Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - Guangdong has proposed a mechanism for sharing excess profits among electricity sales companies, which is expected to rationalize pricing behavior and reduce speculative pricing in the market [2][11] - The new policies aim to guide electricity sales companies to shift from a speculative pricing model to a service-oriented model, thereby stabilizing electricity prices and ensuring reasonable returns [11] - The report highlights that the profitability of independent electricity sales companies in Guangdong has increased, leading to a significant rise in the number of companies participating in the electricity market [11] Summary by Sections Electricity Sales Companies - Guangdong's new policy will share excess profits from electricity sales companies with retail users, compressing the arbitrage space and promoting rational pricing [2][11] - The shift in business model from arbitrage to providing value-added services is expected to stabilize market pricing and reduce irrational competition [11] Market Trends - The report notes that the average profit per kilowatt-hour for independent electricity sales companies in Guangdong reached 3.22 cents in the first half of 2025, an increase from 3.1 cents in 2024 [11] - The number of electricity sales companies in Guangdong rose from 257 in 2024 to 350 in 2025, a 36% increase, indicating strong market interest [11] Investment Recommendations - The report recommends focusing on quality coal-fired power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment [11] - It also suggests investing in renewable energy companies like Longyuan Power and China Nuclear Power, which are expected to benefit from favorable policy changes [11]

Investment Rating - The report maintains an "Accumulate" rating for the electricity sector [5] Core Insights - In October, the national electricity consumption increased by 10.4% year-on-year, with a cumulative electricity consumption of 86,246 billion kWh from January to October, representing a 5.1% year-on-year growth [1][10] - The first industry saw a significant increase in electricity demand, with a monthly growth rate of 13.2% in October, while the second industry improved to a 6.2% year-on-year growth in the same month [2][16] - The third industry experienced a notable increase in electricity consumption, with a monthly growth rate of 17.1% in October, driven by rapid growth in the charging and information technology service sectors [2][12] - Residential electricity consumption surged to a monthly growth rate of 23.9% in October, influenced by cold weather [2][12] Summary by Sections Electricity Consumption - In October, the total electricity consumption reached 8,572 billion kWh, marking a 10.4% increase year-on-year [1][10] - From January to October, the cumulative electricity consumption was 86,246 billion kWh, with the industrial electricity generation amounting to 80,625 billion kWh [1][10] Electricity Generation - In October, the industrial electricity generation was 8,002 billion kWh, reflecting a year-on-year growth of 7.9% [2][27] - The report highlights a shift in electricity generation types, with industrial thermal power increasing by 7.3% in October, while hydroelectric and solar power growth rates slowed down [3][32] Investment Recommendations - The report emphasizes the importance of developing renewable energy and suggests focusing on green electricity operators with advantageous resource locations and low financing costs [4][50] - Specific companies recommended for investment include Huaneng International, Huadian International, and China Nuclear Power, among others [4][50]

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]

关于更换持续督导保荐代表人的公告 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。 新天绿色能源股份有限公司（以下简称"公司"）于近日收到保荐机构中德证券有限责任公司（以下简 称"中德证券"）出具的《关于更换新天绿色能源股份有限公司持续督导保荐代表人的通知》。中德证券 作为公司2021年向特定对象发行A股股票的保荐机构，原指定孙乃玮先生和兰建州先生担任公司持续督 导的保荐代表人。由于兰建州先生工作变动不能继续担任公司持续督导的保荐代表人，为保证公司持续 督导工作的顺利进行，中德证券委派粟帅先生自2025年11月12日起接替兰建州先生担任公司持续督导的 保荐代表人，继续履行对公司的持续督导职责（粟帅先生的简历见附件）。 证券代码：600956 证券简称：新天绿能 公告编号：2025-065 新天绿色能源股份有限公司 特此公告。 新天绿色能源股份有限公司董事会 2025年11月13日 粟帅先生简历 粟帅先生，中德证券有限责任公司正式从业人员，保荐代表人，2013年开始从事投资银行业务，曾先后 参与佳发教育、台沃农科、安宁股份首次公开 ...

证券日报网讯 11月13日晚间，新天绿能发布公告称，新天绿色能源股份有限公司（以下简称"公司"） 于近日收到保荐机构中德证券有限责任公司（以下简称"中德证券"）出具的《关于更换新天绿色能源股 份有限公司持续督导保荐代表人的通知》。中德证券作为公司2021年向特定对象发行A股股票的保荐机 构，原指定孙乃玮先生和兰建州先生担任公司持续督导的保荐代表人。由于兰建州先生工作变动不能继 续担任公司持续督导的保荐代表人，为保证公司持续督导工作的顺利进行，中德证券委派粟帅先生自 2025年11月12日起接替兰建州先生担任公司持续督导的保荐代表人，继续履行对公司的持续督导职责。 （文章来源：证券日报） ...

