证券代码：600256 证券简称：广汇能源 公告编号：2025-058 广汇能源股份有限公司 关于回购股份注销实施暨股份变动的公告 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。 二、本次注销回购股份的情况 （一）本次注销回购股份的原因 1 重要内容提示： 注销原因：公司董事会第九届第十五次会议及 2024 年年度股 东大会审议通过了有关变更部分回购股份用途并注销暨减资的相关 事项。 本次注销股份的有关情况 | 用于注销的已回购股份 | 本次注销股份数量（股） | 注销日期 | | | | --- | --- | --- | --- | --- | | 数量（股） | | | | | | 104,052,675 | 104,052,675 | 2025 年 7 月 | 22 | 日 | 一、本次注销回购股份的决策与信息披露 广汇能源股份有限公司（简称"公司"）于 2025 年 4 月 23 日、5 月20日分别召开董事会第九届第十五次会议及2024年年度股东大会， 审议通过了《广汇能源股份有限公司关于变更部分回购股份用途并注 ...

邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 证 券 研 究 报 告 能源周报（20250714-20250720） 推荐（维持） 下游采购需求释放，动力煤市场价格上涨 行业研究 基础化工 2025 年 07 月 21 日 华创证券研究所 证券分析师：杨晖 证券分析师：吴宇 邮箱：wuyu1@hcyjs.com 执业编号：S0360524010002 证券分析师：陈俊新 邮箱：chenjunxin@hcyjs.com 执业编号：S0360525040001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 491 | 0.06 | | 总市值(亿元) | 45,780.94 | 4.27 | | 流通市值(亿元) | 40,686.88 | 4.83 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 6.3% | 12.1% | 26.4% | | 相对表现 | 1.6% | 5.6% | 11.1% | -10% 2% 15% 27% 24 ...

二季度，国内开始整治"内卷式"发展，希望通过一系列政策，矫正要素价格的"扭曲"，实现全社会商品 价格的抬升。区别于十年前"去产能"为目标的供给侧改革，当前和过往的不同点是，总需求弱的现实， 和对价格能否底部向上的信心不足，未来市场对价格上行会有所预期，但短期内整体态势难以逆转。政 策在需求端对价格引导，下半年或有"以旧换新"的延续以支撑消费，边际拉动作用或低于去年四季度。 傅鹏博指，二季度，国内外资金流向了估值有低估、政策面有支持、行业有热点的港股市场，其突出表 现也体现在A股公司到H股发行上市的爆发式增长。同期，经历了四月初短暂的深度下探后，A股的各 大指数反弹，甚至超过下探前的高度。在资金面宽松、流动性充裕的背景下，板块出现快速的轮动，风 格上以大金融为代表的红利指数，和以科创及北证为代表的小微盘表现较好；行业上，银行整体表现依 旧突出，而代表成长的固态电池、PCB产业链、军工兵装、核聚变等板块热点频出。银行红利和创新科 技分别代表确定性收益和不确定性无法证伪的板块，市场对此青睐。 从具体持仓来看，截至二季度末，该基金前十大重仓股分别是胜宏科技(300476.SZ)、腾讯控股 (00700)、宁德时代(3 ...

随着公募基金二季报披露拉开帷幕，基金大佬们的最新持仓又将跃然纸上。 今天的文章，我们先来简单聊一聊睿远赵枫和傅鹏博最新的二季报作业。 以下正文： ·先来看看赵枫 依据大佬持仓数据来看，第二季度，赵枫的前十大持仓中，主要增加了对于消费电子及广告、银行保 险、电力等行业的比重。 赵枫首先就二季度调仓思路做了解释：——减持了估值较高和盈利前景不确定的标的，增持了估值更低 和自由现金流回报水平较高的标的。 对于市场结构性的表现，赵枫给出了他当下的判断： 1.权益市场向好的基础仍然稳固，经济结构调整最困难的时候可能已经过去，未来伴随产能出清和竞争 烈度减轻，企业盈利有望逐步回升并恢复一定的成长性。 例如增持小米集团、分众传媒，新进立讯精密、杭州银行、中国太平、神马电力。 而对于此前持仓的腾讯控股、宁德时代(腾讯宁德或为被动减持)、中国太保等，则做了小幅减持。万华 化学、山西汾酒、中国移动、三诺生物则退出十大。 截至2025年二季度，赵枫整体持仓的前三大持仓(按持仓市值排序)分别为：腾讯控股、宁德时代、小米 集团-W。 持仓变化如下： | 重仓股 | 增减仓 | 唱흥 | 持有总数 | 持仓市值 | | --- | -- ...

