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。 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。 本次注销股份数量（股） 注销日期 ? 本次注销股份的有关情况 用于注销的已回购股份 数量（股） 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 销暨减资的议案》，同意对公司回购专用证券账户中 104,052,675 股 的股份原用途"用于员工持股计划或股权激励"变更为"用于注销并 减少注册资本" 。（具体内容详见 2025-026、033、034、035 及 047 号 公告） 公司已根据相关规定就本 ...

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 ...

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 [8][29][30] - 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 [9][30] - The current active drilling rig count in the US remains low, impacting short-term crude oil and natural gas production capacity [29][30] Coal Industry - The market price for thermal coal has increased, with the average price at Qinhuangdao port reaching 637 RMB/ton, up 1.46% from the previous week, driven by increased downstream purchasing demand [11][12] - Coal inventory at major ports has decreased by 6.32% to 25.2 million tons, indicating a tightening supply situation [11][12] - The demand for coal is supported by rising electricity consumption due to high summer temperatures, although cement demand is declining [11][12] Coking Coal - The coking coal market is experiencing price increases, with the price of Shanxi main coking coal rising by 6.67% to 1,440 RMB/ton [13][14] - Downstream steel mills are maintaining high production levels, leading to a positive outlook for coking coal prices as demand remains strong [13][14] - The overall market sentiment is bullish, with expectations of further price increases due to rising costs and stable demand from steel producers [13][14] Natural Gas - Industrial natural gas production in China showed steady growth, with June output at 21.2 billion cubic meters, a year-on-year increase of 4.6% [15][16] - The average price of natural gas in the US has risen to $3.51 per million British thermal units, reflecting a 5% increase from the previous week [15][16] - The EU has reached an agreement on a natural gas price cap, which may lead to liquidity issues and increased competition for supplies [15][16] Oilfield Services - The oilfield services sector is expected to see a recovery in demand due to increased capital expenditures driven by high oil prices and supportive government policies [17][18] - The total capital expenditure for major oil companies in 2023 is projected to reach 581.738 billion RMB, reflecting a compound annual growth rate of 6% since 2018 [17][18] - The number of active drilling rigs globally has decreased to 1,576, indicating a cautious approach to new investments in oil and gas exploration [18]

Core Viewpoint - The Ruiyuan Growth Value Mixed Fund, managed by prominent fund managers Fu Pengbo and Zhu Lin, has maintained a high asset allocation in sectors such as electronics, internet technology, precision manufacturing, and pharmaceuticals, with significant contributions from the PCB industry [1][2]. Fund Performance - As of the end of Q2, the net asset value of Ruiyuan Growth Value Mixed A shares was 1.2955 CNY, with a growth rate of 5.80%, outperforming the benchmark return of 1.67%. The C shares had a net asset value of 1.2634 CNY, with a growth rate of 5.70% [1]. Holdings Overview - The top ten holdings of the fund as of Q2 included Shenghong Technology, Tencent Holdings, CATL, China Mobile, Luxshare Precision, Xinyi Technology, Cambricon Technologies, Juxing Technology, Sanofi Biologics, and Maiwei Co., with new entry Xinyi Technology and exit of Guanghui Energy compared to Q1 [2]. Market Dynamics - The fund's managers noted fluctuations in the US-China tariff agreements, which impacted global markets. The domestic capital market managed to stabilize amid these changes, with expectations of a potential decline in exports due to demand and inventory factors [2]. Policy and Economic Environment - The Chinese government is addressing "involution" in development through policies aimed at correcting distorted factor prices, with a focus on boosting overall commodity prices. The current economic environment differs from past supply-side reforms due to weak overall demand [3]. Investment Strategy - The fund has increased its holdings in companies related to the export chain despite short-term impacts, while reducing exposure to traditional energy companies due to market style influences and fundamental pressures. The fund has also increased its allocation to the pharmaceutical sector, focusing on innovative drugs and traditional medicine benefiting from AI [4]. Future Outlook - The upcoming mid-year reports from listed companies will be used to assess the operational status and future development of existing holdings. The fund aims to identify industries and companies with upward trends in prosperity, optimizing its portfolio to manage net value fluctuations effectively [4].

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The report indicates that the negative impact from the mid-year report has been fully absorbed, and the fundamentals of the coal industry remain upward [1] - The coal sector has underperformed the CSI 300 index, with a decline of 0.74% compared to a 1.09% increase in the index, resulting in a relative underperformance of 1.83 percentage points [2] - Key monitored enterprises reported an average daily coal sales volume of 7.31 million tons, which is a week-on-week increase of 2.8% and a year-on-year increase of 4.7% [2] - The report highlights a decrease in coal inventory by 4% week-on-week, while year-on-year inventory has increased by 19.8% [2] Summary by Sections Coal Market Performance - The coal sector saw 6 stocks rise and 31 stocks fall during the week, with ST Dazhou showing the highest increase of 4.89% [2] - The average daily sales of thermal coal increased by 3.2% week-on-week, while coking coal sales rose by 1.9% [2] Price Trends - As of July 18, 2025, the price index for thermal coal (Q5500K) in the Bohai Rim was 663 RMB/ton, reflecting a week-on-week increase of 0.15% [3] - The price of coking coal at Jing Tang Port was 1420 RMB/ton, with a week-on-week increase of 8.4% [4] Investment Recommendations - The report suggests that social inventory continues to decline, and current demand remains promising, with domestic power plants showing a significant increase in daily coal consumption [6] - The report recommends focusing on high-dividend thermal coal companies and coking coal companies that are experiencing turnaround potential, such as China Shenhua, Shaanxi Coal, and others [6]