证券代码：600956 证券简称：新天绿能 公告编号：2025-065 公司董事会对兰建州先生担任公司保荐代表人期间所做的工作表示衷心感 谢！ 特此公告。 新天绿色能源股份有限公司董事会 2025 年 11 月 13 日 粟帅先生简历 新天绿色能源股份有限公司 关于更换持续督导保荐代表人的公告 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。 新天绿色能源股份有限公司（以下简称"公司"）于近日收到保荐机构中德证 券有限责任公司（以下简称"中德证券"）出具的《关于更换新天绿色能源股份 有限公司持续督导保荐代表人的通知》。中德证券作为公司2021年向特定对象发 行A股股票的保荐机构，原指定孙乃玮先生和兰建州先生担任公司持续督导的保 荐代表人。由于兰建州先生工作变动不能继续担任公司持续督导的保荐代表人， 为保证公司持续督导工作的顺利进行，中德证券委派粟帅先生自2025年11月12 日起接替兰建州先生担任公司持续督导的保荐代表人，继续履行对公司的持续督 导职责（粟帅先生的简历见附件）。 本次变更后，公司持续督导的保荐代表人为孙乃玮先生、 ...

本次变更后，公司持续督导的保荐代表人为孙乃玮先生、粟帅先生，持续督导期至中国证券监督管理委 员会和上海证券交易所规定的持续督导义务结束为止。 新天绿色能源(00956)发布公告，新天绿色能源股份有限公司(以下简称"公司")于近日收到保荐机构中德 证券有限责任公司(以下简称"中德证券")出具的《关于更换新天绿色能源股份有限公司持续督导保荐代 表人的通知》。中德证券作为公司2021年向特定对象发行A股股票的保荐机构，原指定孙乃玮先生和兰 建州先生担任公司持续督导的保荐代表人。由于兰建州先生工作变动不能继续担任公司持续督导的保荐 代表人，为保证公司持续督导工作的顺利进行，中德证券委派粟帅先生自2025年11月12日起接替兰建州 先生担任公司持续督导的保荐代表人，继续履行对公司的持续督导职责。 ...

本次变更后，公司持续督导的保荐代表人为孙乃玮先生、粟帅先生，持续督导期至中国证券监督管理委 员会和上海证券交易所规定的持续督导义务结束为止。 智通财经APP讯，新天绿色能源(00956)发布公告，新天绿色能源股份有限公司(以下简称"公司")于近日 收到保荐机构中德证券有限责任公司(以下简称"中德证券")出具的《关于更换新天绿色能源股份有限公 司持续督导保荐代表人的通知》。中德证券作为公司2021年向特定对象发行A股股票的保荐机构，原指 定孙乃玮先生和兰建州先生担任公司持续督导的保荐代表人。由于兰建州先生工作变动不能继续担任公 司持续督导的保荐代表人，为保证公司持续督导工作的顺利进行，中德证券委派粟帅先生自2025年11月 12日起接替兰建州先生担任公司持续督导的保荐代表人，继续履行对公司的持续督导职责。 ...

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的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 CHINA SUNTIEN GREEN ENERGY CORPORATION LIMITED* 新天綠色能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00956） 海外監管公告 本公告乃由新天綠色能源股份有限公司（「本公司」）根據《香港聯合交易所有限公司證券上市規則》第 13.10B條作出。 茲載列本公司於上海證券交易所網站刊發之《新天綠色能源股份有限公司關於更換持續督導保薦代表 人的公告》，僅供參閱。 承董事會命 新天綠色能源股份有限公司 譚建鑫 執行董事及總裁 中國河北省石家莊市，2025年11月13日 於本公告日期，本公司非執行董事為曹欣博士、李連平博士、秦剛先生、張旭蕾博士、盧榮先生及 趙士毅先生；本公司執行董事為譚建鑫先生；以及本公司獨立非執行董事為周文港博士、楊晶磊博 士、陳奕斌先生及劉斌先生。 * 僅供識別 证券代码：600956 证券简称：新天绿能 公告编号： ...

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies [1][2][3] Group 1: Increased Holdings - Haotian International Construction (01341) saw the largest increase in holdings, up by 3.17% to 67.62% [1] - Ruipu Lanjun (00666) and Anjii Food (02648) also experienced notable increases of 0.95% and 0.93%, reaching 8.29% and 34.73% respectively [1] - Over the last five trading days, Haotian International Construction (01341) had a remarkable increase of 13.82% in holdings [2] Group 2: Decreased Holdings - Tianqi Lithium (09696) and Global Medical (02666) both experienced a decrease of 1.40% in holdings, now at 35.86% and 22.01% respectively [1] - New Tian Green Energy (00956) had the largest decrease over the last five trading days, down by 9.02% to 56.82% [2] - Longpan Technology (02465) and Zhongze Feng (01282) also saw significant reductions of 5.82% and 7.46% respectively [2] Group 3: Summary of Top Changes - The top 20 companies with increased holdings include Haotian International Construction (01341), Ruipu Lanjun (00666), and Anjii Food (02648) [1] - The top 20 companies with decreased holdings include Tianqi Lithium (09696), Global Medical (02666), and Hengsheng Chinese Enterprises (02828) [1] - The five-day increase list features Haotian International Construction (01341) and Qingdao Bank (03866) with increases of 5.82% [2]