| 交易方 | 日期 | | | 有關證券的說 | 交易性質 | 買入／賣 | 涉及的股份 | 已支付／已收取 | 已支付或已 | 已支付或已 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | 出 | 總數 | 的總金額 | 收取的最高 | 收取的最低 | | | | | | | | | | | 價（H） | 價（L） | | UBS AG | 2025 | 年 | 9 月 | 普通股 | 因全屬客戶主動發出且由客戶需求帶動的買賣 | 賣出 | 59,000 | $3,897,210.0130 | $66.0544 | $66.0544 | | | 12 | 日 | | | 盤所產生的 Delta 1 產品的對沖活動 | | | | | | 完 註： UBS AG 是與受要約公司有關連的獲豁免自營買賣商。 交易是為本身帳戶進行的。 UBS AG 是最終由 UBS Group AG 擁有的公司。 交易披露 2025 年 9 月 15 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 ...

2025 年 9 月 15 日 透過協議安排進行私有化 交易披露 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。 Morgan Stanley & Co., International plc 是最終由摩根士丹利擁有的公司。 這些是有關新奧天然氣股份有限公司 A 股進行的交易。交易以人民幣進行。 交易披露 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 | 有關證券的說明 | 產品說明 | 交易性質 | 與衍生工具 | 到期日或清結日 | 參考價 | 已支付／已收 | 交易後數額（包括 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 有關的參照 | 取的總 ...

註： | 交易方 | 日期 | 有關證券的 | 交易性質 | 買入／賣出 | 涉及的股份 | 已支付／已收取的 | 已支付或已收取 | 已支付或已收取 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 說明 | | | 總數 | 總金額 | 的最高價（H） | 的最低價（L） | | UBS AG | 2025 年 9 月 12 日 | 普通股 | 因全屬客戶主動發出且由客戶需求帶動的買 賣盤所產生的 Delta 1 產品的對沖活動 | 買入 | 486,000 | $9,312,332.9830 | $19.2700 | $19.0910 | | | | 普通股 | 因全屬客戶主動發出且由客戶需求帶動的買 賣盤所產生的 Delta 1 產品的對沖活動 | 賣出 | 68,400 | $1,309,999.9879 | $19.2519 | $19.0200 | | | | 普通股 | 因全屬客戶主動發出且由客戶需求帶動的買 賣盤所產生的股權相關產品的對沖活動 | 賣出 | 3,400 | $65,204.0000 | $19.27 ...

2025 年 9 月 15 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： 註： Morgan Stanley Bank, N.A.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。 Morgan Stanley Bank, N.A.是最終由摩根士丹利擁有的公司。 這些是有關新奧天然氣股份有限公司 A 股進行的交易。交易以人民幣進行。 交易披露 | 交易方 | 日期 | | | 有關證券的說 | 交易性質 | | 買入／賣出 | 涉及的股份 | 已支付／已收取 | 已支付或已收 | 已支付或已收 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | | | 總數 | 的總金額 | 取的最高價 | 取的最低價 | | | | | | | | | | | | （H） | （L） | | Morgan Stanley | 2025 | 年 | 9 月 | 普通股 | | ...

交易披露 完 註： 2025 年 9 月 15 日 透過協議安排進行私有化 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 | 產品說明 | 交易性質 | 與衍生工具有 | | | 到期日或清結 | 參考價 | | 已支付／已收 | 交易後數額（包 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 明 | | | 關的參照證券 | | 日 | | | | 取的總金額 | 括與其訂有協議 | | | | | | | | | | | 數目 | | | | | | | 或達成諒解的任 | | | | | | | | | | | | | | | | | | 何人士的證券） | | | Morgan | 2025 | 年 | 9 月 | 12 | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | | 8,500 | 2033 | 年 5 月 | ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment [5][14]. Core Insights - The report highlights the competitive results of the electricity pricing mechanism in Shandong, indicating that wind power is favored over solar power, with wind power pricing at 0.319 CNY/kWh and solar at 0.225 CNY/kWh [9][10]. - A new pricing mechanism for nearby consumption of renewable energy has been established, clarifying economic responsibilities and allowing renewable projects to pay for supply reliability [12][13]. - Global gas prices are showing mixed trends, with European and Asian prices rising while U.S. prices are declining, reflecting varying supply and demand dynamics [15][20]. Summary by Sections 1. Electricity: Shandong Pricing Mechanism and New Renewable Energy Policies - Shandong's first competitive pricing results show wind power projects with a total capacity of 3.5911 GW and a mechanism electricity price of 0.319 CNY/kWh, while solar projects have a capacity of 1.265 GW and a price of 0.225 CNY/kWh [9][11]. - The new pricing mechanism for nearby consumption aims to enhance the utilization of renewable energy and reduce the pressure on the power system [12][13]. 2. Gas: Global Price Variations - As of September 12, U.S. Henry Hub spot prices are at $2.94/mmBtu, down 3.61% week-on-week, while European TTF prices are at €32.00/MWh, up 1.27% [15][16]. - The report notes that U.S. gas production remains high despite a slight decline, while European prices are influenced by supply constraints and increased heating demand due to cooler temperatures [15][20]. 3. Weekly Market Review - The gas sector outperformed the Shanghai and Shenzhen 300 index, while the public utilities, power, and environmental sectors underperformed [36]. 4. Company and Industry Dynamics - Recent announcements include the implementation of market-oriented pricing reforms for renewable energy in Jiangxi province, effective from October 2025 [40]. - The report also discusses various company announcements, including operational updates and financial instruments [43]. 5. Key Company Valuation Tables - The report provides valuation metrics for key companies in the public utility sector, highlighting buy and hold recommendations for several firms based on their earnings and price-to-earnings ratios [45][46].

