证券代码：601088 证券简称：中国神华 公告编号：临 2026-012 中国神华能源股份有限公司 四、你公司应当按照有关规定及时履行信息披露义务。 五、你公司应当按照有关规定办理本次发行股份的相关手续。 六、本批复自下发之日起 12 个月内有效。 关于发行股份及支付现金购买资产并募集配套资金暨 关联交易事项获得中国证券监督管理委员会同意注册 批复的公告 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。 中国神华能源股份有限公司（"公司"）拟发行 A 股股份及支付现金购买 控股股东国家能源投资集团有限责任公司持有的国家能源集团国源电力有限公 司 100%股权、国家能源集团新疆能源化工有限公司 100%股权、中国神华煤制 油化工有限公司 100%股权、国家能源集团乌海能源有限责任公司 100%股权、 内蒙古平庄煤业（集团）有限责任公司 100%股权、国家能源集团陕西神延煤炭 有限责任公司 41%股权、山西省晋神能源有限公司 49%股权、国家能源集团包 头矿业有限责任公司 100%股权、国家能源集团航运有限公司 ...

中国神华能源股份有限公司收到中国证券监督管理委员会的批复，同意公司向国家能源投资集团有限责 任公司发行13.63亿股股份购买相关资产，并募集配套资金不超过200亿元。批复要求公司严格按照报送 上海证券交易所的申请文件进行发行，并履行信息披露义务及办理相关手续。本批复自下发之日起12个 月内有效。（证监会） ...

格隆汇2月12日｜据证监会公告，同意中国神华能源股份有限公司向国家能源投资集团有限责任公司发 行1,363,248,446股股份购买相关资产的注册申请。同意中国神华能源股份有限公司发行股份募集配套资 金不超过200亿元的注册申请。 ...

Investment Rating - The report assigns an "Overweight" rating for the coal industry [2] Core Insights - The report anticipates a significant resurgence in U.S. coal demand, driven by the abandonment of decarbonization policies under the Trump administration, which is expected to lead to a 12.4% increase in coal consumption over the next decade [10][11] - The U.S. coal industry is at a historical turning point, with a projected increase in coal demand of 12-15 million tons by 2025 due to rising electricity needs driven by AI and extreme climate impacts [11][39] - The report emphasizes the importance of coal and natural gas as reliable baseload energy sources to address the electricity shortages exacerbated by AI-driven demand [10][31] Summary by Sections Investment Overview - The report highlights the critical role of clean coal resources in meeting rising electricity demand due to domestic manufacturing and AI data processing centers [9] U.S. Electricity Shortage and Energy Cycle - The U.S. is facing a dual challenge of both electricity load and quantity shortages, with coal and natural gas identified as key solutions [31] - The report predicts that by 2030, U.S. electricity demand will exceed 5.1 trillion kWh, with AI data centers contributing significantly to this increase [16][18] U.S. Coal Market Outlook - The report forecasts that 2025 will mark a turning point for the U.S. coal industry, with a projected increase in coal consumption and a shift towards coal-fired power generation [39][40] - It is expected that coal demand will peak around 2028, with an increase of 12-15 million short tons compared to 2024 [46] Supply Solutions for U.S. Coal - The report suggests that domestic production capacity is limited, and the most direct solution to meet rising demand is to convert approximately 50 million tons of coal exports to domestic sales [12] - The report anticipates that the U.S. may need to increase coal imports by 20-50 million tons to balance the global coal supply-demand equation [12][25] Beneficiary Companies - Recommended companies benefiting from this trend include Peabody Energy, Core Natural Resources, and Alliance Resource Partners, along with several leading Chinese coal companies [13][14]

从股价表现看，截至2026年2月11日，中国神华A股收盘价42.86元，当日涨幅0.89%，5日涨幅1.04%， 但较60日均线(41.10元)涨幅为4.28%，尚未突破20日均线压力位42.82元。技术面显示当前股价处于布林 带上轨(43.02元)附近，KDJ指标K值85.26处于超买区间，短期面临调整压力。 未来发展 重组方案通过提升资源规模与产业链协同效应，可能为长期估值提供基本面支撑，但短期突破60日新高 需观察后续注册进展、资金流向及行业景气度变化。需注意，当前股价已部分反映重组预期，且煤炭行 业整体面临价格下行压力。 经济观察网中国神华（601088）(601088.SH)于2026年2月5日获得上交所审核通过其千亿资产重组方 案，该方案作价1335.98亿元收购国家能源集团旗下12家标的公司股权，并于2月6日提交注册，成为首 单适用简易审核程序的重组项目。根据交易草案，重组完成后公司煤炭保有资源量将提升至684.9亿吨 (增长64.72%)，煤炭可采储量增至345亿吨(增长97.71%)，煤炭产量将提升至5.12亿吨(增长56.57%)，总 资产规模预计达8762.99亿元。中金公司（60199 ...

