证券代码：601088 证券简称：中国神华 公告编号：临 2025-025 注：2025 年 2 月，本公司收购国家能源集团杭锦能源有限责任公司（"杭锦能源"） 100%股权的交易已完成。上表中本公司主要运营指标包含杭锦能源相关业务量，并对上年 同期本公司主要运营指标进行了重述。 2025 年 4 月，本公司天津煤码头装船量同比增长的主要原因，是到港资源 量增加、上年同期港口设备更新改造导致基数较低；航运货运量、周转量同比下 降的主要原因，是业务结构调整；聚乙烯、聚丙烯销售量增长的主要原因，是上 年同期煤制烯烃生产设备按计划检修导致基数较低。 以上主要运营数据来自本公司内部统计。运营数据在月度之间可能存在较大 差异，其影响因素包括但不限于天气变化、设备检修、季节性因素和安全检查等。 运营数据可能与相关期间定期报告披露的数据有差异。投资者应注意不恰当信赖 或使用以上信息可能造成投资风险。 1 承中国神华能源股份有限公司董事会命 总会计师、董事会秘书 宋静刚 2025 年 5 月 16 日 2 中国神华能源股份有限公司 2025 年 4 月份主要运营数据公告 中国神华能源股份有限公司（"本公司"）董事会及全体董事 ...

Core Viewpoint - China Shenhua (601088) reported a decline in coal sales and electricity generation in April 2025, while showing significant growth in polyethylene and polypropylene sales [1] Group 1: Coal Sales and Production - The coal sales volume for April 2025 was 35.6 million tons, representing a year-on-year decrease of 4% [1] - The cumulative coal sales volume reached 135 million tons, reflecting a year-on-year decline of 12.6% [1] Group 2: Electricity Generation and Sales - The total electricity generation in April was 14.95 billion kilowatt-hours, which is a year-on-year decrease of 9.9% [1] - The total electricity sales volume was 14.1 billion kilowatt-hours, showing a year-on-year decline of 9.5% [1] Group 3: Chemical Products - Polyethylene sales volume reached 32,800 tons, marking a year-on-year increase of 97.6% [1] - Polypropylene sales volume was 32,200 tons, indicating a year-on-year growth of 64.3% [1]

金十图示：2025年05月15日（周四）富时中国A50指数成分股今日收盘行情一览：银行股走势分化，半导体、券商股走低 保险 中国太保 R 中国人保 中国平安 0 3661.75亿市值 3274.76亿市值 9879.05亿市值 18.64亿成交额 30.95亿成交额 26.49亿成交额 54.25 8.28 34.04 -0.69(-1.99%) -0.44(-0.80%) +0.04(+0.49%) 酸酒行业 贵州茅台 山西汾酒 五粮液 20501.27亿市值 2555.83亿市值 5188.55亿市值 40.43亿成交额 19.48亿成交额 7.16亿成交额 1632.01 209.50 133.67 -2.98(-0.18%) -1.20(-0.57%) -1.59(-1.18%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2291.08亿市值 2826.18亿市值 3303.12亿市值 12.53亿成交额 23.52亿成交额 12.28亿成交额 428.90 677.00 142.11 -8.04(-1.84%) -6.99(-1.02%) -2.11(-1.46%) 汽车整车 铁路公路 比 ...

Core Insights - The China Central Enterprises Innovation-Driven Index (000861) has decreased by 0.93% as of May 15, 2025, with mixed performance among constituent stocks [3] - The Central Enterprises Innovation-Driven ETF (515900) has also seen a decline of 0.97%, with a latest price of 1.43 yuan [3] - The ETF has a recent trading volume of 858.05 million yuan, with a turnover rate of 0.26% [3] Market Analysis - According to a recent report by Founder Securities, coal supply is expected to remain stable, and with macroeconomic improvements, demand for energy from real estate, infrastructure, and manufacturing is anticipated to rise, leading to a better coal supply-demand balance [4] - The electricity sector saw a 2.5% year-on-year increase in total electricity consumption in Q1, although the growth rate has slowed compared to the previous year due to a warm winter [4] - The report predicts that electricity consumption growth will likely exceed economic growth, supported by favorable conditions in hydropower and reduced fuel costs in thermal power [4] ETF Performance - As of May 14, 2025, the Central Enterprises Innovation-Driven ETF has achieved a net value increase of 3.56% over the past two years [5] - The ETF's highest monthly return since inception was 15.05%, with an average monthly return of 4.08% during the rising months [5] - The ETF has a management fee of 0.15% and a custody fee of 0.05%, which are among the lowest in comparable funds [5] Top Holdings - As of April 30, 2025, the top ten weighted stocks in the Central Enterprises Innovation-Driven Index include Hikvision (002415), Guodian NARI (600406), and China Telecom (601728), collectively accounting for 34.48% of the index [6] - The individual weightings of these stocks vary, with Hikvision holding a weight of 5.08% and Guodian NARI at 4.55% [8]

