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 31 日在上海證券交 易所網站(www.sse.com.cn)刊登的「2025 年度報告」等文件，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 30 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 中国神华能源股份有限公司 2025 年度报告 公司代码：601088 公司简称：中国神华 中国神华能源股份有限公司 2025 年度报告 重要提示 1 一、本公司董事会及全体董事、高级管理人员保证年度报告内容的真实、准 ...

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - In the third week of March, the second - hand housing market was hotter than the new housing market, but the trends of listing prices and the Iceberg Index were fluctuating, with Shanghai showing relatively leading performance in terms of volume and price. In the production sector, freight volume was stronger than the seasonal average, and the daily coal consumption increased year - on - year. After the Spring Festival, the industry start - up rates were differentiated, with coking, refinery, and blast furnace operations showing marginal strength, while the chemical chain declined. In the construction industry, the supply - demand situation of cement and black metals improved marginally, and the asphalt start - up rate decreased. In terms of external demand, throughput remained resilient, freight rate indicators were strong recently, the year - on - year decline of container freight rates continued to narrow, and the exports of South Korea and Vietnam remained resilient. In the consumption sector, the travel enthusiasm remained at a high level, but the year - on - year growth of automobile consumption decreased compared with the previous value. In terms of prices, crude oil prices rose due to geopolitical factors, black metals fluctuated strongly, and copper prices declined [1]. 3. Summary According to Relevant Catalogs Consumption - Travel: The overall travel enthusiasm remained at a high level, but the year - on - year growth of flight execution volume decreased. The subway passenger volume of 9 key cities had a week - on - week increase of 0.1% (previous value: 3.4%) and a year - on - year increase of 1.5% (previous value: 2.3%) as of the week ending March 19. The congestion delay index as of March 15 showed a year - on - year decrease of - 3.8% (previous value: - 5.8%). The year - on - year growth of domestic (excluding Hong Kong, Macao, and Taiwan) and international flight execution volume was 3.2%/3.6% (previous value: 8.8%/6.0%), and the flight execution rates were 87.2%/82.0% (previous value: 83.5%/81.8%, and the same period last year: 88.8%/84.0%) as of the week ending March 13 [4][5]. - Commodity consumption: The year - on - year growth of automobile consumption decreased, while the year - on - year growth of express delivery collection increased. The movie box office had a week - on - week decrease of - 54.6% (previous value: - 69.4%) and a year - on - year decrease of - 33.8% (previous value: - 32.9%) as of the week ending March 19. The retail and wholesale of passenger cars from March 1 - 15 had a year - on - year decrease of - 21%/- 19% (previous value: 54%/46%). The sales volume of the Light Textile City had a year - on - year decrease of - 9.4% (previous value: - 32.2%) as of the week ending March 15, and the express delivery collection volume had a year - on - year increase of 4.5% (previous value: 1.0%) as of March 15 [4][6]. - Policy: Last week, China's consumption - promotion policies continued to be advanced in depth. At the national level, nine departments including the Ministry of Commerce issued policies to promote travel service exports and expand inbound consumption. At the local level, Jiangsu, Shanghai, and Xuancheng in Anhui introduced characteristic measures to protect consumer rights and optimize the consumption environment [6]. Real Estate - New housing: The transaction enthusiasm of new housing decreased slightly. Structurally, second - tier cities were relatively leading. As of March 19, the weekly transaction area of commercial housing in 30 cities decreased by - 3.1% year - on - year (previous value: 5.7%), and the transaction areas in first, second, and third - tier cities decreased by - 6.7%/6.0%/- 16.4% year - on - year (previous value: 8.3%/6.0%/0.4%). The combined transaction of new housing in the first three weeks of March decreased by - 7.80% year - on - year (previous value: - 9.62%) [7]. - Second - hand housing: The transaction of second - hand housing improved. Structurally, third - tier cities > first - tier cities > second - tier cities. As of March 20, the weekly transaction area of second - hand housing in 26 cities decreased by - 10.7% year - on - year (previous value: - 26.4%), and the transaction areas in first, second, and third - tier cities decreased by - 5.7%/- 15.0%/- 4.2% year - on - year (previous value: - 21.9%/- 25.0%/- 32.9%). The combined transaction of second - hand housing in the first three weeks of March decreased by - 20.95% year - on - year (previous value: - 27.10%). The transaction enthusiasm of new and second - hand housing in high - level cities such as Beijing, Shanghai, Shenzhen, and Chengdu increased year - on - year [7]. - Listing volume and price: The listing volume and price of second - hand housing both decreased. As of March 15, the weekly index of the listing price and volume of second - hand housing for sale decreased by - 0.1%/- 10.3% week - on - week, and the indexes of all tiers of cities decreased week - on - week [7]. - Land: The land market premium rate decreased compared with the previous value, and the land transaction volume remained at a low level. As of March 15, the weekly transaction area of land in 100 cities increased by 4.54% week - on - week