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].

1. Report Industry Investment Rating - The investment rating for the coal mining industry is "Bullish" [2] 2. Core Viewpoints of the Report - Currently at the beginning of a new upward cycle in the coal economy, with fundamental and policy factors in resonance, it is advisable to allocate the coal sector at low levels [2][3][11] - The underlying logic of coal supply constraints since July still exists, and there's no need to overly worry about a significant decline in coal prices. The stabilization point of coal prices is approaching [2][3][11] - The underlying investment logic of coal production capacity shortage remains unchanged. Coal prices have established a bottom and are on a new platform, high - quality coal enterprises maintain core asset attributes, and coal assets are relatively undervalued with potential for overall valuation improvement [3][11] - The coal supply bottleneck is expected to last until the "15th Five - Year Plan". The coal sector is a high - performance, high - cash, and high - dividend asset, with high certainty in the profitability and growth of high - quality coal companies [3][12] - The coal sector has a high - dividend safety margin when it adjusts downward and upward elasticity catalyzed by the expected increase in coal prices. It is recommended to focus on the current allocation opportunities in the coal sector [3][12] 3. Summary by Relevant Catalogs 3.1 This Week's Core Viewpoints and Key Concerns - **Core Viewpoints**: The coal economy is in the early stage of a new upward cycle. This week, the utilization rate of sample thermal coal and coking coal mine production capacity decreased. The daily coal consumption in inland 17 provinces and coastal 8 provinces increased, while non - power coal demand decreased. Coal prices showed a mixed trend. Although the current market is weak, after New Year's Day, the coal consumption support is expected to strengthen. The coal allocation logic remains unchanged, and it is recommended to allocate at low levels [11] - **Key Investment Recommendations**: Focus on three types of companies: those with stable operations and performance, those that have fallen sharply previously with high elasticity, and those with special and scarce global metallurgical coal resources. Also, pay attention to other related companies [12] - **Recent Key Concerns**: In November 2025, the total social electricity consumption increased by 6.2% year - on - year. From January to November 2025, US coal production increased by 4.1% year - on - year, and Russian coal production increased by 0.1% year - on - year [13] 3.2 This Week's Performance of the Coal Sector and Individual Stocks - The coal sector fell 0.89% this week, underperforming the broader market. The CSI 300 rose 1.95% to 4657.24 [14] - The thermal coal, coking coal, and coke sectors fell 1.24%, 0.81%, and 0.49% respectively [16] - The top three gainers in the coal mining and washing sector were Anyuan Coal Industry (6.42%), Huayang Co., Ltd. (5.01%), and Inner Mongolia Electric Power Investment Energy Co., Ltd. (2.75%) [19] 3.3 Coal Price Tracking - **Coal Price Index**: As of December 26, the comprehensive transaction price of CCTD Qinhuangdao thermal coal (Q5500) was 695.0 yuan/ton, down 7.0 yuan/ton week - on - week. The comprehensive average price index of Bohai Rim thermal coal (Q5500) was 695.0 yuan/ton, down 4.0 yuan/ton week - on - week. The annual long - term agreement price of CCTD Qinhuangdao thermal coal (Q5500) was 694.0 yuan/ton, up 10.0 yuan/ton month - on - month [23] - **Thermal Coal Price**: As of December 27, the market price of Qinhuangdao Port's Shanxi - produced thermal coal (Q5500) was 677 yuan/ton, down 34 yuan/ton week - on - week. At the production sites, prices in some areas rose or remained flat. International thermal coal FOB prices and some arrival prices fell [27] - **Coking Coal Price**: As of December 26, port and some production - site coking coal prices remained flat, while the arrival price of Australian Peak Downs hard coking coal in China rose 0.3 US dollars/ton week - on - week [29] - **Anthracite and Pulverized Coal Injection Price**: As of December 26, the vehicle - board price of Jiaozuo anthracite remained flat, while the vehicle - board prices of some pulverized coal injection decreased [38] 3.4 Coal Supply and Demand Tracking - **Coal Mine Capacity Utilization**: As of December 26, the capacity utilization rate of sample thermal coal mines was 86.4%, down 4.0 percentage points week - on - week, and that of sample coking coal mines was 84.21%, down 2.4 percentage points week - on - week [45] - **Import Coal Price Difference**: As of December 26, the price difference between domestic and foreign 5000 - kcal and 4000 - kcal thermal coal increased week - on - week [41] - **Coal - fired Power Daily Consumption and Inventory**: In both inland 17 provinces and coastal 8 provinces, coal inventory increased, daily consumption increased, and the number of available days decreased [46] - **Downstream Metallurgical Demand**: As of December 26, the Myspic composite steel price index fell, the price of Tangshan - produced primary metallurgical coke fell, the blast furnace operating rate decreased, the average profit per ton of coke for independent coking enterprises decreased, the profit per ton of steel for blast furnaces increased, the iron - scrap price difference decreased, and the scrap consumption ratio of pure blast furnace enterprises decreased [64][65] - **Downstream Chemical and Building Materials Demand**: As of December 26, the prices of some chemical products showed different trends, the national cement price index fell, the cement clinker capacity utilization rate decreased, the float glass operating rate decreased, and the weekly coal consumption in the chemical industry decreased [68][70] 3.5 Coal Inventory Status - **Thermal Coal Inventory**: As of December 26, the coal inventory at Qinhuangdao Port decreased, the 55 - port thermal coal inventory increased, and the production - site inventory increased [82] - **Coking Coal Inventory**: As of December 26, the production - site, port, coking enterprise, and steel mill coking coal inventories all increased [83] - **Coke Inventory**: As of December 26, the total coke inventory of coking plants decreased, the four - port total coke inventory increased, and the total coke inventory of domestic sample steel mills increased [85] 3.6 Coal Transportation Status - **International and Domestic Coal Transportation**: As of December 24, the Baltic Dry Index (BDI) fell. As of December 25, the average daily coal shipment volume on the Datong - Qinhuangdao Railway decreased week - on - week [98] - **Cargo - to - Ship Ratio at Four Major Ports in the Bohai Rim**: As of December 26, the inventory at the four major ports in the Bohai Rim decreased, the number of anchored ships remained unchanged, and the cargo - to - ship ratio decreased [96] 3.7 Weather Conditions - As of December 26, the Three Gorges outbound flow increased by 0.31% week - on - week [103] - In the next 10 days (December 28, 2025 - January 6, 2026), precipitation in some areas will be higher than normal, and after January 1, the average temperature in most parts of central and eastern China will turn 1 - 2°C lower than normal [103] - In the next 11 - 14 days (January 7 - 10, 2026), precipitation and temperature in different regions will show different trends [103] 3.8 Valuation Table and Key Announcements of Listed Companies - **Valuation Table**: The report provides the valuation data of key listed companies, including net profit attributable to the parent company, EPS, and PE from 2024A to 2027E [104] - **Key Announcements**: There are announcements from multiple companies, such as the share transfer of Jizhong Energy, the completion of the shareholding increase plan of Panjiang Co., Ltd., the acceptance of the application for asset acquisition by Inner Mongolia Electric Power Investment Energy Co., Ltd., the guarantee provided by Kailuan Co., Ltd., and the maintenance of the credit rating of Meijin Energy [105][106][107] 3.9 This Week's Key Industry News - Indonesia plans to impose a 1% - 5% export tax on coal from 2026 [109] - In November 2025, China's coal imports decreased by 19.9% year - on - year, with thermal coal imports increasing by 7.0% month - on - month and coking coal imports increasing by 1.3% month - on - month [109] - 8000 tons of high - quality Mongolian coal arrived in Gannan [109] - As of the end of November 2025, the national cumulative power generation installed capacity increased by 17.1% year - on - year [109]

