Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Views - The report indicates that the coal industry is at the beginning of a new upward cycle, with a favorable combination of fundamentals and policies, making it a good time to invest in the coal sector [11][12] - The report highlights a significant increase in coal prices, with Qinhuangdao port's Q5500 coal price reaching 717 CNY/ton, up 24 CNY/ton week-on-week, driven by optimistic market expectations post-holiday and reduced supply from major coal-producing regions [11][30] - The report emphasizes the ongoing supply-demand balance in the short term, with a medium to long-term supply gap expected to persist, reinforcing the investment logic in coal assets [11][12] Summary by Sections 1. Coal Price Tracking - As of February 13, the market price for Qinhuangdao port's Q5500 coal is 717 CNY/ton, reflecting a week-on-week increase of 3.5% [6][30] - International coal prices have also risen, with Newcastle's FOB price for Q5500 coal at 81.5 USD/ton, up 6.5% week-on-week [6][30] 2. Coal Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 84.4%, down 3.1 percentage points week-on-week, while the utilization rate for coking coal mines is 81.39%, down 5.3 percentage points [11][49] - Daily coal consumption in inland provinces decreased by 10% week-on-week, while coastal provinces saw an 18.8% decline [11][50] 3. Coal Inventory Situation - Coal inventory in inland provinces increased by 1.854 million tons week-on-week, while coastal provinces saw a smaller increase of 0.235 million tons [50] 4. Investment Recommendations - The report suggests focusing on stable and high-performing companies such as China Shenhua, Shaanxi Coal, and others, while also considering companies with high elasticity like Yanzhou Coal and others [12]

来源：新浪基金∞工作室 数据显示，2月12日，景顺长城国证港股通红利低波动率ETF(159569)遭净赎回431.02万元，位居当日跨 境ETF净流出排名14/215。最新规模4.84亿元，前一日规模4.88亿元，当日资金净流出额占前一日规模 的比例为0.88%。 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8.86%332.45万4128.79万 00316东方海外国际7.48%30.80万3488.52万01171兖矿能源5.65%303.40万2636.24万01308海丰国际 4.52%83.70万2106.20万03668兖煤澳大利亚4.46%89.77万2077.32万00288万洲国际3.76%223.95万1753.73 万01088中国神华3.63%48.30万1692.67万03360远东宏信3.39%217.60万1580.19万00883中国海洋石油 3.27%79.30万1525.62万00386中国石油化工股份3.26%360.00万1518.49万 跟踪港股通红利低波（987016）的ETF包括景顺长城国证港股通红利低波动率ETF（159569），规模、 ...

Core Viewpoint - The Hong Kong Dividend Low Volatility ETF managed by Huatai-PB has experienced a decrease in both share count and total assets in 2025, indicating a potential decline in investor interest [1][2] Group 1: Fund Performance - The Hong Kong Dividend Low Volatility ETF (520890) closed at a gain of 0.99% on February 11, with a trading volume of 37.2364 million yuan [1] - The fund's management fee is set at 0.50% annually, while the custody fee is 0.10% annually [1] - The fund's performance benchmark is the Hang Seng Stock Connect High Dividend Low Volatility Index [1] Group 2: Fund Size and Liquidity - As of February 10, the fund's latest share count is 83.008 million, with a total size of 127 million yuan, reflecting a 12.63% decrease in shares and a 6.16% decrease in size since December 31, 2025 [1] - Over the last 20 trading days, the cumulative trading amount reached 595 million yuan, with an average daily trading amount of 29.7258 million yuan [1] - Year-to-date, the cumulative trading amount is 775 million yuan, with an average daily trading amount of 27.6773 million yuan [1] Group 3: Fund Holdings - The current fund manager is Li Qian, who has managed the fund since September 4, 2024, achieving a return of 52.12% during her tenure [2] - Major holdings include Shougang Resources (3.77%), Yancoal Australia (2.68%), and Hang Seng Bank (2.63%), among others, with specific holding values and percentages detailed [2]

