Group 1 - The core theme of the upcoming "10th Zhitong Financial Capital Market Annual Conference" is "Winning the Hong Kong Stock Surge: Bullish Outlook for 2026," focusing on the potential of Chinese assets amid a new technology-driven bull market [1] - The Hang Seng Index surged by 28% in a single quarter, while the Hang Seng Tech Index rebounded over 50% year-to-date, indicating a significant capital influx into undervalued Chinese assets [1] - The conference will feature prominent speakers, including economists and fund managers, who will discuss cross-border capital flows and relative valuation opportunities in the Hong Kong stock market [2] Group 2 - The afternoon session will focus on innovative pharmaceuticals, with companies like Deke Pharma and He Yu sharing insights on their latest clinical developments and commercialization strategies [3] - A diverse lineup of over 80 listed companies will participate in roadshows, providing investors with opportunities for in-depth discussions and identifying quality investment targets [4] Group 3 - The "3rd Overseas Fund Summit" will take place on December 4, featuring discussions on global capital allocation strategies and the impact of geopolitical shifts on investment [5] - The event will include four strategic roundtable discussions, addressing topics such as cognitive warfare and the mission of capital in a post-scarcity era [6] - The conference will conclude with the presentation of the New Intelligence Awards, showcasing the evolution of investment strategies from present to future [6] Group 4 - The event will continue in Hong Kong on December 5, maintaining a dual-city format that emphasizes the synergy between technological breakthroughs and global capital trends [6] - The conference aims to explore new patterns, tracks, and dividends arising from the new technological revolution, inviting participants to engage in high-level discussions [6]

Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental protection sectors [3] Core Insights - The report highlights a significant increase in electricity production in October, with total generation reaching 800.2 billion kWh, a year-on-year growth of 7.9% [4][11] - Hydropower and thermal power contributed the most to the increase in electricity generation, while wind power saw a decline of 11.9% compared to the previous year [4][10] - Natural gas prices showed mixed trends globally, with stable prices in Asia and fluctuations in Europe and North America [22][40] Summary by Sections 1. Electricity Production - In October, thermal power generation was 513.8 billion kWh, up 7.3% year-on-year, while hydropower generation reached 135.1 billion kWh, up 28.2% [4][11] - The total increase in electricity generation for October was approximately 58.6 billion kWh, with thermal power contributing 35 billion kWh and hydropower contributing 29.7 billion kWh [10][11] - The Three Gorges Reservoir achieved its water storage target of 175 meters, supporting future hydropower generation [10] 2. Natural Gas Market - As of November 14, the Henry Hub spot price in the U.S. was $3.49/mmBtu, a weekly decrease of 7.32% [22] - The TTF spot price in Europe was €30.80/MWh, showing a slight weekly change of 0.81% [22] - Northeast Asia's LNG spot price remained stable at $11.10/mmBtu, with domestic supply being sufficient [22][40] 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Huaneng Hydropower due to favorable autumn water conditions [20] - In the green energy sector, companies such as Xintian Green Energy and Longyuan Power are suggested for their stable returns and high utilization hours [20] - For nuclear power, the report highlights China Nuclear Power and China General Nuclear Power as key players due to ongoing approvals for new units [20] - In the thermal power sector, companies like Guodian Power and Inner Mongolia Huadian are recommended due to decreasing fuel costs [20] - The report also suggests focusing on integrated natural gas companies like Kunlun Energy and New Hope Energy for their potential recovery in profitability [42][43]

