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].

近年来，在国家推进能源结构转型和实现"双碳"目标的大背景下，"源网荷储"一体化模式作为构建新型电力系统的重要路径之一，正加速在全国范围内落 地实施。其中，由中国燃气(00384)旗下衡阳中燃能源有限公司(简称"衡阳中燃")负责建设运营的衡山科学城增量配电试点项目，因其在"源网荷储"各环节 的系统性布局与实际成效，成为区域级综合能源服务模式的典型范例。 截至当前，辖区内登记用户近8000户，涵盖大工业用户、一般工商业用户、农业用户以及居民用户，入驻企业近200家，全年供电量达4000多万千瓦时，反 映出区域用电负荷的多样性与持续增长趋势，对配电网的调节能力和响应水平提出了更高要求。 去年，鸣雁变110kV变电站配套建设的电网侧储能项目正式并网投运，标志着该项目在储能环节实现关键突破。该系统采用"两充两放"运行策略，设备综 合效率约为90%，年循环次数超过600次，测算年节约电费可达330万元。该储能系统通过低谷时段充电、高峰时段放电的方式，有效实现电力"削峰填 谷"，不仅缓解了电网调峰压力，也提升了局部电网的稳定性与可靠性。同时，其具备参与电网调频、调压等辅助服务能力，提高了可再生能源的就地消纳 水平，推动了电 ...

近年来，在国家推进能源结构转型和实现"双碳"目标的大背景下，"源网荷储"一体化模式作为构建新型电力系统的重要路径之一，正加速在全国范围内落 地实施。其中，由中国燃气(00384)旗下衡阳中燃能源有限公司(简称"衡阳中燃")负责建设运营的衡山科学城增量配电试点项目，因其在"源网荷储"各环节 的系统性布局与实际成效，成为区域级综合能源服务模式的典型范例。 唯一配售电主体支撑区域能源体系建设 根据公开资料，衡阳中燃是衡山科学城26.5平方公里增量配电业务试点区域内唯一的配售电运营主体，依法享有该区域内的电力及集中供热特许经营权。 其职责涵盖增量配电网的投资、建设与运维，并延伸至综合能源服务领域，包括光伏、储能、充电设施、燃气分布式能源等多能互补系统的规划、施工与 运营管理。 从系统运行角度看，"源网荷储"一体化模式的应用显著提升了区域电网对分布式光伏等间歇性电源的接纳能力。通过本地化调节负荷与储能协同响应，降 低了因新能源接入引发的电压波动与过载风险，提高了配电网承载力。 在经济性方面，通过优化能源调度策略，实现了用电负荷的均衡化管理，规避了高峰电价带来的成本上升问题，整体用电成本得到有效控制。 在能源安全层面，该 ...

近年来，在国家推进能源结构转型和实现"双碳"目标的大背景下，"源网荷储"一体化模式作为构建新型 电力系统的重要路径之一，正加速在全国范围内落地实施。其中，由中国燃气旗下衡阳中燃能源有限公 司(简称"衡阳中燃")负责建设运营的衡山科学城增量配电试点项目，因其在"源网荷储"各环节的系统性 布局与实际成效，成为区域级综合能源服务模式的典型范例。 "源网荷储"协同发展特征明显 衡阳中燃供区覆盖衡山科学城全境，现有110kV鸣雁变电站1座，主变压器容量63MVA，配备110kV架 空线路5.74公里，杆塔38基；10kV输电线路共9条，配电变压器总容量达99450kVA，包含公用台区变压 器91台、专用台区69台，该电网结构为区域内多元负荷的安全稳定用电提供了有力支撑。 在经济性方面，通过优化能源调度策略，实现了用电负荷的均衡化管理，规避了高峰电价带来的成本上 升问题，整体用电成本得到有效控制。 根据公开资料，衡阳中燃是衡山科学城26.5平方公里增量配电业务试点区域内唯一的配售电运营主体， 依法享有该区域内的电力及集中供热特许经营权。其职责涵盖增量配电网的投资、建设与运维，并延伸 至综合能源服务领域，包括光伏、储能、充 ...

