Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - Coal prices have rebounded significantly, with the central price level continuing to rise. Domestic power plants have increased daily coal consumption, leading to further price increases for both coking coal and thermal coal. The report emphasizes that the industry is supported by both policy and fundamental factors, maintaining a "Positive" rating for the coal sector [6][41]. Summary by Sections Coal Market Performance - The coal sector outperformed the CSI 300 index, with a weekly increase of 8% compared to a 1.69% rise in the index, resulting in a 6.31 percentage point outperformance. A total of 37 stocks in the sector saw price increases, with Lu'an Huanneng showing the highest weekly gain of 31.22% [2]. Key Data on Coal Sales and Inventory - The average daily coal sales for monitored enterprises from July 18 to July 24, 2025, were 7.14 million tons, a week-on-week decrease of 2.4% but a year-on-year increase of 3.4%. The total coal inventory (including port storage) was 30.55 million tons, down 2.3% week-on-week but up 20.5% year-on-year [2][8]. Thermal Coal Industry Chain - As of July 25, 2025, the price index for thermal coal (Q5500K) in the Bohai Rim was 664 CNY/ton, reflecting a week-on-week increase of 0.15%. The inventory at Qinhuangdao port was 5.85 million tons, with a week-on-week increase of 70,000 tons [3]. Coking Coal Industry Chain - The main coking coal price at Jingtang Port was 1,650 CNY/ton, up 16.2% week-on-week. The inventory at Jingtang Port decreased by 11.16% week-on-week, while the total inventory at independent coking plants increased by 56.27% [4]. Coal Chemical Industry Chain - The price of Yanquan anthracite coal remained stable at 820 CNY/ton. The methanol market price in East China rose to 2,476.14 CNY/ton, an increase of 100.91 CNY/ton week-on-week [5]. Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies and coking coal companies undergoing turnaround. Key companies to watch include China Shenhua, Shaanxi Coal and Chemical Industry, and Huainan Mining for thermal coal, and Huai Bei Mining and Shanxi Coking Coal for coking coal [6][41].

Investment Rating - The report maintains an "Overweight" rating for the coal industry [2][5]. Core Insights - The expectation of supply contraction is rising, leading to a strong rebound in coal prices. This is primarily driven by policy changes on the supply side, which have intensified expectations of reduced supply. The "overproduction leads to shutdown" policy and a significant decrease in coal imports are key factors [7][8]. - The report highlights that the demand for electricity coal remains robust due to high temperatures, with power plants expected to maintain high daily consumption levels. The ongoing summer peak demand is anticipated to support coal prices [7][8]. Summary by Sections 1. Industry Overview - The coal industry consists of 37 listed companies with a total market capitalization of 181.62 billion yuan and a circulating market value of 177.44 billion yuan [2]. 2. Supply and Demand Dynamics - Recent policy changes have led to increased uncertainty in domestic coal supply. A national coal mine production inspection is set to take place, focusing on compliance with production limits [7]. - In June 2025, China's imports of thermal coal fell to 23.93 million tons, a year-on-year decrease of 31.11%, marking the lowest level in 28 months [7]. 3. Price Trends - As of July 25, 2025, the price of thermal coal at the Qinhuangdao port was 659 yuan per ton, reflecting a week-on-week increase of 11 yuan per ton, but a year-on-year decrease of 200 yuan per ton [8]. - The price of coking coal at the same port increased by 240 yuan per ton, with a week-on-week growth of 16.67% [8]. 4. Key Companies and Recommendations - The report recommends focusing on high-elasticity stocks such as Yanzhou Coal Mining, Shanxi Coal International, and Jin控煤业, which are expected to benefit from rising coal prices [7]. - Other companies like China Shenhua, Huaihe Energy, and Longyuan Power are also highlighted as potential beneficiaries of the favorable market conditions [7][8]. 5. Financial Performance and Dividends - The report tracks the dividend policies and growth prospects of key companies, indicating that several firms are expected to maintain or increase their dividend payouts in the coming years [13][14].

Core Viewpoint - Guanghui Energy Co., Ltd. has reported on the progress of guarantees implemented in June 2025, highlighting significant changes in guarantee amounts and the overall financial health of its subsidiaries [1][2]. Group 1: Guarantee Amounts and Balances - In June 2025, the company increased the guarantee amount by 852.5793 million yuan and decreased it by 780.3911 million yuan, resulting in a total guarantee balance of 13.4095585 billion yuan as of June 30, 2025 [1][2]. - The total estimated guarantee amount for 2025 is capped at 20 billion yuan, with a net increase of up to 6 billion yuan expected [1][4]. - The expected net increase in guarantees for controlling subsidiaries is 5.71 billion yuan, while for subsidiaries with an asset-liability ratio above 70%, it is projected at 3.3 billion yuan [1][4]. Group 2: Implementation and Oversight - The company has established a system for internal adjustment of guarantee limits among subsidiaries, ensuring that the total does not exceed the approved amount by the shareholders' meeting [1][2]. - There are no overdue guarantees reported, and the company has confirmed the existence of counter-guarantees and related guarantees [1][4]. Group 3: Financial Health of Subsidiaries - The subsidiaries involved in the guarantees are reported to have stable operational conditions and good credit status, indicating that the risks associated with these guarantees are manageable [4][5]. - The total guarantee amount as of June 30, 2025, represents 49.68% of the company's latest audited equity [4].

证券代码：600256 证券简称：广汇能源 公告编号：2025-059 广汇能源股份有限公司 关于 2025 年 6 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 9 家公司。 ●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， ...

Market Overview - The Shanghai Composite Index closed at 3581.86 points, above the annual line, with a change of 0.62% [1] - The total trading volume of A-shares reached 19286.45 billion yuan [1] Stocks Breaking Annual Line - A total of 78 A-shares have surpassed the annual line today, with notable stocks including: - China Coal Energy with a deviation rate of 8.05% - China Western Power with a deviation rate of 6.98% - Jinkong Coal Industry also at a deviation rate of 6.98% [1] Stocks with Significant Deviation Rates - The following stocks have shown significant deviation rates: - China Coal Energy: Today's increase of 9.42%, turnover rate of 1.08%, latest price at 12.55 yuan [1] - China Western Power: Today's increase of 7.17%, turnover rate of 9.00%, latest price at 7.47 yuan [1] - Jinkong Coal Industry: Today's increase of 9.98%, turnover rate of 4.75%, latest price at 14.32 yuan [1] Additional Stocks with Minor Deviation Rates - Stocks with minor deviation rates include: - Qixiang Tengda: Today's increase of 7.03%, turnover rate of 6.40%, latest price at 55.55 yuan [1] - Emperor Laser: Today's increase of 10.06%, turnover rate of 4.94%, latest price at 7.88 yuan [1] - Shanghai Pharmaceuticals: Today's increase of 4.55%, turnover rate of 1.14%, latest price at 129.38 yuan [1]

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]