and 35.55% year - on - year, the supply area decreased by - 10.86% year - on - year, the land premium rate decreased by - 10.17 pct year - on - year, the total land transaction price decreased by - 35.62% week - on - week and increased by 6.05% year - on - year [8]. - Policy: Last week, real estate policies continued to exert force on both the supply and demand sides. On the demand side, Shanghai adjusted the mortgage policy for commercial and residential - commercial properties, reducing the minimum down - payment ratio to no less than 30% from March 16, 2026. On the supply side, Jiangsu issued an action plan for high - quality urban development [8]. Production - Electricity: The daily coal consumption increased year - on - year, the hydropower generation decreased year - on - year, and the coal price increased. As of March 19, the daily coal consumption of 25 provincial power coal terminal users increased by 6.0% year - on - year (previous value: - 0.2%). As of March 20, the weekly year - on - year growth of the daily average outflow of the Three Gorges Reservoir was 3.3% (previous value: 13.6%). As of March 20, the coal price increased by 0.1% week - on - week (previous value: - 0.3%) [9]. - Construction industry: The funds available for construction increased week - on - week, and the supply - demand situation of cement and black metals improved. The funds available for construction increased week - on - week. As of March 18, the funds available for sample construction sites was 50.7%, with a week - on - week increase of 7.90 pct and a year - on - year decrease of - 6.83 pct (previous value: - 14.42 pct). The supply - demand situation of cement improved marginally, the inventory decreased year - on - year, and the price increased. The supply - demand situation of black metals improved, the inventory increased year - on - year, and the price decreased. The asphalt start - up rate decreased, and the price increased. The PVC start - up rate increased compared with the previous value, and the styrene start - up rate decreased [10][11][12]. - Freight: The railway and highway freight volume increased year - on - year, and the industry start - up rates were differentiated. As of March 15, the railway freight volume and highway truck traffic increased by 4.3%/0.6% year - on - year (previous value: - 0.3%/- 9.3%). The coking start - up rate increased, and the refinery start - up rate decreased slightly. The start - up rates of PTA, polyester, and Jiangsu and Zhejiang looms decreased, while the start - up rates of semi - and full - steel tire production increased [13]. External Demand - Volume: As of March 15, the cumulative cargo throughput and container throughput of ports increased by 9.5%/9.3% week - on - week (previous value: - 0.4%/1.4%) and 2.3%/11.1% year - on - year (previous value: - 2.1%/- 1.7%), maintaining a high year - on - year level [14]. - Freight rate: The RJ/CRB index increased by 18.8% year - on - year (previous value: 17.6%). The Baltic Dry Index (BDI) increased by 3.3% week - on - week on average as of March 20 (previous value: - 8.3%), and the year - on - year growth was 24.5% (previous value: 28.1%). The China Containerized Freight Index (CCFI) and Shanghai Containerized Freight Index (SCFI) increased by 4.5%/- 0.2% week - on - week (previous value: 1.7%/14.9%). Most routes of CCFI improved both week - on - week and year - on - year, while the week - on - week data of the US West and US East routes were weak. In Shanghai Port, the freight market showed a differentiated trend, and the freight rates of most ocean routes except the European and Persian Gulf routes declined [14]. - Exports of South Korea and Vietnam: South Korea's export volume in the first 10 days of March increased by 55.60% year - on - year (previous value: 29.00%), and Vietnam's export volume in February increased by 6.26% year - on - year (previous value: 43.91%) [14]. - Overseas economy: The US announced that the industrial output in February increased by 0.2% month - on - month, the PPI in February increased by 3.4% year - on - year, and the core PPI increased by 3.9% year - on - year, both exceeding expectations. The number of initial jobless claims decreased to 205,000, and the existing home sales in February increased by 1.7% month - on - month. The Eurozone announced that the ZEW economic sentiment index in March was - 8.5, the CPI in February increased by 1.9% year - on - year, and the core CPI increased by 2.4% year - on - year. The ECB kept interest rates unchanged, raised the inflation forecast for 2026 to 2.6%, and lowered the GDP growth forecast to 0.9% [15]. - Import freight rate: The domestic import freight rate (CDFI) increased by 8.4% week - on - week (previous value: 9.7%). As of March 17, the weekly average of the coal, grain, and iron ore freight rate indexes increased by 2.33%/0.71%/1.06% week - on - week (previous value: 1.79%/1.17%/2.03%) [15]. Prices - Comprehensive index: The external RJ/CRB index and the internal Nanhua Industrial Products Index both increased. - Sub - items: Crude oil prices increased, non - ferrous metal prices decreased, black metal prices increased, pork prices decreased, and vegetable prices decreased. As of March 21, the weekly average of the agricultural product wholesale price 200 index decreased by 0.9%. The average wholesale prices of pork, beef, mutton, and white - striped chicken decreased by - 2.4%/0.0%/- 0.0%/- 0.4% week - on - week, the prices of vegetables and fruits decreased by - 2.4%/- 1.1% week - on - week, and the price of eggs increased by 0.7% week - on - week [16][17].

