摘要 广汇能源预计 2025 年煤炭产量达 6,300 万吨，外销量 5,300 万吨，净 增约 1,000 万吨，持续推进"十五"期间产量过亿吨目标，东部矿区获 批优先开发，预计 2027 年逐步释放产能。 公司 2025 年石油勘探增储超预期，计划持续投入资金扩编、增储和开 发西油资源，目标年产 300 万吨，并通过自有管道运输稀有原油回国内。 天然气业务依托自产气、外购气及 LNG 接收站保持盈利，2025 年国际 贸易资源周转量达 150 万吨，国际贸易和 LNG 接收站合计贡献净利润 约 4.5 亿元。 煤化工业务主要产品包括甲醇、煤焦油、提质煤及乙二醇，乙二醇装置 技改后日产 1,100 吨并扭亏为盈，公司完成 39.76 亿元现金分红，优化 股东结构。 公司未来战略包括做强煤油气主业，通过精细化管理提升效益，如技改 清洁炼化项目提升产能超 40%，并以创新促转型，探索传统能源与新能 源耦合。 Q&A 请介绍一下广汇能源在 2025 年的主要业务发展情况及取得的成就。 2025 年，广汇能源在各项主营业务上取得了显著突破，煤油气化一体化产业 发展的根基更加牢固。具体来说： 公司计划提高疆内地销煤炭 ...

Core Viewpoint - The oil and gas ETF Huatai Fuhua (159309) opened down by 1.69% at 1.220 yuan, reflecting a mixed performance among its major holdings [1] Group 1: ETF Performance - The performance benchmark for the oil and gas ETF Huatai Fuhua (159309) is the CSI Oil and Gas Resource Index return rate [1] - Since its establishment on May 31, 2024, the fund has achieved a return of 24.34%, with a monthly return of 11.03% [1] Group 2: Major Holdings Performance - Major holdings include: - Jereh Group opened up by 1.04% - China National Offshore Oil Corporation (CNOOC) down by 1.46% - China Petroleum down by 0.70% - China Petrochemical down by 0.34% - China Merchants Energy down by 2.02% - Guanghui Energy unchanged at 0.00% - COSCO Shipping Energy down by 2.03% - China Merchants South Oil down by 0.89% - CNOOC Engineering down by 1.30% - Intercontinental Oil and Gas down by 1.97% [1]

Group 1 - The oil sector is experiencing a capital inflow despite market conditions, with the Penghua Oil ETF (159697) seeing a net subscription of 10 million units, marking five consecutive days of net inflow [1] - Political tensions in Venezuela and Iran are increasing, contributing to a rise in regional political risk premiums for oil prices, while OPEC+ has decided to temporarily halt its production growth plan for the first quarter of 2026 [1] - As of January 15, 2026, the National Securities Oil and Gas Index (399439) shows mixed performance among its constituent stocks, with Hengtong Co. leading at a 3.61% increase, while Jiufeng Energy is down 4.45% [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the National Securities Oil and Gas Index (399439) include major companies such as China National Petroleum, Sinopec, and CNOOC, collectively accounting for 67.11% of the index [2]

消息面上，美国能源信息署（EIA）发布短期能源展望显示，美国原油产量在去年创新高后，今年及明 年将会下降，而今年的石油需求将保持稳定。 华福石化团队指出，原油价格继续大涨3%，未来仍有上涨空间。短期区域局势恶化，伊朗日产300万 桶，出口占比近一半，占比全球日均消费1.5%，尽管当前面临过剩风险，短期供应的丢失仍会催化油 价进一步上涨，目前衍生品市场及call期权的溢价表现明显，重点布局三桶油（压舱石）、石化油服及 炼化企业、长丝及油气公司。 数据显示，截至2025年12月31日，国证石油天然气指数(399439)前十大权重股分别为中国石油、中国石 化、中国海油、杰瑞股份、广汇能源、招商轮船、新奥股份、九丰能源、中远海能、大众公用，前十大 权重股合计占比67.11%。 油气ETF(159697)，场外联接(A：019827；C：019828；I：022861)。 截至2026年1月14日 09:55，国证石油天然气指数(399439)上涨0.63%，成分股洲际油气上涨4.75%，杰瑞 股份上涨4.04%，厚普股份上涨3.87%，招商南油上涨3.68%，海油工程上涨2.68%。油气ETF(159697)上 涨0 ...

证券日报网讯1月13日，广汇能源（600256）在互动平台回答投资者提问时表示，关于公司2025年第四 季度经营业绩具体数据，敬请查阅公司拟于2026年4月24日披露的2025年年度报告及相关公告。关于 2026年生产经营相关计划，公司亦将严格遵照监管相关要求合规履行信息披露义务。敬请广大投资者以 公司在法定平台发布的公告为准，注意投资风险。 ...

（文章来源：证券日报） 证券日报网讯 1月13日，广汇能源在互动平台回答投资者提问时表示，截至2025年12月31日公司总股东 人数为223079户。 ...

