Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries based on their performance and market conditions [2]. Core Insights - The report highlights a significant increase in electricity consumption in October, with a year-on-year growth of 10.4%, driven primarily by the tertiary sector and residential usage [5][10]. - Natural gas prices exhibit mixed trends globally, with U.S. prices rising while European prices are stabilizing [22][30]. - The report provides specific investment recommendations across various segments, including hydropower, green energy, nuclear power, thermal power, and gas [20][21]. Summary by Sections 1. Electricity Sector - In October, total electricity consumption reached 857.2 billion kWh, marking a 10.4% increase year-on-year. The first, second, and third industries, along with residential consumption, saw growth rates of 13.2%, 6.2%, 17.1%, and 23.9%, respectively [12][10]. - The tertiary sector's electricity consumption grew the fastest, particularly in internet data services related to big data and AI, which surged by 46% [11]. - The report notes that the second industry contributes over 60% of total electricity consumption, with high-tech and equipment manufacturing showing significant growth [11][12]. 2. Gas Sector - As of November 21, U.S. Henry Hub spot prices were $4.13/mmBtu, reflecting an 18.33% weekly increase, while European gas prices showed slight declines [22][30]. - The report indicates that U.S. natural gas supply remains robust, with a notable increase in LNG demand, contributing to rising prices [24][25]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and increased sales, such as Kunlun Energy and New Hope Energy [44]. 3. Weekly Market Review - The report notes that the public utility, gas, and power equipment sectors underperformed compared to the Shanghai and Shenzhen 300 index during the week of November 17 to November 21 [47]. 4. Company and Industry Dynamics - The report discusses the commissioning of China's highest-altitude wind power project in Tibet, which is expected to provide significant clean energy and economic benefits to the local community [50][53]. - It also highlights various local government initiatives aimed at promoting green electricity and renewable energy projects, including direct connections for green electricity [54][55].

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [8] Core Insights - Guangdong has proposed a mechanism for sharing excess profits among electricity sales companies, which is expected to rationalize pricing behavior and reduce speculative pricing in the market [2][11] - The new policies aim to guide electricity sales companies to shift from a speculative pricing model to a service-oriented model, thereby stabilizing electricity prices and ensuring reasonable returns [11] - The report highlights that the profitability of independent electricity sales companies in Guangdong has increased, leading to a significant rise in the number of companies participating in the electricity market [11] Summary by Sections Electricity Sales Companies - Guangdong's new policy will share excess profits from electricity sales companies with retail users, compressing the arbitrage space and promoting rational pricing [2][11] - The shift in business model from arbitrage to providing value-added services is expected to stabilize market pricing and reduce irrational competition [11] Market Trends - The report notes that the average profit per kilowatt-hour for independent electricity sales companies in Guangdong reached 3.22 cents in the first half of 2025, an increase from 3.1 cents in 2024 [11] - The number of electricity sales companies in Guangdong rose from 257 in 2024 to 350 in 2025, a 36% increase, indicating strong market interest [11] Investment Recommendations - The report recommends focusing on quality coal-fired power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment [11] - It also suggests investing in renewable energy companies like Longyuan Power and China Nuclear Power, which are expected to benefit from favorable policy changes [11]

Core Viewpoint - Fuzhou Funiu Co., Ltd. has experienced a decline in stock price and trading volume, with a notable net outflow of funds, despite a year-to-date increase in stock price [1][2]. Group 1: Stock Performance - On November 21, Fuzhou Funiu's stock price fell by 2.06%, trading at 9.96 CNY per share, with a total market capitalization of 27.69 billion CNY [1]. - Year-to-date, the stock price has increased by 3.89%, but it has decreased by 4.78% over the last five trading days [1]. - The stock has shown a slight increase of 1.01% over the last 20 days and a 2.61% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Fuzhou Funiu reported a revenue of 10.03 billion CNY, a decrease of 4.29% year-on-year, while the net profit attributable to shareholders increased by 12.17% to 1.99 billion CNY [2]. - The company has distributed a total of 5.55 billion CNY in dividends since its A-share listing, with 2.65 billion CNY distributed over the last three years [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased by 15.91% to 37,700, while the average number of circulating shares per person decreased by 13.73% to 73,757 shares [2]. - Among the top ten circulating shareholders, ICBC Hongli Youxiang Mixed A Fund holds 24.01 million shares, an increase of 6.24 million shares from the previous period [2].