两市全天特大单净流入166.28亿元，其中44股特大单净流入超2亿元，常山北明特大单净流入23.33亿 元，特大单净流入资金居首。 沪指今日收盘上涨0.37%。资金面上看，沪深两市全天特大单净流入166.28亿元，共计2101股特大单净 流入，2633股特大单净流出。 从申万一级行业来看，今日有19个行业特大单资金净流入，计算机特大单净流入规模居首，净流入资金 57.90亿元，该行业指数今日上涨1.33%，其次是电子，今日上涨2.18%，净流入资金为43.18亿元，净流 入资金居前的还有国防军工、通信等行业。 特大单资金净流出的行业共有12个，净流出资金最多的是公用事业，特大单净流出资金8.09亿元，其次 是银行，特大单净流出资金7.41亿元，净流出资金居前的还有环保、房地产等行业。 特大单净流出资金排名 | 代码 | 简称 | 收盘价（元） | 涨跌幅（%) | 特大单净流入（亿元） | 行业 | | --- | --- | --- | --- | --- | --- | | 002602 | ST华通 | 11.77 | -4.77 | -3.98 | 传媒 | | 300274 | 阳光电源 | 74. ...

证券代码：600256 证券简称：广汇能源 公告编号：2025-057 广汇能源股份有限公司 关于控股股东解除部分股份质押的公告 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。 一、解除股份质押情况 广 汇 集 团 于 近 日 将 其 质 押 给 中 信 证 券 股 份 有 限 公 司 的 55,000,000 股无限售流通股办理完毕了解除质押手续，具体情况如 下： | 股东名称 | 新疆广汇实业投资（集团）有限责任公司 | | --- | --- | | 本次解除质押股份（股） | 55,000,000 | | 占其所持股份比例（%） | 4.22 | | 占公司总股本比例（%） | 0.85 | | 解除质押时间 | 2025 年 7 月 15 日 | | 持股数量（股） | 1,303,098,651 | | 持股比例（%） | 20.06 | | 剩余被质押股份数量（股） | 959,574,456 | | 剩余被质押股份数量占其所持股份比例（%） | 73.64 | | 剩余被质押股份数量占公司总股本比例（%） | ...

Investment Strategy - Crude oil supply is expected to remain limited due to declining global oil and gas capital expenditures, with a significant reduction of nearly 122% from 2014 levels to $351 billion in 2021 [9][30][31] - Geopolitical tensions, particularly the Russia-Ukraine conflict, have exacerbated concerns over energy supply, with the EU planning to reduce oil imports from Russia by 90% by the end of 2022 [10][31] - Brent crude oil prices increased to $71.97 per barrel, up 2.95% week-on-week, while WTI prices rose to $67.93 per barrel, up 2.46% [11][32] Coal Industry - The average market price for Qinhuangdao port thermal coal (Q5500) rose to 628 RMB/ton, a 1.06% increase from the previous week, driven by improved demand and trading conditions [12][13] - Coal production is gradually recovering, with total inventory at ports reported at 26.9 million tons, down 2.46% week-on-week, indicating a tightening supply [12][13] - The domestic coal consumption for key power plants increased to 4.88 million tons per day, a 6.09% rise from the previous week, reflecting higher electricity demand due to ongoing high temperatures [12][13] Coking Coal - Coking coal prices have seen a slight increase, with the price for Shanxi main coking coal at 1,350 RMB/ton, up 9.76% week-on-week, as supply conditions improve [14][15] - The overall supply-demand situation for coking coal is improving, with increased orders from steel mills and a decrease in inventory levels [14][15] Natural Gas - The EIA projects that U.S. natural gas production and consumption will reach record highs in 2025, with expected consumption of 91.4 billion cubic feet per day [16][17] - U.S. natural gas prices decreased to $3.33 per million British thermal units, down 2.9% from the previous week, while European gas prices increased [16][17] - The EU has reached an agreement on a natural gas price cap, which may lead to liquidity issues and potential supply shortages [17] Oilfield Services - The oilfield services sector is experiencing a recovery in demand due to increased capital expenditures from major oil companies, which are projected to reach 581.738 billion RMB in 2023, reflecting a compound annual growth rate of 6% since 2018 [18][19] - The number of active drilling rigs globally decreased to 1,576, with a notable decline in the Middle East and the U.S. [19]

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。 重要内容提示： 截止本公告发布之日，广汇集团持有公司股份 1,303,098,651 股 ， 占 公 司 总 股 本 的 20.06% ； 广 汇 集 团 累 计 质 押 公 司 股 份 1,014,574,456 股，占其所持有公司股份的 77.86%，占公司总股本的 15.62%。 广汇能源股份有限公司（简称"公司"）于近日接到公司控股股 东新疆广汇实业投资（集团）有限责任公司（简称"广汇集团"）通 知，广汇集团将其持有本公司的部分股份办理了质押手续，具体事项 如下： 一、股份质押基本情况 1、本次股份质押基本情况 广汇集团于近日将其持有的 3,440,000 股无限售流通股质押给 中邮证券有限责任公司，如下表所示： 证券代码：600256 证券简称：广汇能源 公告编号：2025-056 广汇能源股份有限公司 关于控股股东股权质押情况的公告 | | | | | | | | 已质押 | | | 未质押 | | --- | --- | --- | --- | --- | --- ...

