证券代码：601088 证券简称：中国神华 公告编号：临 2025-068 中国神华能源股份有限公司 2025 年 10 月份主要运营数据公告 中国神华能源股份有限公司（"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。 注：本公司收购国家能源集团杭锦能源有限责任公司（"杭锦能源"）100%股权的交 易已完成。自 2025 年 2 月起，本公司主要运营指标包含杭锦能源相关业务量，并对上年同 期本公司主要运营指标进行了重述。 2025 年 10 月，本公司天津煤码头装船量同比增长的主要原因，是上年同期 港口设备检修等导致基数较低；航运周转量同比下降的主要原因，是业务结构调 整、航线结构变化；聚丙烯销售量同比增长的主要原因，是聚丙烯产量增长及本 月消化部分库存。 以上主要运营数据来自本公司内部统计。运营数据在月度之间可能存在较大 差异，其影响因素包括但不限于天气变化、设备检修、季节性因素和安全检查等。 运营数据可能与相关期间定期报告披露的数据有差异。投资者应注意不恰当信赖 或使用以上信息可能造成投资风险。 1 承中国神华能源股 ...

格隆汇11月14日丨中国神华(01088.HK)公布，2025年10月，商品煤产量2640万吨，同比减少7.4%，煤炭 销售量达到3600万吨，同比减少5.8%。 运输方面，自有铁路运输周转量260亿吨公里；黄骅港装船量1830万吨，同比减少1.6%；天津煤码头装 船量350万吨，同比增长20.7%；航运货运量940万吨，同比增长5.6%；航运周转量94亿吨海里，同比减 少10.5%。 发电方面，总发电量179.8亿千瓦时，同比增长2.3%；总售电量168.6亿千瓦时，同比增长1.9%。煤化工 方面，聚乙烯销售量3.06万吨，同比减少5.6%；聚丙烯销售量3.19万吨，同比增长12.7%。 2025 年 10 月，公司天津煤码头装船量同比增长的主要原因，是上年同期港口设备检修等导致基数较 低；航运周转量同比下降的主要原因，是业务结构调整、航线结构变化；聚丙烯销售量同比增长的主要 原因，是聚丙烯产量增长及本月消化部分库存。 ...

中国神华（601088）(01088)公布，于2025年10月，商品煤产量为2640万吨，同比减少7.4%;前10个月商 品煤产量约2.773亿吨，同比减少1.1%。2025年10月煤炭销售量为3600万吨，同比减少5.8%;前10个月煤 炭销售量为3.525亿吨，同比减少8.2%。 ...

智通财经APP讯，中国神华(01088)公布，于2025年10月，商品煤产量为2640万吨，同比减少7.4%;前10 个月商品煤产量约2.773亿吨，同比减少1.1%。2025年10月煤炭销售量为3600万吨，同比减少5.8%;前10 个月煤炭销售量为3.525亿吨，同比减少8.2%。 ...

人民财讯11月14日电，中国神华（601088）11月14日公告，2025年10月煤炭销售量3600万吨，同比下降 5.8%；2025年1—10月煤炭销售量35250万吨，同比下降8.2%。 ...

南财智讯11月14日电，中国神华公告，10月商品煤产量为26.4百万吨，同比下降7.4%，累计商品煤产量 为277.3百万吨，同比下降1.1%；10月煤炭销售量为36.0百万吨，同比下降5.8%，累计煤炭销售量为 352.5百万吨，同比下降8.2%。10月总发电量为17.98十亿千瓦时，同比增长2.3%，累计总发电量为 180.85十亿千瓦时，同比下降4.7%。 ...

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) 2025 年 10 月份主要運營數據公告 (海外監管公告) 中國神華能源股份有限公司（「本公司」）董事會及全體董事保證本公告內容不 存在任何虛假記載、誤導性陳述或者重大遺漏，並對其內容的真實性、準確性和完整 性承擔法律責任。 | | | 2025 | 年 | 2024 | 年 | 同比变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 運營指標 | 單位 | | | (重述後) | | (%) | | | | | 10 月 | 累計 | 10 月 | 累計 | 10 月 | 累計 | | （一）煤炭 | | | | | | | | | 商品煤產量 1. | 百萬噸 | 26.4 | 277.3 | 28.5 | 280.3 | (7.4) | (1.1) | | 2. ...

