证券代码：601088 证券简称：中国神华 公告编号：临 2025-068 中国神华能源股份有限公司 2025 年 10 月份主要运营数据公告 中国神华能源股份有限公司（"本公司"）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。 注：本公司收购国家能源集团杭锦能源有限责任公司（"杭锦能源"）100%股权的交 易已完成。自 2025 年 2 月起，本公司主要运营指标包含杭锦能源相关业务量，并对上年同 期本公司主要运营指标进行了重述。 2025 年 10 月，本公司天津煤码头装船量同比增长的主要原因，是上年同期 港口设备检修等导致基数较低；航运周转量同比下降的主要原因，是业务结构调 整、航线结构变化；聚丙烯销售量同比增长的主要原因，是聚丙烯产量增长及本 月消化部分库存。 以上主要运营数据来自本公司内部统计。运营数据在月度之间可能存在较大 差异，其影响因素包括但不限于天气变化、设备检修、季节性因素和安全检查等。 运营数据可能与相关期间定期报告披露的数据有差异。投资者应注意不恰当信赖 或使用以上信息可能造成投资风险。 1 承中国神华能源股 ...

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) 2025 年 10 月份主要運營數據公告 (海外監管公告) 中國神華能源股份有限公司（「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、誤導性陳述或者重大遺漏，並對其內容的真實性、準確性和完整 性承擔法律責任。 | | | 2025 | 年 | 2024 | 年 | 同比变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 運營指標 | 單位 | | | (重述後) | | (%) | | | | | 10 月 | 累計 | 10 月 | 累計 | 10 月 | 累計 | | （一）煤炭 | | | | | | | | | 商品煤產量 1. | 百萬噸 | 26.4 | 277.3 | 28.5 | 280.3 | (7.4) | (1.1) | | 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。 | 1．產量 | 萬噸 | 12.2 | 160.0 | 17.4 | 138.7 | -29.9 | 15.4 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2．銷量 | 萬噸 | 12.3 | 161.8 | 15.2 | 135.8 | -19.1 | 19.1 | | （四）硝銨 | | | | | | | | | 1．產量 | 萬噸 | 5.4 | 47.3 | 5.0 | 47.3 | 8.0 | 0.0 | | 2．銷量 | 萬噸 | 5.0 | 47.2 | 5.1 | 47.3 | -2.0 | -0.2 | | 三、煤礦裝備業務 | | | | | | | | | 煤礦裝備產值 | 億元 | 7.5 | 79.6 | 9.3 | 86.5 | -19.4 | -8.0 | 以上生產經營數據源自本公司內部統計，為投資者及時了 ...

证券代码：601898 证券简称：中煤能源 公告编号：2025-035 中国中煤能源股份有限公司 2025 年 10 月份主要生产经营数据公告 本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。 | 指标项目 | 单位 | 2025 | 年 | 2024 | 年 | 变化比率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 10 月份 | 累计 | 10 月份 | 累计 | 10 月份 | 累计 | | 一、煤炭业务 | | | | | | | | | （一）商品煤产量 | 万吨 | 1,144 | 11,302 | 1,134 | 11,365 | 0.9 | -0.6 | | （二）商品煤销量 | 万吨 | 2,188 | 21,224 | 2,510 | 23,061 | -12.8 | -8.0 | | 其中：自产商品煤销量 | 万吨 | 1,230 | 11,375 | 1,177 | 11,215 | 4.5 | 1.4 | | 二、煤化工业 ...

Core Viewpoint - Xinjiang Tianye (600075.SH) announced a joint investment with Tianchi Energy to establish a new company focused on modern coal chemical green low-carbon technologies and innovative processes [1] Group 1: Joint Venture Details - The joint venture is tentatively named Xinjiang Tiantian United New Materials Co., Ltd. with a registered capital of 50 million yuan [1] - Xinjiang Tianye will contribute 25.5 million yuan, accounting for 51% of the registered capital, while Tianchi Energy will contribute 24.5 million yuan, accounting for 49% [1] Group 2: Strategic Focus - The joint venture aims to promote the preliminary work of coal chemical projects and explore sustainable development paths for modern coal chemistry [1] - The initiative is intended to facilitate the green transformation of the energy structure and the green upgrade of the industry [1]

