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。 ( 于中華人民共和國註冊成立的股份有限公司 ) (股份代號：01898) 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條而發表。 以下為中國中煤能源股份有限公司於上海證券交易所網站刊發之《中國中煤能源股 份有限公司關於中期票據獲准註冊的公告》。 承董事會命 中國中煤能源股份有限公司 董事長、執行董事 王樹東 中國 北京 2026 年 3 月 23 日 於本公告刊發日期，本公司的執行董事為王樹東、高士崗和廖華軍；非執行董事為徐倩； 獨立非執行董事為景奉儒、詹豔景和黃江天。 * 僅供識別 证券代码：601898 证券简称：中煤能源 公告编号：2026-008 中国中煤能源股份有限公司 关于中期票据获准注册的公告 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。 2025 年 6 月 27 日，中国中 ...

Core Viewpoint - China Coal Energy (601898.SH) has received a registration notice from the China Interbank Market Dealers Association for its medium-term notes, allowing the company to issue up to RMB 5 billion in registered notes over the next two years [1] Group 1 - The registered amount for the medium-term notes is RMB 5 billion, valid for two years from the date of the registration notice [1] - The joint lead underwriters for the issuance are CITIC Securities Co., Ltd., Industrial and Commercial Bank of China, and China CITIC Bank [1] - The company plans to issue the medium-term notes in tranches during the registration period and will disclose the issuance results through approved channels [1] Group 2 - The company will issue the medium-term notes in accordance with the relevant rules and guidelines, including the Non-Financial Enterprise Debt Financing Instruments Registration and Issuance Rules [1] - The company is committed to ensuring proper information disclosure as required by the registration notice [1]

Group 1 - The company announced a medium-term note registration amounting to RMB 5 billion [1] - The registration validity period is two years from the date of the acceptance registration notice [1]

Investment Rating - The coal industry is rated as "Overweight," indicating an expectation for the industry to outperform the overall market [3][37]. Core Insights - The report highlights that despite being in the off-season, coal prices remain strong due to high international oil and coal prices, as well as elevated shipping costs [2][3]. - For thermal coal, prices have shown an upward trend, with specific prices reported for different grades at Qinhuangdao Port, reflecting increases of 14, 8, and 6 CNY/ton for Q4500, Q5000, and Q5500 grades respectively [3]. - The report anticipates a significant decline in thermal coal imports due to policies from Indonesia aimed at controlling production and increasing export taxes, alongside rising international shipping costs [3]. - Coking coal prices are also on the rise, with the price for low-sulfur coking coal in Shanxi reported at 1470 CNY/ton, an increase of 10 CNY/ton [3]. - The report recommends several companies based on their performance and potential, including Yanzhou Coal Mining Company, China Coal Energy, and others, while suggesting a focus on companies with stable operations and high dividends like China Shenhua Energy and Shaanxi Coal and Chemical Industry [3]. Summary by Sections Recent Industry Policies and Developments - A significant coal-to-natural gas project in Xinjiang has commenced, with an investment of approximately 16.793 billion CNY, expected to produce 1.833 billion cubic meters of natural gas annually [8]. - The report notes various safety inspections and regulatory actions taken in the coal mining sector to ensure compliance and safety [8]. Price Movements in Coal - The report details fluctuations in coal prices, with thermal coal prices showing mixed trends across different regions, while coking coal prices are generally stable or increasing [9][12]. - International coal prices have also seen increases, particularly for Indonesian and Australian coal, indicating a global trend of rising coal prices [10][12]. Shipping Costs - Domestic shipping costs have risen significantly, with average shipping rates reported at 44.04 CNY/ton, reflecting a 24.85% increase [26]. - International shipping rates have also increased, with specific routes showing notable price hikes [26]. Inventory and Supply Dynamics - The report indicates an increase in coal inventory at the ports, with a total of 27.343 million tons reported, marking a 2.83% increase from the previous week [20]. - The daily average coal inflow to the ports has increased, while outflows have slightly decreased, indicating a shift in supply dynamics [20]. Company Valuations - The report provides a detailed valuation table for key companies in the coal sector, highlighting their stock prices, market capitalizations, and earnings projections for the coming years [32].

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the coal industry [2]. Core Insights - Domestic coal prices are beginning to rise, driven by stable downstream demand and favorable market conditions influenced by international geopolitical conflicts and reduced coal imports from Indonesia [5]. - The report highlights that the current market dynamics favor companies with overseas production capabilities and those closely related to coal chemical products [5]. Summary by Sections 1. Industry Performance - The coal industry has shown a strong performance over the past year, with significant price movements influenced by external factors [1]. 2. Dynamic Data Tracking 2.1 Thermal Coal - As of March 20, the reference price for thermal coal in the Bohai Rim was 737 CNY/ton, with a weekly change of +0.14% [2]. - The inventory of coal at nine ports in the Bohai Rim was 25.57 million tons, reflecting a weekly decrease of -3.65% [2]. 2.2 Metallurgical Coal - The production of coking coal is steadily recovering, with prices for main coking coal at Jing Tang Port reaching 1620 CNY/ton, a weekly increase of +3.18% [3]. - The operating rate of sample steel mills' blast furnaces was reported at 79.8%, an increase of +1.44 percentage points week-on-week [3]. 3. Investment Recommendations - Companies such as Yanzhou Coal Mining Company and Guanghui Energy are highlighted as favorable investments due to their strategic positioning in the current market [5]. - Other companies with strong configuration value include Jinkong Coal Industry, Huayang Co., and Shanxi Coal International [5].

