Core Viewpoint - Yancoal Australia (03668) has seen a nearly 6% increase in stock price, with a year-to-date gain exceeding 30% [1] Group 1: Company Performance - As of the latest report, Yancoal Australia's stock price is at HKD 33.24, with a trading volume of HKD 25.84 million [1] - The company announced that by Q4 2025, its commodity coal production will reach 10.4 million tons, a year-on-year increase of 7% [1] - Commodity coal sales are projected to be 10.8 million tons, reflecting a 4% year-on-year growth [1] - The CEO stated that the company's equity commodity coal production for 2025 will reach 38.6 million tons, nearing the upper limit of the annual production guidance and setting a historical record for the company [1] - The Q4 production of 10.4 million tons also marks a new record for the company [1] Group 2: Financial Outlook - According to a report from Zhongtai International, the company's coal sales for FY25 are expected to grow steadily, supported by ample cash flow and a solid net cash position [1] - Despite pressure on coal prices, the increase in the proportion of metallurgical coal is optimizing the product structure [1] - The low probability of La Niña is expected to limit the elasticity of winter demand, but the company's financial stability supports sustainable dividends and capital expenditures [1]

Group 1 - Coal stocks experienced a significant rise in early trading, with Yanzhou Coal Mining Company (01171) up by 6.67% to HKD 11.98, Yancoal Australia (03668) up by 5.84% to HKD 33.34, and China Shenhua Energy (01088) up by 2.86% to HKD 41.78 [1] - The first round of price increases for coke has been successfully implemented, with major steel mills in Tangshan raising wet coke prices by CNY 50 per ton and dry coke prices by CNY 55 per ton, effective from January 30, 2026 [1] - Downstream purchasing sentiment for coke is generally positive, indicating a potential steady increase in coke prices [2] Group 2 - Recent data shows that the daily consumption of thermal coal remains at a high level, with expectations for continued stability in coal prices as supply tightens ahead of the Spring Festival [2] - The supply growth rate for coal is expected to significantly decline entering 2026, with improved demand conditions anticipated compared to 2025, suggesting a gradual recovery in coal price levels [2]

Group 1 - Yancoal Australia (03668) saw a nearly 6% increase in early trading, with a year-to-date gain exceeding 30%. As of the report, the stock price rose by 5.52% to HKD 33.24, with a trading volume of HKD 25.84 million [1][5] - The company announced that in the fourth quarter of 2025, its commodity coal production will reach 10.4 million tons, a year-on-year increase of 7%, while commodity coal sales will be 10.8 million tons, up 4% year-on-year [1][5] - The CEO stated that the company's equity commodity coal production for 2025 will reach 38.6 million tons, nearing the upper limit of the annual production guidance range, marking a historical high for the company, with fourth-quarter production also setting a new record [1][5] Group 2 - According to a report from Zhongtai International, the company's coal sales for FY25 are expected to grow steadily, with ample cash reserves and a solid net cash position. Despite pressure on coal prices, the increasing proportion of metallurgical coal is optimizing the structure [1][5] - The low probability of La Niña is expected to limit the elasticity of winter demand, but the company's financial stability supports sustainable dividends and capital expenditures [1][5]

广发证券认为，近期，动力煤日耗维持中高位，1月下旬至2月上旬高位有望继续消化，而临近春节供应 总体收窄，预计煤价有望延续整体稳定。焦炭首轮提涨顺利落地，下游采购情绪整体向好，预计焦炭价 格有望稳中有升。该行认为，进入26年，预计供应端增速较前期大幅下降，同时考虑到25年需求受到制 约26年也有较大改善空间，预计煤价中枢有望稳步回升。 消息面上，据证券时报报道，近日，焦炭年内首轮调涨落地。据卓创资讯（301299）数据，唐山市场主 流钢厂对湿熄焦炭价格上调50元/吨、干熄焦上调55元/吨，2026年1月30日零时起执行。邢台、天津地 区部分钢厂对湿熄焦炭上调50元/吨、干熄焦炭上调55元/吨，2026年1月30日零点执行。石家庄地区个 别钢厂对湿熄焦炭上调50元/吨、干熄焦炭上调55元/吨，2026年1月30日零点执行。 煤炭股早盘走高，截至发稿，兖矿能源（600188）(01171)涨6.67%，报11.98港元；兖煤澳大利亚 (03668)涨5.84%，报33.34港元；中煤能源（601898）(01898)涨4.19%，报11.43港元；力量发展(01277) 涨4%，报1.82港元；中国神华（60108 ...

