Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The cumulative installed power generation capacity in China increased by 17.3% year-on-year as of October 2025, reaching 3.75 billion kilowatts [5] - The report highlights a significant increase in solar power generation capacity, which grew by 43.8% year-on-year, while wind power capacity increased by 21.4% [5] - The report indicates that the electricity market is expected to see a gradual increase in prices due to ongoing market reforms and supply-demand dynamics [5] Summary by Sections Market Performance - As of November 28, the utility sector rose by 0.9%, underperforming the broader market, which increased by 1.6% [12] - The electricity sector specifically saw a 0.65% increase, while the gas sector rose by 3.27% [16] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) decreased by 9 CNY/ton week-on-week, settling at 818 CNY/ton [22] - Coal inventory at Qinhuangdao Port increased by 400,000 tons week-on-week, totaling 6 million tons [29] - Daily coal consumption in 17 inland provinces rose by 30,000 tons/day week-on-week, reaching 3.541 million tons [31] Natural Gas Industry Data Tracking - The LNG ex-factory price index in China was 4,312 CNY/ton as of November 28, down 3.88% year-on-year [56] - The U.S. HH spot price increased by 15.3% week-on-week, reaching 4.59 USD/MMBtu, while the European TTF price decreased by 5.6% [59] - The total natural gas supply in the EU for week 47 was 6.23 billion cubic meters, a year-on-year increase of 8.0% [64] Key Industry News - The National Energy Administration reported that the average utilization hours of power generation equipment decreased by 260 hours year-on-year, totaling 2,619 hours [5] - The cumulative geological reserves of coalbed methane in China exceeded 700 billion cubic meters as of October 2025 [5] Investment Recommendations - The report suggests focusing on leading coal power companies such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight electricity supply areas [5] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are recommended, including Xin'ao and Guanghui Energy [5]

晨光中，胜利油田地面工程维修中心工厂化预制基地内，全位置自动化焊机的嗡鸣伴着金属切割的火花 此起彼伏。 操作台前，焊工师傅们正紧盯屏幕上的焊接参数，焊枪精准"游走"，留下一道道规整如鱼鳞的焊缝—— 这是油田"六化"中预制化的场景。"以前在野外焊管线，焊缝质量缺乏保障，还得担心动火风险。"地面 工程维修中心工厂化预制项目部负责人谢立军回忆道。 效率和质量提升的同时，带来的还有精度的"拿捏"。"现在加工114毫米以下的主力管线，从切割、打磨 到焊接，全流程在车间完成，误差能控制在0.1毫米以内，比野外手工加工精度高太多了。"工厂化预制 项目部管工商好亮拿起一段预制好的管线介绍。 数据显示，项目投产至今，工厂自动化焊接率已达90%，日均能生产10.5套油井井口，产量是生产现场 施工的2倍多。不仅如此，预制基地还以贴心之举，精准满足各单位的"个性化需求"，尽显服务与专业 水准。 东胜公司因员工少、管井多，作业拆卸井口费时费力，预制基地"按需"专门加长管线横段，让员工不用 卸井口就能直接作业；针对环保方面的新规定，预制基地新增"带油套连通装置"，用油套连通替代原有 的取样阀直排，杜绝油气污染。 "开发单位有啥需要，我们 ...

Market Overview - The gas sector increased by 1.15% on November 28, with Delong Huineng leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Key Performers in Gas Sector - Delong Huineng (000593) closed at 11.96, up 6.22% with a trading volume of 506,400 shares and a transaction value of 589 million [1] - Xinjiang Torch (603080) closed at 23.21, up 6.08% with a trading volume of 65,700 shares and a transaction value of 150 million [1] - Shengtong Energy (001331) closed at 14.32, up 5.84% with a trading volume of 64,300 shares and a transaction value of 90.55 million [1] - Other notable performers include Shouhua Gas (300483) up 5.28% and ST Jinjis (000669) up 4.87% [1] Capital Flow Analysis - The gas sector saw a net inflow of 116 million from institutional investors, while retail investors experienced a net outflow of 80.75 million [2] - The main capital inflow was observed in Shouhua Gas with a net outflow of 34.62 million from institutional investors [3] - Ninefeng Energy (605090) had a net inflow of 31.72 million from institutional investors, indicating strong interest [3]

