参与出资央企战新基金，收购新能源公司30%股权

参与出资央企战新基金，收购新能源公司30%股权 Participate in the investment of state-owned Zhanxin Fund& Acquire 30% equity of new energy company 最新动态 ➢参与出资央企战新基金。中国中煤能源股份有限公司参与并以自有资金出资10.00亿元认购央企战新基金份额。公司参与出资央企战新基金，该基金为公司制，公司作为股东认购10.00亿元的基金份额，占比1.96%。本次交易总额10.00亿元，资金来源为公司的自有资金。本次交易旨在落实国家战略部署，推动央企战新产业和未来产业发展，突出长期资本、耐心资本、战略资本的核心价值。通过基金投资布局与中央企业发展相关的九大战新产业领域，探索未来产业新赛道，围绕产业链部署创新链、围绕创新链布局产业链，促进产业链创新链深度融合。该基金投资领域与公司主营业务协同性强，可通过基金接入更广泛的产融平台，有助于公司拓宽产业合作生态圈。 ➢收购新能源公司30%股权。2025年10月27日，公司全资附属公司平朔集团与平朔发展公司订立股权转让协议，据此，平朔集团将收购由平朔发展公司持有的新能源公司30%股权，收购对价为1.15亿元。于股权收购完成后，新能源公司将成为公司的间接全资附属公司。新能源公司为平朔集团和平朔发展公司于2022年5月共同出资设立并分别持股70%和30%，是一家集新能源发电、新能源技术服务、工程管理、合同能源管理为一体的专业化新能源公司。截至评估基准日（即2025年8月31日），新能源公司除税后利润为1110.41万元。 动向解读 ➢项目建设为公司发展奠定基础。根据2025年9月16日投资者关系活动记录单，公司里必、苇子沟煤矿的进展情况目前都在有序建设中，预计2026年底投产。截至2025年8月，榆林煤炭深加工示范项目工程进度为21.83%；中煤华晋里必矿井及选煤厂项目工程进度为50.59%；苇子沟煤矿2.4Mt/a改扩建工程工程进度为72.39%。 策略建议 ➢盈利预测。我们预测公司2025-2027年归母净利润分别为162.35亿元、179.04亿元、190.40亿元，参考同行业公司，给予公司2026年12倍PE，按照港元兑人民币0.91汇率计算，对应目标价17.81港元，首次覆盖给予“买入”评级。 风险提示 ➢产品价格波动的风险、政策与行业转型风险。 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位，主要覆盖能源化工和材料行业。 该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司，继续覆盖化工和新材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过600篇，主要覆盖标的包括： 1）化工&化肥：东岳集团、环球新材国际、中国联塑、阜丰集团、中国三江化工、浦林成山、中海石油化学、中国旭阳集团、龙蟠科技、彩客新能源、天德化工、中国心连心化肥、中化化肥、米高集团、大成生化科技； 2）能源&公用事业：新奥能源、长江基建集团、中集安瑞科、中煤能源、宏华集团、中海油田服务、安东油田服务、惠生工程、协合新能源、绿色动力环保、首钢资源； 3）有色&材料：中国宏桥、紫金黄金国际、万国黄金集团、潼关黄金、中国罕王、中广核矿业、稀美资源、信义光能、华新水泥、华润建材科技、大明国际。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852)97487114; (86) 188 01353 3537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal ProsperityFinancial Company Limitedand/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limitedgroup of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups ofGlobal Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This ResearchReportmay contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understand and comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen orresident of or locatedin any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which wouldsubjectGlobal Prosperity Financial Company Limitedand its group companies to any registration or licensing requirement within suchjurisdiction.