Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power Investment Corporation, Inner Mongolia Huadian, and China Resources Power [48]. Core Insights - Yunnan Province has increased the coal power capacity price recovery of fixed costs to 100%, which is expected to stabilize revenue for coal power companies and enhance their role in supporting renewable energy integration [7][8]. - The report highlights a significant drop in natural gas prices, with Northeast Asia LNG prices reaching a 20-month low, driven by strong supply and mild weather conditions [12][26]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity revenue, capacity income, and ancillary service income [9]. Summary by Sections 1. Power: Yunnan Increases Coal Power Capacity Price - Yunnan has announced a new mechanism for coal power capacity pricing, allowing for full recovery of fixed costs starting in 2026, set at 330 RMB per kilowatt per year [7][8]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% from green energy sources, necessitating coal power for peak load support [8]. 2. Gas: Global Gas Price Trends - As of December 12, the Henry Hub spot price in the U.S. was $4.07/mmBtu, down 21.56% week-on-week, while Northeast Asia LNG prices fell to $10/mmBtu, a decrease of 6.19% [12][13]. - The report notes that the overall supply of natural gas remains robust, contributing to lower prices in Northeast Asia [26][28]. 3. Weekly Market Review - The power and power equipment sectors outperformed the CSI 300 index, while the public utility, gas, and environmental protection sectors lagged behind [36]. 4. Company and Industry Dynamics - Recent government meetings and policy announcements emphasize the importance of a clean, low-carbon energy system and the development of a new energy system by 2030 [40][43]. - The report includes updates on major companies, such as China Resources Power and Longyuan Power, highlighting their financial activities and operational performance [44][46].

Investment Rating - The report maintains an "Overweight" investment rating for the gas industry [1] Core Viewpoints - The report highlights that warmer weather has led to a decrease in US gas prices by 22%, while European gas prices have increased by 3.7% due to inventory withdrawals [10][15] - It emphasizes the overall supply adequacy in the domestic market, with a week-on-week decrease in domestic gas prices by 1.6% [24] - The report discusses the ongoing price adjustment progress across cities, indicating a potential for profit recovery and valuation restoration for city gas companies [33] Price Tracking - As of December 12, 2025, the week-on-week price changes for various gas prices are as follows: US HH down 22%, European TTF up 3.7%, East Asia JKM down 1.7%, China LNG ex-factory price down 1.6%, and China LNG CIF price down 6.9% [10][11] - The report notes that the average gas consumption in Europe for the first nine months of 2025 was 313.8 billion cubic meters, reflecting a year-on-year increase of 4.1% [16] Supply and Demand Analysis - The report indicates that as of December 5, 2025, US gas storage levels decreased by 1,770 billion cubic feet to 37,460 billion cubic feet, showing no year-on-year change [15] - In Europe, gas supply increased by 26.5% week-on-week to 116,966 GWh, with significant contributions from inventory consumption and LNG receiving stations [16] - Domestic gas apparent consumption for the first ten months of 2025 increased by 0.7% year-on-year to 354.1 billion cubic meters [24] Pricing Mechanism Progress - The report states that 67% of cities have implemented residential pricing adjustments, with an average increase of 0.22 yuan per cubic meter [33] - It highlights that the pricing gap for leading city gas companies has room for a 10% recovery, indicating ongoing price adjustments [33] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing price adjustments, such as Xin'ao Energy, China Gas, and Kunlun Energy, all with attractive dividend yields [5] - It suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xin'ao Shares [5] - The report also emphasizes the importance of energy independence and suggests关注 companies with gas production capabilities like New Natural Gas and Blue Flame Holdings [5]

Group 1 - Several leading listed companies have announced substantial hedging plans for the 2026 fiscal year, with notable commitments from 佛燃能源, 新奥股份, 隆基股份, and 三一重工 [1] - 佛燃能源 has set a maximum contract value limit of 12 billion RMB for its commodity and foreign exchange hedging business for 2026, with a margin cap of 4.17 billion RMB [1] - 新奥股份 plans to utilize a maximum margin and premium of 4.7 billion USD for its 2026 commodity hedging plan [1] - 隆基股份 has a maximum margin limit of 1.5 billion RMB for its hedging business in 2026 [1] - 三一重工's subsidiary plans to have a maximum trading margin and premium of 800 million RMB, with a maximum contract value of 2 billion RMB on any trading day [1] Group 2 - A total of 1,782 A-share listed companies in the real economy issued hedging-related announcements from January to November 2025, an increase of 279 companies or 18.6% compared to the entire year of 2024 [3] - Currency risk remains the primary hedging demand, with 1,311 companies issuing related announcements, followed by interest rate risk (517 companies) and commodity price risk (481 companies) [3] - The electronics, basic chemicals, power equipment, machinery, and pharmaceutical industries have the highest number of companies engaging in hedging [3] - Copper is identified as the most actively hedged commodity [3] - Over 30 domestic insurance institutions have entered the futures market, primarily using government bond futures and stock index futures to manage interest rate risk and equity market volatility [3] - The number of new accounts opened by insurance funds in the futures market increased by 166% year-on-year in the first 11 months of 2025, reaching a historical high [3] - Recent regulatory documents have supported the participation of insurance funds in financial derivatives trading, providing a framework for managing asset-liability risks [3]