Core Viewpoint - The successful completion of the green factory project application report by the Shengli Oilfield Technical Testing Center's Environmental Assessment Center is significant for enhancing the green image of enterprises and improving the level of green enterprise creation [1] Group 1: Green Factory Project - The green factory recognition work is crucial for establishing a sound green manufacturing system and serves as a key project for demonstrating advanced models [1] - The Environmental Assessment Center provides comprehensive technical services, including standard interpretation, current situation analysis, scheme optimization, and report preparation [1] Group 2: Technical Support and Achievements - Over the past four years, the Environmental Assessment Center has actively conducted technical services for green factory recognition within the oilfield [1] - Several development units, including Dongxin, Guda, and Hekou, have received the "Green Factory" recognition from the China Petroleum and Chemical Industry Federation, contributing to the enhancement of the oilfield's green enterprise construction level [1]

证券日报网讯 11月26日晚间，新奥股份发布公告称，公司2025年限制性股票激励计划（简称"本激励计 划"）规定的限制性股票预留授予条件已经成就。根据公司2025年第一次临时股东大会授权，公司于 2025年10月17日召开第十一届董事会第四次会议，审议通过了《关于向公司2025年限制性股票激励计划 激励对象授予预留部分限制性股票的议案》，确定限制性股票的预留授予日为2025年10月17日，向符合 条件的17名激励对象合计授予预留部分限制性股票488万股，预留授予价格为8.58元/股。本激励计划预 留授予的激励对象已完成缴款，在资金缴纳过程中，预留授予的1名激励对象自愿放弃认购部分限制性 股票，放弃认购股数4.66万股。因此，本激励计划预留授予激励对象人数仍为17人，预留授予股数由 488万股调整为483.34万股。根据中喜会计师事务所于2025年11月10日出具的《验资报告》，截至2025 年11月10日止，公司实际收到17名激励对象缴纳的认购股款合计41，470，572.00元。经公司与上海证 券交易所和中国证券登记结算有限责任公司上海分公司确认，本次预留授予17名激励对象的4，833， 400股限制性股票 ...

经公司与上海证券交易所和中国证券登记结算有限责任公司上海分公司确认，本次预留 授予17名激励对象的4,833,400股限制性股票将由无限售条件流通股变更为有限售条件流通 股，股份来源为公司从二级市场回购的公司人民币A股普通股股票。公司股本结构变更情况 如下： 证券代码：600803 证券简称：新奥股份 公告编号：临 2025-096 新奥天然气股份有限公司 关于股份性质变更暨 2025 年限制性股票激励计划 预留授予的进展公告 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。 新奥天然气股份有限公司（以下简称"公司"）2025年限制性股票激励计划（以下简称"本 激励计划"）规定的限制性股票预留授予条件已经成就。根据公司2025年第一次临时股东大 会授权，公司于2025年10月17日召开第十一届董事会第四次会议，审议通过了《关于向公司 2025年限制性股票激励计划激励对象授予预留部分限制性股票的议案》，确定限制性股票的 预留授予日为2025年10月17日，向符合条件的17名激励对象合计授予预留部分限制性股票 488万股，预留授予价 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries based on their performance and market conditions [2]. Core Insights - The report highlights a significant increase in electricity consumption in October, with a year-on-year growth of 10.4%, driven primarily by the tertiary sector and residential usage [5][10]. - Natural gas prices exhibit mixed trends globally, with U.S. prices rising while European prices are stabilizing [22][30]. - The report provides specific investment recommendations across various segments, including hydropower, green energy, nuclear power, thermal power, and gas [20][21]. Summary by Sections 1. Electricity Sector - In October, total electricity consumption reached 857.2 billion kWh, marking a 10.4% increase year-on-year. The first, second, and third industries, along with residential consumption, saw growth rates of 13.2%, 6.2%, 17.1%, and 23.9%, respectively [12][10]. - The tertiary sector's electricity consumption grew the fastest, particularly in internet data services related to big data and AI, which surged by 46% [11]. - The report notes that the second industry contributes over 60% of total electricity consumption, with high-tech and equipment manufacturing showing significant growth [11][12]. 2. Gas Sector - As of November 21, U.S. Henry Hub spot prices were $4.13/mmBtu, reflecting an 18.33% weekly increase, while European gas prices showed slight declines [22][30]. - The report indicates that U.S. natural gas supply remains robust, with a notable increase in LNG demand, contributing to rising prices [24][25]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and increased sales, such as Kunlun Energy and New Hope Energy [44]. 3. Weekly Market Review - The report notes that the public utility, gas, and power equipment sectors underperformed compared to the Shanghai and Shenzhen 300 index during the week of November 17 to November 21 [47]. 4. Company and Industry Dynamics - The report discusses the commissioning of China's highest-altitude wind power project in Tibet, which is expected to provide significant clean energy and economic benefits to the local community [50][53]. - It also highlights various local government initiatives aimed at promoting green electricity and renewable energy projects, including direct connections for green electricity [54][55].