Group 1 - China Gas (00384) saw a stock increase of over 3%, currently up 3.27% at HKD 8.52, with a trading volume of HKD 102 million [1] - As temperatures drop, Beijing is entering a new heating season, with Beijing Gas Group confirming that gas supply preparations are fully in place, optimizing gas source structure and enhancing emergency peak-shaving capacity [1] - This winter, biomass natural gas, processed from household waste through anaerobic fermentation and purification, will be integrated into Beijing's gas network for the first time, highlighting the synergy between energy supply and green development [1] Group 2 - Dongwu Securities projects that China's apparent natural gas consumption will increase by 0.7% year-on-year to 318.8 billion cubic meters in the first nine months of 2025, influenced by a warmer winter in 2024 affecting heating gas demand [2] - Natural gas production is expected to rise by 6.5% year-on-year to 194.9 billion cubic meters, while imports are projected to decline by 6.2% to 130.7 billion cubic meters in the same period [2] - The report indicates that from 2022 to September 2025, 65% of cities have implemented residential price adjustments, with an average increase of CNY 0.21 per cubic meter, and there remains a 10% recovery space in pricing mechanisms [2]

东吴证券指出，2025M1-9，我国天然气表观消费量同比+0.7%至3188亿方，原因或为2024年冬季偏暖， 影响了2025M1-3采暖用气需求。2025M1-9，产量同比+6.5%至1949亿方，进口量同比-6.2%至1307亿 方。该行续指，2022-2025M9，全国65%(188个)地级及以上城市进行了居民顺价，提价幅度为0.21元/ 方。2024年龙头城燃公司价差0.53-0.54元/方，配气费合理值在0.6元/方以上，价差仍存10%修复空间， 顺价仍将继续落地。展望2025年，供给宽松，燃气公司成本优化；价格机制继续理顺、需求放量。 智通财经APP获悉，中国燃气(00384)涨超3%，截至发稿，涨3.27%，报8.52港元，成交额1.02亿港元。 消息面上，据新华社报道，随着气温逐渐走低，北京即将进入新一轮采暖季。据北京燃气集团介绍，北 京今冬燃气保供工作已全面就绪，气源结构进一步优化、应急调峰能力也显著增强，确保首都市民温暖 过冬。值得一提的是，经过严格工艺处理的生物质天然气今冬将首次在北京并网。据了解，生物质天然 气是将生活垃圾等原料进行厌氧发酵、净化提纯处理后形成的可再生绿色能源，体现了能 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國燃氣控股有限公司 呈交日期: 2025年11月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00384 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 9,000,000,000 | HKD | | 0.01 HKD | | 90,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | | | 本月底結存 | | | 9,000,000,000 | HKD | | 0.01 HKD | | 90,000,000 | 本月底法定/註冊股本總額： HKD 90,000 ...

Investment Rating - The report maintains a "Positive" investment rating for the environmental protection industry [12] Core Insights - The environmental protection sector showed a significant increase in performance, with a 17.3% year-on-year growth in non-recurring net profit for Q3 2025, driven by stable operations and profit recovery in cyclical assets [6][40] - The overall revenue for the environmental sector reached 221.7 billion yuan in the first three quarters of 2025, marking a 3.12% increase year-on-year, while the net profit attributable to shareholders grew by 4.88% to 21.9 billion yuan [21][40] - The cash flow situation improved, with a cash collection ratio of 95.1% in Q3 2025, reflecting a 4.5 percentage point increase year-on-year, indicating a stable investment environment despite a downward trend in financing [8][40] Summary by Sections Performance Overview - In Q3 2025, the environmental sector achieved a revenue of 79.6 billion yuan, a 9.64% increase year-on-year, with a net profit of 8.2 billion yuan, up 11.8% [6][40] - The non-recurring net profit for Q3 2025 was 7.75 billion yuan, reflecting a 17.3% year-on-year increase, primarily driven by strong performances in waste incineration, biodiesel, and air quality sectors [6][40] Financial Statements - The overall asset-liability ratio for the environmental sector was 57.3% in Q3 2025, with a slight year-on-year increase of 0.35 percentage points, indicating a slowdown in the growth rate of liabilities [7] - The cash flow from operating activities showed a net inflow of 27.1 billion yuan, a 30.6% increase year-on-year, with improvements noted in waste management and water operations [8] Investment Strategy - The report suggests continued investment in waste incineration and water sectors, with a potential for valuation recovery as the industry transitions towards a more market-oriented model [9] - Recommended companies include Hanlan Environment, China Everbright International, and Weiming Environmental, among others, highlighting their potential for growth and dividend returns [9]

