截止2025年3月31日，国泰君安中证港股通高股息投资指数发起(QDII)C前十持仓占比合计44.28%，分 别为：中远海控（9.76%）、兖煤澳大利亚（5.88%）、东方海外国际（3.94%）、民生银行 （3.73%）、中信银行（3.72%）、中国海洋石油（3.69%）、中国石油股份（3.58%）、中国银行 （3.42%）、中国神华（3.29%）、海丰国际（3.27%）。 本文源自：金融界 作者：基金君 7月1日，国泰君安中证港股通高股息投资指数发起(QDII)C（023074）下跌0.07%，最新净值1.13元，连 续5个交易日下跌，区间累计跌幅1.8%。 据了解，国泰君安中证港股通高股息投资指数发起(QDII)C成立于2025年1月，基金规模0.06亿元，成立 来累计收益率13.34%。 公开信息显示，现任基金经理张静女士:中国国籍,对外经济贸易大学金融学学士、上海财经大学MBA。 2006年起在意大利、荷兰、新加坡香港等地工作,历任英国瑞盟集团、上海敦煌财富管理公司家族办公 室负责人,负责客户家族资产海外投资管理;2016年8月加入上海国泰君安证券资产管理有限公司,历任跨 境业务部、国际业务部、全球资 ...

● 本报记者 葛瑶 谭丁豪 5月28日，港股三大指数集体回调，能源与航运板块逆市突围，市场进一步分化。快手凭AI商业化落地 大涨逾5%，泡泡玛特、蜜雪集团在创下新高后齐遭回调。南向资金5月净流入逾258.29亿元，更多流向 防御性板块，金融板块吸金超223亿元。 机构人士认为，当前港股估值处于历史中等水平，短期内建议关注受益于扩大内需政策的投资与消费板 块。长期来看，外资长线资金正加大对中国市场的关注力度，港股作为全球资本配置中国核心资产 的"桥头堡"，或迎来估值和盈利的双重修复。 港股市场分化显著 5月28日，港股市场高开低走。Wind数据显示，截至收盘，恒生指数跌0.53%，恒生科技指数跌0.15%， 恒生中国企业指数跌0.31%。板块间分化显著，能源板块逆市领涨，兖矿能源、兖煤澳大利亚分别上涨 2.31%、1.9%，中国神华涨1.2%，联合能源集团、中海油田服务涨超1%；航运主题表现亮眼，中船防 务、中远海能分别涨4.13%、2.81%。 科技板块与消费板块内部分化明显，渐现"高切低"趋势。消费板块中，家电、国货品牌受"618"购物节 预期提振表现稳健。前一日纷纷创下新高的泡泡玛特、蜜雪集团，今日则双双 ...

量减价稳，重视煤炭板块配置 证券研究报告 [Table_ReportTime] 2025 年 5 月 25 日 行业研究-周报 [Table_ReportType] 行业周报 | [Table_StockAndRank] 煤炭开采 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 左前明：能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 李睿：煤炭行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 量减价稳，重视煤炭板块配置 [Table_ReportDate] 2025 年 5 月 25 日 本期内容提要: [Table_Summary] ...

| [Table_StockAndRank] 煤炭开采 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 煤价节后延续弱势，底部渐显无需过忧 [Table_ReportTime] 2025 年 5 月 11 日 证券研究报告 行业研究-周报 [Table_ReportType] 行业周报 左前明：能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com ◆ 动力煤价格方面：本周秦港价格周环比下降，产地大同价格周环比下降。 港口动力煤：截至 5 月 10 日，秦皇岛港动力煤(Q5500)山西产市场价 635 元/吨，周环比下跌 17 元/吨。产地动力煤：截至 5 月 9 日，陕西 榆林动力块煤（Q6000）坑口价 588 元/吨，周环比下跌 2.0 元/吨；内 蒙古东胜大块精煤车板价（Q5500）484 元/吨，周环比下跌 12.7 元/吨; 大同南郊粘煤坑口价(含税)（Q5500）520 元/吨，周环比下跌 6 元/吨。 国际动力煤离岸价：截至 5 月 10 日，纽卡斯尔 NE ...

