证券代码：601088 证券简称：中国神华 公告编号：临 2025-038 中国神华能源股份有限公司 持续关连交易公告 中国神华能源股份有限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： ● 2022 年 10 月 28 日，根据《香港联合交易所有限公司证券上市规则》（"联 交所上市规则"），中国国家铁路集团有限公司（"国铁集团公司"）授权中国铁 路太原局集团有限公司（"太原铁路局"）代表国铁集团公司与中国神华能源股份 有限公司（"本公司"）签订 2023 年至 2025 年《持续关连交易框架协议》（"《持 续关连交易框架协议》"），协议有效期至 2025 年 12 月 31 日届满。为支持本公司 及其下属企业和单位（"本集团"）开展新的物流业务模式、增加运输收入，本公 司拟修订《持续关连交易框架协议》项下 2025 年本集团与国铁集团公司及其下 属企业和单位（"国铁集团"）持续关连交易的年度上限（"本次年度上限修订"）。 ● 是否需要提交股东大会审议：根据联交所上市规则，本次年度上限修订无 需提交股东大会审议 ...

Core Points - The Shanghai Composite Index decreased by 0.33%, while the Shanghai Central Enterprises 50 Index fell by 0.72%, closing at 1806.12 points with a trading volume of 93.634 billion yuan [1] - The Shanghai Central Enterprises 50 Index has increased by 2.24% over the past month, 6.69% over the past three months, and 2.24% year-to-date [1] - The index is composed of the top 50 listed companies controlled by the State-owned Assets Supervision and Administration Commission and the Ministry of Finance, based on average market capitalization and trading volume over the past year [1] Index Composition - The top ten weighted companies in the Shanghai Central Enterprises 50 Index are: China Merchants Bank (11.04%), Yangtze Power (7.04%), CITIC Securities (5.83%), Industrial and Commercial Bank of China (5.26%), Bank of Communications (4.15%), Agricultural Bank of China (3.94%), SMIC (3.63%), Beijing-Shanghai High-Speed Railway (3.29%), China Shenhua Energy (2.55%), and China State Construction Engineering (2.42%) [1] - The index is fully represented by companies listed on the Shanghai Stock Exchange [1] Industry Breakdown - The industry composition of the index includes: Finance (41.47%), Industry (22.86%), Public Utilities (10.67%), Energy (7.50%), Communication Services (6.37%), Information Technology (5.14%), Materials (3.42%), Consumer Discretionary (1.37%), and Real Estate (1.19%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - New samples are prioritized for inclusion if they rank within the top 40, while existing samples ranked within the top 60 are generally retained [2]

富时中国A50指数连续 U.UU(U.UU%) -0.10(-1.21%) +0.07(+0.62%) 光大银行 2410.69亿市值 7.16亿成交额 4.08 -0.05(-1.21%) 得經 中国平安 中国太保 中国人保 0 3745.77亿市值 3606.67亿市值 10576.50亿市值 19.62亿成交额 7.89亿成交额 29.59亿成交额 58.08 37.49 8.47 +0.10(+0.27%) -0.56(-0.95%) +0.04(+0.47%) 酿酒行业 贵州茅台 山西汾酒 五粮液 18277.68亿市值 2264.01亿市值 4795.34亿市值 61.40亿成交额 16.09亿成交额 22.85亿成交额 185.58 123.54 1455.00 -36.50(-2.45%) -4.88(-2.56%) -2.01(-1.60%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2467.60亿市值 2816.75亿市值 3288.71亿市值 50.00亿成交额 21.05亿成交额 81.33亿成交额 673.30 341.96 141.49 +3.31(+0.98%) +4 ...

