Core Viewpoint - Yancoal Energy is a leading coal company in North China, with significant coal bases in Shandong, Shaanxi, Mongolia, and Australia, and is the only major coal enterprise in China with substantial overseas resources [1] Group 1: Capacity Growth - The company plans to increase coal production capacity to 300 million tons per year by 2030, as outlined in its development strategy [1] - Capacity growth will primarily be achieved through asset injections and the construction of new mines, with asset injections being the largest contributor [1][2] Group 2: Recent Acquisitions - As of September 30, 2023, the company acquired 51% stakes in both Luxi Mining and Xinjiang Energy Chemical, with plans to acquire 51% of Northwest Mining by July 2025 [2] - By September 2025, the company is expected to have a total coal production capacity of 340 million tons, with 280 million tons currently in production and 63 million tons under construction [2] Group 3: Upcoming Production Contributions - The Wanfeng Coal Mine is set to contribute 1.8 million tons of coking coal by December 2024, and the first phase of the Yancoal Qicaiwan No. 4 Coal Mine will add 10 million tons of thermal coal by July 2025 [2] - Additional mines under construction include Liu Sangadan (10 million tons), Galutu (8 million tons), and Hohhot No. 1 (7 million tons), among others [2] Group 4: Market Dynamics - The National Energy Administration's directive to halt overproduction in coal mines is expected to stabilize coal prices, with 30% of inspected mines in Inner Mongolia exceeding production limits [3] - The company maintains a high dividend policy, committing to a payout ratio of no less than 60% from 2023 to 2025, with a projected dividend of 0.18 yuan per share in 2025 [3] - The company's current low PE valuation in the Hong Kong market, combined with a high dividend yield, presents an attractive investment opportunity [3]

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之內容概不負責， 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 份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 兗礦能源集團股份有限公司 YANKUANG ENERGY GROUP COMPANY LIMITED* ( 在中華人民共和國註冊成立的股份有限公司 ) (股份代碼：01171) 董事會會議通知 兗礦能源集團股份有限公司（「本公司」）董事會（「董事會」）謹此公佈，董事 會將於 2025 年 10 月 30 日（星期四）於本公司總部舉行董事會會議，籍以審議並公 佈（其中包括）本公司及其附屬公司截至 2025 年 9 月 30 日止三個月之未經審計第 三季度業績（按照中國會計准則編制）。 承董事會命 兗礦能源集團股份有限公司 董事長 李偉 中國山東省鄒城市 2025年10月16日 於本公告日期，本公司董事為李偉先生、王九紅先生、劉健先生、劉強先生、張海 軍先生、蘇力先生及黃霄龍先生，而本公司的獨立非執行董事為朱利民先生、高井 祥先生、胡家棟先生及朱睿女士。 * 僅供識別 1 ...

格隆汇10月16日丨兖矿能源(01171.HK)公布，董事会将于2025年10月30日(星期四)于公司总部举行董事 会会议，籍以审议并公布(其中包括)公司及其附属公司截至2025年9月30日止三个月之未经审计第三季 度业绩(按照中国会计准则编制)。 来源：格隆汇APP ...

Core Points - The Shanghai Composite Index rose by 0.10% on October 16, with seven sectors experiencing gains, particularly coal and banking, which increased by 2.35% and 1.35% respectively [1] - The coal industry led the gains, with a net inflow of 650 million yuan, where 32 out of 37 stocks in the sector rose, and three hit the daily limit [1] - The steel and non-ferrous metals sectors saw the largest declines, with decreases of 2.14% and 2.06% respectively [1] Coal Industry Summary - The coal sector's increase of 2.35% was supported by a net inflow of 650 million yuan, with 25 stocks experiencing net inflows, and seven stocks receiving over 50 million yuan [1] - The top three stocks by net inflow were: - Baotailong: 137 million yuan - Yanzhou Coal: 99.64 million yuan - Shanxi Coal International: 96.36 million yuan [1] - The stocks with the largest net outflows included: - Yongtai Energy: 121 million yuan - Dayou Energy: 59.39 million yuan - Shaanxi Coal: 40.41 million yuan [1] Key Stock Performance - Notable stock performances in the coal sector included: - Baotailong: +10.03% with a turnover rate of 20.19% and a main fund flow of 136.65 million yuan - Yanzhou Coal: +3.71% with a turnover rate of 1.72% and a main fund flow of 99.64 million yuan - Shanxi Coal International: +5.00% with a turnover rate of 4.49% and a main fund flow of 96.36 million yuan [1]

