格隆汇12月26日丨冀中能源(000937.SZ)公布，公司收到通知，张矿集团与冀中能源集团签署了《股份 转让协议》，张矿集团拟通过非公开协议转让方式将所持公司部分股份5,500,000股转让给冀中能源集 团，占公司总股本的0.156%，每股转让价格为人民币5.93元。本次股份变动系控股股东及其一致行动人 之间内部进行的转让，不涉及向市场减持，不会导致控股股东、实际控制人合计持股比例发生变化。 ...

格隆汇12月26日丨冀中能源(000937.SZ)公布，公司收到通知，张矿集团与冀中能源集团签署了《股份 转让协议》，张矿集团拟通过非公开协议转让方式将所持公司部分股份5,500,000股转让给冀中能源集 团，占公司总股本的0.156%，每股转让价格为人民币5.93元。本次股份变动系控股股东及其一致行动人 之间内部进行的转让，不涉及向市场减持，不会导致控股股东、实际控制人合计持股比例发生变化。 ...

证券代码：000937 证券简称：冀中能源 公告编号：2025 临-064 冀中能源股份有限公司 关于控股股东及其一致行动人协议转让股份的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 重要内容提示： 1、2025年12月26日，冀中能源股份有限公司（以下简称"公司"） 收到公司股东冀中能源张家口矿业集团有限公司（以下简称"张矿集 团"）的通知，张矿集团与公司控股股东冀中能源集团有限责任公司 （以下简称"冀中能源集团"）签署了《股份转让协议》，张矿集团 拟通过非公开协议转让方式将所持公司部分股份5,500,000股转让给 冀中能源集团，占公司总股本0.156%。 2、本次权益变动不会导致公司控股股东和实际控制人的变化。 本次权益变动后，冀中能源集团仍是公司控股股东，持有公司股份 1,196,841,498股，占公司总股本的33.87%；张矿集团持有公司股份 14,500,000股，占公司总股本的0.41%。 3、本次股权转让已经冀中能源集团批准同意。本次协议转让股 份事项尚需深圳证券交易所进行合规性确认后，方能在中国证券登记 结算有限责任公司深圳分公 ...

冀中能源公告，2025年12月26日，公司股东冀中能源张家口矿业集团有限公司（张矿集团）与公司控股 股东冀中能源集团有限责任公司签署了《股份转让协议》，张矿集团拟通过非公开协议转让方式将所持 公司部分股份550万股转让给冀中能源集团，占公司总股本0.156%。本次权益变动后，冀中能源集团仍 是公司控股股东，持有公司股份11.97亿股，占公司总股本的33.87%；张矿集团持有公司股份1450万 股，占公司总股本的0.41%。 ...

Core Viewpoint - The coal mining sector experienced a decline of 0.38% on December 25, with China Coal Energy leading the drop. Meanwhile, the Shanghai Composite Index rose by 0.47% and the Shenzhen Component Index increased by 0.33% [1]. Group 1: Market Performance - The coal mining sector's stocks showed mixed performance, with notable declines in major companies such as China Coal Energy, which fell by 1.40% to a closing price of 12.70 [2]. - The trading volume for China Coal Energy was 160,500 shares, with a transaction value of 205 million yuan [2]. - Other companies in the sector, like Jiangxi Tungsten Equipment and Jinko Energy, also saw declines of 1.17% and 0.97%, respectively [2]. Group 2: Capital Flow - The coal mining sector experienced a net outflow of 359 million yuan from major funds, while retail investors contributed a net inflow of 380 million yuan [2]. - The table of capital flow indicates that retail investors were more active, with significant inflows into stocks like Xin Dazhou A, which saw a net inflow of 852,620 yuan from major funds [3]. - Conversely, stocks like Huaihe Energy and Shanmei International faced net outflows from major and speculative funds, indicating a shift in investor sentiment [3].

Core Insights - The China Securities State-Owned Enterprises Dividend Index has shown a slight increase of 0.08% as of December 25, 2025, with notable gains in constituent stocks such as Xiamen International Trade (up 4.44%) and Luxi Chemical (up 3.30%) [1] - The National State-Owned Enterprises Dividend ETF (159515) has also increased by 0.26%, reflecting a growing interest in dividend-paying assets amid a favorable monetary policy environment [1][2] Market Performance - The trading volume for the National State-Owned Enterprises Dividend ETF reached 2.91% turnover with a transaction value of 1.489 million yuan, and the average daily trading volume over the past week was 4.2193 million yuan [1] - The latest scale of the National State-Owned Enterprises Dividend ETF stands at 51.0433 million yuan, with a total of 44.7866 million shares [1] Policy and Economic Environment - The People's Bank of China has reiterated its commitment to maintaining a moderately loose monetary policy, which is expected to positively influence market sentiment [1] - The decline in the risk-free interest rate is expected to enhance the attractiveness of dividend assets, supported by ongoing policy improvements aimed at strengthening the quality and market capitalization management of listed companies [2] Investment Outlook - According to Kaiyuan Securities, the performance of dividend stocks is anticipated to outperform in 2026 compared to 2025, driven by improved relative valuations, easing pressure on cyclical earnings, and a shift in funding preferences towards high-dividend assets [2] - The National State-Owned Enterprises Dividend Index reflects the overall performance of high-dividend securities selected from state-owned enterprises, focusing on those with stable dividends and significant liquidity [2][3]

