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]

两期储能项目均采用行业成熟的磷酸铁锂电池技术，技术路径采用液冷系统，相比传统的风冷系统，转 换效率提高5%，遵循"两充两放"运行策略，通过10kV高压接入方案接入企业变压器高压母线，依托智 能能量管理平台实现精准调度。其中，一期项目于2024年9月底竣工并网后，实际运营成效远超预期。 二期项目的成功投运，进一步挖掘了企业用能潜力，将为双方带来持续稳定的收益回报，真正实现"绿 色共赢"。 本报讯 （记者李雯珊见习记者张美娜）近日，由中国燃气控股有限公司（以下简称"中国燃气"）旗下 中燃能源管理（深圳）有限公司投资建设的江阴海达橡塑股份有限公司二期5MW/15MWh储能项目顺利 投运，加之此前投运的一期15MW/30MWh项目，总容量达20MW/45MWh的储能系统正式形成规模效 应，为这家高新技术企业打造了"削峰填谷+节能降本+绿色增效"的综合能源解决方案，标志着中国燃 气在工商业储能领域的合作实践再获重要突破。 江阴海达橡塑股份有限公司作为国家火炬计划重点高新技术企业，深耕橡塑材料改性研发领域，产品广 泛应用于轨道交通、建筑、汽车、航运等四大领域，下游客户涵盖上汽集团、中国一汽、广汽集团等知 名企业。随着企业 ...

Group 1 - The board meeting of China Gas (00384.HK) is scheduled for November 28, 2025, to approve the unaudited interim results for the six months ending September 30, 2025 [1] - The meeting will also consider the proposal for an interim dividend distribution, if any [1]

CHINA GAS HOLDINGS LIMITED 中國燃氣控股有限公司 * （於百慕達註冊成立之有限公司） （股 份 代 號：384） 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 中國燃氣控股有限公司* 主席及總裁 劉明輝 香 港，二 零 二 五 年 十 一 月 十 二 日 於 本 公 告 日 期，劉 明 輝 先 生、黃 勇 先 生、朱 偉 偉 先 生、李 晶 女 士、劉 暢 女 士、趙 琨 先 生 及 劉 明 興 教 授 為 本 公 司 執 行 董 事；熊 斌 先 生、Ayush GUPTA先 生 及 周 雪 燕 女 士 為 本 公 司 非 執 行 董 事；以 及 趙 玉 華 先 生、 毛 二 萬 博 士、陳 燕 燕 女 士、張 凌 先 生 及 馬 蔚 華 博 ...

中国燃气控股有限公司是一家主要从事燃气业务的投资控股公司。该公司通过六大分部运营。管道天然气销售分部从事通过城市与乡镇管网、贸 易与直供管道来销售管道天然气。液化石油气销售分部向工业用户和商业用户分销液化石油气。燃气接驳分部为客户提供燃气接驳服务。工程设 计及施工分部从事燃气管道建设业务。增值服务分部从事壁挂炉、厨房燃气具、智能家居、波纹管、报警器和瓶装水销售业务。中裕燃气分部主 要从事天然气销售及燃气管道建设业务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，11月11日南向资金增持597.7万股中国燃气（00384.HK）。近5个交易日中，获南向资金增持的有5天，累计净增持802.73万股。近 20个交易日中，获南向资金增持的有14天，累计净增持1745.13万股。截至目前，南向资金持有中国燃气（00384.HK）10.98亿股，占公司已发行 普通股的20.14%。 | 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2025-11-11 ...

