Meeting Overview - The annual general meeting for shareholders will be held on June 20, 2025 [1][2] - The meeting will include both on-site and online voting methods [2][3] - The voting system will be managed through the Shanghai Stock Exchange's online platform [1][3] Agenda Items - The agenda includes the review of the 2024 Board of Directors Report, Supervisory Board Report, Financial Report, Profit Distribution Proposal, and the appointment of external auditors for 2025 [1][18][20][29] - A proposal for the 2025-2027 shareholder return plan will also be presented [1][31] Financial Highlights - The net profit for 2024 is projected to be RMB 586.7 billion, with a proposed total dividend of RMB 449.03 billion, representing 76.5% of the net profit [20][21] - The basic earnings per share for 2024 is expected to be RMB 3.5 [20] Voting Procedures - Shareholders must register to attend the meeting by June 17, 2025 [10][11] - Voting will be conducted during specified time slots on the day of the meeting [1][3] Auditor Appointment - The company proposes to reappoint KPMG Huazhen LLP and KPMG for the 2025 fiscal year [29] - The annual audit fee is set at RMB 12.8 million, subject to adjustments based on service conditions [29] Compensation Proposals - The total compensation for executive directors is proposed at RMB 2,134,855.58, with specific breakdowns for individual directors [22][25] - The independent non-executive directors' total compensation is proposed at RMB 900,000 [24] Shareholder Return Plan - The company aims to distribute at least 35% of the net profit to shareholders in cash dividends annually, provided the company is profitable [31]

(在中华人民共和国注册成立的股份有限公司) 2024 年度股东周年大会、 2025 年第一次 A 股类别股东会 会议资料 二〇二五年六月 | | | | | 一、会议通知………………………………………………………………………………1 | | --- | --- | | 二、2024 | 年度股东周年大会会议议程………………………………………13 | | 三、2025 | 年第一次 股类别股东会会议议程…………………………..15 A | | 四、2024 | 年度股东周年大会议案 | | 议案一 | 关于《中国神华能源股份有限公司 年度董事 2024 | | | 会报告》的议案……….……………………………………………16 | | 议案二 | 关于《中国神华能源股份有限公司 年度监事 2024 | | | 会报告》的议案………………….…………………………………18 | | 议案三 | 关于《中国神华能源股份有限公司 年度财务 2024 | | | 报告》的议案……………………….………………………….……19 | | 议案四 | 关于中国神华能源股份有限公司 2024 年度利润分 | | | 配的议案……… ...

金十图示：2025年06月11日（周三）富时中国A50指数成分股午盘收盘行情一览：证券、石油行业走强，银行股涨跌不一 保险 R 中国人保 中国太保 中国平安 咖啡 3701.55亿市值 3417.15亿市值 9900.90亿市值 24.63亿成交额 5.07亿成交额 6.20亿成交额 35.52 54.37 8.37 +0.64(+1.83%) +0.94(+1.76%) +0.05(+0.60%) 酸酒行业 贵州茅台 山西汾酒 五粮液 18645.12亿市值 2170.80亿市值 4846.96亿市值 29.50亿成交额 11.07亿成交额 7.71亿成交额 1484.25 177.94 124.87 +9.24(+0.63%) +0.48(+0.39%) +1.12(+0.63%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2226.12亿市值 3165.52亿市值 2519.64亿市值 7.68亿成交额 29.28亿成交额 9.26亿成交额 416.74 603.57 136.19 +1.68(+0.28%) -5.79(-4.08%) -0.26(-0.06%) 汽车整车 铁路公路 比亚迪 ...