Group 1: Foreign Exchange Hedging Plan - The company plans to conduct foreign exchange hedging to manage risks associated with foreign currency financing, dividend management, and LNG procurement [4][10] - The maximum contract value for any trading day in 2026 is estimated to not exceed $5 billion [4][10] - The funds for the hedging activities will come from the company's own funds and will not involve raised capital [5][10] - The hedging will include forward foreign exchange contracts, swaps, and options with qualified financial institutions [6][7][10] - The authorization for this hedging plan is valid for 12 months from the date of shareholder approval [8][9][10] Group 2: Investment Management Plan - The company intends to utilize idle self-owned funds for investment in financial products to enhance fund efficiency, with a maximum daily balance of 8.1 billion yuan for 2026 [21][22] - The funds used for these investments will also come from the company's own resources [23][22] - The investment will focus on low-risk, high-liquidity financial products from reputable financial institutions [24][25] - The authorization for investment activities is set from January 1, 2026, to December 31, 2026 [26][22] Group 3: Commodity Hedging Plan - The company aims to conduct commodity hedging to manage price risks associated with LNG transactions, with a maximum trading margin and rights fee of $4.7 billion for 2026 [48][52] - The hedging will involve various commodities including Brent crude oil and natural gas, using derivatives in regulated markets [48][49][52] - The authorization for this commodity hedging plan is also valid for 12 months from the date of shareholder approval [50][52] Group 4: Guarantee and Risk Management - The company will provide a guarantee of 21.7 million yuan to support a financing application by its associate company, reflecting a normal business practice [62][63] - The company has established risk management measures to mitigate operational, credit, market, and technical risks associated with its hedging and investment activities [11][54] - The company will conduct regular audits and maintain a robust decision-making process to ensure compliance and risk control [55][56]

Group 1: Oil Market Insights - The report indicates that the oil price is expected to trend downward, with Brent crude oil potentially averaging around $52 per barrel in 2026 due to OPEC+ production increases and geopolitical tensions providing temporary support [3][16][20] - In 2025, Brent and WTI crude oil prices averaged $63.8 and $59.0 per barrel, reflecting year-on-year declines of 16.8% and 19.3% respectively, driven by oversupply and geopolitical uncertainties [13][16] - OPEC+ is expected to continue releasing production capacity, with a forecasted increase in global oil supply of approximately 1.3 million barrels per day in 2026, while demand growth is projected to be around 1.1 million barrels per day [20][24][29] Group 2: Natural Gas Market Insights - The report highlights that global LNG supply is expected to become more abundant in 2026, with significant projects from the US, Qatar, and Canada coming online, leading to a potential decrease in LNG prices in Asia and Europe [3][9][20] - The report anticipates that US natural gas prices may rise due to increased demand from liquefaction facilities, while European gas prices could decline as the region adjusts its import structure [3][20] - Seasonal weather patterns, including a potential cold snap in late 2025, may drive up natural gas prices temporarily, particularly in Europe [3][20] Group 3: Coal Market Insights - The coal market is expected to experience a tightening supply situation in the second half of 2025, with domestic production constraints and inventory reductions leading to a price rebound [3][20] - The report forecasts that the reasonable price level for thermal coal at Qinhuangdao Port will be around 750 RMB per ton in 2026, while coking coal prices are expected to range between 1600-1800 RMB per ton [3][20] - Demand for thermal coal is projected to stabilize as coal-fired power generation reaches its peak, while coking coal demand may see slight increases due to improved steel manufacturing and export needs [3][20] Group 4: Investment Recommendations - The report suggests focusing on resource-leading companies with high dividends and cost advantages in the oil and gas sector, such as China National Petroleum, Sinopec, and CNOOC, as well as diversified urban gas companies like China Gas and Kunlun Energy [8] - In the coal sector, companies with integrated operations in coal, electricity, and chemicals, such as China Coal Energy and China Shenhua Energy, are recommended due to their resilient performance and potential for price recovery [8]

证券代码：600803 证券简称：新奥股份 公告编号：临 2025-105 本次符合解除限售条件的预留授予激励对象人数：6人。 预留授予限制性股票解除限售数量为19.2517万股，占目前公司总股本的 0.0062%。 本次解除限售的限制性股票在解除限售手续办理完后、上市流通前，公 司将发布相关提示性公告，敬请投资者注意。 新奥天然气股份有限公司（以下简称"公司"）于2025年12月10日召开了第十 一届董事会第六次会议，审议通过了《关于2021年限制性股票激励计划预留授予 部分第四个解除限售期解除限售条件成就的议案》，根据《公司2021年限制性股 票激励计划（草案）》（以下简称"《激励计划》"）的相关规定以及公司2021 年第一次临时股东大会授权，本激励计划预留授予部分第四个解除限售期解除限 售条件已满足，预留授予的6名激励对象在第四个解除限售期可解除限售的限制 性股票数量为19.2517万股，现将有关事项说明如下： 一、本激励计划已履行的决策程序和信息披露情况 （一）2021年1月20日，公司召开第九届董事会第二十三次会议，审议通过 了《关于公司<2021年限制性股票激励计划（草案）>及其摘要的议案》《关于 ...

