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解除质押及再质押手 续，具体事项如下： 证券代码：600256 证券简称：广汇能源 公告编号：2025-086 广汇能源股份有限公司 关于控股股东解除部分股权质押及再质押的公告 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。 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 20.39% ； 广 汇 集 团 累 计 质 押 公 司 股 份 896,940,000 股，占其所持有公司股份的 68.83%，占公司总股本的 14.03%。 一、股份解除质押情况 广汇集团于近日将其质押给中国农业银行股份有限公司新疆自 由贸易试验区乌鲁木齐经济技术开发区支行的合计 51,500,000 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 | | ...

Core Insights - The National Petroleum and Natural Gas Index (399439) has seen a strong increase of 1.54%, with significant gains in constituent stocks such as Lanstone Heavy Industry (603169) up 9.99%, Intercontinental Oil and Gas (600759) up 9.70%, and China National Offshore Oil Corporation (600938) up 4.54% [1] - OPEC+ has agreed to maintain a production increase of 137,000 barrels per day in December, consistent with the planned increases for October and November, while pausing production increases from January to March due to expected seasonal demand slowdown [1] - Brent crude oil prices have surpassed $65 per barrel, marking the longest consecutive increase since late September, while WTI crude oil prices have crossed the $61 mark [1] Industry Analysis - Long-term, oil-producing countries prioritize "value over volume," and OPEC+ is expected to balance pressures that may lead to a new round of cooperation, supported by North American shale oil cost impacts [2] - The Brent crude oil price is anticipated to find long-term support around $60 per barrel before the influence of South American supply and global energy transition accelerates [2] - The top ten weighted stocks in the National Petroleum and Natural Gas Index, which includes major companies like China National Petroleum (601857) and Sinopec (600028), account for 65.09% of the index [2]

Group 1 - The report highlights that Fengshen Co., the only centrally controlled tire listed company in China, has entered a growth phase with a 168% year-on-year increase in net profit for Q3 2025 [2][6][7] - The company achieved a revenue of 5.543 billion yuan for the first three quarters of 2025, representing a 13.58% increase year-on-year, despite a decline in net profit [6][8] - The average selling price of products increased by 7.88% year-on-year to 1198 yuan per tire, contributing to improved profitability [8][10] Group 2 - Dongfang Tower benefited from the potassium fertilizer boom, reporting a 77.57% increase in net profit for Q3 2025, with a revenue of 3.392 billion yuan [16][17] - The company’s gross profit margin increased by 10.23 percentage points to 40.53% due to rising potassium prices [17][19] - The average price of potassium chloride reached 3269 yuan per ton in Q3 2025, up 773 yuan per ton year-on-year [17][19] Group 3 - Longbai Group's net profit decreased by 34.68% year-on-year in Q3 2025, impacted by falling titanium dioxide prices, with a revenue of 6.105 billion yuan [23][24] - The average price of titanium dioxide fell by 2018 yuan per ton year-on-year, leading to a significant profit squeeze [25][27] - The company is pursuing a strategic acquisition of Venator UK's titanium dioxide assets to enhance its global presence [27][29] Group 4 - Shanmei International reported a 30.20% decline in revenue for the first three quarters of 2025, with a net profit drop of 49.74% [32][33] - The company’s coal production increased by 8.73% year-on-year, while trade coal sales fell by 28.50% [35][36] - The average selling price of self-produced coal decreased by 24.72% year-on-year, affecting overall profitability [36][37] Group 5 - Fenhong Media achieved a total revenue of 9.607 billion yuan in the first three quarters of 2025, reflecting a 3.73% year-on-year growth [38][39] - The company’s gross profit margin improved significantly, reaching 74.1% in Q3 2025 [40][41] - The company plans to distribute a cash dividend of 0.5 yuan per share, indicating a commitment to shareholder returns [41][42] Group 6 - Yunnan Rural Commercial Bank reported a 0.67% increase in revenue for the first three quarters of 2025, with a net profit growth of 3.74% [43][44] - The bank's non-performing loan ratio decreased to 1.12%, reflecting improved asset quality [44]