Group 1 - Tongyuan Petroleum, based in Chengdu, is a leading company in perforation technology, providing a full range of oil and gas engineering services, and is well-positioned to benefit from rising oil prices through increased orders and revenue [1][36] - Huai Oil Co., located in Jiangsu, has a stable oil and gas production base and benefits from regional cooperation, allowing for dual revenue growth during rising oil prices [2][37] - CNOOC Services, the largest marine oil and gas engineering service provider in China, is set to see significant increases in drilling platform utilization and service orders due to rising oil prices [3][38] Group 2 - Sinopec Oilfield Services, a leading player in oil and gas engineering services, is expected to benefit from increased internal orders and global oil development opportunities as oil prices rise [4][39] - Beiken Energy, based in Xinjiang, focuses on oilfield technical services and is well-positioned to expand its business in response to rising oil prices and increased exploration activities in the western oil and gas regions [5][41] - Zhongman Petroleum, with integrated oil and gas exploration and service capabilities, is likely to see increased orders and revenue from both domestic and international projects as oil prices rise [6][42] Group 3 - Potential Energy, specializing in oil and gas exploration technology services, is expected to benefit from increased demand for high-precision exploration services as oil prices rise [8][43] - China National Offshore Oil Corporation, the largest offshore oil producer in China, is positioned to benefit from rising oil prices through increased revenue from oil sales and a focus on deepwater development [9][44] - Bomeike, focusing on marine oil and gas engineering equipment, is set to see increased demand for its products as marine oil and gas projects accelerate due to rising oil prices [10][45] Group 4 - Blue Flame Holdings, a leader in coalbed methane development, is expected to benefit from rising demand for clean energy and increased coalbed methane sales prices as oil prices rise [11][47] - Shouhua Gas, with a comprehensive natural gas business model, is likely to see revenue growth from both upstream exploration and downstream distribution as oil prices and natural gas prices rise [12][48] - CNOOC Engineering, a leading marine oil and gas engineering construction company, is expected to gain stable orders and enhance profitability through deep cooperation with CNOOC as oil prices rise [13][49] Group 5 - Intercontinental Oil and Gas, focusing on overseas oil resource development, is well-positioned to benefit from rising oil prices through increased sales revenue from its overseas oil fields [14][50] - Guanghui Energy, a comprehensive energy service provider, is expected to see significant revenue growth from its oil and gas extraction and LNG production businesses as oil prices rise [15][51] - CNOOC Development, providing comprehensive marine oil and gas services, is likely to see increased demand for its services as oil production rises due to higher oil prices [16][52] Group 6 - China Petroleum Engineering, a leading oil and gas engineering construction company, is set to benefit from increased orders due to rising oil prices and expanded overseas market opportunities [18][54] - New Natural Gas, focusing on natural gas exploration and distribution, is expected to see revenue growth from both upstream and downstream operations as oil and natural gas prices rise [19][55] - ST Xinchao, despite its current ST status, is expected to see improved performance from its oil and gas business as oil prices rise, benefiting from the synergy between its oil and chemical operations [20][56]

Core Insights - The investment activity in the Midwest region of China is significantly increasing, driven by resource advantages, with a total of 1,346 investment events in 2025, a year-on-year increase of 42.3%, and total investment amounting to 142.99 billion yuan, up 42.5% from the previous year [3][4]. Resource Endowment - The growth of the venture capital market in the Midwest is attributed to its rich resource endowment, which influences the distribution of industrial types and attracts capital inflow, establishing a pattern of "industry first, capital follows" [4][13]. - The Midwest has unique advantages in the new energy and new materials industries, with resources such as rare earths and lithium providing strong upstream support for battery and new materials industries [4][13]. Hard Technology - Investment events in the hard technology sector in the Midwest are expected to rise from 152 in 2024 to 289 in 2025, nearly doubling and increasing its share from 16.07% to 21.47% [6]. - The investment strategy reflects a "broad net" approach, focusing on early-stage projects and fostering a wider innovation ecosystem in the hard technology field [6][13]. New Energy/New Materials - In contrast to hard technology, the new energy/new materials sector shows a trend of capital concentrating on mature projects, with the number of investment events increasing from 189 to 238, a growth of 25.9%, while the investment amount surged from 38.49 billion yuan to 63.85 billion yuan, a 66.1% increase [8]. - The number of projects in this sector decreased from 19.98% to 17.68%, while the investment amount's share increased from 38.3% to 44.65%, indicating a focus on larger, more mature projects [8]. Top Financing Events - The top 20 financing events in the Midwest in 2025 highlight a clear concentration in three areas, confirming the logic that resource endowment drives industry and attracts capital [9]. - Among the top 20 companies, 10 are in the new energy/new materials sector, indicating that these industries account for half of the total financing events, with significant investments closely tied to local resource advantages [10]. Geographic Concentration - Chongqing and Wuhan emerge as the primary hubs for investment, with six and three companies respectively in the top 20, collectively accounting for nearly half of the total [10]. - This concentration reflects the capital's focus on a few core cities with strong industrial foundations, educational resources, and policy support [10]. Investment Round Concentration - Strategic investments dominate the financing landscape, with 13 occurrences, making up 65% of the total, indicating a preference for investments from industrial capital and state-owned enterprises that prioritize synergy with local resources [11].

Core Viewpoint - Guanghui Energy has announced a three-year shareholder return plan, committing to distribute at least 90% of the average annual distributable profits in cash from 2025 to 2027 [2] Summary by Category - **Shareholder Return Plan** - The company has disclosed a plan for shareholder returns over the next three years, specifying that cash distributions will not be less than 90% of the average annual distributable profits achieved during this period [2] - **Profit Distribution for 2025** - Details regarding the profit distribution plan for 2025 will be strictly in accordance with legal regulations and will be disclosed after necessary review procedures are completed [2]

（文章来源：证券日报） 证券日报网讯 1月13日，广汇能源在互动平台回答投资者提问时表示，公司股价及市值在二级市场的波 动，是受宏观经济环境、行业发展形式、市场情绪及资金供需等多重因素综合作用的体现。公司当前生 产经营活动一切正常，各项业务有序推进。公司管理层一如既往高度重视市值管理及投资者关系管理工 作，始终恪守相关法律法规及监管要求，不存在任何形式的违规套利情形。 ...