Core Viewpoint - The news highlights the increasing importance of dividend assets in the context of China's economic policies, particularly emphasizing the role of "patient capital" from insurance funds and the regulatory push for higher dividend payouts from listed companies [1][2]. Group 1: Market Performance - As of November 7, 2025, the CSI State-Owned Enterprises Dividend Index (000824) rose by 0.39%, with notable increases in constituent stocks such as Huayang Co. (600348) up by 2.58% and CITIC Bank (601998) up by 2.25% [1]. - The National Enterprise Dividend ETF (159515) also saw an increase of 0.50% [1]. Group 2: Policy and Regulatory Environment - The "14th Five-Year Plan" emphasizes the introduction of "patient capital," primarily from insurance funds, which favor dividend assets due to their stable cash flow characteristics [1]. - Policies like the "Nine National Policies" require listed companies to increase their dividend payout ratios, with state-owned enterprises' dividend scale exceeding 370 billion yuan [1][2]. - Regulatory focus on dividend payouts is expected to provide a solid institutional guarantee for the long-term investment value of dividend assets [1]. Group 3: Investment Strategy - Analysts suggest that the policy guidance injects significant vitality into dividend assets, with major brokerages recommending a dual strategy of technology and dividend stocks for 2025, positioning dividend stocks as defensive assets in a low-interest-rate environment [1].

Group 1 - The core point of the article is that Jizhong Energy announced the convening of its 18th meeting of the 8th Board of Directors on November 5, 2025, to discuss the appointment of the company's chief accountant and other documents [1] - For the first half of 2025, Jizhong Energy's revenue composition is as follows: coal mining and selection accounted for 78.34%, chemical industry 14.09%, building materials 7.08%, electricity 0.35%, and other industries 0.14% [1] - As of the time of reporting, Jizhong Energy has a market capitalization of 22 billion yuan [1]

证券代码：000937 证券简称：冀中能源 公告编号：2025 临-053 冀中能源股份有限公司 关于指定公司总会计师代行董事会秘书职责的公告 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。 因工作原因，张文成先生不再担任冀中能源股份有限公司（以下 简称"公司"）总会计师、董事会秘书职务。同时，张文成先生也不 在公司担任其他任何职务。截至本公告披露日，张文成先生未持有公 司股份，不存在应履行而未履行的承诺事项。张文成先生的离职不会 影响公司的正常经营发展，也不会影响公司的规范运作。张文成先生 在任职期间勤勉尽责、认真履职，公司董事会对其为公司的稳定及规 范发展所作的贡献表示衷心感谢。 1 事会将按照相关规定尽快完成董事会秘书的正式聘任工作。 王万强先生联系方式如下： 电话：0319-2098828； 传真：0319-2068666； 电子邮箱：jzny000937@sina.com； 联系方式：河北省邢台市中兴西大街191号。 特此公告。 冀中能源股份有限公司董事会 2025年11月5日，公司召开了第八届董事会第十八次会议，审议 通过了《关于聘任公司总会计师的议 ...

证券代码：000937 证券简称：冀中能源 公告编号：2025 临-052 冀中能源股份有限公司 第八届董事会第十八次会议决议公告 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。 冀中能源股份有限公司（以下简称"公司"）第八届董事会第十 八次会议于2025年11月5日上午8：30在公司金牛大酒店四层第二会议 厅召开，会议通知已于2日前以专人送达或传真方式发出。会议应到 董事11名，现场出席4名，董事孟宪营、高晓峰、董兆寒及独立董事 谢宏、梁俊娇、胡晓珂、胡传雨进行了通讯表决，董事长闫云胜先生 主持会议。公司监事、高级管理人员及其他有关人员列席了会议，会 议的召集、召开和表决程序符合《中华人民共和国公司法》和《公司 章程》的有关规定。与会董事经过认真审议，以记名投票的方式通过 了以下议案： 一、关于聘任公司总会计师的议案 因工作原因，张文成先生不再担任公司总会计师、董事会秘书职 务。同时，张文成先生也不在公司担任其他任何职务。公司对张文成 先生在任职期间的勤勉尽责、辛勤工作，表示衷心感谢！ 根据公司经营管理需要，经公司总经理提名，董事会提名委员会 审核，公司董事会 ...

