| 普通股 | 就以包括相關證券在內的一籃子證券或指數作為參 | 賣出 | 21,500 | $458,575.0000 | $21.5100 | $21.1600 | | --- | --- | --- | --- | --- | --- | --- | | | 照基礎的衍生工具進行交易，而相關證券佔已發行的 | | | | | | | | 該類別證券少於 1%及同時佔該該一籃子證券或該指 | | | | | | | | 數的價值少於 20% | | | | | | | 普通股 | 因全屬客戶主動發出且由客戶需求帶動的買賣盤所 | 賣出 | 68,500 | $1,459,686.0000 | $21.3600 | $21.2500 | | | 產生的股權相關產品的對沖活動 | | | | | | | 普通股 | 因全屬客戶主動發出且由客戶需求帶動的買賣盤所 | 賣出 | 203,600 | $4,363,740.0000 | $21.5200 | $21.3400 | | | 產生的股權相關產品的對沖活動 | | | | | | 2025 年 12 月 1 日 透過協議安排進行私有化 就新奥天然气股份有限 ...

2025 年 12 月 1 日 透過協議安排進行私有化 就新奧天然氣股份有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | 有關證券的說 | 交易性質 | 買入／賣出 | 涉及的股 | 已支付／已收取的 | 已支付或已收 | 已支付或已收 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 明 | | | 份總數 | 總金額 | 取的最高價 | 取的最低價 | | | | | | | | | （H） | （L） | | Morgan | 2025年11月28 | 普通股 | 因全屬客戶主動發出且由客戶需求帶動的買賣盤所 | 買入 | 300 | $6,401.0000 | $21.4400 | $21.2500 | | Stanley & Co., | 日 | | 產生的 Delta 1 產品的對沖活動 | | | | | | | International | | 普通股 | 因全屬客戶主動發出且由客戶需求帶動的買賣盤所 | 賣出 | 43,200 | ...

Investment Rating - The report maintains a "Positive" investment outlook for the public utilities and environmental sectors, particularly in the context of recent regulatory changes and market dynamics [1]. Core Insights - The report highlights the regulatory measures in various provinces aimed at standardizing the retail price differences in electricity sales, which is expected to stabilize market expectations and improve the profitability of electricity sales companies [3][7]. - It notes the fluctuating natural gas prices globally, with U.S. prices rising while European prices are declining, indicating a complex supply-demand landscape influenced by geopolitical factors and seasonal demand [12][22]. - The report provides specific investment recommendations across various segments, including hydropower, thermal power, nuclear power, green energy, and gas-related companies, reflecting a diversified approach to capitalize on emerging opportunities [10][37]. Summary by Sections 1. Electricity: Regulation of Retail Price Differences - Guangdong has issued guidelines to regulate the retail price differences, proposing a sharing mechanism for excess profits above a set threshold starting in 2026 [7]. - Several provinces have introduced detailed policies to manage retail price differences, aiming to prevent excessive profits by electricity sales companies and ensure fair pricing for consumers [8][9]. - The report emphasizes the need for a shift from aggressive pricing strategies to a service-oriented business model for electricity sales companies, which could stabilize market expectations [9]. 2. Natural Gas: Global Price Fluctuations - As of November 28, U.S. Henry Hub spot prices reached $4.59/mmBtu, reflecting an 11.13% weekly increase, while European prices, such as TTF, fell by 5.37% to €28.75/MWh [12][13]. - The report notes that U.S. natural gas demand has surged due to cold weather, despite record production levels, leading to a tightening supply-demand balance [16]. - In Northeast Asia, LNG prices have decreased to $10.90/mmBtu, down 6.52% week-on-week, driven by weak demand and high inventory levels [31][34]. 3. Investment Recommendations - Hydropower: Favorable autumn floods are expected to enhance hydropower generation capacity for the winter and spring, with recommendations for major hydropower companies [10]. - Thermal Power: The diversification of revenue sources in thermal power companies is highlighted, with recommendations for integrated coal and power companies [11]. - Nuclear Power: The report suggests focusing on nuclear power companies due to stable cost structures and expected growth from new approvals [11]. - Green Energy: The introduction of new market rules for renewable energy is expected to stabilize returns for green energy operators [11]. - Gas and Environmental Companies: Recommendations include integrated gas trading companies and environmentally focused firms benefiting from regulatory changes [37].

公司成立于1993年，为新奥集团下属全国性城燃公司，控股股东新能(香港)为新奥股份的全资子公司。 2025年3月26日，新奥股份(A)、新奥能源(H)发布重组方案公告，新奥股份当前持有新奥能源34.28%股 权，拟对新奥能源进行私有化，并在港股上市;交易完成后新奥能源将退市并成为新奥股份的全资子公 司，相关程序持续推进。根据重组方案，新奥能源计划股东每股股份可获得2.9427股新奥股份发行的H 股股份(估价18.86港元/股)及24.50港元现金付款，对应总价值80港元，较11月28日收盘价存在12.8%空 间。若2025年并购完成，可获取新奥股份0.96元/股的分红，对应股息率6.7%。 公司深入挖掘客户需求，泛能业务规模持续扩张，截至2025年9月底，公司累计投运装机6.9GW，在建 装机1.6GW。公司智家业务较快发展，渗透率存在提升空间，2020-2024年智家业务毛利CAGR为 22.7%，有望持续增厚业绩。 天然气零售气量稳健，降本顺价盈利改善 截至2025H1，公司在全国运营263个城燃项目，截至2024年底项目数量前五省份分别为河北、广东、安 徽、江苏、山东。2024年零售气量262.0亿立方 ...