2月11日午后，备受市场关注的"红利一哥"——中证红利质量ETF（159209） 延续强势，上涨1.02%，盘 中表现坚挺。其成交尤为引人注目，盘中成交额首次突破2亿元，创下上市以来历史新高，资金关注度 达到空前高度。 分析指出，其成交额创下历史新高并持续获得资金涌入，核心原因在于其策略完美契合了当前市场 的"确定性"偏好，实现了从传统高股息到"高质量股息"的进化。该指数在筛选时，不仅要求公司具备持 续分红能力（高股息），更严苛考察其净资产收益率（ROE）、盈利稳定性及成长性，旨在选出真正 能"持续赚钱并愿意回报股东"的优质企业。这使得该策略兼具了分红的安全垫与盈利增长的向上弹性， 实现了从"纯防御"到"攻守兼备"的跨越。 中证红利质量ETF（159209） 已成为这一市场趋势的标杆与高效参与工具。其历史性的成交新高，不 仅是单日交易活跃度的体现，更是市场主流资金对其长期投资逻辑深度认可的明确信号。 风险提示：基金有风险，投资需谨慎。 成分股中，权重股山金国际、中国神华等纷纷飘红，为指数上涨提供了有力支撑，也反映出"红利质 量"策略有效覆盖了包括资源、能源在内的多个高景气、高股息板块。 ...

Group 1: Industry Overview - The coal market is experiencing a potential turnaround due to Indonesia's significant reduction in production quotas, which have dropped by 40% to 70% compared to the same period in 2025, tightening global coal supply [1] - The expectation of price recovery is rising, with four distinct companies in the coal sector: China Shenhua, Shaanxi Coal, Pingmei Shenma, and Huabei Mining, each with unique operational strengths [5][19] Group 2: Company Financial Performance - China Shenhua has a remarkable net profit margin of 22.01%, indicating strong profitability, but its total asset turnover is low at 0.325 times, reflecting a conservative operational style [9][15] - Shaanxi Coal boasts the highest total asset turnover at 0.506 times and a net profit margin of 16.88%, showcasing efficient asset utilization and strong profitability [10][15] - Pingmei Shenma, despite having the highest financial leverage at 2.715 times, struggles with a low net profit margin of 1.99% and the lowest total asset turnover at 0.185 times, indicating operational inefficiencies [6][16] - Huabei Mining has a moderate return on equity (ROE) of approximately 1.76%, with a net profit margin of 2.50% and total asset turnover of 0.361 times, reflecting a balanced but unremarkable performance [12][16] Group 3: Market Dynamics and Implications - The reduction in Indonesian coal production is expected to impact international coal prices, potentially increasing costs for countries reliant on imported coal, including China [19] - China Shenhua and Shaanxi Coal, primarily focused on thermal coal, will be more directly affected by fluctuations in the international thermal coal market, while Pingmei Shenma's coking coal prices are closely tied to the steel industry's demand [19] - Internal restructuring efforts, such as Pingmei Shenma's strategic reorganization with Henan Energy Group, may enhance resource allocation and market synergy, presenting long-term growth potential [20]

