港股通央企红利ETF天弘（159281）现任基金经理为贺雨轩。贺雨轩自2025年8月20日管理（或拟管 理）该基金，任职期内收益2.85%。 最新定期报告显示，港股通央企红利ETF天弘（159281）重仓股包括中远海控、中国神华、中国海洋石 油、中石化炼化工程、中国外运、中国船舶租赁、中国石油股份、中煤能源、中信国际电讯、建设银 行，持仓占比如下。 规模方面，截止2月2日，港股通央企红利ETF天弘（159281）最新份额为3.45亿份，最新规模为3.45亿 元。回顾2025年12月31日，港股通央企红利ETF天弘（159281）份额为3.54亿份，规模为3.50亿元。即 该基金今年以来份额减少2.54%，规模减少1.55%。 流动性方面，截止2月3日，港股通央企红利ETF天弘（159281）近20个交易日累计成交金额9.96亿元， 日均成交金额4979.16万元。 来源：新浪基金∞工作室 2月3日，天弘中证港股通央企红利ETF（159281）收盘涨1.21%，成交额7232.62万元。 港股通央企红利ETF天弘（159281）成立于2025年8月20日，基金全称为天弘中证港股通央企红利交易 型开放式指数证券投 ...

Core Insights - The coal industry is expected to see an improvement in supply-demand dynamics starting in 2026 after a generally loose supply in 2025 [1] Group 1: Coal Sector Review - The coal sector outperformed the market in January, with a cumulative increase of 8.3% year-to-date, surpassing the CSI 300 index by 6.7 percentage points [16] - The coal sector's price-to-earnings (PE) ratio is currently at 15.7 times, ranking 5th among all sectors, indicating a relatively high valuation [20][26] - The coal sector's price-to-book (PB) ratio stands at 1.51 times, also reflecting a historical high level [24] Group 2: Coal Market Overview - In December, electricity consumption remained flat year-on-year, while coal imports increased by approximately 12% [29] - Domestic coal prices in January showed stability, with power coal prices rising slightly by 2.1% or 14 RMB/ton compared to the end of December [29] - International coal prices saw a notable increase, with Newcastle's 6000 kcal thermal coal price rising by 3.8% to 110.1 USD/ton [45] Group 3: Domestic Demand and Supply - In 2025, domestic coal production increased by 1.2% year-on-year, while coal imports decreased by 9.6% [56] - The total coal production in 2025 reached 483.2 million tons, with significant contributions from Shanxi, Inner Mongolia, and Shaanxi [56] - The demand for electricity in 2025 grew by 5.0%, with the industrial sector showing varied growth rates [46] Group 4: Key Companies and Financial Analysis - Key companies in the coal sector include China Shenhua, Yanzhou Coal, and Shaanxi Coal, all rated as "Buy" with robust dividend policies [6][7] - Financial metrics for these companies indicate a favorable outlook, with expected earnings per share (EPS) growth and attractive valuation ratios [7]

Core Viewpoint - The successful development of China's first large-scale intelligent pressure coupling equipment marks a significant breakthrough in breaking foreign technology monopolies and achieving independent control over key equipment in the field of underground coal mining [1][4]. Group 1: Technological Innovations - The equipment addresses four core technical challenges, including efficient energy conversion between high-pressure and low-pressure fluids, achieving low thermal loss during cold water transmission, ensuring high reliability of core components, and enabling intelligent sensing and control systems [7][8]. - The innovative structural design and pressure pre-balancing strategy effectively eliminate water hammer phenomena, facilitating efficient energy transfer between 16 MPa high-pressure and 4 MPa low-pressure fluids [7]. - The team has developed key components with high reliability, long lifespan, and low flow resistance, suitable for harsh conditions of high pressure and frequent temperature changes [7]. Group 2: Industry Impact - The equipment has been in stable operation for over three months, meeting international advanced performance standards, and is scheduled for deployment in the Liu Zhuang Coal Mine West District in the first half of this year [8]. - This development provides an efficient, economical, and reliable domestic solution for managing heat hazards in underground coal mines, supporting safe production in deep coal mining [8]. - The achievement underscores the importance of collaborative innovation between industry and academia in overcoming critical core technologies and enhances China's capabilities in independent energy equipment development [8].

