Core Viewpoint - Alloy Investment is planning a change in control, leading to a temporary suspension of its stock trading, with a significant increase in stock price prior to the announcement [1][3][5]. Group 1: Control Change and Stock Performance - On June 24, the Shenzhen Stock Exchange announced that Alloy Investment is planning a change in control, resulting in a temporary suspension of its stock trading [1]. - Alloy Investment's major shareholder, Guanghui Energy, is planning to transfer its 20.74% stake in the company to Jiuzhou Hengchang Logistics [3][9]. - As of June 23, Alloy Investment's stock price was 6.15 yuan per share, reflecting a 10.02% increase, with a total market capitalization of 2.368 billion yuan [5]. Group 2: Business Operations and Financial Performance - Alloy Investment primarily engages in the production and sales of nickel-based alloy materials and the new energy heavy truck transportation business [13]. - The company has experienced a turnaround in performance, with a projected net profit of 11.68 million yuan for 2024, representing a 100.78% year-on-year increase [14]. - The company's revenue for 2024 is expected to reach approximately 277.18 million yuan, an 18.51% increase compared to 2023 [15]. Group 3: Changes in New Energy Heavy Truck Business - Recent changes in the new energy heavy truck transportation business have been noted, including the termination of a vehicle leasing contract with Xinjiang Huiyi New Energy [12][13]. - Alloy Investment's subsidiary, Huiyi Intelligent, had previously signed a contract to lease 200 electric heavy trucks, which is now under review [13]. Group 4: Broader Context of Guanghui Group - Guanghui Group, the ultimate controlling shareholder of Alloy Investment, has been involved in multiple equity changes across its A-share companies, including Guanghui Energy and Alloy Investment [19][21]. - Following recent transactions, Guanghui Group's stake in Guanghui Energy has been reduced to 20.06%, maintaining its status as the controlling shareholder [22].

Core Viewpoint - Alloy Investment (000633.SZ) announced plans for a change in control and applied for a temporary suspension of trading due to the potential transfer of 20.74% of its shares held by its controlling shareholder, Guanghui Energy [2][11]. Group 1: Company Announcement - Alloy Investment received notification from Guanghui Energy regarding the planned transfer of its shares, which may lead to a change in control of the company [2]. - The transaction's main counterpart is Jiuzhou Hengchang Logistics Co., Ltd., which specializes in multimodal transport and logistics services [2]. - The announcement indicates that the matter is still in the planning stage and no agreements have been signed, leading to uncertainty [2]. Group 2: Market Reaction - On June 23, prior to the announcement, Alloy Investment's stock closed at its daily limit of 6.15 yuan per share, with a total market capitalization of 2.368 billion yuan [3]. Group 3: Jiuzhou Hengchang Logistics - Jiuzhou Hengchang, established in 2013, focuses on logistics services for bulk energy commodities, with total assets nearing 4 billion yuan and annual revenue exceeding 3.5 billion yuan [5]. - The company has initiated the process for an A-share listing, with investments from ProLogis and Tebian Electric Apparatus [6]. - Jiuzhou Hengchang previously attempted an IPO but faced regulatory feedback and has not made significant progress since updating its prospectus in June 2021 [8]. Group 4: Alloy Investment Background - Alloy Investment, listed since 1996, is a key producer of nickel-based alloy materials and has a revenue of approximately 200 million yuan annually [11]. - Guanghui Energy acquired control of Alloy Investment in July 2022 through a share purchase agreement, acquiring 20% of the company for 750 million yuan [11]. - In 2024, Alloy Investment is projected to achieve revenues of about 277 million yuan, a year-on-year increase of 18.51%, and a net profit of approximately 11.68 million yuan, reflecting a 100.78% increase [13].

