FF301 致：香港交易及結算所有限公司 公司名稱: 中國秦發集團有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00866 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.1 HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.1 HKD | | 2,000,000,000 | 本月底法定/註冊股本總額： HKD 2,000,000,000 第 1 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市 ...

12月3日，港股指数低开低走，截止午盘，恒生指数跌0.97%报25842.77点，恒生科技指数跌1.3%报 5550.92点，国企指数跌1.26%报9067.4点，红筹指数跌0.64%报4250.67点。 盘面上，科技股集体弱势拖累大市走低，阿里巴巴跌1.97%，腾讯控股跌1.05%，京东集团跌0.26%，小 米集团跌0.79%，网易跌3.3%，美团跌0.67%，快手跌1.67%，哔哩哔哩跌2.7%；有色金属股活跃，中国 铝业涨超5%；汽车股走弱，小鹏汽车跌超3%；生物医药板块普跌，药明合联跌超3%；今日两只新股上 市，乐摩科技涨超56%，金岩高岭新材涨超1%。 企业新闻 中国东方集团(00581.HK)：斥资约5200万元收购江苏神通375.35万股股份。 黑芝麻智能(02533.HK)：拟斥资约4亿-5.5亿元获取珠海亿智电子科技有限公司多数股权，预期收购事项 将于2026年第一季度完成。 国富氢能(02582.HK)：完成配售485.8万股，净筹约1.97亿港元，约60%用于中国及海外氢能项目的融资 投资及合作。 中国秦发(00866.HK)：非全资附属SDE与浙江能源亚太订立供煤协议，将提供15万公吨 ...

Market Overview - The Hong Kong stock market opened lower on December 3, with the Hang Seng Index down 0.44% at 25,980.89 points, the Hang Seng Tech Index down 0.51% at 5,595.53 points, the National Enterprises Index down 0.55% at 9,132.53 points, and the Red Chip Index down 0.24% at 4,267.46 points [1] - Major tech stocks mostly declined, with Alibaba down 0.76%, Tencent Holdings down 0.16%, JD.com down 0.34%, NetEase down 1.52%, Kuaishou down 1.38%, and Bilibili down 1.08% [1] - Automotive stocks continued to diverge, with NIO and Xpeng Motors declining, while gambling stocks, food and beverage stocks, and the three major oil companies also saw declines [1] - Nuclear power stocks, building materials and cement stocks, and new consumption concept stocks mostly rose, with new stock Jinyan Gaoling New Materials opening over 27% higher [1] Corporate News - Hezhima Intelligent (02533.HK) plans to invest approximately 400-550 million yuan to acquire a majority stake in Zhuhai Yizhi Electronic Technology Co., expecting the acquisition to be completed in Q1 2026 [2] - China Qinfa (00866.HK) signed a coal supply agreement with Zhejiang Energy Asia Pacific to provide 150,000 tons of Indonesian fuel coal [2] - Fuhong Hanlin (02696.HK) received acceptance for the listing registration application of its biosimilar HLX14, with global sales of similar products expected to reach approximately $7.463 billion in 2024 [2] - Deki Pharmaceuticals-B (06996.HK) received IND approval for its IB/II phase study of ATG-022 in combination with KEYTRUDA® (pembrolizumab) ± chemotherapy in China [2] - Gakosi-B (01167.HK) received a down payment of 125 million yuan from Haicong Capital as part of its capital increase and share transfer agreement, which will support the development of its innovative oncology therapy pipeline [2] Stock Buybacks - Tencent Holdings (00700.HK) repurchased approximately 1.036 billion HKD worth of shares, buying back 1.028 million shares at prices between 615.5 and 625.5 HKD [6] - Xiaomi Group-W (01810.HK) repurchased shares worth 102 million HKD, buying back 2.5 million shares at prices between 40.5 and 40.72 HKD [7] - China Feihe (06186.HK) repurchased shares worth 16.74 million HKD, buying back 4 million shares at prices between 4.17 and 4.20 HKD [8] - COSCO Shipping Holdings (01919.HK) repurchased shares worth 41.053 million HKD, buying back 3 million shares at prices between 13.62 and 13.81 HKD [9] - Jiuyuan Gene (02566.HK) plans to repurchase shares up to 100 million HKD [10] Institutional Insights - Guoyuan International noted uncertainty in the direction of the Federal Reserve's decisions in December, influenced by recent economic data and Japan's hawkish stance, suggesting potential external disturbances for the Hong Kong market [11] - Zhongtai Securities highlighted a new cycle for coal, recommending investment opportunities in the coal sector for 2026, focusing on three main lines: high dividend and low valuation stocks, companies with capacity growth and significant profit elasticity, and coking coal benefiting from price recovery and profit improvement [11]

