New Stock Issuance - Marco Polo (Stock Code: 001386) issued at a price of 13.75 on October 13, 2025[1] - New material company (Stock Code: 688585) has a tender offer period from September 29 to October 28, 2025[1] - Zitian (Stock Code: 300280) entered the delisting arrangement period with the last trading day on October 13, 2025[1] Market Alerts - Significant abnormal fluctuations reported for Pinming Technology (Stock Code: 688109) on October 10, 2025[1] - Multiple companies including Kesheng Technology (Stock Code: 688788) and Borui Pharmaceutical (Stock Code: 688166) have recent announcements regarding their stock activities[1] - A total of 30 companies have been flagged for abnormal trading activities, indicating potential market volatility[2]

Core Viewpoint - Dazhong Public Utilities (01635) experienced a significant price drop of over 7% after a period of substantial gains, indicating potential trading risks due to market sentiment and speculation [1] Company Performance - The stock price of Dazhong Public Utilities rose sharply over four consecutive trading days, with a cumulative increase of 33.74% [1] - As of the latest report, the stock is down 6.87%, trading at 4.2 HKD, with a trading volume of 774 million HKD [1] Market Sentiment - The company noted that the recent price surge may be attributed to market over-excitement and irrational speculation, leading to heightened trading risks and potential for a sharp decline [1] Related Investments - Dazhong Public Utilities has a stake in Shenzhen Capital Group, which holds shares in Yushu Technology [1] - Yushu Technology is expected to submit its IPO application to the stock exchange in the fourth quarter of this year [1] - The IPO application for Moer Thread has passed the review by the Shanghai Stock Exchange's listing committee, with previous investments from multiple institutions, including Shenzhen Capital Group [1]

Core Viewpoint - Dazhong Public (600635) experienced a significant price drop after a period of substantial gains, indicating potential trading risks due to market sentiment and speculation [1] Company Summary - Dazhong Public's stock price rose sharply over four consecutive trading days, with a cumulative increase of 33.74% [1] - As of the latest report, the stock price fell by 6.87%, trading at 4.2 HKD, with a trading volume of 774 million HKD [1] - The company noted that its fundamentals have not changed significantly, suggesting that the recent price movements may be driven by irrational market behavior [1] Industry Context - The market has shown strong interest in companies like Yushu Technology and Moer Thread, which are associated with Dazhong Public through investments [1] - Yushu Technology is expected to submit its listing application to the stock exchange in the fourth quarter of this year [1] - Moer Thread's IPO application has passed the review by the Shanghai Stock Exchange's listing committee, indicating positive momentum in the tech sector [1]

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1]. Core Insights - The report highlights the orderly promotion of green electricity direct connection development in Shandong and the official commercial operation of the "Ningdian into Hunan" project, which enhances electricity supply capacity [5][10]. - It suggests focusing on investment opportunities in hydropower and thermal power during the peak summer season, recommending specific companies for investment [2]. - The report emphasizes the growth potential of nuclear power, with multiple approvals for new units, and the recovery of asset quality in green energy [2][5]. Summary by Sections 1. Market Review - The SW utility index increased by 3.45% during the week of October 6-10, 2025, with notable gains in various sub-sectors such as thermal power and gas [10]. - The top-performing stocks included Dazhong Public Utilities (+21.1%) and Shanghai Electric (+18.7%) [10]. 2. Electricity Sector Tracking 2.1. Electricity Consumption - Total electricity consumption from January to July 2025 reached 5.86 trillion kWh, a year-on-year increase of 4.5%, with growth in all sectors [14]. 2.2. Power Generation - Cumulative power generation for the same period was 5.47 trillion kWh, reflecting a 1.3% year-on-year increase, with varying performance across different energy sources [22]. 2.3. Electricity Prices - The average electricity purchase price in June 2025 was 389 RMB/MWh, down 1% year-on-year and 1.3% month-on-month [35]. 2.4. Thermal Power - As of October 10, 2025, the price of thermal coal was 705 RMB/ton, a decrease of 17.92% year-on-year [43]. 2.5. Hydropower - The Three Gorges Reservoir's water level was normal, with inflow and outflow rates significantly higher than previous years [54]. 2.6. Nuclear Power - Eleven new nuclear units were approved in 2024, indicating a positive growth trajectory for the sector [2]. 3. Key Announcements - The report includes significant announcements related to the development of green electricity projects and the operational status of major power transmission projects [5].