1. Report Industry Investment Rating - The report does not explicitly mention the overall industry investment rating 2. Core Viewpoints of the Report - In Q2 2025, the overall market value of A - share holdings of active equity - oriented funds decreased, while that of H - share holdings increased. The industry concentration of the top heavy - stock holdings of equity - oriented funds decreased. The communication, non - bank finance, and media industries saw significant increases in allocation ratios, while the steel, food and beverage, and coal industries had large reduction ratios [4][6]. - The structure of the top heavy - stocks of active equity - oriented funds changed. The overall number of large - market - cap leaders decreased, and the holdings of sub - industry leaders increased. The new high - growth technology stocks related to AI emerged, while traditional large - cap white - horse stocks were significantly reduced [4]. - In terms of industry leaders, the communication, non - bank finance, media, agriculture, forestry, animal husbandry, and beauty care industries were significantly increased, while the steel, coal, real estate, social services, and food and beverage industries were significantly reduced [21]. - The report suggests focusing on four investment themes: communication and hardware upstream under AI diffusion, non - bank finance, new consumption in the Hong Kong stock market, and national defense and military industry [26] 3. Summary by Relevant Catalogs 3.1 2025Q2 Active Fund Heavy - Stock Holding Structure Overview - **A - share and H - share holdings changes**: In Q2 2025, the total market value of active equity - oriented fund heavy - stock holdings was 1736.2 billion yuan, a 1.66% QoQ decrease. A - share holdings decreased by 2.79% QoQ to 1394.8 billion yuan, while H - share holdings increased by 3.20% QoQ to 341.3 billion yuan. Due to the complex macro - economic environment and market volatility, funds faced redemption pressure and tended to reduce large - cap stocks with poor liquidity [6]. - **Industry concentration decline**: From Q1 to Q2 2025, the industry concentration of the heavy - stock holdings of equity - oriented funds decreased. CR3 decreased by 0.56 percentage points to 38.37%, and CR5 decreased by 4.18 percentage points to 51.18%. The top five industries in terms of holding market value remained the same, but the proportion of the electronics industry increased, while the other four industries decreased [4][7]. - **Structural adjustment of industry holdings**: In Q2 2025, 12 industries saw an increase in the total market value of holdings. The communication, non - bank finance, and media industries had large increases in allocation ratios, rising by 75.88%, 64.62%, and 38.37% respectively. The steel, food and beverage, and coal industries had large reduction ratios, decreasing by 46.32%, 26.16%, and 23.99% respectively [9] 3.2 Q2 Active Fund Top Heavy - Stock Tracking - **Change in the structure of top heavy - stocks**: In Q2 2025, the structure of the top 20 heavy - stocks of active equity - oriented funds changed. The large - market - cap leaders decreased, and the sub - industry leaders increased. The market value of the top 20 heavy - stocks accounted for 20.72% of all heavy - stocks, a 2% decrease from Q1 [12]. - **Changes in the top five heavy - stocks**: The top five heavy - stocks remained the same, but the overall holdings decreased. New high - growth technology stocks such as New Fiber Optic Technology and Inphi Corporation quickly rose in the rankings, while traditional large - cap white - horse stocks such as Luxshare Precision Industry, Midea Group, and Contemporary Amperex Technology were significantly reduced [4]. - **Hong Kong stock market adjustment**: In the Hong Kong stock market, AI and Internet media leaders were reduced, while the pharmaceutical and new consumption sectors that performed well in Q2 were significantly increased [18] 3.3 Q2 Industry Leader Heavy - Stock Tracking - **Industry leader allocation changes**: In Q2 2025, the communication, non - bank finance, media, agriculture, forestry, animal husbandry, and beauty care industries were significantly increased, while the steel, coal, real estate, social services, and food and beverage industries were significantly reduced [21]. - **Communication industry focus**: Driven by the booming demand for AI hardware, the communication industry became the focus of funds. The optical module sector, which benefits from the expansion of AI capital expenditure, was the main area for increasing communication heavy - stocks. The profitability of communication equipment is expected to continue to improve in the second half of the year [22]. - **Non - bank finance sector highlights**: The leaders of the non - bank finance sector attracted attention. The holdings of Ping An Insurance and CPIC increased by 55% and 41% respectively, and securities leaders such as Citic Securities and Huatai Securities also saw over 30% increases. The brokerage sector's performance is expected to continue to improve [23] 3.4 Investment Recommendations - **AI diffusion - related communication and hardware upstream**: The significant increase in the holdings of optical module leaders reflects that funds are extending from AI software to computing infrastructure. AI capital expenditure is expected to drive the performance of upstream sectors in the second half of the year [26]. - **Non - bank finance sector**: The concentrated increase in holdings of leaders such as Citic Securities and Ping An Insurance reflects the positive expectations of the market for the profitability improvement of the brokerage and insurance sectors. The non - bank finance sector is expected to achieve a resonance of valuation repair and performance recovery [26]. - **Hong Kong stock new consumption theme**: After the correction in the AI sector, funds refocused on consumption structure highlights, especially in the Hong Kong stock market. Sub - sectors such as pets, toys, and emotional consumption have become important directions for heavy - stock allocation [26]. - **National defense and military industry safety theme**: The significant increase in the holdings of core military stocks reflects the high attention of institutions to the "national security + high - end manufacturing" theme. The military industry has policy support, order growth, and mid - report performance improvement expectations, with medium - term allocation value [27]

