Core Viewpoint - Wang Yusuo, the richest man in Hebei, is initiating a capital operation involving his two listed companies, New Hope Co., Ltd. and New Hope Energy, with plans for privatization and a Hong Kong listing [1][4]. Group 1: Company Actions - New Hope Co., Ltd. submitted its Hong Kong IPO prospectus on June 16, nearly three months after announcing its A+H listing plan [2]. - The plan includes privatizing New Hope Energy at a price of 80 HKD per share, using a combination of newly issued H shares of New Hope Co., Ltd. and cash [4]. - The Shanghai Stock Exchange raised inquiries regarding the pricing basis for the privatization and its impact on the company's debt repayment ability [5]. Group 2: Market Reaction - The stock prices of the two companies reacted differently; New Hope Co., Ltd. remained stable, while New Hope Energy saw a decline of 2.61% over two consecutive trading days [3]. Group 3: Company Profile - New Hope Co., Ltd. is recognized as China's largest private natural gas enterprise, holding approximately 6.1% market share in the retail gas market as of 2024 [8]. - The company has a comprehensive business model covering both upstream and downstream natural gas operations, with over 10 million tons/year of long-term contracts signed for overseas LNG [8]. - In terms of financial performance, New Hope Co., Ltd. reported revenues of RMB 150 billion, RMB 141.1 billion, and RMB 134.9 billion for 2022, 2023, and 2024 respectively, with net profits of RMB 11.1 billion, RMB 12.5 billion, and RMB 9.9 billion [8]. Group 4: Revenue Composition - Natural gas sales constitute approximately 80% of New Hope Co., Ltd.'s revenue, while the emerging diversified energy business is increasing its revenue share from 8.0% in 2022 to an estimated 11.5% in 2024 [9]. - The diversified energy business has a higher gross margin than natural gas sales, contributing nearly 13% to the overall gross profit by 2024 [9]. - New Hope Co., Ltd. ranks first in the Chinese integrated energy smart management solutions market with a market share of about 10.1% as of 2024 [9].

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： | 被担保人 | | 担保金额（万元） | | --- | --- | --- | | ENN Global | Trading | Pte. Ltd. 7,184.80 | 特别风险提示：截至 2025 年 5 月 31 日，公司及子公司对外担保余额超 过公司最近一期经审计净资产的 50%、被担保子公司存在资产负债率超过 70% 的情况，均在公司股东大会审议通过的担保范围内，敬请投资者注意相关风险。 证券代码：600803 证券简称：新奥股份 公告编号：临 2025-059 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 一、2025 年度担保预计情况 1、被担保人名称：ENN GLOBAL TRADING PTE. LTD. （7）财务数据：截至 2024 年 12 月 31 日，其总资产为 8,699 万美元，总负 债为 3,893 万美元，资产负债率为 44.75%，净资产为 4,806 万美元，2024 年度营 业收入为 57,667 万 ...

Group 1 - Company Xi Zhong Technology proposed to repurchase shares worth between 75 million and 150 million yuan using excess funds and self-owned funds [1] - Company Yongxi Electronics expects a revenue growth of 16.6% to 28.88% in the first half of the year, with projected revenue between 1.9 billion and 2.1 billion yuan [2] - Company Jingyi Equipment anticipates a revenue increase of 36.54% to 42.48%, with expected revenue between 690 million and 720 million yuan [2][3] Group 2 - Company Haipuri received approval from the European Medicines Agency (EMA) for a new production line for Enoxaparin Sodium injection, with an annual capacity of 330 million doses [4] - Company Inner Mongolia Xinhua plans to merge its wholly-owned subsidiaries to optimize resource allocation and improve operational efficiency [5] - Company Cloud Chemical intends to sign daily related transaction framework agreements with its controlling shareholder to reduce operational costs [7] Group 3 - Company China Software received approval from the China Securities Regulatory Commission for a specific stock issuance [8] - Company Wankong Intelligent's subsidiary won a bid for a project with the State Grid worth approximately 12.17 million yuan [9] - Company Lianlong obtained a patent for an anti-aging agent, which is expected to enhance its product offerings in polymer materials [11] Group 4 - Company Yunlu plans to increase its shares by 4 million to 12 million yuan through stock purchases by its executives [12] - Company Enhua Pharmaceutical's chairman increased his stake by 237,900 shares [14] - Company Daqin Railway announced the resignation of its general manager due to retirement [15] Group 5 - Company Hefei Urban Construction signed a land use rights transfer contract for an industrial site with an area of 78,561.78 square meters, with a payment of 103 million yuan due by July 13, 2025 [16] - Company Taiji Group received a government subsidy of 20 million yuan, representing 75.04% of its projected net profit for 2024 [17] - Company Guodian Nanrui elected a new chairman, Zheng Zongqiang, while he resigned from his previous roles [19] Group 6 - Company Xinhua Medical received a medical device registration certificate for a thromboelastography testing kit [20] - Company Baotailong's subsidiary obtained a mining license for a graphite mine with a production capacity of 2 million tons per year [21] - Company Zejing Pharmaceutical received approval for clinical trials of its innovative cancer treatment drugs [22] Group 7 - Company Aojing Medical's artificial bone repair material received registration approval in Vietnam [23] - Company Chengjian Development received a cash dividend of 90.2169 million yuan from Guoxin Securities [24] - Company Rili Technology proposed a share repurchase plan worth between 10 million and 20 million yuan [25] Group 8 - Company Deshi General Institute received approval to issue up to 1 billion yuan in technology innovation bonds [44] - Company Tongding Interconnect plans to bid for two procurement projects worth approximately 717 million yuan [46] - Company Bangji Technology plans to acquire multiple agricultural companies [46]

