股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | Yancoal Australia Ltd | | | 呈交日期: | 2025年8月4日 | | | I. 法定/註冊股本變動 | 不適用 | | | 備註： | | | | Yancoal Australia Ltd 為一間於澳洲註冊成立的公司，因此沒有法定股本及面值的概念。 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03668 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總 ...

| 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 01303 | 汇力资源 | 0.290 | 9.43% | | 06882 | 金马能源 | 1.560 | 7.59% | | 02798 | 久泰邦达能源 | 0.850 | 2.41% | | 00866 | 中国泰发 | 1.810 | 1.69% | | 00276 | 蒙古能源 | 0.640 | 1.59% | | 01878 | 南戈壁 | 2.590 | 1.17% | | 03668 | 兖煤澳大利亚 | 31.820 | 1.02% | | 01898 | 中煤能源 | 9.720 | 1.04% | | 01277 | 力量发展 | 1.280 | 0.79% | | 01171 | 兖矿能源 | 8.990 | 0.45% | | 01088 | 中国神华 | 33.660 | 0.48% | 消息上，为了解决同业竞争问题，中国神华(601088.SH)控股股东国家能源投资集团有限责任公司（简 称"国家能源集团"）启动千亿级资产注入上市公司计划。此次交易后，预计将提升中国神华 ...

Group 1 - The core viewpoint of the article highlights a collective rise in Hong Kong coal stocks, driven by a significant asset injection plan by China Shenhua Energy's controlling shareholder, the State Energy Investment Group, aimed at resolving industry competition issues [1] - China Shenhua's acquisition is seen as a transition in the coal industry from "fragmented competition" to "oligopoly," with leading companies leveraging mergers to dominate the market [1] - The expected outcome of the transaction is an enhancement of China Shenhua's coal resource strategic reserves and integrated operational capabilities, further deepening the company's energy supply chain layout [1] Group 2 - Specific stock performance includes Huile Resources rising over 9%, Jinma Energy increasing over 7%, and several other coal stocks also showing gains, indicating positive market sentiment [1] - The article lists various coal stocks with their latest prices and percentage changes, showcasing the overall upward trend in the sector [1] - Analysts suggest that China Shenhua, as an "industry pricing anchor," will have increased influence over long-term coal prices and market coal prices following capacity expansion, potentially stabilizing coal price fluctuations [1]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is the early stage of a new upward cycle in the coal economy, driven by both fundamental and policy factors, making it an opportune time to invest in the coal sector during price corrections [11][12] - The supply side is tightening due to a decrease in coal mine capacity utilization rates, while demand is increasing, particularly in inland provinces [11][12] - The coal price has established a new support level, and high-quality coal companies are characterized by strong profitability, cash flow, return on equity (ROE), and dividends [11][12] Summary by Sections Coal Price Tracking - As of August 2, the market price for Qinhuangdao port thermal coal (Q5500) is 655 CNY/ton, up 10 CNY/ton week-on-week [3][28] - The price for coking coal at Jingtang port remains stable at 1650 CNY/ton [30] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 90.9%, down 3.1 percentage points week-on-week [11][45] - Daily coal consumption in inland provinces increased by 44.4 thousand tons/day (+13.05%) [11][46] - The daily coal consumption in coastal provinces rose by 1.0 thousand tons/day (+0.45%) [11][46] Inventory Situation - As of July 31, coal inventory in inland provinces decreased by 1.20% week-on-week, while daily consumption increased [46] - Coastal provinces saw a 1.08% decrease in coal inventory week-on-week [46] Company Performance - The coal sector is characterized by high performance, cash flow, and dividends, with a focus on companies like China Shenhua, Shaanxi Coal and Energy, and others [12][13]

| 代码 | 名称 | | 涨跌幅 ^ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | --- | | 00061 | 绿领控股 | 0 | -7.84% | 0.094 | 4946.85万 | | 01898 | 中煤能源 | | -4.23% | 9.730 | 1290.07亿 | | 01229 | 南南资源 | | -3.92% | 0.245 | 1.88亿 | | 00975 | 蒙古焦煤 | | -3.76% | 7.930 | 82.26亿 | | 01738 | 飞尚无烟煤 | | -3.33% | 0.174 | 2.4亿 | | 03668 | 兖煤澳大利亚 | | -3.18% | 31.950 | 421.88亿 | | 01393 | 恒鼎实业 | | -2.86% | 0.068 | 3.13亿 | | 00866 | 中国泰发 | | -2.72% | 1.790 | 45.42亿 | | 01171 | 充矿能源 | | -2.50% | 8.970 | 900.36亿 | | 01088 | 中国神华 | | -2.30% | ...