Core Viewpoint - Xinjiang Tianye (600075.SH) announced a joint investment with Tianchi Energy to establish a new company focused on modern coal chemical green low-carbon technologies and innovative processes [1] Group 1: Joint Venture Details - The joint venture is tentatively named Xinjiang Tiantian United New Materials Co., Ltd. with a registered capital of 50 million yuan [1] - Xinjiang Tianye will contribute 25.5 million yuan, holding a 51% stake, while Tianchi Energy will contribute 24.5 million yuan for a 49% stake [1] Group 2: Strategic Focus - The joint venture aims to promote the preliminary work of coal chemical projects and explore sustainable development paths for modern coal chemistry [1] - The initiative is intended to facilitate the green transformation of the energy structure and the green upgrade of the industry [1]

Core Viewpoint - Xinjiang Tianye (600075.SH) announced a joint investment with Tianchi Energy to establish a new company focused on modern coal chemical green low-carbon technologies and innovative processes [1] Group 1: Joint Venture Details - The joint venture will be named Xinjiang Tiantian United New Materials Co., Ltd. with a registered capital of 50 million yuan [1] - Xinjiang Tianye will contribute 25.5 million yuan, holding a 51% stake, while Tianchi Energy will contribute 24.5 million yuan for a 49% stake [1] Group 2: Strategic Focus - The joint venture aims to promote the preliminary work of coal chemical projects [1] - The initiative is dedicated to exploring sustainable development paths for modern coal chemical processes and facilitating the green transformation of the energy structure and industrial upgrades [1]

Core Viewpoint - Baofeng Energy's stock price has shown a year-to-date increase of 19.94%, with significant growth in revenue and net profit for the first nine months of 2025, indicating strong financial performance and investor interest [1][2]. Group 1: Stock Performance - As of November 14, Baofeng Energy's stock price decreased by 2.02%, trading at 19.37 CNY per share, with a total market capitalization of 142.05 billion CNY [1]. - The stock has experienced a 19.94% increase year-to-date, with a 0.16% rise over the last five trading days, a 14.48% increase over the last 20 days, and a 28.19% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Baofeng Energy reported a revenue of 35.545 billion CNY, representing a year-on-year growth of 46.43%, and a net profit attributable to shareholders of 8.950 billion CNY, which is a 97.27% increase compared to the previous year [2]. - The company has distributed a total of 17.348 billion CNY in dividends since its A-share listing, with 9.145 billion CNY distributed over the last three years [2]. Group 3: Shareholder Information - As of September 30, 2025, Baofeng Energy had 65,400 shareholders, an increase of 3.70% from the previous period, with an average of 112,206 circulating shares per shareholder, a decrease of 3.57% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 177 million shares, a decrease of 25.6241 million shares from the previous period [2].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Urea is expected to have a firm and volatile trend. Although the market sentiment has slightly improved with the release of the fourth export quota, the downstream follow - up sentiment is still cautious, and the domestic demand support is weak. The fundamental pressure remains, and the upward momentum of the futures market is not obvious [2]. - Soda ash is also expected to show a firm and volatile trend. The supply has slightly declined this week, and the inventory of the middle and upper reaches has decreased. The demand is weakly stable. The futures market is relatively active, but more drivers are needed for continuous upward movement [2]. - Glass is expected to be in a bottom - oscillating state. The supply is stable, the demand follow - up is cautious, and the glass factory may continue to reduce prices to destock. The market drive is limited, and the futures price has fallen to a low - valuation range [2]. Summary by Relevant Catalogs Research Viewpoints - **Urea**: On Thursday, the spot price was mostly stable with slight fluctuations in some areas. The supply level fluctuated slightly, with a daily output of 19.75 tons on November 13, a decrease of 0.06 tons from the previous day. The demand sentiment slowed down, with an average production - sales rate of only 30% in the domestic mainstream areas. The market sentiment improved with the export quota announcement, but the downstream was still cautious [2]. - **Soda ash**: On Thursday, the spot price was basically stable, and the trader's quotation increased with the futures market sentiment. This week, the supply level slightly declined, with the industry operating rate dropping by 0.87 percentage points and the production decreasing by 1.01%. The enterprise inventory decreased slightly by 0.4%, and the social inventory decreased by more than 20,000 tons. The demand was weakly stable [2]. - **Glass**: On Thursday, the spot price continued to decline. The supply remained stable, with a daily melting volume of 15.91 tons. The demand follow - up was cautious, with a production - sales rate of 85% - 95% in the mainstream areas. The glass factory's inventory increased by 0.18% this week, and there is a possibility of price - cutting to destock [2]. Market Information - **Urea**: On November 13, the futures warehouse receipts were 6,958, unchanged from the previous day, with 440 valid forecasts. The daily output was 19.75 tons, a decrease of 0.06 tons from the previous day and an increase of 1.39 tons compared to the same period last year. The opening rate was 84.43%, 3.19 percentage points higher than the same period last year. As of November 12, the enterprise inventory was 148.36 tons, a decrease of 94,500 tons and 5.99% week - on - week [5][6]. - **Soda ash and Glass**: On November 13, the soda ash futures warehouse receipts were 5,804, a decrease of 547 from the previous day, with 1,354 valid forecasts; the glass futures warehouse receipts were 495, a decrease of 3 from the previous day. The soda ash production in the week ending November 13 was 739,300 tons, a decrease of 7,600 tons and 1.01% week - on - week. The capacity utilization rate was 84.80%, a decrease of 0.87 percentage points week - on - week. As of November 13, the soda ash factory inventory was 1.7073 million tons, an increase of 1,100 tons from Monday and a decrease of 6,900 tons and 0.40% from the previous Thursday. The average price of the float glass market on November 13 was 1,143 yuan/ton, a decrease of 3 yuan/ton day - on - day. As of November 13, the inventory of domestic float glass sample enterprises was 63.247 million weight boxes, an increase of 111,000 weight boxes and 0.18% week - on - week, and 33.61% higher than the same period last year [8][9]. Chart Analysis - The report provides multiple charts including the closing prices, basis, trading volume and positions, spreads, spot price trends, and futures price spreads of urea, soda ash, and glass, with all chart data sourced from iFind and the Everbright Futures Research Institute [11][24]. Resource品 Team Research Members Introduction - Zhang Xiaojin is the director of the resource product research at Everbright Futures Research Institute, focusing on sugar industry research, with rich research achievements and many awards [26]. - Zhang Linglu is an analyst at Everbright Futures Research Institute, responsible for the research of futures varieties such as urea, soda ash, and glass, and has won many honors [26]. - Sun Chengzhen is an analyst at Everbright Futures Research Institute, mainly engaged in the fundamental research and data analysis of varieties such as cotton, cotton yarn, and ferroalloy, and has won relevant honors [26].

