Group 1 - The Energy ETF Guangfa (159945) opened down 0.14% at 1.418 yuan on March 26 [1][2] - Major holdings of the Energy ETF include China Shenhua down 0.25%, China Petroleum unchanged, China Petrochemical down 0.51%, Shaanxi Coal up 0.31%, China National Offshore Oil Corporation down 0.02%, Jereh Group down 0.01%, Yanzhou Coal Mining down 0.30%, China Coal Energy up 0.34%, Guanghui Energy up 0.73%, and Shanxi Coking Coal up 0.14% [1][2] - The performance benchmark for the Energy ETF Guangfa is the CSI All Share Energy Index, managed by Guangfa Fund Management Co., Ltd., with a fund manager named Yao Xi [1][2] - Since its establishment on June 25, 2015, the fund has returned 42.35%, with a return of 4.18% over the past month [1][2]

Group 1 - The 300 Dividend Low Volatility ETF by Jiashi (515300) opened down 0.30% at 1.335 yuan on March 26 [1][2] - Major holdings of the ETF include China Shenhua down 0.25%, Gree Electric up 0.08%, China Petroleum unchanged, Sinopec down 0.51%, Shuanghui Development up 1.17%, China National Offshore Oil Corporation down 0.02%, Daqin Railway down 0.19%, China State Construction Engineering down 0.20%, China Merchants Highway down 0.10%, and Midea Group up 0.12% [1][2] - The ETF's performance benchmark is the CSI 300 Dividend Low Volatility Index return, managed by Jiashi Fund Management Co., Ltd., with a fund manager named Wang Zihan [1][2] Group 2 - Since its establishment on August 8, 2019, the ETF has achieved a return of 72.46%, with a return of 2.72% over the past month [1][2]

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。 ( 在中華人民共和國註冊成立的股份有限公司 ) (股份代碼:01088) 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 做出。 茲載列中國神華能源股份有限公司於 2026 年 3 月 26 日在上海證券交 易所網站(www.sse.com.cn)刊登的「關於舉辦 2025 年度業績說明會 的公告」文件，僅供參閱。 承董事會命 中國神華能源股份有限公司 總會計師、董事會秘書 宋靜剛 北京，2026 年 3 月 25 日 於本公告日期，董事會成員包括執行董事張長岩先生，非執行董事康 鳳偉先生及李新華先生，獨立非執行董事袁國強博士、陳漢文博士及 王虹先生，職工董事焦蕾女士。 1 证券代码：601088 证券简称：中国神华 公告编号：临 2026-019 中国神华能源股份有限公司 关于举办 2025 年度业绩说明会的公告 中国神华能源股份有限公司董事会及全体董事保证本公告内 ...

中国神华能源股份有限公司 关于举办 2025 年度业绩说明会的公告 中国神华能源股份有限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。 重要内容提示： （网址：http://roadshow.sseinfo.com） 中国神华能源股份有限公司（"本公司"）2025 年度报告将于 2026 年 3 月 31 日披露。为便于广大投资者更全面深入地了解公司经营成果与财务状况，本公 司将于 2026 年 4 月 2 日召开"中国神华 2025 年度业绩说明会"（"本次业绩说 明会"），就投资者普遍关心的问题进行交流。具体安排如下： 一、业绩说明会类型 本次业绩说明会以网络互动方式召开，本公司将针对 2025 年度业绩与经营情 况与投资者进行交流，在信息披露允许的范围内就投资者普遍关注的问题进行解 答，听取投资者的意见和建议。 1 会议召开时间：2026 年 4 月 2 日（星期四）16:00-17:00 会议召开地点：上海证券交易所上证路演中心 证券代码：601088 证券简称：中国神华 公告编号：临 2026-019 四、投资者参加 ...

Core Viewpoint - China Shenhua announced that its 2025 annual report will be disclosed on March 31, and an interactive online performance briefing will be held on April 2 to facilitate investor understanding of the company's operational and financial status [1] Group 1 - The annual performance briefing will take place from 16:00 to 17:00 at the Shanghai Stock Exchange's online roadshow center [1] - Company directors and senior management will participate in the briefing [1] - Investors can submit questions from March 26 to April 1, 16:00, either through the roadshow center or via email by 17:00 on March 31, and the company will address these questions during the meeting [1]

Core Viewpoint - Morgan Stanley has added China Shenhua (01088) to its focus list for mainland China/Hong Kong with a rating of "Overweight" [1] Group 1: Company Overview - China Shenhua is the largest coal producer in China [1] - The company is projected to reach a coal production of 330 million tons and sales of 430 million tons by 2025 [1] Group 2: Market Dynamics - Despite the continuous increase in domestic coal supply, the stock has experienced a sustained revaluation due to China's energy transition [1] - Coal prices have risen year-on-year, leading to higher profit contributions from Shenhua's coal segment [1] Group 3: Investment Appeal - The stock currently offers an attractive dividend yield of approximately 7%, making it appealing in volatile market conditions [1]

Group 1 - The central enterprise dividend ETF, Fu Guo (159332), opened at 1.234 yuan with an increase of 0.98% on March 24 [1][2] - Major holdings of the ETF include China Merchants Industry Holdings, which rose by 0.72%, and China Shenhua Energy, which fell by 1.76% [1] - The ETF's performance benchmark is the China Central Enterprises Dividend Index return rate, managed by Fu Guo Fund Management Co., Ltd., with a return of 26.33% since its establishment on July 16, 2024, and a monthly return of 2.08% [2] Group 2 - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [3]