Summary of Conference Call on Coal Industry Industry Overview - The focus of the conference call was on the coal industry, particularly the recent trends in coal prices and inventory levels [1][2][5]. Key Points and Arguments 1. **Coal Price Trends**: - Coal prices have started to rise, with Qinhuangdao's 5500 kcal coal price increasing by 5 yuan from 691 to 696 yuan. High-calorie coal from Yulin saw a significant increase of over 20 yuan, nearly 4% [1][2]. - Despite the price increase, there remains a notable price inversion between pit and port prices, with Shanxi coal prices around 750 yuan and Inner Mongolia near 800 yuan, compared to port prices below 700 yuan [2]. 2. **Inventory Levels**: - There has been a significant decrease in coal inventory, with Qinhuangdao's inventory down by 2% and the overall inventory at nine northern ports down by 7%, reaching levels lower than in 2023 and 2025 [2][5]. - The current inventory levels indicate a strong correlation with supply and demand dynamics, suggesting a potential for continued price stability [3][5]. 3. **Market Dynamics**: - The market is currently in the latter half of the peak season, with traders expected to remain active in shipping despite the price inversion, anticipating further price increases [2][3]. - The expectation is for minor fluctuations in coal prices, potentially reaching 700-750 yuan, but significant price surges are not anticipated [3]. 4. **International Market Influences**: - International coal prices are also on the rise, with Australian and Indonesian coal prices increasing by approximately 1%. The Australian price is around 705 yuan, while Indonesian coal is priced above 720 yuan [6]. - Indonesia is expected to reduce its coal export quotas significantly, from 790 million tons last year to an anticipated 600 million tons, raising concerns about supply constraints [6][7]. 5. **Government Policies**: - The Indonesian government is implementing policies to control coal prices and maintain tax revenues, which may lead to reduced production and tighter supply [7][9]. - Domestic policies in China are also focused on stabilizing coal supply, with no significant increases in production expected during the 15th Five-Year Plan period [19][20]. 6. **Investment Opportunities**: - The coal sector is viewed as a stable investment option amidst market volatility, with companies like Yancoal and China Shenhua being highlighted for their dividend yields and resilience [22][23]. - The focus is on selecting companies that offer both safety and growth potential, particularly those with strong fundamentals and dividend policies [23][24]. 7. **Future Outlook**: - The overall sentiment is cautiously optimistic, with expectations for a gradual recovery in coal prices and continued interest from investors seeking stable assets [26]. - The coal market is expected to remain tight, with both domestic and international factors contributing to a favorable outlook for coal investments in the near term [26]. Additional Important Content - The call emphasized the importance of coal as a stable asset class in a volatile market, with a focus on the need for investors to seek out reliable investment opportunities [14][22]. - The discussion included insights into the broader energy market, noting the impact of rising oil and gas prices on coal demand and pricing dynamics [11][15]. This summary encapsulates the key insights and discussions from the conference call regarding the coal industry, highlighting price trends, inventory levels, market dynamics, and investment opportunities.

最新定期报告显示，港股通央企红利ETF天弘（159281）重仓股包括中远海控、中国神华、中国海洋石 油、中石化炼化工程、中国外运、中国船舶租赁、中国石油股份、中煤能源、中信国际电讯、建设银 行，持仓占比如下。 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）01919中远海控4.11%116.05万1441.26万 01088中国神华2.68%26.80万939.20万00883中国海洋石油2.56%46.70万898.44万02386中石化炼化工程 2.56%129.50万895.97万00598中国外运2.52%201.40万882.26万03877中国船舶租赁2.45%452.20万857.72 万00857中国石油股份2.37%109.60万829.56万01898中煤能源2.37%92.30万829.50万01883中信国际电讯 2.34%367.50万819.88万00939建设银行2.28%114.80万797.37万 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请 ...

2月2日，中煤能源跌5.12%，截至发稿，报12.98元/股，成交3.61亿元，换手率0.30%，总市值1720.97亿 元。 资料显示，中国中煤能源股份有限公司位于北京市朝阳区黄寺大街1号，成立日期2006年8月22日，上市 日期2008年2月1日，公司主营业务涉及煤炭业务、煤化工业务及煤矿装备制造业务等。主营业务收入构 成为：煤炭业务81.03%，煤化工业务12.48%，煤矿装备业务6.24%，其他业务6.00%，金融业务1.57%， 其他(补充)0.63%。 从中煤能源十大流通股东角度 数据显示，国泰基金旗下1只基金位居中煤能源十大流通股东。国泰中证煤炭ETF（515220）三季度增 持4410.11万股，持有股数7250.71万股，占流通股的比例为0.55%。根据测算，今日浮亏损失约5075.5万 元。 国泰中证煤炭ETF（515220）成立日期2020年1月20日，最新规模86.4亿。今年以来收益9.98%，同类排 名1241/5579；近一年收益11.24%，同类排名3774/4285；成立以来收益164.17%。 数据显示，国泰基金旗下1只基金重仓中煤能源。国泰中证煤炭ETF（515220）四季 ...

