Major Events - GuoXia Technology (02655) plans to conduct an IPO from December 8 to December 11, offering 33.85 million H-shares and introducing cornerstone investors such as Huikai Hong Kong [1] - Basilea Pharmaceutica AG (02616) has its drug Pujihua® (Pralsetinib Capsules) included in the National Medical Insurance Directory for 2025 [1] - Four Seasons Pharmaceutical (00460) sees its innovative drug XuanYueNing® included in the National Basic Medical Insurance Drug List for the first time [1] - Shanghai Pharmaceuticals (02607) successfully negotiates and includes Amisulpride Orally Disintegrating Tablets in the National Medical Insurance Directory [1] - Hansoh Pharmaceutical (03692) has its innovative drug Amelotex® approved for two new indications in the updated 2025 National Medical Insurance Directory [1] - Xiansheng Pharmaceutical (02096) sees EnzeShu® and EnDu® included in the updated National Medical Insurance Drug List [1] - Hutchison China MediTech (00013) has its drug Tazverik® included in the first edition of the National Commercial Health Insurance Innovative Drug List [1] - XuanZhu Biotechnology (02575) has its innovative drug XuanYueNing® included in the National Basic Medical Insurance Drug List for the first time [1] - Yino Pharmaceutical (02591) has its H-shares included in the list of eligible securities for the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect [1] - China Metallurgical Group (01618) and its subsidiaries plan to sell non-core business assets for approximately 60.68 billion yuan, focusing on core businesses in metallurgical engineering, non-ferrous metals, and mining engineering [1] - Cambridge Technology (06166) intends to invest a total of 405 million yuan to acquire and subscribe for shares in the Yangzhong Happiness Home Venture Capital Partnership Fund [1] Operating Performance - Dongfeng Motor Group (00489) reports cumulative automobile sales of 1.697 million units in the first 11 months, a year-on-year decrease of approximately 0.3% [2] - New天绿色能源 (00956) achieves a cumulative power generation of 1,336.89 million MWh in the first 11 months, an increase of 8.04% year-on-year [2] - Longyuan Power (00916) reports a cumulative power generation of approximately 6,909.64 million MWh in the first 11 months, a year-on-year growth of 0.41% [2] - Baolong Real Estate (01238) records a total contract sales of approximately 6.666 billion yuan in the first 11 months, a year-on-year decline of 43.2% [2]

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly highlighting opportunities in hydropower, thermal power, nuclear power, green energy, and gas companies [11][13]. Core Insights - The mechanism electricity pricing results across multiple regions are approaching their upper limits, indicating strong demand and government support for renewable energy projects [4][7]. - Natural gas prices in Europe are declining, while U.S. gas prices have reached a new high for 2023, driven by increased heating demand due to cold weather [13][20]. - The report emphasizes the importance of operational efficiency in renewable energy projects, as profitability varies significantly across different regions [10][11]. Summary by Sections 1. Electricity Pricing - Recent mechanism electricity pricing results show that several regions, including Hebei and Ningxia, have prices close to the upper limits, reflecting strong demand and sufficient mechanism electricity indicators [4][8]. - The competitive pricing results indicate a disparity based on local consumption capacity and policy direction, with some provinces achieving significantly lower prices due to weaker demand [9][10]. 2. Natural Gas Market - U.S. Henry Hub spot prices reached $5.19/mmBtu, marking a 12.91% increase week-on-week, while European gas prices, such as the TTF, have seen a decline [13][20]. - The report notes a 1.3% year-on-year decrease in China's natural gas consumption in October, with expectations for growth in the upcoming winter months due to heating demand [30][32]. 3. Investment Recommendations - Hydropower: Favorable conditions for winter and spring generation, with recommendations for companies like Yangtze Power and Guodian Power [11]. - Thermal Power: Companies with diversified income sources are recommended, including Guodian Power and Inner Mongolia Huadian [11]. - Nuclear Power: Continued growth expected with new approvals, suggesting a focus on China Nuclear Power and China General Nuclear Power [11]. - Green Energy: Increased stability in project returns with recommendations for companies like Xintian Green Energy and Longyuan Power [11]. - Gas Companies: Recommendations include Kunlun Energy and New Hope Energy, benefiting from cost reductions and improved profitability [32].