该行指出，国内方面，2025年下半年国内通过查煤矿超产的形式实现了供给的快速收缩，秦皇岛动力煤 平仓价亦从最低的609元/吨一路上行至834元/吨。海外方面，煤价运行的大致趋势与国内类似，印尼等 煤炭出口国家希望抬升煤价来改善企业的业绩和增厚财政，从近期印尼政府的相关政策来看，供给收缩 驱动煤价上行也成为了重要手段。综合国内和海外判断，当前煤价尚处于偏低位置，离合理价格仍存在 一定距离，存在政策驱动供给收缩抬升煤价的逻辑。 煤炭股延续近期涨势，截至发稿，蒙古焦煤(00975)涨5.15%，报12.65港元；兖矿能源(01171)涨4.38%， 报13.36港元；力量发展(01277)涨3.23%，报1.92港元；兖煤澳大利亚(03668)涨2.36%，报33.78港元；中 煤能源(01898)涨2.11%，报12.58港元。 消息面上，据智通财经报道，2月3日，印尼矿业官员表示，由于印尼政府提出大幅减产计划，该国矿商 已暂停现货煤炭出口；此外印尼上月向主要矿商下达的产量配额比2025年全年水平降低40%至70%，作 为该国提振煤价计划的一部分。长城证券发布研报称，煤炭供给收缩驱动煤价上行的逻辑再次被验证。 ...

Group 1 - Coal stocks continue to rise, with Mongolian Coal (00975) up 5.15% to HKD 12.65, Yanzhou Coal (01171) up 4.38% to HKD 13.36, and others showing similar increases [1] - Indonesian mining officials announced a significant reduction plan, leading to a halt in spot coal exports and a 40% to 70% reduction in production quotas for major miners compared to 2025 levels, aimed at boosting coal prices [1] - Longcheng Securities reported that the logic of supply contraction driving coal prices upward has been validated again [1] Group 2 - Domestic coal supply has rapidly contracted due to inspections for overproduction, with Qinhuangdao thermal coal prices rising from CNY 609 per ton to CNY 834 per ton [2] - The trend in coal prices overseas is similar, with countries like Indonesia aiming to raise coal prices to improve corporate performance and enhance fiscal health [2] - Current coal prices are still considered low, with a significant distance from reasonable price levels, indicating a policy-driven supply contraction to elevate coal prices [2]

格隆汇2月9日丨兖煤澳大利亚(03668.HK)宣布，公司将于2026年2月25日(星期三)举行董事会会议，以 批准集团截至2025年12月31日止年度之全年业绩及其发布，考虑派付末期股息(如有并按董事会全权酌 情决定)，以及处理任何其他事项。 ...

Yancoal Australia Ltd ACN 111 859 119 兗煤澳大利亞有限公司* （於澳大利亞維多利亞州註冊成立的有限公司） （香港股份代號：3668） （澳洲股份代號：YAL） 澳洲證券交易所、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的內容概不負責，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分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 董事會會議日期 兗煤澳大利亞有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會 （「董事會」）謹此宣佈，本公司將於 2026 年 2 月 25 日（星期三）舉行董事會會議， 以批准本集團截至 2025 年 12 月 31 日止年度之全年業績及其發佈，考慮派付末期股息 （如有並按董事會全權酌情決定），以及處理任何其他事項。 承董事會命 兗煤澳大利亞有限公司 董事長 茹剛 香港，2026 年 2 月 9 日 截至本公告日期，執行董事為岳寧先生，非執行董事為茹剛先生、王九紅先生、黃霄 龍先生、趙治國先生及李昂先生，獨立非執行董事為 Gregory James Fletcher 先生、 Debr ...