从指数持仓来看，中证香港300能源指数十大权重分别为：中国海洋石油（41.44%）、中国石油股份 （17.49%）、中国神华（13.95%）、中国石油化工股份（13.62%）、中煤能源（4.63%）、兖矿能源 （3.78%）、兖煤澳大利亚（1.82%）、中海油田服务（1.54%）、首钢资源（0.71%）、联合能源集团 （0.57%）。 从中证香港300能源指数持仓的市场板块来看，香港证券交易所占比100.00%。 金融界5月7日消息，上证指数高开低走，中证香港300能源指数 (H300能源，L11220)报2212.60点。 数据统计显示，中证香港300能源指数近一个月下跌7.31%，近三个月下跌8.77%，年至今下跌10.93%。 据了解，中证香港300行业指数系列在中证香港300指数样本中，按中证行业分类标准进行分类，以进入 各一、二、三级行业的全部证券作为样本编制指数，形成中证香港300行业指数系列，以反映香港市场 不同行业的整体表现。该指数以2004年12月31日为基日，以1000.0点为基点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重 ...

Financial Performance - Yancoal Australia's equity commodity coal production increased to 36.9 million tonnes in 2024, achieving near-optimal operational levels[26]. - Despite a 24% decline in average coal sales price to AUD 176 per tonne, Yancoal Australia reported an EBITDA of AUD 2.6 billion with an EBITDA margin of 37%[26]. - Cash operating costs for commodity coal decreased by AUD 3 per tonne to AUD 93 per tonne, with the second half of the year showing costs of AUD 86 per tonne[27]. - The company generated a significant cash balance of nearly AUD 2.5 billion by year-end, reflecting strong operational performance[26]. - Yancoal Australia produced 36.9 million tonnes of saleable coal in 2024, within the guidance range of 35.0 to 39.0 million tonnes[35]. - Cash operating costs were AUD 93 per tonne, also within the guidance range of AUD 89 to AUD 97 per tonne, with a notable decrease to AUD 86 per tonne in the second half of 2024[35]. - Capital expenditure for 2024 was AUD 705 million, falling within the guidance range of AUD 650 million to AUD 800 million[36]. - The average coal sales price for 2024 was AUD 176 per ton[103]. - The pre-tax profit for the fiscal year 2024 is projected to be AUD 1,815 million, reflecting a strategic optimization in production and market strategies[148]. - The basic earnings per share for the fiscal year 2024 is projected to be AUD 6.50, showing an increase from AUD 4.95 in fiscal year 2023[137]. Market and Sales - 86% of coal sales revenue in 2024 came from customers in China, Japan, and South Korea, highlighting strong market relationships in the Asia-Pacific region[27]. - The coal market experienced short-term fluctuations due to geopolitical tensions and climate issues, but has shown signs of recovery[182]. - The metallurgical coal market saw a decline in prices across all product categories due to reduced demand, particularly from the steel industry in China[183]. - Australia is expected to increase its share of the global seaborne thermal coal supply market from 19.1% in 2024 to approximately 33% by 2050[184]. - The company is actively seeking to expand its customer base and explore new markets in response to current market conditions[183]. Dividends and Shareholder Returns - Yancoal Australia announced a dividend of AUD 0.52 per share, totaling AUD 5 billion in dividends distributed to shareholders since 2018[30]. - The board declared a fully franked final dividend of AUD 429 million, equating to AUD 0.3250 per share, payable on April 30, 2024[39]. - The company has committed to paying at least 50% of its after-tax net profit as dividends, excluding exceptional items[47]. Safety and Operational Performance - The company is committed to achieving zero harm for employees and contractors, with a focus on improving safety performance in 2024[30]. - The rolling Total Recordable Injury Frequency Rate (TRIFR) for 2024 was 6.7, below the industry average of 9.0[103]. - The company's rolling 12-month Total Recordable Injury Frequency Rate (TRIFR) increased to 6.7 from 5.1 in the previous year, although it remains below the industry average of 8.7[198]. - The psychological health program has completed its third phase and is now entering the fourth phase, aiming to improve workplace safety and mental health[198]. - The company aims to achieve zero harm for employees and contractors through enhanced safety measures and regular reviews of control measures[197]. Governance and Leadership Changes - David Moult resigned as CEO effective January 14, 2025, with his employment ending on July 14, 2025[66]. - The company announced a leadership change with David James Moult resigning as CEO effective January 14, 2025, and Yue Ning appointed as acting CEO from the same date[80]. - The management team has undergone significant changes, indicating a strategic shift in leadership[66]. - The company is committed to enhancing its governance structure through the appointment of qualified independent directors[66]. - The board includes members with extensive experience in the mining industry, with several holding positions in other significant companies, indicating a strong governance structure[81]. Compensation and Incentives - The fixed annual salary plan aims to provide competitive compensation to attract and retain top talent, reflecting the roles and responsibilities of executives[117]. - The short-term incentive plan rewards executives based on the achievement of financial, operational, and strategic priorities, with 50% paid in cash, 25% deferred to equity for one year, and 25% deferred to equity for two years[110]. - The long-term incentive plan includes performance-based equity that vests after three years, with 60% based on earnings per share and 40% based on cost targets[110]. - The compensation framework aligns the interests of participants with the long-term goals of the company and its shareholders, integrating both short-term and long-term incentive plans[111]. - The target compensation mix for executives in 2024 shows a significant portion of at-risk pay awarded in performance equity[113]. Strategic Initiatives and Future Plans - The company plans to pursue growth opportunities through internal expansion and acquisition strategies to enhance its market position[30]. - Yancoal Australia aims to diversify its business beyond coal and explore strategic opportunities in alternative energy[30]. - The company is advancing plans for the Stratford potential renewable energy hub, aimed at beneficial land reuse post-mining[102]. - A decarbonization plan is being developed, including purchasing credits to meet emission requirements[102]. - The company has completed 32 out of 42 key tasks for 2024, demonstrating significant progress in strategic objectives[151]. Audit and Compliance - The total fees paid or payable to SW Audit for audit and non-audit services in 2024 amounted to AUD 1,463,000, compared to AUD 1,345,000 in 2023, reflecting an increase of approximately 8.8%[56]. - The audit and review of financial statements accounted for AUD 1,393,000 in 2024, up from AUD 1,279,000 in 2023, representing an increase of about 8.9%[56]. - The board has confirmed that all non-audit services provided by the auditors comply with the independence requirements of the Corporations Act 2001 (Cth)[59]. - The company has not faced any legal actions or interventions under the Corporations Act 2001 (Cth) during the reporting period[54].

