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： ●被担保人名称：公司之控股子公司及参股公司6家公司。 ●是否存在反担保：是 ●是否存在关联担保：是 ●担保逾期情况：无逾期担保情形 ●风险提示：2025年担保预计已履行股东大会审议程序，预计范围内存在对资产负债率超过70%的子公 司提供担保的情形，敬请投资者注意投资风险。 一、2025年担保预计情况 为确保广汇能源股份有限公司（简称"公司"或"广汇能源"）生产经营持续、稳健的发展，满足公司及控 股子公司和参股公司的融资担保需求，公司在运作规范和风险可控的前提下，结合2024年担保实施情 况，经召开董事会第九届第十三次会议和2025年第一次临时股东大会，审议通过了《广汇能源股份有限 公司关于2025年度担保额度预计的议案》，同意2025年预计公司提供的担保总额不超过200亿元，预计 净新增担保额度不超过60亿元，其中：对控股子公司预计净新增担保额度57.1亿元，对参股公司（包含 合营、联营、参股50%实现共同控制的公司及其它参股公司）预计净新增担保额度2.9亿元。 ...

Core Viewpoint - Guanghui Energy Co., Ltd. has announced the progress of guarantees implemented in October 2025, detailing the amounts of guarantees provided to its subsidiaries and the overall financial implications of these guarantees [1][3]. Summary by Sections Guarantee Implementation Overview - In October 2025, the company increased the guarantee amount by 651 million CNY and decreased it by 675.6257 million CNY, resulting in a total guarantee balance of 1,313.8289 million CNY as of October 31, 2025 [1][4][8]. - The total estimated guarantee amount for 2025 is capped at 20 billion CNY, with a net increase of up to 6 billion CNY, including 5.71 billion CNY for controlling subsidiaries and 290 million CNY for associated companies [3]. Guarantee Details - As of October 31, 2025, the guarantee balance for companies with an asset-liability ratio below 70% is 1,011.52956 million CNY, while for those above 70%, it is 302.85333 million CNY [4][8]. - The company has provided counter-guarantees from its associated companies amounting to 627.83 million CNY, which represents 2.33% of the latest audited equity attributable to the parent company [5]. Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary and reasonable to ensure the normal operation of the controlling and associated companies, which are reported to have stable operations and good credit status [7]. - There are no overdue guarantees, indicating that the company maintains a controlled risk environment [2][8].

证券日报网讯11月25日晚间，广汇能源（600256）发布公告称，无逾期担保情形。 ...

证券代码：600256 证券简称：广汇能源 公告编号：2025-088 广汇能源股份有限公司 关于 2025 年 10 月担保实施进展的公告 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。 重要内容提示： ●被担保人名称：公司之控股子公司及参股公司 6 家公司。 ●担保金额及担保余额：2025 年 10 月增加担保金额 65,100.00 万元，减少 担保金额 67,562.57 万元（含汇率波动）；截止 10 月 31 日担保余额 1,314,382.89 万元（上述数据为未审数，具体以经审计数据为准）。 ●是否存在反担保：是 ●是否存在关联担保：是 ●担保逾期情况：无逾期担保情形 | | | | | 10 月增加 | 担 | 是 否 | 资产 负债 | 是否 在前 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 担保方 | 被担保方 | 机构名称 | 担保期限 | | 保 方 | 有 | 率是 | 期预 | | | | | | 担保金额 | 式 | 反 ...

Market Overview - The Shanghai Composite Index rose by 0.05% on November 24, with 19 sectors experiencing gains, led by defense and military industry (up 4.31%) and media (up 3.49%) [1] - The oil and petrochemical sector saw the largest decline, down 1.21%, followed by coal, which fell by 1.09% [1] Capital Flow - The main capital outflow from both markets totaled 10.192 billion yuan, with 11 sectors seeing net inflows [1] - The defense and military sector had the highest net inflow of 5.466 billion yuan, while the media sector followed with 2.542 billion yuan [1] - The electronic sector experienced the largest net outflow, totaling 6.708 billion yuan, followed by the power equipment sector with 2.087 billion yuan [1] Oil and Petrochemical Sector Analysis - The oil and petrochemical sector experienced a decline of 1.21%, with a net capital outflow of 530 million yuan [2] - Out of 47 stocks in this sector, 24 rose, including one that hit the daily limit, while 20 fell [2] - The top net inflow stocks included Rongsheng Petrochemical (43.186 million yuan), Huibo Technology (31.2136 million yuan), and Bomaike (25.2525 million yuan) [2] Individual Stock Performance - Major stocks with significant net outflows included China Petroleum (-2.49%, -316.2775 million yuan), China National Offshore Oil Corporation (-3.15%, -157.0026 million yuan), and Guanghui Energy (-0.59%, -42.7184 million yuan) [3][4] - Stocks with notable gains included Bomaike (up 10.01%, 25.2525 million yuan) and Huibo Technology (up 2.65%, 31.2136 million yuan) [4]