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [1] Core Viewpoints - The current market for thermal coal is stable, with port prices holding steady at 770 RMB/ton. The supply side shows an increase in daily average inflow to 1.9057 million tons, up 11.79% week-on-week, while daily average outflow rose to 2.0233 million tons, an increase of 18.40% [1][2] - As the northern regions enter the heating season, electricity consumption is expected to rise, while southern regions see a decline in power load. With sufficient inventory, coal prices are anticipated to remain volatile [2] - The report suggests focusing on resource stocks, particularly recommending companies like Haohua Energy and Guanghui Energy due to their low valuations and elasticity in thermal coal production [3][37] Summary by Sections 1. Market Review - The Shanghai Composite Index closed at 3,954.79 points, down 1.05% week-on-week, while the coal sector index fell by 0.78% to 2,943.60 points [11] 2. Thermal Coal Prices - The price of thermal coal at Qinhuangdao port remained stable at 770 RMB/ton. Prices for different grades of thermal coal varied, with some regions experiencing price increases [17][19] 3. Inventory and Shipping - The inventory at the four ports in the Bohai Rim decreased to 23.169 million tons, down 3.34% week-on-week. The number of anchored vessels increased to 109, reflecting a 17.00% rise [32][27] 4. International Prices - International thermal coal prices showed slight increases, with the Newcastle coal price index rising by 0.59 USD/ton to 103.74 USD/ton [19] 5. Recommendations - The report emphasizes the importance of monitoring insurance capital inflows and suggests a preference for resource stocks in the current market environment [37]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [2] Core Views - The coal mining industry is expected to perform well during the winter peak season, despite low production levels [2] - The supply of thermal coal has slightly increased, with port prices remaining stable at 770 RMB/ton as of October 31 [4][14] - The overall coal supply-demand situation remains favorable, with expectations of strong support for coal prices due to seasonal demand [7][72] Summary by Sections Thermal Coal - Supply has slightly rebounded, with port coal prices stable at 770 RMB/ton [14][15] - Production capacity utilization in the Sanxi region increased by 0.37 percentage points, mainly due to the resumption of previously halted mines [14][19] - Daily coal consumption at coastal and inland power plants decreased by 0.2 and 19.2 thousand tons respectively [14][22] - Power plant inventories are lower than last year, which may lead to increased replenishment demand if a cold winter materializes [14][31] Coking Coal - Coking coal production capacity utilization decreased by 0.27 percentage points to 84.2% due to inspections and underground issues in some mines [5][39] - The average daily crossing volume at Ganqimaodu port has recovered to over 1,000 trucks, indicating improved logistics [5][43] - Coking coal prices at ports remained stable at 1,760 RMB/ton as of October 31 [5][40] Coke - The supply of coke is stable, with the implementation of price increases, although profit margins for coke producers remain limited due to high coking coal prices [6][52] - The average daily pig iron production decreased by 3.54 thousand tons to 236.31 thousand tons, impacting demand for coke [6][58] - Coke prices at the Rizhao port increased to 1,580 RMB/ton, reflecting a positive trend in the market [6][53] Investment Opportunities - The report highlights several key companies for investment, including China Shenhua, Shaanxi Coal, and Yanzhou Coal, which are expected to perform well due to their strong cash flow and market positioning [7][9] - The report emphasizes the value attributes of the coal sector, particularly in light of recent government support and market conditions [7][74]

Core Viewpoint - Guanghui Energy reported a significant decline in both revenue and net profit for the first three quarters of 2025, indicating challenges in its operational performance and market conditions [1] Financial Performance - For Q1-3 2025, the company achieved a revenue of 22.5 billion yuan, down 15% year-on-year, and a net profit attributable to shareholders of 1 billion yuan, a decrease of 49% [1] - In Q3 2025, revenue was 6.8 billion yuan, a 1% decrease quarter-on-quarter and a 26% decrease year-on-year; net profit was 160 million yuan, down 0.5% quarter-on-quarter and 71% year-on-year [1] Coal Business - In the first three quarters of 2025, the company saw a significant increase in coal production and sales, with raw coal production reaching 38.68 million tons, up 79% year-on-year, and sales of 36.01 million tons, up 41% year-on-year [2] - However, Q3 2025 showed a decline in coal production and sales, with raw coal production at 11.81 million tons, down 8% quarter-on-quarter, and sales at 11.27 million tons, down 1% quarter-on-quarter [2] Natural Gas Business - The company faced challenges in its LNG operations, with production for Q1-3 2025 at 46.57 million cubic meters, down 4% year-on-year, and sales at 217.89 million cubic meters, down 32% year-on-year [2] - In Q3 2025, LNG production was 12.11 million cubic meters, down 32% quarter-on-quarter, and sales were 65.66 million cubic meters, down 0.1% quarter-on-quarter [3] Coal Chemical Business - The coal chemical segment showed mixed results, with methanol production at 750,000 tons, down 1% year-on-year, and sales at 730,000 tons, down 8% year-on-year [4] - Overall, coal chemical production for Q1-3 2025 was 1.58 million tons, down 0.12% year-on-year, while sales were 1.58 million tons, down 10% year-on-year [4] Profit Forecast and Valuation - Revenue projections for 2025-2027 are 34.1 billion, 40.9 billion, and 48 billion yuan, with expected net profits of 1.6 billion, 2.6 billion, and 4 billion yuan respectively [4] - The company maintains a "buy" rating, citing significant growth potential in coal production capacity, flexibility in natural gas operations, and growth opportunities in coal chemical projects [4]