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [10][11] - The coal supply is expected to tighten due to domestic supply constraints and Indonesia's reduction in coal production targets, which will support a stable recovery in coal prices throughout the year [10][11] - The investment logic of coal capacity shortages remains unchanged, with a short-term supply-demand balance and a long-term gap still present [10][11] - High-quality coal companies are characterized by high profitability, cash flow, return on equity (ROE) of 10-15%, and dividend yields exceeding 5% [10][11] - The coal sector is considered undervalued, with overall valuation expected to improve, and public funds currently underweight in coal holdings [10][11] Summary by Sections 1. Coal Prices - As of January 31, the market price for Qinhuangdao port thermal coal (Q5500) is 691 CNY/ton, up 5 CNY/ton week-on-week [3][29] - The international thermal coal offshore price for Newcastle NEWC5500 is 74.5 USD/ton, up 0.7 USD/ton week-on-week [3][29] - The price for coking coal at Jing Tang port remains stable at 1780 CNY/ton [31] 2. Coal Supply and Demand - The capacity utilization rate for sample thermal coal mines is 88.3%, down 1.3 percentage points week-on-week [10][49] - Daily coal consumption in inland provinces decreased by 8.30 thousand tons/day (-1.8%) [50] - Daily coal consumption in coastal provinces decreased by 7.70 thousand tons/day (-3.3%) [50] 3. Industry Performance - The coal sector saw a 3.98% increase this week, outperforming the broader market [13][16] - The thermal coal segment rose by 4.07%, while the coking coal segment increased by 3.92% [16] 4. Future Outlook - The coal supply bottleneck is expected to persist, necessitating new high-quality capacity planning to meet medium to long-term energy demands [11] - The coal sector is characterized by high performance, cash flow, and dividends, with a favorable long-term outlook due to macroeconomic improvements and regulatory changes [11]

Investment Rating - The industry investment rating is maintained as "Increase" [5] Core Insights - The report highlights an increase in coal auction listings in Mongolia for 2025, with a total of 40.8832 million tons listed, up by 14.272 million tons. However, the transaction volume is slightly lower than in 2024, at 21.792 million tons, down by 0.576 million tons [2] - The report emphasizes the performance of specific companies, recommending investments in China Coal Energy (H+A), Yanzhou Coal Mining (H+A), China Shenhua Energy (H+A), and Shaanxi Coal and Chemical Industry. It also highlights companies focusing on smart mining, such as Keda Control, and those undergoing turnaround, like China Qinfa [3][7] - The report notes that the core port for coal transactions remains Ganqimaodu, contributing 83% of the total transaction volume [2] Summary by Sections Energy Prices Overview - As of January 30, 2026, Brent crude oil futures settled at $70.69 per barrel, up by $4.81 (7.3%) from the previous week. WTI crude oil futures settled at $65.21 per barrel, up by $4.14 (6.78%) [1] - Natural gas prices showed mixed trends, with Northeast Asia LNG spot prices at $11.68 per million British thermal units, down by $0.13 (-1.11%). The Dutch TTF gas futures settled at €40.65 per megawatt-hour, up by €1.28 (3.24%) [1] - Coal prices increased, with European ARA port coal prices at $101.50 per ton, up by $3.00 (3.05%), and Newcastle port coal prices at $116.75 per ton, up by $5.25 (4.71%) [1] Auction Performance - The report indicates that ETT led the auction with a transaction of 12.5696 million tons, followed by small TT and ER with 5.3632 million tons and 3.1296 million tons, respectively. The report also notes that coking coal transactions totaled 13.6192 million tons, down by 3.0656 million tons, while thermal coal transactions increased by 3.584 million tons to 8.1728 million tons [6] Key Stocks - The report provides a detailed table of recommended stocks, including: - China Coal Energy (601898.SH) with an EPS forecast of 1.21 for 2025 and a PE ratio of 11.32 - China Shenhua Energy (601088.SH) with an EPS forecast of 2.56 for 2025 and a PE ratio of 16.38 - Yanzhou Coal Mining (600188.SH) with an EPS forecast of 0.99 for 2025 and a PE ratio of 14.86 [7]

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 份有限公司第五屆董事會 2026 年第一次會議決議公告》。 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 1 月 30 日 於本公告刊發日期，本公司的執行董事為王樹東、高士崗、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 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 ...

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 2026 年第一次臨時股東會決議公告和法律意見書》。 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 1 月 30 日 於本公告刊發日期，本公司的執行董事為王樹東、高士崗、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：2026-002 中国中煤能源股份有限公司 2026 年第一次临时股东会决议公告 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 ...