合金投资（000633）公告，公司于2025年6月24日(星期二)上午开市起停牌，预计停牌时间不超过2个交 易日。公司控制权变更事项目前处于筹划阶段，主要交易对手方为九洲恒昌物流股份有限公司。广汇能 源（600256）筹划转让其所持有的公司20.74%的股权，具体实施方案尚待进一步沟通确定。该事项可 能导致公司的控制权变更。 ...

证券代码：600256 证券简称：广汇能源 公告编号：2025-051 广汇能源股份有限公司 关于 2025 年 5 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 3 家公司。 ●担保金额及担保余额：2025 年 5 月增加担保金额 26,811.50 万元，减少担 保金额 73,517.49 万元（含汇率波动）；截止 5 月 31 日担保余额 1,333,737.03 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 ●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 202 ...

Core Viewpoint - Guanghui Energy is playing a crucial role in enhancing energy supply capabilities in response to national energy security strategies and the "Xinjiang coal transportation" policy, contributing significantly to stable energy supply and regional economic development [1][2]. Group 1: Strategic Developments - Guanghui Energy achieved a key breakthrough in the "Xinjiang coal to Henan" strategy by dispatching a train loaded with over 3,700 tons of coal to Henan, reinforcing energy cooperation between Xinjiang and Henan [2]. - The company has established three major energy bases: Hami Naomao Lake coal chemical base, Qidong offshore comprehensive energy base, and Central Asia oil and gas comprehensive development base, leveraging its unique resource, quality, channel, and location advantages [2][3]. Group 2: Production and Capacity Expansion - Guanghui Energy's coal resources total 6.597 billion tons, with an exploitable reserve of 5.912 billion tons, located in the Tuhai coalfield [4]. - In 2024, the company achieved a raw coal output of 39.83 million tons, a year-on-year increase of 78.52%, and coal sales of 47.23 million tons, up 52.39%, both hitting historical highs [4]. - The company is enhancing its coal production capacity, with the Naoliu Highway expansion set to double its transport capacity from 20 million tons per year to 40 million tons per year by 2024 [3][4]. Group 3: Market Dynamics and Pricing - Recent signals indicate a rebound in coal prices, driven by tightening domestic supply due to stricter environmental regulations and increased demand from power plants amid high temperatures [6]. - As of June 20, the price of northern port thermal coal showed a slight increase, ending a previous downward trend, indicating a stabilization in the coal market [6]. Group 4: Financial Performance and Investment Value - Guanghui Energy has distributed a total cash dividend of 13.72 billion yuan from 2022 to 2024, significantly exceeding the industry average, reflecting a strong commitment to shareholder returns [7]. - The company's current valuation is at a historical low, with a price-to-book ratio of 1.44, highlighting its investment value during a period of improving supply-demand dynamics [7].

Group 1 - A-share coal sector experiences significant upward movement, with Kairuide hitting the daily limit increase [1] - Other companies such as Antai Group, Shanxi Black Cat, Jinkong Coal Industry, Baotailong, Guanghui Energy, and Liaoning Energy also see gains [1]

Group 1: Industry Overview - Xinjiang's coal chemical industry is gaining market attention due to energy security and cost advantages, with expectations of entering a golden era [1] - The total planned investment in Xinjiang's coal chemical projects exceeds 700 billion yuan, with a planned coal demand of 210 million tons per year [1][2] - The "14th Five-Year Plan" emphasizes Xinjiang's role in coal clean and efficient utilization, positioning it for significant development opportunities [2] Group 2: Company Profile - Guanghui Energy, a major local energy player, has coal reserves of 6.597 billion tons, benefiting from low extraction difficulty and costs [2] - The company has established a coal chemical base with investments in the hundreds of billions, aligning with policy directions [2] - In 2024, Guanghui Energy's coal chemical product output is projected to reach 2.2645 million tons, a year-on-year increase of 7.36% [3] Group 3: Production and Technology - The company’s methanol production is a core revenue source, with a projected output of 1.0788 million tons in 2024, up 18.43% year-on-year [4] - Guanghui Energy has successfully implemented advanced technologies in its production processes, enhancing its competitive edge in the market [4][5] - The company is focusing on technological innovation and industry integration to foster new growth points and extend its coal chemical industry chain [5] Group 4: Strategic Partnerships and Investments - The company is actively pursuing diversified strategic partnerships to enhance its growth and resource development [6] - A recent strategic cooperation with Shun'an Energy aims to accelerate the development of coal chemical projects in the eastern mining area [6] - Guanghui Energy's major shareholder change, with the introduction of Fude Group as the second-largest shareholder, is expected to enhance the company's core competitiveness [7]