Market Overview - The Hang Seng Index is constrained by the March high of 24,874 points, with expectations of new financial policies from mainland China to stabilize the market, including reserve requirement ratio cuts and interest rate reductions [2] - The recent US-China trade negotiations have led to a temporary reduction in tariffs, with the US reducing tariffs on Chinese imports from 145% to 30%, and China reducing tariffs on US imports from 125% to 10% for a 90-day period [2] - The Hang Seng Index's valuation has returned to a reasonable level, requiring significant positive developments in trade agreements and corporate earnings improvements to maintain upward momentum [2] Sector Focus - The focus is on US retail sales and Hong Kong's unemployment rate for May [3] - Chinese financial stocks are expected to perform well as mainland companies accelerate listings in Hong Kong [7] - Gold mining stocks are gaining attention due to ongoing geopolitical tensions and central banks increasing gold reserves [7] Economic Indicators - China's May retail sales exceeded expectations, with a year-on-year growth of 6.4%, while industrial output and fixed asset investment fell short of expectations [9] - The average urban unemployment rate in China for May was reported at 5.0%, a slight decrease from the previous month [9] - The first five months of 2025 saw a 3.8% year-on-year decline in new residential property sales in China [9] Corporate News - Companies such as Cao Cao Travel are initiating IPOs, aiming to raise up to 1.85 billion yuan [7] - Haidilao is reportedly setting a price limit for its shares, while other companies are planning to list in Hong Kong [7] - The Hong Kong International Airport reported a 20% increase in passenger traffic in May, driven by a rise in transit and inbound travelers [10]

Group 1: Stablecoin Regulation in Hong Kong - The Hong Kong government has passed the "Stablecoin Ordinance," establishing a licensing system for stablecoin issuers, effective from August 1 [1] - The Hong Kong Monetary Authority will expedite the processing of license applications to allow qualified applicants to commence their operations [1] - This initiative is expected to promote the development of the stablecoin industry chain in Hong Kong, including issuance, trading platforms, payment services, and technology research and development [1] Group 2: IFBH Limited's Listing - IFBH Limited, the parent company of the coconut water brand if, has passed the listing hearing on the Hong Kong Stock Exchange [2] - The company is the second-largest coconut water beverage company globally, with projected revenues of $87 million and $158 million for 2023 and 2024, respectively [2] - The listing is anticipated to enhance its position in the global coconut water market and attract market attention towards its future growth [2] Group 3: Xin'ao Shares' Listing Plans - Xin'ao Shares has submitted a listing application to the Hong Kong Stock Exchange, planning to list by introduction without issuing new shares or raising funds [3] - The company aims to privatize Xin'ao Energy through its wholly-owned subsidiary, facilitating its listing on the main board of the Hong Kong Stock Exchange [3] - This move is part of Xin'ao's strategy to establish an "A+H" dual-platform capital structure, aligning with national policies to enhance industry consolidation [3] Group 4: Delai Construction's Financial Forecast - Delai Construction has announced an expected net loss of up to HKD 55 million for the fiscal year ending March 31, 2025, compared to a net profit of approximately HKD 8.3 million in previous years [4] - The shift in performance is attributed to losses from joint ventures, low overall gross margins on certain construction projects, rising interest rates, and increased financing costs [4] - The company faces challenges in the current market environment and needs to implement effective measures to improve cost control and project profitability [4] Group 5: Hong Kong Stock Market Performance - The Hang Seng Index closed at 24,060.99, with a gain of 0.70% on June 16 [5] - The Hang Seng Tech Index reached 5,299.91, increasing by 1.15% [5] - The National Enterprises Index stood at 8,729.99, reflecting a rise of 0.86% [5]