Market Overview - The refining and trading sector experienced a decline of 2.15% on November 24, with Heshun Petroleum leading the drop [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Stock Performance - Notable gainers in the refining and trading sector included: - Compton (603798) with a closing price of 15.16, up 4.84% [1] - Unified Shares (600506) at 26.35, up 3.09% [1] - Runbei Aerospace (001316) at 33.89, up 3.01% [1] - Major decliners included: - Heshun Petroleum (603353) at 29.01, down 5.17% [2] - Rongsheng Petrochemical (002493) at 9.52, down 2.96% [2] - China Petroleum (601857) at 9.78, down 2.49% [2] Capital Flow - The refining and trading sector saw a net outflow of 449 million yuan from main funds, while retail funds had a net inflow of 262 million yuan [2] - The following stocks had significant capital flows: - Rongsheng Petrochemical had a main fund net inflow of 42.31 million yuan, but retail funds saw a net outflow of 22.34 million yuan [3] - Compton had a main fund net inflow of 7.05 million yuan, with retail funds experiencing a net outflow of 9.01 million yuan [3]

Investment Strategy - The oil and gas capital expenditure trend is declining, leading to a slowdown in supply growth. Since the signing of the Paris Agreement in 2015, global capital expenditure in the oil and gas upstream sector has significantly decreased, with a notable drop of nearly 22% from the 2014 peak to $351 billion in 2021. This trend is expected to continue as major energy companies face pressure to decarbonize and shift focus towards energy transition and renewable projects [9][25][27] - The current active drilling rig count in the US remains low, with new well costs closely aligned with current oil prices, limiting profit margins. The growth rate of US oil production is anticipated to slow down, with evidence emerging from the first half of 2025 [9][25][27] Oil Market - Brent crude oil spot price is currently at $63.54 per barrel, reflecting a week-on-week increase of 0.63%, while WTI crude oil is at $59.43 per barrel, down 0.43% [10][28] - The geopolitical situation, particularly the easing of tensions in the Russia-Ukraine conflict, is contributing to a volatile oil price environment. The expectation of a breakthrough in diplomatic negotiations has led to fluctuations in oil prices [10][28] Coal Market - The average market price for Qinhuangdao port thermal coal (Q5500) is reported at 820 RMB per ton, with a week-on-week increase of 0.35%. However, the market is experiencing a stalemate as downstream demand remains cautious towards high prices [11][12] - The total inventory at nine ports in the Bohai Rim is reported at 23.93 million tons, up 6.74% week-on-week, while southern ports report a decrease of 1.48% to 603.8 million tons [11][12] Coking Coal Market - Coking coal prices are experiencing a high-level consolidation, with the price of coking coal at the Jingtang port reported at 1,780 RMB per ton, down 4.30% week-on-week. The price of coking coal is less regulated compared to thermal coal, allowing producers to benefit from price increases [13][14] - The average daily iron output from 247 steel mills is reported at 2.3621 million tons, reflecting a slight decrease of 0.30% week-on-week, indicating a weak demand environment for steel products [13][14] Natural Gas Market - Russian LNG is entering the Chinese market at prices 20-30% lower than market rates, despite US pressure on Japan and Europe to halt imports of Russian LNG. This influx is contributing to a stable supply environment [14][15] - The average price of natural gas in the US is reported at $4.44 per million British thermal units, down 1.4% week-on-week, while European gas prices are on the rise [14][15] Oilfield Services - The oilfield services sector is expected to maintain its growth due to government policies aimed at ensuring energy security. The capital expenditure of major oil companies is projected to remain high, supporting the oilfield services industry's outlook [16][17] - The global active rig count is reported at 1,800, with a slight decrease in the Middle East and Asia-Pacific regions, while the US shows a week-on-week increase of 5 rigs [16][17]

