Group 1 - The core viewpoint of the news is that the China Hong Kong 300 Infrastructure Index has shown positive performance, with a 4.41% increase over the past month, a 7.48% increase over the past three months, and a 7.41% increase year-to-date [1] - The index is composed of selected securities from the China Hong Kong 300 Index, focusing on various industry themes such as banking, transportation, resources, infrastructure, logistics, and leisure [1] - The index was established on December 31, 2004, with a base point of 1000.0 [1] Group 2 - The top ten weighted holdings in the China Hong Kong 300 Infrastructure Index include China Mobile (34.26%), CLP Holdings (8.4%), Cheung Kong (7.42%), China Telecom (5.2%), Hong Kong and China Gas (4.89%), Power Assets Holdings (4.71%), China Unicom (3.61%), ENN Energy (3.12%), China Resources Power (2.52%), and CK Infrastructure Holdings (2.41%) [1] - The index's holdings are entirely composed of securities listed on the Hong Kong Stock Exchange, with a 100% allocation [1] - In terms of industry composition, telecommunications services account for 52.05%, utilities for 40.92%, construction and decoration for 4.75%, and transportation for 2.28% [1] Group 3 - The index sample is adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with the sample adjustments, which are fixed until the next scheduled adjustment unless a special circumstance arises [2] - Companies that are delisted or undergo mergers, acquisitions, or spin-offs are handled according to the calculation and maintenance guidelines [2]

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Viewpoints - Weak demand has led to a decline in domestic gas prices, while storage levels are pushing down European gas prices [1][5] - The report highlights the ongoing adjustments in pricing mechanisms and the gradual recovery of demand, with a focus on cost optimization for gas companies [5][48] Price Tracking - As of May 30, 2025, the weekly price changes for various gas markets are as follows: US HH +0.6%, European TTF -7%, East Asia JKM -2.6%, China LNG ex-factory -1.1%, and China LNG CIF -4.2% [10][11] - Domestic gas prices have slightly decreased by 1.1% due to slow demand recovery and the upcoming Dragon Boat Festival [24] Supply and Demand Analysis - In the US, total gas supply increased by 0.6% week-on-week to 1,125 billion cubic feet per day, while total demand decreased by 0.8% to 973 billion cubic feet per day [15] - European gas consumption for January-February 2025 was 1,155 billion cubic meters, up 11% year-on-year, but supply decreased by 10.8% week-on-week [16] Pricing Progress - Nationwide, 63% of cities have implemented residential pricing adjustments, with an average increase of 0.21 yuan per cubic meter [34] - The report indicates that there is still a 10% room for price gap recovery in city gas companies [34] Important Events - The US LNG import tariff has been reduced from 140% to 25%, enhancing the economic viability of US gas imports [41][43] - The European Commission has voted to introduce more flexible natural gas storage filling targets to avoid supply shortages [46][47] Investment Recommendations - The report suggests focusing on companies that can optimize costs and benefit from the ongoing pricing adjustments, recommending companies like Xinao Energy and China Gas [48] - It also highlights the importance of companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xinao [48]

Core Viewpoint - Xin'ao Co., Ltd. plans to privatize Xin'ao Energy and simultaneously list on the Hong Kong Stock Exchange, which constitutes a significant asset restructuring according to the China Securities Regulatory Commission [1] Group 1: Privatization and Listing - The shareholders' meeting approved the privatization of Xin'ao Energy, allowing each share of Xin'ao Energy to convert into 2.9427 shares of newly issued H-shares of Xin'ao Co. and a cash payment of HKD 24.50 [1] - The theoretical value of each share of Xin'ao Energy is estimated at approximately HKD 80, representing a premium of about 34.57% over the last trading price before the announcement [1] Group 2: Strategic Advantages Post-Transaction - After the transaction, Xin'ao Co. will enhance its natural gas full-scenario advantages, including customer base, domestic and international resource pools, infrastructure support, and international risk control systems [2] - The company can leverage its Zhoushan LNG receiving station to connect international and domestic markets, ensuring stable gas supply and mitigating market price fluctuations [2] Group 3: Financial and Operational Synergies - The establishment of an A+H listing platform will broaden financing channels, reduce financing costs, and enhance capital strength and risk resistance [3] - The transaction will accelerate the construction and operation of a natural gas professional capability recognition platform, integrating resources and utilizing smart technology for optimal matching [3] - Enhanced collaboration in R&D will lead to breakthroughs in core technology and applications, positioning the company as a leader in the global energy transition [3]

