Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending specific companies for investment based on their potential benefits from recent developments [3][4]. Core Insights - The commencement of the Yarlung Tsangpo River downstream hydropower project is expected to significantly boost demand for hydropower equipment, benefiting leading companies in the sector [4][14]. - The report highlights a decline in European and Asian gas prices due to varying supply and demand dynamics, suggesting a potential opportunity for gas companies [17][18]. Summary by Sections 1. Power: Yarlung Tsangpo Downstream Hydropower Project Commencement - The Yarlung Tsangpo River has substantial hydropower resources, with a theoretical capacity of 113 million kilowatts, making it one of the richest rivers in Tibet [8]. - The project involves the construction of five cascade power stations with a total investment of approximately 1.2 trillion yuan, primarily for power transmission outside Tibet [9][10]. - The project is expected to create a demand for hydropower equipment, with estimated annual orders of 4 billion yuan for Dongfang Electric and Harbin Electric, ensuring stable long-term performance for these companies [14][16]. 2. Gas: Global Supply and Demand Variations - As of July 18, the Henry Hub spot price in the US was $3.57/mmBtu, reflecting a weekly increase of 7.57%, while European gas prices showed a decline [17][19]. - The report notes that despite high temperatures increasing gas demand in the US, the overall supply remains stable, leading to a mixed outlook for gas prices [20][26]. - Recommendations include focusing on integrated gas companies like Kunlun Energy and New Hope Energy, which are expected to benefit from cost reductions and improved profitability [37]. 3. Weekly Market Review - The report indicates that the public utility, power, power equipment, environmental protection, and gas sectors underperformed compared to the CSI 300 index during the week [41]. 4. Company and Industry Dynamics - Recent government initiatives in Qingdao aim to accelerate the development of non-fossil energy and offshore wind projects, indicating a supportive policy environment for renewable energy [45]. - The report also highlights significant developments in nuclear power and energy storage projects in various provinces, showcasing ongoing investments in clean energy [47][48]. 5. Key Company Valuation Table - The report includes a valuation table for key companies in the public utility and environmental sectors, providing insights into their market positions and potential for growth [51].

Core Viewpoint - The AI Fund Pengyang Dividend Preferred Mixed A (009102) reported a profit of 568,900 yuan for Q2 2025, with a net asset value growth rate of 0.62% during the period [3]. Fund Performance - As of July 17, the fund's unit net value was 1.213 yuan, with a one-year compounded unit net value growth rate of 17.58%, ranking 333 out of 601 comparable funds [4][3]. - The fund's performance over the last three months showed a growth rate of 8.89%, ranking 359 out of 607, and over the last six months, it was 9.89%, ranking 326 out of 607 [4]. Fund Management Strategy - The fund manager, Li Renwang, indicated that adjustments were made based on risk-reward ratios, including clearing positions in companies heavily impacted by tariffs and increasing investments in music platform companies and food delivery services [3]. - The fund maintained an average stock position of 90.5% over the last three years, higher than the industry average of 85.32% [14]. Fund Holdings - As of June 30, the fund's top holdings included Tencent Holdings, China National Offshore Oil Corporation, Kweichow Moutai, and others, indicating a diversified portfolio [19]. Risk Metrics - The fund's Sharpe ratio over the last three years was 0.414, ranking 48 out of 468 comparable funds, while the maximum drawdown was 19.57%, ranking 447 out of 461 [9][11].

