每经记者｜赵李南 每经编辑｜陈俊杰 5月16日，广汇能源（600256.SH，股价6.03元，市值391.71亿元）公告称，富德生命人寿保险股份有限 公司（以下简称富德寿险）和深圳富德金蓉控股有限公司（以下简称富德金控）拟收购其股份。 值得注意的是，此次富德寿险和富德金控（以下合称富德系）对广汇能源股权收购的金额合计约62亿 元。如果相关转让能够顺利完成，富德系将对广汇能源持股15.03%。 《每日经济新闻》记者就上述收购的目的采访了富德寿险相关人士，该人士回应：目前以公告信息为 准。 "本次权益变动不触及要约收购，不构成关联交易，不会导致公司控股股东及实际控制人发生变化。"广 汇能源表示。 按照约定，上述协议的各方对标的股份转让价格定为人民币6.35元/股，相较于5月16日收盘价格6.03元/ 股高出约5%。 按照上述价格计算，富德寿险和富德金控分别需要支付转让价款约40.5亿元和21.5亿元，合计约62亿 元。 如果上述协议转让能够顺利完成，富德寿险将持有广汇能源9.83%股份，富德金控将持有广汇能源 5.20%股份。广汇集团将持有广汇能源20.06%股份，仍为广汇能源控股股东。 据广汇能源公告，富德寿险 ...

Core Viewpoint - The report outlines a significant equity change involving Guanghui Energy Co., Ltd, where Xinjiang Guanghui Industrial Investment (Group) Co., Ltd transferred a total of 976,357,162 shares, representing 15.03% of the total share capital, to two long-term investors, Fude Life Insurance and Fude Jin控 [4][8]. Group 1: Equity Change Details - Xinjiang Guanghui Industrial Investment (Group) Co., Ltd held 2,279,455,813 shares before the transfer, accounting for 35.09% of Guanghui Energy's total share capital [8]. - After the transfer, the company holds 1,303,098,651 shares, which is 20.06% of the total share capital [8]. - The shares transferred to Fude Life Insurance and Fude Jin控 were 638,561,096 shares (9.83%) and 337,796,066 shares (5.20%) respectively [8]. Group 2: Purpose and Future Plans - The equity change aims to introduce long-term value investors to enhance the company's core competitiveness and improve shareholder returns [8]. - There are currently no plans for Xinjiang Guanghui Industrial Investment (Group) Co., Ltd to increase or decrease its shareholding in the next 12 months [8]. Group 3: Transfer Agreements - The transfer agreements with Fude Life Insurance and Fude Jin控 specify a share transfer price of RMB 6.35 per share [9][15]. - The total payment for the shares transferred to Fude Life Insurance amounts to RMB 4,055,000,000.60, while the payment to Fude Jin控 is RMB 2,141,000,000.55 [15]. - Both agreements include commitments from the buyers not to reduce their holdings for 60 months after the shares are registered in their names [16].

证券代码：600256 证券简称：广汇能源 公告编号：2025-045 广汇能源股份有限公司 关于控股股东协议转让部分股份 暨权益变动的提示性公告 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： 广汇能源股份有限公司（简称"公司"或"广汇能源"）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"） 于 2025 年 5 月 16 日与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"）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 "）， 拟 以 协 议 转 让 方 式 将 所 持 公 司 无 限 售 流 通 股 股 份 976,357,162 股（简称"标的股份"）予以转让，占公司总股本 15.03%。 协议转让完成后，富德寿险持有公司股份 638,561,096 股， 占公司总股本 9.83%，富德金控持有公司股份 337,796,066 股，占公 司总股本 5.20%；广汇集团持有公司股份 1,303,098,65 ...

广汇能源股份有限公司 简式权益变动报告书 上市公司名称：广汇能源股份有限公司 股票上市地点：上海证券交易所 股票简称：广汇能源 股票代码：600256 信息披露义务人：新疆广汇实业投资（集团）有限责任公司 注册地址：新疆乌鲁木齐高新技术产业开发区（新市区）长沙路 2 号（广汇美居 物流园） 通讯地址：新疆乌鲁木齐市天山区新华北路 165 号中天广场 股份变动性质：股份减少 签署日期：2025 年 5 月 16 日 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司收购管理办法》 （以下简称"《收购管理办法》"）、《公开发行证券的公司信息披露内容与格式准 则第 15 号-权益变动报告书》（以下简称"《准则 15 号》"）及相关的法律、法规 和规范性文件编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人公司章程或内部规则中的任何条款，或与之相冲突。 4 除非另有说明，以下简称在本报告书中作如下释义： 信息披露义务人、控股 股东、广汇集团 指 新疆广汇实业 ...