Group 1 - The coal stocks in the Hong Kong market continue to show weakness, with significant declines observed in several companies [1] - Mongolian Energy (00276.HK) experienced a drop of 4.69%, while other companies like Feishang Non-Ferrous Coal (01738.HK) fell by 3.28%, Yida Zong (01733.HK) by 2.83%, and Yancoal Australia (03668.HK) by 1.83% [1]

国内电力需求有望平稳增长 中电联预测2025年全国用电量同比增速有望达5-6%，对应下半年同比增速大约在6-8%。随着政策变化 带来的新能源装机高增长告一段落、旺季水电表现低于预期，火电面临的结构性阻力有望减弱。考虑到 下半年旺季持续时间长于上半年，预期今年下半年电煤需求有望在上半年基础上修复改善。 中金发布研报称，"迎峰度夏"之后的淡季期间，预期动力煤价格回升节奏可能存在一定调整，但随着10 月之后的供暖期开始，煤价支撑有望再度强化，因此6月动力煤价格低点或是全年低点。下半年煤炭供 给释放有望更加理性，结合需求或边际改善，煤价可能整体呈现反弹回升的态势，助力行业盈利修复。 长远来看，行业盈利持续性是核心，预计远期煤价中枢有望随边际成本抬升而上行，资源禀赋优异、成 本低的企业有望穿越周期。 中金主要观点如下： 跳出煤炭看煤炭，但核心还是盈利可持续性 煤价下跌而煤炭板块坚挺，主要是：1)煤企仍有相对较好的获利能力、2)更加轻盈的资产负债表、3)"资 产荒"下分红仍有吸引力。这本质上是基于煤企盈利的可持续性。远期看，在成本支撑下，对煤价不悲 观，具备成本优势的企业盈利有可持续性，基本面有良好支撑。 炼焦煤价格预期 ...

Group 1: Market Overview - The Hang Seng Index rose by 0.40%, gaining 102 points to close at 25,490 points, while the Hang Seng Tech Index fell by 0.59% [1] - Hong Kong's stock market saw a morning trading volume of HKD 149.7 billion [1] Group 2: Brokerage Performance - The establishment of the China Capital Market Society has led to positive performance reports from listed brokerages, with notable gains in shares such as Guotai Junan (up 3%), Everbright Securities (up 0.54%), and CITIC Securities (up 1%) [1] Group 3: Gaming Sector - UBS reported that Macau's July gaming revenue exceeded market expectations, while Thailand recently withdrew its casino legalization bill, leading to a rise in gaming stocks. Notable increases include Suncity Holdings (up 7.79%), Melco International Development (up 3.89%), and Sands China (up 1.62%) [1] Group 4: Financial Technology and Digital Currency - Yunfeng Financial rose by 5.68% as the company plans to enter the Web 3.0 space and expand investments in stablecoins and other digital currencies [1] - OSL Group announced the completion of a USD 300 million equity financing, which will be used for license application preparations and other core areas, resulting in a 2.68% increase in its stock [1] Group 5: Innovative Products and Earnings - Guichuang Tongqiao saw a nearly 6% increase, with expected net profit growth of nearly 67% year-on-year for the first half, and several innovative products anticipated to receive approval [1] - China Tobacco Hong Kong surged over 13%, indicating that its exclusive cigarette export business is unaffected by related regulatory draft [1] Group 6: Optical Technology - Conant Optical experienced a rise of over 6%, driven by the upward trend in smart glasses and the potential growth of its XR business [2] Group 7: Gold and Coal Sectors - Laopu Gold's stock fell nearly 4% after a profit warning, despite a projected net profit increase of up to 288% year-on-year for the first half [3] - The main contracts for coking coal saw significant declines, with companies like Mongolian Coking Coal and Yancoal Australia dropping by 5% and 3.39% respectively, indicating a need to monitor policy developments [3]

Group 1 - The Hong Kong coal stocks are experiencing a decline, with Mongolia Coal falling over 7% [1] - Mongolia Coal (00975.HK) decreased by 7.31%, South Gobi (01878.HK) by 4.47%, Yanzhou Coal (01171.HK) by 3.48%, and China Coal Energy (03668.HK) by 3.37% [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 in the coal economy, supported by both fundamental and policy factors, making it an opportune time to invest in the coal sector [11][12] - The report highlights a tightening supply side due to government policies aimed at curbing overproduction, which is expected to support a rebound in coal prices [3][11] - The underlying investment logic of coal capacity shortages remains unchanged, with a balanced short-term supply-demand situation and a medium to long-term gap still anticipated [11][12] Summary by Sections Coal Price Tracking - As of July 26, the market price for Qinhuangdao port thermal coal (Q5500) is 645 CNY/ton, an increase of 11 CNY/ton week-on-week [30] - The price for coking coal at Jing Tang port is reported at 1650 CNY/ton, up 230 CNY/ton week-on-week [32] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 94%, down 0.6 percentage points week-on-week, while the utilization rate for coking coal mines is 86.9%, up 0.8 percentage points [11][42] - Daily coal consumption in inland provinces has decreased by 51,000 tons/day (-13.04%) and in coastal provinces by 19,600 tons/day (-8.1%) [11][42] Inventory Situation - Coal inventory in coastal provinces increased by 429,000 tons week-on-week, while inland provinces saw a slight increase of 85,000 tons [11] Company Performance - The coal sector has shown strong performance, with the coal mining sector rising by 8.00% this week, outperforming the broader market [15][17] - 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 solid performance [12][13]