Core Viewpoint - Yancoal Australia reported a decline in coal sales volume in Q1 2025, attributed to inventory consumption and sales timing adjustments, despite a strong coal market [1][2] Group 1: Sales Performance - In Q1 2025, Yancoal's equity sales volume was 8.4 million tons, down 1.1 million tons from the previous quarter [1] - The average sales price for thermal coal was 145 AUD/ton, while metallurgical coal averaged 218 AUD/ton [2] - Overall average sales price for Yancoal in Q1 2025 was 157 AUD/ton, down from 176 AUD/ton in the previous quarter and 180 AUD/ton in Q1 2024 [2] Group 2: Price Index Trends - The average API5 index price was 76 USD/ton, a 13% decrease from Q4 2024 [2] - The GCNewc index averaged 105 USD/ton, reflecting a 24% decline compared to the previous quarter [2] - Low volatile pulverized coal index averaged 140 USD/ton, down 11%, and semi-soft coking coal index averaged 117 USD/ton, down 15% [2] Group 3: Pricing Structure - Yancoal's sales prices are influenced by various factors including market premiums or discounts, washing and product specification capabilities, and available coal for blending [2] - The pricing structure is linked to indices such as the GlobalCOAL Newcastle port export price index and Platts indices for metallurgical coal [1]

Investment Rating - The report maintains a "Buy" rating for Yancoal Australia with a target price of HKD 34.20 [1][3][7] Core Views - The company achieved a revenue of AUD 6,860 million for the year, a decrease of 12% year-on-year, and a net profit of AUD 1,216 million, down 33% year-on-year. However, operating cash flow increased by 69% to AUD 2,136 million [1][2] - The dividend payout for the year was AUD 687 million, corresponding to a payout ratio of 56%, aligning with the company's guidance for 2024 [1][3] - Despite the decline in coal prices impacting net profit, the company's strong asset base, excellent management capabilities, and attractive dividend yield support the positive outlook [1][3] Summary by Sections Financial Performance - Revenue for FY 2024 is projected at AUD 6,252 million, with a further decline expected in FY 2025 to AUD 6,041 million, reflecting a year-on-year decrease of 8.9% and 3.4% respectively [5][12] - The net profit for FY 2024 is expected to be AUD 941 million, down 22.6% from the previous year, and AUD 912 million for FY 2026, down 3.1% [5][12] - The company reported a cash operating cost of AUD 93 per ton, a decrease of AUD 3 per ton year-on-year, benefiting from increased production [2][5] Market Position - The company’s market share in China has increased, with sales in China expected to rise from 29% to 36% of total sales in 2024, indicating its importance as a key market [2][3] - The long-term demand for thermal coal in India and Southeast Asia is expected to grow, despite supply-side challenges [2] Dividend Policy - The company maintains a dividend policy to distribute at least 50% of net profit or free cash flow, excluding non-recurring items, which supports its high dividend yield [3][5] - After the recent dividend payout, the company retains approximately AUD 1.8 billion in cash, indicating strong liquidity for potential future acquisitions [3][5]