Core Viewpoint - The successful completion of a significant asset restructuring by China Shenhua, involving the acquisition of equity stakes in 12 core enterprises from its controlling shareholder, the State Energy Group, marks a record in the A-share market for the scale of share issuance for asset purchases and serves as a case study for the ongoing reforms in China's capital market [1][2]. Group 1 - The restructuring, valued at 133.598 billion yuan, enhances China Shenhua's core business capacity and resource reserves significantly [1]. - Post-transaction, China Shenhua's coal reserves increased from 41.58 billion tons to 68.49 billion tons, a rise of 64.72%, while its recoverable coal reserves surged from approximately 17.45 billion tons to 34.5 billion tons, marking a 97.71% increase [1]. - The annual coal production capacity is expected to rise to 512 million tons, reflecting a 56.57% increase, and the installed power generation capacity will reach 60.88 million kilowatts, with polyolefin production capacity increasing by 213% [1]. Group 2 - The restructuring allows China Shenhua to engage comprehensively across all segments of the coal industry chain, creating a closed-loop system of "coal-electricity-chemicals-transportation," which helps stabilize the company during energy price fluctuations [2]. - The transaction resolves long-standing competition issues with the State Energy Group, fulfilling the controlling shareholder's long-term commitments to the capital market [2]. - The restructuring process set a new efficiency benchmark in the A-share market, taking just over ten days from acceptance by the Shanghai Stock Exchange to receiving approval from the China Securities Regulatory Commission [2].

Core Viewpoint - China Shenhua is solidifying its integrated advantages while exploring green transformation as it faces challenges in the coal industry by 2025, aiming for new growth drivers in the "14th Five-Year Plan" [1][2][3] Group 1: Financial Performance and Projections - For 2025, China Shenhua expects a net profit attributable to shareholders between 49.5 billion to 54.5 billion yuan, maintaining a strong performance despite industry downturns [1] - In the first two months of 2026, coal sales reached 66.4 million tons, a year-on-year increase of 2.6%, with power generation and sales also up by 8.4% [1] - The company plans to distribute cash dividends of no less than 65% of the annual net profit for the years 2025-2027 [1] Group 2: Strategic Acquisitions and Market Position - China Shenhua completed a major asset restructuring by acquiring 12 companies from the State Energy Group for 133.598 billion yuan, enhancing its position as the sole integrated platform for coal business [2] - Post-acquisition, coal reserves increased from 41.58 billion tons to 68.49 billion tons, a 64.72% rise, while the recoverable coal reserves nearly doubled to 34.5 billion tons [2] - The expected coal production will rise to 512 million tons, reflecting a 56.57% increase due to the acquisition of high-quality assets [2] Group 3: Strategic Development and Future Outlook - China Shenhua's 2026 strategy focuses on strengthening its core integrated advantages while promoting green production systems and the integration of coal and renewable energy [3] - The company aims to balance energy security with green low-carbon goals, aspiring to become an innovative world-class energy listed company [3]

Summary of China Coal and Shenhua Energy Conference Call Industry Overview - The conference discusses the thermal coal market in China, focusing on demand, supply, and pricing outlook for 2026, influenced by geopolitical factors and domestic production capabilities. Key Points 1. Demand Forecast - In 2026, China's thermal coal demand is expected to increase by 0.6% YoY, driven primarily by a 0.7% increase in the power segment, which accounts for 63% of total demand. Other sectors like cement and steel are projected to see declines of -2.6% and -1.6% respectively, while the chemicals sector is expected to grow by +5.3% [2][8] 2. Supply Outlook - Total coal output in China is projected to reach 4,902 million tons in 2026, reflecting a 0.6% YoY increase. However, this could be impacted by overproduction and regulatory constraints. Imported coal volume is expected to decline to 453 million tons, a decrease of 7.5% YoY, due to tightened supply from Indonesia [3][11][10] 3. Price Projections - The average price for QHD5500kcal coal is forecasted to be Rmb800 per ton in 2026, representing a 14.8% increase YoY. This price increase is supported by rising energy prices and potential additional supply from Xinjiang if domestic prices rise significantly [4][13] 4. Company-Specific Updates - **Shenhua Energy (1088.HK/601088.SS)**: - Earnings forecasts for 2025, 2026, and 2027 have been revised upwards by 0%, +11%, and +12% respectively, primarily due to higher coal and coal chemical product prices. Target prices have been adjusted to HK$54.7 for Shenhua-H and Rmb53.0 for Shenhua-A [27][28][29] - Dividend yields are projected at 5.1% for Shenhua-H and 4.5% for Shenhua-A, leading to an upgrade of Shenhua-A to Buy [29] - **China Coal (1898.HK/601898.SS)**: - Earnings forecasts for 2025, 2026, and 2027 have been revised by 0%, +22%, and +15% respectively, reflecting higher average selling prices (ASPs) for coal and coal chemical products. Target prices are set at HK$18.2 for China Coal-H and Rmb17.9 for China Coal-A [38][43][44] - Dividend yields are estimated at 4.0% for China Coal-H and 2.7% for China Coal-A, with an upgrade of China Coal-H to Buy and China Coal-A to Neutral [44] 5. Market Dynamics - The rising energy prices due to geopolitical tensions, particularly in the Middle East, are expected to support domestic thermal coal prices. However, the potential for increased domestic production could cap significant price spikes [1][4][13] 6. Additional Insights - The power segment remains the key driver of thermal coal demand, while the chemicals industry is anticipated to experience robust growth. The overall market dynamics suggest a cautious but optimistic outlook for the coal sector in 2026, with a focus on balancing supply and demand amidst regulatory challenges [2][3][8] This summary encapsulates the critical insights from the conference call regarding the thermal coal market in China, highlighting both the opportunities and challenges faced by key players in the industry.