Core Viewpoint - Guanghui Energy (600256.SH) has disclosed that it has completed the payment of overdue taxes and fees totaling 406 million yuan for the year 2025, including 311 million yuan in value-added tax and corporate income tax, and 95 million yuan in late fees [1] Tax Payments - The company and its subsidiaries have paid a total of 406 million yuan in overdue taxes and late fees for the year 2025 [1] - The breakdown includes 311 million yuan for value-added tax and corporate income tax, and 95 million yuan for late fees [1] Environmental Fees - According to relevant notifications from the Xinjiang Uygur Autonomous Region Development and Reform Commission, Finance Department, and Water Resources Department, the company’s subsidiaries have paid a total of 966 million yuan in soil and water conservation fees for the year 2025 [1] - All payments related to soil and water conservation fees have been completed [1]

Group 1 - The company Guanghui Energy (600256.SH) announced that it has completed the payment of overdue taxes and penalties amounting to a total of 406 million yuan for the year 2025, which includes 311 million yuan in value-added tax and corporate income tax, and 95 million yuan in late fees [1][1][1] - The company has also paid a total of 966 million yuan in soil and water conservation fees for the year 2025, as mandated by relevant local government notifications, and this amount has been fully settled [1][1][1]

证券代码：600256 证券简称：广汇能源 公告编号：2026-009 广汇能源股份有限公司 关于补缴税款及缴纳相关费用的公告 三、对公司的影响 根据《企业会计准则第 28 号——会计政策、会计估计变更和差 错更正》相关规定，上述补缴税款、滞纳金及缴纳水土保持费事项不 属于前期会计差错更正范畴，无需对前期财务数据进行追溯调整。 2025 年补缴的税费将计入当期损益，对公司当期净利润产生相应影 响，最终数据以 2025 年度经审计的财务报表为准。 广汇能源股份有限公司董事会 广汇能源股份有限公司（简称"公司"）及所属子公司，为持续 强化合规运营，全面履行企业责任，基于对相关法律法规及监管规定 的审慎遵循，根据税务及行政主管部门相关要求，对各项税金及水土 保持补偿费进行了梳理与自查，现将有关情况公告如下： 一、补缴税款情况 经自查，公司及部分所属子公司 2025 年度补缴增值税、企业所 得税等税款 3.11 亿元，滞纳金 0.95 亿元，合计 4.06 亿元。截至本 公告披露日，公司及部分所属子公司已将上述税款及滞纳金缴纳完毕。 二、缴纳水土保持补偿费情况 根据新疆维吾尔自治区发展和改革委员会、财政厅及水利厅联合 ...

证券代码：600256 证券简称：广汇能源 公告编号：2026-010 广汇能源股份有限公司 2025年年度业绩预告 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： 预计2025年实现归属于上市公司股东的净利润为132,000.00万元至 147,000.00万元，与上年同期相比，将减少147,150.79万元至162,150.79 万元，同比下降50.03%至55.13%； 预计2025年归属于上市公司股东的扣除非经常性损益的净利润为 131,800.00万元至146,800.00万元，与上年同期相比，将减少146,774.52 万元至161,774.52万元，同比下降50.00%至55.11%。 （三）本期业绩预告为公司财务根据经营情况的初步预测，预计的业 绩结果未经注册会计师审计。 1、广汇能源股份有限公司（简称"公司"）预计2025年实现归属于上 市公司股东的净利润为132,000.00万元至147,000.00万元，与上年同期相 比，将减少147,150.79万元至162,150.79万元，同比下降 ...

Group 1 - The overall performance of the US dollar is weak, with the dollar index falling to around 99, leading to decreased investor confidence in dollar assets due to regional tensions [1] - Key variables affecting oil prices in 2026 include OPEC+ production cuts, macroeconomic policy shifts such as potential Federal Reserve interest rate cuts, and escalating regional political risks that could trigger short-term oil price spikes [1] - The projected core price range for Brent crude oil in 2026 is $55-75 per barrel, while WTI is expected to be $50-70 per barrel, with volatility expected to narrow compared to 2025 [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the National Petroleum and Natural Gas Index (399439) include major companies such as China National Petroleum, Sinopec, and CNOOC, collectively accounting for 67.11% of the index [2] - The Penghua Oil ETF (159697) closely tracks the National Petroleum and Natural Gas Index, reflecting the price changes of listed companies in the oil and gas sector on the Shanghai and Shenzhen stock exchanges [1][2]