Investment Rating - The report provides a positive investment outlook for the electricity and natural gas sectors, highlighting potential growth opportunities in renewable energy and natural gas consumption [4][8]. Core Insights - The green certificate market is experiencing a significant increase in both volume and price, with a 210% rise in average trading prices in Q3 compared to Q1. The total issuance of green power certificates reached 2.29 billion in September 2025, with 1.58 billion being tradable [7][8]. - Global natural gas prices are fluctuating, with the U.S. Henry Hub spot price reaching a six-month high of $3.57/mmBtu, while European prices are showing mixed trends [9][11]. - The report anticipates an increase in natural gas consumption in Q4 2025 due to low base effects and expected higher heating demand from a potential La Niña phenomenon [30][31]. Summary by Sections Electricity - The average trading price of green certificates increased by 210% in Q3 compared to Q1. The issuance of green certificates reached 2.29 billion in September 2025, with 1.58 billion being tradable, indicating a robust market growth [7][8]. - The report emphasizes the need for further development of the green certificate market and the introduction of regulations to enhance renewable energy consumption [4][7]. Natural Gas - As of October 31, 2025, the U.S. Henry Hub spot price was $3.57/mmBtu, marking an 11.16% increase week-on-week. In contrast, European gas prices showed a decline, with the TTF spot price at €30.35/MWh, down 5.42% [9][10]. - The report notes a decrease in China's apparent natural gas consumption in September 2025, but anticipates a rebound in Q4 2025 due to low base effects and increased heating demand [30][31]. - The LNG national ex-factory price in China rose to 4407 yuan/ton, reflecting a 3.11% increase week-on-week, driven by rising demand ahead of the heating season [28][30]. Investment Recommendations - The report recommends several companies based on their performance and market conditions: - Hydropower: Focus on Guotou Power, Chuan Investment Energy, and Yangtze Power due to favorable hydrological conditions [8]. - Green Power: Attention to New Energy, Funiu Co., Longyuan Power, and China Resources Power for their stable returns [8]. - Nuclear Power: Recommendations for China Nuclear Power and China General Nuclear Power due to ongoing approvals for new units [8]. - Thermal Power: Companies like Guodian Power and Huadian International are highlighted for improved profitability due to falling coal prices [8]. - Gas Power: Recommendations for Guangzhou Development and Shenzhen Energy based on expected stability in profitability [8].

Investment Rating - The report maintains a "Buy" rating for various sectors including hydropower, green electricity, nuclear power, thermal power, and gas power [4][9][44]. Core Insights - The green certificate market is experiencing a significant increase in both volume and price, with a 210% rise in average trading price in Q3 compared to Q1 [8]. - Global natural gas prices are fluctuating, with the US Henry Hub spot price reaching a near six-month high of $3.57/mmBtu, while European prices are showing mixed trends [11][12]. - The report anticipates a potential increase in gas consumption growth in Q4 2025 due to low base effects and high demand expectations, despite a 1.6% year-on-year decline in September gas consumption [32][33]. Summary by Sections 1. Electricity - In September 2025, 229 million green electricity certificates were issued, with 68.86% being tradable [4][8]. - The report highlights the improvement in market mechanisms and the growing demand for renewable energy consumption [8]. 2. Natural Gas - As of October 31, 2025, the US Henry Hub spot price increased by 11.16% week-on-week, while European prices showed a decline [11][12]. - The report notes a 1.6% year-on-year decrease in national gas consumption in September, with expectations for growth in Q4 2025 due to favorable weather conditions [32][33]. 3. Investment Recommendations - Recommendations include hydropower companies such as Guotou Power and Chuanwei Energy, green electricity firms like Xintian Green Energy and Longyuan Power, and gas companies including Kunlun Energy and New Hope Energy [9][44]. - The report emphasizes the potential for improved profitability in the gas sector due to declining costs and rising demand [33][44].