Core Insights - The nuclear fusion research is transitioning from the "forever 50 years" phase to a "10-20 years" window, with increasing competition among the US, China, and Europe [2][29][34] - The rapid development of artificial intelligence is driving the demand for green energy, making nuclear fusion a critical area for future technological competition [2] - Significant investments are flowing into fusion technologies, particularly in the US and China, with a notable increase in private capital involvement [4][7][30] Investment Trends - In 2025, US startup Helion Energy completed a Series F funding round of $425 million, bringing its total funding to over $1 billion and a valuation exceeding $5.4 billion [4] - As of October 2024, US fusion companies attracted over $5.6 billion in equity financing, while Chinese fusion companies secured nearly $2.5 billion, significantly outpacing other countries [4][6] - The fusion investment landscape saw a peak in 2024, with total financing nearing $3 billion, marking a resurgence since 2021 [4] Technological Advancements - China has made significant progress in fusion research, with key advancements from institutions like the Chinese Academy of Sciences and China National Nuclear Corporation [3][8][13] - The EAST device achieved a milestone of maintaining a temperature of 100 million degrees Celsius for 1,000 seconds, simulating conditions necessary for future fusion reactors [13] - New breakthroughs in plasma current and temperature have been reported from various Chinese fusion projects, indicating a rapid advancement towards practical fusion energy [14][15][16] Competitive Landscape - The global fusion research landscape includes 166 facilities, with the US leading with 48 operational devices, followed by Japan and China [6][7] - Private capital is increasingly funding fusion projects, with 51 out of 166 facilities receiving private investments [7] - Notable startups like Helion Energy and TAE are pursuing innovative fusion technologies, including hydrogen-boron fusion, which presents unique challenges and potential advantages [12][23][29] Future Outlook - The timeline for achieving commercial fusion energy is projected to be within the next 10-20 years, driven by technological advancements and increased investment [29][30] - The competition in fusion technology is primarily between China and developed countries like the US and Europe, with each aiming to establish leadership in this critical energy sector [34]

Core Viewpoint - Natural gas is increasingly recognized as a long-term energy source rather than merely a transitional one, with its flexible integration with renewable energy sources like wind and solar being emphasized at the 29th World Gas Conference (WGC2025) [1][2]. Industry Insights - The current share of natural gas in China's primary energy consumption is only 8.5%, significantly lower than the global average of 24%, indicating substantial future growth potential [3]. - China's apparent natural gas consumption is projected to reach 426 billion cubic meters in 2024, with an annual growth rate of 8% [3]. - By 2030, China's total natural gas consumption is expected to reach between 550 billion and 600 billion cubic meters, driven by the need for cleaner energy and the growth of LNG demand in the transportation sector [3][6]. Company Developments - New Energy's gas sales are expected to approach 40 billion cubic meters in 2024, with industrial and commercial gas usage growing by over 5% year-on-year [4]. - New Energy has launched a natural gas capability recognition model through its platform, "Good Gas Network," to optimize supply and demand matching, significantly reducing costs for customers and increasing profits for city gas companies [7][8]. Technological Innovations - The integration of AI, blockchain, big data, and other advanced technologies is transforming the energy system, moving from experience-based management to data-driven intelligence [7][9]. - New Energy has deployed over 130,000 IoT sensing devices and 20,000 visualization devices across various scenarios, establishing a comprehensive smart safety management system [10]. Future Outlook - The company anticipates a growth trajectory for natural gas over the next 10 to 15 years, with an expected annual growth rate of around 5% [6]. - The development of comprehensive energy services driven by AI is seen as essential for creating value for customers and enhancing operational efficiency [11].

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 新奧能源控股有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：600803） （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 達成有關獲新奧股份獨立股東批准的先決條件 新奧股份及要約人的牽頭財務顧問 新奧股份 ...

Core Viewpoint - The company is advancing its core strategy of "integrated collaboration in the natural gas industry chain" through a significant asset restructuring plan to privatize its subsidiary, New World Energy, with overwhelming shareholder support of over 99.9% [1] Group 1: Financial Impact - Following the transaction, the company's basic earnings per share (EPS) is projected to increase from RMB 1.46 to RMB 1.56, representing a growth of 6.8% [2] - The core profit attributable to shareholders is expected to rise from RMB 5.143 billion to RMB 9.340 billion, marking an increase of 81.6% [2] - The company has committed to a dividend policy for 2026-2028, ensuring a payout ratio of no less than 50% of the core profit attributable to shareholders, with an estimated total dividend of RMB 1.14 per share in 2025 [2] Group 2: Operational Synergies - The completion of the transaction will lead to New World Energy delisting from the Hong Kong Stock Exchange, allowing the company to fully integrate the natural gas industry chain and control key nodes from resource acquisition to end-user services [3] - The company will leverage its overseas resource pool and diverse gas source structure to enhance overall gas source allocation efficiency and cost control [3] - The transaction will simplify management levels, improve decision-making efficiency, and optimize overall operational effectiveness [3] Group 3: Strategic Development - The restructuring will facilitate the company's global natural gas industry layout, enhancing its core competitiveness and risk resilience [4] - The privatization and integrated listing will serve as a strategic support for expanding financing channels and improving market valuation [4] - The company aims to inject new momentum into high-quality development and internationalization of its natural gas business through this restructuring [4]