Macroeconomic Research - Geopolitical factors are driving stronger imported inflation, with external demand showing resilience while internal demand remains to be boosted, leading to a persistent divergence [1][2] - The policy focus is on long-term special government bond issuance and the construction of a unified national market to promote high-quality economic recovery through precise investment and institutional optimization [2][18] Strategy Research - The mid-level economic landscape shows differentiation, with increased disruptions in oil supply leading to a continuous rise in prices along the oil and chemical chain; emerging technologies are seeing an upward shift in their economic center [1][4] - The first quarter saw bright growth in travel and consumer goods consumption, indicating a potential recovery in these sectors [4][24] Banking Research - The commercial banking sector is exhibiting a clear trend of "leading banks," with state-owned banks acting as a credit stabilizer; regional city commercial banks are achieving differentiated breakthroughs, particularly in economically strong provinces like Jiangsu, Zhejiang, Sichuan, and Shandong [1][7] - The market share of state-owned banks is expected to increase, with their asset proportion rising to 43.3% by the end of 2025, while city commercial banks are also gaining market share due to regional economic resilience [8][10] Transportation Research - The demand for highway passage is resilient, with stable dividends and cash flow expected; the revision of the highway management regulations is anticipated to optimize policies [1][12] - The highway sector is expected to see steady growth in traffic volume in 2026, supported by favorable location advantages and ongoing expansion projects [12][25]

Core Viewpoint - The article discusses the surge in diesel prices in the U.S. due to conflicts in the Middle East, which has disrupted global energy supplies, leading to increased costs for consumers and farmers, and potentially triggering a broader inflationary spiral in the economy [3][5]. Group 1: Diesel Price Surge - Diesel retail prices in the U.S. have surpassed $5 per gallon for the second time in history, with a more than 33% increase in the past month [3][5]. - The rise in diesel prices is attributed to the ongoing Middle East conflict, which is expected to have lasting effects on prices [3][6]. - Diesel is crucial for industrial production, and its price increase is likely to have a cascading effect on various sectors, including transportation and agriculture [3][10]. Group 2: Impact on Consumers and Farmers - The increase in diesel prices is raising expenses for drivers and farmers, potentially leading to a spiral of rising consumer prices [5][7]. - In 2024, U.S. farmers are projected to spend nearly $10 billion on diesel, accounting for 2% of their total expenses [8]. - The rising costs of diesel, along with high fertilizer and seed prices, are contributing to an increase in farm bankruptcies, which surged by 46% in 2025 [9]. Group 3: Economic Implications - The article highlights that energy prices, particularly diesel, are a key indicator of inflation trends, affecting all economic activities from business operations to daily commuting [10][12]. - If energy prices remain high for an extended period, the resulting effects could lead to broader economic challenges, including potential recession in certain sectors [13]. - The lack of refining capacity in the U.S. exacerbates the situation, as existing refineries are outdated and not equipped to handle domestic crude oil effectively [12].

以上主要運營數據來自本公司內部統計。運營數據在月度之間可能存在較大差 異，其影響因素包括但不限於天氣變化、設備檢修、季節性因素和安全檢查等。運營 數據可能與相關期間定期報告披露的數據有差異。投資者應注意不恰當信賴或使用以 上信息可能造成投資風險。 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 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) 2026 年 2 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。 | | | 2026 | 年 | 2025 | 年 | 同比变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 運營指標 | 單位 | | | | ...