智通财经APP获悉，中泰证券发布研报称，25Q3煤炭上市公司自产煤产销量出现明显分化，吨煤售价 同比下降，吨煤成本涨跌互现。从财务端上看，收入、利润、经营性现金流环比大幅改善，其中动力煤 受到更灵活的长协定价机制影响(动力煤长协年度定量月度定价，炼焦煤长协年度定量季度定价)，盈利 表现明显好于炼焦煤。煤炭新周期向上趋势基本得到确认，当前煤炭板块基本面与交易面共振，胜率和 赔率俱佳，配置性价比突出，建议重点关注。 中泰证券主要观点如下： 价格端：底部回升趋势明确，迎接上行新周期 现货价格：触底反弹趋势明确，同比降幅明显收窄。动力煤现货价格(秦皇岛港：平仓价：动力末煤 (Q5500)，山西产)三季度平均值为672元/吨(7/8/9月分别为638/690/691元/吨)，同环比-176/+41元/吨 (-20.7%/+6.5%)，环比上升、同比降幅收窄(Q2同比-25.6%)。炼焦煤现货价格(京唐港：库提价(含税)： 主焦煤(A8%,V25%,0.9%S,G85)：山西产)三季度平均值为1562元/吨(7/8/9月分别为1437/1627/1627元/ 吨)，同环比-332/+247元/吨(-17.5%/+18.8 ...

Core Insights - The China A500 Dividend Low Volatility Index (932422) has shown a slight increase of 0.14% as of November 14, 2025, with notable gains in major banks such as Bank of China (601988) up by 2.26% and Industrial and Commercial Bank of China (601398) up by 2.07% [1] Investment Environment - The National Bureau of Statistics emphasizes the need to focus on high-quality development, optimize investment structure, and enhance the investment environment to stimulate private investment and promote healthy investment growth [1] - According to Zhongtai Securities, the investment logic for bank stocks is shifting from "pro-cyclical" to "weak-cyclical," making high-dividend bank stocks more attractive during economic stagnation [1] - With the M1 growth rate declining, major financial data has entered a downward cycle, attributed to weaker fiscal expansion and the fading of low base effects [1] ETF Performance - The China A500 Dividend Low Volatility ETF (561680) has a turnover rate of 1.8% and a transaction volume of 3.36 million yuan as of November 14, 2025 [2] - Since its inception, the ETF has recorded a maximum monthly return of 3.37% and an average monthly return rate of 3.37%, with a monthly profit probability of 78.57% [2] - The maximum drawdown since inception is 3.42%, with a recovery period of 30 days [2] Index Composition - As of October 31, 2025, the top ten weighted stocks in the China A500 Dividend Low Volatility Index account for 31.82% of the index, including Agricultural Bank of China (601288) and China Shenhua Energy (601088) [3] - The top ten stocks include major banks and companies, indicating a strong representation of the financial sector within the index [3][5]

Investment Rating - The industry investment rating is maintained at "Overweight" [2][27]. Core Viewpoints - The new upward cycle in the coal industry has been confirmed, with the profitability of thermal coal improving faster than that of coking coal [9]. - The current coal market is characterized by a clear trend of price recovery, with significant narrowing of year-on-year declines [9][13]. - The financial performance of the coal sector has shown substantial improvement on a quarter-on-quarter basis, with revenue, profit, and operating cash flow all increasing [7][19]. Price Dynamics - Spot prices for thermal coal have shown a clear rebound trend, with the average price in Q3 being 672 RMB/ton, reflecting a year-on-year decline of 20.7% but a quarter-on-quarter increase of 6.5% [5]. - Coking coal prices averaged 1562 RMB/ton in Q3, with a year-on-year decline of 17.5% but a quarter-on-quarter increase of 18.8% [5]. - Long-term contract prices for thermal coal averaged 669 RMB/ton in Q3, with a year-on-year decline of 4.2% [5][17]. Production and Sales - There is a notable divergence in the production and sales of self-produced coal among listed companies, with some companies like Yongtai Energy showing a significant increase in production (up 8.2% year-on-year) while others like Lanhua Sci-Tech saw a drastic decline (down 69.8% year-on-year) [6][19]. - The average selling price of self-produced coal has decreased year-on-year across the board, with the lowest decline seen in Lu'an Huaneng (down 5.7%) and the largest in Yongtai Energy (down 34.1%) [6]. Financial Performance - The coal sector's revenue decreased by 11.1% year-on-year but increased by 12.1% quarter-on-quarter, with thermal coal showing the smallest year-on-year decline of 6.7% [7]. - Net profit attributable to shareholders fell by 24.0% year-on-year but rose by 21.3% quarter-on-quarter, with thermal coal experiencing a smaller decline of 16.3% year-on-year [7]. Holdings and Market Position - Fund holdings in the coal sector increased to 0.65% in Q3 2025, with a quarter-on-quarter rise of 0.10 percentage points [8]. - China Shenhua holds the largest market value in coal sector holdings, while Lu'an Huaneng has shown the highest growth in holding value [8][22]. Investment Recommendations - The report suggests actively allocating resources in the coal sector, highlighting stocks such as Yancoal, Shanxi Coal International, and Shaanxi Coal and Chemical Industry as having strong potential [8].