Core Viewpoint - The coal prices have risen unexpectedly since the fourth quarter, with October thermal power generation increasing by 7.3% year-on-year, and inventory levels remaining lower than the same period last year, indicating a strong demand outlook for the coal sector into 2026 [1] Group 1: Industry Outlook - The coal price is expected to maintain a steady yet strong trend towards the end of the year and into 2026, driven by seasonal demand increases starting from late November [1] - The coal industry is entering a "dividend + cycle" phase, with high-quality coal companies benefiting from resource endowments and cost advantages, leading to robust profitability and high cash flow [1] - The anticipated exit of over 100 million tons of pre-approved production capacity by 2026 will lead to a contraction in domestic supply, while demand for thermal coal is expected to rebound [1] Group 2: Investment Strategy - Investment strategies suggested by Zhongtai Securities include focusing on high-dividend, low-valuation coal stocks, particularly those with strong dividend attributes [1] - Companies with growth in production capacity and significant profit elasticity should be prioritized, especially those showing resonance between alpha and beta [1] - Attention should be given to coking coal stocks that are expected to reverse from difficulties, as coal prices stabilize and profitability improves [1] Group 3: Performance Metrics - Among coal stocks, 22 have a dividend yield (TTM) exceeding 2%, with Jizhong Energy leading at 10.20%, followed by China Shenhua and Pingmei Shenma, both above 7% [1] - Despite a decline in performance for most coal stocks in the first three quarters, 14 stocks showed a quarter-on-quarter net profit increase in Q3, with SuNeng Co. nearly doubling its net profit [2][3] - Notable performers in Q3 include Jizhong Energy with a net profit of 0.59 billion and a 102.69% increase, and China Shenhua with a net profit of 144.11 billion and a 13.54% increase [3]

Group 1 - The core viewpoint of the news is that the State-owned Enterprise Dividend Index has shown positive performance, with significant increases in specific constituent stocks, indicating a favorable environment for dividend-paying stocks [1][2]. - As of December 15, 2025, the State-owned Enterprise Dividend Index rose by 0.56%, with notable stock performances including COFCO Sugar rising by 9.99% and Shanxi Coal International by 4.00% [1]. - The State-owned Enterprise Dividend ETF (159515) also experienced an increase of 0.53%, reflecting strong investor interest in dividend-paying assets [1][2]. Group 2 - The liquidity of the State-owned Enterprise Dividend ETF has improved, with an average daily transaction volume of 2.7164 million yuan over the past month and a weekly scale growth of 2.3717 million yuan [1]. - The ETF's share count increased by 3 million shares in the past week, indicating a significant uptick in investor participation [1]. - The State-owned Enterprise Dividend Index is designed to reflect the performance of 100 listed companies with high cash dividend yields and stable dividend policies, which are selected from state-owned enterprises [2]. Group 3 - The report highlights that dividend assets are attractive in a low-interest-rate environment, appealing to risk-averse investors seeking stable returns [2]. - The manufacturing PMI showed a slight recovery to 49.2% in November, indicating improvements in both production and demand, which supports the overall economic stability [2]. - The top ten weighted stocks in the State-owned Enterprise Dividend Index account for 16.99% of the index, with companies like COSCO Shipping and Jizhong Energy among the leaders [2][4].

Group 1 - The core viewpoint of the news is that the China Securities State-Owned Enterprises Dividend Index has experienced a slight decline, while the dividend distribution from major banks is expected to attract long-term capital into the market [1][2] - As of December 10, 2025, the China Securities State-Owned Enterprises Dividend Index fell by 0.15%, with Xiamen International Trade leading the gains and China Merchants Bank leading the losses [1] - The China Securities State-Owned Enterprises Dividend ETF (159515) saw a scale increase of 2.33 million yuan and a share increase of 2.7 million shares over the past week [1][2] Group 2 - On December 8, Industrial and Commercial Bank of China and Agricultural Bank of China announced their mid-term dividend distributions, totaling 50.396 billion yuan and 41.823 billion yuan, respectively [1] - By December 9, 2025, 26 A-share listed banks had disclosed mid-term or quarterly dividend plans, with a total proposed payout exceeding 260 billion yuan [1] - China Galaxy Securities noted that the mid-term dividend distribution from listed banks remains strong and is occurring earlier than expected, enhancing the attractiveness of dividend stocks [1][2] Group 3 - The China Insurance Regulatory Commission announced a reduction in stock risk factors, which lowers the capital requirements for insurance companies investing in high-quality equity assets [2] - Recent policies focus on capital markets and consumer policies, with a goal for large state-owned insurance companies to allocate 30% of new premiums to A-shares [2] - The China Securities State-Owned Enterprises Dividend Index includes 100 listed companies with high cash dividend yields, reflecting the overall performance of high-dividend securities among state-owned enterprises [2]

Meeting Details - The company held a shareholder meeting on December 8, 2025, with both on-site and online voting options available [3][4] - The meeting was attended by 451 shareholders and authorized agents, representing 2,178,812,318 shares, which is 61.6608% of the total voting shares [3][4] - The meeting was presided over by the company's chairman, Mr. Yan Yunsheng [2] Voting and Resolutions - The following resolutions were passed during the meeting: 1. Proposal to cancel the supervisory board and amend the company’s articles of association, with 2,162,462,843 shares in favor (99.2496%) [4] 2. Proposal to amend certain governance systems, with 2,162,392,827 shares in favor (99.2464%) [5] 3. Proposal to appoint an accounting firm and pay fees, with 2,177,070,358 shares in favor (99.9201%) [5] 4. Proposal for new daily related transactions for 2025, with 554,461,891 shares in favor (99.6867%) [6] 5. Proposal for expected daily related transactions for 2026, with 554,412,691 shares in favor (99.6779%) [6] 6. Proposal for financial business related to loans and deposits for 2026, with 549,196,901 shares in favor (98.7401%) [8] 7. Proposal to apply for the registration and issuance of short-term financing bonds, with 2,176,537,659 shares in favor (99.8956%) [9] Legal Compliance - The meeting's procedures and resolutions were confirmed to comply with relevant laws and regulations, as stated in the legal opinion provided by the law firm [10]