Investment Rating - The report maintains a positive outlook on the coal industry, rating it as "看好" (Overweight) [2] Core Insights - The report highlights the resilience of seasonal demand for coal, suggesting that coal prices are expected to stabilize and rebound [2] - It notes that while there has been a decrease in the prices of thermal coal, the demand from power plants remains strong due to cold weather [2] - The report emphasizes the impact of regulatory inspections on coal production, which is expected to limit overall output [2] Summary by Sections Recent Industry Policies and Dynamics - The 2026 National Coal Trading Conference is scheduled for December 3-5 in Rizhao, Shandong [8] - A significant coal mine in Inner Mongolia has received approval for a capacity replacement plan, enhancing production capabilities [8] - Shanxi province has established 281 green mines, contributing to sustainable coal production [8] Price Trends of Coal - As of November 28, thermal coal prices have decreased slightly, with specific prices reported for various grades [9] - The report indicates that the price index for thermal coal remains stable, with some fluctuations noted [9][10] - Coking coal prices are also showing a mixed trend, with some prices decreasing while others remain stable [12] Inventory and Supply Chain Dynamics - The average daily coal inflow to the Bohai Rim ports has decreased, while outflow has increased, indicating a shift in supply dynamics [20] - Coal inventory at the Bohai Rim ports has risen, reflecting changes in demand and supply [20] Shipping Costs - Domestic coastal shipping costs have decreased, while international shipping rates have seen an increase [30] Company Valuation - The report provides a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalization, and earnings projections [34]

Investment Rating - The report maintains a "Buy" rating for key coal companies such as China Shenhua, Shaanxi Coal and others, indicating a positive outlook for the coal mining sector [9]. Core Viewpoints - The current coal price dynamics are primarily driven by "real demand" rather than speculative demand, with expectations of increased consumption as colder weather approaches [2][6]. - The coal market is experiencing a phase of price adjustment due to a lack of significant demand, with coal prices expected to stabilize and potentially rise as winter progresses and consumption increases [2][11]. - The report emphasizes that while coal prices are currently under pressure, the overall upward trend remains intact due to supply constraints and the potential for demand to pick up [6][11]. Summary by Sections Market Overview - The CITIC Coal Index decreased by 0.54%, underperforming the CSI 300 Index by 2.18 percentage points, ranking 29th among CITIC sectors [1][76]. - As of November 28, 2025, the price of thermal coal at northern ports was reported at 824 CNY/ton, reflecting a week-on-week decrease of 7 CNY/ton [35][76]. Key Areas of Analysis - **Thermal Coal**: The market sentiment is weak, leading to price adjustments. The supply remains stable, but demand is not meeting expectations, causing inventory pressures [11][14]. - **Coking Coal**: Prices are declining due to reduced purchasing from downstream sectors, with many coking enterprises pausing purchases to manage existing inventory [40][50]. - **Coke**: The first round of price reductions has begun, with steel mills becoming more cautious in their procurement strategies [56][74]. Price Trends - The report notes that the price of coking coal has seen a cumulative decline of 50-130 CNY/ton across various grades, with expectations for further price drops in the short term [50][56]. - The average profit per ton of coke has increased, indicating a potential recovery in profitability for coking enterprises despite the overall market weakness [70][74]. Inventory and Supply Dynamics - Inventory levels for both thermal and coking coal are rising, with many downstream buyers halting purchases, leading to increased stockpiles at coal mines [45][56]. - The report highlights that the effective supply of domestic coking coal may gradually shrink due to regulatory pressures and limited new capacity [57][58].