Core Viewpoint - The article discusses the significant impact of rising energy prices, particularly gasoline and diesel, on various sectors in the U.S. economy due to ongoing Middle East conflicts, with predictions that prices may not return to pre-conflict levels until 2027 [2][8]. Energy Price Trends - The U.S. Energy Information Administration (EIA) reported a 19% increase in gasoline prices, reaching $3.50 per gallon, and a 28% increase in diesel prices, reaching $4.86 per gallon due to supply tensions from the Middle East [2][3]. - EIA forecasts that gasoline prices will not drop below $2.94 per gallon until the end of 2027, while diesel prices are expected to remain above $3.81 per gallon until mid-2024 [2][4]. Oil Production and Supply - EIA predicts that U.S. crude oil production will rise to an average of 13.6 million barrels per day by 2026 and 13.8 million barrels per day by 2027, with a 500,000 barrels per day increase in the latest forecast [4]. - The ongoing conflict has led to a significant decrease in oil transport through the Strait of Hormuz, affecting global oil supply and prices [5][6]. Impact on Various Industries - The trucking industry is particularly affected by rising diesel prices, with companies likely to pass on increased costs to consumers. Diesel costs are a major expense for trucking firms, and many rely on fuel surcharges to mitigate these costs [8][9]. - Farmers are facing increased costs for fuel and fertilizers, which are critical for crop production, leading to potential price increases for agricultural products [9][10]. - Utility companies are also impacted, with rising fuel costs significantly affecting operational expenses. For instance, a 10-cent increase in fuel costs can lead to an additional $1 million in losses annually for large utility firms [9][10]. Broader Economic Implications - Rising energy prices are expected to contribute to inflationary pressures across the economy, affecting consumer spending and potentially leading to a decrease in disposable income, particularly among lower-income households [10][11]. - Historical data indicates that previous oil crises have led to significant spikes in inflation, suggesting that sustained high energy prices could have widespread economic repercussions [11].

Group 1: Core Insights - The equity market is experiencing significant volatility due to external geopolitical tensions, particularly the escalating conflict in the Middle East, which has led to a sharp decline in global risk appetite and market downturns [2][3][9] - Despite the initial panic, the equity market shows resilience, with indices rebounding after sharp declines, indicating a rational market response to geopolitical developments [2][3][11] - The government work report emphasizes a stable and pragmatic approach for 2026, with a focus on consistent monetary policy, which is expected to provide reassurance to the market [2][4][11] Group 2: Equity Market Analysis - The report suggests maintaining confidence in the market despite current turbulence, as the likelihood of prolonged large-scale conflict is low, and the impact of geopolitical tensions is expected to diminish over time [3][11] - There are structural opportunities in the innovation and technology sectors, particularly in computing and communications, which are expected to benefit from government support and upcoming earnings reports [5][12] - Dividend-paying sectors may also present investment opportunities as risk-averse capital may flow into these areas amid geopolitical uncertainties [12] Group 3: Bond Market Insights - The bond market is becoming more attractive as global risk appetite declines, with funds flowing from equities to bonds, supported by a loose monetary policy that enhances liquidity [5][34] - Short-term bonds are recommended as a more flexible investment choice in the current environment, given the increased appeal of the bond market [34] Group 4: Commodity Market Overview - The commodity market has shown upward trends driven by rising oil prices due to geopolitical tensions, but there are concerns about potential price corrections if tensions ease [6][41] - The long-term outlook for commodities remains positive, driven by inflationary pressures and a global shift towards lower interest rates [41]

