第十四届全国人大代表、清华大学国家金融研究院院长田轩在接受《证券日报》记者采访时表示，今年并购重组市场实现 了交易规模与质量的同步提升，审核效率显著改善，制度创新持续突破，多起标杆案例的落地充分彰显了改革成效。这不仅提 升了资本市场资源配置效率，更有力推动了实体经济的结构性变革。 瞄准"世界一流企业"目标 产业并购始终是主流，今年的产业并购占比近八成，千亿元级并购大单增多。 其中，吸收合并成为央国企整合的重要方式。国泰君安证券股份有限公司成功吸收合并海通证券股份有限公司，打造证券 行业"巨头"；中国船舶工业股份有限公司吸收合并中国船舶重工股份有限公司实施完成，旨在打造"世界一流造船业旗舰上市 公司"。 另外，中国神华能源股份有限公司（以下简称"中国神华"）拟发行股份及支付现金收购控股股东国家能源投资集团有限责 任公司旗下12家核心企业股权，此举不仅能解决同业竞争，还可强化全产业链协同效应；中国国际金融股份有限公司拟通过换 股方式吸收合并东兴证券股份有限公司、信达证券股份有限公司，积极响应"加快打造一流投资银行和投资机构"的部署，上述 交易规模均为千亿元级。 本报记者 吴晓璐 今年以来，在政策红利释放与产业升级 ...

Core Viewpoint - The coal mining sector experienced a decline of 0.38% on December 25, with China Coal Energy leading the drop. Meanwhile, the Shanghai Composite Index rose by 0.47% and the Shenzhen Component Index increased by 0.33% [1]. Group 1: Market Performance - The coal mining sector's stocks showed mixed performance, with notable declines in major companies such as China Coal Energy, which fell by 1.40% to a closing price of 12.70 [2]. - The trading volume for China Coal Energy was 160,500 shares, with a transaction value of 205 million yuan [2]. - Other companies in the sector, like Jiangxi Tungsten Equipment and Jinko Energy, also saw declines of 1.17% and 0.97%, respectively [2]. Group 2: Capital Flow - The coal mining sector experienced a net outflow of 359 million yuan from major funds, while retail investors contributed a net inflow of 380 million yuan [2]. - The table of capital flow indicates that retail investors were more active, with significant inflows into stocks like Xin Dazhou A, which saw a net inflow of 852,620 yuan from major funds [3]. - Conversely, stocks like Huaihe Energy and Shanmei International faced net outflows from major and speculative funds, indicating a shift in investor sentiment [3].

Investment Rating - The investment rating for China Shenhua is "Outperform the Market" (maintained) [2][4] Core Views - The acquisition of assets worth over 100 billion will support future development and solidify the company's leading position in the coal industry [1][4] - The transaction is expected to enhance the company's performance, with the basic earnings per share (EPS) projected to increase to 3.15 yuan in 2024, representing a growth of 6.10% [4][7] - The deal will significantly increase coal reserves and production capacity, reinforcing the company's market dominance [5][10] Summary by Sections Transaction Details - China Shenhua plans to issue A-shares and pay cash to acquire assets from its controlling shareholder, the State Energy Group, with a total transaction value of approximately 1335.98 billion yuan [3][4] - The transaction involves 12 target companies across various sectors, including coal mining and coal chemical industries, which will enhance the company's core business capacity and resource reserves [3][4] Financial Impact - Post-transaction, the total assets of the company are expected to rise to 8965.87 billion yuan, with total liabilities increasing to 3904.90 billion yuan [9] - The net profit attributable to shareholders is projected to reach 668.51 billion yuan for the year 2024, with a significant increase in the basic EPS [9][10] Industry Positioning - The acquisition will increase the company's coal reserves by 64.72% to 684.9 billion tons and production capacity by 56.57% to 5.12 billion tons, solidifying its position as a market leader [5][6] - The company will account for approximately 10.8% of the national raw coal production, enhancing its influence in the industry [5][6] Growth Potential - The performance commitments from the acquired assets are expected to contribute 29.6 billion yuan, 45.5 billion yuan, and 66.4 billion yuan in net profit for the years 2026 to 2028, indicating strong growth momentum [4][7] - The transaction is anticipated to improve the company's operational efficiency and profitability, with a potential increase in the dividend payout ratio [10]

