本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 山西省国新能源股份有限公司（以下简称"公司"）于2024年11月28日召开 第十届董事会第二十二次会议，审议通过《关于公司全资子公司拟收购长治华润 燃气有限公司34%股权暨关联交易的议案》。该事项的具体内容详见公司于2024 年11月29日披露的《山西省国新能源股份有限公司关于全资子公司收购资产暨关 联交易的公告》（2024-056）。该事项无需提交公司股东会审议。 近日，长治华润燃气有限公司股权转让已完成工商变更登记，公司控股股东 华新燃气集团有限公司不再持有其股权，公司全资子公司山西华新城市燃气集团 有限公司持有其 34%股权。 证券代码：600617 900913 证券简称：国新能源 国新 B 股 公告编号：2025-040 特此公告。 山西省国新能源股份有限公司 山西省国新能源股份有限公司 关于长治华润燃气有限公司完成工商变更的公告 董事会 2025 年 11 月 13 日 1 ...

Core Viewpoint - The company announced the acquisition of a 34% stake in Changzhi China Resources Gas by its wholly-owned subsidiary, marking a significant strategic move in the gas industry [1] Group 1: Acquisition Details - The board of directors approved the acquisition during the 22nd meeting of the 10th session on November 28, 2024 [1] - The transfer of shares has been completed, and the company’s controlling shareholder, Huaxin Gas Group, no longer holds any shares [1] - The wholly-owned subsidiary, Shanxi Huaxin Urban Gas Group, now holds the 34% stake in Changzhi China Resources Gas [1]

Core Viewpoint - The National Energy Administration has issued guidelines to promote the development of renewable energy in China, focusing on integrated development and collaboration with multiple industries [1] Group 1: Renewable Energy Development - The guidelines emphasize optimizing the power supply structure and controlling the scale of coal power while promoting solar thermal power and molten salt storage as regulatory power sources [3] - There is a goal to explore the establishment of 100% renewable energy bases in suitable areas [3] Group 2: Multi-Industry Collaboration - The guidelines encourage the construction of green and low-carbon renewable equipment manufacturing bases in regions rich in renewable resources, utilizing local green electricity for production [5] - A closed-loop system of "producing green equipment with green energy" is aimed to be established, along with the creation of zero-carbon parks [5] Group 3: Distributed Renewable Energy Development - The guidelines propose deep integration of renewable energy with transportation, construction, and rural energy consumption scenarios to enhance local consumption and alleviate pressure on the large power grid [6] - The aim is to achieve the concept of "electricity coming from nearby" [6] Group 4: Non-Electric Utilization of Renewable Energy - There is an emphasis on increasing non-electric utilization of renewable energy, particularly in areas rich in wind and solar resources, to scale up the green hydrogen, ammonia, and alcohol industries [8] - This approach promotes local consumption and utilization of renewable energy [8]

Market Overview - The Shanxi state-owned enterprise reform sector experienced a decline of 0.37% on November 12, with Huayang New Materials leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Stock Performance - Notable gainers included: - Guo New Energy (600617) with a closing price of 3.83, up 6.39% and a trading volume of 1.829 million shares, totaling 689 million yuan [1] - Luohua Technology (600691) closed at 3.51, up 2.93% with a trading volume of 1.2404 million shares, totaling 429 million yuan [1] - Significant decliners included: - Huayang New Materials (600281) closed at 6.26, down 2.03% with a trading volume of 77,300 shares, totaling 48.545 million yuan [2] - Shanxi Coking (600740) closed at 4.37, down 2.02% with a trading volume of 389,800 shares, totaling 171 million yuan [2] Capital Flow - The Shanxi state-owned enterprise reform sector saw a net outflow of 10.5742 million yuan from institutional investors, while retail investors experienced a net outflow of 35.7534 million yuan [2] - Conversely, speculative funds recorded a net inflow of 46.3276 million yuan [2] Individual Stock Capital Flow - Guo New Energy (600617) had a net inflow from institutional investors of 66.6112 million yuan, while retail investors saw a net outflow of 70.3735 million yuan [3] - Luohua Technology (600691) experienced a net inflow of 34.6259 million yuan from institutional investors, but a net outflow of 28.8624 million yuan from retail investors [3] - Shanxi Fenjiu (600809) had a net inflow of 10.4316 million yuan from institutional investors, while retail investors saw a net outflow of 28.8380 million yuan [3]