Financial Sector - The banking sector showed positive performance with Agricultural Bank of China, Bank of China, and Zhao Bank reporting market capitalizations of 1,977.40 billion, 1,610.30 billion, and 576.28 billion respectively, with respective trading volumes of 1.62 billion, 1.25 billion, and 0.83 billion [3] - Construction Bank and Industrial and Commercial Bank of China also performed well, with market capitalizations of 2,255.10 billion and 2,548.30 billion, and trading volumes of 0.61 billion and 2.13 billion respectively [3] - The overall trend in the banking sector was positive, with most banks showing slight increases in stock prices [3] Insurance Sector - The insurance sector saw China Life Insurance, China Pacific Insurance, and Ping An Insurance with market capitalizations of 370.60 billion, 982.99 billion, and 340.46 billion respectively, and trading volumes of 1.31 billion, 0.57 billion, and 0.50 billion [4] - All three companies experienced slight increases in stock prices, indicating a stable performance in the insurance market [4] Semiconductor Sector - The semiconductor sector had mixed results, with North China Huachuang, Cambricon Technologies, and Haiguang Information reporting market capitalizations of 224.69 billion, 254.35 billion, and 329.78 billion respectively [4] - Trading volumes varied significantly, with Cambricon Technologies leading at 6.80 billion, while North China Huachuang had a trading volume of 1.36 billion [4] - The sector experienced fluctuations, with some companies showing declines in stock prices [4] Automotive Sector - The automotive sector was led by BYD and Great Wall Motors, with market capitalizations of 282.79 billion and 1,068.63 billion respectively [4] - Trading volumes were significant, with BYD at 3.50 billion and Great Wall Motors at 0.21 billion [4] - The sector showed a positive trend with BYD's stock price increasing by 1.00% [4] Energy Sector - In the energy sector, China Petroleum and Sinopec reported market capitalizations of 699.59 billion and 1,599.60 billion respectively, with trading volumes of 0.62 billion and 0.46 billion [4] - The sector showed slight increases in stock prices, indicating a stable performance [4] Other Sectors - The liquor industry, represented by Kweichow Moutai, Shanxi Fenjiu, and Wuliangye, had market capitalizations of 1,860.43 billion, 216.46 billion, and 485.09 billion respectively, with Kweichow Moutai experiencing a slight decline [4] - The food and beverage sector, including companies like Zhongjin Securities and Haitai, showed varied performance with slight fluctuations in stock prices [5]

Group 1: Innovation Drug Sector - The innovation drug sector in A-shares has seen a significant surge, with over 4,100 stocks closing in the green and the Shanghai Composite Index nearing the 3,400-point mark [1] - Notable stocks such as Changshan Pharmaceutical, Haichen Pharmaceutical, and Shutaishen achieved "20cm" limit-up, while others like Lianhua Technology and Zhongsheng Pharmaceutical recorded "10cm" limit-up [1] - According to statistics, 11 innovation drug concept stocks have seen maximum increases of over 200% compared to their one-year lows, including Hotgen Biotech and Shutaishen [1] Group 2: Central Huijin's Financial Expansion - The China Securities Regulatory Commission has approved Central Huijin Investment Co., Ltd. to become the actual controller of eight companies, marking a significant expansion of its financial footprint [4] - Central Huijin is a state-owned company established in December 2003, responsible for equity investments in key state-owned financial enterprises [5] - Since April, Central Huijin has been recognized as a "stabilization fund," boosting market confidence amid increased volatility in the domestic market [5] Group 3: Central Huijin's Stock Holdings - As of the end of Q1 this year, Central Huijin has invested in 152 stocks, with a total holding market value of 3.02 trillion yuan [6] - The largest holding is in China Bank, valued at 1.07 trillion yuan, followed by Industrial and Commercial Bank and Agricultural Bank [6][7] - Central Huijin's preference for large-cap stocks is evident, with an average market value of 1.315 billion yuan for its holdings [8] Group 4: Performance and Characteristics of Central Huijin's Holdings - In Q1, 89.47% of Central Huijin's holdings were profitable, with over 60% showing year-on-year net profit growth, significantly higher than the overall A-share market [10] - The average dividend yield for Central Huijin's holdings is 2.5%, with over 70% yielding above 1% [11] - The overall price-to-earnings ratio of Central Huijin's holdings is relatively low, with 67.76% having a rolling P/E ratio below 30 [11] Group 5: Long-term Investment Strategy - Central Huijin has a long-term investment strategy, with 135 stocks held for over 20 quarters, representing nearly 90% of its portfolio [12] - The longest-held stock is China Construction Bank, with a holding period of 67 quarters [12] - Notable long-term holdings also include leading companies in emerging industries such as BYD and Hikvision [12] Group 6: Market Performance of Long-term Holdings - Among the 135 stocks held for over 20 quarters, 14 have doubled in value since 2021, with China Shenhua leading at a 199.29% increase [13][14] - The performance of these long-term holdings reflects Central Huijin's commitment to stable and profitable investments [13]