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。 （澳洲股份代號：YAL） 有關煤炭貨運服務交易的持續關連交易 煤炭貨運服務交易 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） * 僅供識別 1 2026 年物泊框架協議規定，有關物泊向本集團提供煤炭貨運服務的所有交易必須(i)於本集團 日常及一般業務過程中進行，(ii)經公平磋商，(iii)按一般商業條款或更優條款進行，及(iv)遵 守（其中包括）上市規則及適用法律。 於 2025 年 12 月 22 日，本公司與物泊訂立 2026 年物泊框架協議，據此，物泊同意於截至 2026 年 12 月 31 日止年度向本集團提供煤炭貨運服務。 上市規則的涵義 於本公告日期，兗礦能源為本公司的控股股東，持有本公司已發行股份總數約 62.26%，故為 本公司的關連人士。物泊為兗 ...

智通财经APP获悉，12月17日,小米集团-W（01810）、南方恒生科技（03033）、美团-W（03690）南 向资金净流入金额位列市场前三，分别净流入10.61 亿、8.31 亿、7.50 亿 | 股票名称 | 净流出(元)↓ | 净流出比 | 收盘价 | | --- | --- | --- | --- | | 中国移动(00941) | -4.37 亿 | -26.50% | 84.450（+0.18%） | | 中国财险(02328) | -2.86 亿 | -25.31% | 16.540（+1.22%） | | 建设银行(00939) | -2.43 亿 | -14.81% | 7.430（+0.54%） | | 中国石油股份(00857) | -2.41 亿 | -33.13% | 8.030（0.00%） | | 龙源电力(00916) | -1.40 亿 | -50.82% | 6.660（-1.04%） | | 中国海洋石油(00883) | -1.33 亿 | -7.05% | 20.160（-0.20%） | | 哔哩哔哩-W(09626) | -1.25 亿 | -19.02% | ...

