香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整性亦 不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 ENN Natural Gas Co., Ltd. 新奧天然氣股份有限公司 （一家於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」）的要求而刊發，僅用 作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下知悉、接納 並向新奧天然氣股份有限公司（「本公司」）及其保薦人和顧問表示同意： 本申請版本將不會於美國刊發或派發予美國人士。本申請版本所述的任何證券並無亦不會根據1933年美國證券法（經 修訂）或美國任何州份證券法例登記，亦不可在未根據該證券法登記或未取得該證券法的豁免的情況下在美國發售或出 售，且將不會於美國進行任何證券公開發售。 本申請版本或其內所載資料並不屬於美國或禁止發售或出售證券的任何其他司法管轄區提呈出售或徵求購買任 ...

证券代码：600803 证券简称：新奥股份 公告编号：临 2025-107 二、2025 年 11 月担保实施情况 新奥天然气股份有限公司 关于 2025 年度预计担保的进展公告 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。 重要内容提示： 担保对象及基本情况 | 担保对象一 | 被担保人名称 | | 新地能源工程技术有限公司 | | | --- | --- | --- | --- | --- | | | 本次担保额度（万元） | 30,000.00 | | | | | 是否在前期预计额度内 | 是 | 否 | 不适用：_________ | | | 本次担保是否有反担保 | 是 | 否 | 不适用：_________ | | 担保对象二 | 被担保人名称 | | | 新奥新能（浙江）能源贸易有限公司 | | | 本次担保额度（万元） | 30,000.00 | | | | | 是否在前期预计额度内 | 是 | 否 | 不适用：_________ | | | 本次担保是否有反担保 | 是 | 否 |  ...

新奥天然气股份有限公司 2025年第三次临时股东会 会 议 资 料 二〇二五年十二月 召开的日期时间：2025年12月26日10点00分 召开地点：河北省廊坊市开发区华祥路118号新奥科技园B座公司会议室 二、网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025年12月26日 至2025年12月26日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东 会召开当日的交易时间段，即9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投 票平台的投票时间为股东会召开当日的9:15-15:00。 三、会议内容： 会议议程 一、现场会议召开的日期、时间和地点 币种：人民币 单位：万元 新奥天然气股份有限公司 二〇二五年十二月二十六日 （一）主持人宣布开会及出席现场股东会情况 （二）选举监票员和计票员 （三）会议议程 1、审议《关于2026年度担保额度预计的议案》 2、审议《关于新增反担保事项的议案》 3、审议《关于2026年度外汇套期保值额度预计的议案》 4、审议《关于2026年度大宗商品套期保值额度预计的议案》 5 ...

新奥天然气股份有限公司(简称：新奥股份（600803）)(600803.SH)于6月16日所递交的港股招股书满6个月，于12月16日失效，递表时中金公司（601995）为 其独家保荐人。 | 16/06/2025 | 新奥天然氣股份有限公司 | | --- | --- | | | 16/06/2025 申請版本（第一次呈交 ）全文檔案 [四] 多檔案 > | 招股书显示，新奥股份是中国最大的民营天然气企业，覆盖天然气全产业链。公司以天然气全场景作为基础，拥有超过30年的运营实践，庞大坚实的客户基 础、丰富的海内外长协资源、中国处理能力最大的民营LNG接收站、自主研发的风控以及套期保值交易系统，持续深化天然气产业链一体化布局。 根据弗若斯特沙利文的资料，中国天然气行业相对集中。2024年，中国排名前五的城燃企业合计零售天然气量达约1,355亿立方米，占总市场份额的约 31.7%。在前五大城燃企业中，按2024年的零售气量计，新奥股份为最大的民营企业，且按该零售气量计，2024年，公司位列第三，市场份额约为6.1%。 ...

| 16/06/2025 | 新奥天然氣股份有限公司 | | --- | --- | | | 16/06/2025 申請版本（第一次呈交 ） 全文檔案 [四] 多檔案 > | 招股书显示，新奥股份是中国最大的民营天然气企业，覆盖天然气全产业链。公司以天然气全场景作为基础，拥有超过30年的运营实践，庞大坚实的客户基 础、丰富的海内外长协资源、中国处理能力最大的民营LNG接收站、自主研发的风控以及套期保值交易系统，持续深化天然气产业链一体化布局。 根据弗若斯特沙利文的资料，中国天然气行业相对集中。2024年，中国排名前五的城燃企业合计零售天然气量达约1,355亿立方米，占总市场份额的约 31.7%。在前五大城燃企业中，按2024年的零售气量计，新奥股份为最大的民营企业，且按该零售气量计，2024年，公司位列第三，市场份额约为6.1%。 智通财经APP获悉，新奥天然气股份有限公司(简称：新奥股份)(600803.SH)于6月16日所递交的港股招股书满6个月，于12月16日失效，递表时中金公司为其 独家保荐人。 ...