富时中国A50指数连续 十几码代 长江电力 中国恢电 (发表) 1935.45亿市值 2526,38亿市值 7063.97亿市值 8.73亿成交额 31.31亿成交额 8.87亿成交额 28.87 16.31 9.41 +0.20(+1.24%) -0.31(-1.06%) -0.01(-0.11%) 证券 电池 中信证券 宁德时代 国泰海通 CATL 4453.57亿市值 3571.78亿市值 13074.73亿市值 35.22亿成交额 18.45亿成交额 34.85亿成交额 20.26 30.05 286.77 +0.27(+0.91%) +0.26(+1.30%) -0.25(-0.09%) 消费电子 互联网服务 工业富联 立讯精密 东方财富 Fil 5455.40亿市值 2719.51亿市值 3810.35亿市值 30.07亿成交额 22.61亿成交额 90.97亿成交额 37.50 27.47 24.11 +0.89(+3.35%) -0.46(-1.21%) +0.40(+1.69%) 家电行业 食品饮料 海天味业 格力电器 kk 海尔智家 2672.99亿市值 2310.30亿市值 2577.4 ...

Core Viewpoint - The recent policy from the National Energy Administration aims to regulate coal production, with expectations of reduced output in the future, impacting coal prices and production levels in the industry [2][3][6]. Production Regulation - The policy focuses on coal mines in eight provinces, including Shanxi and Inner Mongolia, with a specific emphasis on monitoring production against announced capacities for 2024 and the first half of 2025 [2]. - The notification is a reiteration of previous standards established in 2021, indicating a long-term regulatory approach rather than a new initiative [2]. - Current data shows that there has not been widespread overproduction at the provincial level, although individual companies may still exhibit imbalances [2][4]. - The enforcement of this policy will be closely monitored, particularly as it relates to the responsibilities of safety supervision agencies [5]. Production Impact - Current estimates suggest that overproduction in Shanxi, Shaanxi, Inner Mongolia, and Xinjiang could reach approximately 200 million tons, with a significant portion attributed to Xinjiang [6]. - The coal production growth rate from July 2024 to June 2025 is projected at 4.8%, indicating a high production level even without considering overproduction management [6]. Price Trends - Since June, there has been a recovery in coal prices, with thermal coal and coking coal prices increasing by approximately 6% and 17%, respectively [7]. - Factors contributing to the price increase include seasonal demand, inventory replenishment in the steel sector, a significant drop in imports, and a slowdown in production growth [8]. - The supply-demand balance is expected to shift from a loose state to a tighter one in the second half of the year [9]. Industry Outlook - The coal sector is anticipated to experience a valuation recovery due to changing expectations, with a focus on companies that exhibit high elasticity and low valuations [10]. - The current regulatory approach differs from past supply-side reforms, suggesting a more measured strategy that allows for gradual adjustments in the coal industry [10]. Key Companies - Relevant companies in the coal industry include China Coal Energy (601898), Yancoal Australia (03668), Yanzhou Coal Mining (600188), China Shenhua Energy (601088), and China Qinfa (00866) [11].

Core Insights - The report highlights a significant decline in coal production in China's central and eastern regions, with projections indicating a potential exit of approximately 700 million tons of production by 2035, particularly in Shanxi province, which is expected to see the most pronounced decrease [3][4] - The shift in China's coal production focus from the central to the western regions is evident, with the share of production from the central and eastern regions (including Northeast) decreasing by 26% since 2004 [3] - The report emphasizes the limited economically extractable coal reserves in China, with confirmed and credible reserves totaling 2,185.7 billion tons as of the end of 2023, suggesting a potential extraction period of only about 30 years at the current production rate [3][12] Section Summaries 1. Limited Economically Extractable Coal Reserves - China's coal resources are abundant, but the economically extractable reserves are relatively scarce, with a significant portion of reserves located in the western regions [12][13] - The distribution of coal reserves is uneven, with the western regions holding approximately 66% of the total reserves, while the central and eastern regions account for only 28% and 6%, respectively [22][25] - The development of coal reserves in the central and eastern regions faces increasing challenges due to various factors, including deeper mining depths and ecological constraints [33] 2. Declining Coal Production in Central and Eastern Regions - The lifecycle of coal mines typically exhibits a pattern of initial ramp-up, stable production, and a sharp decline in later stages, with the central region's production expected to decrease significantly [2][4] - New coal mines are predominantly being established in the western regions, indicating limited potential for resource development in the central and eastern areas [4][5] - The report notes that the production capacity in key mining areas is rapidly depleting, with challenges in capacity succession becoming more pronounced [4][5] 3. Assessment of Decline Trends and Impacts - The central region, particularly Shanxi, is projected to see an accelerated decline in coal production, with an estimated exit of around 700 million tons by 2035 [4][5] - The report identifies that the consumption rate of coal resources in core mining areas is high, leading to challenges in maintaining production capacity [4][5] - The market for coal mining rights is becoming increasingly competitive, with state-owned enterprises facing structural disadvantages in resource acquisition [4][5] 4. Investment Recommendations - In light of the declining coal production trends in the central and eastern regions, the report suggests focusing on companies with long service life and abundant coal resources in these areas, such as Xinjie Energy and Huaibei Mining [4] - Companies with resources in the Jinshan-Mongolia region or those prioritizing resource acquisition in western Xinjiang are also recommended, including China Shenhua and Shaanxi Coal [4] - The report highlights the potential for asset injections from state-owned enterprises, suggesting that companies like Yanzhou Coal and China Shenhua may benefit from such developments [4]