Group 1 - Zhao Feng increased his holdings in consumer electronics, advertising, banking, insurance, and electric power sectors during Q2 [3][4] - Major new positions include Xiaomi Group, Focus Media, Luxshare Precision, Hangzhou Bank, China Taiping, and Shenma Electric Power [4] - The top three holdings by market value as of Q2 2025 are Tencent Holdings, CATL, and Xiaomi Group-W [4] Group 2 - Zhao Feng's strategy involved reducing positions in high-valuation and uncertain-profitability stocks while increasing positions in lower-valuation stocks with high free cash flow returns [6][7] - Zhao Feng believes the equity market's positive foundation remains solid, with potential recovery in corporate profitability due to structural economic adjustments [7] - High-dividend companies continue to attract capital, as their static dividend yields exceed risk-free rates, making them scarce assets [7][8] Group 3 - Fu Pengbo's Q2 holdings showed significant changes, focusing on sectors with high market sentiment [9][10] - New positions include Xinyisheng, increased stakes in Cambrian Technology, Giant Star Technology, and Luxshare Precision, while reducing positions in Tencent, CATL, China Mobile, and others [10][11] - The top three holdings by market value for Fu Pengbo are Shenghong Technology, Tencent Holdings, and CATL [11] Group 4 - Fu Pengbo's strategy for Q2 emphasized electronic, internet technology, precision manufacturing, and pharmaceutical sectors [12] - The PCB industry saw significant gains, leading to an increased allocation in Fu Pengbo's portfolio, while traditional energy companies saw a decrease in net value contribution [12] - Fu Pengbo plans to assess existing holdings' operational status and future development while actively seeking industries and companies with upward trends in sentiment [12]

Market Overview - The net inflow of large orders in the two markets reached 16.628 billion yuan, with 44 stocks seeing net inflows exceeding 200 million yuan, led by Changshan Beiming with a net inflow of 2.333 billion yuan [1] - The Shanghai Composite Index closed up 0.37%, with a total of 2,101 stocks experiencing net inflows and 2,633 stocks seeing net outflows [1] Industry Analysis - Among the 19 industries with net inflows, the computer sector had the highest net inflow of 5.790 billion yuan, with an index increase of 1.33%. The electronics sector followed with a net inflow of 4.318 billion yuan and a rise of 2.18% [1] - The public utilities sector experienced the largest net outflow of 809 million yuan, followed by the banking sector with a net outflow of 741 million yuan [1] Individual Stock Performance - 44 stocks had net inflows exceeding 200 million yuan, with Changshan Beiming leading at 2.333 billion yuan, followed by Jianghuai Automobile at 1.193 billion yuan [2] - Stocks with significant net inflows saw an average increase of 7.58%, outperforming the Shanghai Composite Index, with 43 stocks closing higher, including Man Kun Technology and Jin Modern, which hit the daily limit [2] - The top sectors for net inflows among individual stocks were computer, electronics, and communication, with 10, 9, and 4 stocks respectively [2] Top Net Inflow Stocks - The top stocks by net inflow include: - Changshan Beiming: 2.333 billion yuan, 10.02% increase [2] - Jianghuai Automobile: 1.193 billion yuan, 10.01% increase [2] - Runhe Software: 903 million yuan, 9.68% increase [2] - Construction Industry: 771 million yuan, 10.01% increase [2] - AVIC Shenyang Aircraft: 745 million yuan, 10.00% increase [2] Top Net Outflow Stocks - The stocks with the largest net outflows include: - ST Huatuo: 398 million yuan, -4.77% decrease [4] - Sunshine Power: 329 million yuan, -0.55% decrease [4] - Zhongdian Port: 307 million yuan, -1.21% decrease [4] - Zijin Mining: 267 million yuan, -0.37% decrease [4] - C Huaxin: 240 million yuan, -9.19% decrease [4]

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（%） | ...

| 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 中国AI 50 | 3.91 | 低辐射玻璃(Low-E) | -3.55 | | ERP概念 | 3.35 | 硅能源 | -2.85 | | 共封装光学(CPO) | 2.39 | POE胶膜 | -2.39 | | F5G概念 | 2.25 | 农村电商 | -2.37 | | 英伟达概念 | 2.02 | 煤炭概念 | -2.36 | | 华为盘古 | 1.92 | 赛马概念 | -2.24 | | 液冷服务器 | 1.90 | 超超临界发电 | -2.22 | | 同花顺果指数 | 1.85 | 光热发电 | -2.21 | | AI PC | 1.72 | 有机硅概念 | -2.15 | | 财税数字化 | 1.65 | 草甘膦 | -2.14 | 资金面上看，今日煤炭概念板块获主力资金净流出18.43亿元，其中，64股获主力资金净流出，12股主 力资金净流出超5000万元，净流出资金居首的是华银电力，今日主力资金净流出2.64亿元，净流出资金 居前的还有豫能控股、广汇能源、 ...

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 | | --- | --- | --- | --- | --- | --- ...