委員會將包括至少 3 名董事。董事會可以通過董事會決議指定額外的董事加入委員會 或免除和替換委員會成員。 兗煤澳大利亞有限公司（「公司」） 健康安全環境與社區委員會議事規則 2025 年 12 月 19 日批准 健康安全環境與社區委員會的目標是協助董事會： 委員會向董事會提出議案和建議，但無權力要求董事會或管理層一定通過該提議。 委員會 組成與法定人數 董事會將任命委員會主席。 委員會的法定人數是指委員會成員的大多數。 解聘或辭職 委員會成員可以向董事會提出書面辭呈。董事會可以通過董事會決議指定增補董事加 入委員會或免除和替換委員會成員。若委員會成員退休、被免職或向董事會提出辭 呈，則該成員將被終止其委員會成員資格。董事會將任命繼任者。 非委員會成員參與 • 履行其在公司經營活動中產生的與健康、安全、環境與社區（統稱 HSEC）事 務有關的責任； • 關於可持續發展信息的報告； • 考量、評估和監督本公司實行的政策、標準、制度及相關資源配置，是否能實 現公司在員工 HSE 等方面的承諾；並且 • 就全公司的 HSE 事宜給予必要的關注和指導。 委員會若認為適當，將邀請任何公司高管人員或其他個人（包括顧問和其他 ...

兗煤澳大利亞有限公司 審計和風險管理委員會議事規則 2025 年 12 月 19 日批准 審計和風險管理委員會的目標是—— 委員會向董事會進行建議推薦工作。但其無任何權力要求董事會或管理層採納該等建 議。為實現其目的及履行職責，委員會可以不受限制的與公司管理人員及內部、外部 審計師進行溝通和接觸。 委員會在協助董事會審閱財務及可持續發展報告、內部控制結構、風險管理系統及內 部和外部審計職能等事務中發揮著關鍵性作用。委員會同時也為審計師提供了良好的 溝通機制，使其可以就相關問題進行非正式及保密性的溝通，在相對早期的審計期間 提出潛在的問題，以及以一種無約束的方式談及敏感問題。 委員會監督— 成員 組成及法定人數 委員會至少由三名董事組成，其中所有成員必須是非執行董事，多數成員必須是獨立 的。董事會可以向委員會任命增選的非執行董事或者通過決議解聘並替換委員會成 員。委員會成員必須具有財務專業知識並熟悉公司所經營的行業，並且至少一位獨立 非執行董事具有適當的專業資格、會計或者相關財務管理從業經驗。 公司現有的審計事務所的前合夥人，自其離職之日起兩年內不得擔任委員會成員； 以後者為準。 董事會任命委員會主席。主席必須 ...

兗煤澳大利亞有限公司（以下簡稱「公司」） 提名和薪酬委員會議事規則 提名和薪酬委員會（以下簡稱「委員會」）的目標是就以下事宜提出建議，並協助公 司董事會進行相關事務： （a）董事會的構成及董事會的繼任計劃並監管執行委員會的繼任計劃； （b）提議董事薪酬（需按照公司章程、澳大利亞證券交易所（簡稱「澳交所」）和香 港證券交易所（簡稱「聯交所」）上市規則要求獲得股東批准）、批准公司執行委員 會成員的薪酬安排、以及其他由委員會按實際需要提名的人員； （c）董事及公司關鍵管理人員公開發佈的薪酬公開披露； （d）監管公司執行委員會的績效評估； （e）制定、修改公司治理方面的相關政策和制度；以及 （f）多元化與包容性。 職責與義務 委員會的職責與義務如下： 薪酬 績效與薪酬 委員會將： (a) 對董事及公司執行委員會每位成員（或者其他適用人員）的績效進行評估並向 董事會提出建議，包括合同條款、年度薪酬以及公司短期和長期激勵計劃等； (b) 審核公司在招聘、留任及解聘公司高管人員、以及高管薪酬方面的政策和程序 的主要變化和發展； (c) 協助公司定期開展董事會績效評估工作； (d) 審核公司執行委員會每位成員的績效評估程序及 ...