Core Viewpoint - The current market risks are not merely about stock price declines but rather a shift in narrative, as indicated by the rising CBOE Volatility Index (VIX) approaching 30, suggesting a transition from a bullish to a defensive market stance [2][3]. Group 1: Macroeconomic Factors - The macroeconomic environment that previously supported the stock market is being shaken by new variables, including rising oil prices due to geopolitical conflicts, renewed inflation uncertainties, and weakened expectations for interest rate cuts [3][6]. - Historical data shows that rising oil prices during geopolitical tensions often lead to concerns about inflation rather than supply shortages, as energy prices are a direct catalyst for inflation [6]. - The Federal Reserve's high interest rates, maintained above 5% from 2022 to 2024, were initially expected to ease by 2025-2026, but rising oil prices could fundamentally alter this narrative, delaying potential rate cuts [6][7]. Group 2: Market Structure and Sector Performance - The current market has developed a clear four-layer structure, indicating a divergence in capital flows. The most resilient sectors include energy and certain defense industries, which benefit from rising oil prices [12]. - AI hardware and infrastructure companies are also attracting capital due to their clear orders and technological barriers, viewed as essential in the ongoing AI development trend [12]. - Conversely, sectors like transportation, airlines, and discretionary consumer goods are highly sensitive to energy prices, with rising oil costs likely to lead to downward revisions in earnings expectations [12][13]. - Small-cap stocks and high-leverage cyclical stocks are facing significant challenges due to high financing costs and growth uncertainties, leading to underperformance compared to larger indices like the S&P 500 [13]. Group 3: Upcoming Economic Indicators - The upcoming U.S. CPI data is critical for the Federal Reserve's decision-making. A sustained decline in core inflation could maintain optimistic market expectations for rate cuts, while an unexpected rise would necessitate a reevaluation of the entire rate-cutting cycle [9][10]. - The technology sector is approaching a pivotal moment with earnings reports from companies like Oracle and Adobe, which will serve as key indicators of AI investment returns. The substantial capital expenditures in AI, projected to exceed $200 billion by 2025, raise questions about the timing of revenue and profit realization [10]. Group 4: Investment Strategy and Market Signals - As the VIX approaches 30, the market is entering a phase characterized by conflicting narratives between AI-driven profit growth expectations and macroeconomic pressures from energy and inflation [15]. - Investors are advised to focus on three key signals: the trajectory of oil prices, movements in U.S. Treasury yields, and the performance of technology stocks. Maintaining balance among these factors could allow for structural market opportunities [15].

Macroeconomic Insights - The macroeconomic policy aims for a GDP growth target of 4.5%-5% for the year 2026, with a focus on active fiscal policies and revitalizing the private economy[5] - CPI shows a marginal decline while PPI surged significantly due to geopolitical influences, particularly in energy and chemical products[5] - The U.S. non-farm employment data for February showed a significant drop of 92,000 jobs, much lower than the expected increase of 55,000[14] Geopolitical Factors - The ongoing military conflict in the Middle East, particularly between the U.S. and Iran, continues to create uncertainty and volatility in asset prices[8] - The geopolitical situation is expected to maintain high volatility, impacting oil prices and inflation expectations, which could influence the Federal Reserve's interest rate decisions[15] Market Trends - Global stock markets experienced declines, with the Shanghai Composite Index down 0.93% and the S&P 500 down 2.02% during the week of March 2-8, 2026[9] - Commodity prices showed mixed results, with Brent crude oil futures rising by 28.68% while copper prices fell by 3.69%[9] Investment Strategies - Recommendations include overweighting A-shares and H-shares due to expected positive economic policies and stable capital market reforms[18] - The report suggests a focus on energy security and the development of a new energy system, particularly in light of geopolitical tensions affecting energy supplies[23] Sectoral Developments - The AI-driven pharmaceutical sector is witnessing significant advancements, with AI becoming a crucial infrastructure for drug development, enhancing efficiency and reducing timelines[36] - The telecommunications sector is preparing for the transition to 6G technology, with significant investments expected in satellite communication and high-frequency technologies[32]

Employment Data - In February, the U.S. non-farm employment decreased by 92,000, significantly below the expected increase of 55,000, marking the largest decline since November 2025[4] - The private sector also saw a decline, with January's employment revised to -86,000, and the average employment increase over the last three months dropped to 41,000, down from 94,000[4] Unemployment and Labor Participation - The unemployment rate rose by 0.1 percentage points to 4.4%, exceeding both the previous value and the expected 4.3%[12] - The labor participation rate fell to 62%, the lowest since 2022, significantly below the expected 62.5%[12] Wage Growth - Average hourly earnings remained flat at 0.4% month-on-month, better than the expected 0.3%, while year-on-year growth rose to 3.8%, slightly above the expected 3.7%[20] - The average hourly wage growth has stabilized within the range of 3.7%-3.9% since the second half of 2025, indicating resilience at the bottom[20] Market Reactions - Following the release of the employment data, market expectations for a Federal Reserve rate cut before June increased from 33.3% to 50.4%[27] - U.S. stock indices experienced significant declines, and the 10-year Treasury yield fell to a low of 4.11% before recovering to 4.18%[27] Sector Performance - Employment growth was concentrated in a few sectors, with finance (+10,000), other services (+8,000), and wholesale trade (+6,000) contributing positively, while education and healthcare saw a decline of 34,000 due to strikes[8]