投资评级：看好（维持） 行业走势图 煤炭 2025 年 06 月 08 日 焦煤期货大涨和动力煤去库，否极泰来重视煤炭配置 ——行业周报 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-06 2024-10 2025-02 煤炭 沪深300 相关研究报告 《国内及蒙古焦煤临近成本线，焦煤 加速探底或近底部—行业点评报告》 -2025.6.4 《煤价企稳和环渤海港去库，否极泰 来 重 视 煤 炭 配 置 — 行 业 周 报 》- 2025.6.2 《煤炭供给最重要变量：疆煤受价降 而减量—行业点评报告》-2025.5.30 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 本周要闻回顾：焦煤期货大涨和动力煤去库，否极泰来重视煤炭配置 （1）动力煤方面：从价格端来看，本周港口价格微跌，截至 6 月 6 日，秦港 Q5500 动力煤平仓价为 609 元/吨，环比下跌 2 元/吨，跌幅 0.33%。从供给端来 看，国内生产方面，截至 6 月 1 日，晋陕蒙三省 442 家煤矿开工率 81.3%，环比下 跌 0.3 个百分点，其中山西省煤 ...

证券代码：600256 证券简称：广汇能源 公告编号：2025-050 广汇能源股份有限公司 一、本次协议转让的基本情况 广汇集团于 2025 年 5 月 16 日与富德寿险、富德金控分别签署了 《关于广汇能源股份有限公司之股份转让协议》（简称"股份转让协 议"） ，将所持公司无限售流通股股份 638,561,096 股、337,796,066 股，占公司总股本的比例 9.83%、5.20%，分别以协议转让方式转让 给富德寿险、富德金控；本次股份转让数量合计 976,357,162 股股份， 占公司总股本的 15.03%。（具体内容详见公司 2025-045 号公告） 二、本次股份转让过户登记情况 公司目前收到的《证券过户登记确认书》确认了本次协议转让股 份事项所涉及的过户登记手续已全部办理完毕。后续广汇集团、富德 寿险及富德金控均将按照《股份转让协议》及相关承诺履行款项支付、 权责义务等约定，与公司前期披露的公告一致，未有其它另行安排事 项的情形。 关于控股股东协议转让股份完成过户登记的公告 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 ...

证券代码：600256 证券简称：广汇能源 公告编号：2025-050 广汇能源股份有限公司 关于控股股东协议转让股份完成过户登记的公告 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。 广汇能源股份有限公司（简称"公司"）于近日收到了控股股东 新疆广汇实业投资（集团）有限责任公司（简称"广汇集团"）、富德 生命人寿保险股份有限公司（简称"富德寿险"）、深圳富德金蓉控股 有限公司（简称"富德金控"）提供的由中国证券登记结算有限责任 公司上海分公司出具的《证券过户登记确认书》，现将具体情况公告 如下： 一、本次协议转让的基本情况 广汇集团于 2025 年 5 月 16 日与富德寿险、富德金控分别签署了 《关于广汇能源股份有限公司之股份转让协议》（简称"股份转让协 议"），将所持公司无限售流通股股份 638,561,096 股、337,796,066 股，占公司总股本的比例 9.83%、5.20%，分别以协议转让方式转让 给富德寿险、富德金控；本次股份转让数量合计 976,357,162 股股份， 占公司总股本的 15.03%。（ ...