国家能源集团表示，重组后中国神华将构建起从煤炭开采、坑口煤电、煤化工到运输物流的完整产业链 闭环，显著增强公司的全产业链协同效应和抗风险韧性。这一整合深刻契合了国务院国资委鼓励央企控 股上市公司通过并购重组提升核心竞争力的政策导向。 2026年1月30日，上交所正式受理中国神华发行股份及支付现金购买资产并募集配套资金的申请文件。 与常规重组审核程序不同，此次交易适用2025年5月修订后规则新增的并购重组简易审核程序。 根据规则设计，简易审核程序效率大幅提升。交易所基于中介机构的核查意见，在2个工作日内决定是 否受理，受理后5个工作日内出具审核意见。整个审核过程不需要进行多轮问询，也无需提交并购重组 委员会审议。 "并购六条"发布后推出的简易审核程序，是中国资本市场审核理念向"精准监管"演进的重要标志。这一 程序设定了明确的门槛：上市公司市值需超过100亿元，且最近两年信息披露质量评价均为A级。同时 设置了负面清单，防止程序被滥用。 创下A股市场重大资产重组的效率新标杆 中国神华(601088，SH)千亿级资产重组项目有了新进展。 2月6日，根据上海证券交易所官网信息，中国神华能源股份有限公司发行股份及支付现金 ...

智通财经APP讯，中国神华(601088.SH)发布公告，上海证券交易所已于2026年2月5日形成审核意见， 审核通过公司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。本次交易尚需中国证券监 督管理委员会同意注册后方可实施。 ...

智通财经APP讯，中国神华(601088.SH)发布公告，上海证券交易所已于2026年2月5日形成审核意见， 审核通过公司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。本次交易尚需中国证券监 督管理委员会同意注册后方可实施。 ...

中信证券股份有限公司 关于中国神华能源股份有限公司 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 之 独立财务顾问报告 独立财务顾问 二〇二六年二月 中信证券股份有限公司关于中国神华能源股份有限公司 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之独立财务顾问报告 独立财务顾问声明和承诺 一、独立财务顾问声明 （一）本独立财务顾问与本次交易各方无任何关联关系。本独立财务顾问 本着客观、公正的原则对本次交易出具独立财务顾问报告； （二）本独立财务顾问报告所依据的文件和材料由本次交易各方提供，提 供方对所提供文件及资料的真实性、准确性和完整性负责，并保证该等信息不 存在虚假记载、误导性陈述或者重大遗漏。本独立财务顾问不承担由此引起的 任何风险责任； （三）本独立财务顾问报告是在假设本次交易各方当事人均全面和及时履 行本次交易相关协议和声明或承诺的基础上出具； （四）本独立财务顾问报告不构成对上市公司的任何投资建议或意见，对 投资者根据本独立财务顾问报告作出的任何投资决策可能产生的风险，本独立 财务顾问不承担任何责任； （五）本独立财务顾问未委托或授权其他任何机构和个人提供未在独立财 务顾问报告中列载的 ...

证券代码：601088 证券简称：中国神华 公告编号：临 2026-010 中国神华能源股份有限公司 关于发行股份及支付现金购买资产并募集配套资金暨 关联交易报告书（申报稿）修订说明的公告 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 100%股权、神华 煤炭运销有限公司 100%股权、国家能源集团港口有限公司 100%股权，以支付 现金的方式购买国家能源集团西部能源投资有限公司持有的国电建投内蒙古能 ...

关联交易事项获得上海证券交易所审核通过的公告 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。 证券代码：601088 证券简称：中国神华 公告编号：临 2026-009 中国神华能源股份有限公司 关于发行股份及支付现金购买资产并募集配套资金暨 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 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 100%股权、神华 煤炭运销有限公司 100%股权、国家能源集团港口有限公司 100%股权，以支 ...

国投证券研报指出，中国神华预计25年实现归母净利润495-545亿元（中枢520亿元），较上年重述后数 据同比下降11.3%-2.3%。一体化协同保障运营韧性，非煤运输业务驱动铁路周转量提升。重大资产注入 与内生扩产协同推进，高分红政策稳定延续。公司收购集团12项资产的重组方案已于1月23日获股东大 会高票通过并进入监管审核程序。同时，公司加速布局新能源项目，2025 年上半年新增可再生能源发 电项目215 兆瓦，设立的新能源投资基金已累计投资可再生能源装机规模6887 兆瓦，推动公司新能源比 重稳步提升。基于公司一体化运营的龙头地位，以及持续稳定的高分红属性，给予公司2026年15倍 PE，对应目标价格40.1元，首次覆盖，予以"增持-A"投资评级。 ...