Investment Rating - The report maintains a recommendation for the energy sector, indicating a positive outlook despite geopolitical risks and supply concerns [1]. Core Insights - Oil prices have increased due to supply disruptions caused by wildfires in Canada, which have shut down approximately 350,000 barrels per day of heavy crude oil production, representing about 7% of the country's oil output [11]. - The report highlights that geopolitical events, such as the Israel-Palestine conflict and the Russia-Ukraine situation, continue to support oil prices [11]. - The Brent crude oil price reached $67.47 per barrel, up 4.35% week-on-week, while WTI crude oil price was $63.35 per barrel, up 3.53% week-on-week [11]. - The report suggests that the demand for oil is expected to improve as tariff negotiations progress, which may alleviate investor concerns about demand [11]. Summary by Sections 1. Investment Strategy - **Crude Oil**: Global oil and gas capital expenditures have declined significantly since the Paris Agreement in 2015, with a notable drop of nearly 122% from 2014 highs. This has led to cautious capital spending among major oil companies, limiting supply recovery in the short term [9][32]. - **Coal**: The report notes stable coal prices at ports, with the average price of Qinhuangdao port coal (Q5500) at 609.25 RMB per ton, down 0.29% week-on-week. The overall coal supply remains sufficient despite some production cuts [12][13]. - **Coke**: The report indicates that coke prices have remained stable, with a price of 1410 RMB per ton. However, demand from downstream steel mills is weak, leading to expectations of further price reductions [14][15]. - **Natural Gas**: The EU plans to ban Russian natural gas imports by the end of 2027, which has faced opposition from France and Belgium. The average price of NYMEX natural gas increased by 9.5% to $3.72 per million British thermal units [16][17]. - **Oil Services**: The oil service sector is expected to see a recovery in activity due to increased capital expenditures driven by high oil prices and supportive policies [18][19]. 2. Major Energy Price Changes - The Huachuang Chemical Industry Index is reported at 76.13, down 2.11% week-on-week and down 24.46% year-on-year. The industry price percentile is at 20.34%, indicating a significant decline [20][22]. - The report summarizes that the largest price increases were seen in U.S. natural gas (+9.5%) and Brent crude oil (+4.3%), while the largest declines were in port coke (-3.4%) and Shanxi coke (-2.9%) [28][30].

Quantitative Models and Construction Methods 1. Model Name: Free Cash Flow (FCF) - **Model Construction Idea**: Free cash flow represents the maximum cash amount distributable to capital providers without affecting the company's sustainable development. It is a key indicator of a company's ability to convert profits into freely distributable cash flow[1][10] - **Model Construction Process**: The formula for free cash flow is: $ FCF = EBITDA - CAPEX - NWC - Taxes $ Where: - EBITDA: Earnings before interest, taxes, depreciation, and amortization - CAPEX: Capital expenditures - NWC: Net working capital changes - Taxes: Tax payments Alternatively, the simplified formula is: $ FCF = Operating Cash Flow - CAPEX $ This simplification assumes that NWC changes are negligible compared to other components[10][11] Additionally, the Free Cash Flow Yield (FCF Yield) is calculated as: $ FCF Yield = FCF / Enterprise Value $ Where enterprise value is defined as: $ Enterprise Value = Market Capitalization + Total Debt - Cash $[11] - **Model Evaluation**: The FCF metric reduces the impact of financial manipulation and reflects the company's true operating conditions. It is more responsive to changes in company fundamentals compared to traditional metrics like net profit or revenue[11][24] 2. Model Name: CSI 800 Free Cash Flow Index - **Model Construction Idea**: This index selects 50 stocks with the highest free cash flow yield from the CSI 800 Index to reflect the performance of companies with strong cash flow generation capabilities[31][32] - **Model Construction Process**: - Sample