10月21日，中国中煤党委书记、董事长王树东在中国中煤总部会见中国铁建党委书记、董事长戴和根，双方就进一步深化合作展开交流。中国中煤党委常 委、副总经理倪嘉宇，中国铁建党委常委、副总裁黄昌富参加会见。 王树东对戴和根一行的到访表示欢迎，介绍了中国中煤发展历史、产业结构、生产经营、科技创新等基本情况，以及加快推进"两个联营+"、构建"两个对 冲"机制的思路举措，重点介绍了煤炭开采领域聚焦"少人无人"，煤炭消费领域聚焦"少人少碳"，煤基新材料领域聚焦"少人无碳"的发展思路。他表示， 中国铁建与中国中煤合作基础扎实、前景广阔，希望双方进一步加强对接与合作交流，延伸合作领域，共同推动央企间协同发展迈上更高水平、取得更实 成效。 中国中煤办公室、规划发展部、煤炭事业部、电力及新能源事业部、建设集团有关负责人，中国铁建总工程师代敬辉，相关部门、单位负责人参加会见。 来源：中国中煤 编辑：孔欣慰 校对：刘卓 戴和根对中国中煤近几年取得的成绩表示祝贺，感谢中国中煤对中国铁建的信任与支持，介绍了中国铁建历史沿革、业务结构、经营管理等基本情况，期 待双方进一步密切工作对接交流，加强在能源基础设施建设、绿色矿山、深部地下空间综合利 ...

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is experiencing a supply-side constraint, with production and imports both showing a year-on-year decline, but the rate of decline is narrowing. The demand side is expected to fluctuate, leading to a dynamic rebalancing of prices. The leading coal companies exhibit high asset quality, strong cash flow, and characteristics of high profitability, high cash flow, high barriers to entry, high dividends, and high safety margins [11][25] Summary by Sections Supply Side - In September 2025, the industrial raw coal production was 410 million tons, a year-on-year decrease of 1.8%, with the decline rate narrowing by 1.4 percentage points compared to August. The average daily production was 13.72 million tons, an increase of 1.12 million tons per day month-on-month, but a decrease of 98,000 tons year-on-year [17][18] - Coal imports in September 2025 were 46 million tons, a year-on-year decrease of 3.3%, with the decline rate narrowing by 3 percentage points compared to August. Cumulatively, coal imports from January to September 2025 were 350 million tons, a year-on-year decrease of 11.1% [24][25] Demand Side - The demand for thermal power generation decreased year-on-year by 5.4% in September, while metallurgical and chemical sectors showed positive contributions, with coke production increasing by 8% year-on-year [9][25] - The industrial electricity production in September was 826.2 billion kWh, a year-on-year increase of 1.5%. Cumulatively, from January to September, the industrial electricity production was 7,255.7 billion kWh, a year-on-year increase of 1.6% [5][9] Inventory - By the end of September, the inventory of thermal coal at production enterprises decreased by 133,000 tons to 4.141 million tons, while the inventory at northern ports increased by 564,000 tons to 22.698 million tons [10][12] Price Trends - The average price of Qinhuangdao 5500 kcal port coal in September was 691 RMB/ton, remaining stable compared to August. The report anticipates that coal prices will maintain a strong oscillating trend in the fourth quarter due to seasonal demand [10][11] Key Companies and Investment Recommendations - Recommended companies include China Shenhua, Shaanxi Coal and Energy, and China Coal Energy, with a focus on their strong cash flow and profitability [11][12]

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(股份代號：01898) 召開 2025 年第三季度業績說明會 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的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因依賴該等內容而引致的任何損失承擔任何責任。 中國中煤能源股份有限公司 ( 於中華人民共和國註冊成立的股份有限公司 ) 門財經」網站（https://s.comein.cn/vi2p9z27）查看會議召開情況及主要內容。 如投資者對業績説明會相關事宜有任何疑問，請聯係本公司證券事務部（電話：+86-010- 82236028；郵箱：IRD@chinacoal.com）。 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 2025 年 10 月 21 日 於本公告刊發日期，本公司的執行董事為王樹東、廖華軍和趙榮哲；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。 中國中煤能源股份有限公司（「本公司」）擬於 2025 年 10 月 27 日（星期一）刊發 2025 年第三 季度業績公告。為了便於廣大投資者更加全面瞭解本公司 2025 年第三季度業績和經營 ...