Core Points - The meeting between Wu Qingwen, the Deputy Secretary of the Municipal Party Committee and Mayor of Suzhou, and Chen Yinglong, Executive Director and Chief Investment Officer of Hong Kong and China Gas Group, highlights the company's commitment to investing in Suzhou's green development initiatives [1] - Hong Kong and China Gas Group is a comprehensive energy service provider involved in the entire natural gas industry chain, renewable energy, environmental protection, green fuels, and chemical industries, with multiple energy projects in Suzhou Industrial Park, Wujiang, and Zhangjiagang [1] Group 1 - Wu Qingwen expressed gratitude for Hong Kong and China Gas Group's long-term commitment to Suzhou and emphasized the city's focus on ecological priority and green low-carbon development [1] - The company aims to deepen cooperation in energy storage and kitchen waste oil management, contributing to Suzhou's goal of becoming a "waste-free city" [1] - Chen Yinglong stated that Suzhou is a fertile ground for investment and that the company will strengthen carbon reduction efforts while promoting economic, energy, and environmental synergy [1]

Core Viewpoint - Hong Kong and China Gas Company Limited (the Company) supports the 15th National Games and the 12th National Paralympic Games by providing a hydrogen energy solution for the golf event, showcasing its commitment to green and low-carbon initiatives [1]. Group 1: Hydrogen Energy Development - The Company has developed an integrated hydrogen energy generator in collaboration with Zhi Cheng New Energy Technology Co., Ltd., which is now operational at the Fanling Golf Course for the National Games [1]. - The hydrogen generator, approximately the size of a shipping container, utilizes hydrogen produced by the Company to generate electricity, supplying temporary power to various event facilities [1]. - The Director of the Electrical and Mechanical Services Department, Pan Guo Ying, visited the site to understand the operation and safety features of Hong Kong's first integrated hydrogen energy generator [1]. Group 2: Environmental Impact - The use of locally produced low-carbon hydrogen is expected to significantly reduce carbon emissions during the event, demonstrating the innovative capabilities in hydrogen application and sustainable development in Hong Kong [1]. - The hydrogen generator operates by producing only water vapor, with no carbon dioxide emissions, positioning it as a potential replacement for traditional diesel generators and promoting lower-carbon energy applications [7]. Group 3: Community Engagement - The Company has arranged for several academic groups to visit the hydrogen energy generation system, facilitating exchanges between industry and academia [1]. - The Company aims to continue expanding the application of hydrogen technology and collaborate with various sectors to promote green energy development in Hong Kong and the Greater Bay Area [2].

Core Insights - As of November 10, a total of 108 stocks reached their 52-week highs, with notable performers including Taijin Holdings (08321), OKURA HOLDINGS (01655), and Hejia Holdings (00704) achieving high rates of 125.00%, 84.90%, and 53.57% respectively [1] Summary by Category 52-Week Highs - Taijin Holdings (08321) closed at 0.620 with a peak price of 0.900, marking a 125.00% increase - OKURA HOLDINGS (01655) reached a closing price of 0.280 and a high of 0.355, reflecting an 84.90% rise - Hejia Holdings (00704) had a closing price of 0.345 and a peak of 0.430, showing a 53.57% increase - Other notable stocks include Sanhe Chemical (00301) with a 41.67% increase and Aide New Energy (02623) with a 36.25% rise [1] 52-Week Lows - Wangshan Wangshui-B (02630) recorded a closing price of 52.850 and a low of 51.000, resulting in a -21.84% decrease - Eight Horses Tea (06980) had a closing price of 52.850 and a low of 51.100, reflecting a -10.98% decline - New Enjoy Times (08519) reached a low of 0.270, marking a -10.00% drop - Other significant declines include Jiujiang Bank (06190) at -8.99% and Kun Group (00924) at -6.98% [3][4]