智通财经APP获悉，兖煤澳大利亚(03668)再涨近6%，年内累计涨幅已超30%。截至发稿，涨5.52%，报 33.24港元，成交额2584.36万港元。 中泰国际发布研报称，公司FY25煤炭销量稳增、现金充裕、净现金地位稳固，虽煤价承压但冶金煤占 比提升优化结构，拉尼娜概率偏低制约冬季需求弹性，但财务稳健性支撑分红与资本开支可持续性。 消息面上，兖煤澳大利亚此前公告称，于2025年第四季度，商品煤产量达1040万吨，同比增长7%；商 品煤销量1080万吨，同比增长4%。首席执行官表示，公司在2025年的权益商品煤产量达3,860万吨，实 现了接近全年产量指引区间上限，创公司历史新高，第四季度产量达到1,040万吨同样刷新公司记录。 ...

Core Viewpoint - The Hong Kong Dividend Low Volatility ETF managed by Huatai-PB has shown a slight increase in share price and has experienced a decrease in both share count and total assets year-to-date [1][2] Group 1: Fund Performance - The Hong Kong Dividend Low Volatility ETF (520890) closed at a 1.17% increase on February 3, with a trading volume of 49.7189 million yuan [1] - The fund's management fee is set at 0.50% annually, while the custody fee is 0.10% annually [1] - As of February 2, the fund's latest share count was 89.508 million, with a total asset size of 132 million yuan, reflecting a 5.79% decrease in shares and a 2.66% 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 was 441 million yuan, with an average daily trading amount of 22.0277 million yuan [1] - In the year-to-date, the fund has recorded a cumulative trading amount of 508 million yuan over 22 trading days, averaging 23.0898 million yuan daily [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%), Yancoal Australia (2.68%), and Hang Seng Bank (2.63%), among others, with the total holdings reflecting a diversified portfolio [2]

Core Insights - The coal industry is expected to see an improvement in supply-demand dynamics starting in 2026 after a generally loose supply in 2025 [1] Group 1: Coal Sector Review - The coal sector outperformed the market in January, with a cumulative increase of 8.3% year-to-date, surpassing the CSI 300 index by 6.7 percentage points [16] - The coal sector's price-to-earnings (PE) ratio is currently at 15.7 times, ranking 5th among all sectors, indicating a relatively high valuation [20][26] - The coal sector's price-to-book (PB) ratio stands at 1.51 times, also reflecting a historical high level [24] Group 2: Coal Market Overview - In December, electricity consumption remained flat year-on-year, while coal imports increased by approximately 12% [29] - Domestic coal prices in January showed stability, with power coal prices rising slightly by 2.1% or 14 RMB/ton compared to the end of December [29] - International coal prices saw a notable increase, with Newcastle's 6000 kcal thermal coal price rising by 3.8% to 110.1 USD/ton [45] Group 3: Domestic Demand and Supply - In 2025, domestic coal production increased by 1.2% year-on-year, while coal imports decreased by 9.6% [56] - The total coal production in 2025 reached 483.2 million tons, with significant contributions from Shanxi, Inner Mongolia, and Shaanxi [56] - The demand for electricity in 2025 grew by 5.0%, with the industrial sector showing varied growth rates [46] Group 4: Key Companies and Financial Analysis - Key companies in the coal sector include China Shenhua, Yanzhou Coal, and Shaanxi Coal, all rated as "Buy" with robust dividend policies [6][7] - Financial metrics for these companies indicate a favorable outlook, with expected earnings per share (EPS) growth and attractive valuation ratios [7]