Core Viewpoint - The market is experiencing significant fluctuations with various stocks showing notable price movements, particularly in sectors such as venture capital, consumer goods, and nuclear technology [1] Group 1: Stock Performance - Hezhong Intelligent opened high at 5.13%, marking its fifth consecutive trading day of gains [1] - Dazhong Public Utilities opened low at 3.66%, also experiencing its fifth consecutive trading day of gains [1] - Lianmei Holdings opened low at 5.03%, continuing its trend of five consecutive days of gains [1] Group 2: Sector Highlights - The consumer goods sector saw Yangyuan Beverage open low at 5.29%, while Zhuangyuan Pasture reached a limit up on its second consecutive trading day [1] - In the controllable nuclear fusion sector, Antai Technology achieved a limit up on its second consecutive trading day, and China Nuclear Engineering opened high at 1.87% [1] - The MOFs concept stock Yueyang Xinchang opened low at 3.03%, while the Lighthouse Factory concept stock Haiou Zhigong opened low at 4.98% [1] - The non-ferrous metals sector saw Baiyin Nonferrous open low at 0.39%, and the infrastructure stock Xinjiang Jiaojian opened low at 5.13% [1]

Market Overview - The market experienced a downward trend with all three major indices declining, with the Shanghai Composite Index falling nearly 1% and closing below 3900 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.52 trillion yuan, a decrease of 137.6 billion yuan compared to the previous trading day [1] - The Shanghai Composite Index closed down 0.94%, the Shenzhen Component Index down 2.70%, and the ChiNext Index down 4.55% [1] Stock Performance - A total of 56 stocks hit the daily limit, while 27 stocks faced limit breaks, resulting in a limit-up rate of 67% [1] - Notable stocks included Hezhong Intelligent with three consecutive limit-ups, Dazhong Public Utilities and Lianmei Holdings with five limit-ups in nine days, and Yangyuan Beverage with four limit-ups in seven days [1][3] Sector Analysis - The gas and coal sectors showed the highest gains, while the semiconductor, battery, and precious metals sectors experienced significant declines [1] - The recent advancements in the controllable nuclear fusion industry have led to strong interest in related stocks, with Hezhong Intelligent and other companies in this sector seeing substantial price increases [5][6] Investment Trends - The rate of stocks advancing to consecutive limit-ups has decreased to 11.11%, with all stocks that had three or more consecutive limit-ups failing to advance today [3] - The semiconductor sector faced a broad sell-off, particularly affecting major stocks like SMIC and Huahong Semiconductor, which contributed to the decline in the ChiNext Index [3][8] Future Outlook - The market is expected to remain volatile, particularly in the semiconductor sector, as liquidity issues may persist due to the recent adjustments in margin trading ratios for key technology stocks [8] - The upcoming 30th International Atomic Energy Agency Fusion Energy Conference is anticipated to keep the controllable nuclear fusion sector active, with potential for continued investment interest [5]