Core Viewpoint - Baofeng Energy is a leading enterprise in China's high-end coal-based new materials industry, focusing on independent innovation and aiming to become a significant global supplier of new materials [2][3]. Industry Overview - Baofeng Energy leverages China's resource characteristics of "rich coal, scarce oil, and limited gas" to produce polyethylene, polypropylene, and EVA from coal, establishing the largest and most advanced modern coal chemical industry cluster in the country [3]. - The company has developed over 100 chemical products, contributing to resource conservation and clean utilization, while filling import gaps and achieving product import substitution [3]. Technological Advancements - The company has recently launched a coal-based new materials project in Inner Mongolia, utilizing advanced technologies such as 6.5MPa pulverized coal gasification and the third-generation DMTO technology, achieving a single unit capacity of over 1 million tons [4]. - Baofeng Energy has achieved significant milestones, including five global scale records in coal-to-olefins production and three national scale records in various equipment, demonstrating its technological leadership [4]. Green Transformation - The company is committed to green low-carbon development and digital integration, focusing on energy security and industry upgrades [5]. - Baofeng Energy has pioneered a solar-powered hydrogen production project, achieving a hydrogen purity of 99.999%, and is integrating green hydrogen into its coal chemical processes to reduce carbon emissions [6]. Digital Innovation - The company has implemented an AI-integrated management platform to enhance operational efficiency, achieving a 30% improvement in logistics efficiency and establishing a comprehensive safety risk prevention system [7]. Financial Performance - In the first three quarters of this year, Baofeng Energy reported revenues of 35.545 billion yuan, a year-on-year increase of 46.43%, and a net profit of 8.95 billion yuan, up 97.27% [8]. - The company has contributed significantly to tax revenue and employment, with a cumulative tax payment of 12 billion yuan and over 7,000 new jobs created [8]. Social Responsibility - Baofeng Energy actively engages in charitable activities, having donated 5.038 billion yuan through its charity foundation, benefiting over 430,000 students in western China [8]. Future Outlook - Looking ahead, Baofeng Energy aims to contribute to China's modernization and become a key global supplier of new materials, aligning with national strategic goals [9].