Core Viewpoint - China Coal Energy (601898) reported a decrease in both coal production and sales for January 2026, indicating potential challenges in the coal market [1] Group 1: Production and Sales Data - The company's coal production for January 2026 was 10.29 million tons, representing a year-on-year decrease of 10.4% [1] - The total coal sales amounted to 20.05 million tons, which is a year-on-year decrease of 7.3% [1] - Self-produced coal sales reached 10.57 million tons, showing a slight year-on-year increase of 1.7% [1]

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的內容概不負責，對其 準確性或完整性亦不發表任何聲明，幷明確表示，概不對因本公告全部或任何部份內容 而産生或因依賴該等內容而引致的任何損失承擔任何責任。 2026 年 1 月份主要生產經營數據公告 （海外監管公告） 中國中煤能源股份有限公司（「本公司」）董事會及全體董事保證本公告內容 不存在任何虛假記載、誤導性陳述或重大遺漏，並對其內容的真實性、準確 性和完整性承擔法律責任。 | 指標項目 | 單位 | 2026 | 年 | 2025 | 年 | 變化比率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 月份 1 | 累計 | 月份 1 | 累計 | 月份 1 | 累計 | | 一、煤炭業務 | | | | | | | | | （一）商品煤產量 | 萬噸 | 1,029 | 1,029 | 1,148 | 1,148 | -10.4 | -10.4 | | （二）商品煤銷量 | 萬噸 | 2,005 | 2,005 | 2,163 | 2,163 | -7.3 | -7.3 | ...

Group 1 - The core point of the article is that China Coal Energy announced a decline in coal production and sales for January 2026, with a significant drop in commodity coal output and sales compared to the previous year [1] Group 2 - The coal business reported a commodity coal production of 10.29 million tons, a year-on-year decrease of 10.4% [1] - The sales volume of commodity coal was 20.05 million tons, reflecting a year-on-year decline of 7.3% [1] - Self-produced commodity coal sales reached 10.57 million tons, showing a slight year-on-year increase of 1.7% [1] Group 3 - In the coal chemical business, polyethylene production was 66,000 tons, which is a year-on-year decrease of 1.5% [1] - The sales volume of polyethylene was 68,000 tons, indicating a significant year-on-year increase of 41.7% [1] Group 4 - The output value of coal mining equipment was 770 million yuan, representing a year-on-year decline of 7.2% [1] - There may be discrepancies between this data and periodic reports, and significant variations could occur on a monthly basis [1]

Core Viewpoint - China Coal Energy announced a decline in both coal production and sales for January, indicating potential challenges in the coal industry [1] Production Summary - The coal production for January was 10.29 million tons, representing a year-on-year decrease of 10.4% [1] - The cumulative coal production for the year to date also stood at 10.29 million tons, reflecting the same year-on-year decline of 10.4% [1] Sales Summary - The coal sales for January reached 20.05 million tons, which is a year-on-year decrease of 7.3% [1] - The cumulative coal sales for the year to date were also 20.05 million tons, showing a year-on-year decline of 7.3% [1] - Among the sales, self-produced coal sales in January amounted to 10.57 million tons, marking a year-on-year increase of 1.7% [1] - The cumulative self-produced coal sales for the year to date were 10.57 million tons, also reflecting a year-on-year increase of 1.7% [1]

Macroeconomic Insights - January non-farm employment data exceeded expectations with an increase of 130,000 jobs, significantly higher than the anticipated 65,000[2] - The unemployment rate unexpectedly dropped to 4.3%, despite a rise in labor participation rate[2] - The Federal Reserve may pause interest rate cuts until June, with market expectations for a rate cut probability of less than 6% in March[3] Inflation and Economic Trends - The U.S. economy is transitioning from a "K-shaped" recovery to a "re-inflation" phase, with high-net-worth individuals stabilizing the economy through refinancing[6] - Inflation expectations are self-reinforcing, with actual mortgage rates at a three-year low, contributing to a recovery in the housing sector[8] - The housing affordability index remains above 100, indicating that median-income households can still afford homes despite high prices[21] Industry-Specific Developments - The traditional electronic fabric market is experiencing accelerated price increases due to supply shortages, with prices rising by 0.5-0.6 RMB/m[43] - The AI electronic fabric sector is expected to see significant growth in 2026, driven by demand from AI chips and consumer electronics[46] - The coal industry is projected to benefit from a resurgence in coal power in the U.S., with companies like Peabody Energy and China Shenhua expected to gain[51]

