Group 1 - The central enterprise ETF Yinhua (159959) opened with a slight increase of 0.06%, priced at 1.620 yuan [1][2] - Major holdings in the ETF include Hikvision, which fell by 0.16%, China Merchants Bank down by 0.28%, and SMIC down by 0.44%. Conversely, Guodian NARI rose by 0.62% [1][2] - The ETF's performance benchmark is the CSI Central Enterprise Structural Adjustment Index return, managed by Yinhua Fund Management Co., Ltd. The fund manager is Zhou Dapeng [1][2] Group 2 - Since its establishment on October 22, 2018, the ETF has achieved a return of 61.96%, while its return over the past month has been -4.32% [1][2]

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 2026 年 3 月 26 日在上海證券交 易所網站(www.sse.com.cn)刊登的「關於舉辦 2025 年度業績說明會 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 北京，2026 年 3 月 25 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 2026-019 中国神华能源股份有限公司 关于举办 2025 年度业绩说明会的公告 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 ...

中国神华能源股份有限公司 关于举办 2025 年度业绩说明会的公告 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。 重要内容提示： （网址：http://roadshow.sseinfo.com） 中国神华能源股份有限公司（"本公司"）2025 年度报告将于 2026 年 3 月 31 日披露。为便于广大投资者更全面深入地了解公司经营成果与财务状况，本公 司将于 2026 年 4 月 2 日召开"中国神华 2025 年度业绩说明会"（"本次业绩说 明会"），就投资者普遍关心的问题进行交流。具体安排如下： 一、业绩说明会类型 本次业绩说明会以网络互动方式召开，本公司将针对 2025 年度业绩与经营情 况与投资者进行交流，在信息披露允许的范围内就投资者普遍关注的问题进行解 答，听取投资者的意见和建议。 1 会议召开时间：2026 年 4 月 2 日（星期四）16:00-17:00 会议召开地点：上海证券交易所上证路演中心 证券代码：601088 证券简称：中国神华 公告编号：临 2026-019 四、投资者参加 ...

中国神华公告称，公司2025年度报告将于3月31日披露，为便于投资者了解公司经营与财务状况，将于4 月2日16:00-17:00在上海证券交易所上证路演中心以网络互动方式召开2025年度业绩说明会。公司董 事、高级管理人员等将参会。投资者可在3月26日至4月1日16:00前在路演中心提问，或于3月31日17:00 前发邮件提问，公司将在会上解答。 ...

Core Viewpoint - Morgan Stanley has added China Shenhua (01088) to its focus list for mainland China/Hong Kong with a rating of "Overweight" [1] Group 1: Company Overview - China Shenhua is the largest coal producer in China [1] - The company is projected to reach a coal production of 330 million tons and sales of 430 million tons by 2025 [1] Group 2: Market Dynamics - Despite the continuous increase in domestic coal supply, the stock has experienced a sustained revaluation due to China's energy transition [1] - Coal prices have risen year-on-year, leading to higher profit contributions from Shenhua's coal segment [1] Group 3: Investment Appeal - The stock currently offers an attractive dividend yield of approximately 7%, making it appealing in volatile market conditions [1]

Group 1 - The Shanghai Stock Index ETF (510210) opened at 0.977 yuan, with a gain of 0.21% on March 25 [1][2] - Major holdings of the ETF include Agricultural Bank (0.00%), China Petroleum (-3.09%), Kweichow Moutai (0.20%), Industrial Fulian (1.13%), Bank of China (-0.18%), Zijin Mining (4.04%), China Shenhua (-2.06%), China Life (0.28%), China Merchants Bank (0.20%), and Ping An Insurance (0.65%) [1][2] - The ETF's performance benchmark is the Shanghai Composite Index, managed by Fortune Fund Management Co., with fund managers Fang Min and Wang Baohe [2] Group 2 - Since its establishment on January 30, 2011, the ETF has achieved a return of 106.07%, while the return over the past month is -5.74% [2] - A MACD golden cross signal has formed, indicating a positive trend for certain stocks [3]