Core Insights - In October, new energy vehicle (NEV) sales in China exceeded 50% of total new car sales, reaching 51.6% [1] - From January to October, China's NEV production and sales continued to show significant growth, with production at 13.015 million units and sales at 12.943 million units, both up over 30% year-on-year [3] Group 1: NEV Market Performance - In October, NEV production and sales reached 1.772 million and 1.715 million units respectively, with year-on-year growth of 21.1% and 20% [3] - For the first ten months of the year, total automobile production and sales were 27.692 million and 27.687 million units, both showing over 10% year-on-year growth [3] Group 2: Factors Driving Growth - The growth in NEV sales is attributed to the effectiveness of the domestic vehicle replacement subsidy policy, which has been impactful and widely beneficial [3] - Anticipation of a 50% reduction in NEV purchase tax next year has led some consumers to purchase vehicles earlier [3] - Continuous introduction of new models and upgrades in product technology by Chinese NEV manufacturers, along with improvements in charging infrastructure, have also contributed to the market's growth [3]

Group 1 - The core viewpoint of the article highlights that in October, the sales of new energy vehicles (NEVs) in China surpassed 50% of total new car sales for the first time, reaching 51.6% [1] - In October, the production and sales of NEVs were 1.772 million and 1.715 million units, respectively, representing a year-on-year growth of 21.1% and 20% [1] - The China Association of Automobile Manufacturers (CAAM) suggests optimizing the "old-for-new" vehicle policy to stabilize market expectations, especially considering the half reduction in the purchase tax for NEVs next year [1] Group 2 - The article notes that despite the tightening of subsidy policies since September, the adjustment of the purchase tax policy is expected to stimulate car buying demand towards the end of the year, with market growth anticipated in the last two months of the year [4] - The overall automobile market experienced a slight contraction in October, with passenger car sales declining by 0.1% month-on-month, marking the first month-on-month decline in over a year [1] - For the first ten months of the year, the growth of new energy passenger vehicles was recorded at 21.9% [1]

Core Insights - The Chinese automotive industry continues to experience significant growth in the new energy vehicle (NEV) sector, with production and sales increasing by over 30% year-on-year from January to October 2023 [1][2] - In October, NEV sales surpassed 50% of total new car sales for the first time, indicating a strong market shift towards electric vehicles [1] - The total automotive production and sales in China reached 27.69 million units, with NEVs accounting for 1.30 million units produced and 1.29 million units sold, reflecting growth rates of 33.1% and 32.7% respectively [1] Industry Developments - The Chinese government is set to adjust the NEV purchase tax from full exemption to a 50% reduction starting January 1, 2026, with a maximum tax reduction of 15,000 yuan per vehicle [2] - In response to this upcoming change, car manufacturers are launching tax incentive programs to ensure consumers purchasing vehicles before the end of November can still benefit from full tax exemptions [2] - The "trade-in" policy has significantly influenced consumer behavior, with 60% of consumers opting for NEVs when applying for trade-in subsidies, thereby facilitating a transition to greener vehicles [2] Market Impact - The trade-in policy is expected to result in over 12 million subsidy applications by the end of the year, potentially driving new car sales close to 1.7 trillion yuan [2]