Investment Rating - The report maintains a positive outlook on the power sector, particularly following the increase in coal power capacity pricing in Yunnan, which is expected to stabilize revenue for coal power companies [6][8]. Core Insights - Yunnan has announced an increase in the coal power capacity price recovery of fixed costs to 100%, effective from 2026, which will enhance the stability of coal power revenues and support the integration of renewable energy sources [6][7]. - The report highlights a significant drop in natural gas prices in the U.S. and Northeast Asia, with the latter reaching a 20-month low, indicating a favorable environment for gas companies [10][24]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity, capacity, and ancillary service revenues [8]. Summary by Sections 1. Power Sector - Yunnan's new policy sets the coal power capacity price at 330 RMB per kilowatt per year, allowing full recovery of fixed costs, which is expected to improve the profitability of coal power plants [6][7]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% being green energy, necessitating coal power for peak load support [7]. - The report recommends several companies, including Guodian Power and Inner Mongolia Huadian, for their integrated coal power operations [8]. 2. Natural Gas Sector - U.S. Henry Hub spot prices fell to $4.07/mmBtu, a decrease of 21.56% week-on-week, while Northeast Asia LNG prices dropped to $10/mmBtu, down 6.19% [10][11]. - The report notes that strong supply and high inventory levels in Northeast Asia are contributing to the price decline, with expectations of further price sensitivity from buyers as prices approach $10/mmBtu [24][26]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower costs and improved margins [31][32]. 3. Market Performance - The report indicates that the power and equipment sectors outperformed the Shanghai Composite Index during the review period, while the gas and environmental sectors lagged [34]. - It provides a detailed valuation table for key utility companies, highlighting their earnings per share (EPS) and price-to-earnings (PE) ratios [46]. 4. Company and Industry Dynamics - Recent government policies emphasize the development of a clean, low-carbon energy system, with a target of 25% non-fossil energy consumption by 2030 [40][41]. - The report discusses the ongoing transition in the energy sector towards market-driven growth, particularly in new energy storage solutions [41].

来源：证券时报网 作者：许孝如 随着大宗商品价格波动加剧，A股上市公司对风险管理的意识不断提升，参与期货套期保值的数量大幅 增长。 券商中国记者发现，近日佛燃能源、新奥股份、隆基股份、三一重工等多家上市公司陆续发布拟开展套 期保值的公告，并且套保额度都不小。数据显示，今年前11个月累计共有1782家上市公司发布了套期保 值相关公告，较去年全年增加279家。 此外，保险资金也在加速布局期货市场，积极运用国债期货、股指期货等工具开展套期保值，有效管理 利率风险与权益市场波动。 大额套保公告频现 越来越多的上市公司将衍生品套期保值作为公司稳健经营的重要手段。 同一天，新奥股份也通过了《关于2026 年度大宗商品套期保值额度预计的议案》，预计动用的交易保 证金和权利金上限为47亿美元，该额度在授权期限内可循环使用，交易的商品主要包括BRENT原油、 JCC原油、JKM天然气、Henry Hub天然气、TTF天然气等品种，交易类型包括掉期、期权及其产品组合 等。 12月8日，隆基股份公告称，公司生产经营涉及的主要原材料多晶硅、白银、铜、铝、锡等属于大宗原 材料，易受宏观经济形势、产业供需等因素影响呈现较大波动，拟在20 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, including China Power Investment Corporation, Inner Mongolia Huadian, and China Resources Power [48]. Core Insights - Yunnan Province has increased the coal power capacity price recovery of fixed costs to 100%, which is expected to stabilize revenue for coal power companies and enhance their role in supporting renewable energy integration [7][8]. - The report highlights a significant drop in natural gas prices, with Northeast Asia LNG prices reaching a 20-month low, driven by strong supply and mild weather conditions [12][26]. - The investment analysis suggests a diversified revenue model for coal power companies, transitioning from reliance on electricity sales to a combination of electricity revenue, capacity income, and ancillary service income [9]. Summary by Sections 1. Power: Yunnan Increases Coal Power Capacity Price - Yunnan has announced a new mechanism for coal power capacity pricing, allowing for full recovery of fixed costs starting in 2026, set at 330 RMB per kilowatt per year [7][8]. - The province's total installed power capacity exceeds 168 million kilowatts, with over 90% from green energy sources, necessitating coal power for peak load support [8]. 2. Gas: Global Gas Price Trends - As of December 12, the Henry Hub spot price in the U.S. was $4.07/mmBtu, down 21.56% week-on-week, while Northeast Asia LNG prices fell to $10/mmBtu, a decrease of 6.19% [12][13]. - The report notes that the overall supply of natural gas remains robust, contributing to lower prices in Northeast Asia [26][28]. 3. Weekly Market Review - The power and power equipment sectors outperformed the CSI 300 index, while the public utility, gas, and environmental protection sectors lagged behind [36]. 4. Company and Industry Dynamics - Recent government meetings and policy announcements emphasize the importance of a clean, low-carbon energy system and the development of a new energy system by 2030 [40][43]. - The report includes updates on major companies, such as China Resources Power and Longyuan Power, highlighting their financial activities and operational performance [44][46].