Core Viewpoint - The performance of the China Securities State-Owned Enterprises Dividend Index (000824) has shown a slight decline, with a focus on dividend-paying stocks amid increased market volatility and a shift in investor behavior towards defensive strategies [1][2]. Group 1: Market Performance - As of November 5, 2025, the China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.01%, with leading stocks such as Shanghai Pudong Development Bank (600000) rising by 1.55% [1]. - The National Enterprise Dividend ETF (159515) experienced a turnover of 0.12% during the trading session, with a total transaction value of 55,100 yuan, while the average daily transaction value over the past week was 5.8418 million yuan [1]. Group 2: Sector Analysis - The technology growth sector has been experiencing fluctuations since the fourth quarter, leading to increased market volatility and a cautious approach from investors [1]. - There is a notable shift from aggressive investment strategies to defensive positioning, which has allowed the dividend sector to maintain a relatively strong performance [1]. Group 3: Policy and Long-term Outlook - Short-term analysis indicates that during periods of market fluctuation, the cost-effectiveness of dividend-style investments becomes more pronounced [1]. - Long-term policies, such as the new "National Nine Articles" and market capitalization management, are encouraging listed companies to distribute dividends, which is beneficial for state-owned enterprises in stabilizing dividend expectations and enhancing investor returns [1].

Core Insights - The coal prices have significantly increased in the second half of the year, driven by supply-side policies and rising winter heating demand, leading to an improvement in the industry's fundamentals [1][2]. Price Trends - In the second half of the year, coal prices have cumulatively risen over 20%, with specific prices reported as follows: Qinhuangdao port Q4500 at 588 CNY/ton, Q5000 at 678 CNY/ton, and Q5500 at 770 CNY/ton, reflecting increases of 21.24%, 23.27%, and 23.99% respectively since July [2]. - The latest price for coking coal in North China reached 1581.25 CNY/ton, marking a 12.44% increase since mid-September [2]. Supply Dynamics - The primary driver of the recent coal price increase is a contraction in supply, initiated by the National Energy Administration's policy to check overproduction in the coal industry [2]. - A total of 22 central safety production assessment teams will conduct annual inspections across 31 provinces and regions starting November 2025 [2]. Demand Factors - As winter approaches, coal demand for heating and electricity is expected to rise, particularly in northern regions where centralized heating is being activated [3]. - The International Energy Agency (IEA) projects a modest recovery in global coal demand, with a 0.2% year-on-year increase expected in 2025, primarily driven by the electricity sector [3]. Industry Outlook - The coal industry is anticipated to enter a new upward cycle due to ongoing policy support for transformation and upgrades, as evidenced by the Henan provincial government's action plan for the coal sector [4]. - The plan includes optimizing resource allocation, enhancing equipment technology, and increasing the share of intelligent coal mines to 65% [4]. Financial Performance - The third-quarter profits of coal companies have rebounded significantly, with a total net profit of 299.42 billion CNY reported by 37 listed coal companies, reflecting a 22.83% quarter-on-quarter increase [5]. - Companies such as Shanxi Coking Coal and Sunan Co. reported a turnaround in profitability, while over 60% of companies showed improved earnings [5]. Dividend Trends - The coal sector has shown a growing willingness to distribute dividends, with 15 companies having a dividend yield exceeding 3%, representing over 40% of the total [5]. - Jizhong Energy leads with a dividend yield of 9.74%, followed by Pingmei Shenma and Hengyuan Coal Power at 6.67% and 6.53% respectively [5]. Company Highlights - Jizhong Energy reported the highest quarter-on-quarter profit growth of 102.69%, achieving a net profit of 0.59 billion CNY [6]. - The company has a long-standing commitment to cash dividends, having distributed a total of 190.15 billion CNY since its listing [6].

Core Points - The company has approved the use of up to RMB 1 billion of its own funds for entrusted financial management, ensuring safety and compliance [1] - The company has redeemed all previously purchased financial products, which included investments totaling RMB 100 million in various financial products over the past twelve months [1] Summary by Sections Financial Management Approval - The company held its seventh meeting of the eighth board on September 30, 2024, where it approved a proposal to utilize its own funds for entrusted financial management, with a maximum limit of RMB 1 billion [1] Redemption of Financial Products - The company has redeemed all financial products purchased in the last twelve months, which included: - RMB 100 million in "Cai Da Securities Rui Da No. 10" - RMB 200 million in "Cai Da Securities Rui Da Cash Enhanced No. 1" - RMB 50 million in "Rui Da Xin Ying No. 8" - RMB 50 million in "Rui Da Ji Ji Yue Xiang No. 12" [1]