Group 1 - The refining and trading sector increased by 1.46% on January 19, with Bohai Chemical leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] - Key stocks in the refining and trading sector showed significant price increases, with Bohai Chemical rising by 10.02% to a closing price of 4.50 [1] Group 2 - The main capital flow in the refining and trading sector saw a net inflow of 562 million yuan, while retail investors experienced a net outflow of 475 million yuan [2] - Notable stock performances included Hengli Petrochemical, which rose by 6.91% to a closing price of 25.08, and Runbei Hangke, which increased by 6.04% to 42.13 [1][2] - The trading volume for Bohai Chemical reached 956,500 shares, contributing to a transaction value of 413 million yuan [1]

Core Viewpoint - The A-share market is experiencing a rebound, with the oil and gas ETF Huatai-PineBridge (159309) showing a strong performance, gaining 1.72% and attracting over 6 million yuan in investment [1][3]. Group 1: Market Performance - The oil and gas ETF Huatai-PineBridge (159309) has seen most of its constituent stocks rise, with notable increases from companies such as Jereh Group and COSCO Shipping Energy, both exceeding 3% [3]. - As of 14:37, the top ten constituent stocks of the oil and gas ETF are listed, showcasing significant price changes and industry classifications [4]. Group 2: Geopolitical Factors - Recent geopolitical tensions are highlighted as a potential risk for oil production and exports, particularly concerning Iran's average monthly oil production of 3.26 million barrels per day for 2025 [5]. - The ongoing geopolitical uncertainties are expected to support oil price stability in the long term, as indicated by the analysis from Guangda Securities [5]. Group 3: Investment Logic - Four key investment logic points are identified for the oil sector: 1. Geopolitical conflicts may boost oil prices, with the Russian geopolitical outlook being a core factor influencing supply expectations [5]. 2. The commodity cycle suggests that the oil sector is worth monitoring during the current economic conditions, with a potential super cycle for commodities [5]. 3. The supply-demand dynamics are expected to improve, with historical low inventory levels and reduced capital expenditure in oil supply over the past decade [9]. 4. The oil sector offers high dividend advantages, with the oil and gas ETF Huatai-PineBridge (159309) showing a 12-month dividend yield of 3.83% and a payout ratio exceeding 50% for 2023-2024 [5][9]. Group 4: Long-term Value - The oil and gas sector is positioned as a long-term investment opportunity, with the ETF focusing on the oil and gas industry chain, highlighting its importance as a national pillar industry [5].

Market Performance - The public utility sector increased by 0.1% as of January 16, outperforming the broader market, with the electricity sector rising by 0.20% and the gas sector declining by 1.17% [2][8]. Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port rose by 1 CNY/ton week-on-week, reaching 697 CNY/ton as of January 16. Meanwhile, Indonesian coal prices fell by 5.71 CNY/ton to 735.71 CNY/ton, and Australian coal prices decreased by 6.53 CNY/ton to 740.51 CNY/ton [3]. - Coal inventory at Qinhuangdao Port increased by 150,000 tons week-on-week, totaling 5.5 million tons as of January 16. Inland power plants' daily coal consumption rose by 96,000 tons/day to 4.147 million tons, a week-on-week increase of 2.37% [3]. - The outflow from the Three Gorges Dam increased by 19.22% year-on-year and 23.55% week-on-week, reaching 9,180 cubic meters/second as of January 16 [4]. Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 3,854 CNY/ton as of January 15, showing a week-on-week increase of 1.29% but a year-on-year decrease of 13.53% [5]. - The European TTF spot price rose by 18.6% week-on-week to 11.4 USD/million BTU, while the US HH spot price increased by 2.8% to 2.95 USD/million BTU [5]. - Domestic natural gas consumption in November was 36.280 billion cubic meters, a year-on-year increase of 4.1%, with production at 21.880 billion cubic meters, up 5.9% year-on-year [6]. Key Industry News - The State Grid Corporation plans to invest 4 trillion CNY in fixed assets during the 14th Five-Year Plan, a 40% increase from the previous plan, focusing on green transformation and enhancing grid functionality [7]. - Multiple provinces have highlighted natural gas as a key strategic energy source in their 14th Five-Year Plans, emphasizing its role in connecting traditional and new energy systems without setting consumption caps [7]. Investment Recommendations - The electricity sector is expected to see profit improvements and value reassessment due to ongoing supply-demand tensions, with a focus on coal power companies like Guodian Power and Huaneng International [8]. - The natural gas sector is anticipated to benefit from stable margins in city gas businesses and opportunities for traders with low-cost long-term gas sources [8].