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之內容概不負責， 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 份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 於本公告日期，本公司董事為李偉先生、王九紅先生、劉健先生、劉強先生、張海 軍先生、蘇力先生及黃霄龍先生，而本公司的獨立非執行董事為朱利民先生、高井 祥先生、胡家棟先生及朱睿女士。 * 僅供識別 1 兗礦能源集團股份有限公司 YANKUANG ENERGY GROUP COMPANY LIMITED* ( 在中華人民共和國註冊成立的股份有限公司 ) (股份代碼：01171) 董事會會議通知 兗礦能源集團股份有限公司（「本公司」）董事會（「董事會」）謹此公佈，董事 會將於 2025 年 10 月 30 日（星期四）於本公司總部舉行董事會會議，籍以審議並公 佈（其中包括）本公司及其附屬公司截至 2025 年 9 月 30 日止三個月之未經審計第 三季度業績（按照中國會計准則編制）。 承董事會命 兗礦能源集團股份有限公司 董事長 李偉 中國山東省鄒城市 2025年10月16日 ...

Core Viewpoint - The article highlights the performance of the CSI 300 Dividend Index and the potential investment opportunities in dividend stocks as of October 16, 2025, with a focus on the upcoming fourth quarter being a critical time for positioning in dividend stocks to achieve excess returns [1]. Group 1: Market Performance - As of October 16, 2025, the CSI 300 Dividend Index (000821) increased by 0.39%, marking a six-day consecutive rise [1]. - Notable stock performances include China Coal Energy (601898) up by 3.72%, China Pacific Insurance (601601) up by 2.57%, Yanzhou Coal Mining (600188) up by 1.82%, Shaanxi Coal and Chemical Industry (601225) up by 1.65%, and China Shenhua Energy (601088) up by 1.54% [1]. - The CCB CSI 300 Dividend ETF (512530) has seen continuous net inflows over the past four days [1]. Group 2: Investment Insights - CITIC Securities suggests that the fourth quarter of 2025 may be a key moment for positioning in dividend stocks to capture excess returns, with current fundamentals likely already reflected in the market [1]. - The A-share highway leaders have returned to a dividend yield of around 5%, indicating potential opportunities for investment as valuations stabilize and new capital seeks steady allocation [1]. - China Galaxy Securities notes that increased uncertainty in tariffs is causing global asset price volatility, which is generating demand for defensive allocations, particularly in the banking sector [1]. - The banking sector is highlighted for its stable dividends, and after a period of correction, the attractiveness of dividend yields is expected to draw in risk-averse capital [1]. Group 3: Product Information - The CCB CSI 300 Dividend ETF (512530) closely tracks the CSI 300 Dividend Index, which selects 50 listed companies with high dividend yields from the CSI 300 Index sample, reflecting the overall performance of high dividend yield securities [1].

Core Viewpoint - The coal sector continues to experience an upward trend, driven by supply-side tightening and improving coal price sentiment, with expectations for better demand and pricing in the coming years [1] Group 1: Stock Performance - China Coal Energy (601898) increased by 6.39%, trading at HKD 10.99 - Yanzhou Coal Mining (600188) rose by 3.28%, trading at HKD 11.34 - China Shenhua Energy (601088) saw a 2.36% increase, trading at HKD 40.76 - Yancoal Australia (03668) gained 1.27%, trading at HKD 28.74 [1] Group 2: Industry Analysis - According to Founder Securities, the introduction of production exceeding documents has significantly impacted coal price sentiment, indicating a shift from oversupply to a more balanced supply-demand scenario [1] - The coal demand is expected to rise due to high consumption levels during the summer of 2025, leading to an improved coal supply-demand structure [1] - The gradual implementation of "anti-involution" policies may also restrict imported coal in the future [1] Group 3: Profit Outlook - Guosen Securities noted that while coal prices have been declining and profits for coal companies have been poor in early 2024, a rebound in coal prices is anticipated in the second half of 2025, which could improve profitability for coal enterprises [1] - The fourth quarter is expected to show upward price elasticity for coal, with the coal sector's performance lagging behind other sectors but showing clear bottoming signals [1]