| 有限公 | | 产管理计 | | | 每周一和周 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 司 | | 划 | | | 四可购买赎 | | | | | | | | | | | 回。 | | | | | | 财达证 | 睿达 | 固定收益 | | | 每周一、周 | | | | | | | | | | | 二、周四开 | | | | | | 券股份 | 现金 | 类集合资 | 4,940.94 | 2025.1.3 | 放，除开放期 | 4.0408% | 2025.10.31 | 4,940.94 | 164.65 | | 有限公 | 增强 | 产管理计 | | | | | | | | | | | | | | 外原则上都 | | | | | | 司 | 1 号 | 划 | | | | | | | | | | | | | | 是封闭期。 | | | | | 证券代码：000937 证券简称：冀中能源 公告编号：2025 临-051 冀中能源股份有限公司 关于理财产品赎回的公告 本公司及董事会全体成员保证 ...

Core Insights - The Dalian Commodity Exchange (DCE) has shifted its focus from imported coal to domestic coal for coking coal futures, enhancing the quality of delivery standards and establishing a more stable risk management channel for upstream and downstream enterprises [1][2][10] Group 1: Policy and Market Changes - The DCE's adjustment of coking coal futures standards in 2022 has allowed domestic Shanxi coking coal to enter the delivery circle, significantly increasing its market share [2][5] - By the end of 2024, the DCE will implement a brand delivery system for coking coal, allowing high-quality coal to achieve "quality for price" [4][11] - The DCE has established 11 designated delivery warehouses in Shanxi, accounting for over 40% of the total, which enhances the availability of domestic Shanxi coal for delivery [9] Group 2: Industry Impact and Corporate Strategies - Leading companies like Shanxi Coking Coal Group and Pingmei Shenma Group are actively participating in the futures market, setting up delivery warehouses to improve the quality of coking coal [5][6] - Shanxi Coking Coal Group has achieved a cumulative delivery volume of over 24.6 million tons, with a record monthly delivery of 90,000 tons in 2025 [5] - The brand effect of domestic coking coal is becoming more pronounced, with Shanxi Kaijia Energy Group's "Kaijia No. 1" achieving a premium of 175 yuan per ton due to its stable quality [4] Group 3: Risk Management and Quality Assurance - The quality upgrade of delivery products has strengthened risk management for downstream enterprises, allowing them to hedge against price fluctuations effectively [9][10] - Companies like Yuxiang Group have reported significant profits from hedging strategies, attributing their success to the stable quality of coking coal [9] - The DCE has conducted over 110 annual audits of delivery warehouses and implemented a quality traceability system to ensure compliance and quality assurance [10] Group 4: Future Outlook - The DCE plans to continue optimizing coking coal delivery quality standards to better reflect the quality of domestic coking coal and adjust pricing mechanisms accordingly [11]

Core Insights - The company reported a significant decline in both revenue and net profit for Q3 2025 compared to the same period last year, indicating financial challenges [1][3] Financial Performance - Total revenue for Q3 2025 was 10.657 billion, a decrease of 4.068 billion or 27.63% year-on-year [1] - Net profit attributable to shareholders was 407 million, down by 806 million or 66.46% year-on-year [1] - Operating cash flow was 1.122 billion, a decline of 941 million or 45.60% year-on-year [1] Financial Ratios - The latest debt-to-asset ratio stood at 59.59%, ranking 18th among peers, with a slight decrease of 0.06 percentage points from the previous quarter but an increase of 7.12 percentage points year-on-year [3] - Gross margin was 29.54%, ranking 9th among peers, down by 0.62 percentage points from the previous quarter and 6.35 percentage points year-on-year [3] - Return on equity (ROE) was 2.14%, ranking 13th among peers, a decrease of 3.46 percentage points year-on-year [3] Earnings Per Share and Turnover Ratios - Diluted earnings per share were 0.12, a decrease of 0.23 or 66.47% year-on-year, ranking 14th among peers [3] - Total asset turnover ratio was 0.20 times, ranking 16th among peers, down by 0.08 times year-on-year [3] - Inventory turnover ratio was 4.15 times, ranking 22nd among peers, a decrease of 2.64 times year-on-year [3] Shareholder Information - The number of shareholders was 74,400, with the top ten shareholders holding 2.704 billion shares, accounting for 76.54% of total equity [3]