引言 兗煤澳大利亞有限公司（以下簡稱「公司」）董事會已經採用了本議事規則以概括其可 行使的議事規則賦予的權力及需承擔的責任，該內容已經考慮了良好公司治理原則、國 際最佳實踐和適用的法律規範。 結構和組成 依據公司《章程》，董事會由股東任命。公司必須至少有 4 名董事。 與公司對澳大利亞財政部的承諾相一致，公司必須有至少兩名董事的主要居住地在澳大 利亞，其中至少一名具備獨立性， 獨立標準 定義於下文中。 根據公司《章程》和上述要求，董事會將以上述規模和必須的能力適當理解和處理公司 當前和新出現的業務事宜。 董事會應具備均衡的技能、經驗和多元化觀點，以滿足公司業務需求，並應確保董事為 公司投入足夠的時間並作出與其職位和董事會職責相符的貢獻。 兗煤澳大利亞有限公司 董事會議事規則 2025 年 12 月 19 日批准 董事會，連同提名和薪酬委員會，將審核董事的能力並根據公司《章程》規定的限制條 件和現行董事的服務條款決定人員組成和能力組合是否適合公司的業務經營和發展戰 略。 獨立標準 在不限制董事會自主裁量權的情況下，董事會通過採納以下指導性原則來考慮董事的獨 立性。在同時符合澳大利亞證券交易所（簡稱「澳交所」）和 ...

Core Viewpoint - The Hong Kong High Dividend ETF (159302) has shown a positive performance with a year-to-date increase in scale despite a slight decrease in shares outstanding, indicating strong investor interest in high dividend yielding assets [1][2]. Group 1: Fund Performance - As of December 15, the Hong Kong High Dividend ETF (159302) closed up 0.38% with a trading volume of 13.0572 million yuan [1]. - The fund was established on August 23, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - The fund's performance benchmark is the China Securities Hong Kong Stock Connect High Dividend Investment Index, adjusted for valuation exchange rates [1]. Group 2: Fund Size and Liquidity - As of December 12, the latest share count for the fund was 10.3 million shares, with a total size of 136 million yuan [1]. - Compared to December 31, 2024, the fund's shares decreased by 5.06%, while its size increased by 12.53% [1]. - Over the last 20 trading days, the cumulative trading amount was 351 million yuan, with an average daily trading amount of 17.5693 million yuan [1]. - Year-to-date, the cumulative trading amount reached 3.056 billion yuan, with an average daily trading amount of 13.23 million yuan [1]. Group 3: Fund Holdings - The current fund manager is Zhang Yichi, who has managed the fund since its inception, achieving a return of 31.65% during his tenure [2]. - Major holdings include COSCO Shipping Holdings (7.63%), Yancoal Australia (5.59%), and Orient Overseas International (5.05%), among others, with significant positions in various sectors [2].

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 for the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [10][11] - The supply-side constraints that have been in place since July remain, suggesting limited downside risk for coal prices, which are expected to stabilize [10][11] - The coal sector is characterized by high profitability, cash flow, return on equity (ROE) of 10-15%, and dividend yields exceeding 5%, indicating strong core asset attributes [10][11] - The coal assets are relatively undervalued, with expectations for overall valuation improvement, supported by high premiums in the primary mining rights market [10][11] - The coal sector is expected to maintain a tight supply-demand balance over the next 3-5 years, with high barriers to entry and strong cash flow characteristics [10][11] Summary by Sections Coal Price Tracking - As of December 13, the market price for Qinhuangdao port thermal coal (Q5500) is 753 CNY/ton, down 38 CNY/ton week-on-week [27] - The international thermal coal offshore price for Newcastle NEWC5500 is 78.0 USD/ton, down 6.0 USD/ton week-on-week [27] - The price for coking coal at Jing Tang port remains stable at 1650 CNY/ton [29] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 92.5%, an increase of 1.0 percentage point week-on-week [44] - The daily coal consumption in inland provinces has increased by 6.20 thousand tons/day (+1.61%) [45] - The daily coal consumption in coastal provinces has increased by 2.00 thousand tons/day (+1.01%) [45] Inventory Situation - As of December 11, coal inventory in inland provinces has decreased by 11.90 thousand tons week-on-week, while coastal provinces saw a reduction of 71.10 thousand tons [45] - The available days of coal in inland provinces have decreased by 0.50 days week-on-week [45] Key Companies to Watch - Focus on stable operators with solid performance such as China Shenhua, Shaanxi Coal, and China Coal Energy [11] - Pay attention to companies with higher elasticity like Yanzhou Coal, Electric Power Energy, and Guanghui Energy [11] - Consider high-quality metallurgical coal companies such as Huaibei Mining and Lu'an Environmental Energy [11]