长江之畔，武昌造船厂双柳基地的船台上，焊花飞溅、机器轰鸣。胜利油田最大马力工作船胜利295船 顺利吉水后，已经进入了最关键的码头舾装及系泊试验阶段。 "监造工作就像'绣花'，必须细之又细，海上装备容不得半点马虎，今天的'麻烦'是为了明天的安 全。"迄今为止，监造组组长王春雷已经为油田监造了4艘船舶，可谓经验丰富。 船舶建造周期长、环节多，监造团队常需同时应对设计、采购、施工等多线任务。2024年12月，武汉遭 遇寒潮，船厂夜间气温降至罕见的零下6摄氏度，监造人员仍打着手电筒核查设备防冻措施；夏季武汉 地区持续高温，有时舱室内温度超过50摄氏度，他们依然坚持钻进狭小的分段舱室检查管线焊接质量。 "这个舱室的焊缝余高超出标准4毫米，必须重新打磨！"监造组邬同心手持检测尺，眉头紧锁地对着施 工人员强调道。这样的"较真"场景，300多天中几乎每天都在上演。 作为胜利油田最大马力工作船，胜利295船是集钻井支持、物资运输、应急救援功能于一体，技术含量 高，船体结构复杂、核心设备安装精度要求极高。 自2024年4月开工以来，海洋石油船舶中心抽调6名经验丰富的设备管理主管、船长、轮机长组成的监造 组扎根武昌造船厂，开启了一 ...

证券之星消息，10月21日燃气板块较上一交易日下跌0.26%，首华燃气领跌。当日上证指数报收于 3916.33，上涨1.36%。深证成指报收于13077.32，上涨2.06%。燃气板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600681 | 百川能源 | 1661.44万 | 2.58% | -574.92万 | -0.89% | -1086.52万 | -1.69% | | 000593 | 德龙汇能 | 857.31万 | 6.53% | -495.98万 | -3.78% | -361.33万 | -2.75% | | 600803 | 新奧股份 | 677.54万 | 6.60% | -192.48万 | -1.87% | - -485.06万 | -4.72% | | 300435 | 中泰股份 | 50.04万 | 0.21% | -633.82万 | -2.72% | 583 ...

2025 年 10 月 20 日 版 行业 相关研究 寿研究报 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傳浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com VN FEENI 朱亦 (8621)23297818× zhuhe@swsresearch.com 风电核电增值税返还政策调整 口 LNG 综合价格创四年新低 电力：新疆甘肃公布机制电价竞价结果，新疆接近竞价上限。10 月 15 日，国网新能源云平台公示新疆机 制电价竞价结果，其中光伏出清结果为机制电量规模为 36 亿千瓦时、共 31 个项目，机制电价 0.235 元/ 千瓦时; 风电总规模为 185 亿千瓦时, 共 36 个项目, 机制电价 0.252 元/千瓦时。根据, 新疆机制电价 增量项目竞价区间均为 0.150 元/千瓦时~0.262 元/千瓦时，机制电价执行期限为 10 年，机制电量比例为 50%。新疆机制 ...

行 业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 公用事业 研究支持 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 (8621)23297818× zhuhe@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 10 月 20 日 风电核电增值税返还政策调整 进 口 LNG 综合价格创四年新低 看好 ——申万公用环保周报(25/10/13~25/10/17) 本期投资提示： ⚫ 风险提示：1)政策节奏低于预期；2)煤炭、天然气价格波动；3)顺价执行不如预期。 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 第2页 共15页 简单金融 成就梦想 本研究报告仅通 ...

