Accessible version Coal - China (H/A) O&G disruption → higher coal/ security demand & prices; U/G Shenhua/ Yankuang Rating Change Energy security: coal upside as LNG shocks We turned neutral on coal from bearish at the beginning of 2026 given the government's control in supply and prices have largely offset the demand weakness. Yet supply risks intensified amid escalating tensions in the past few weeks given: 1) the temporary suspension of the Strait of Hormuz has disrupted 21mbd of crude oil; 2) on 2 March ...

Core Viewpoint - The Energy ETF Guangfa (159945) experienced a significant decline of 6.91% at the opening on March 10, 2023, trading at 1.428 yuan [1] Group 1: ETF Performance - The Energy ETF Guangfa (159945) has a performance benchmark of the CSI All Share Energy Index [1] - Since its establishment on June 25, 2015, the fund has achieved a return of 53.08% [1] - The fund's return over the past month is reported at 17.00% [1] Group 2: Major Holdings Performance - Major holdings in the Energy ETF include: - China Shenhua down 4.09% [1] - China Petroleum down 5.73% [1] - China Petrochemical down 7.14% [1] - Shaanxi Coal and Chemical Industry down 4.37% [1] - China National Offshore Oil Corporation down 9.99% [1] - Jereh Group up 0.03% [1] - Yanzhou Coal Mining down 5.42% [1] - China Coal Energy down 9.67% [1] - Guanghui Energy down 8.89% [1] - Shanxi Coking Coal down 3.67% [1]

Core Viewpoint - China Shenhua's stock price has shown significant growth in recent trading sessions, with a year-to-date increase of 19.85% and a recent 5-day increase of 8.52% [1] Group 1: Stock Performance - As of March 9, China Shenhua's stock price reached 48.54 CNY per share, with a trading volume of 6.34 billion CNY and a market capitalization of 964.418 billion CNY [1] - The company experienced a net inflow of 1.10 billion CNY from main funds, with large orders accounting for 28.40% of purchases [1] - Over the past 60 days, the stock price has increased by 16.57% [1] Group 2: Financial Performance - For the period from January to September 2025, China Shenhua reported operating revenue of 213.151 billion CNY, a year-on-year decrease of 16.05% [2] - The net profit attributable to shareholders for the same period was 39.052 billion CNY, down 15.24% year-on-year [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased by 29.69% to 209,200, while the average number of circulating shares per person decreased by 23.09% to 79,468 shares [2] - The company has distributed a total of 480.47 billion CNY in dividends since its A-share listing, with 159.942 billion CNY distributed in the last three years [3] - Major shareholders include China Securities Finance Corporation and Hong Kong Central Clearing Limited, with the latter reducing its holdings by 67.331 million shares [3]

Group 1 - The core point of the article is that China Shenhua Coal to Oil Chemical Company has increased its registered capital from approximately 31.24 billion yuan to about 36.16 billion yuan [1] Group 2 - The change in registered capital indicates a potential expansion or investment strategy by the company [1] - The increase in capital may reflect the company's confidence in future growth opportunities within the coal-to-oil sector [1] - This adjustment in capital structure could impact the company's financial stability and operational capabilities moving forward [1]

Core Viewpoint - China Shenhua Coal-to-Oil Chemical Company has increased its registered capital by approximately 16%, from about 31.24 billion RMB to approximately 36.16 billion RMB [1] Company Information - China Shenhua Coal-to-Oil Chemical Company was established in June 2003 and is wholly owned by China Energy Investment Corporation [1] - The company's business scope includes coal sales, chemical product sales, and wholesale of finished oil products [1]

Group 1 - The core viewpoint of the article highlights the performance of the Energy ETF Guangfa (159945), which opened down by 1.76% at 1.506 yuan on March 5 [1] - Major holdings within the Energy ETF include China Shenhua, which fell by 1.00%, China Petroleum down by 4.46%, and China Sinopec down by 2.03% [1] - The fund's performance benchmark is the CSI All Share Energy Index, managed by Guangfa Fund Management Co., with a return of 54.06% since its inception on June 25, 2015, and a return of 17.14% over the past month [1] Group 2 - The article provides specific stock performance details, indicating that Shaanxi Coal Industry dropped by 1.03%, CNOOC by 1.98%, and Yanchang Petroleum by 3.59% [1] - Other notable movements include Jereh's stock rising by 2.07%, while Guohui Energy and Shanxi Coking Coal fell by 3.20% and 1.08%, respectively [1]

FF301 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601088 | 說明 | | 於上海證券交易所上市 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 16,491,037,955 | RMB | | 1 RMB | | 16,491,037,955 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 16,491,037,955 | RMB | | 1 RMB | | 16,491,037,955 | 致：香港交易及結算所有限公司 公司名稱: 中國神華能源股份有限公司 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | ...