Core Viewpoint - China Shenhua (01088.HK) announced the successful commercial operation of the No. 3 unit of its subsidiary Guoneng Guangtou Beihai Power Co., Ltd.'s Phase II expansion project, marking a significant milestone in the company's energy development strategy [1] Group 1: Project Details - The Beihai Phase II project is located in the Beihai City of Guangxi Zhuang Autonomous Region and involves the construction of two 1 million kilowatt ultra-supercritical reheating coal-fired power generation units [1] - The project is a key initiative in the "14th Five-Year Plan" for energy development in Guangxi, utilizing advanced technologies such as ultra-clean coal power generation and deep peak regulation [1] - The design coal consumption for power supply is 266.86g/kWh, with zero wastewater and solid waste emissions, and ultra-low emissions of air pollutants [1] Group 2: Future Developments - The construction of the No. 4 power generation unit is progressing steadily, with plans for it to be operational by December 2025 [1] - Once fully operational, the Beihai Phase II project will optimize the regional power supply structure, enhance grid safety and stability, and effectively meet the long-term load growth demands of the region [1] - The project will provide significant support for the construction of the new western land-sea corridor and the socio-economic development of the region [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。 ( 在中華人民共和國註冊成立的股份有限公司 ) (股份代碼:01088) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而 做出。 茲載列中國神華能源股份有限公司於 2025 年 12 月 1 日在上海證券交 易所網站(www.sse.com.cn)刊登的「關於北海二期 3 號機組通過 168 小時試運行的公告」文件，僅供參閱。 承董事會命 中國神華能源股份有限公司 總會計師、董事會秘書 宋靜剛 北京，2025 年 11 月 30 日 於本公告日期，董事會成員包括執行董事張長岩先生，非執行董事康 鳳偉先生及李新華先生，獨立非執行董事袁國強博士、陳漢文博士及 王虹先生，職工董事焦蕾女士。 1 证券代码：601088 证券简称：中国神华 公告编号：临 2025-070 中国神华能源股份有限公司 关于北海二期 3 号机组通过 168 小时试运行的公告 本公司董事会及全体董事保 ...

Core Viewpoint - Several companies are undergoing significant corporate actions, including acquisitions, capital raising, and operational milestones, which may present investment opportunities and market implications. Group 1: Corporate Actions - Enjie Co., Ltd. is planning to acquire 100% equity of Zhongke Hualian and will suspend trading starting December 1, 2025 due to uncertainties surrounding the transaction [3] - ST Tianrui's controlling shareholder is planning a change in company control, leading to a trading suspension from December 1, 2025, expected to last no more than two trading days [4] - Jiarong Technology intends to raise up to 1 billion yuan through a private placement and acquire 100% of Hangzhou Lanran, with the transaction making the latter a wholly-owned subsidiary [5] - Jiangxi Copper is in the process of making non-binding cash offers to acquire shares of SolGold Plc at 26 pence per share, currently holding 12.19% of the company [7] Group 2: Financial Milestones - Baillie Gifford's subsidiary SystImmune received a milestone payment of $250 million from Bristol-Myers Squibb related to a collaboration agreement, with potential future payments totaling up to $7.1 billion [6] Group 3: Operational Developments - China Shenhua's subsidiary successfully completed a 168-hour trial run of its 3rd unit at the Beihai Phase II project, which is a key energy development project in Guangxi [8] - Huayang Co., Ltd. has launched a 200-ton annual production project for high-performance carbon fiber, which is expected to serve various high-tech industries [11] Group 4: Shareholder Actions - Zhongwei Company’s major shareholder plans to reduce its stake by up to 1% through block trading [14] - Yulide's directors plan to collectively reduce their holdings by no more than 0.0313% of the company's total shares [15] - Saint Noble Bio's executives plan to reduce their holdings by no more than 0.024% of the company's total shares [16] Group 5: Contracts and Agreements - Aoride plans to sign a comprehensive technical service agreement with Company X, with a total contract value of approximately 635 million yuan [18]

Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Viewpoints - Since November, the coal price has declined due to weak demand, leading to a sector pullback. Despite high inventory levels at power plants limiting price increases, low port inventories and tight supply conditions suggest limited downside for prices. The current market presents value in dividend-paying stocks with stable earnings, especially considering year-end demand for insurance capital allocation [2][7] Summary by Sections Market Performance - The coal index (Yangtze) fell by 0.51%, underperforming the CSI 300 index by 2.15 percentage points. The thermal coal price at Qinhuangdao port was 816 CNY/ton, down 18 CNY/ton week-on-week [6][16] Supply and Demand Analysis - As of November 27, the daily coal consumption of power plants in 25 provinces was 5.41 million tons, a year-on-year decrease of 2.7%. Power plant inventories were 137 million tons, with an available days supply of 25.2 days, up 0.6 days year-on-year. Port inventories showed a year-on-year decline of 9.5% [17][37] Price Trends - The price of thermal coal at Qinhuangdao port decreased by 2.16% week-on-week. The price of coking coal at Jingtang port was 1,670 CNY/ton, down 110 CNY/ton week-on-week. The market remains resilient due to low port inventories and seasonal demand [6][44] Investment Recommendations - Stock selection should focus on three strategies: defensive and offensive stocks like Yancoal Energy and Electric Power Investment Energy; stable leaders such as China Coal Energy and Shaanxi Coal and Chemical; and elastic growth stocks like Jinkong Coal and Lu'an Environmental Energy [8]