福能股份所属申万行业为：公用事业-电力-电能综合服务。所属概念板块包括：碳中和、能源互联、太 阳能、风能、海上风电等。 11月18日，福能股份盘中下跌2.02%，截至11:23，报10.20元/股，成交9737.93万元，换手率0.34%，总 市值283.57亿元。 资金流向方面，主力资金净流出1613.47万元，特大单买入444.13万元，占比4.56%，卖出1339.98万元， 占比13.76%；大单买入1363.33万元，占比14.00%，卖出2080.96万元，占比21.37%。 福能股份今年以来股价涨6.39%，近5个交易日跌2.02%，近20日涨3.76%，近60日涨6.06%。 资料显示，福建福能股份有限公司位于福建省福州市晋安区塔头路396号福建能源石化大厦17层，成立 日期1994年1月11日，上市日期2004年5月31日，公司主营业务涉及电力、热力生产和供应。主营业务收 入构成为：电力分部94.87%，纺织分部5.23%。 截至9月30日，福能股份股东户数3.77万，较上期增加15.91%；人均流通股73757股，较上期减少 13.73%。2025年1月-9月，福能股份实现营业收入100. ...

Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental protection sectors [3] Core Insights - The report highlights a significant increase in electricity production in October, with total generation reaching 800.2 billion kWh, a year-on-year growth of 7.9% [4][11] - Hydropower and thermal power contributed the most to the increase in electricity generation, while wind power saw a decline of 11.9% compared to the previous year [4][10] - Natural gas prices showed mixed trends globally, with stable prices in Asia and fluctuations in Europe and North America [22][40] Summary by Sections 1. Electricity Production - In October, thermal power generation was 513.8 billion kWh, up 7.3% year-on-year, while hydropower generation reached 135.1 billion kWh, up 28.2% [4][11] - The total increase in electricity generation for October was approximately 58.6 billion kWh, with thermal power contributing 35 billion kWh and hydropower contributing 29.7 billion kWh [10][11] - The Three Gorges Reservoir achieved its water storage target of 175 meters, supporting future hydropower generation [10] 2. Natural Gas Market - As of November 14, the Henry Hub spot price in the U.S. was $3.49/mmBtu, a weekly decrease of 7.32% [22] - The TTF spot price in Europe was €30.80/MWh, showing a slight weekly change of 0.81% [22] - Northeast Asia's LNG spot price remained stable at $11.10/mmBtu, with domestic supply being sufficient [22][40] 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Huaneng Hydropower due to favorable autumn water conditions [20] - In the green energy sector, companies such as Xintian Green Energy and Longyuan Power are suggested for their stable returns and high utilization hours [20] - For nuclear power, the report highlights China Nuclear Power and China General Nuclear Power as key players due to ongoing approvals for new units [20] - In the thermal power sector, companies like Guodian Power and Inner Mongolia Huadian are recommended due to decreasing fuel costs [20] - The report also suggests focusing on integrated natural gas companies like Kunlun Energy and New Hope Energy for their potential recovery in profitability [42][43]

11月17日，福能股份盘中下跌2.01%，截至09:39，报10.25元/股，成交3966.98万元，换手率0.14%，总 市值284.96亿元。 资金流向方面，主力资金净流出151.87万元，特大单买入123.70万元，占比3.12%，卖出0.00元，占比 0.00%；大单买入418.13万元，占比10.54%，卖出693.70万元，占比17.49%。 福能股份今年以来股价涨6.92%，近5个交易日跌2.38%，近20日涨5.34%，近60日涨6.36%。 资料显示，福建福能股份有限公司位于福建省福州市晋安区塔头路396号福建能源石化大厦17层，成立 日期1994年1月11日，上市日期2004年5月31日，公司主营业务涉及电力、热力生产和供应。主营业务收 入构成为：电力分部94.87%，纺织分部5.23%。 福能股份所属申万行业为：公用事业-电力-电能综合服务。所属概念板块包括：碳中和、能源互联、风 能、海上风电、太阳能等。 截至9月30日，福能股份股东户数3.77万，较上期增加15.91%；人均流通股73757股，较上期减少 13.73%。2025年1月-9月，福能股份实现营业收入100.35亿元，同比减 ...