广汇能源股份有限公司 简式权益变动报告书 上市公司名称：广汇能源股份有限公司 股票上市地点：上海证券交易所 股票简称：广汇能源 股票代码：600256 信息披露义务人一名称：富德生命人寿保险股份有限公司 公司住所：深圳市福田区福中一路1001号生命保险大厦27、28、29、30层 通讯地址：深圳市福田区莲花街道福中社区福中一路1001号生命保险大厦三十八层 3811房 股份变动性质：股份增加 签署日期：2025年5月16日 第 1 页 共 31 页 信息披露义务人声明 一、信息披露义务人一与信息披露义务人二均依据《中华人民共和国公司法》、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司收购管理办 法》（以下简称"《收购办法》"）、《公开发行证券公司信息披露内容与格式准 则第15号—权益变动报告书》（以下简称"准则15号"）及相关的法律、法规编写 本报告书。 二、信息披露义务人一与信息披露义务人二签署本报告书均已获得必要的授权 和批准，其履行亦不违反信息披露义务人章程或内部规则中的任何条款，或与之相 冲突。 通讯地址：深圳市福田区福中一路1001号生命保险大厦27、28、29、30层 股份变动性 ...

本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（http://rs.p5w.net），或关注微信公众号：全景财经，或下载 全景路演 APP，参与本次互动交流，活动时间为 2025 年 5 月 23 日（周 五）15:00-17:30。届时公司高管将在线就公司 2024 年度业绩、公司 治理、发展战略、经营状况、融资计划及可持续发展等投资者关心的 问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 广汇能源股份有限公司董事会 二〇二五年五月十七日 广汇能源股份有限公司 关于参加新疆辖区上市公司 2025 年投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，广汇能源股份有限公司（简 称"公司"）将参加由新疆上市公司协会根据新疆证监局工作部署， 联合深圳市全景网络有限公司举办的"2025 年新疆辖区上市公司投 资者网上集体接待日活动"，现将相关事项公告如下： 证券代码：600256 证券简称：广汇能源 公告编号：2025-046 ...

广汇能源（600256）公告，广汇集团以协议转让方式分别向富德寿险、富德金控转让其所持广汇能源 6.39亿股、3.38亿股，合计转让9.76亿股无限售条件流通股，占广汇能源总股本的15.03%。本次权益变 动后，广汇集团持有广汇能源13.03亿股无限售条件流通股，占广汇能源总股本的20.06%。本次权益变 动不会导致广汇能源的控股股东、实际控制人发生变化。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has faced significant revenue and profit declines in 2024, with operating income of 36.441 billion yuan, down 40.72% year-on-year, and a net profit of 2.961 billion yuan, down 42.60% year-on-year [20][14] - Despite the challenges, the company remains optimistic about its coal transportation business in Xinjiang, which is expected to recover due to seasonal demand [14] Summary by Sections Overall Performance - In 2024, the company reported an operating income of 36.441 billion yuan, a decrease of 40.72% year-on-year, and a net profit of 2.961 billion yuan, down 42.60% year-on-year. The net cash flow from operating activities was 5.675 billion yuan, down 16.64% year-on-year [20][14] Coal Business - The coal business achieved record production and sales, with raw coal output reaching 39.8329 million tons, up 78.52% year-on-year, and total coal sales of 47.234 million tons, up 52.39% year-on-year. Revenue from coal operations was 17.379 billion yuan, an increase of 18.03% year-on-year, although the gross margin fell to 22.95%, down 11.73 percentage points due to declining sales prices [27][29] Natural Gas Business - The company reduced its external gas procurement due to price discrepancies, resulting in a 51.65% year-on-year decrease in external LNG sales to 2.2393 million tons. Total natural gas sales were 2.8401 million tons, down 52.95% year-on-year. Revenue from natural gas sales dropped to 13.065 billion yuan, down 65.95% year-on-year, while the gross margin improved to 14.37%, up 6.26 percentage points [31][33] Coal Chemical Business - The coal chemical segment maintained stable production, with methanol output of 1.0788 million tons, up 18.43% year-on-year, and ethylene glycol output of 155,600 tons, up 23.73% year-on-year. However, total sales in this segment decreased by 8.42% year-on-year [36][39] Profit Forecast and Valuation - The company forecasts a net profit of 3.487 billion yuan for 2025, reflecting a 17.75% increase year-on-year, with expected earnings per share of 0.54 yuan. The company is positioned well in Xinjiang with strong coal reserves and advanced production capacity, indicating potential for valuation recovery [14][42]