Core Viewpoint - The Hong Kong Dividend Low Volatility ETF managed by Huatai-PB has experienced a decrease in both share count and total assets since the beginning of the year, indicating potential challenges in attracting investment [1][2]. Group 1: Fund Performance - The Hong Kong Dividend Low Volatility ETF (520890) closed at a 0.67% increase with a trading volume of 41.35 million yuan on February 9 [1]. - The fund's management fee is set at 0.50% annually, while the custody fee is 0.10% annually [1]. - As of February 6, the fund's latest share count was 83.08 million, with a total asset size of 126 million yuan, reflecting a 12.63% decrease in shares and a 7.15% decrease in total assets since December 31, 2025 [1]. Group 2: Liquidity and Trading Activity - Over the past 20 trading days, the cumulative trading amount for the fund reached 569 million yuan, with an average daily trading amount of 28.44 million yuan [1]. - Since the beginning of the year, the fund has recorded a cumulative trading amount of 714 million yuan over 26 trading days, averaging 27.45 million yuan per day [1]. Group 3: Fund Holdings - The current fund manager, Li Qian, has managed the fund since September 4, 2024, achieving a return of 49.36% during her tenure [2]. - Major holdings in the fund include Shougang Resources (3.77%), Yanzhou Coal Mining (2.70%), and Hang Seng Bank (2.63%), among others, with the total holdings reflecting a diversified portfolio [2].

Group 1: Coal Prices - Qinhuangdao port thermal coal (Q5500) price increased to 692 CNY/ton, up 1 CNY/ton week-on-week as of February 7 [1] - Datong thermal coal price (Q5500) decreased to 567 CNY/ton, down 1 CNY/ton week-on-week as of February 5 [1] - International thermal coal prices: Newcastle NEWC5500 at 76.3 USD/ton, up 1.5 USD/ton week-on-week; ARA6000 at 101.6 USD/ton, down 1.5 USD/ton [1] Group 2: Coking Coal Prices - Beijing Tangshan port coking coal price decreased to 1700 CNY/ton, down 80 CNY/ton week-on-week as of February 5 [2] - Linfen coking coal price decreased to 1570 CNY/ton, down 80 CNY/ton week-on-week as of February 6 [2] - Australian hard coking coal price at 265.6 USD/ton, up 1.5 USD/ton week-on-week as of February 5 [2] Group 3: Production and Consumption - Sample thermal coal mine capacity utilization at 87.5%, down 0.8 percentage points week-on-week; coking coal mine utilization at 86.67%, down 2.5 percentage points [2] - Coastal provinces' coal consumption decreased by 16.3 million tons/day, down 7.22% week-on-week as of February 4 [3] - Inland provinces' coal consumption decreased by 81.8 million tons/day, down 18.1% week-on-week as of February 4 [3] Group 4: Market Outlook - Current coal market is at the beginning of a new upward cycle, with fundamental and policy support [4] - Indonesian government reduced coal production quotas by 40% to 70% compared to 2025 levels, impacting global coal supply [4] - Domestic coal supply is expected to remain constrained, with potential for price recovery due to demand resilience [5] Group 5: Investment Recommendations - Coal sector remains attractive due to high performance, cash flow, and dividends; recommended to focus on quality coal companies [6] - Suggested companies include China Shenhua, Shaanxi Coal, and Yancoal Australia among others [6] - Emphasis on the importance of coal assets as they are undervalued and have high potential for appreciation [5]

Core Viewpoints - The coal market is experiencing a slight recovery, with the advantage of imported coal narrowing further [7][81] - The overall profitability of the coal mining industry is expected to improve in 2026 after a significant decline in 2025 [7][84] Market Dynamics - The CCI5500 thermal coal index reported at 698 RMB/ton, with a week-on-week increase of 2 RMB/ton [13][82] - The average daily consumption of coal in coastal power plants is 208,000 tons, with a stock availability of 15.4 days [22][28] - The coal inventory at major ports decreased by 5.5% week-on-week, indicating a tightening supply [22][28] Industry Insights - The coal mining industry saw a profit total of 352 billion RMB in 2025, a year-on-year decline of 42% [7][84] - The expected supply-demand balance in 2026 is anticipated to support coal prices, with a significant reduction in supply growth [7][84] - The long-term contracts for coal supply in 2026 are expected to enhance the fulfillment rate due to increased market factors [84][85] Key Companies - Major companies with stable dividends include China Shenhua, Yanzhou Coal, and Shaanxi Coal [7] - Companies benefiting from improved demand expectations and supply contraction include Huabei Mining and Shanxi Coking Coal [7] - Companies with long-term growth potential include Huayang Co., New Energy Co., and Baofeng Energy [7]