大众网记者 赵港宁 济南报道 11月15日，济南正式进入采暖季，国家发展改革委近期部署供暖季能源保供工作，强调要重点保障民生 采暖用能，把保供工作做实做细。国网山东省电力公司积极落实这一要求，为济南能源集团"聊热入 济"、长清电厂配套输电通道、2×66万千瓦超超临界机组等重点工程提供精准服务与专业支撑，以可靠 电力为项目破局提速，筑牢泉城民生供暖与能源安全屏障。 电力护航民生线 "聊热入济"暖泉城 从线路设计到施工协调，电力各部门全程靠前服务。"遇到跨区域难题，他们总能第一时间对接解决， 让工程得以顺利推进。"目前关键段出线贯通正全力开展，该负责人表示："有这样的保障，我们对后续 机组满负荷运行充满信心，必将更好满足西部城区民生用能需求。" 后续，济南热电集团将持续深化与电力部门的对接，加快推进剩余线路建设，确保机组电力稳定外送， 为采暖季济南中西部电网保障及中心城区无煤化战略提供坚实支撑。 电力部门深入落实国家发展改革委保供要求，将民生需求贯穿始终，为这一跨区域供暖骨干工程提供全 链条保障。 "'聊热入济'采暖季前实现首次达产，1亿平方米供热面积的背后，是电力保障的硬核支撑。"济南能源 集团所属济南热力集团 ...

山西临汾：小苹果变"致富果" "电管家"护航助丰收 中新网临汾11月12日电 (高雨晴 王淑艺)"眼下正是苹果丰收季，用电的地方多，你们检查用电设备又指 导我们安全用电，特别感谢。"近日，山西临汾隰县寨子乡马家村村民王国富对前来开展安全用电检查 的供电人员说。 隰县马家村共有农户120户，几乎家家都有苹果种植园，苹果产业越来越兴旺。这里生产的"红富士"肉 质细密，硬度大，果汁多，含糖高，酸甜适度，享有"隰州红"的美誉，备受市场青睐。 近日，山西临汾隰县寨子乡马家村的苹果种植园迎来丰收期。供电人员帮助果农将苹果分拣装筐， 再合力搬到运输车上。国网临汾供电公司供图 连日来，"红富士"进入采摘关键期。"今年苹果的产量比去年多了两成，过两天降温，要不是供电人 员，我们根本忙不过来。"马家村的果农李辉看着丰收的苹果忍不住道谢。 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 来源：中国新闻网 编辑：张澍楠 采收期间的电力保障只是开始 ...

Fundraising Overview - The company has issued 38.02 million convertible bonds at a price of 100 RMB each, raising a total of 3.802 billion RMB, with a net amount of approximately 3.798 billion RMB after deducting issuance costs [1][2] - The funds were fully received by October 17, 2025, and the accounting firm has verified the receipt of these funds [1] Fund Management and Regulatory Compliance - The company has established a special account for the raised funds, which will be used exclusively for specific projects, including the 2×660MW ultra-supercritical cogeneration project and the Fujian Xianyou Mulan pumped storage power station project [2][3] - A tripartite regulatory agreement has been signed among the company, its subsidiaries, the underwriter, and the bank holding the special account to ensure proper management and usage of the funds [2][3] Responsibilities and Oversight - The underwriter is responsible for ongoing supervision of the fund usage, which includes conducting site investigations and written inquiries [3][4] - The underwriter has the authority to change designated representatives and must report any non-compliance to the Shanghai Stock Exchange [4][5] - Monthly account statements will be provided by the bank to the company and the underwriter, ensuring transparency in fund management [4][5]

Core Insights - The introduction of shared electricity services in Jiangsu has significantly reduced costs for farmers and improved production efficiency, addressing the challenges of temporary and seasonal electricity needs in agriculture [1][2] - The shared electricity service allows farmers to use a QR code to prepay for electricity, enabling immediate access to power for agricultural equipment without the need for traditional installation processes [1][2] Group 1: Shared Electricity Service - The shared electricity service, launched by State Grid Jiangsu Electric Power Company, allows farmers to easily access electricity for their operations, which is particularly beneficial for temporary and seasonal electricity needs [1][2] - Farmers can scan a QR code to prepay for electricity, and the system automatically calculates and refunds any unused electricity after use, promoting convenience and transparency [1][2] Group 2: Applications in Agriculture - The service has multiple applications in the agricultural sector, including the charging of agricultural drones, which enhances operational efficiency by eliminating the need for cumbersome diesel-powered charging methods [2] - The shared electricity service acts as a public utility, allowing one device to serve multiple farmers, thereby reducing redundant investments for both farmers and power companies while promoting safer electricity usage in agricultural production [2]