Core Viewpoint - Hong Kong and China Gas Company (the Company) has formed a strategic partnership with the Construction Industry Council to promote the use of hydrogen and other green energy sources, aiming for zero-carbon buildings in Hong Kong [1][2]. Group 1: Strategic Partnership - The partnership was announced during the opening ceremony of the "Build Month 2025" event, focusing on sustainable innovation technologies in construction [1]. - The Company will provide integrated hydrogen power solutions and assist in identifying suitable hydrogen equipment suppliers for the construction industry [1][2]. Group 2: Hydrogen Energy Development - The Company plans to transport "green hydrogen" produced from biogas at the Tseung Kwan O landfill to the zero-carbon site for hydrogen power generation, showcasing the potential of hydrogen technology [1]. - The Company is actively developing green energy businesses, including hydrogen, to accelerate the green transformation across various industries [1]. Group 3: Environmental Benefits - The hydrogen power module operates with zero emissions, producing only pure water, thus addressing air and noise pollution issues associated with traditional diesel generators [1]. - This environmentally friendly option reduces the impact of construction activities on nearby residents and allows for extended operational hours on construction sites [1]. Group 4: Public Engagement - During the "Build Month" event, the Company will participate in the "Zero Carbon Future Mobility Exhibition" to showcase its green energy developments, including hydrogen models and charging stations, to enhance public interest and awareness [2].

Core Insights - Hong Kong and China Gas Company Limited (HKCG) has completed its first Real World Assets (RWA) tokenization project, utilizing a credit facility of HKD 100 million from its subsidiary, Mingqi Tong, supported by Chuangxing Bank and Ant Group's Jovay Layer2 blockchain technology [1] Group 1: Project Overview - The RWA tokenization project involves the tokenization of operational data and credit information, ensuring secure and reliable data flow for authorized institutions [1] - The credit facility will be used for the development of AI data centers, AI IoT, and cross-border infrastructure projects [1] Group 2: Strategic Partnerships - HKCG signed a technical service agreement with Ant Group during the 2025 Hong Kong FinTech Week, further deepening their collaboration following a memorandum of understanding signed on May 19, 2025 [1] - Ant Group's Jovay Layer2 blockchain platform is designed for high performance, security, and open connectivity, providing technical support for the financing project [1] Group 3: Future Implications - HKCG's CFO, Yang Leiming, stated that the RWA tokenization project lays the foundation for improving capital allocation efficiency and provides innovative financing channels for business expansion [1] - The company anticipates that digital asset innovations, including RWA tokenization, will scale and normalize as blockchain infrastructure and regulations improve in the region, enhancing the efficiency of digital finance and the real economy in Hong Kong [1]

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly highlighting opportunities in hydropower, green energy, nuclear power, thermal power, and gas sectors [10][30]. Core Insights - The electricity market in the State Grid operating area has achieved near-complete coverage of the electricity spot market, with significant developments in provinces such as Shanxi, which has seen a 128.75% increase in new energy and clean energy installed capacity since the 14th Five-Year Plan [4][9]. - Natural gas prices have shown a divergent trend globally, with increases in Europe and the US, while prices in Asia remain stable due to ample supply [11][30]. Summary by Sections 1. Electricity - The State Grid has implemented a continuous settlement trial for the electricity spot market in Sichuan and Chongqing, marking a significant step towards full coverage [4][7]. - Shanxi's electricity spot market has recorded a total clearing volume of 156.23 billion kWh in the first half of 2025, with real-time average prices reflecting a "two peaks and one valley" pattern [9][10]. 2. Natural Gas - As of November 7, 2025, the Henry Hub spot price in the US reached $3.76/mmBtu, reflecting a weekly increase of 5.52%, while European prices also saw upward trends [11][12]. - The report notes that the LNG national ex-factory price in China is 4382 yuan/ton, with a slight weekly decrease of 0.57% [28][30]. 3. Investment Recommendations - Hydropower: Favorable conditions for winter and spring generation, recommending companies like Guotou Power and Chuan Investment Energy [10]. - Green Energy: Increased stability in returns for existing projects, suggesting attention to companies like New Energy and Longyuan Power [10]. - Nuclear Power: Long-term growth potential remains strong, with recommendations for China Nuclear Power and China General Nuclear Power [10]. - Thermal Power: Improved profitability due to lower fuel costs, recommending companies like Guodian Power and Huaneng International [10]. - Gas Sector: Favorable conditions for city gas companies, recommending Kunlun Energy and New Energy [30]. 4. Company and Industry Dynamics - As of September 2025, China's new energy storage capacity exceeded 100 million kW, accounting for over 40% of the global total [39]. - The report highlights the steady growth in electricity market transactions, with a total of 4.92 trillion kWh traded by September 2025, marking a 7.2% year-on-year increase [39].