北京国枫律师事务所 关于新奥天然气股份有限公司 2021 年限制性股票激励计划预留授予部分 第四个解除限售期解除限售条件成就 相关事宜的法律意见书 国枫律证字[2021] AN010-13 号 GRANDWAY 2021 年限制性股票激励计划预留授予部分 北京国枫律师事务所 Grandway Law Offices 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 邮编: 100005 电话（Tel）: 010-88004488/66090088 传真（Fax）: 010-66090016 释 义 本法律意见书中,除非文义另有所指,下列词语或简称具有如下含义: | 新奥股份、公司 | 指 | 新奥天然气股份有限公司 | | --- | --- | --- | | 《激励计划》 /《股 | 指 | 《新奥天然气股份有限公司 2021年限制性股票激励计划(草 | | 权激励计划》 | | 案)》 | | 本次激励计划/本激 | 指 | 新奥股份 2021 年限制性股票激励计划 | | 励计划 | | | | 本次解锁 | 損 | 本次激励计划预留授予部分第四个解除限售期解除限售条件成 | | | | 就 ...

基本情况 | 投资金额 | 单日最高余额上限为 亿元，在上述额度内资金可循环投资、滚 81 | | --- | --- | | | 动使用，但任一时点投资余额（含前述投资的收益进行再投资的 | | | 相关金额）不得超出上述投资额度； | | 投资种类 | 银行及非银行金融机构公开发行的安全性高、流动性强、风险较 | | | 低的稳健型理财产品。 | | 资金来源 | 自有资金 | 证券代码：600803 证券简称：新奥股份 公告编号：临 2025-101 新奥天然气股份有限公司 关于 2026 年度委托理财额度预计的公告 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： 已履行及拟履行的审议程序：新奥天然气股份有限公司（以下简称"公 司"）于 2025 年 12 月 10 日召开第十一届董事会第六次会议，审议通过了《关于 2026 年度委托理财额度预计的议案》，预计 2026 年度委托理财的单日最高余额 不超过 81 亿元。本事项无需提交股东会审议。 特别风险提示：公司购买安全性高、流动性好的理财产品，总体风险 ...

证券代码：600803 证券简称：新奥股份 公告编号：临 2025-103 新奥天然气股份有限公司 关于 2026 年度大宗商品套期保值额度预计的公告 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： 交易主要情况 | 交易目的 | □获取投资收益 套期保值（合约类别：商品；□外汇；□其他：________） | | | --- | --- | --- | | | □其他：________ | | | 交易期限 | 股东会审议通过之日起 个月 12 | | | 期货期权业务 | 大宗商品套期保值业务，交易的商品主要包括 原油、JCC BRENT | | | 交易品种 | 天然气等品种，交 原油、JKM Hub 天然气、TTF | 天然气、Henry | | | 易类型包括掉期、期权及其产品组合等 | | | 交易金额 | 预计动用的交易保证金和权利金上限（包括预计占用的 47 | | | | 金融机构授信额度等）（单位：亿美元） | | | 资金来源 | 自有资金 □其他 | □借贷资金 | 已履行及拟履行 ...

2026 年度公司开展外汇套期保值业务预计任一交易日持有的最高合约价值 不超过 50 亿美元（含等值外币），授权期限为股东会审议通过之日起 12 个月， 授权期限内任一时点的交易金额（含使用前述交易的收益进行再交易的相关金额） 不应超过已审议额度。 二、套期保值业务的必要性 新奥天然气股份有限公司关于 2026 年度开展套期保值业务的可行性分析报告 新奥天然气股份有限公司（以下简称"公司"）及子公司使用自有资金开展套 期保值业务，相关业务开展的可行性分析如下： 一、业务开展情况 （一）大宗商品套期保值 2026 年度公司开展大宗商品套期保值业务预计动用的交易保证金和权利金 （包括预计占用的金融机构授信额度等）上限为 47 亿美元，该额度在授权期限 内可循环使用。授权期限为股东会审议通过之日起 12 个月，授权期限内任一时 点的金额不应超过已审议额度。 （二）外汇套期保值 （二）外汇套期保值 （一）大宗商品套期保值 公司开展大宗商品套期保值业务的目的是对国际进口液化天然气长约购销、 短期现货购销和国内液化天然气及天然气销售的交易价格进行套期保值，通过价 格的风险管理，形成实货交易与套期保值交易的相互对冲，规避国 ...