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通告之內容概不負責，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通告全部或任何部分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。 （在中華人民共和國註冊成立的股份有限公司） （股份代碼：01088） 臨時股東大會通告 茲通告中國神華能源股份有限公司（「本公司」）謹定於2025年8月29日（星期五）下午二 時三十分，假座中華人民共和國北京市朝陽區鼓樓外大街19號歌華開元大酒店二層和 廳召開2025年第一次臨時股東大會（「臨時股東大會」），以審議並酌情通過下列議案： 作為特別決議案： 總會計師、董事會秘書 宋靜剛 北京，2025年8月11日 – 1 – 1. 考慮及酌情通過取消監事會並修訂公司章程。 2. 考慮及酌情通過修訂本公司股東大會議事規則。 3. 考慮及酌情通過修訂本公司董事會議事規則。 承董事會命 中國神華能源股份有限公司 凡在2025年8月29日（星期五）登記在本公司股份過戶登記處香港中央證券登記有限公司保管的本 公司股東名冊內的H股股東，均有權出席臨時股東大會。 本公司將於2025年8月26日（星期二）起至2025年8月2 ...

本人╱吾等 （附註1） ， 地址為 ， 為中國神華能源股份有限公司（「本公司」）股本中每股面值人民幣1.00元之H股 股 （附註2） 之登記持有人，茲委任大會主席 （附註3） 或， 地址為 ， （在中華人民共和國註冊成立的股份有限公司） （股份代碼：01088） 臨時股東大會適用之代表委任表格 附註： 1. 請用正楷填上全名及地址。 2. 請填上以 閣下名義登記與本代表委任表格有關之股份數目，倘未有填上數目，則本代表委任表格將被視為與所有登記於 閣下名下之股份有 關。 3. 閣下如欲委任大會主席以外之其他人士為代表，請將「大會主席或」之字樣刪除，並在空欄內填上所擬委派代表之姓名及地址。凡有權出席上述 通告召開之大會並於會上投票之本公司股東均有權委任一位或以上人士代其出席及投票。受委任代表毋須為本公司之股東，但必須親身代表 閣 下出席大會。本表格上之每項更改，均須由簽署人簡簽示可。 4. 注意：閣下如欲投票贊成上述決議案，請在「贊成」欄內填上「✓」號， 閣下如欲投票反對決議案，請在「反對」欄內填上「✓」號。如未有任何指 示，則 閣下之代表有權自行酌情投票或放棄投票。受委任代表亦可就大會通告所載以外而正式於大會上 ...

（股份代碼：01088） （在中華人民共和國註冊成立的股份有限公司） 聯繫電話： 附註： 一. 請用正楷書寫登記在股東名冊上的全名及地址。 二. 請將 閣下名義登記的H股股份數目填上。 臨時股東大會回條 致：中國神華能源股份有限公司（「本公司」） 本人╱吾等 （附註一） 地址為： （登記在股東名冊上）為本公司股本中每股面值人民幣1.00元的H股股份 （附註二） 股的登記持有人，茲通告本公司本人╱吾等擬親自或委託代理人出席本公司2025年8月29日 （星期五）下午二時三十分，假座中華人民共和國北京市朝陽區鼓樓外大街19號歌華開元大酒店 二層和廳舉行的本公司2025年第一次臨時股東大會。 日期： 簽署： 三. 此回條在填妥及簽署後須於2025年8月26日（星期二）或以前以親身或以郵遞、電子郵件、圖文傳真送達或交 回本公司董事會辦公室，地址為中華人民共和國北京市東城區安定門西濱河路22號神華大廈A座1003室（郵政 編碼100011，電子郵箱：ir@ csec.com ，傳真號碼：(+86) 10 5813 1814），方為有效。 四. 透過香港中央結算有限公司、銀行、經紀公司或其他託管人持有本公司股份的非登記H股 ...