Group 1 - The core viewpoint of the report indicates that coal prices are returning to reasonable levels, with a slight decline in thermal coal prices, and an expectation for gradual recovery to around 750 RMB/ton [1][2] - As of January 17, the Qinhuangdao Q5500 thermal coal price is 695 RMB/ton, down 4 RMB/ton from the previous period, having previously reached the estimated target price range of 800-860 RMB/ton [1][2] - The report highlights that the recent price drop is attributed to a combination of supply tightening due to regulatory actions and increased demand driven by seasonal heating needs [2][3] Group 2 - The investment logic suggests that both thermal and coking coal prices have reached a turning point, with thermal coal prices expected to undergo a recovery process influenced by policy adjustments and market dynamics [3] - The report outlines a four-step process for thermal coal price recovery, including the restoration of long-term contracts and achieving a balance in profitability between coal and power companies [3] - Coking coal prices are more influenced by market supply and demand fundamentals, with target prices linked to the price ratio between coking and thermal coal [3] Group 3 - The investment recommendation emphasizes a dual logic of cyclical recovery and stable dividends, suggesting that coal stocks are positioned for upward price movement due to low historical price levels and improving supply-demand fundamentals [4] - The report identifies four main investment lines in coal stocks, focusing on cyclical logic, dividend potential, diversified aluminum exposure, and growth logic [4] - Specific coal companies are highlighted as beneficiaries of these trends, including Jin控煤业, 兖矿能源, 中国神华, and others [4]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Views - The report emphasizes that coal prices are returning to reasonable levels, reinforcing the logic of stable coal prices. The price of thermal coal has slightly decreased, with the Qinhuangdao Q5500 thermal coal closing at 695 CNY/ton as of January 17, down 4 CNY/ton from the previous period. The report anticipates a gradual recovery to a reasonable price of 750 CNY/ton, with narrow fluctuations expected [3][4] - The long-term investment logic remains unchanged, driven by a dual influence of tightening supply and increasing demand. Supply constraints are a continuation of the strict production checks initiated in July, while demand is rising due to the heating season and increased industrial production [3][4] Summary by Sections Investment Logic - Thermal coal prices are expected to rise through a four-step process: repairing central and local long-term contracts, reaching the coal-electricity profit-sharing line, and approaching the breakeven point for power plants, estimated at around 750 CNY/ton for 2025. The upper limit for coal prices is predicted to be between 800-860 CNY/ton [4][15] - Coking coal prices are more influenced by supply and demand fundamentals, with target prices based on the ratio of coking coal to thermal coal prices. The current ratio indicates target prices for coking coal at 1608 CNY, 1680 CNY, 1800 CNY, and 2064 CNY [4][15] Investment Recommendations - The report outlines a dual logic for coal stocks: cyclical elasticity and stable dividends. With both thermal and coking coal prices at historical lows, there is significant room for rebound. The report identifies four main lines for stock selection: 1. Cyclical logic: Jin控煤业, 兖矿能源 for thermal coal; 平煤股份, 淮北矿业, 潞安环能 for metallurgical coal 2. Dividend logic: 中国神华, 中煤能源, 陕西煤业 3. Diversified aluminum elasticity: 神火股份, 电投能源 4. Growth logic: 新集能源, 广汇能源 [5][16] Key Market Indicators - The coal index fell by 3.11% this week, underperforming the CSI 300 index by 2.54 percentage points. The average PE ratio for the coal sector is 15.12, and the PB ratio is 1.33, both ranking among the lowest in the A-share market [10][25][29]