证券代码：601088 证券简称：中国神华 公告编号：临 2025-070 中国神华能源股份有限公司 关于北海二期 3 号机组通过 168 小时试运行的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 近日，中国神华能源股份有限公司（"本公司"）持股约 52%的控股子公司 国能广投北海发电有限公司二期扩建工程项目（"北海二期"）3 号机组顺利通 过 168 小时试运行，移交商业运营。 目前，北海二期 4 号发电机组建设工作稳步推进，计划于 2025 年 12 月投运。 北海二期全部投运后，将进一步优化区域电源结构，提高电网安全稳定水平，有 效满足区域中长期负荷增长需求，为我国西部陆海新通道建设及区域经济社会发 展提供重要支撑。 特此公告。 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 12 月 1 日 北海二期位于广西壮族自治区北海市铁山港区兴港镇，规划建设 2 台 100 万千瓦超超临界一次再热燃煤发电机组，是广西壮族自治区能源发展"十四五" 规划重点工程。项目采用超净燃煤发电、深度调峰 ...

Core Viewpoint - China Shenhua (601088.SH) announced the successful completion of the 168-hour trial operation of the No. 3 unit of its subsidiary Guoneng Guangtou Beihai Power Co., which is part of the Beihai Phase II expansion project, marking its transition to commercial operation [1] Group 1 - The Beihai Phase II project is expected to optimize the regional power structure and enhance the safety and stability of the power grid [1] - The construction of the No. 4 generator unit is progressing steadily, with plans for it to be operational by December 2025 [1] - Once fully operational, the Beihai Phase II project will effectively meet the long-term load growth demands of the region and support the development of the new western land-sea corridor and regional economic and social development [1]

Core Viewpoint - China Shenhua (601088) announced the successful completion of the 168-hour trial operation of the No. 3 unit of its subsidiary, Guoneng Guangtou Beihai Power Co., Ltd.'s Phase II expansion project, which has now transitioned to commercial operation [1] Group 1: Project Details - The Beihai Phase II project is located in the Xingan Town of Tieshan Port District, Beihai City, Guangxi Zhuang Autonomous Region [1] - The project plans to construct two ultra-supercritical once-through reheating coal-fired power generation units, each with a capacity of 1 million kilowatts [1] - This project is a key initiative in the energy development plan for Guangxi during the 14th Five-Year Plan period [1]

Investment Rating - The report maintains a "Buy" rating for the coal mining industry, indicating a positive outlook for the sector [4][6]. Core Insights - The report emphasizes the critical role of coal in ensuring power supply stability during the winter months, particularly in the context of increasing electricity demand driven by data centers [2][5]. - It highlights that the peak electricity demand in the U.S. is expected to increase by 166 GW over the next five years, with data centers being a significant contributor to this growth [2]. - The report suggests that coal-fired power generation will be essential in filling the supply gap during winter electricity shortages, reinforcing its importance as a reliable energy source [5]. Summary by Sections Coal Mining Prices - European ARA coal price is at $97.3 per ton, down by $1.44 per ton (-1.46%) from the previous week [1]. - Newcastle coal price is at $111.1 per ton, up by $0.2 per ton (+0.18%) [1]. - IPE South African Richards Bay coal price is at $85.1 per ton, up by $0.2 per ton (+0.18%) [1]. Electricity Demand - The report notes that coal power will play a crucial role in meeting electricity demand, especially during winter when renewable energy sources may be less reliable [5][6]. - The report recommends focusing on companies with strong performance potential, such as Yancoal Energy and Jinneng Holding, which are expected to benefit from the increased demand for coal [5][6]. Key Stocks - The report lists several key stocks with "Buy" ratings, including: - China Coal Energy (601898.SH) with an EPS forecast of 1.46 for 2024 and a PE ratio of 9.40 [6]. - China Shenhua Energy (601088.SH) with an EPS forecast of 2.95 for 2024 and a PE ratio of 14.40 [6]. - Jinneng Holding (601001.SH) with an EPS forecast of 1.68 for 2024 and a PE ratio of 9.00 [6]. Market Trends - The report indicates a significant increase in electricity demand, with data centers being a primary driver, and suggests that coal will remain a vital component of the energy mix in the coming years [2][5].