截至2025H1，公司在全国运营263个城燃项目，截至2024年底项目数量前五省份分别为河北、广东、安 徽、江苏、山东。2024年零售气量262.0亿立方米，同比增长4.2%;2025Q1-3实现零售气量191.9亿立方 米，同比增长2.0%，高于全国天然气表观消费量同比增速。居民顺价持续推进，助力毛差修复，2024 年公司毛差0.54元/立方米，同比提升0.04元/立方米。成本端受益于国际气价下行，有望持续改善，在 手长协挂钩日本JCC原油价格指数，下行趋势亦带来成本改善空间。 燃气接驳利润占比持续下降，影响减弱期待企稳 华源证券发布研报称，首次覆盖，给予新奥能源(02688)"买入"评级，新奥能源作为全国性城燃企业， 正通过私有化整合实现与母公司新奥股份（600803）的协同效应。公司天然气业务稳健，泛能及智家业 务具备成长空间，私有化流程推进促进产业链一体化整合。 华源证券主要观点如下： 民营全国性城燃公司，私有化促进优势协同 公司成立于1993年，为新奥集团下属全国性城燃公司，控股股东新能(香港)为新奥股份的全资子公司。 2025年3月26日，新奥股份(A)、新奥能源(H)发布重组方案公告，新奥股份当 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4][6]. Core Views - The company is a leading private national city gas company, with ongoing privatization efforts aimed at promoting industry chain integration [5][8]. - The natural gas retail business shows steady growth, benefiting from cost reductions and price adjustments, while the gas connection business's impact is expected to stabilize [8][44]. - The company is expanding its diversified energy and smart home businesses, which are anticipated to contribute to incremental performance growth [5][8]. Summary by Sections Company Overview - The company, established in 1993, is a leading private clean energy distributor in China, primarily engaged in the investment, construction, operation, and management of gas pipeline infrastructure [14][15]. - As of mid-2025, the company operates 263 city gas projects across 22 provinces and municipalities in China [14]. Financial Performance - The company forecasts revenues of RMB 113.858 billion in 2023, with a projected decline to RMB 109.853 billion in 2024, followed by a recovery to RMB 112.714 billion in 2025 [4]. - The net profit attributable to shareholders is expected to be RMB 6.816 billion in 2023, decreasing to RMB 5.987 billion in 2024, and then increasing to RMB 6.248 billion in 2025 [4]. Privatization Process - The company is undergoing a privatization process led by its major shareholder, New Hope Group, which currently holds 34.28% of the company [5][38]. - The privatization plan includes a share exchange and cash payment, with a total value of HKD 80 per share, indicating a 12.8% upside from the closing price on November 28, 2025 [5][40]. Natural Gas Business - The company’s retail gas volume is projected to reach 262 billion cubic meters in 2024, with a year-on-year growth of 4.2% [5][48]. - The gas connection business has seen a decline in new residential connections, dropping from 2.622 million in 2021 to 1.617 million in 2024, but the impact on overall revenue is manageable compared to peers [5][74]. Growth Opportunities - The company is expanding its diversified energy and smart home businesses, with the smart home segment expected to grow at a CAGR of 22.7% from 2020 to 2024 [5][8]. - The company has a robust pipeline of projects in the energy sector, with a total installed capacity of 6.9 GW and 1.6 GW under construction as of September 2025 [5][8]. Market Position - The company’s market capitalization is approximately HKD 80.284 billion, with a debt-to-asset ratio of 50.52% as of mid-2025, indicating a stable financial position [2][4]. - The company’s price-to-earnings ratio is projected to be 12, 11, and 10 times for the years 2025, 2026, and 2027, respectively, which is competitive compared to peers [6].

新奥能源(02688)发布公告，于2025年11月28日，根据新奥能源2012年购股权计划授出的13.21万份新奥 能源购股权已根据新奥能源2012年购股权计划的规则获行使。 ...

智通财经APP讯，新奥能源(02688)发布公告，于2025年11月28日，根据新奥能源2012年购股权计划授出 的13.21万份新奥能源购股权已根据新奥能源2012年购股权计划的规则获行使。 ...

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。 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」）、內容有 關（其中包括）要約人根據開曼群島公司法（2025 年修訂版）第 86 條通過計劃安排方式將 新奧能源私有化之附先決條件之建議（「建議」）以及新奧能源股份購股 ...

完 註： Morgan Stanley & Co., International plc 是與要約人有關連的第(5)類別聯繫人。 交易是為本身帳戶進行的。 2025 年 11 月 28 日 透過協議安排進行私有化 就新奧能源控股有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | 有關證券的說 | 交易性質 | 買入／賣出 | 涉及的股 | 已支付／已收取的 | 已支付或已收 | 已支付或已收 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | | 份總數 | 總金額 | 取的最高價 | 取的最低價 | | | | | | | | | | | （H） | （L） | | Morgan Stanley | 2025 | 11 年 | 月 | 普通股 | 因全屬客戶主動發出且由客戶需求帶動的買賣盤所 | 買入 | 35,050 | $2,479,819.8400 | $70.9276 | $69.6500 | ...