Core Viewpoint - The stock price of Shanghai Dazhong Public Utilities (600635) has experienced a significant short-term increase of 33.74% over four consecutive trading days, raising concerns about trading risks and potential irrational market behavior [1] Group 1: Stock Performance - The company's stock price has surged significantly, with a cumulative increase of 33.74% from September 29 to October 10, 2025 [1] - The current rolling price-to-earnings (P/E) ratio of the company is 47.28, which is substantially higher than the median P/E ratio of 19.21 for the public utility (gas) industry [1] - The company's price-to-book (P/B) ratio stands at 2.36, indicating considerable volatility in stock trading prices [1] Group 2: Company Operations - The company has confirmed that its production and operational activities are normal, with no significant changes in disclosed operational conditions or external environments [1] - There are no major events identified that could impact the company's stock price or cause abnormal fluctuations [1][2] - The company has not found any undisclosed significant information that could affect stock trading prices, including major asset restructuring or strategic investments [2]

智通财经APP讯，大众公用(01635)发布公告，公司A股股票价格短期涨幅较大，2025年9月29日、9月30 日、10月9日、10月10日已连续四个交易日股票价格大幅上涨，涨幅累计达33.74%,存在交易风险。 公司基本面未发生重大变化，可能存在市场情绪过热和非理性炒作的情形，交易风险大幅提升，存在短 期大幅下跌的风险。公司特别提醒投资者注意二级市场交易风险，理性决策，审慎投资。 经本公司自查，公司目前生产经营活动正常，公司已披露的经营情况、内外部环境未发生重大变化。不 存在影响公司股票交易价格异常波动的重大事项。 公司未发现对公司股票交易价格产生重大影响的重大事件，未发现需要澄清或回应的媒体报道或市场传 闻，不涉及其他热点概念事项。 经自查并书面询证公司控股股东上海大众企业管理有限公司，公司已在《上海大众公用事业(集团)股份 有限公司关于股票交易异常波动的公告》(公告编号2025-033)中披露"除了在指定媒体上已公开披露的信 息外，不存在影响公司股票交易价格异常波动的重大事宜;不存在其他涉及本公司应披露未披露的重大 信息，包括但不限于重大资产重组、股份发行、收购、债务重组、业务重组、资产剥离、资产注入、 ...

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，概不對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。 上海大眾公用事業（集團）股份有限公司 Shanghai Dazhong Public Utilities (Group) Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1635） 海外監管公告 關於股票交易風險提示公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 下 文 載 列 上 海 大 眾 公 用 事 業 （ 集 團 ） 股 份 有 限 公 司 在 上 海 證 券 交 易 所 網 站 (http://www.sse.com.cn)刊發的「關於股票交易風險提示公告」。 承董事會命 上海大眾公用事業（集團）股份有限公司 董事局主席 楊國平 中華人民共和國，上海 2025年10月10日 於本公告日期，本公司執行董事為楊國平先生、梁嘉瑋先生及汪寶平先生；本公司非執行 董事為趙曄青先生及金永生先生；以及本公司獨立非執行董事為姜國芳先 生、李穎琦女 ...

| 证券代码：600635 | 证券简称： | 大众公用 | | | 编号：临2025-034 | | --- | --- | --- | --- | --- | --- | | 债券代码：138999 | 债券简称： | 23 | 公用 | 01 | | | 债券代码：240539 | 债券简称： | 24 | 公用 | 01 | | 公司基本面未发生重大变化，可能存在市场情绪过热和非理性炒作的情 形，交易风险大幅提升，存在短期大幅下跌的风险。公司特别提醒投资者注意二 级市场交易风险，理性决策，审慎投资。 公司最新滚动市盈率显著高于同行业上市公司平均水平，根据中证指数 有限公司官方网站发布的最新市盈率（TTM）显示，公司股票市盈率（TTM）为 47.28，高于目前公用事业行业（燃气）市盈率（TTM）的中值数 19.21。公司市 净率为 2.36。股票交易价格存在较大波动。 公司股票自 2025 年 9 月 29 日、9 月 30 日、10 月 9 日连续三个交易日内 日收盘价格涨幅偏离值累计达 20%，根据《上海证券交易所交易规则》的有关规 定，属于股票价格异常波动。2025 年 10 月 10 日，公司股 ...