Company Project Progress - The company plans to add coal production capacity of 6.4 million tons per year and coal chemical capacity of 900,000 tons per year by the end of 2026 or 2027. Specific projects include the Libu Mine and the Weizigou Coal Mine expansion, with progress reported at 50.59% and 72.39% respectively as of August 2025, and expected to be operational by the end of 2026 [2] Industry Policy Status - The domestic coal market is expected to see a slowdown in supply growth by 2026, but there is significant policy support at the bottom. The continuation of the National Energy Administration's overproduction policy may create a price range for coal. Additionally, the advancement of "dual carbon" policies may limit coal demand growth, although demand in the coal chemical sector is expected to increase [3] Company Structure and Governance - The company completed adjustments to its fifth board of directors' special committee on January 30, 2026. Future attention should be given to the release schedule of regular reports, such as the 2025 annual report, and potential investor research activities [4]

Group 1: ETF Market Overview - The ETF market in China has rapidly developed over the past few years, forming a comprehensive product system that covers various asset types and investment markets, including domestic and international markets [3] - ETFs are categorized by asset type into three main categories: equities, bonds, and commodities, with equity ETFs further divided into broad-based, sector, thematic, and strategy types [3] - The complete and evolving ecosystem of ETFs provides essential tools for investors to conduct refined and diversified asset allocation [3] Group 2: Military Industry Developments - The successful flight test of the Long March 10 rocket and the Dream Chaser spacecraft marks a significant breakthrough in China's manned lunar exploration program, with expectations for rapid development in space economy sectors such as space tourism and resource development during the 14th Five-Year Plan [7][8] - The Chinese government aims to achieve its first manned moon landing by 2030, with a series of planned missions leading up to this goal, including the launch of the Chang'e 7 and Chang'e 8 missions [8] - The military industry is expected to see commercial space ventures become a core investment direction during the 14th Five-Year Plan, driven by advancements in space exploration projects [8][9] Group 3: Absolute and Relative Return Strategies - Five absolute return strategies have been constructed, with annualized returns ranging from 6.74% to 11.66% over various periods, indicating the potential for stable returns through diversified asset combinations [4] - Relative return strategies include style rotation and industry rotation, with annualized returns for style rotation strategies reaching up to 26.65% and industry rotation strategies achieving returns of 20.17% [5] Group 4: Service Industry Insights - The service industry in China has significant potential for growth, with the value-added share expected to increase as the economy transitions from goods to services, reflecting a shift in consumer behavior [15][16] - The analysis indicates that sectors such as retail, dining, and healthcare within the service industry have considerable room for improvement, driven by demand and productivity changes [18]

Group 1 - Funde Sino Life Insurance Co., Ltd. reduced its stake in China Coal Energy (01898) by 1.671 million shares at a price of HKD 11.93 per share, totaling approximately HKD 19.935 million [1] - After the reduction, Funde Sino's latest shareholding stands at approximately 1.601 billion shares, representing a holding percentage of 38.99% [1]

摘要 印尼配额政策收紧对煤炭供应产生实质性影响，导致部分企业暂停现货 出口，南方沿海电厂面临采购困境，建议春节前配置煤炭板块，以应对 节后可能出现的用煤紧张局面。 全球煤炭供应偏紧，中国预计负增长，印尼大幅收缩配额，美国减少出 口，澳洲生产不确定性增加，建议春节前积极配置动力煤相关股票，如 兖矿能源、中煤能源、陕西煤业等。 全球不确定性加剧及金价大幅调整后，黄金股估值较低，央行购金提供 需求端稳定器，建议持有黄金股过春节，推荐中金黄金、紫金国际、万 国集团等标的。 钨和稀土受益于自身基本面强势走出独立行情，钨矿供需持续紧张导致 价格加速上涨，推荐中钨高新、厦门钨业、嘉鑫国际资源等龙头企业。 稀土市场氧化镝镧价格持续上涨，受益于冶炼分离指标不足、复产不及 预期及下游企业补库需求，推荐轻稀土龙头北方稀土，以及中国稀土和 中锡有色。 Q&A 在当前市场波动较大的情况下，春节前后哪些资源品种值得投资？ 我们认为在当前市场波动较大的情况下，煤炭、黄金、镍、钨和稀土是值得关 注的投资方向。这些品种目前基本面较好，并且在春节期间和节后有望表现出 色。 具体来看，煤炭和镍的投资逻辑相对接近。近期印尼的配额政策不断发酵， 对这 ...

格隆汇2月11日丨根据联交所最新权益披露资料显示，2026年2月9日，中煤能源(01898.HK)遭Funde Sino Life Insurance Co.,Ltd.在场内以每股均价11.93港元减 持167.1万股，涉资约1993.5万港元。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | --- | --- | --- | --- | | | 原因 | 股份數目 | ねんばし題め船。 有投票權股 期(日/月/ 份權益 | | | | | 仿自分比 | | CS20260211E00004 | Funde Sino Life Insurance 1201(L) 1,671,000(L HKD 11.9300 | | 1,601,065,147(L) 38.99(L) 09/02/2026 | | | Co.,Ltd. | | | 减持后，Funde Sino Life Insurance Co.,Ltd.最新持股数目为1,601,065,147股，持股比例由39.03%下降至38.99%。 ...