Investment Rating - The investment rating for the industry is "Positive" [2]. Core Insights - Qatar has significant natural gas resources, with proven reserves of 24.7 trillion cubic meters, accounting for 13.1% of global reserves, ranking third worldwide. Qatar's LNG export capacity is expected to double by 2030, with an annualized growth rate of 13% anticipated from 2025 to 2030 [4][11]. - Qatar's production costs are extremely low, with extraction costs ranging from $0.3 to $0.5 per million British thermal units (MMBtu) and liquefaction costs around $1.8 per MMBtu, making it one of the most competitive suppliers globally [4][43]. - The majority of Qatar's LNG exports are secured through long-term contracts, primarily targeting the Asian and European markets, which could lead to downward pressure on spot prices if global demand weakens [4][52]. Summary by Sections 1. Qatar's Natural Gas Resource Endowment - Qatar's natural gas reserves are substantial, with a stable production rate. As of 2024, Qatar's natural gas production is projected to be 179.45 billion cubic meters, representing 4.35% of global production [11][30]. - A new wave of capacity expansion is expected from 2026 to 2030, with over 60 million tons of liquefaction capacity anticipated to come online, potentially doubling Qatar's LNG export capacity [4][30]. 2. Low-Cost Competitive Advantage - Qatar's gas field production costs are significantly lower than those of other major producers, with extraction costs at $0.3 to $0.5 per MMBtu, compared to $0.5 to $1 for Russia and $1.6 to $3.1 for the U.S. [43][44]. - The liquefaction cost for Qatar's LNG is approximately $1.8 per MMBtu, positioning it favorably in the global market [48]. 3. Qatar LNG Pricing Model - Qatar's LNG exports are primarily directed towards Asia and Europe, with 80% and 14% of exports respectively in 2024. Long-term contracts dominate the sales model, with over 90% of existing capacity locked in [52][58]. - The pricing of Qatar's long-term contracts is linked to oil prices, with a competitive edge when oil prices are below $70 per barrel [67]. 4. High Long-Term Contract Volumes from Chinese Enterprises - Chinese companies have secured significant long-term contracts with Qatar, totaling 15.9 million tons per year, with additional investments locking in 11 million tons per year expected to be released between 2026 and 2027 [4][64]. 5. Investment Strategy - Qatar is undergoing a large-scale expansion of its LNG capacity, with expectations of a 61% increase in export capacity by 2030. The low extraction and liquefaction costs position Qatar as a key player in the global LNG market [4][30]. - The report suggests focusing on domestic gas companies that have secured advantageous gas sources and diversified supply pools, particularly in a potential downtrend in global gas prices [4][36].

Core Insights - Hydrogen-boron fusion is emerging as a promising future energy source due to its wide fuel availability, low cost, lack of radioactive waste, and high efficiency in direct electricity generation [1][4][5] - The recent breakthroughs by the company in hydrogen-boron fusion technology, particularly the "Xuanlong-50U" device achieving significant plasma discharge and magnetic field stability, position it as a leader in this field [1][4] Group 1: Industry Developments - The third Hydrogen-Boron Fusion Symposium hosted by the company gathered experts from 11 countries, focusing on cutting-edge exploration and application prospects in fusion technology [1][2] - The global controllable nuclear fusion market is projected to reach $331.49 billion by 2024, indicating significant growth potential for hydrogen-boron fusion technologies [3] Group 2: Company Initiatives - The company has invested over 4 billion yuan in fusion energy research over the past eight years, supporting key projects and building an international team of over 300 members [2][3] - The launch of a hydrogen-boron fusion research fund attracted 160 researchers from 19 institutions, resulting in 18 innovative projects receiving funding to accelerate technological breakthroughs [3] Group 3: Future Outlook - The company aims to establish the world's first hydrogen-boron fusion power plant by 2035, marking a critical window for the commercialization of fusion technology over the next 20 years [5] - The unique characteristics of hydrogen-boron fusion, including its virtually unlimited fuel supply and zero pollution, could significantly reduce electricity costs and unlock new possibilities in various fields [5]

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。 本公告僅供參考，並不構成收購、購買或認購新奧股份、新奧能源或要約人證券的邀請或要 約，亦非在任何司法管轄區構成對任何表決或批准的招攬。 本公告並非供在、向或從刊發、登載或分發全部或部分內容即構成違反所涉司法管轄區適用法 律或規則之司法管轄區刊發、登載或分發。 新奧天然氣股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：600803） 新奧股份及要約人的牽頭財務顧問 新奧股份及要約人的聯席財務顧問 新奧能源的財務顧問 新奧能源控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2688） Xinneng (Hong Kong) Energy Investment Limited 新能（香港）能源投資有限公司 （於香港註冊成立的有限公司） (1) 根據公司法第86條通過協議安排方式將新奧能源控股有限公司私有 化之附先決條件之建議；及 (2) 建議撤銷新奧能源控股有限公司的上市地位 ...