Core Insights - The National Petroleum and Natural Gas Index (399439) has shown a slight increase of 0.03% as of November 24, 2025, with notable gains in constituent stocks such as Bomeike (603727) up 5.58% and China Merchants Energy (601872) up 4.68% [1] Group 1: Market Performance - The oil and gas ETF (159697) increased by 0.26%, with the latest price at 1.14 yuan [1] - The index reflects the price changes of publicly listed companies in the oil and gas sector on the Shanghai and Shenzhen stock exchanges [1] Group 2: Industry Outlook - According to Huatai Securities, the demand from oil-producing countries remains focused on value rather than volume, suggesting that OPEC+ may sacrifice prices in the short term to gain market share [1] - The Brent crude oil price is expected to be supported around $60 per barrel due to pressures for rebalancing and the impact of North American shale oil costs, particularly before the acceleration of global energy transition and increased supply from South America [1] - High-dividend energy leading companies with the ability to increase production and reduce costs, as well as growth in natural gas business, may present investment opportunities [1] Group 3: Index Composition - As of October 31, 2025, the top ten weighted stocks in the National Petroleum and Natural Gas Index include China National Petroleum (601857), China Petroleum & Chemical (600028), and China National Offshore Oil (600938), collectively accounting for 65.09% of the index [2]

Group 1 - The stock price of Xin'ao Co., Ltd. increased by 1.97%, reaching a new high of 21.26 CNY per share [1] - The total market capitalization of the company surpassed 65.844 billion CNY [1] - The trading volume amounted to 142 million CNY [1]

Group 1 - The stock price of Xin'ao Co., Ltd. reached a historical high, increasing by 2.06% to 21.28 yuan, with a trading volume of 6.9788 million shares and a transaction amount of 147 million yuan, resulting in a turnover rate of 0.23% [1] - The latest total market capitalization of Xin'ao Co., Ltd. in A-shares is 65.906 billion yuan, while the circulating market capitalization is not specified [1] - In the public utility sector, the overall decline is 1.32%, with four stocks, including Xin'ao Co., Ltd., showing an increase, with the top gainers being Dazhong Public Utility and Changjiang Electric Power, rising by 3.25% and 2% respectively [1] Group 2 - As of November 20, the margin balance for Xin'ao Co., Ltd. is 197 million yuan, with a financing balance of 195 million yuan, reflecting a decrease of 15.3722 million yuan over the past ten days, a decline of 7.29% [1] - The company's Q3 report indicates that for the first three quarters, it achieved operating revenue of 95.893 billion yuan, a year-on-year decrease of 2.92%, and a net profit of 3.426 billion yuan, down 1.87% year-on-year, with basic earnings per share at 1.1100 yuan and a weighted average return on equity of 14.0% [1]