Core Viewpoint - The coal mining sector experienced a decline of 1.16% on October 21, with Yanzhou Coal Mining Company leading the drop, while the overall Shanghai Composite Index rose by 1.36% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3916.33, up 1.36%, and the Shenzhen Component Index closed at 13077.32, up 2.06% [1] - The coal mining sector saw significant individual stock movements, with Daya Energy rising by 10.06% to a closing price of 7.99, while several other stocks also posted gains [1] Group 2: Trading Volume and Capital Flow - The coal mining sector had a net outflow of 1.01 billion yuan from main funds, while retail investors saw a net inflow of 528 million yuan [2][3] - The trading volume for Daya Energy reached 1.1459 million hands, with a transaction value of 911 million yuan, indicating strong investor interest [1] Group 3: Individual Stock Analysis - Major stocks in the coal mining sector included: - Daya Energy: Closing price 7.99, up 10.06%, with a transaction value of 911 million yuan [1] - Jiangte Equipment: Closing price 7.66, up 3.51%, with a transaction value of 218 million yuan [1] - New集 Energy: Closing price 7.15, up 2.44%, with a transaction value of 857 million yuan [1] - Conversely, stocks like 中煤能源 and 晋控煤业 saw declines of 3.10% and 2.95%, respectively, indicating mixed performance within the sector [2]

Core Viewpoint - Coal concept stocks are experiencing a decline despite the overall market conditions, with major companies like Yanzhou Coal and China Coal Energy seeing drops of over 2% [1] Group 1: Market Performance - The coal ETF has decreased by over 1%, while the energy ETF has dropped approximately 0.5% [1] - Specific ETF performance includes: - Coal ETF (515220) at 1.201, down 0.017, a decline of 1.40% [2] - Energy ETF (159930) at 1.429, down 0.008, a decline of 0.56% [2] - Energy ETF Guangfa (159945) at 1.167, down 0.006, a decline of 0.51% [2] Group 2: Price Trends and Market Outlook - Current prices for thermal coal and coking coal remain at historical lows, indicating potential for a rebound [2] - Supply-side policies aimed at reducing overproduction are expected to constrain output, while demand is anticipated to improve during the peak season of September and October [2] - The coal supply-demand fundamentals are expected to continue improving, with both types of coal showing upward price elasticity [2] - Thermal coal benefits from long-term contract mechanisms and profit-sharing logic between coal and power companies [2] - Coking coal, being more market-sensitive, may exhibit greater price elasticity due to its higher marketization [2]

Core Viewpoint - The coal chemical sector experienced a decline, with a drop of 1.0% overall, indicating a negative trend in the industry [1] Company Performance - Antai Group saw a significant decrease of 7.03% in its stock price [1] - Baotailong's stock fell by 6.82% [1] - Zhongmei Energy experienced a decline of 5.26% [1] - Yanzhou Coal Mining, Liuguo Chemical, and Huaibei Mining all dropped over 3% [1]

Group 1 - The coal chemical sector experienced a decline, falling by 1.0% [1] - Among the companies, Antai Group saw the largest drop at 7.03% [1] - Baotailong and Zhongmei Energy also faced significant declines, with drops of 6.82% and 5.26% respectively [1] - Other companies such as Yanzhou Coal Mining, Liuguo Chemical, and Huaibei Mining all fell by over 3% [1]

Group 1 - The core point of the news is that China Coal Energy Co., Ltd. experienced a decline in stock price by 5.04%, trading at 13.00 CNY per share, with a total market capitalization of 172.36 billion CNY [1] - The company was established on August 22, 2006, and listed on February 1, 2008, with its main business segments including coal business (81.03% of revenue), coal chemical business (12.48%), and coal mining equipment manufacturing (6.24%) [1] - The company reported a trading volume of 5.29 billion CNY and a turnover rate of 0.44% [1] Group 2 - According to data from the top ten holdings of funds, Changcheng Fund has a significant position in China Coal Energy, with its Changcheng State-Owned Enterprise Preferred Mixed Fund A (019277) increasing its holdings by 4,600 shares to a total of 45,000 shares, representing 4.71% of the fund's net value [2] - The fund has a current scale of 10.398 million CNY and has achieved a year-to-date return of 13.41%, ranking 5,113 out of 8,162 in its category [2] - The fund manager, Shu Wenyu, has a tenure of 10 years and 167 days, with the best fund return during this period being 52.01% [3]

Group 1 - The core point of the news is that China Coal Energy Co., Ltd. experienced a decline of 5.04% in its stock price, reaching 13.00 CNY per share, with a trading volume of 530 million CNY and a turnover rate of 0.44%, resulting in a total market capitalization of 172.36 billion CNY [1] - The company, established on August 22, 2006, and listed on February 1, 2008, has its main business segments comprising coal business (81.03%), coal chemical business (12.48%), coal mining equipment manufacturing (6.24%), other businesses (6.00%), financial services (1.57%), and supplementary activities (0.63%) [1] Group 2 - From the perspective of fund holdings, one fund under Guotai Asset Management has a significant position in China Coal Energy, specifically the Guotai Junan Dividend Quantitative Selection Mixed A Fund (021919), which held 213,700 shares, accounting for 1.73% of the fund's net value, ranking as the tenth largest holding [2] - The fund has reported a floating loss of approximately 147,500 CNY today [2] - The Guotai Junan Dividend Quantitative Selection Mixed A Fund was established on October 30, 2024, with a latest scale of 72.43 million CNY, and has achieved a year-to-date return of 8.59%, ranking 5876 out of 8162 in its category [2]