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the prices of thermal coal and coking coal are on the rebound, suggesting a turning point in the market [4][12] - The fundamentals for thermal coal remain favorable, with a current price of 632 CNY/ton for Qinhuangdao Q5500 thermal coal, reflecting a 3.8% increase from the lowest price of 609 CNY/ton earlier this year [3][4] - Coking coal prices have also seen significant increases, with the price at Jing Tang Port reaching 1350 CNY/ton, a 9.76% rise from the previous low of 1230 CNY/ton [4][20] Summary by Sections Investment Logic - Thermal coal is categorized as a policy coal type, with expectations for prices to rebound towards long-term contract prices around 670 CNY/ton, potentially exceeding 700 CNY/ton if favorable fundamentals persist [4][12] - Coking coal is more influenced by market dynamics, with current prices indicating a state of overselling, and supply-side tightening expected due to policy changes [4][12] Key Indicators Overview - The report highlights a slight decrease of 1.08% in the coal sector, underperforming the CSI 300 index by 1.9 percentage points [7] - The current price-to-earnings (PE) ratio for the coal sector is 11.48, and the price-to-book (PB) ratio is 1.18, indicating relatively low valuations compared to other sectors [9] Thermal Coal Market Insights - As of July 11, the inventory at ports has decreased by 19% from the highest level of 3316.3 million tons earlier this year, currently standing at 26.89 million tons [3][4] - Daily coal consumption in coastal provinces has increased to 2.148 million tons, driven by seasonal demand [4][19] Coking Coal Market Insights - The report notes a significant rebound in coking coal prices, with futures rising from 719 CNY to 913 CNY, a cumulative increase of 27% [4][20] - The average daily pig iron production remains high at 2.408 million tons, although there are signs of potential declines due to seasonal factors [4][20] Investment Recommendations - The report suggests a dual logic of cycles and dividends for investment in the coal sector, identifying four main lines for stock selection: dividend logic, cyclical logic, diversified aluminum elasticity, and growth logic [5][13] - Specific companies recommended for investment include China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical Industry [5][13]

Investment Rating - The industry rating is "Positive" [1] Core Views - Social inventory has decreased for the first time, and summer demand is expected to remain strong. Domestic power plants are increasing daily coal consumption, leading to rising coal prices. Policies to control production and improve quality are being emphasized, supporting the fundamentals of both coking coal and thermal coal [6][29] - The report highlights that the overall level of social inventory is stable, with a significant increase in daily consumption expected due to hot weather and ongoing replenishment needs at power plants. The coking coal sector may see marginal improvements in performance due to potential declines in capacity utilization driven by environmental factors [6][29] Summary by Sections Coal Sector Performance - The coal sector saw a weekly increase of 0.71%, underperforming the CSI 300 index, which rose by 0.82%. A total of 34 stocks in the sector increased in price, while 3 declined. Meijin Energy had the highest weekly increase at 10.8% [2] - Key monitored enterprises reported an average daily coal sales volume of 7.21 million tons from July 4 to July 10, 2025, a week-on-week increase of 3.7% and a year-on-year increase of 2.8% [2] Price Trends - As of July 11, 2025, the price of thermal coal (Q5500K) in the Bohai Rim was 662 CNY/ton, a week-on-week decrease of 0.3%. The price index for imported thermal coal rose by 1.21% to 750 CNY/ton [3] - The price of coking coal at Jingtang Port was 1310 CNY/ton, up 4.8% week-on-week, while the price of metallurgical coke remained stable at 1320 CNY/ton [4] Supply and Demand Dynamics - The cumulative coal sales volume for key monitored enterprises was 131.73 million tons as of July 10, 2025, a year-on-year decrease of 3.8%. The demand from the power and chemical industries showed a year-on-year decrease of 3% and an increase of 16.6%, respectively [2][28] - The report indicates that the daily coal consumption in the power sector is expected to rise significantly, with the total social inventory of coal at 32.86 million tons, a week-on-week decrease of 2.6% [2][28] Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies and coking coal companies that may experience a turnaround. Key companies to watch include China Shenhua, Shaanxi Coal and Chemical Industry, and Meijin Energy among others [6][29]