Summary of Key Points from Conference Call Records Industry Overview - **Consumer Industry**: The records focus on various companies within the consumer sector, highlighting their performance and future outlook. Company-Specific Insights 1. Laopu Gold - **Performance Expectations**: Laopu Gold anticipates a revenue of 4.5 to 5 billion RMB for the year, driven by a price increase announced on October 17, which is expected to enhance market activity and sales volume [2][3] - **Price Strategy**: The company has raised its second-hand market buyback prices by at least 10%, indicating strong demand and brand promotion effects [2][3] - **Growth Projections**: Expected performance growth of 30% to 50% in 2026, with a central estimate of around 40%, supported by strong brand growth and pricing power [4] 2. Guming Tea - **Expansion Plans**: Guming Tea plans to open over 3,000 new stores in 2026, maintaining a growth rate of 20% to 25% [6][9] - **Sales Performance**: The company has shown strong same-store sales growth, with a GMV increase of over 20% in July and August, and double-digit growth in September [6][9] - **Marketing Strategy**: Plans to enhance marketing activities in 2026, including collaborations and promotions to drive sales [8] 3. Stone Technology - **Sales Growth**: Stone Technology expects over 60% growth in revenue and profit for Q3, despite recent stock price declines, presenting a buying opportunity [10][11] - **Market Dynamics**: The company is benefiting from a low base in the European market and an increase in new product sales, which supports margin recovery [10] 4. XGIMI Technology - **Product Development**: XGIMI's home projection business is stable, with low-end products benefiting from chip price reductions and high-end products achieving brightness comparable to overseas flagship models [12] - **Profitability Outlook**: Expected gross margins of over 30% for domestic sales and 50%-60% for exports in 2026, with a net profit margin around 12% [12] 5. Xin'ao Co. - **Performance Surge**: Xin'ao Co. expects a 50% increase in Q4 performance, driven by soaring wool prices and low-cost inventory [22] - **Market Conditions**: Anticipates continued high wool prices due to declining production and weak demand, providing support for future earnings [23] 6. Youran Dairy - **Market Position**: Youran Dairy benefits from stable customer channels and significant scale effects, maintaining a high sales-to-production ratio [25][26] - **Cost Control**: The company has achieved superior cost control, with costs per kilogram significantly lower than industry averages [26] 7. Shengmu Company - **Competitive Advantages**: Shengmu Company leverages its unique organic milk scarcity to achieve price premiums of 20%-35% above industry averages [28][29] - **Market Share**: Holds a 35%-40% share of the domestic organic raw milk market, with expectations for further price elasticity as milk prices rise [29] Additional Insights - **Investment Recommendations**: Companies like Laopu Gold, Guming Tea, and Stone Technology are highlighted as having strong growth potential and favorable valuations, making them attractive for investors [4][9][10] - **Market Trends**: The consumer sector is experiencing significant changes, with companies adapting to market dynamics through strategic pricing, expansion, and marketing efforts [2][5][8] This summary encapsulates the key points from the conference call records, providing insights into the performance and outlook of various companies within the consumer industry.

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The report highlights the recent release of mechanism electricity prices for new projects in Xinjiang and Gansu, with solar power priced at 0.235 yuan/kWh and wind power at 0.252 yuan/kWh [4] - The report indicates that the power sector is expected to see profit improvement and value reassessment following multiple rounds of supply-demand tensions in the electricity market [4] - The ongoing market reforms in electricity pricing are anticipated to lead to a gradual increase in electricity prices, benefiting power operators [4] Summary by Sections Market Performance - As of October 17, the utility sector declined by 0.7%, outperforming the broader market, which saw a 2.2% drop [11] - The electricity sector specifically saw a decrease of 0.66%, while the gas sector fell by 0.99% [13] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) increased by 34 yuan/ton week-on-week, reaching 740 yuan/ton as of October 17 [20] - Coal inventory at Qinhuangdao Port decreased by 960,000 tons week-on-week, totaling 5.45 million tons [25] - Daily coal consumption in inland provinces was 3.107 million tons, down 312,000 tons/day from the previous week [28] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 4,013 yuan/ton, down 20.19% year-on-year and 0.32% week-on-week [51] - The EU's natural gas supply increased by 8.8% year-on-year, reaching 6.07 billion cubic meters in week 41 of 2025 [58] Key Industry News - The mechanism electricity prices for solar and wind projects in Xinjiang were announced, with a total of 67 projects selected [4] - The release of the "Regulations on Fair and Open Supervision of Oil and Gas Pipeline Facilities" marks a significant step in China's oil and gas market reform [4] Investment Recommendations - The report suggests focusing on national coal power leaders such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas [4] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are expected to benefit from market conditions [4]

