Core Viewpoint - China Coal Energy Company Limited has received approval to issue debt financing tools totaling up to RMB 40 billion, with a resolution valid until December 31, 2027 [1] Group 1: Debt Financing Authorization - The company’s annual general meeting approved the proposal to continue granting general authorization for issuing debt financing tools [1] - The approved debt financing tools include, but are not limited to, medium-term notes [1] Group 2: Medium-Term Notes Registration - The company has received a registration notice from the National Association of Financial Market Institutional Investors, allowing it to register medium-term notes amounting to RMB 5 billion [1] - The registration is valid for two years from the date of the notice, and the company can issue medium-term notes in installments during this period [1] - The joint lead underwriters for the medium-term notes are CITIC Securities Co., Ltd., Industrial and Commercial Bank of China, and CITIC Bank [1]

Core Viewpoint - The company, China Coal Energy (01898), has received a registration notice from the National Association of Financial Market Institutional Investors, allowing it to issue medium-term notes totaling RMB 5 billion [1] Group 1 - The registered amount for the medium-term notes is RMB 5 billion, valid for two years from the date of the registration notice [1] - The joint lead underwriters for this issuance are CITIC Securities, Industrial and Commercial Bank of China, and CITIC Bank [1] - The company can issue the medium-term notes in tranches during the validity period and must disclose the issuance results through approved channels [1]

证券代码：601898 证券简称：中煤能源 公告编号：2026-008 特此公告。 中国中煤能源股份有限公司 中国中煤能源股份有限公司 关于中期票据获准注册的公告 2026 年 3 月 23 日 一、公司中期票据注册金额为人民币 50 亿元，注册额度自《接受注册通知 书》落款之日起 2 年内有效，由中信建投证券股份有限公司、中国工商银行股份 有限公司和中信银行股份有限公司联席主承销。 二、公司在注册有效期内可分期发行中期票据，发行完成后，应通过交易商 协会认可的途径披露发行结果。 公司将根据《接受注册通知书》要求，按照《非金融企业债务融资工具注册 发行规则》《非金融企业债务融资工具注册工作规程》《非金融企业债务融资工具 信息披露规则》及有关规则指引规定，择机发行中期票据，并做好相关的信息披 露工作。 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。 2025 年 6 月 27 日，中国中煤能源股份有限公司 2024 年度股东周年大会审议 通过了《关于<继续给予公司发行债务类融资工具一般性授权>的议案》，同意公 司申请发行规模为合 ...

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 份有限公司關於中期票據獲准註冊的公告》。 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 23 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：2026-008 中国中煤能源股份有限公司 关于中期票据获准注册的公告 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。 2025 年 6 月 27 日，中国中 ...

Core Viewpoint - China Coal Energy (601898.SH) has received a registration notice from the China Interbank Market Dealers Association for its medium-term notes, allowing the company to issue up to RMB 5 billion in registered notes over the next two years [1] Group 1 - The registered amount for the medium-term notes is RMB 5 billion, valid for two years from the date of the registration notice [1] - The joint lead underwriters for the issuance are CITIC Securities Co., Ltd., Industrial and Commercial Bank of China, and China CITIC Bank [1] - The company plans to issue the medium-term notes in tranches during the registration period and will disclose the issuance results through approved channels [1] Group 2 - The company will issue the medium-term notes in accordance with the relevant rules and guidelines, including the Non-Financial Enterprise Debt Financing Instruments Registration and Issuance Rules [1] - The company is committed to ensuring proper information disclosure as required by the registration notice [1]

Group 1 - The company announced a medium-term note registration amounting to RMB 5 billion [1] - The registration validity period is two years from the date of the acceptance registration notice [1]

Investment Rating - The report maintains a "Buy" rating for key coal companies, including China Shenhua, Shaanxi Coal, and others, indicating a positive outlook for the coal sector [11]. Core Insights - The coal market is experiencing a reversal with domestic coal prices beginning to rise, driven by seasonal demand and geopolitical factors [2][10]. - The report identifies three phases of coal price increases: initial support from Indonesian production cuts, followed by heightened demand due to geopolitical tensions, and potential supply constraints from other coal-producing countries [4][8]. - The focus on companies with overseas operations, such as China Qinfa and Yancoal Australia, is emphasized as they are expected to benefit from rising international coal prices [4][10]. Summary by Sections Market Overview - The CITIC Coal Index is at 4451.82 points, down 2.05%, but outperformed the CSI 300 Index by 0.14 percentage points, ranking fourth in the CITIC sector [71]. - Domestic coal prices have shown signs of recovery, with thermal coal prices stabilizing and beginning to rise seasonally [5][10]. Key Phenomena - Thermal coal prices have stopped declining and are now on an upward trend, indicating a reversal in market sentiment [2]. - Coking coal prices surged by 8.7% in the latest trading session, reflecting strong demand driven by geopolitical tensions and increased profitability in coal chemical production [3][10]. Supply and Demand Dynamics - The report notes that coal production is stable, with some mines temporarily halting operations due to underground issues, while overall supply remains adequate [10]. - Demand from non-electric sectors, such as metallurgy and chemicals, is driving procurement, with some terminals shifting to domestic coal due to high import prices [15][31]. Price Trends - As of March 20, 2026, the price of thermal coal at northern ports is reported at 737 CNY/ton, reflecting a slight increase [31]. - Coking coal prices are also on the rise, with significant increases reported in various regions, indicating a robust market for coking coal [36][41]. Investment Recommendations - The report recommends focusing on companies with high coal chemical ratios, such as Yancoal Energy and China Xuyang Group, as they are expected to benefit from increased profitability [4][10]. - Specific stocks are highlighted for investment, including China Shenhua, Shaanxi Coal, and others, based on their strong earnings potential and market positioning [11].