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The coal sector has seen a decline, underperforming the CSI 300 index by 1.9 percentage points, with a weekly drop of 5.67% as of November 21, 2025 [2] - Short-term coal consumption is low, leading to an increase in social inventory, but it remains below last year's levels. There is a need to ensure supply while releasing production safely [5][29] - The report anticipates a gradual balance in supply and demand in the fourth quarter, with coal prices expected to rise steadily, targeting 850 CNY/ton [5][29] Summary by Sections Coal Market Performance - As of November 21, 2025, the average daily coal sales from monitored enterprises were 7.53 million tons, a week-on-week increase of 1.2% but a year-on-year decrease of 2.7% [2] - The total coal inventory (including port storage) was 24.61 million tons, up 1.3% week-on-week but down 19% year-on-year [2][6] Price Trends - The price index for thermal coal (Q5500K) was stable at 698 CNY/ton, while the imported thermal coal price index was 944 CNY/ton, also unchanged [3] - The price of coking coal at major ports showed a decline, with the main coking coal price at 1,790 CNY/ton, down 2.2% week-on-week [4] Investment Recommendations - The report suggests prioritizing investments in high-dividend thermal coal companies, specifically mentioning China Shenhua, Shaanxi Coal, and others [5][29] - Focus on coking coal companies such as Huabei Mining and Shanxi Coking Coal, as well as coking companies with improved profits like Jinneng Technology and others [5][29]

Core Insights - The National Petroleum and Natural Gas Index (399439) has shown a slight increase of 0.03% as of November 24, 2025, with notable gains in constituent stocks such as Bomeike (603727) up 5.58% and China Merchants Energy (601872) up 4.68% [1] Group 1: Market Performance - The oil and gas ETF (159697) increased by 0.26%, with the latest price at 1.14 yuan [1] - The index reflects the price changes of publicly listed companies in the oil and gas sector on the Shanghai and Shenzhen stock exchanges [1] Group 2: Industry Outlook - According to Huatai Securities, the demand from oil-producing countries remains focused on value rather than volume, suggesting that OPEC+ may sacrifice prices in the short term to gain market share [1] - The Brent crude oil price is expected to be supported around $60 per barrel due to pressures for rebalancing and the impact of North American shale oil costs, particularly before the acceleration of global energy transition and increased supply from South America [1] - High-dividend energy leading companies with the ability to increase production and reduce costs, as well as growth in natural gas business, may present investment opportunities [1] Group 3: Index Composition - As of October 31, 2025, the top ten weighted stocks in the National Petroleum and Natural Gas Index include China National Petroleum (601857), China Petroleum & Chemical (600028), and China National Offshore Oil (600938), collectively accounting for 65.09% of the index [2]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The report indicates that the coal industry is at the beginning of a new upward cycle, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal stocks on dips [12][13] - The report highlights a tight supply situation, with coal prices stabilizing at a new platform, and emphasizes the high profitability, cash flow, and dividend yield of quality coal companies [12][13] - The report suggests that the coal sector is undervalued and has potential for valuation enhancement, with a focus on high dividend yields and cyclical elasticity [12][13] Summary by Sections Coal Price Tracking - As of November 22, the market price for Qinhuangdao port thermal coal (Q5500) is 827 RMB/ton, unchanged from the previous week [28] - The price for thermal coal from Shanxi at the pit head is 780 RMB/ton, up by 15 RMB/ton week-on-week [28] - International thermal coal prices have seen slight increases, with Newcastle thermal coal at 86.5 USD/ton, up by 1.5 USD/ton [28] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.5%, an increase of 0.3 percentage points week-on-week [46] - Daily coal consumption in 17 inland provinces has increased by 14.7 thousand tons/day, a rise of 4.37% week-on-week [12] - The report notes that the daily coal consumption in 8 coastal provinces has also risen by 7.5 thousand tons/day, up by 4.18% week-on-week [12] Coal Inventory Situation - Coal inventories in coastal provinces increased by 25.5 thousand tons week-on-week, while inland provinces saw an increase of 89.1 thousand tons [12] - The report indicates a decrease in available days of coal supply in both coastal and inland regions [12] Company Performance - The report emphasizes the strong performance of companies like China Shenhua, Shaanxi Coal and Chemical Industry, and others, which are expected to maintain stable operations and robust earnings [13] - It also highlights companies with higher elasticity such as Yanzhou Coal Mining Company and others, suggesting they are worth monitoring [13]