Group 1 - XinAo Gas Co., Ltd. has completed the foreign direct investment foreign exchange registration procedures, marking significant progress in the privatization of XinAo Energy Holdings and the H-share introduction listing project [1] - The transaction involves a payment of HKD 24.5 in cash and 2.94 H-shares of XinAo Gas for each share of XinAo Energy, leading to XinAo Energy's delisting from the Hong Kong Stock Exchange and becoming a wholly-owned subsidiary of XinAo Gas [1] - The company believes that this privatization will enhance the integration of advantages between XinAo Gas and XinAo Energy, improving competitiveness in the natural gas industry and enabling better resource allocation and business integration [1] Group 2 - XinAo Gas's main business covers the entire natural gas industry chain, focusing on natural gas sales, with growth driven by diversified energy and smart home businesses, supported by engineering construction and infrastructure operations [2] - XinAo Energy primarily handles downstream natural gas sales, and according to Frost & Sullivan data, it ranks as the largest private city gas enterprise in China, holding approximately 6.1% market share [2]

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Insights - The report highlights an upward adjustment in temperature expectations leading to a decrease in US gas prices, while European gas prices show a slight increase due to inventory withdrawals [1][4] - Domestic gas demand shows marginal improvement, with a year-on-year increase of 9.3% in November 2025 [1][25] Price Tracking - As of December 26, 2025, the week-on-week changes in gas prices are as follows: US HH down by 8.2%, European TTF up by 0.9%, East Asia JKM up by 0.5%, China LNG ex-factory down by 2.9%, and China LNG CIF up by 0.7% [9][14] - The average gas price in China is reported at 2.6 yuan per cubic meter for LNG ex-factory and 2.4 yuan per cubic meter for LNG CIF [14] Supply and Demand Analysis - US natural gas market prices decreased by 8.2% due to higher temperature expectations, with storage levels dropping by 1.2% year-on-year [16] - European gas consumption from January to September 2025 reached 313.8 billion cubic meters, a year-on-year increase of 4.1% [18] - Domestic gas consumption in China for January to November 2025 increased by 1.5% year-on-year, totaling 392 billion cubic meters [25][28] Pricing Mechanism Progress - Nationwide price adjustments for residential gas have been gradually implemented, with 67% of cities adjusting prices by an average of 0.22 yuan per cubic meter [37] - The report indicates that there is still a 10% room for price adjustment in the gas distribution sector [37] Investment Recommendations - The report suggests focusing on companies that can optimize costs and benefit from the ongoing price mechanism adjustments, recommending companies such as Xin'ao Energy, China Resources Gas, and Kunlun Energy [53][54] - It also highlights the importance of companies with quality long-term contracts and flexible scheduling, recommending Jiufeng Energy and Xin'ao Shares [54] - The report emphasizes the significance of energy independence, suggesting attention to companies with gas production capabilities like New Natural Gas and Blue Flame Holdings [54]

Investment Rating - The report maintains an "Accumulate" rating for the environmental protection industry [1]. Core Insights - The release of the CCER methodology for renewable energy electrolysis hydrogen is expected to reshape the economic viability of green hydrogen projects [10][12]. - The environmental protection industry strategy for 2026 emphasizes a dual focus on value and growth, driven by carbon neutrality initiatives [15]. - The report highlights significant growth in the sales of new energy sanitation vehicles, with a year-on-year increase of 64.01% and a penetration rate increase of 6.68 percentage points to 18.6% [22]. - The price of biodiesel remains stable, with slight improvements in profit margins [34]. - The lithium battery recycling sector is experiencing a decline in profitability despite rising metal prices [35]. Summary by Sections CCER Methodology and Green Hydrogen - The CCER methodology for renewable energy electrolysis hydrogen was officially released, enhancing the regulatory framework for green hydrogen projects [10]. - The methodology specifies that it applies only to new projects and emphasizes the use of self-generated renewable energy [11]. - The economic benefits of green hydrogen projects are projected to improve, with investment recovery periods decreasing from 9.21 years to 8.77 years due to CCER revenue [12][13]. Environmental Protection Industry Strategy - The 2026 strategy focuses on the dual themes of value and growth, with an emphasis on market-oriented improvements and operational efficiency [15]. - Key recommendations include focusing on companies with strong cash flow and growth potential, such as Huanlan Environment and Longjing Environmental Protection [15][16]. Sanitation Equipment Market - The sanitation vehicle market saw a total sales volume of 66,563 units in the first eleven months of 2025, with new energy vehicles accounting for 12,383 units sold [22]. - The penetration rate of new energy sanitation vehicles reached 18.6%, indicating a growing trend towards electrification in this sector [22]. Biodiesel Market - The average price of biodiesel remained stable at 8,200 yuan per ton, with a slight improvement in profit margins [34]. - The price difference between UCOME and waste oil is approximately 2,172 yuan per ton, indicating a competitive market environment [34]. Lithium Battery Recycling - The profitability of lithium battery recycling projects has decreased, with average unit profits for lithium carbonate and waste materials showing negative margins [35]. - Despite this, metal prices for lithium, cobalt, and nickel have increased, suggesting potential for future profitability improvements [35][37].