Core Viewpoint - China Shenhua Energy has revised its restructuring plan, excluding the 100% equity interest in National Energy Group E-commerce, while maintaining stakes in other target companies. The total transaction consideration is Rmb133.60 billion, settled with 30% in shares and 70% in cash, leading to an increase in the parent company's shareholding from 69.52% to 71.48% [1]. Group 1: Transaction Details - The transaction consideration amounts to Rmb133.60 billion, with a share issuance price set at Rmb29.40 per share [1]. - The company intends to conduct a private placement of A-shares to raise up to Rmb20 billion in supplementary funding [1]. Group 2: Financial Metrics - The transaction implies P/E multiples of 12.6x for 2024 recurring attributable net profit and 17.0x for annualized net profit for 7M25. The P/B multiple is 1.53x based on attributable net assets of Rmb87.40 billion as of end-July 2025 [2]. - The injected assets generated an annualized ROE of approximately 12% in 2024 and 7% in 7M25, while the company's current P/B stands at 1.9x with an annualized ROE of around 14% in 2024 and 12% in 7M25 [2]. Group 3: Resource Expansion - Following the asset injection, the company's retained coal resources increased to 68.49 billion tonnes (+64.72%), recoverable reserves to 34.5 billion tonnes (+97.71%), and coal output capacity to 512 million tonnes (+56.57%) [3]. - Installed power generation capacity rose by 27.82%, while polyolefin capacity surged by 213.33% [3]. Group 4: Future Projections - EPS for 2024 and 7M25 is likely to increase by 6.1% and 4.4%, respectively, with ROE expected to rise by 1.74 percentage points to 15.8% based on 2024 figures [4]. - The company reported net operating cash flow of Rmb93.35 billion and a net cash balance of approximately Rmb100 billion, with an asset-liability ratio of 25.7% [4]. Group 5: Financial Health - The company's financial statements have shown sustained cash accumulation and low financial leverage, indicating that the proposed restructuring will enhance balance sheet efficiency [5]. - The company is expected to maintain a balance between capital expenditure requirements and its high dividend payout commitment post-restructuring [5].

证券代码：601088 证券简称：中国神华 公告编号：2025-080 中国神华能源股份有限公司关于召开2026年第一次临时股东会的通知 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。 重要内容提示： ● 中国神华能源股份有限公司（"本公司"）2026年第一次临时股东会（"本次股东会"）召开日期：2026 年1月23日 ● 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 一、召开会议的基本情况 (一)股东会类型和届次：2026年第一次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2026年1月23日 14点30分 召开地点：北京市朝阳区鼓楼外大街19号北京歌华开元大酒店二层和厅 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026年1月23日 至2026年1月23日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 ...