Core Viewpoint - The company announced plans to issue H-shares and sign a written framework agreement for ongoing related transactions after listing on the Hong Kong Stock Exchange [1] Related Transactions Overview - The related transactions involve seven agreements collectively referred to as the "Framework Agreement for Related Transactions," including: - A framework agreement for design, construction, and sales of materials and supplies between Langfang Natural Gas and the company [2] - A framework agreement for providing technical and comprehensive services from the company to Langfang Natural Gas [2] - A framework agreement for financing leasing and commercial factoring services provided by the company to Langfang Natural Gas and Shanghai 3040 [2] - A framework agreement for the sale of gas and other goods from the company to Langfang Natural Gas [2] - A framework agreement for the procurement of equipment and materials between the company and Langfang Natural Gas, as well as Shanghai 3040 [2] - A framework agreement for engineering construction services provided by the company to Langfang Natural Gas [2] - A framework agreement for technical and comprehensive services between the company and Langfang Natural Gas, as well as Shanghai 3040 [2] Framework Agreement Main Content - All agreements adhere to fair pricing policies, referencing market prices or general commercial terms with independent third parties [4] - Specific business transactions will be signed separately and must comply with the framework agreement [4] - The agreements will take effect from the company's listing date on the Hong Kong Stock Exchange until December 31, 2026, with the option to renew every three years [4] Impact of Related Transactions - The company asserts that the related transactions align with the interests of the company and all shareholders, with fair and objective pricing principles [5] - There is no indication that these transactions will harm the interests of the listed company or minority shareholders, nor will they create dependency on related parties [5]

Core Points - The company has approved adjustments to the 2025 Restricted Stock Incentive Plan, including changes to the repurchase price, grant price, and grant quantity of the initial award [1][3][4] Summary by Sections Incentive Plan Background - On January 21, 2025, the company's board approved the draft of the 2025 Restricted Stock Incentive Plan, which was reviewed by the Compensation and Assessment Committee and verified by the Supervisory Board [2] - The initial grant targets were publicly announced from January 22 to February 5, 2025, with no objections received [2] - The plan was approved by the shareholders on February 18, 2025, and the initial grant was completed on April 10, 2025, awarding 19.525 million shares to 72 participants [2] Details of Adjustments - The repurchase price for the initial grant of restricted stock has been adjusted from 8.76 CNY/share to 8.58 CNY/share [3] - The grant price for the reserved portion has been adjusted from 9.79 CNY/share to 8.58 CNY/share [3] - The number of shares for the initial grant was reduced from 20.475 million to 19.525 million due to two participants opting out, leading to a corresponding reduction in the reserved portion from 5.08498 million shares to 4.88 million shares [3] Impact and Opinions - The Compensation and Assessment Committee believes the adjustments comply with relevant laws and regulations and do not harm the interests of the company and its shareholders [4] - Legal opinions confirm that the adjustments have received necessary approvals and are compliant with regulations [4] - The adjustments were made within the board's authorization and do not require further shareholder approval [4]

（记者 曾健辉） 每经AI快讯，新奥股份10月17日晚间发布公告称，公司第十一届第四次董事会会议于2025年10月17日 以通讯表决的方式召开。会议审议了《关于调整2026年度日常关联交易预计额度的议案》等文件。 每经头条（nbdtoutiao）——一个农夫山泉≈23个华润饮料，怡宝"水战"输在哪？揭开市值悬殊之谜 ...

新奥天然气股份有限公司（以下简称"公司"）董事会薪酬与考核委员会依据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》《上 市公司股权激励管理办法》（以下简称"《管理办法》"）、《上海证券交易所股票上 市规则》等相关法律法规及规范性文件和《新奥天然气股份有限公司章程》（以下简 称"《公司章程》"）的有关规定，对 2025 年限制性股票激励计划（以下简称"本激励 计划"）相关事项进行核查，发表核查意见如下： 一、董事会薪酬与考核委员会关于对公司 2025 年限制性股票激励计划相关调整 事项的核查意见 公司董事会薪酬与考核委员会认为：本次对激励计划首次授予部分回购价格、预 留授予价格及授予数量的调整，符合《管理办法》等相关法律、法规和规范性文件的 规定以及本激励计划的要求，不存在损害公司及全体股东利益的情形。 董事会薪酬与考核委员会同意本激励计划首次授予限制性股票的回购价格（未含 同期银行存款利息）由 8.76 元/股调整为 8.58 元/股。本激励计划预留授予的限制性股 票数量由 508.498 万股调整为 488 万股，预留授予价格由 9.79 元/股调整为 8.58 元/股。 除 ...