Group 1 - Hubei Yihua has received acceptance from the Shenzhen Stock Exchange for its application to issue convertible bonds to unspecified objects [1] - Tongye Technology plans to acquire 91.69% of Beijing Silingke Semiconductor Technology Co., Ltd. for a total price of 561 million yuan [2] - Heng Rui Medicine has signed an exclusive licensing agreement with Hansoh Pharmaceutical, which includes a payment of 30 million yuan and potential milestone payments up to 190 million yuan [3] Group 2 - Jun Da Co. announced that its strategic cooperation framework agreement with Shangyi Optoelectronics will not significantly impact its current operating performance [4] - Jinchuan Group's wholly-owned subsidiary is jointly investing in a venture capital partnership to invest in Shanghai Gesi Information Technology Co., Ltd. [5] - Baili Tianheng plans to apply for the registration of debt financing tools not exceeding 10 billion yuan [6] Group 3 - Yuanda Environmental Protection announced the resignation of its chairman Chen Bin due to work changes [7] - Aerospace Development reported that its subsidiary's revenue accounted for less than 1% of the total revenue in the first three quarters of 2025 [8] - ST Huluwawa and its chairman Liu Jingping are under investigation by the China Securities Regulatory Commission for information disclosure violations [10] Group 4 - Jia Mei Packaging confirmed that it has no plans for significant changes to its main business or for a reverse merger in the next 36 months [11] - Wangfujing has won the bid for the duty-free project at Beijing Capital International Airport, with a guaranteed operating fee of 113 million yuan for the first year [12] - Siwei Liekong has suspended trading due to potential changes in control [13] Group 5 - Zhongchao Holdings announced a tax payment and late fee totaling 8.2881 million yuan [14] - Yongshuntai plans to conduct foreign exchange derivative trading with a total amount not exceeding 1.7 billion yuan in 2026 [15] - Guojin Securities has been approved to publicly issue company bonds not exceeding 25 billion yuan [16] Group 6 - Jincheng Pharmaceutical's subsidiaries are required to pay a total of 21.5968 million yuan in taxes and late fees [17] - China Shenhua's subsidiary has successfully completed the trial operation of its power generation unit [19] - Yijing Optoelectronics has received a hearing notice regarding the inability to advance its photovoltaic project [20] Group 7 - Jiga Development has received debt waivers totaling 378 million yuan from its controlling shareholder and related parties [21] - ST Lutong plans to apply to the Shenzhen Stock Exchange to revoke other risk warnings after a shareholder repaid funds [22] - Xin'ao Co. is progressing with the privatization of Xin'ao Energy and has completed significant asset restructuring foreign exchange registration [23]

Group 1 - The company announced the privatization of its wholly-owned subsidiary, New Energy Holdings Limited, and plans to list on the Hong Kong Stock Exchange through an introduction listing [2] - The transaction constitutes a significant asset restructuring and related party transaction but does not qualify as a restructuring listing [2] - The company has completed the necessary filing procedures with the National Development and Reform Commission and the Hebei Provincial Department of Commerce, as well as foreign exchange registration [2] Group 2 - The company reported operating revenues of 154.17 billion yuan, 143.84 billion yuan, 135.91 billion yuan, and 95.89 billion yuan for the years 2022, 2023, 2024, and the first three quarters of 2025, with year-on-year growth rates of 33.02%, -6.70%, -5.51%, and -2.92% respectively [3] - The net profit attributable to the parent company for the same periods was 5.84 billion yuan, 7.09 billion yuan, 4.49 billion yuan, and 3.43 billion yuan, with year-on-year growth rates of 26.17%, 21.34%, -36.64%, and -1.87% respectively [3] - The company's asset-liability ratios were reported at 62.14%, 56.50%, 54.30%, and 54.84% for the respective years [3]