Summary of Key Points Core Viewpoint - The company, Changsha Xinao Gas Co., Ltd., is implementing gas supply interruptions in specific areas to ensure the safety and stability of the gas pipeline network and to cooperate with municipal construction projects. Residents and commercial users are advised to prepare in advance for these interruptions. Group 1: Scheduled Gas Supply Interruptions - Gas supply interruptions will occur on July 12, 14, and 15, with specific time slots and affected areas detailed [1][3][5] - July 12: 14:00-17:00, affected area: Lianfeng Road (Xiangzui Road - Tanzhou Avenue) [1] - July 14: 14:00-17:00, affected area: Linglan Road (Naqiu Road - Xuesong Road) [3] - July 15: 13:30-17:30, affected area: Yindouble Road (Yinpen South Road - Xiangyue Road) [5] Group 2: Affected Residents and Commercial Users - Affected residential communities include Shui'an Yuyuan, Xiangshu Bay, Zhonghai International Community, and Weize Garden for July 12 [2] - Affected commercial users include Hunan Yongbang Property, various kindergartens, and schools along the affected areas [2] - For July 14, affected residential communities include Hekang Garden, Yuexiu Qinaili, and Zhonghai Hairun Jiayuan [4] - Affected commercial users include several schools and kindergartens in the vicinity [4] - For July 15, affected residential communities include Aixu Plaza and multiple villages [6] - Affected commercial users include Hunan Education Construction Group and various educational institutions [6] Group 3: Safety Precautions and Contact Information - The company emphasizes the importance of safety during the gas supply interruptions, advising users to close gas appliances and valves before the interruption [6] - Users are instructed not to use gas facilities during the interruption and to ventilate their homes after gas supply restoration [6] - In case of any issues, users can contact the 24-hour service hotline or follow the company's official WeChat account for assistance [6]

Investment Rating - The investment rating for the natural gas industry is "Positive" (first-time rating) [4] Core Viewpoints - Natural gas is recognized as a clean, low-carbon, and flexible fossil energy source, serving as a crucial bridge for energy transition. It is expected to support global energy transformation for an extended period [4][7] - The "14th Five-Year Plan" has shown significant achievements in supply-side development, with infrastructure construction accelerating. By the end of 2024, China's natural gas production is projected to reach 246.451 billion cubic meters, a 28% increase from 2020 [4][14] - The consumption growth rate of natural gas during the "14th Five-Year Plan" has slowed compared to the previous five years, but the price mechanism is gradually being rationalized. The apparent consumption of natural gas in China is expected to reach 426.05 billion cubic meters in 2024, an 8% year-on-year increase [4][36] - The report anticipates a continued downward trend in natural gas costs, with stable demand growth expected before 2030. The demand for LNG in the transportation sector is projected to reach 40-55 billion cubic meters by 2030 [4][14] Summary by Sections Industry Overview - Natural gas is positioned as a transitional energy source to achieve carbon peak goals by 2030, with a target of 15% of total energy consumption by that year [4][7] - The "14th Five-Year Plan" emphasizes energy security, energy conservation, and carbon reduction, with a clear trend of increasing natural gas consumption in provincial plans [8] Supply and Infrastructure - Significant progress has been made in increasing domestic gas production, with a focus on conventional and unconventional gas sources. The total length of natural gas pipelines reached 126,000 kilometers by the end of 2023 [14][25] - By the end of 2024, 31 LNG receiving stations will be operational, with a total receiving capacity exceeding 15 million tons per year [25][26] Consumption Trends - The natural gas consumption structure includes urban gas, industrial fuel, power generation, and chemical use, with urban gas and industrial fuel maintaining stable proportions [36] - The report highlights the impact of geopolitical factors on gas prices, with a notable increase in the average import price of LNG in 2022 [4][19] Investment Recommendations - The report suggests focusing on upstream exploration companies like Xin Natural Gas, integrated companies like ENN Energy and Jiufeng Energy, and downstream city gas companies such as China Resources Gas and Kunlun Energy [4]