保险 中国太保 队 中国人保 中国平安 01 3710.39亿市值 3306.51亿市值 9913.65亿市值 11.90亿成交额 20.47亿成交额 18.79亿成交额 34.37 8.39 54.44 -0.36(-1.04%) -0.25(-0.46%) +0.15(+1.82%) 酸酒行业 贵州茅台 山西汾酒 五粮液 20559.69亿市值 5212.22亿市值 2574.61亿市值 25.10亿成交额 12.64亿成交额 4.33亿成交额 211.04 134.28 1636.66 +1.67(+0.10%) +0.34(+0.16%) -0.98(-0.72%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2313.03亿市值 2814.87亿市值 3307.53亿市值 6.62亿成交额 5.68亿成交额 14.31亿成交额 142.30 433.01 674.29 -9.70(-1.42%) -1.92(-1.33%) -3.93(-0.90%) 汽车整车 铁路公路 比亚迪 长城汽车 京沪高铁 11581.58亿市值 2019.19亿市值 2941.48亿市值 51.73亿成交额 3.0 ...

Group 1 - The CSI 300 Dividend Low Volatility Index decreased by 0.07% as of May 15, 2025, with mixed performance among constituent stocks [1] - China Shenhua led the gains with an increase of 1.48%, followed by China Life Insurance at 1.21% and Hangzhou Bank at 0.85%, while GF Securities experienced the largest decline [1] - The CSI 300 Dividend Low Volatility ETF (515300) saw a trading volume of 32.31 million yuan during the session, with an average daily trading volume of 114 million yuan over the past week [1] Group 2 - The latest size of the CSI 300 Dividend Low Volatility ETF reached 5.631 billion yuan, marking a one-year high [1] - Over the past five trading days, there were net inflows on four days, totaling 66.32 million yuan [1] - As of April 30, 2025, the top ten weighted stocks in the index accounted for 37.43% of the total, including China Shenhua, Gree Electric, and China Petroleum [1] Group 3 - Huatai Securities anticipates that a series of policies aimed at stabilizing the market and expectations will support risk appetite, with resilient inflation and export data for April [2] - The recent issuance of the "Action Plan for Promoting High-Quality Development of Public Funds" by the CSRC is expected to reshape the A-share market ecosystem [2] - Sectors such as large-cap stocks, financials, public utilities, and oil & petrochemicals are likely to benefit from the guidance towards long-term capital inflow and asset allocation [2]

第三：中国石化化工有限公司（中石化化工）。中石化化工是中国石油和化学工业领域的巨头，同时也是全球炭黑生产企业中的佼佼者。该企业致力于技术 创新和环境保护，为中国炭黑行业的可持续发展注入了新的活力。 炭黑作为一种重要的工业原料，在橡胶、塑料、油墨、涂料等领域发挥着不可替代的作用。而在这个领域中，中国的炭黑企业表现出色，以其卓越的技术实 力和市场影响力，位列全球炭黑企业的前沿。本文将向您介绍中国炭黑企业十强，这些企业凭借自身的专业能力和创新精神，不断推动着中国炭黑行业的发 展。 第一：中国神华能源股份有限公司（中国神华）。中国神华是中国最大的煤炭生产商，也是全球最大的炭黑生产企业之一。其庞大的生产规模和先进的生产 技术使其成为中国炭黑行业的领军企业。 第二：中国宝钢集团有限公司（宝钢）。作为中国最大的钢铁生产企业之一，宝钢在炭黑生产领域也拥有卓越的实力。该企业在技术创新和品质控制方面取 得了显著的成果，被誉为中国炭黑行业的先驱者。 第七：山东东方碳素股份有限公司（东方碳素）。东方碳素是中国炭黑行业的重要参与者，其稳定的产品质量和广泛的产品应用使其在市场上拥有良好的声 誉。该企业致力于环境保护和可持续发展，将可持续 ...

Group 1 - The National Enterprise Win ETF (159719) has seen a slight decline of 0.13% as of May 14, 2025, with a latest price of 1.51 yuan, while it has accumulated a rise of 1.96% over the past week as of May 13, 2025 [1] - The liquidity of the National Enterprise Win ETF shows a turnover of 0.74% during the day, with a transaction volume of 895,000 yuan, and an average daily transaction of 24.76 million yuan over the past week [1] - The CSI Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index (931000) has decreased by 0.08% as of May 14, 2025, with component stocks showing mixed performance [1] Group 2 - Over 300 listed companies have publicly disclosed share repurchase and increase plans since April 2025, with a total amount exceeding 100 billion yuan, including both private enterprises and state-owned enterprises [2] - As of the end of April 2025, the proposed share repurchase loan amount disclosed by listed companies has surpassed 110 billion yuan, with financial institutions signing contracts for approximately 200 billion yuan [2] - Analysts predict that value cycle stocks represented by central state-owned enterprises will yield significant excess returns in the current policy environment aimed at expanding domestic demand and stabilizing assets [2] Group 3 - The National Enterprise Win ETF closely tracks the FTSE China National Enterprise Open Win Index, which reflects the performance of Chinese state-owned enterprises listed in mainland China and Hong Kong, focusing on globalization and sustainable development [2] - The FTSE China National Enterprise Open Win Index consists of 100 constituent stocks, including 80 A-share companies and 20 companies listed in Hong Kong [2] Group 4 - As of April 30, 2025, the top ten weighted stocks in the CSI Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index account for 53.26% of the index, with companies like BYD, China Ping An, and Midea Group among the leaders [5]