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 [11] - The coal price is expected to stabilize and rebound, ending a continuous decline since March 4, with limited room for price correction due to factors such as the inverted import coal price and ongoing geopolitical tensions [11][3] - The coal sector is characterized by a supply shortage, with a balanced short-term supply and demand but a medium to long-term gap, indicating a bullish outlook for coal prices [11][3] Summary by Sections Coal Price Tracking - As of March 20, the market price for Qinhuangdao port thermal coal (Q5500) is 731 CNY/ton, unchanged from the previous week [28] - The price for Shanxi-produced coking coal at Jingtang port is 1600 CNY/ton, up by 10 CNY/ton [30] - International thermal coal prices show mixed trends, with Newcastle thermal coal at 86.3 USD/ton, down by 1.7 USD/ton [28] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.1%, an increase of 0.6 percentage points [45] - The daily coal consumption in coastal provinces increased by 238,000 tons/day (+12.62%), while inland provinces saw a decrease of 87,000 tons/day (-2.79%) [46] - The operating rate of steel blast furnaces is reported at 79.8%, up by 1.44 percentage points [11] Coal Inventory Situation - As of March 19, coal inventory in inland provinces decreased by 2.413 million tons, a 3.06% decline [46] - Coastal provinces' coal inventory fell by 52,000 tons, a 0.15% decrease [46] Company Performance - The coal sector's performance this week saw a decline of 2.05%, which is better than the overall market decline of 2.19% [14] - Key companies to focus on include China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy, which are noted for their stable operations and high profitability [11]

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 [11][12] - The coal price is expected to stabilize and rebound, ending a continuous decline since March 4, with limited room for price correction due to factors such as the inverted import coal price and ongoing geopolitical tensions [11][12] - The coal sector is characterized by high barriers, strong cash flow, high return on equity (ROE), and high dividends, indicating that quality coal companies remain undervalued with potential for overall valuation improvement [11][12] Summary by Sections 1. Coal Price Tracking - As of March 20, the market price for Qinhuangdao port thermal coal (Q5500) is 731 CNY/ton, unchanged from the previous week [28] - The price for Shanxi-produced coking coal at Jingtang port is 1600 CNY/ton, up by 10 CNY/ton [30] - International thermal coal prices show mixed trends, with Newcastle thermal coal at 86.3 USD/ton, down by 1.7 USD/ton [28][30] 2. Coal Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.1%, an increase of 0.6 percentage points [45] - The daily coal consumption in coastal provinces increased by 238,000 tons/day (+12.62%), while inland provinces saw a decrease of 87,000 tons/day (-2.79%) [46] - The steel furnace operating rate is reported at 79.8%, up by 1.44 percentage points [11][12] 3. Coal Inventory Situation - As of March 19, coal inventory in inland provinces decreased by 2.413 million tons (-3.06%), while coastal provinces saw a slight decrease of 52,000 tons (-0.15%) [46] - The available days of coal in inland provinces remained stable, while coastal provinces experienced a decrease of 0.5 days [46] 4. Key Companies to Watch - Focus on stable operators such as China Shenhua, Shaanxi Coal, and China Coal Energy [11][12] - Companies with significant performance elasticity include Yanzhou Coal, China Power Investment, and Guanghui Energy [11][12] - Special attention to high-quality metallurgical coal companies like Lu'an Environmental Energy and Shanxi Coking Coal [11][12]

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 [11][12] - The coal market is characterized by a supply-demand balance in the short term, but a medium to long-term supply gap remains, supporting a bullish outlook on coal prices [11][12] - The report emphasizes the resilience of coal prices despite seasonal demand fluctuations, with expectations for a significant increase in the coal price center in 2026 [11][12] Summary by Sections Coal Price Tracking - As of March 20, the market price for Qinhuangdao port thermal coal (Q5500) is 731 CNY/ton, unchanged from the previous week [28] - The price for Shanxi-produced main coking coal at Jingtang port is 1600 CNY/ton, up by 10 CNY/ton [30] - International thermal coal prices show mixed trends, with Newcastle coal at 86.3 USD/ton, down by 1.7 USD/ton [28][30] Coal Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.1%, an increase of 0.6 percentage points [45] - The daily coal consumption in coastal provinces increased by 238,000 tons/day (+12.62%), while inland provinces saw a decrease of 87,000 tons/day (-2.79%) [46] - The report notes a significant increase in the coal consumption for chemical industries and a rise in the operating rate of steel furnaces [11][12] Coal Inventory Situation - As of March 19, coal inventories in inland provinces decreased by 2.413 million tons (-3.06%), while coastal provinces saw a slight decrease of 52,000 tons (-0.15%) [46] - The report highlights the importance of monitoring inventory levels as they impact price stability and market dynamics [11][12] Investment Recommendations - The report suggests focusing on companies with strong fundamentals such as China Shenhua, Shaanxi Coal, and China Coal Energy, as well as those with high earnings elasticity like Yanzhou Coal and Guohua Energy [11][12] - The coal sector is viewed as a high-performance, high-cash flow, and high-dividend asset class, with a favorable long-term outlook [11][12]