Core Viewpoint - The emergency drill conducted by Changsha Newao Gas Company effectively tested its emergency response capabilities in handling a gas leak incident caused by construction activities in the Wuyi business district [1][3][5] Group 1: Emergency Response Execution - The emergency command center was activated promptly at 9:40 AM following reports of a gas pipeline damage due to excavation work [1] - The command center utilized a smart operation platform to identify the location of the pipeline damage and monitor the surrounding gas network [3] - A two-level response was initiated based on the comprehensive emergency plan, with various emergency teams mobilized for public safety and logistical support [3][5] Group 2: On-Site Operations - On-site emergency teams established a command post, controlled the area, and coordinated with local authorities to ensure public safety [5] - Firefighters were deployed to dilute gas concentration in the air, while inspection vehicles monitored the spread of the leaked gas [5] - By 10 AM, the emergency teams reported successful completion of their tasks, restoring gas supply after sealing the damaged pipeline [5] Group 3: Evaluation and Future Improvements - The drill was observed by experts, including the deputy director of the Changsha Gas and Heat Affairs Center, who praised the organization and execution of the emergency response [5] - The exercise aimed to refine emergency plans, enhance rescue capabilities, and provide robust support for real gas incident responses [5]

Core Viewpoint - New Hope Group has been awarded the "Corporate Social Responsibility Leader Enterprise" at the 20th China Corporate Social Responsibility/ESG International Forum for its outstanding practices in corporate social responsibility and innovation in energy transition [1][3]. Group 1: Award and Recognition - The "Golden Bee Corporate Social Responsibility China List" is an important evaluation system in the field of corporate social responsibility and sustainable development in China, having assessed over 4,000 enterprises since its inception in 2008 [3]. - New Hope Group's recognition reflects its significant contributions in energy transition, green development, and industrial empowerment, receiving unanimous approval from expert reviews [3]. Group 2: Innovation in Energy Transition - Under the "dual carbon" goals, the global energy structure is rapidly transitioning to green and low-carbon, with New Hope Group proposing the concept of "pan-energy" as early as 2008, focusing on user needs and the comprehensive development of the energy value chain [4]. - The company utilizes intelligent technology to create a pan-energy network platform, providing customized energy-carbon integrated solutions for various industries and scenarios [4]. Group 3: Value Points of Pan-Energy Business - The pan-energy business offers tailored solutions for high-energy-consuming factories, including "equipment transformation + intelligent management" for industries like dyeing and food [5]. - It enhances energy efficiency through the precise identification and intelligent matching of energy quality, significantly improving system efficiency by converting low-quality energy into usable energy [5]. - The multi-energy complementary model stabilizes the energy supply system by dynamically adjusting gas energy and storage systems to address the volatility of renewable energy generation [5]. Group 4: Impact and Future Directions - The pan-energy network has connected over 50,000 devices, facilitating low-carbon transitions for more than 9,000 energy users and over 200 industrial parks, achieving energy savings exceeding 1 billion kWh [6]. - The award is a recognition of New Hope's long-term commitment to social responsibility, and the company aims to continue leading innovation and contributing to global sustainable development goals [6].

Group 1 - The core index of the China Mainland Enterprises Global Public Utilities Composite Index (CN Public Composite) is reported at 2593.80 points, with a recent decline of 2.72% over the past month, an increase of 2.15% over the past three months, and a year-to-date decrease of 1.15% [1] - The index is based on the classification of China Mainland Enterprises according to the China Securities Index industry classification standard, reflecting the overall performance of different industry securities [1] - The index has a base date of December 31, 2004, with a base point of 1000.0 [1] Group 2 - The top ten holdings of the CN Public Composite Index include: Changjiang Electric Power (22.5%), China Nuclear Power (4.68%), Three Gorges Energy (3.65%), Xin'ao Energy (2.75%), Guodian Power (2.52%), China Resources Power (2.14%), Guotou Power (2.14%), Huaneng International (1.95%), Chuan Investment Energy (1.88%), and Kunlun Energy (1.84%) [1] - The market segment distribution of the index shows that the Shanghai Stock Exchange accounts for 66.03%, the Hong Kong Stock Exchange for 18.03%, the Shenzhen Stock Exchange for 15.72%, and the Beijing Stock Exchange for 0.22% [2] - The industry composition of the index indicates that electricity and grid account for 76.17%, gas for 14.13%, water services for 5.52%, heating and others for 2.75%, and municipal sanitation for 1.43% [2] Group 3 - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, particularly when there are changes in the industry classification of sample companies or if a sample company is delisted [2] - Events such as mergers, acquisitions, spin-offs, and suspensions of sample companies are handled according to calculation and maintenance guidelines [2]