Group 1 - The core viewpoint is that coal prices have risen unexpectedly post-October, driven by supply constraints and increased demand from downstream power plants [1] - Supply concerns are exacerbated by factors such as rainfall in production areas and maintenance on the Daqin railway, leading to a decrease in imported coal due to political factors in Mongolia [1] - The EIA predicts that U.S. coal consumption will reach 439 million tons by 2025, a year-on-year increase of 6.7%, with coal inventories at U.S. power plants expected to decline to 107 million short tons by the end of 2025 [1] Group 2 - Zhongtai Securities suggests that coal may enter a new cycle, with investment opportunities in the coal sector expected to emerge by 2026, focusing on high dividend and low valuation stocks [2] - The report emphasizes the importance of companies with growth potential and significant profit elasticity, recommending attention to those benefiting from the coal price bottoming out and improving profitability [2] - Key coal-related companies in the Hong Kong stock market include China Coal Energy, Yanzhou Coal Mining, China Shenhua Energy, Yancoal Australia, and China Qinfa [3]

Group 1 - Coal prices have unexpectedly risen after the October holiday due to supply constraints and increased demand from downstream power plants [1] - The EIA predicts that U.S. coal consumption will reach 439 million tons by 2025, a 6.7% year-on-year increase, with coal inventory at power plants expected to decline to 107 million short tons [1] - The U.S. coal market may experience a historic reversal opportunity due to low inventory and explosive demand growth, alongside a continuous decline in production [1] Group 2 - Zhongtai Securities suggests that coal may enter a new cycle, with investment opportunities in the coal sector expected to emerge by 2026 [2] - The report highlights three main investment themes: high dividend and low valuation stocks, companies with growth potential and significant profit elasticity, and coking coal benefiting from price recovery and profit improvement [2] Group 3 - Key coal-related companies in the Hong Kong stock market include China Coal Energy (01898), Yanzhou Coal Mining (01171), China Shenhua Energy (01088), Yancoal Australia (03668), and China Qinfa (00866) [3]

Group 1 - The core point of the article is that China Qinfa (00866) has entered into a coal supply agreement with Zhejiang Energy Asia Pacific, involving the purchase of 150,000 metric tons of Indonesian thermal coal [1] - The agreement allows for a mutual adjustment of the base quantity by up to 10% in either direction [1]

Group 1 - The core point of the article is that China Qinfa (00866) has signed a coal supply agreement with Zhejiang Energy Asia Pacific for the purchase of 150,000 tons of Indonesian thermal coal [1] - The agreement allows both parties to mutually agree to adjust the base quantity by up to 10% either upwards or downwards [1]

