/ton, while some production areas saw price declines [3] - Coking coal futures settled at 1,082.5 RMB/ton, down 3.35% week-on-week, with total inventory at independent coking plants decreasing by 45,400 tons [3] Coal Chemical Industry - Prices for various coal chemical products showed mixed trends, with methanol prices in East China at 2,168.86 RMB/ton, down 31.59 RMB/ton week-on-week, while urea prices increased by 30 RMB/ton [4] Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies and flexible coking coal companies, as well as companies in the smokeless coal and coal chemical sectors that are expected to benefit from high oil prices [5] - Specific companies to watch include China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining Company among thermal coal firms, and Shanxi Coking Coal and Huainan Mining among coking coal firms [5]

Core Insights - The coal industry is experiencing a steady recovery in demand post-holiday, with overseas thermal coal prices generally rising [1][81] - The CCI 5500 thermal coal index reported a price of 744 RMB/ton, reflecting a week-on-week increase of 22 RMB/ton [4][82] - The overall sentiment in the market is positive due to recovering industrial demand, low inventory levels, and geopolitical factors supporting coal prices [4][82] Market Dynamics - Thermal coal prices at ports have continued to rise, with the CCI 5500 index increasing by 22 RMB/ton to 744 RMB/ton [10][82] - Domestic coal prices are mixed, with Shanxi region prices up by 16 RMB/ton while some areas in Inner Mongolia saw declines of 18-20 RMB/ton [10][82] - The utilization rate of coal mines is at 72.1%, down 12.3 percentage points week-on-week, indicating a tightening supply [20][81] Industry Outlook - The coal industry is expected to shift from a loose supply-demand balance to a tighter one in 2026, with domestic production growth slowing significantly [4][82] - The overall profitability of the coal sector is projected to improve in 2026, with a total profit of 352 billion RMB in 2025, down 42% year-on-year [4][82] - The coal sector's price-to-earnings ratio (TTM) is currently at 16.4, with dividend yields for leading companies generally between 4-5% [4][82] Key Companies - Companies with stable earnings and favorable valuations include China Shenhua, Yanzhou Coal, and Shaanxi Coal [4][82] - High elasticity companies benefiting from improved demand expectations and supply constraints include Huabei Mining and Shanxi Coking Coal [4][82] - Companies with long-term growth potential include Huayang Co., New Energy, and Baofeng Energy [4][82] Recent Focus Areas - The implementation of long-term contract policies for 2026 is a key focus, with stricter safety regulations affecting production levels [4][84] - The coal import volume is expected to continue declining, with a 9.6% year-on-year decrease in 2025 [4][82] - The market is closely monitoring the impact of geopolitical tensions on coal prices and supply chains [4][82]