Group 1: New Energy Vehicle Sales and Market Trends - In October, new energy vehicle sales in China exceeded 50% of total vehicle sales for the first time, reaching 51.6%, indicating strong market demand and accelerating consumer transition towards electric vehicles [1] - From January to October, China's total vehicle production and sales reached 27.69 million units, with new energy vehicle production and sales at 13.01 million and 12.94 million units, respectively, reflecting year-on-year growth of 33.1% and 32.7% [1] - The rapid growth of new energy vehicles is reshaping the competitive landscape of the automotive industry and is expected to drive traditional automakers to accelerate their electrification transformation [1] Group 2: Regulatory Changes in New Energy Vehicle Credits - The Ministry of Industry and Information Technology announced new credit ratio requirements for new energy vehicles, set at 48% for 2026 and 58% for 2027, with a 50% reduction in the average score for standard models compared to the previous phase [2] - The adjustments aim to strengthen incentives and constraints on traditional automakers while providing clear market expectations for new energy vehicle companies [2] - Major automotive manufacturers are expected to increase investments in electric vehicle models and technology development, promoting industry growth [2] Group 3: Strategic Partnerships in the Electric Vehicle Sector - GAC Group and CATL signed a ten-year strategic cooperation agreement to leverage their strengths in manufacturing, technology, resources, and market to create a systematic ecosystem and collaborative development [3] - The partnership will focus on R&D collaboration in smart chassis and battery swapping, enhancing GAC's competitiveness in the new energy vehicle market [3] - This collaboration may prompt other industry players to accelerate their strategies, potentially altering the competitive landscape [3] Group 4: Financial Performance of Hesai Technology - Hesai Technology reported third-quarter revenue of 800 million RMB, a year-on-year increase of 47.5%, achieving profitability ahead of schedule [4] - The company delivered a total of 440,000 laser radar units, with ADAS product deliveries reaching 380,000 units, reflecting a year-on-year growth of 193.1% [4] - Hesai's strong performance supports its dual-driven strategy of "ADAS + Robotics," although the company faces challenges from increasing industry price competition and the need for further commercialization of its robotics business [4]

Group 1: New Energy Vehicle Sales and Market Trends - In October, new energy vehicle (NEV) sales in China exceeded 50% of total vehicle sales for the first time, reaching 51.6%, indicating strong market demand and a shift in consumer preferences towards electric vehicles [1] - From January to October, China's total vehicle production and sales reached 27.69 million units, with NEV production and sales at 13.01 million and 12.94 million units, respectively, reflecting year-on-year growth of 33.1% and 32.7% [1] Group 2: Regulatory Changes and Industry Impact - The Ministry of Industry and Information Technology announced new NEV credit ratio requirements for 2026 and 2027, set at 48% and 58%, respectively, which will incentivize traditional automakers and provide clear market expectations for NEV manufacturers [2] - Adjustments include a 50% reduction in the average score for standard NEV models, increased rewards for low fuel consumption vehicles, and continued benefits for small enterprises and technology accounting [2] Group 3: Strategic Partnerships and Collaborations - GAC Group and CATL signed a ten-year strategic cooperation agreement to enhance collaboration in smart chassis and battery leasing, aiming to strengthen GAC's competitiveness in the NEV market [3] - This partnership is expected to drive innovation and integration within the electric vehicle supply chain, potentially altering the competitive landscape in the industry [3] Group 4: Company Performance and Financial Results - Hesai Technology reported third-quarter revenue of 800 million RMB, a year-on-year increase of 47.5%, and achieved net profit of 260 million RMB, surpassing its annual profit target ahead of schedule [4] - The company delivered 440,000 units of laser radar, with ADAS product deliveries increasing by 193.1% and robotics product deliveries soaring by 1311.9%, demonstrating the effectiveness of its "ADAS + Robotics" dual-drive strategy [4]

Core Insights - In October, China's automotive production and sales reached 3.359 million and 3.322 million units, marking year-on-year increases of 12.1% and 8.8% respectively [1] - New energy vehicles (NEVs) accounted for 1.772 million in production and 1.715 million in sales, with year-on-year growth of 21.1% and 20%, respectively, achieving a market share of 51.6% for the first time [1] - The automotive industry has maintained growth momentum throughout the year, with production and sales for the first ten months reaching 27.692 million and 27.687 million units, reflecting year-on-year increases of 13.2% and 12.4% [1] Industry Performance - The automotive market is experiencing a positive development trend, driven by a rapid supply pace and the launch of new models as companies capitalize on the policy transition period at year-end [1] - The passenger vehicle market is showing steady growth, while the commercial vehicle market continues to improve, with NEVs growing rapidly [1] - The China Association of Automobile Manufacturers (CAAM) anticipates that total automotive production and sales will reach 34 million units for the year, setting a new historical record [1] New Energy Vehicles - NEVs' production and sales for the first ten months reached 13.015 million and 12.943 million units, with year-on-year growth of 33.1% and 32.7% respectively [1] - NEVs accounted for 46.7% of total new vehicle sales in the first ten months, indicating a significant shift in consumer preference towards electric vehicles [1]