此乃要件 請即處理 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通函的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容而產生或因依賴該等內容而引致的任 何損失承擔任何責任。 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券交易商、 銀行經理、律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓名下所有中國神華能源股份有限公司股份，應立即將本通函送交買主、承讓人、經手 買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 本通函僅供參考，並不構成收購、購買或認購中國神華能源股份有限公司證券的邀請或要約。 （在中華人民共和國註冊成立的股份有限公司） （股份代碼：01088） 建議取消監事會、修訂公司章程、股東會議事規則及董事會議事規則 董事會函件載於本通函第3頁至第6頁。 本公司將於2025年8月29日（星期五）下午二時三十分，假座中華人民共和國北京市朝陽區鼓樓外大街19 號歌華開元大酒店二層和廳召開2025年第一次臨時股東大會，該大會通告載於本通函第232頁至第235頁。 隨函附奉上述臨時股東大會適用的回條及代 ...

Group 1 - The core point of the article is that Minsheng Jia Yin Fund Management Co., Ltd. announced an adjustment in the valuation method for its funds, specifically for the stock of China Shenhua Energy Company Limited, effective from August 7, 2025 [1] - The company will use the "index income method" for valuing the stock until it resumes trading and shows active market trading characteristics, at which point it will revert to market price valuation without further announcement [1] - As of the second quarter of 2025, Minsheng Jia Yin only holds 189,600 shares of China Shenhua through its Minsheng Jia Yin CSI Mainland Resource Theme Index Securities Investment Fund A [1]

Group 1 - The core viewpoint of the announcement is the adjustment of the valuation method for long-term suspended stocks held by the funds managed by Dongwu Fund Management Co., Ltd. to ensure fair and reasonable valuation [1] - Starting from August 8, 2025, the company will use the "index yield method" for valuing the suspended stock "China Shenhua" (stock code: 601088) [1] - The valuation method will revert to using the closing price on the day of trading once the stock resumes trading and exhibits active market trading characteristics, without further announcements [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report indicates that the price of thermal coal is expected to recover to the second target of 700 yuan, with a steady layout in the coal sector [5][13] - The current price of thermal coal has rebounded to above the first target price of 670 yuan, which is the annual long-term contract price for central enterprises [5][13] - The report highlights that the fundamentals of thermal coal remain favorable, with supply constraints and high demand during the summer season [4][5] Summary by Relevant Sections Investment Logic - Thermal coal and coking coal prices have reached the right side of the turning point, with thermal coal being a policy-driven commodity [5][13] - The current price has surpassed the first target and is expected to reach the second target of around 700 yuan [5][13] - Future expectations include a potential recovery to a third target price of approximately 750 yuan and a fourth target price of around 860 yuan [5][13] Key Indicators Overview - The coal index increased by 3.65%, outperforming the CSI 300 index by 2.41 percentage points [8][26] - The average PE ratio for the coal sector is 12.12, and the PB ratio is 1.24, ranking low among all A-share industries [28] Thermal Coal Industry Chain - As of August 8, the price of Qinhuangdao Q5500 thermal coal is 682 yuan/ton, reflecting an increase of 11.99% from the lowest price of 609 yuan earlier this year [4][21] - The operating rate of coal mines in the main production areas is at 80.1%, indicating a relatively low level for the year [4][21] - Port inventories have decreased by 25.6% from the highest level of 33.16 million tons earlier this year [4][21] Coking Coal Industry Chain - The price of main coking coal at Jingtang Port is 1610 yuan/ton, rebounding from a low of 1230 yuan [4][22] - Coking coal futures have seen a significant rebound, increasing by 70.65% from 719 yuan in early June to the current price [4][22] - The report notes a strong expectation for coking coal prices, driven by supply tightening measures and demand from the steel industry [4][22]