Core Insights - The article highlights the acceleration of the "source-network-load-storage" integrated model in China, driven by national energy transition and dual carbon goals [1] - The Hengshan Science City incremental distribution pilot project, operated by Hengyang Zhongran Energy Co., Ltd., is presented as a typical example of regional comprehensive energy service models [1] Group 1: Project Overview - Hengyang Zhongran is the sole distribution and sales operator in the 26.5 square kilometer pilot area of Hengshan Science City, holding exclusive rights for electricity and centralized heating [1] - The company is responsible for the investment, construction, and operation of the incremental distribution network, extending into comprehensive energy services including photovoltaic, energy storage, charging facilities, and distributed gas energy systems [1] Group 2: Infrastructure and Capacity - The supply area of Hengyang Zhongran covers the entire Hengshan Science City, featuring one 110kV Mingyan substation with a main transformer capacity of 63 MVA [1] - The infrastructure includes 5.74 kilometers of 110kV overhead lines, 38 towers, and a total capacity of 99,450 kVA for distribution transformers, supporting diverse load stability in the region [1] Group 3: Energy Storage and Economic Impact - The Mingyan substation's associated energy storage project was commissioned last year, achieving a key breakthrough in the storage segment with an operational efficiency of approximately 90% and over 600 annual cycles, saving around 3.3 million yuan in electricity costs [2] - The implementation of the integrated model has significantly improved the regional grid's capacity to accept intermittent power sources like distributed photovoltaics, reducing voltage fluctuations and overload risks [2] Group 4: Economic and Energy Security Benefits - The optimization of energy dispatch strategies has led to balanced load management, mitigating cost increases from peak electricity prices and effectively controlling overall electricity costs [2] - The model enhances the system's resilience against disturbances and emergency response capabilities, ensuring continuous power supply for critical loads during emergencies, while diversifying energy supply and reducing dependence on single energy sources [2]

Core Viewpoint - China Gas (00384.HK) announced the resignation of Chen Yingqi as the Group Counsel, Company Secretary, and authorized representative effective from November 10, 2025, with no disagreements with the board [1] Group 1 - Chen Yingqi confirmed that there are no disagreements with the board regarding his resignation [1] - Following Chen Yingqi's resignation, Chen Peiling has been appointed as the new Group Counsel, Company Secretary, and authorized representative, effective from November 10, 2025 [1]

Core Viewpoint - China Gas (00384) announced the resignation of Ms. Chen Yingqi as the Group Counsel, Company Secretary, and authorized representative effective from November 10, 2025, with Ms. Chen Peiling appointed to these roles thereafter [1] Group 1 - Ms. Chen Yingqi will resign from her positions as Group Counsel, Company Secretary, and process agent effective November 10, 2025 [1] - Ms. Chen Peiling has been appointed as the new Group Counsel, Company Secretary, process agent, and authorized representative effective November 10, 2025 [1]

Core Viewpoint - China Gas (00384) announced the resignation of Ms. Chen Yingqi as the Group Counsel, Company Secretary, and authorized representative effective from November 10, 2025, with Ms. Chen Peiling appointed to these roles thereafter [1] Group 1 - Ms. Chen Yingqi will resign from her positions as Group Counsel, Company Secretary, process agent, and authorized representative effective November 10, 2025 [1] - The board has announced the appointment of Ms. Chen Peiling as the new Group Counsel, Company Secretary, process agent, and authorized representative effective November 10, 2025 [1]

CHINA GAS HOLDINGS LIMITED 中國燃氣控股有限公司 * （於百慕達註冊成立之有限公司） （股 份 代 號：384） 更 換 法 務 主 管、公 司 秘 書、 在香港代表接受法律程序文件的代理人及授權代表 中國燃氣控股有限公司*（「本公司」）董事會（「董事會」）謹 此 宣 佈，陳 穎 琪 女 士 已 辭 任 本 公 司 集 團 律 師、公 司 秘 書、根 據 公 司 條 例（香 港 法 例 第622章）在香港代表接受法律程序文 件的代理人（「程序代理人」）及根據香港聯合交易所有限公司（「聯交所」）證券上市規則第 3.05條規定的授權代表（「授權代表」），自 二 零 二 五 年 十 一 月 十 日 起 生 效。陳 穎 琪 女 士 已 確 認，彼 與 董 事 會 之 間 並 無 意 見 分 歧，亦 無 有 關 彼 辭 任 的 事 宜 須 提 請 本 公 司 股 東 及 聯 交 所 垂 注。 陳 穎 琪 女 士 辭 任 後，董 事 會 欣 然 宣 佈，陳 佩 玲 女 士 已 獲 委 任 為 本 公 司 之 法 務 主 管、公 司 秘 書、程 序 代 理 人 及 授 權 代 表，自 二 零 二 ...