Core Insights - In 2025, coal prices significantly declined, leading to a return of sector profitability to the lowest levels in the past decade. However, the outlook for 2026 suggests potential demand improvement and limited supply capacity utilization, which may lead to a recovery in coal price levels [2][5][6]. - The report emphasizes that with a clear supply-demand improvement and the presence of both defensive and offensive investment opportunities, the likelihood of success for selected stocks is high. If demand is strong and coal prices improve beyond expectations, attention should be given to currently undervalued stocks with low liquidity and lower profit margins [2][7]. Industry Overview - The coal industry faced a challenging year in 2025, with thermal coal prices dropping from 855 CNY/ton in 2024 to 697 CNY/ton, an 18% decrease. The profitability of the sector fell to the 30th percentile of the past decade due to weak demand driven by warm weather and sluggish manufacturing electricity consumption [5][16]. - Coking coal prices also saw a significant decline, dropping 26% from 2024's 2022 CNY/ton to 1502 CNY/ton, with profitability at the 10th percentile of the past decade. This was primarily due to strong supply, with a 1.5% year-on-year increase in coking coal supply in the first three quarters of 2025 [5][16]. Demand and Supply Dynamics - For thermal coal in 2026, demand improvement is anticipated, with limited supply growth expected. The report identifies three key questions regarding market resilience: whether negative growth in thermal power will become the norm, if domestic supply can be controlled, and whether rising coal prices will increase imports [6][30]. - The report suggests that the central government's focus on controlling "involution" competition will continue to limit supply growth in 2026, despite some new production capacity coming online. Long-term resource depletion may also exert upward pressure on domestic coal prices [6][30]. Investment Recommendations - The report advocates for investment in the coal sector in 2026, highlighting the potential for a bottom reversal. It suggests that the timing for investment should align with capital flows, particularly in the first quarter when there is often a demand for increased allocation to dividend-paying sectors [7][30]. - Recommended stocks include Yanzhou Coal Mining Company and China Shenhua Energy, which are expected to benefit from a recovery in coal prices to a range of 750-800 CNY/ton. Additionally, stocks with significant growth potential and low valuations, such as Huayang Co. and Jinkong Coal Industry, are highlighted as potential targets if demand and price improvements exceed expectations [7][30].

证券日报网讯12月24日，中国神华（601088）发布公告称，公司将于2026年1月23日召开2026年第一次 临时股东会。 ...

证券代码：601088 证券简称：中国神华 公告编号：2025-080 中国神华能源股份有限公司 关于召开2026年第一次临时股东会的通知 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。 重要内容提示： 一、 召开会议的基本情况 中国神华能源股份有限公司（"本公司"）2026年第一次临时股东会（"本 次股东会"）召开日期：2026年1月23日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (一) 股东会类型和届次：2026年第一次临时股东会 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的 方式 (四) 现场会议召开的日期、时间和地点 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 召开的日期时间：2026 年 1 月 23 日 14 点 30 分 召开地点：北京市朝阳 ...

此乃要件 請即處理 閣下如對本通函或應採取之行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券商、銀行 經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有中國神華能源股份有限公司股份，應立即將本通函連同隨附的代表 委任表格送交買方或受讓人，或經手買賣或轉讓的銀行、持牌證券交易商或其他代理商，以便轉 交買方或受讓人。 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函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。 本通函僅供參考，並不構成收購、購買或認購本公司任何證券的邀請或要約。 (1)有關收購標的資產之主要及關連交易 (2)建議發行A股 及 2026年第一次臨時股東會通告 獨立董事委員會及獨立股東之獨立財務顧問 新百利融資有限公 司 董事會函件載於本通函第1至75頁。 本公司將於2026年1月23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2026年第一次臨時股東會，該會議通告載於本通函第EGM-1 頁至第EGM-7頁。 隨 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600397 | 江铝装备 | 7.69 | 4.77% | 51.70万 | 3.94 Z | | 600403 | 大有能源 | 7.04 | 1.29% | 25.76万 | 1.80亿 | | 600997 | 开滦股份 | 5.80 | 0.87% | 6.34万 | 3656.18万 | | 600971 | 恒源煤电 | 6.28 | 0.64% | 7.42万 | 4635.98万 | | 600395 | 盘江股份 | 4.76 | 0.63% | 13.85万 | 6536.28万 | | 600123 | 兰花科创 | 5.92 | 0.51% | 7.94万 | 4676.81万 | | 000552 | 日肃能化 | 2.35 | 0.43% | 26.99万 | 6312.72万 | | 600508 | 上海能源 | 12.04 | 0.33% | 2.42万 | 2899.72万 | | 603071 | 物产坏能 ...