Investment Rating - The report maintains a "Positive" investment rating for the petrochemical industry [9] Core Insights - The petrochemical industry is experiencing a downturn in revenue and net profit due to pressures from real estate and infrastructure, as well as global trade tensions, but the industry is nearing historical lows in terms of profitability [2][6] - There is a notable divergence in profitability among sub-industries, with downstream processing, coal chemical, and gas chemical sectors showing positive growth, indicating structural investment opportunities [2][6] - Key investment opportunities are identified in high-quality growth, growth potential, and high dividend yield sectors [2][7] Summary by Sections Industry Performance Overview - The petrochemical sector's revenue and net profit are projected to decline in 2024 and Q1 2025, with overall revenue for 2024 estimated at approximately 8,210.4 billion yuan, a decrease of 3.02% year-on-year, and net profit at about 395.0 billion yuan, down 0.54% [21][22] - For Q1 2025, revenue is expected to be around 200.5 billion yuan, reflecting a 6.14% decline, with net profit decreasing by 4.43% [21][22] Sub-Industry Analysis - The performance of various sub-sectors in 2024 shows mixed results: - Petrochemical (-0.54%) - Oil and gas services and equipment (-7.61%) - Energy extraction (4.87%) - Oil and gas storage and sales (-35.41%) - Traditional refining (-19.10%) - Private refining (-38.09%) - Coal and gas chemicals (19.21%) - Downstream processing (117.14%) [6][22] - In Q1 2025, the performance continues to vary: - Petrochemical (-4.43%) - Oil and gas services and equipment (18.13%) - Energy extraction (-2.48%) - Oil and gas storage and sales (-2.43%) - Traditional refining (-28.31%) - Private refining (-9.55%) - Coal and gas chemicals (65.79%) - Downstream processing (55.26%) [6][22] Investment Focus - The report emphasizes three main investment themes: 1. Gradual recovery in the industry, favoring quality leading companies with rising volumes and prices [7] 2. Opportunities in high-end materials and technology import substitution, particularly in POE and ethylene technology [7] 3. Stable cash flow and high dividend yields, particularly in central and state-owned enterprises, which may see a revaluation [7][8] Recommended Stocks - Key stocks to focus on include: - High-quality growth: Satellite Chemical, Baofeng Energy, Zhongman Petroleum, New Natural Gas, and Guanghui Energy - High-end material import substitution: AkzoNobel and Dingjide - Beneficiaries of coal chemical investments in regions like Xinjiang and Shanxi: Aerospace Engineering - Recovery plays: Huajin Co., Hengli Petrochemical, Rongsheng Petrochemical, Dongfang Shenghong, and Hengyi Petrochemical - High dividend stocks: CNOOC, PetroChina, and Sinopec [8]

Core Viewpoint - The China Oil and Gas Industry Index has shown a decline in recent trading sessions, reflecting broader market trends and specific sector performance [1][2]. Group 1: Index Performance - The China Oil and Gas Industry Index (H30198) opened lower and fell by 1.04%, closing at 1751.37 points with a trading volume of 13.948 billion yuan [1]. - Over the past month, the index has increased by 4.60%, but it has decreased by 1.07% over the last three months and is down 4.38% year-to-date [1]. Group 2: Index Composition - The index includes companies involved in oil and gas exploration, equipment manufacturing, transportation, sales, refining, and primary petrochemical production [1]. - The top ten weighted companies in the index are: China National Petroleum (10.46%), China National Offshore Oil (9.96%), Sinopec (9.54%), Guanghui Energy (5.02%), and others [1]. - The index is primarily composed of companies listed on the Shanghai Stock Exchange (70.91%) and the Shenzhen Stock Exchange (29.09%) [1]. Group 3: Sector Allocation - The sector allocation of the index shows that energy constitutes 61.44%, materials 20.57%, industrials 15.14%, finance 1.77%, and utilities 1.08% [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2].