Group 1 - The Shanghai Composite Index rose by 0.62% on July 22, with 22 industries experiencing gains, led by coal and building materials, which increased by 6.18% and 4.49% respectively [1] - The coal industry saw a significant increase of 6.18%, with a net inflow of 2.704 billion yuan in main funds, and all 37 stocks in this sector rose, with 6 hitting the daily limit [1] - Among the coal stocks, Shanxi Coking Coal had the highest net inflow of 400 million yuan, followed by China Shenhua and Shanxi Coal International with inflows of 386 million yuan and 301 million yuan respectively [1] Group 2 - The top-performing coal stocks included Shanxi Coking Coal (+10.07%), China Shenhua (+4.53%), and Shanxi Coal International (+10.04%), with significant trading volumes and turnover rates [1] - The coal stocks with the largest net outflows included Electric Power Investment Energy, Panjiang Coal, and Kailuan Energy, with outflows of 18.5492 million yuan, 8.4557 million yuan, and 8.0404 million yuan respectively [1]

Market Overview - The market showed an overall upward trend with the Shanghai Composite Index achieving a five-day winning streak and increased trading volume [1] - The coal sector experienced a sudden surge, with stocks like Shanxi Coking Coal and Shanmei International hitting the daily limit, driven by a notice from the National Energy Administration regarding coal mine production inspections [1][4] - Other sectors such as hydropower, civil explosives, engineering machinery, cement, and steel also saw significant gains, with leading companies like China Power Construction and China Energy Construction achieving consecutive gains [1] Stock Performance - A total of 2,540 stocks rose while 2,724 declined, with 114 stocks hitting the daily limit and 11 stocks hitting the lower limit [2] - High-profile stock Weiqi New Materials achieved a record of 10 consecutive daily limits, with a cumulative increase of over 519% [1] Fund Flow - Main capital inflows were observed in coal mining, liquor, battery, photovoltaic equipment, and energy metals sectors [3] - Conversely, there were capital outflows from IT services, automotive parts, software development, general equipment, and diversified finance sectors [3] Policy and Regulatory Updates - The National Energy Administration announced a crackdown on coal mines exceeding production capacity to stabilize coal supply and market order [4] - Shenzhen is expected to see reforms that will allow companies listed in Hong Kong to return to the Shenzhen Stock Exchange [5] Market Outlook - China Galaxy expressed optimism about the market, indicating that the Shanghai Composite Index is likely to maintain above 3,500 points, suggesting a potential upward trend [2][7] - Long-term expectations for the coal sector remain positive, with anticipated strong coal prices and a peak demand season approaching [8] - Huazhong Securities forecasted that the technology sector will continue to perform strongly, supported by macroeconomic policies aimed at stabilizing the economy [9]

Group 1 - The core viewpoint is that the A-share market is currently at a historically low valuation level, presenting strong allocation value [2] - The Hu-Shen 300 Free Cash Flow ETF Morgan (563900) has seen a continuous inflow of funds, totaling 289 million yuan over the past 12 days [1] - The Hu-Shen 300 Free Cash Flow Index reflects the performance of 50 listed companies with high free cash flow rates, indicating strong cash flow generation capabilities [2] Group 2 - China Shenhua's dividend rate for 2024 is projected to be 76.5%, continuing a trend of over 70% for four consecutive years, making it a representative of high dividend assets [2] - The coal industry is experiencing a tightening supply-demand relationship, supported by economic recovery and increased electricity demand, which is expected to bolster thermal coal prices [2] - The Hu-Shen 300 Free Cash Flow ETF Morgan has reached a new high in scale at 429 million yuan since its inception [1]