Investment Rating - The report maintains a "Positive" outlook on the power and gas sectors, highlighting the full coverage of the electricity spot market in the State Grid operating area and the seasonal rise in gas prices in Europe and the US [1]. Core Insights - The electricity spot market in the State Grid operating area has achieved near-complete coverage, with 18 provincial-level markets in continuous settlement trial operation as of November 1, 2025. This includes the formal operation of inter-provincial markets and five provincial-level markets [4][8]. - In the gas sector, US Henry Hub spot prices rose to $3.76/mmBtu, reflecting a weekly increase of 5.52%, while European gas prices also saw increases due to seasonal demand [13][19]. Summary by Sections 1. Electricity - The State Grid operating area has nearly achieved full coverage of the electricity spot market, with significant developments in various provinces. As of November 1, 2025, the market has transitioned to continuous settlement trials in Sichuan and Chongqing [4][8]. - In Shanxi, the first province to fully implement the electricity spot market, the average spot price for electricity was recorded at 0.283 yuan/kWh, with a total of 156.23 billion kWh cleared in the first half of 2025 [10]. - The growth of renewable energy capacity in Shanxi has been substantial, with an increase of 128.75% since the 14th Five-Year Plan, leading to a significant impact on electricity pricing and market dynamics [10]. 2. Gas - The report notes a divergence in global gas prices, with US prices rising while Asian LNG prices remain stable due to ample supply. As of November 7, 2025, the Northeast Asia LNG spot price was $11.10/mmBtu, unchanged from the previous week [13][27]. - The report highlights the increase in US natural gas production and demand, with the Henry Hub futures price reaching $4.32/mmBtu, marking a 4.63% increase [14][19]. - Recommendations for investment in gas-related companies include those with integrated natural gas trading capabilities, such as Kunlun Energy and New Hope Energy, as well as city gas companies benefiting from cost reductions [31]. 3. Weekly Market Review - The report indicates that the electricity equipment, public utilities, environmental protection, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the week of November 2 to November 9, 2025 [35]. 4. Company and Industry Dynamics - As of September 2025, China's new energy storage capacity exceeded 100 million kW, representing over 40% of the global total, with significant contributions from various regions [41]. - The report also notes that the National Energy Administration is actively promoting the construction of a unified national electricity market, with trading volumes and participants steadily increasing [41].

Core Viewpoint - The Hong Kong and China Gas Company Limited (Towngas) is actively supporting the 15th National Games of the People's Republic of China by utilizing an integrated hydrogen power generator to promote a green, low-carbon sporting event [1]. Group 1: Hydrogen Power Generator - The integrated hydrogen power generator, developed by Towngas and Chi Shing New Energy Technology Company Limited, has been installed at the National Games golf competition venue in Fanling, providing temporary electricity to various on-site facilities [2]. - This hydrogen power generator operates using hydrogen produced by Towngas, combined with a battery energy storage system, and is designed to replace traditional diesel generators, emitting only water vapor during electricity generation [9]. Group 2: Environmental Impact and Innovation - Mr. Don Cheng Hill-kwong, Chief Operating Officer of Towngas, emphasized that using locally manufactured low-carbon hydrogen will significantly reduce carbon emissions during the event, showcasing Hong Kong's innovative capabilities in hydrogen energy application [4]. - Towngas is committed to expanding hydrogen energy technology applications and promoting green energy development in Hong Kong and the Greater Bay Area [5]. Group 3: Engagement and Collaboration - Towngas has facilitated visits for several academic groups to the hydrogen power generation system, fostering collaboration and knowledge exchange between industry and academia [4]. - Mr. Raymond Poon Kwok-ying, Director of Electrical and Mechanical Services, visited the site to learn about the operation and safety features of the hydrogen power generator, indicating a strong interest from government sectors in hydrogen energy development [3][6].