Core Viewpoint - The Penghua CSI All Share Free Cash Flow ETF has received approval from the CSRC and will be publicly offered from May 19 to May 30, 2025, with a fundraising cap of 2 billion yuan [1] Group 1: Fund Details - The ETF closely tracks the CSI All Share Free Cash Flow Index, which focuses on companies in the A-share market with high free cash flow rates [1] - The index is constructed by selecting 100 financially healthy, stable profit-generating companies based on the "free cash flow/enterprise value" ratio, providing a balanced allocation across cyclical, consumer, and growth sectors [1] Group 2: Top Holdings - As of May 12, 2025, the top ten weighted stocks in the index include Midea Group, China Shenhua, CNOOC, Wuliangye, and COSCO Shipping, with the top ten accounting for 65.55% of the total index weight [1] Group 3: Historical Performance - Since its inception in 2014, the CSI All Share Free Cash Flow Index has achieved an annualized return of 19.45% and a Sharpe ratio of 0.88, outperforming other indices such as the CSI All Share Total Return Index [4] - The index has a price-to-earnings ratio of 11.05, a price-to-book ratio of 1.77, and a dividend yield of 4.66%, indicating a relatively low overall valuation typical of large-cap value indices [4] Group 4: Market Context - In the current economic transition towards a stock economy, there is increased market focus on companies' ability to generate cash flow, with cash-rich companies outperforming the market [4] - The prevailing low interest rate environment benefits companies with high cash flow, making them more resilient during periods of credit contraction [4]

Investment Rating - The coal industry maintains a rating of "Synchronize with the Market - A" [1] Core Viewpoints - External demand expectations dominate fluctuations, with a focus on improving demand during the peak summer season [1] - The coal production recovery post-holiday has led to increased supply, while electricity coal demand enters a low season, compounded by tariff disputes affecting external demand expectations [8][81] - The recent monetary policy easing is expected to support the macroeconomic environment, with anticipated continued recovery in coal prices due to the upcoming peak summer demand [8][81] Summary by Sections 1. Coal Industry Dynamic Data Tracking - **Thermal Coal**: Post-holiday inventory has risen, and port coal prices remain weak. As of May 9, the spot reference price for thermal coal in the Bohai Rim was 643 CNY/ton, a weekly change of -2.13% [3][23] - **Metallurgical Coal**: Monetary policy easing has led to increased demand entering the traditional peak season. As of May 9, the price for main coking coal at Jingtang Port was 1320 CNY/ton, a weekly change of -4.35% [4][35] - **Coking Steel Industry Chain**: Downstream operations have improved, stabilizing coking coal prices. As of May 9, the average price for first-grade metallurgical coke at Tianjin Port was 1530 CNY/ton, unchanged from the previous week [5][55] - **Coal Transportation**: Weak coal prices have led to a decline in transportation demand, with the coastal coal transportation price index at 640.35 points, a weekly change of -8.06% [6][65] - **Coal-related Futures**: Tariff disputes dominate expectations, with futures prices for coking coal and coke showing fluctuations [8][70] 2. Coal Sector Market Review - The coal sector has rebounded alongside the broader market but has not outperformed major indices. The CITIC Coal Index closed at 3191.92 points, with a five-day change of +0.97% [7][72] 3. Industry News Summary - A comprehensive financial policy has been implemented to stabilize the market, with the People's Bank of China emphasizing a moderately loose monetary policy to support economic recovery [76][78] - Global thermal coal prices have seen an increase, with a reported rise of 8.8% over eight trading days [78] - The first quarter of 2025 saw a significant increase in coal production in Shanxi Province, with a year-on-year growth of 19.1% [79] 4. Important Announcements from Listed Companies - Announcements from companies such as Anyuan Coal Industry and Meijin Energy regarding management changes and stock pledges have been noted [80] 5. Next Week's Views and Investment Recommendations - The report suggests focusing on undervalued companies with strong performance support, particularly those with low non-coal business ratios such as Xinjie Energy and Zhongmei Energy [81]