Investment Rating - The report maintains a "Buy" rating for Yancoal Australia (3668 HK) with a target price adjusted to HKD 37.45, reflecting a potential upside of 30.5% based on an 8.5x FY25 target P/E ratio [4][6][22]. Core Insights - Yancoal Australia's FY24 performance slightly missed expectations, with a 33.2% year-on-year decline in net profit to AUD 122 million, primarily due to higher costs for materials, consumables, and purchased coal [1][4]. - The company's revenue for FY24 decreased by 11.8% to AUD 686 million, influenced by a 24.1% drop in average coal prices [1][4]. - The proportion of revenue from China increased significantly from 20.6% in FY23 to 29.2% in FY24, surpassing Japan as the largest single revenue source [2][4]. Summary by Sections Financial Performance - FY24 net profit was AUD 122 million, down 33.2% from the previous year, while revenue fell to AUD 686 million [1][4]. - The cash operating cost per ton of coal decreased from AUD 96 in FY23 to AUD 93 in FY24, aligning with company guidance [1][4]. - The dividend payout ratio improved from 50.5% to 56.3%, exceeding expectations [1][4]. Production and Cost Guidance - The company set FY25 operational guidance consistent with FY24, targeting coal production of 35-39 million tons and cash operating costs of AUD 89-97 per ton [3][4]. - Production is expected to grow slightly by 0.5% to 37.1 million tons in FY25, with cash operating costs projected to rise to AUD 96 per ton [3][4]. Market Outlook - The report anticipates continued weakness in coal prices, with thermal and metallurgical coal prices expected to decline by 7.1% and 3.7% respectively in FY25, with a rebound expected in FY26 [3][4]. - The sensitivity analysis indicates that a 1% change in average coal prices could lead to a 2.4% change in net profit for FY25 [4][16].

Investment Rating - The report maintains a "Buy" rating for Yancoal Australia (YAL) with a target price adjusted to HK$36 from HK$38 [1][32]. Core Insights - YAL's net profit for 2024 reached A$1.2 billion, a 33% decline year-on-year, but exceeded expectations by 8% due to unexpected foreign exchange gains of A$149 million [1][2]. - The company announced a final dividend of A$0.52 per share, aligning with its dividend policy and expected to boost investor confidence [1]. - YAL's production guidance for 2025 remains similar to 2024, with an increase in capital expenditure anticipated [1][2]. - The average selling price of coal has decreased, impacting revenue forecasts, leading to a downward revision of earnings estimates for 2025E and 2026E by 13% and 12% respectively [1][32]. Financial Performance Summary - Revenue for 2024 decreased by 12% to A$6.86 billion, despite a 14% increase in coal sales volume to 37.7 million tons, offset by a 24% drop in average selling price to A$176 per ton [2][4]. - The company reported a stable unit cash cost of A$86 per ton in the second half of 2024, with a significant cash balance of A$2.35 billion, representing 30% of its current market capitalization [2][4]. - The earnings forecast for 2025E is A$1.016 billion, reflecting a 16.4% decline from 2024, with a projected revenue of A$6.55 billion [4][35]. Operational Guidance - YAL's 2025 production guidance is set between 35 million to 39 million tons, with operating cash costs expected to range from A$89 to A$97 per ton [2][35]. - Capital expenditure is projected to be between A$750 million to A$900 million, indicating a year-on-year increase of 6% to 28% [2][35]. Valuation Metrics - The report indicates that YAL's valuation is not overly inflated, with a projected P/E ratio of less than 8 times for 2025E and a yield exceeding 6% [1][32]. - The company's market capitalization is approximately HK$37.9 billion, with a current share price of HK$28.70 [5].