Space: CSI 800 Index constituents - Screening Criteria: - Exclude financial and real estate sectors - Positive free cash flow and enterprise value - Positive net cash flow from operating activities for the past 5 years - Top 80% in profitability ranking - Selection Method: Rank stocks by free cash flow yield and select the top 50 - Weighting Method: Free cash flow-weighted - Rebalancing: Quarterly adjustments[32] - **Model Evaluation**: The index avoids exposure to financial and real estate sectors, focusing on industries with stable cash flows like energy and home appliances. It demonstrates a large-cap style and concentrated holdings, with long-term outperformance against the market and peer indices[33][36][40] --- Model Backtesting Results 1. Free Cash Flow (FCF) - **Annualized Return**: The FCF strategy shows strong performance in both loose monetary and tight credit environments, consistently delivering excess returns relative to the market[20][23] - **Macro Environment Suitability**: - In a low-interest-rate environment, companies with high FCF benefit from valuation uplift - During credit tightening, companies with strong internal FCF generation exhibit resilience[23] 2. CSI 800 Free Cash Flow Index - **Annualized Return**: 19.16% - **Annualized Sharpe Ratio**: 0.87 - **Annualized Volatility**: 23.16% - **Maximum Drawdown**: 43.56% - **Valuation Metrics**: - Price-to-Earnings (P/E): 10.95 - Price-to-Book (P/B): 1.48 - Dividend Yield: 4.32% Compared to the CSI 800 Index, the CSI 800 Free Cash Flow Index has lower valuation metrics, indicating a value-oriented style[47][48] --- Quantitative Factors and Construction Methods 1. Factor Name: Free Cash Flow Yield (FCF Yield) - **Factor Construction Idea**: FCF Yield is a valuation metric that adjusts free cash flow by enterprise value, providing a normalized measure of cash flow generation relative to the company's size[11] - **Factor Construction Process**: $ FCF Yield = FCF / Enterprise Value $ Where enterprise value is calculated as: $ Enterprise Value = Market Capitalization + Total Debt - Cash $[11] - **Factor Evaluation**: FCF Yield is more responsive to changes in company fundamentals compared to dividend yield, helping to avoid value traps where declining fundamentals lead to artificially high dividend yields[24][29] --- Factor Backtesting Results 1. Free Cash Flow Yield (FCF Yield) - **Performance in Macro Environments**: - Outperforms in loose monetary conditions (low interest rates) - Outperforms in tight credit conditions (declining social financing growth)[20][23] - **Sector Allocation Sensitivity**: - Reduces exposure to sectors like coal during downturns, avoiding potential losses - More responsive to fundamental changes compared to dividend yield factors[28][29] --- Composite Strategies and Results 1. Fixed Income Plus ("Fixed Income+") Strategy - **Construction**: Combine the CSI 800 Free Cash Flow Index (20%) with the ChinaBond Total Treasury Wealth Index (80%), rebalanced monthly[51] - **Performance**: - Annualized Return: 7.09% - Annualized Sharpe Ratio: 1.67 - Annualized Volatility: 4.16% - Maximum Drawdown: 4.60% Compared to the Wind Mixed Bond Secondary Index, the "Fixed Income+" strategy delivers higher returns with lower drawdowns[54] 2. Growth + Value "Barbell" Strategy - **Construction**: Combine the CSI 800 Free Cash Flow Index (50%) with the A-Share Advantage Growth 50 Index (50%), rebalanced monthly[56] - **Performance**: - Annualized Return: 20.15% - Annualized Sharpe Ratio: 0.91 - Annualized Volatility: 23.10% - Maximum Drawdown: 40.80% The strategy balances the strengths of growth and value styles, achieving higher overall returns with improved risk metrics compared to individual indices[59][60]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is experiencing a tightening supply in safety production month, with daily consumption increasing week-on-week and port inventories decreasing [2][5] - The report highlights the potential for a rebound in thermal coal prices as the summer peak season approaches, supported by low inventory levels at power plants [5][16] - The overall coal market fundamentals have improved significantly compared to previous periods, with expectations for price stabilization and recovery [5][16] Summary by Sections Thermal Coal - Port inventories continue to decrease, with a week-on-week drop of 125.3 thousand tons, indicating a tightening supply [30] - Daily consumption at coastal and inland power plants has increased, with a week-on-week rise of 2.0 and 24.9 thousand tons respectively [25][31] - The average price of thermal coal at Qinhuangdao port has decreased by 2 yuan/ton week-on-week, now at 609 yuan/ton [17] Coking Coal - Supply of coking coal has contracted, with a week-on-week decrease in production