Group 1 - Indonesia's export policy adjustment significantly reduces production quotas, reflecting a shift in the government's strategy for resource exports, including nickel and coal, aimed at controlling supply and increasing prices [1][2] - In February 2026, Indonesian mining officials announced a substantial reduction in coal production quotas by 40% to 70% compared to 2025 levels, as part of a plan to boost coal prices [2] - Indonesia's coal production for 2025 is projected at 790 million tons, a 5% year-on-year decrease, with potential further reductions to 600 million tons in 2026, representing a 24% decline from 2025 [2] Group 2 - Global coal supply-demand balance may begin to shift in 2026, with supply contraction and rising demand, indicating a potential upward price cycle for coal [3] - Indonesia is expected to export 524 million tons of coal in 2025, a 6.1% decrease, and if production is limited to 600 million tons in 2026, exports could drop to 450 million tons, impacting global shipping trade [3] - Other countries, including Australia and Russia, are also facing production declines, contributing to a tightening global coal market [3] Group 3 - China's coal imports from Indonesia are projected to decline further in 2026, with an expected total of around 45 million tons, a decrease of approximately 4 million tons [4] - In 2025, Indonesia is expected to export 21 million tons of coal to China, a 10.6% year-on-year decrease, accounting for 42.9% of China's total coal imports [4] - Domestic coal prices in China are anticipated to recover in 2026, ending a four-year decline, supported by stable domestic supply and slightly reduced overseas imports [4] Group 4 - Companies with a clear outlook for volume and price elasticity over the next five years are recommended for investment, including Yanzhou Coal Mining (600188), Shaanxi Coal and Chemical Industry (601225), China Coal Energy (601898), Jincheng Anthracite Mining (601001), and China Shenhua Energy (601088) [5] - Yancoal Australia (03668) is also recommended for investment in the Hong Kong market [5]

Group 1 - Coal stocks generally declined, with Yancoal Australia (03668) down 7.2% to HKD 32.46, Shougang Resources (00639) down 6.96% to HKD 3.21, Powerlong Development (01277) down 6.35% to HKD 1.77, and China Shenhua Energy (601088) (01088) down 1.68% to HKD 42.18 [1] - Indonesian officials announced a production reduction plan, leading to a temporary suspension of spot coal exports, with production quotas for major miners down 40% to 70% compared to 2025 [1] - Some media reports of a "suspension of exports" are misinterpretations; Indonesia is not fully banning exports, but some large coal mines cannot quote or execute spot transactions due to the uncertainty of the 2026 production plan quotas [1] Group 2 - According to Huatai Securities, the impact of the reduction in Indonesian coal spot exports on China's monthly average thermal coal consumption and average import volume is estimated to be 0.5% and 4.2%, respectively [1] - The timing of the impact coincides with the Lunar New Year in February 2026, when coal consumption typically declines due to factory holidays, suggesting that market sentiment may be more affected than the fundamental aspects [1]

Summary of Conference Call on Coal Industry Outlook Industry Overview - The conference call focuses on the coal industry, particularly the impact of Indonesia's coal export policy adjustments on global and Chinese coal markets [1][3][12]. Key Points and Arguments - **Indonesia's Export Policy Changes**: Indonesia has significantly reduced its coal production quota for 2026, leading to an expected decrease in export volume by 90 million tons, primarily affecting the spot market while long-term contracts remain largely unaffected [1][4]. - **Impact on Small vs. Large Miners**: Smaller miners will face greater production pressure due to the new quotas, while large coal companies are less affected due to their long-term contracts [1][5]. - **Price Projections**: The anticipated supply contraction in the global thermal coal market, combined with improving demand, is expected to drive prices up. If Indonesia strictly enforces its export limits, coal prices could rise to 800 RMB/ton [1][9]. - **Profitability of Major Companies**: Companies like Yanzhou Coal Mining Company (兖矿) are projected to achieve significant profits, with estimates of 12 billion RMB in main business profits at a price of 750 RMB/ton, potentially reaching 16 billion RMB if prices rise to 800 RMB/ton [1][10]. - **China's Market Reaction**: A reduction of 40 million tons in Indonesian exports could lead to a price increase of approximately 100 RMB/ton in China, indicating a 15% upside potential from current prices [2][12]. - **Investment Recommendations**: Investors are advised to focus on companies with high market share and growth potential, such as Yanzhou, China Coal Energy, and Shenhua, while also considering companies that are sensitive to price changes [2][13]. Additional Important Insights - **Long-term Market Dynamics**: The overall trend indicates a tightening supply situation, which is expected to support higher prices in the coal market [8][9]. - **Government Revenue Considerations**: Indonesia's government aims to increase fiscal revenue through these export restrictions, and future policy adjustments will depend on the acceptance of price increases by downstream demand [7][8]. - **Potential for Future Adjustments**: The likelihood of policy changes post-Ramadan remains uncertain, with expectations that coal prices may strengthen in the first quarter [6][8]. - **Valuation Considerations**: Current valuations for companies like Yanzhou suggest significant investment potential, with projected earnings growth and a commitment to maintaining a dividend payout ratio of at least 60% [10][11]. This summary encapsulates the critical insights from the conference call regarding the coal industry's future, particularly in light of Indonesia's export policies and their implications for market dynamics and investment strategies.