Investment Rating - The industry investment rating is "Maintain Buy" for coal mining companies [3][5]. Core Viewpoints - Global thermal coal exports decreased by 5.1% year-on-year in the first half of 2025, with total shipments dropping from 378.65 million tons in 2024 to 359.65 million tons [2]. - The report highlights the importance of major coal enterprises such as China Coal Energy and China Shenhua, as well as companies showing potential for turnaround like China Qinfa [3]. - The report notes that coal prices are stabilizing after a period of decline, with Newcastle coal prices at $116 per ton and South African Richards Bay coal at $92.4 per ton [6][34]. Summary by Sections Coal Mining Industry Overview - The report indicates a 5% decline in global thermal coal exports in the first half of 2025, with significant drops in major exporting countries like Indonesia and Australia [2][6]. - Indonesia's coal exports fell by 6% due to weather disruptions and regulatory changes, while Australia's exports decreased by 4% due to operational bottlenecks [6]. Key Investment Recommendations - The report recommends focusing on state-owned enterprises such as China Coal Energy and China Shenhua, as well as turnaround candidates like China Qinfa [3]. - Other recommended stocks include Shaanxi Coal and Electricity, Yancoal, and Jin Control Coal Industry, which are expected to perform well in the coming years [3][7]. Price Trends and Market Dynamics - Coal prices are showing signs of stabilization, with Newcastle coal prices at $116 per ton, unchanged from the previous week, while South African coal prices decreased slightly [6][34]. - The report notes that the demand for coal power is stabilizing, particularly during peak demand seasons [36].

Group 1 - The total cash dividends of A-share listed companies in 2024 reached 2.4 trillion yuan, an increase of 9% compared to 2023, marking a new historical high for overall dividend levels [1] - The top ten companies in the 2025 cash dividend ranking include six financial institutions: Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, China Merchants Bank, and Ping An Insurance, along with three energy state-owned enterprises: China Petroleum, China Shenhua, and China Petroleum & Chemical Corporation, and one liquor company: Kweichow Moutai [1] Group 2 - The number of companies with continuous cash dividends has been increasing year by year, with 2,447 out of 4,445 A-share listed companies that have been listed for over three years having continuous dividends, a 12% increase from 2023 [2] - Among the 3,569 A-share listed companies that have been listed for over five years, 1,681 have had continuous dividends over the past five years, a 6% increase from 2023, with 210 companies showing continuous growth in dividends [2] - The increasing trend in cash dividends reflects the growing internal drive of listed companies to distribute dividends, creating predictable cash flow returns for investors and promoting higher quality development in the capital market [2]

Core Viewpoint - The introduction of new cash dividend regulations and policies in China has led to a significant increase in cash dividends among listed companies, marking a new phase of "return-focused" capital markets aimed at enhancing investor returns [3][4]. Summary by Categories Cash Dividend Rankings - The 2025 cash dividend rankings for listed companies in China will be based on objective cash dividend data, considering multiple factors to form three lists: total cash dividends, dividend payout ratio, and dividend yield, each featuring 100 companies [3]. - The rankings emphasize compliance and integrity, with non-compliant companies facing disqualification [3]. Dividend Trends - In 2024, the total cash dividends from A-share listed companies reached a record high of 2.4 trillion yuan, representing a 9% increase from 2023 [4]. - The number of companies consistently paying dividends has increased, with 2,447 out of 4,445 companies listed for over three years having paid dividends for three consecutive years, a 12% increase from the previous year [4]. Investor Returns - A total of 466 A-share listed companies had an average dividend yield exceeding 3% over the past three years, with 133 companies exceeding 5% [5]. - The average dividend payout ratio for A-share listed companies in 2024 was 39%, with 1,411 companies maintaining an average payout ratio above 40%, a 24% increase from 2023 [5]. Notable Companies - Nine companies distributed over 50 billion yuan in cash dividends in 2024, including major banks such as Industrial and Commercial Bank of China and China Construction Bank, as well as companies like China Petroleum and Kweichow Moutai [4]. - The rankings for cash dividends, payout ratios, and yields include various prominent companies, reflecting a diverse range of sectors [6][9][10].