Core Insights - The comprehensive energy service (CES) market is experiencing rapid growth driven by policy support, technological advancements, and market demand for energy efficiency and carbon reduction [1][6][7] - Major players across various industries, including energy, manufacturing, and technology, are entering the CES market, focusing on innovative business models and service differentiation [5][11][12] Industry Trends - The CES market is projected to grow significantly, with estimates suggesting a market potential of 0.8 to 1.2 trillion yuan by 2025 and 1.3 to 1.8 trillion yuan by 2035 [3] - The shift from traditional energy management to integrated energy solutions is evident, with a focus on multi-energy coordination and smart management systems [3][4][6] Business Models - Companies are exploring diverse business models, including light asset and heavy asset investments, with a trend towards hybrid models that combine both approaches for better market penetration and long-term profitability [11][12] - The CES sector is moving from energy price-based profit models to service-based profit models, emphasizing value-added services and customer relationships [5][11] Technological Integration - AI technology is becoming a critical tool in the CES sector, enhancing predictive capabilities and operational efficiency [12] - The integration of IoT, big data, and AI is essential for achieving the goals of energy management and carbon footprint reduction [3][12] Market Opportunities - The emergence of zero-carbon parks and virtual power plants is creating new opportunities for CES providers, with a focus on renewable energy utilization and integrated energy solutions [7][8] - Companies are increasingly pressured to reduce carbon emissions due to regulatory changes and market demands, making CES a vital component of their operational strategies [7][8]

Core Insights - The industry is witnessing a shift towards a mixed business model that combines light and heavy asset investments in comprehensive energy services [1][15] - The comprehensive energy service (CES) market is expected to grow significantly, with estimates suggesting a market potential of 0.8 to 1.2 trillion yuan by 2025 and 1.3 to 1.8 trillion yuan by 2035 [5][8] - The transition from traditional energy management to intelligent energy management is driven by advancements in AI and the need for carbon reduction [8][15] Industry Trends - Major energy companies are actively entering the CES market to secure leading projects across various industries [2][7] - The CES market has evolved from a conceptual phase to practical applications, influenced by policy, technology, and market dynamics since the introduction of the CES concept in 2015 [2][8] - The demand for energy-saving transformations is a pressing need for many enterprises, particularly in high-energy-consuming sectors [6][9] Market Opportunities - The introduction of zero-carbon parks and virtual power plants is creating new opportunities for CES providers, emphasizing the integration of renewable energy sources [9][10] - Companies are increasingly focusing on carbon footprint management and energy optimization to meet international carbon reduction standards [10][11] Business Models - CES providers are exploring diverse business models, including heavy asset integration for long-term returns and light asset services for flexibility and lower initial investment [14][15] - The industry is moving towards a hybrid model that combines both light and heavy asset strategies to enhance market entry and ensure stable long-term revenue [15] Technological Integration - AI technology is becoming a critical tool for CES providers, enabling them to optimize energy management and enhance operational efficiency [15] - The integration of IoT, big data, and AI is essential for achieving multi-energy coordination and intelligent dispatch in CES [5][8]

| 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | ─ | 21,000 | 2026 年 | 10 月 | 9 日 | $18.9614 | $398,190.0000 | 0 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 買入 | | | | | | | | | | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | ─ | 21,000 | 2026 年 | 10 月 | 9 日 | $18.9614 | $398,190.0000 | 0 | | | | 賣出 | | | | | | | | | | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | ─ | 3,400 | 2026 年 | 7 月 | 29 日 | $18.9918 | $64,572.0010 | 0 | | | | 買入 | | | | | | | | | 完 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 ...

2025 年 9 月 12 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 | 產品說明 | 交易性質 | 與衍生工具有 | 到期日或清結 | 參考價 | 已支付／已收 | 交易後數額（包 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 明 | | | 關的參照證券 數目 | 日 | | 取的總金額 | 括與其訂有協議 或達成諒解的任 | | | | | | | | | | | 何人士的證券） | | Morgan | 2025 年 9 月 11 | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | 5,900 | 2027 年 2 月 10 | $65.6814 | $387,520.0000 | 0 | | Stanley & | 日 | | | ─ 賣出 | | 日 | | | | | Co., | | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | 3,500 ...