Investment Rating - The industry investment rating is optimistic [1] Core Viewpoints - The coal price is expected to maintain a narrow fluctuation due to the dual weakness in supply and demand before the Spring Festival, but the certainty of supply contraction and rigid demand will offset each other, limiting the downward space for coal prices [4][12] - The market for thermal coal is experiencing a supply contraction, with prices showing a slight decline, while the demand remains supported by heating needs due to cold weather [11][12] - The coking coal market is seeing marginal adjustments in supply and demand, with prices fluctuating, and the overall supply remains tight [23][24] Summary by Sections Market Performance - The A-share market is experiencing overall fluctuations, with the coal sector outperforming the index, as funds shift from high-valuation technology and precious metals to low-valuation, high-prosperity sectors like consumption and aviation services [5][36] - The average daily trading volume in the market is 2.41 trillion yuan, indicating high market activity despite increased volatility [5] Thermal Coal - The supply-demand structure for thermal coal is improving, with supply constraints from major production areas due to safety regulations and the upcoming Spring Festival [11][12] - Prices for thermal coal are showing a mixed trend, with slight increases at ports and declines in some production areas [12][13] - The average price for Shanxi Datong thermal coal (Q5500) is 565 yuan/ton, down 7 yuan from the previous week [13] Coking Coal - The coking coal market is experiencing a mixed price trend, with some prices declining while others remain stable [24][25] - The average price for Shanxi Gujiao No. 2 coking coal is reported at 1250 yuan/ton, down 64 yuan from the previous week [25] - The overall supply remains tight, with independent coking plants showing a slight increase in operating rates [23][24] Shipping Situation - The shipping situation shows an increase in volume but a decrease in price, with various routes experiencing slight declines in shipping costs [33] Industry News - Significant collaborations are being established in the coal industry, such as the resource exchange agreement between Shaanxi Coal and Yanchang Petroleum [34] - The coal industry is undergoing a transformation towards a dual focus on raw materials and fuel, with policies aimed at controlling coal consumption in key regions [34]

Group 1: Market Dynamics - 30 new private placement projects were disclosed in the last two weeks, marking a 1 project increase from the previous period and setting a new high since 2025[5] - 15 projects were approved by the review committee, an increase of 8 projects, the second highest in the last two months[5] - 657 private placement projects are currently under normal review, with 93 projects awaiting approval, an increase of 3 projects[5] Group 2: Project Analysis - Aobi Zhongguang-UW aims to raise up to 980 million yuan for AI vision and spatial perception technology development, with revenue growth exceeding 50% in the first three quarters of 2024 and 2025[5][23] - China Shenhua plans to acquire 12 companies with an estimated equity value of 143.675 billion yuan, resulting in a 64.72% increase in coal reserves and a 56.57% increase in coal production post-transaction[5][28] Group 3: Fundraising and Pricing Trends - 14 private placement projects were listed in the last two weeks, raising a total of 17.599 billion yuan, a decrease of 84.29% from the previous period[33] - The average benchmark discount rate for competitive projects was 12.77%, down 1.65 percentage points, while the average market price discount rate increased to 17.43%, up 2.81 percentage points[33] Group 4: Performance Metrics - The average absolute return for newly unlocked competitive projects was 40.74%, with an excess return of 14.29%, both down from the previous period[5] - The average market price discount rate for competitive projects was 17.13%, up 4.18 percentage points, indicating a significant variation in industry performance during the "issuance-unlocking" period[5]

Core Viewpoint - China Shenhua's asset restructuring plan, valued at 1.33598 trillion yuan, has received approval from the Shanghai Stock Exchange in just six days, setting a new record for the speed of such approvals in the industry [1][4]. Group 1: Restructuring Details - The restructuring involves the acquisition of equity in 12 companies under the State Energy Group, covering sectors such as electricity, coal, chemicals, and logistics, with additional fundraising of up to 20 billion yuan [1][6]. - Upon completion, the restructuring will resolve significant competition issues between China Shenhua and its controlling shareholder, the State Energy Group, particularly in coal, transportation, and sales [4][6]. Group 2: Resource and Capacity Enhancement - After the transaction, China Shenhua's coal reserves will increase to 68.49 billion tons, representing a growth rate of 64.72%, while its recoverable coal reserves will rise to 34.5 billion tons, with a growth rate of 97.71% [7]. - The company's coal production is expected to reach 512 million tons, reflecting a growth rate of 56.57% [7]. Group 3: Financial Impact - Following the restructuring, China Shenhua's total assets will expand to 876.299 billion yuan, enhancing its leading position in the coal industry and significantly reducing intermediate costs in electricity, chemicals, and logistics [8]. - The 12 target companies are projected to generate revenues of 1137.86 billion yuan, 1139.74 billion yuan, and 532.7 billion yuan from 2023 to the first seven months of 2025, with corresponding net profits of 66.87 billion yuan, 94.28 billion yuan, and 45.93 billion yuan [8].