Investment Rating - The report maintains a recommendation for the coal industry, particularly focusing on coal chemical and chemical coal sectors [3][4]. Core Views - The report highlights the changes in imported coal, particularly from Indonesia and Mongolia, indicating a potential increase in coal supply. It notes that Indonesia's coal supply disruptions are gradually easing, while Mongolia's coal imports have increased by 1.6 million tons in January and February [3][12]. - The report emphasizes that the current domestic coal supply-demand relationship is not under pressure from international oil and gas prices, suggesting that geopolitical disturbances in the Middle East could boost chemical coal demand. It projects that by 2025, the chemical coal consumption will reach 430 million tons, a year-on-year increase of 10.2% [3][12]. - The report suggests focusing on companies with quality anthracite and coal chemical production capacity, specifically recommending Lanhua Sci-Tech, Yanzhou Coal, and China Coal Energy [3][12]. Data Tracking Prices - As of March 20, the price of Qinhuangdao port's 5500 kcal thermal coal is reported at 735 RMB/ton, a week-on-week increase of 6 RMB/ton. The 5000 kcal price is 654 RMB/ton, up by 1 RMB/ton [1]. - For coking coal, the price of Shanxi's main coking coal at Jingtang port is 1600 RMB/ton, increasing by 10 RMB/ton week-on-week [2]. Demand Data - The daily consumption of the six major coastal power plants is 733,000 tons, a slight decrease of 2,000 tons week-on-week. The methanol operating rate is at 90.15%, down by 1.5 percentage points [2]. - The average daily pig iron production is 2.2115 million tons, down by 63,700 tons week-on-week, while the steel mill profit margin has improved to 41.14%, an increase of 3.02 percentage points [2]. Inventory - As of March 20, the total inventory of the six major coastal power plants is 12.996 million tons, a decrease of 65,000 tons week-on-week. The available days remain stable at 18 days [2].

Investment Rating - The report maintains a positive outlook on the coal industry, indicating an "Overweight" investment rating, suggesting that the industry is expected to outperform the overall market [41]. Core Insights - The report highlights that despite being in the off-season, coal prices remain strong due to high international oil and coal prices, as well as elevated shipping costs [2][3]. - The report notes a significant increase in domestic coal prices, with specific prices for different grades of thermal coal showing increases, while some areas experienced price fluctuations [11][12]. - The report anticipates a decline in coal imports due to Indonesian policies controlling coal production and increasing export taxes, alongside rising international shipping costs [3]. - The report identifies several companies with strong performance potential, including Yanzhou Coal Mining Company and China Shenhua Energy, and suggests focusing on companies with stable operations and high dividends [3]. Summary by Sections Recent Industry Policies and Dynamics - The report discusses various projects and policies aimed at enhancing coal production and safety, including a significant coal-to-natural gas project in Xinjiang and safety inspections in Shaanxi [10]. Price Trends in Coal - The report details the fluctuating prices of thermal coal across different regions, with specific price points noted for various grades, indicating a mixed trend in pricing [11][14]. - International coal prices are also highlighted, with specific increases noted for Indonesian and Australian coal [12][14]. Oil Price Trends - The report notes a rise in Brent crude oil prices, which has implications for coal pricing dynamics, with the ratio of international oil prices to coal prices also increasing [18]. Port Inventory Trends - The report indicates an increase in coal inventory at the ports in the Bohai Sea region, with both coal inflow and outflow showing distinct trends [23]. Shipping Costs - The report highlights a significant increase in domestic and international shipping costs, which is expected to impact coal pricing and import dynamics [29]. Company Valuation Table - The report provides a detailed valuation table for key companies in the coal sector, including their stock prices, market capitalizations, and earnings projections, indicating a range of investment opportunities [35].