Group 1 - The bank forecasts QHD5500 coal prices for 2026 to be 750 RMB, 720 RMB, and 670 RMB per ton, reflecting a tightening global energy market and slight impacts from Indonesia's quota reductions [1] - China Shenhua (601088) has a target price of 48.6 RMB for A-shares and 48 HKD for H-shares, rated "Neutral" [1] - Yanzhou Coal Mining (600188) has a target price of 11.4 HKD, and Shaanxi Coal and Chemical Industry (601225) has a target price of 22.8 RMB, both maintaining a "Sell" rating due to current stock prices exceeding fundamental valuations [1] Group 2 - UBS reports that the annual price for Chinese thermal coal in 2026 is expected to be between 750 to 800 RMB per ton, with price increases likely during the summer replenishment window in May and June [2] - The potential for prices to briefly test 900 RMB per ton exists under tight supply conditions, but the likelihood of sustained increases is low due to China's responsive policy coordination capabilities [2]

Investment Rating - The report rates the coal industry as "Positive" [1] Core Viewpoints - The coal market is experiencing a resilient demand despite being in a traditionally weak season, with coal prices showing an upward trend [1] - Domestic thermal coal prices are stable with slight increases, supported by both domestic supply recovery and international price stability [12][18] - Coking coal prices are also on the rise due to improved demand from the steel industry and limited new mining capacity [32] Summary by Sections Market Performance - The A-share market has shown a mixed performance, with coal stocks underperforming compared to the CSI 300 index, which fell by 2.19% [5] - The coal sector specifically saw a decline of 2.46%, with major coal companies mostly experiencing price drops [5] Thermal Coal - The domestic thermal coal market is characterized by a balance of increasing domestic supply and tightening international supply, leading to stable prices [12] - The price of Qinhuangdao port thermal coal (Q5500) increased to 735 CNY/ton, reflecting a week-on-week rise [18] - Factors such as rising international energy prices and seasonal demand from power plants are supporting the market [12][13] Coking Coal - The coking coal market is witnessing a positive trend with both supply and demand improving, leading to price increases [32] - Prices for major coking coal types have risen, with Shanxi Gujiao No. 2 coking coal priced at 1270 CNY/ton, up by 36 CNY/ton week-on-week [34] - The demand from steel mills is expected to further enhance price stability and growth [32] Shipping Conditions - Shipping metrics indicate an increase in both the number of vessels and shipping rates, reflecting a robust coal transport environment [42] Industry News - The report highlights significant developments in the coal sector, including new projects and production targets aimed at stabilizing coal supply [43][45] - The coal industry is adapting to geopolitical tensions and market dynamics, with companies focusing on enhancing operational efficiency and resource management [45]

Group 1 - The central enterprise dividend ETF, Fu Guo (159332), opened at 1.234 yuan with an increase of 0.98% on March 24 [1][2] - Major holdings of the ETF include China Merchants Industry Holdings, which rose by 0.72%, and China Shenhua Energy, which fell by 1.76% [1] - The ETF's performance benchmark is the China Central Enterprises Dividend Index return rate, managed by Fu Guo Fund Management Co., Ltd., with a return of 26.33% since its establishment on July 16, 2024, and a monthly return of 2.08% [2] Group 2 - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [3]

Group 1 - The Hongli State-Owned Enterprise ETF Galaxy (530880) opened at 1.062 yuan, with an increase of 0.66% on March 24 [1][2] - Major holdings in the ETF include China Merchants Industry Holdings, which rose by 0.72%, while Shanxi Coal International, Lu'an Environmental Energy, Pingmei Shenma Energy, Hengyuan Coal Power, Shaanxi Coal and Chemical Industry, Yanzhou Coal Mining, and China Shenhua Energy experienced declines ranging from 1.14% to 2.50% [1] - The ETF's performance benchmark is the Shanghai Stock Exchange State-Owned Enterprises Dividend Index, managed by Galaxy Fund Management Co., Ltd., with a return of 9.24% since its establishment on October 30, 2024, and a return of 2.91% over the past month [2] Group 2 - A MACD golden cross signal has formed, indicating positive momentum for certain stocks [3]