capacity utilization by 0.87 percentage points [41] - The average customs clearance volume of Mongolian coal has decreased by 234 trucks week-on-week [45] - Coking coal prices at major ports have decreased, with the price at Jing Tang port dropping by 30 yuan/ton to 1270 yuan/ton [42] Coke - The implementation of the third round of price reductions has led to a decrease in the operating rate of coke enterprises, down 0.15 percentage points to 76.04% [53] - Coke prices have decreased by 70 yuan/ton week-on-week, now at 1280 yuan/ton [53] - The average profit per ton of coke has improved by 20 yuan/ton week-on-week, now at -19 yuan/ton [57] Investment Opportunities - The report suggests focusing on companies with strong cash flow and high profitability, such as China Shenhua, Shaanxi Coal, and China Coal Energy [78] - It emphasizes the value attributes of the coal sector, particularly in the context of recent government support and market stability [77][78]

Investment Rating - The industry investment rating is "Maintain Buy" for coal mining companies [4][6]. Core Viewpoints - The current coal price adjustment has been ongoing for nearly four years since the historical peak in Q4 2021, and the market is well aware of the price decline. The industry is at a critical stage of price bottoming, and the bottom may not be far off. It is essential to grasp the intrinsic attributes of the industry and maintain confidence [3]. - In May 2025, India's coal-fired power generation decreased by 9.5% year-on-year to 113.3 billion kWh, marking the largest year-on-year decline since June 2020 [2]. - The report emphasizes that domestic coal companies are increasingly facing losses, with over half (54.8%) of coal enterprises reporting losses as of March 2025. This trend may lead to increased probabilities of both passive and active production cuts [3]. Summary by Sections Coal Prices - As of June 6, 2025, coal prices showed mixed trends: European ARA port coal price at $89/ton (down 2.2%), Newcastle port coal price at $218.9/ton (unchanged), and IPE South Africa Richards Bay coal futures at $91/ton (up 1.2%) [1][32]. Key Recommendations - Recommended stocks include: - China Shenhua (601088.SH) - Buy - Shaanxi Coal and Energy (601225.SH) - Buy - China Qinfa (00866.HK) - Buy - China Coal Energy (601898.SH) - Buy - Electric Power Energy (002128.SZ) - Buy - Jinko Coal Industry (601001.SH) - Buy - Yancoal Energy (600188.SH) - Buy - New Hope Energy (601918.SH) - Buy [6]. Electricity Demand - In May 2025, India's total electricity generation decreased by 5.3% year-on-year to 160.4 billion kWh, with peak demand down 8% to 231,000 MW, primarily due to mild weather conditions [5].

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [5] Core Viewpoints - The coal price has been in a downward trend since reaching a peak in October 2021, with a significant drop from 1,615 CNY/ton to approximately 618 CNY/ton by June 5, 2025, marking a total decline of 997 CNY/ton [3][10] - Historical analysis indicates that coal price recoveries typically require policy intervention, as seen in previous downturns in 2008, 2015, and 2020 [2][9] - The current market is characterized by a buyer-dominated environment, with coal prices influenced by demand strength during peak summer periods and potential price stabilization policies [10][18] Summary by Sections Market Overview - The CITIC Coal Index was reported at 3,247.89 points, down 0.32%, underperforming the CSI 300 Index by 1.20 percentage points [2][75] - The report highlights the need for policy support to reverse negative market sentiment and restore confidence in coal prices [3][9] Coal Price Trends - As of June 6, 2025, the price of thermal coal at the North Port was 618 CNY/ton, reflecting a slight decrease of 2 CNY/ton week-on-week [10][36] - The report notes that low-calorie coal prices are showing strength due to structural shortages, while high-calorie coal prices are under pressure from weak demand [10][18] Focus Areas - The report emphasizes the importance of monitoring the recovery of coal production and the impact of potential policy measures on market dynamics [14][54] - Key recommended stocks include China Shenhua, Shaanxi Coal, and Xinji Energy, all rated as "Buy" [13] Supply and Demand Dynamics - The report indicates that coal supply remains stable, with production returning to normal levels after temporary reductions due to environmental checks [17][18] - The demand from downstream sectors is primarily driven by immediate needs, with limited willingness to accept higher prices [10][18] Future Outlook - The report suggests that the coal industry will continue to play a crucial role in China's energy landscape, with expectations for high-quality development amid ongoing structural reforms [38][54]