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。 ( 於開曼群島註冊成立之有限公司 ) (股份代號: 2688) 根據收購守則規則 3.8 刊發的公告 本公告由新奧能源控股有限公司（「新奧能源」）根據香港公司收購及合併守則（「收購守 則」）規則 3.8 而作出。 現謹此提醒要約人、新奧股份及新奧能源各自之聯繫人（定義見收購守則，包括擁有或控制 新奧能源或新奧股份任何類別有關證券（定義見收購守則規則 22 註釋 4）5%或以上的任何 茲提述（i）新奧天然氣股份有限公司（「新奧股份」）、新能（香港）能源投資有限公司 （「要約人」）與新奧能源於 2025 年 3 月 26 日刊發的聯合公告（「聯合公告」 ...

Core Viewpoint - The consensus among industry leaders is to enhance upstream and downstream resource integration, strengthen customer service and comprehensive energy service capabilities, and utilize new AI technologies to improve operational efficiency [1][8]. Industry Challenges - The urban gas industry is undergoing deep adjustments due to changes in business models, increased safety costs, and complex international situations, which pose new challenges for company development [1][4]. - The industry has transitioned from a decade of rapid growth to a more saturated market, with major players and numerous small companies creating a fragmented landscape [4]. - The operating environment for urban gas companies is becoming less optimistic due to intensified safety regulations, rising costs, and international market fluctuations caused by geopolitical events like the Russia-Ukraine conflict [4][5]. Financial Performance - Urban gas companies have seen a decline in net profits, shifting from double-digit growth to single-digit or even negative figures, largely due to reduced margins in gas connection services [5]. - The engineering installation business has also been negatively impacted by the ongoing downturn in the real estate market, leading to significant revenue and margin declines [5]. Pricing and Market Dynamics - The pricing structure in the urban gas sector is characterized by a mismatch between upstream pricing controlled by major oil companies and government-regulated downstream sales prices, which limits flexibility [5][6]. - Companies are experiencing pressure from gas price inversions, particularly in regions like Wuhan, where selling gas incurs losses [5]. Infrastructure and Investment - Companies are investing heavily in upgrading aging pipeline networks, with Shanghai Gas completing 770 kilometers of pipeline renovations and planning to invest around 10 billion yuan for an additional 900 kilometers [6][8]. - The strategic focus includes enhancing local high-pressure gas networks and improving interconnectivity with other regions to ensure stable gas supply [8]. Customer Service and Technological Integration - Companies are recognizing the need to diversify energy services to meet the evolving demands of industrial clients, who now require various forms of energy beyond just gas [9]. - The adoption of AI and digital technologies is seen as crucial for reducing operational costs and improving service efficiency, with initiatives like the installation of smart gas meters being implemented [9].

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。 ( 於開曼群島註冊成立之有限公司 ) (股份代號: 2688) 2025年5月23日舉行之股東週年大會 投票表決結果 * 所有百分比皆計至小數點後 2 個位。 由於上述每項決議案均獲得超過 50%的票數贊成，因此上述全部決議案均已有效地獲 通過成為普通決議案。 本公司於股東週年大會舉行日期之已發行及已繳足股份合共 1,131,229,775 股，即賦予 持有人出席及於股東週年大會上就決議案投贊成或反對票權利之股份數目。並無任何 股份持有人有權出席股東週年大會但根據香港聯合交易所有限公司證券上市規則（「上 市規則」）第 13.40 條所載須於股東週年大會上放棄表決贊成決議案，亦無任何股份 持有人須根據上市規則規定於股東週年大會上放棄表決權。 執行董事宮羅建先生和獨立非執行董事阮葆光先生、羅義坤先生及黃勵女士親身出席 股東週年大會，而執行董事王玉鎖先生、張宇迎先生、王冬至先生、張瑾女士及蘇莉 女士；非執行董事 ...