Core Viewpoint - The Invesco Great Wall Hong Kong Stock Connect Dividend Low Volatility ETF (159569) experienced a decline of 2.81% on February 2, 2024, with a trading volume of 56.36 million yuan [1] Fund Overview - The fund was established on August 14, 2024, with an annual management fee of 0.50% and a custody fee of 0.08% [1] - As of January 30, 2025, the fund had 343 million shares outstanding and a total size of 478 million yuan, showing a 1.72% decrease in shares and a 2.60% increase in size compared to December 31, 2024 [1] Liquidity Analysis - Over the last 20 trading days, the ETF recorded a cumulative trading amount of 690 million yuan, with an average daily trading amount of 34.49 million yuan [1] - Since the beginning of the year, the ETF has seen a cumulative trading amount of 726 million yuan over 21 trading days, with an average daily trading amount of 34.58 million yuan [1] Fund Management - The current fund managers are Gong Lili and Wang Yang, with Gong managing the fund since August 29, 2024, achieving a return of 45.41%, while Wang has managed it since August 13, 2025, with a return of 3.51% [2] Top Holdings - The ETF's top holdings include: - China COSCO Shipping (8.86% of holdings) - Orient Overseas International (7.48%) - Yanzhou Coal Mining (5.65%) - Seaspan Corporation (4.52%) - Yancoal Australia (4.46%) - WH Group (3.76%) - China Shenhua Energy (3.63%) - Far East Horizon (3.39%) - CNOOC (3.27%) - Sinopec (3.26%) [2][3]

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, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [10][11] - The coal supply is expected to tighten due to domestic supply constraints and Indonesia's reduction in coal production targets, which will support a stable recovery in coal prices throughout the year [10][11] - The investment logic of coal capacity shortages remains unchanged, with a short-term supply-demand balance and a long-term gap still present [10][11] - High-quality coal companies are characterized by high profitability, cash flow, return on equity (ROE) of 10-15%, and dividend yields exceeding 5% [10][11] - The coal sector is considered undervalued, with overall valuation expected to improve, and public funds currently underweight in coal holdings [10][11] Summary by Sections 1. Coal Prices - As of January 31, the market price for Qinhuangdao port thermal coal (Q5500) is 691 CNY/ton, up 5 CNY/ton week-on-week [3][29] - The international thermal coal offshore price for Newcastle NEWC5500 is 74.5 USD/ton, up 0.7 USD/ton week-on-week [3][29] - The price for coking coal at Jing Tang port remains stable at 1780 CNY/ton [31] 2. Coal Supply and Demand - The capacity utilization rate for sample thermal coal mines is 88.3%, down 1.3 percentage points week-on-week [10][49] - Daily coal consumption in inland provinces decreased by 8.30 thousand tons/day (-1.8%) [50] - Daily coal consumption in coastal provinces decreased by 7.70 thousand tons/day (-3.3%) [50] 3. Industry Performance - The coal sector saw a 3.98% increase this week, outperforming the broader market [13][16] - The thermal coal segment rose by 4.07%, while the coking coal segment increased by 3.92% [16] 4. Future Outlook - The coal supply bottleneck is expected to persist, necessitating new high-quality capacity planning to meet medium to long-term energy demands [11] - The coal sector is characterized by high performance, cash flow, and dividends, with a favorable long-term outlook due to macroeconomic improvements and regulatory changes [11]

Group 1 - The core viewpoint of the news highlights the strong performance of coal stocks in the Hong Kong market, with China Qinfa experiencing a significant increase of over 10%, reaching a historical high, and achieving a nine-day consecutive rise [1] - According to Guosheng Securities, the combination of cold waves and short covering has led to a rapid increase in U.S. natural gas futures prices, which may stimulate coal consumption as power plants shift to coal to control fuel costs [1] - The report emphasizes that with the upcoming annual performance disclosures, companies with strong performance are expected to see their stocks perform well, recommending key coal companies such as China Shenhua, Yanzhou Coal Energy, and China Coal Energy [1] Group 2 - Xinda Securities indicates that the overall energy inflation context suggests that the supply-demand balance for coal will remain tight over the next 3-5 years, with high-quality coal companies maintaining high barriers, cash flow, dividends, and yield attributes [1] - The report notes that the recent bottoming of coal prices is likely to drive a revaluation of the sector, presenting both defensive and offensive investment opportunities, and highlights the increased investment value of coal stocks after recent market corrections [1] - The stock performance table shows notable increases in coal-related stocks, with China Tai Fa up 10.05%, Power Development up 4.4%, and China Shenhua up 2.24%, among others [2]