Investment Rating - The report maintains an "Overweight" investment rating for the gas industry [1] Core Viewpoints - The report highlights that warmer weather has led to a decrease in US gas prices by 22%, while European gas prices have increased by 3.7% due to inventory withdrawals [10][15] - It emphasizes the overall supply adequacy in the domestic market, with a week-on-week decrease in domestic gas prices by 1.6% [24] - The report discusses the ongoing price adjustment progress across cities, indicating a potential for profit recovery and valuation restoration for city gas companies [33] Price Tracking - As of December 12, 2025, the week-on-week price changes for various gas prices are as follows: US HH down 22%, European TTF up 3.7%, East Asia JKM down 1.7%, China LNG ex-factory price down 1.6%, and China LNG CIF price down 6.9% [10][11] - The report notes that the average gas consumption in Europe for the first nine months of 2025 was 313.8 billion cubic meters, reflecting a year-on-year increase of 4.1% [16] Supply and Demand Analysis - The report indicates that as of December 5, 2025, US gas storage levels decreased by 1,770 billion cubic feet to 37,460 billion cubic feet, showing no year-on-year change [15] - In Europe, gas supply increased by 26.5% week-on-week to 116,966 GWh, with significant contributions from inventory consumption and LNG receiving stations [16] - Domestic gas apparent consumption for the first ten months of 2025 increased by 0.7% year-on-year to 354.1 billion cubic meters [24] Pricing Mechanism Progress - The report states that 67% of cities have implemented residential pricing adjustments, with an average increase of 0.22 yuan per cubic meter [33] - It highlights that the pricing gap for leading city gas companies has room for a 10% recovery, indicating ongoing price adjustments [33] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing price adjustments, such as Xin'ao Energy, China Gas, and Kunlun Energy, all with attractive dividend yields [5] - It suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xin'ao Shares [5] - The report also emphasizes the importance of energy independence and suggests关注 companies with gas production capabilities like New Natural Gas and Blue Flame Holdings [5]

保险资金正成为期货市场另一股重要的参与力量。截至目前，已有超过30家国内保险机构进入期货市场，主要通过国债期货和股指期货等工具管理利率风险 及权益市场波动。2025年前11个月，保险资金在期货市场新开账户数量同比增长166%，有效账户增量达到历史新高。 一系列支持保险资金参与金融衍生品交易的制度文件已相继落地，为保险机构规范运用期货工具管理资产负债风险提供了制度保障。（市场有风险，投资需 谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。） 来源：市场资讯 2025年12月以来，已有多家龙头上市公司围绕2026年度经营公布了规模可观的套期保值计划。根据近期发布的公告，佛燃能源为2026年度商品及外汇套期保 值业务设定了不超过120亿元人民币的合约价值上限，保证金上限为41.7亿元。同一天，新奥股份审议通过的议案显示，其2026年度大宗商品套保计划预计 动用的保证金和权利金上限为47亿美元。此外，隆基股份公布的套保业务方案中，2026年度保证金的最高额度限制在15亿元人民币以内。三一重工则公告 称，其全资子公司三一汽车制造有限公司在2026年预计动用的交易保证金和权利金上限不超过8亿元人民币，任 ...