秋雨连绵、寒风乍起，煤市则暖意初现。随着今年下半年来最强冷空气10月14日起自北向南横扫我国， 华北、东北等地气温骤降超10℃，"迎峰度冬"这一季节性话题迅速回归资本市场视野。 山东卓创资讯（301299）股份有限公司分析师任慧云对《证券日报》记者表示："整体来看，第四季度 国内动力煤供需关系或维持紧平衡，煤价仍有支撑，或呈现窄幅震荡上行走势。" 任慧云表示，从供应端来看，煤矿生产情况核查工作继续推进，反超产背景下煤矿生产心态整体仍偏谨 慎，行业整体延续边际收缩状态。需求端来看，随着气温下降，北方陆续开始供暖季，而据相关预测， 今年冬季或存冷冬可能，预计"迎峰度冬"旺季需求成色良好，需求韧性较强。 大同证券分析师表示，近期连续雨天不断，煤炭供给受到影响，大秦铁路（601006）检修、终端开启冬 储和非电煤旺季推进，短期看，预计共同支撑煤价走强。 10月15日，A股煤炭板块表现活跃，成为市场中一抹亮色。 业内分析指出，冷空气的提前到来强化了市场对第四季度煤炭需求的预期，加之供应端持续偏紧，煤炭 行业有望迎来供需两旺的冬季行情。 四季度煤炭业供需紧平衡 10月15日，A股煤炭板块延续近期强势表现，多只个股表现亮眼 ...

Core Viewpoint - The report from Shenwan Hongyuan indicates that China's coal production is increasing, but coal imports are declining, with expectations of limited production growth in Q4 2025 due to stricter regulations [1][2]. Supply Side - National raw coal production from January to August 2025 reached 3.165 billion tons, a year-on-year increase of 2.8% [1]. - Coal imports from January to September 2025 totaled 350 million tons, a year-on-year decrease of 11.1% [1]. Price Trends - In Q3 2025, the average spot price for 5500 kcal thermal coal was approximately 673 RMB/ton, down 20.66% year-on-year from 848 RMB/ton in Q3 2024, but up 6.75% from 630 RMB/ton in Q2 2025 [2]. - The average price for Shanxi coking coal at the Jing Tang port in Q3 2025 was 1564 RMB/ton, down 17.23% year-on-year but up 19.09% from Q2 2025 [2]. Company Performance - Companies exceeding performance expectations include China Shenhua (EPS 1.97, YOY -15.01%), Shaanxi Coal (EPS 1.29, YOY -21.46%), and Shanxi Coal International (EPS 0.64, YOY -38.99%) [3]. - Companies meeting expectations include China Coal Energy (EPS 0.89, YOY -18.92%) and Yanzhou Coal Mining (EPS 0.70, YOY -48.67%) [4]. - Shaanxi Black Cat underperformed with an EPS of -0.32, YOY -3.82% due to pressure on coking coal prices [4]. Recommended Stocks - Key recommendations include undervalued elastic stocks such as Shanxi Coal (000983.SZ) and Huabei Mining (600985.SH) [5]. - Stable high-dividend stocks recommended include China Shenhua (601088.SH) and Shaanxi Coal (601225.SH) [5]. - Additional focus on elastic stocks in thermal coal such as Jinkong Coal Industry (601001.SH) and Huayang Co. (600348.SH) [5].

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant price increases and dividend yields for various companies [1]. Group 1: Stock Performance - The top stock, 渝农商行 (601077.SH), experienced a price increase of 5.92% and a year-to-date increase of 24.04%, with a dividend yield of 4.25% [1]. - 泸州老窖 (000568.SZ) saw a 4.20% increase, with an 11.18% year-to-date rise and a dividend yield of 4.49% [1]. - 厦门银行 (601187.SH) recorded a 4.04% increase, a 21.43% year-to-date rise, and a dividend yield of 4.63% [1]. Group 2: Dividend Yields - The article lists several companies with notable dividend yields, including 家非亚 (002572.SZ) at 7.81%, and 究矿能源 (600188.SH) at 6.62% [1]. - 农业银行 (601288.SH) has a year-to-date increase of 39.52% and a dividend yield of 3.39% [1]. - 招商银行 (600036.SH) shows a year-to-date increase of 9.53% with a dividend yield of 4.85% [1].