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]

Core Viewpoint - The coal market is expected to stabilize and recover in price due to seasonal demand increases and supply constraints as the year-end safety inspections become stricter [1][2]. Group 1: Market Overview - In October, electricity consumption exceeded expectations with a growth of 10.4%, while non-electric demand remained weak, leading to a 9.7% year-on-year decline in coal imports [1]. - Domestic coal prices saw fluctuations in November, with a rise followed by a decline, while long-term contract prices were adjusted upwards [1]. - International coal prices, particularly for Australian thermal and coking coal, continued to rise in November [2]. Group 2: Supply and Demand Dynamics - Domestic coal production decreased by 2.3% year-on-year in October, and coal imports fell by 12.0% in November [1]. - The global seaborne coal loading volume dropped by 3.6% year-on-year in the first ten months, but demand from emerging markets remained strong [1]. - Seasonal demand is expected to increase from December to January, supporting coal prices as supply remains relatively low due to stricter safety regulations [2]. Group 3: Key Companies - Companies with stable earnings and dividends include China Shenhua (601008.SH), Shaanxi Coal and Chemical Industry (601225.SH), and China Coal Energy (601898.SH) [3]. - Companies likely to benefit from improved demand expectations and supply reductions include Shanxi Coking Coal (000983.SZ) and Lu'an Environmental Energy (601699.SH) [3]. - Companies with notable long-term growth potential include Baofeng Energy (600989.SH) and China Qinfa (00866) [3].

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。 有關以控股股東的聯繫人為受益人提供銀行擔保的持續關連交易 茲提述(i)本公司於 2018 年 11 月 26 日刊發的招股章程（「招股章程」）所披露的有關本集團 訂立的融資信貸項下兗礦能源若干附屬公司使用整體銀行擔保融資的持續關連交易；(ii)本公 司日期為 2023 年 12 月 20 日的公告（「2023 年公告」），內容有關（其中包括）於截至 2026 年 12 月 31 日止三個年度，澳大利亞實體及╱或其附屬公司根據 2024 年澳大利亞實體銀行擔 保框架協議使用本集團已訂立或將訂立的融資信貸項下的整體銀行擔保融資；及(iii)本公司日 期為 2024 年 12 月 18 日的公告（「2 ...

Group 1 - The coal stocks in Hong Kong are experiencing a decline, with notable drops in companies such as Qinfa down over 6%, Yancoal Australia down nearly 4%, and China Coal Energy down 3.5% [1] - The price of thermal coal has decreased, with the Qinhuangdao port price for Q5500 thermal coal at 791 RMB per ton as of December 6, reflecting a week-on-week drop of 27 RMB per ton [1] - According to a report from Cinda Securities, weak coal demand is expected to continue, and supply constraints are unlikely to provide significant support. The current phase is seen as the early stage of a new upward cycle for the coal economy, suggesting that it may be a good time to accumulate coal sector stocks [1] Group 2 - The daily coal consumption at power plants remains below expectations due to higher-than-normal temperatures across the country, putting pressure on port and production prices [1] - The forecast for the next 1-2 weeks indicates that temperatures will continue to be higher than usual, limiting demand release and suggesting that coal prices are likely to continue their weak adjustment trend [1]

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 [11][12] - The supply side constraints are expected to support prices despite high inventory levels and mild weather conditions, with coal prices anticipated to exhibit a bottoming and oscillating trend [11][12] - The underlying investment logic of coal capacity shortages remains unchanged, with a balanced short-term supply-demand scenario and a long-term gap still present [11][12] Summary by Sections Coal Price Tracking - As of December 6, the market price for Qinhuangdao port thermal coal (Q5500) is 791 RMB/ton, down 27 RMB/ton week-on-week [30] - The international thermal coal FOB price for Newcastle (NEWC5500) is 85.5 USD/ton, down 1.8 USD/ton week-on-week [30] - The price for coking coal at Jing Tang port is 1650 RMB/ton, down 60 RMB/ton week-on-week [32] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.5%, an increase of 0.2 percentage points week-on-week [48] - The daily coal consumption in inland 17 provinces has increased by 32.10 thousand tons/day, a rise of 9.07% week-on-week [47] - The daily coal consumption in coastal 8 provinces has increased by 10.70 thousand tons/day, a rise of 5.72% week-on-week [47] Inventory Situation - The coal inventory in inland 17 provinces has decreased by 100.60 thousand tons, a decline of 0.99% week-on-week [47] - The coal inventory in coastal 8 provinces has increased by 51.10 thousand tons, an increase of 1.48% week-on-week [47] Company Performance - The coal sector has shown a positive performance with a 0.77% increase, although it underperformed compared to the broader market [14][17] - Key companies to focus on include China Shenhua, Shaanxi Coal, and Yanzhou Coal, which are noted for their stable operations and strong performance [12][13]

Group 1 - The Hong Kong High Dividend ETF (159302) closed down 0.66% on December 3, with a trading volume of 19.36 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] - As of December 2, 2024, the latest share count for the ETF was 95.7976 million shares, with a total size of 130 million yuan [1] Group 2 - The ETF's share count decreased by 11.95% and its size increased by 7.95% compared to December 31, 2024 [1] - Over the last 20 trading days, the ETF had a cumulative trading amount of 354 million yuan, with an average daily trading amount of 17.71 million yuan [1] - Year-to-date, the ETF has a cumulative trading amount of 2.914 billion yuan, with an average daily trading amount of 13.07 million yuan [1] Group 3 - The current fund manager is Zhang Yichi, who has managed the fund since its inception, achieving a return of 36.18% during the management period [2] - The ETF's top holdings include COSCO Shipping Holdings, Yancoal Australia, and China Petroleum, with respective holding percentages of 7.63%, 5.59%, and 3.55% [2] - The total market value of the top holdings includes 8.59 million yuan for COSCO Shipping Holdings and 6.29 million yuan for Yancoal Australia [2]

Group 1 - Coal prices have unexpectedly risen after the October holiday due to supply constraints and increased demand from downstream power plants [1] - The EIA predicts that U.S. coal consumption will reach 439 million tons by 2025, a 6.7% year-on-year increase, with coal inventory at power plants expected to decline to 107 million short tons [1] - The U.S. coal market may experience a historic reversal opportunity due to low inventory and explosive demand growth, alongside a continuous decline in production [1] Group 2 - Zhongtai Securities suggests that coal may enter a new cycle, with investment opportunities in the coal sector expected to emerge by 2026 [2] - The report highlights three main investment themes: high dividend and low valuation stocks, companies with growth potential and significant profit elasticity, and coking coal benefiting from price recovery and profit improvement [2] Group 3 - Key coal-related companies in the Hong Kong stock market include China Coal Energy (01898), Yanzhou Coal Mining (01171), China Shenhua Energy (01088), Yancoal Australia (03668), and China Qinfa (00866) [3]