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]

Core Viewpoint - The coal stocks continue their recent upward trend, driven by supply reduction policies in Indonesia aimed at boosting coal prices [1] Group 1: Stock Performance - Mongolian Coal (00975) increased by 5.15%, reaching HKD 12.65 [1] - Yanzhou Coal (01171) rose by 4.38%, reaching HKD 13.36 [1] - Power Development (01277) gained 3.23%, reaching HKD 1.92 [1] - Yancoal Australia (03668) increased by 2.36%, reaching HKD 33.78 [1] - China Coal Energy (01898) rose by 2.11%, reaching HKD 12.58 [1] Group 2: Supply Reduction Policies - Indonesian mining officials announced a significant reduction plan, leading to a suspension of spot coal exports [1] - The production quotas issued to major miners in Indonesia were reduced by 40% to 70% compared to the full-year level of 2025, as part of a strategy to boost coal prices [1] Group 3: Price Trends - Longcheng Securities reported that the logic of supply contraction driving coal prices upward has been validated [1] - Domestic coal supply has rapidly contracted due to inspections of overproduction, with Qinhuangdao thermal coal prices rising from a low of RMB 609 per ton to RMB 834 per ton [1] - The overall trend of coal prices internationally mirrors that of the domestic market, with exporting countries like Indonesia aiming to raise prices to improve corporate performance and enhance fiscal health [1] - Current coal prices are still considered low, with a significant distance from reasonable price levels, indicating a potential for price increases driven by policy-induced supply reductions [1]

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]

Core Viewpoint - Yancoal Australia (03668.HK) will hold a board meeting on February 25, 2026, to approve the annual results for the year ending December 31, 2025, and consider the payment of a final dividend, if any, at the board's discretion, along with addressing other matters [1] Group 1 - The board meeting is scheduled for February 25, 2026 [1] - The meeting will focus on approving the annual performance for the year ending December 31, 2025 [1] - The board will consider the payment of a final dividend, subject to its discretion [1]

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]

Group 1 - Indonesia's export policy adjustment significantly reduces production quotas, reflecting a shift in the government's strategy for resource exports, including nickel and coal, aimed at controlling supply and increasing prices [1][2] - In February 2026, Indonesian mining officials announced a substantial reduction in coal production quotas by 40% to 70% compared to 2025 levels, as part of a plan to boost coal prices [2] - Indonesia's coal production for 2025 is projected at 790 million tons, a 5% year-on-year decrease, with potential further reductions to 600 million tons in 2026, representing a 24% decline from 2025 [2] Group 2 - Global coal supply-demand balance may begin to shift in 2026, with supply contraction and rising demand, indicating a potential upward price cycle for coal [3] - Indonesia is expected to export 524 million tons of coal in 2025, a 6.1% decrease, and if production is limited to 600 million tons in 2026, exports could drop to 450 million tons, impacting global shipping trade [3] - Other countries, including Australia and Russia, are also facing production declines, contributing to a tightening global coal market [3] Group 3 - China's coal imports from Indonesia are projected to decline further in 2026, with an expected total of around 45 million tons, a decrease of approximately 4 million tons [4] - In 2025, Indonesia is expected to export 21 million tons of coal to China, a 10.6% year-on-year decrease, accounting for 42.9% of China's total coal imports [4] - Domestic coal prices in China are anticipated to recover in 2026, ending a four-year decline, supported by stable domestic supply and slightly reduced overseas imports [4] Group 4 - Companies with a clear outlook for volume and price elasticity over the next five years are recommended for investment, including Yanzhou Coal Mining (600188), Shaanxi Coal and Chemical Industry (601225), China Coal Energy (601898), Jincheng Anthracite Mining (601001), and China Shenhua Energy (601088) [5] - Yancoal Australia (03668) is also recommended for investment in the Hong Kong market [5]

Group 1: Insurance Sector - Insurance stocks are experiencing significant declines, with China Life (02628) down 3.75%, New China Life (01336) down 3.28%, and China Pacific Insurance (02601) down 2.74%. The government plans to issue approximately 200 billion yuan in special bonds to inject capital into major insurance companies, marking the first time this method will be used for insurance firms in China [1] Group 2: Logistics and Delivery - ZTO Express (02057) has seen an increase of over 2.3%. The company estimates that its total revenue for 2025 will be between 48.5 billion yuan and 50 billion yuan, representing a growth of approximately 9.5% to 12.9% compared to 44.2807 billion yuan in 2024 [1] Group 3: Biotechnology - Innovent Biologics (09969) has risen over 4%, with a current increase of 3.25%. The company anticipates achieving revenue of 2.37 billion yuan in 2025, a year-on-year growth of approximately 134%, and expects to turn a profit with a net profit of around 630 million yuan [1] Group 4: Coal Sector - Coal stocks are generally declining, with Yancoal Australia (03668) down 6.63%, Shougang Resources (00639) down 7.83%, and China Shenhua (01088) down 2.47%. This decline follows reports that the Indonesian government has proposed a production cut plan, leading to a 40% to 70% reduction in production quotas for major miners [2] Group 5: Medical Devices - GigaGen (02367) has increased over 8%, currently up 4.11%. The company recently announced that its "recombinant type I α1 collagen and sodium hyaluronate composite solution" has been approved as a medical device, marking a significant milestone as the first product of its kind for improving facial smoothness [2] Group 6: Semiconductor Sector - Semiconductor stocks are all declining, with Hua Hong Semiconductor (01347) down 5.91% and SMIC (00981) down 3.49%. This follows a significant drop in AMD's stock price by 17.31% after its fourth-quarter report indicated that while revenue exceeded expectations, the guidance for the first quarter was below market expectations [3] Group 7: Restaurant Sector - Restaurant stocks are performing well, with Yum China (09987) up 8.41% and Haidilao (06862) up 2.69%. The restaurant industry has shown signs of recovery, with retail sales in the sector growing by 3.8%, 3.2%, and 2.2% year-on-year in the last quarter of 2025, significantly outpacing overall retail growth [3] Group 8: Consumer Goods - Miniso (09896) has risen over 5.1% after announcing its partnership with the Central Radio and Television Station for the 2026 Spring Festival Gala. This collaboration is seen as a significant marketing move to elevate the brand's visibility in the mainstream market [4] Group 9: Gold Sector - Gold stocks are declining, with China Gold International (02099) down 6.8% and Zijin Mining (02899) down 6.29%. Recent volatility in the international gold market has been noted, with expectations that geopolitical tensions and liquidity easing by the Federal Reserve may drive gold prices higher [4] Group 10: Cryptocurrency - Cryptocurrency ETFs and related stocks are continuing to decline, with significant drops in prices, including Bitcoin falling below $72,000 for the first time in 15 months. The price has decreased by over 42% from its peak last October [5] Group 11: US Market Highlights - Boston Scientific (BSX.US) fell 17.59% after providing lower-than-expected guidance for fiscal year 2026. The company expects adjusted earnings per share to be between $3.43 and $3.49, slightly below analyst expectations [6] - Solar stocks surged, with Enphase Energy (ENPH.US) rising 38.6% following reports of interest from Elon Musk's teams in the Chinese solar supply chain [6]