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [7] Core Views - The company's revenue for the first three quarters of 2025 was 22.53 billion yuan, a year-on-year decrease of 14.63%, with a net profit attributable to shareholders of 1.01 billion yuan, down 49.03% year-on-year [1][2] - The decline in profits is primarily attributed to falling prices of coal and coal chemical products, as well as a significant increase in water conservation compensation fees [2] - The company has made progress in its planned projects, including a coal quality utilization demonstration project with an expected investment of 16.48 billion yuan, projected to generate an average annual after-tax profit of 1.638 billion yuan [5] Summary by Sections Financial Performance - In Q3 2025, the company achieved a revenue of 6.783 billion yuan, down 25.81% year-on-year and 0.92% quarter-on-quarter; net profit attributable to shareholders was 159 million yuan, down 71.01% year-on-year and 0.46% quarter-on-quarter [2] - The coal production in Q3 2025 was 12.57 million tons, with a year-on-year increase of 0.24% but a quarter-on-quarter decrease of 8.80% [3] - The natural gas sales in Q3 2025 were 655 million cubic meters, down 36.17% year-on-year and 0.06% quarter-on-quarter [4] Future Outlook - The company forecasts net profits attributable to shareholders of 1.354 billion yuan, 1.566 billion yuan, and 1.844 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.21 yuan, 0.24 yuan, and 0.29 yuan per share [5][6] - The projected PE ratios for 2025, 2026, and 2027 are 25, 22, and 19 respectively, based on the stock price as of October 30, 2025 [6]

Core Insights - The refining and trading sector saw a slight increase of 0.12% on October 31, with Heshun Petroleum leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Sector Performance - Heshun Petroleum (603353) closed at 21.58, up 5.58% with a trading volume of 97,600 shares and a transaction value of 211 million yuan [1] - Hengtong Co. (603223) closed at 9.91, up 3.77% with a trading volume of 101,000 shares and a transaction value of 98.88 million yuan [1] - International Long (000819) closed at 18.07, up 3.26% with a trading volume of 96,800 shares and a transaction value of 173 million yuan [1] - Other notable performers included Runbei Aerospace (001316) up 2.57%, Bohai Chemical (600800) up 1.86%, and Wanbangda (300055) up 1.68% [1] Fund Flow Analysis - The refining and trading sector experienced a net inflow of 176 million yuan from main funds, while retail investors saw a net outflow of 85.98 million yuan [2] - Notable stocks with significant fund flow included Guanghui Energy (600256) which saw a net outflow of 2.23% [2]

Investment Rating - The investment rating for Guanghui Energy is "Buy" [1] Core Views - The report indicates that Guanghui Energy's performance in the first three quarters of 2025 has been impacted by declining prices of coal, coal chemical products, and natural gas, along with increased soil conservation compensation fees [7] - The company is expected to see improved profitability in Q4 due to seasonal demand [7] - Future growth is anticipated from the Marang coal mine and oil and gas projects, which are expected to provide new momentum for long-term growth [8] Financial Performance Summary - For the first three quarters of 2025, Guanghui Energy reported revenue of 22.53 billion, a year-on-year decrease of 14.63%, and a net profit attributable to shareholders of 1.01 billion, down 49.47% [2][3] - In Q3 2025, the company achieved revenue of 6.78 billion, a decline of 25.81%, and a net profit of 159 million, down 71.01% [3] - The operating cash flow for the first three quarters was 4.31 billion, an increase of 6.10% year-on-year [2] Natural Gas Segment Summary - Natural gas production for the first three quarters of 2025 was 465.69 million cubic meters, a decrease of 4.00% year-on-year, while Q3 production was 121.09 million cubic meters, an increase of 2.03% [5] - Natural gas sales for the first three quarters were 2.18 billion cubic meters, down 32.06%, with Q3 sales at 656.55 million cubic meters, down 36.17% [5] Coal Chemical Segment Summary - Methanol production for the first three quarters was 753,500 tons, a decrease of 1.46%, with Q3 production at 189,700 tons, an increase of 1.80% [6] - Coal-based oil production for the first three quarters was 434,700 tons, an increase of 8.83%, with Q3 production at 118,400 tons, an increase of 11.81% [6] - Ethylene glycol production for the first three quarters was 88,900 tons, an increase of 16.84%, with Q3 production at 48,400 tons, an increase of 65.71% [6] Future Outlook - The Marang coal mine is expected to further increase production, with various approvals in place for its operations [8] - The Zaisang oil and gas project has shown positive progress, with significant oil and gas reserves identified, which could become a major profit growth point for the company [8] - Profit forecasts for 2025-2027 are set at 2.08 billion, 2.94 billion, and 3.24 billion respectively, with corresponding EPS of 0.33, 0.46, and 0.51 [8]

Group 1 - Guanghui Energy (SH 600256) announced on October 31 that its 9th Board of Directors meeting was held on October 29, 2025, in Urumqi, where it reviewed documents including a proposal to provide guarantees for its controlling subsidiary's business [1] - For the year 2024, Guanghui Energy's revenue composition is 97.26% from industrial operations and 2.74% from commercial operations [1] Group 2 - Multiple regions are experiencing "negative electricity prices," raising questions about why power plants are reluctant to shut down despite not making profits from selling electricity [2]