Transaction Overview - The company plans to privatize Xin'ao Energy Holdings Limited through its wholly-owned subsidiary and subsequently list on the Hong Kong Stock Exchange via an introduction listing [1] - This transaction constitutes a major asset restructuring and related party transaction, but does not qualify as a restructuring listing under the relevant regulations [1] Approval and Filing Progress - On April 18, 2025, the company announced that the transaction does not require antitrust review [2] - The annual general meeting held on May 28, 2025, approved the specific plan for the major asset restructuring and related proposals [2] - On June 17, 2025, the company submitted its application for H-share introduction listing to the Hong Kong Stock Exchange [2] - The company updated its application on December 17, 2025, in accordance with the timeline and regulations of the Hong Kong Stock Exchange [2] - On July 15, 2025, the company announced that its application materials for overseas listing had been accepted by the China Securities Regulatory Commission [3] - On August 22, 2025, the company received a notice from the National Development and Reform Commission confirming the completion of the filing process for the transaction [3] - On December 22, 2025, the company obtained an overseas investment certificate from the Hebei Provincial Department of Commerce [3] - On December 26, 2025, the company completed the foreign exchange registration procedures for overseas direct investment [3]

Key Points - New Hope Corporation (600803) closed at 20.93 yuan on December 26, 2025, down 0.43% with a turnover rate of 0.17% and a trading volume of 53,300 shares, amounting to a transaction value of 112 million yuan [1] Trading Information Summary - On December 26, the main funds experienced a net outflow of 1.2678 million yuan, accounting for 1.14% of the total transaction value; retail funds had a net outflow of 3.3882 million yuan, representing 3.04% of the total transaction value; however, speculative funds saw a net inflow of 4.656 million yuan, making up 4.17% of the total transaction value [1][3] Company Announcements Summary - The legal opinion from Beijing Guofeng Law Firm confirmed that the third extraordinary general meeting of New Hope Corporation held on December 26, 2025, complied with relevant laws and regulations, and the resolutions passed included proposals for the estimated guarantee limits for 2026, new counter-guarantee matters, foreign exchange hedging limits, and the appointment of the 2025 H-share auditing firm [1][3] - New Hope Corporation's shareholder, New Hope Holdings Investment Co., Ltd., pledged 61.5 million shares, which is 16.41% of its total holdings and 1.99% of the company's total share capital. After this pledge, the total pledged shares by New Hope Holdings reached 159.95 million, accounting for 42.68% of its holdings [2][3] - The company completed the foreign exchange registration procedures related to its major asset restructuring on December 26, 2025, which involves privatizing New Hope Energy Holdings Co., Ltd. and listing on the Hong Kong Stock Exchange [2][3]

Core Viewpoint - XinAo Gas Co., Ltd. has made significant progress in its major asset restructuring project, completing foreign exchange registration for overseas direct investment, which is a crucial step towards privatizing its subsidiary XinAo Energy Holdings and achieving a listing of H-shares [1] Group 1: Restructuring Details - The restructuring involves privatizing XinAo Energy by offering a payment of "24.5 HKD in cash + 2.94 H-shares of XinAo" for each share of XinAo Energy [1] - After the transaction, shareholders of XinAo Energy will hold H-shares of XinAo, and XinAo Energy will be delisted from the Hong Kong Stock Exchange, becoming a wholly-owned subsidiary of XinAo [1] Group 2: Business Strategy and Market Position - XinAo Gas is the largest private city gas company in China by retail gas sales volume, holding approximately 6.1% market share, ranking third among all market participants [2] - The privatization and subsequent listing strategy aims to enhance the integration of XinAo and XinAo Energy, improving competitive capabilities and resource allocation in response to market changes [2] - The restructuring is expected to create a more competitive "A+H" dual capital platform, facilitating deep collaboration from upstream to downstream in the natural gas supply chain [2] Group 3: Operational Efficiency and Market Expansion - The integration is anticipated to significantly reduce operational costs and improve resource efficiency by directly connecting the extensive distribution network with upstream resources [2] - The restructuring will address long-standing issues of competition between affiliated companies and broaden financing channels through the Hong Kong capital market, attracting international capital [2] - Post-listing, the management will need to balance the interests of A-share and H-share shareholders while maximizing synergies and leveraging the international advantages of the Hong Kong market [3]

转自：证券时报 此前在2025年5月28日，本次交易已获新奥股份股东大会超99.9%高票通过，于8月完成发改委备案程 序，并于日前完成商务部备案程序。此次向外管局完成登记，标志着本次交易在对外直接投资的备案和 审批全部完成。 人民财讯12月28日电，新奥股份(600803)发布公告称，公司筹划的将新奥能源（02688.HK）私有化并且 以介绍方式在港交所上市的交易，已完成向国家外汇管理局登记的程序，达成又一项重要先决条件。 ...

证券日报网讯 12月28日，新奥股份发布公告称，公司拟通过全资子公司私有化新奥能源控股有限公 司，并以介绍上市方式在香港联交所主板上市。本次交易构成重大资产重组、构成关联交易，不构成重 组上市。公司于 2025年12月26日按照国家外汇管理局规定，完成境外直接投资外汇登记手续，本次交 易的其他有关事项正在积极推进中。 （编辑 王江浩） ...