Group 1 - China Shenhua Energy Co., Ltd. saw a stock price increase of 5.13%, reaching 44.43 CNY per share, with a trading volume of 2.585 billion CNY and a turnover rate of 0.36%, resulting in a total market capitalization of 882.758 billion CNY [1] - The company, established on November 8, 2004, and listed on October 9, 2007, is primarily engaged in the production and sale of coal and electricity, as well as railway and port transportation, shipping, and coal-to-olefins business [1] - The revenue composition of the company is as follows: coal 75.23%, power generation 29.35%, railway 15.52%, port 2.51%, coal chemical 2.11%, shipping 1.19%, and undistributed projects 0.31% [1] Group 2 - Xinyuan Fund has one fund heavily invested in China Shenhua, specifically the Xinyuan CSI 800 Dividend Low Volatility ETF (563980), which held 213,800 shares in the fourth quarter, accounting for 1.76% of the fund's net value, making it the fourth-largest holding [2] - The Xinyuan CSI 800 Dividend Low Volatility ETF (563980) was established on October 24, 2025, with a current size of 493 million CNY and has generated a year-to-date return of 3.14%, ranking 3746 out of 5577 in its category, while it has an overall loss of 0.91% since inception [2] Group 3 - The fund managers of the Xinyuan CSI 800 Dividend Low Volatility ETF are Mo Zhigang and Liu Yutao, with Mo having a tenure of 7 years and 46 days, managing assets totaling 1.216 billion CNY, achieving a best return of 71.7% and a worst return of -50.4% during his tenure [3] - Liu Yutao has a tenure of 3 years and 165 days, managing assets of 3.573 billion CNY, with a best return of 52.95% and a worst return of -8.59% during his tenure [3]

Summary of China Shenhua's Conference Call Company Overview - **Company**: China Shenhua Energy Company Limited - **Date of Call**: February 27, 2026 Key Points Industry and Market Dynamics - In 2025, the commodity coal production decreased by 1.7% year-on-year, with coal sales down by 6.4% and power generation down by 3.8%. However, the second half of the year showed better performance due to quality improvement and cost reduction measures [2][3] - Regulatory bodies increased capacity checks and safety inspections in 2025, leading to a decline in monthly production from July onwards. The policy aims to ensure stable coal supply, with expectations for 2026 to maintain a steady operational attitude [2][5] - The price of thermal coal is expected to slightly increase in 2026 compared to 2025, with an optimistic peak around 750-800 RMB/ton, while strong support exists around 700 RMB/ton [2][6] Company Performance and Financials - For 2025, the company forecasts a net profit attributable to shareholders between 49.5 billion to 54.5 billion RMB, with a non-recurring net profit between 47.2 billion to 50.2 billion RMB, aligning with expectations [3] - The company’s coal production is projected at 332 million tons for 2025, with a 1.7% decrease year-on-year, and coal sales at 430.31 million tons, down 6.4% [3] - The self-owned railway transportation volume is expected to be 313.1 billion ton-kilometers, reflecting a 0.3% increase year-on-year [3] Regulatory Environment - The regulatory environment in 2025 has seen an increase in checks on production capacity and safety, impacting supply dynamics. The long-term goal is to balance supply and demand to stabilize prices [5] - The long-term contract signing policy introduced at the end of 2025 imposes stricter requirements for execution and compliance, although the proportion of contracts remains unchanged [5] Price Trends and Projections - The port coal prices are rising due to international coal price increases, while pit prices show mixed performance due to varying recovery rates among companies [4][10] - The current price range for thermal coal is around 710-720 RMB/ton, with strong support at approximately 700 RMB/ton. The long-term price is expected to stabilize around 670-680 RMB/ton [6][7] International Operations - The company has a low proportion of imported coal, primarily used as a supplementary source, which minimizes the impact of international coal price fluctuations. Changes in Indonesian policies are not expected to significantly affect the company's operations in Indonesia [2][11][12] - The company operates coal power plants in Indonesia, with good operational performance and high returns, contributing approximately 1 billion RMB to profits during high coal price periods [12] Future Outlook - The performance of Xinjiang Energy and Wuhai Energy is expected to show losses in 2026 due to temporary and one-time factors, with a recovery anticipated around 2027 as local demand increases and transportation channels improve [2][8] - The focus on cost control and production capacity management is expected to continue, with potential improvements in profit margins as market conditions stabilize [14] Additional Considerations - The company is in the process of restructuring and acquiring assets, with expectations for improved profitability in the second half of 2025 compared to the first half, although specific quantitative improvements are not yet available [4][13] - The focus on coal prices and market dynamics will continue, especially regarding the impact of external factors such as the real estate and steel industries on coking coal prices [15]

Group 1 - The core viewpoint of the article highlights the performance of the Energy ETF Guangfa (159945), which opened with a gain of 1.15% at 1.321 yuan on February 24 [1] - The major holdings of the Energy ETF include China Shenhua, which rose by 0.68%, China Petroleum by 3.42%, China Petrochemical by 1.57%, Shaanxi Coal and Chemical by 1.14%, China National Offshore Oil by 4.10%, Jereh Group which fell by 0.41%, Yanzhou Coal Mining by 2.02%, China Coal Energy by 1.04%, Guanghui Energy by 2.22%, and Shanxi Coking Coal by 0.57% [1] - The performance benchmark for the Energy ETF Guangfa is the CSI All Share Energy Index, managed by Guangfa Fund Management Co., with a return of 30.72% since its establishment on June 25, 2015, and a return of 7.72% over the past month [1]