Investment Rating - The report maintains a "Buy" rating for key coal companies, including China Shenhua, Shaanxi Coal, and others, indicating a positive outlook for the coal sector [11]. Core Insights - The coal market is experiencing a reversal with domestic coal prices beginning to rise, driven by seasonal demand and geopolitical factors [2][10]. - The report identifies three phases of coal price increases: initial support from Indonesian production cuts, followed by heightened demand due to geopolitical tensions, and potential supply constraints from other coal-producing countries [4][8]. - The focus on companies with overseas operations, such as China Qinfa and Yancoal Australia, is emphasized as they are expected to benefit from rising international coal prices [4][10]. Summary by Sections Market Overview - The CITIC Coal Index is at 4451.82 points, down 2.05%, but outperformed the CSI 300 Index by 0.14 percentage points, ranking fourth in the CITIC sector [71]. - Domestic coal prices have shown signs of recovery, with thermal coal prices stabilizing and beginning to rise seasonally [5][10]. Key Phenomena - Thermal coal prices have stopped declining and are now on an upward trend, indicating a reversal in market sentiment [2]. - Coking coal prices surged by 8.7% in the latest trading session, reflecting strong demand driven by geopolitical tensions and increased profitability in coal chemical production [3][10]. Supply and Demand Dynamics - The report notes that coal production is stable, with some mines temporarily halting operations due to underground issues, while overall supply remains adequate [10]. - Demand from non-electric sectors, such as metallurgy and chemicals, is driving procurement, with some terminals shifting to domestic coal due to high import prices [15][31]. Price Trends - As of March 20, 2026, the price of thermal coal at northern ports is reported at 737 CNY/ton, reflecting a slight increase [31]. - Coking coal prices are also on the rise, with significant increases reported in various regions, indicating a robust market for coking coal [36][41]. Investment Recommendations - The report recommends focusing on companies with high coal chemical ratios, such as Yancoal Energy and China Xuyang Group, as they are expected to benefit from increased profitability [4][10]. - Specific stocks are highlighted for investment, including China Shenhua, Shaanxi Coal, and others, based on their strong earnings potential and market positioning [11].

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [11] - The coal price is expected to stabilize and rebound, ending a continuous decline since March 4, with limited room for price correction due to factors such as the inverted import coal price and ongoing geopolitical tensions [11][3] - The coal sector is characterized by a supply shortage, with a balanced short-term supply and demand but a medium to long-term gap, indicating a bullish outlook for coal prices [11][3] Summary by Sections Coal Price Tracking - As of March 20, the market price for Qinhuangdao port thermal coal (Q5500) is 731 CNY/ton, unchanged from the previous week [28] - The price for Shanxi-produced coking coal at Jingtang port is 1600 CNY/ton, up by 10 CNY/ton [30] - International thermal coal prices show mixed trends, with Newcastle thermal coal at 86.3 USD/ton, down by 1.7 USD/ton [28] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.1%, an increase of 0.6 percentage points [45] - The daily coal consumption in coastal provinces increased by 238,000 tons/day (+12.62%), while inland provinces saw a decrease of 87,000 tons/day (-2.79%) [46] - The operating rate of steel blast furnaces is reported at 79.8%, up by 1.44 percentage points [11] Coal Inventory Situation - As of March 19, coal inventory in inland provinces decreased by 2.413 million tons, a 3.06% decline [46] - Coastal provinces' coal inventory fell by 52,000 tons, a 0.15% decrease [46] Company Performance - The coal sector's performance this week saw a decline of 2.05%, which is better than the overall market decline of 2.19% [14] - Key companies to focus on include China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy, which are noted for their stable operations and high profitability [11]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal prices at northern ports have stopped declining and increased, indicating resilience in prices during the off-season, which opens up space for the peak season [1] - The supply side shows a slight increase in domestic production, while the demand side reflects a decrease in electricity consumption during the traditional off-season, but non-electric demand remains strong [4][5] - The report emphasizes the long-term upward trend in coal prices driven by factors such as rising labor costs, increased safety and environmental investments, and government taxation [7] Summary by Sections 1. Thermal Coal - As of March 20, the price of thermal coal at northern ports is 735 RMB/ton, up by 6 RMB/ton week-on-week [14] - Production capacity utilization in the Shanxi region increased by 0.89 percentage points week-on-week [14] - The daily consumption of six major power plants decreased by 31,000 tons week-on-week [14] - The inventory of six major power plants increased by 174,000 tons to 13.141 million tons, down 343,000 tons year-on-year [14] - The report notes that while domestic supply is stable, the market is influenced by tight import coal supply and speculative demand [14] 2. Coking Coal - The capacity utilization rate for coking coal mines increased by 1.49 percentage points to 87.2% [5] - The average daily crossing volume at Ganqimaodu port is 1,379 cars, up by 1 car week-on-week [5] - The price of main coking coal at ports is 1,620 RMB/ton, up by 50 RMB/ton week-on-week [41] 3. Coke - The price of coke remains stable, with expectations for price increases in the market [6] - The production rate of independent coking plants is 72.85%, up by 0.4 percentage points week-on-week [66] - The average profit per ton of coke has increased to approximately 38 RMB/ton, up by 41 RMB/ton week-on-week [64] 4. Anthracite - The price of anthracite remains stable, with production conditions affecting quality and output [80] 5. Key Companies and Investment Logic - The report highlights several key companies for investment, including China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining Company, recommending a focus on their value attributes [7][9]