香 港 交易 及 結 算 所 有限 公 司 和 香港 聯 合 交 易 所有 限 公 司 對 本公 佈 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 就 因本 公 佈 全部 或 任 何 部 分內 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 秦 發 集 團 有 限 公 司 CHINA QINFA GROUP LIMITED （ 於開曼群島註冊成立的有限公司） （股份代號︰00866） 關連交易 供煤協議 供煤協議 董 事 會 欣 然 宣 佈 ， SDE（ 本 公 司 的 非 全 資 附 屬 公 司 ）與 浙 江 能 源 亞 太 訂 立 供煤協議，內容有關浙江能源亞太向SDE購買煤炭。 上市規則的涵義 於 本 公 佈 日 期 ， 由 於 浙 江 能 源 亞 太 為 力 遠（ 本 公 司 的 間 接 非 全 資 附 屬 公 司 ）的主要股東，故其為本公司附屬公司層面的關連人士。因此，供煤協 議的訂立及其項下擬進行的交易構成上市規則第14A章項下本公司的關連 交易。 – 1 – 由於(i)浙 ...

美国煤炭需求：电力用煤需求为核心，占90%以上，2025年美国电煤需求预计明显增长 根据EIA预测，2025年美国煤炭消费量预计为4.39亿吨，同比上涨6.7%，此外，美国电厂存煤能力进一 步下滑，2025年底美国燃煤电厂煤炭库存预计将下降至1.07亿短吨水平，低库存叠加爆发性需求增速， 以及持续产量下降的供给刚性，有望带动美国煤炭市场及煤价迎来历史性反转机会。 智通财经APP获悉，国盛证券发布研报，根据EIA预测，2025年美国煤炭消费量预计为4.39亿吨，同比 上涨6.7%，此外，美国电厂存煤能力进一步下滑，2025年底美国燃煤电厂煤炭库存预计将下降至1.07亿 短吨水平，低库存叠加爆发性需求增速，以及持续产量下降的供给刚性，有望带动美国煤炭市场及煤价 迎来历史性反转机会。随着美国国内煤炭消费爆发式增长，美国煤炭出口预计趋缓，全球海运动力煤贸 易或将步入紧平衡格局，建议重点关注具备区位与成本优势的国内煤企。 国盛证券主要观点如下： 美国煤炭供给：煤炭行业投资长期底部，在建产能少，约束供给长期刚性 根据IEA《全球能源投资2025》报告数据，2024年全球煤炭投资增长几乎全由中国和印度贡献，南非和 东南亚也 ...

Key Insights - The report highlights the focus on resource products and AI applications in overseas markets, with particular attention to the upcoming Federal Reserve monetary policy meeting in December [1][9] - Google's launch of the Gemini 3 AI model is noted as a significant advancement, claiming to be the most intelligent and factually accurate AI system to date, enhancing various tasks such as software creation and document analysis [2][11] - Tesla's shareholder meeting approved a substantial compensation plan for Elon Musk, with over 75% of shareholders in favor, and revealed plans for mass production of humanoid robots and autonomous vehicles [3][10] - The report emphasizes the rising demand for autonomous driving chips, particularly from leading companies like Horizon Robotics and new automotive players such as Leap Motor [4][21] Overseas Stock Recommendations for December 2025 - China Hongqiao (1378.HK) reported strong Q3 performance with a revenue of 1169.3 billion yuan, a 6% year-on-year increase, and a net profit of 193.7 billion yuan, up 23% [22][23] - China Qinfa (0866.HK) is expected to benefit from improved coal quality and rising coal prices, with significant production growth anticipated from its Indonesian operations [26][27] - Beike-W (2423.HK) is positioned as a key player in the real estate brokerage sector, with a projected net profit of 37.1 billion yuan in 2025 [30][31] - Alibaba-W (9988.HK) is expected to reduce losses in its flash sales segment, with a focus on AI integration across its services [33][34] - Tencent Holdings (0700.HK) is experiencing strong growth in advertising revenue, driven by AI enhancements [37][38] - Google-A (GOOGL.O) reported a 15.9% year-on-year revenue increase, with significant growth in its cloud business and AI applications [41][42] - AAC Technologies (2018.HK) is expanding its optical and automotive product lines, with a projected revenue growth of 18% from 2025 to 2027 [46][47]