Investment Rating - The report maintains a positive outlook on the public utility and environmental sectors, particularly in electricity and natural gas [3][4]. Core Insights - The report highlights significant regional differences in mechanism electricity pricing, with recent auction results approaching upper limits across multiple provinces, indicating strong demand and government support for renewable energy projects [4][10]. - Natural gas prices in Europe continue to decline, while U.S. prices have reached a new high for 2023, driven by increased heating demand due to cold weather [14][21]. - The report emphasizes the importance of refined operational strategies for power stations, as profitability varies significantly across regions and projects [11][12]. Summary by Sections 1. Electricity - Recent mechanism electricity auction results show prices close to upper limits in regions like Hebei and Ningxia, with significant volumes of wind and solar energy being auctioned [8][9]. - The report notes that the differences in mechanism electricity pricing reflect local consumption capabilities and policy directions [10][11]. 2. Natural Gas - U.S. Henry Hub spot prices reached $5.19/mmBtu, a 12.91% increase week-on-week, while European gas prices, such as TTF and NBP, have seen declines of 5.57% and 9.96% respectively [14][15]. - The report indicates a 1.3% year-on-year decline in China's apparent natural gas consumption in October, with expectations for growth in Q4 due to seasonal heating demands [31][33]. 3. Investment Recommendations - Recommendations include investing in hydropower companies like Yangtze Power and Guodian Power, as well as coal-fired power companies such as Guodian Power and Inner Mongolia Huadian [12]. - For natural gas, the report suggests focusing on integrated companies like Kunlun Energy and New Hope Energy, which are expected to benefit from cost reductions and improved profitability [33][34].

新天绿能（600956）(600956.SH)发布公告，根据公司初步统计，2025年11月，公司及子公司按合并报 表口径完成发电量1,662,026.37兆瓦时，同比增加24.45%。截至2025年11月30日，累计完成发电量 13,368,949.46兆瓦时，同比增加8.04%。 ...

根据公司初步统计，2025年11月，本公司及子公司按合并报表口径完成输/售气量40,388.22万立方米， 同比增加25.36%，其中售气量36,709.62万立方米，同比增加34.13%；代输气量3,678.60万立方米，同比 减少24.13%。截至2025年11月30日，累计完成输/售气量468,192.27万立方米，同比减少10.57%，其中售 气量424,227.99万立方米，同比减少7.07%；代输气量43,964.28万立方米，同比减少34.42%。 格隆汇12月8日丨新天绿能(600956.SH)公布，根据公司初步统计，2025年11月，本公司及子公司按合并 报表口径完成发电量1,662,026.37兆瓦时，同比增加24.45%。截至2025年11月30日，累计完成发电量 13,368,949.46兆瓦时，同比增加8.04%。 ...

智通财经APP讯，新天绿能(600956.SH)发布公告，根据公司初步统计，2025年11月，公司及子公司按合 并报表口径完成发电量1,662,026.37兆瓦时，同比增加24.45%。截至2025年11月30日，累计完成发电量 13,368,949.46兆瓦时，同比增加8.04%。 ...

证券代码：600956 证券简称：新天绿能 公告编号：2025-068 新天绿色能源股份有限公司 2025 年 11 月主要经营数据公告 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。 根据公司初步统计，2025年11月，本公司及子公司按合并报表口径完成发电 量1,662,026.37兆瓦时，同比增加24.45%。截至2025年11月30日，累计完成发电 量13,368,949.46兆瓦时，同比增加8.04%。 | 地区 | | | 发电量 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 年 同比变动 2025 | 月 11 | | 年 2025 1-11 | 月 | 同比变动 | | | （%） | （兆瓦时） | | （兆瓦时） | | （%） | | 风电业务 | | 1,642,817.49 | 25.26 | 13,031,081.25 | | 6.96 | | 河北 | | 1,270,627.86 | 29.79 | 9,336,512.25 | | ...

新天绿色能源(00956)发布公告，根据公司初步统计，2025年11月，集团按合并报表口径完成发电量 166.2万兆瓦时，同比增加24.45%。截至2025年11月30日，累计完成发电量1336.89万兆瓦时，同比增加 8.04%。 ...

智通财经APP讯，新天绿色能源(00956)发布公告，根据公司初步统计，2025年11月，集团按合并报表口 径完成发电量166.2万兆瓦时，同比增加24.45%。截至2025年11月30日，累计完成发电量1336.89万兆瓦 时，同比增加8.04%。 ...

根据公司初步统计，2025年11月，本公司及子公司按合并报表口径完成输/售气量40,388.22万立方米， 同比增加25.36%，其中售气量36,709.62万立方米，同比增加34.13%；代输气量3,678.60万立方米，同比 减少24.13%。截至2025年11月30日，累计完成输/售气量468,192.27万立方米，同比减少10.57%，其中售 气量424,227.99万立方米，同比减少7.07%；代输气量43,964.28万立方米，同比减少34.42%。 格隆汇12月8日丨新天绿能(600956.SH)公布，根据公司初步统计，2025年11月，本公司及子公司按合并 报表口径完成发电量1,662,026.37兆瓦时，同比增加24.45%。截至2025年11月30日，累计完成发电量 13,368,949.46兆瓦时，同比增加8.04%。 ...