证券代码：600803 证券简称：新奥股份 公告编号：临 2025-058 新奥天然气股份有限公司 关于向香港联交所递交 H 股介绍上市的申请 并刊发申请资料的公告 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。 新奥天然气股份有限公司（以下简称"公司"）拟通过全资子公司私有化新奥能源 控股有限公司（股票代码：02688.HK，以下简称"新奥能源"），并同步以介绍上市 方式在香港联合交易所有限公司（以下简称"香港联交所"）主板上市（以下简称"本 次介绍上市"）。 中文： https://www1.hkexnews.hk/app/sehk/2025/107446/documents/sehk25061600221_c.pdf 英文： https://www1.hkexnews.hk/app/sehk/2025/107446/documents/sehk25061600222.pdf 本公告仅为境内投资者及时了解本次介绍上市的相关信息而作出。本公告以及刊登 于香港联交所网站的申请资料均不构成也不得视作对任何个人或实体收购、购买或认 ...

Core Viewpoint - The announcement by Xin'ao Natural Gas Co., Ltd. regarding its application for H-share listing marks a significant step in establishing a dual-platform capital structure, enhancing its competitiveness in the natural gas industry [1][4]. Group 1: Company Strategy - Xin'ao plans to privatize Xin'ao Energy through its wholly-owned subsidiary Xin'ao Hong Kong and subsequently list on the Hong Kong Stock Exchange, a move approved by A-share shareholders [1][3]. - The cross-border capital operation aligns with national policies aimed at deepening mergers and acquisitions in the market, enhancing industry concentration [4]. Group 2: Operational Efficiency - Post-transaction, Xin'ao Energy will become a wholly-owned subsidiary, leveraging its distribution network covering 31 million households and 270,000 enterprises to optimize resource allocation and reduce costs [3]. - The integration of upstream resources, such as the Zhoushan LNG receiving station, is expected to improve the utilization rate and enhance the overall efficiency of the natural gas supply chain [3][4]. Group 3: Governance and Market Position - The dual-platform structure is anticipated to optimize the company's governance, improve decision-making efficiency, and enhance risk management capabilities against industry fluctuations [3][4]. - The innovative "privatization + introduction listing" model is expected to strengthen capital operations, diversify the investor base, and increase market influence, laying a solid foundation for sustainable business development [4][5].

Core Viewpoint - Xin'ao Gas Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation as its sole sponsor [1] Company Overview - Xin'ao Gas is the largest private natural gas company in China, covering the entire natural gas industry chain with over 30 years of operational experience [3] - The company has a substantial customer base and rich domestic and international long-term contracts, along with the largest private LNG receiving station in China [3] - Xin'ao Gas ranks as the largest private enterprise among the top five city gas companies in China, with a market share of approximately 6.1% in 2024 [3] Business Model - The company employs a vertically integrated business model across the entire natural gas value chain, providing a full suite of services including natural gas sales, energy services, smart home solutions, engineering construction, infrastructure operation, and energy production [3] - The customer base for natural gas sales includes retail customers (residential and commercial), non-residential customers for platform trading gas, and wholesale customers [4] Digitalization Efforts - In 2015, the company launched the "Good Gas Network" to address systemic capability asymmetries in the natural gas industry, enhancing transaction efficiency and quality for market participants [4] Financial Performance - For the fiscal years 2022, 2023, and 2024, Xin'ao Gas reported revenues of approximately RMB 150.02 billion, RMB 141.115 billion, and RMB 134.946 billion, respectively [4][5] - The annual profits for the same years were approximately RMB 11.073 billion, RMB 12.530 billion, and RMB 9.944 billion, respectively [5]

Core Viewpoint - The oil and gas sector is experiencing significant price fluctuations due to geopolitical tensions, particularly the recent airstrikes by Israel on Iran, which have raised concerns about oil supply disruptions in the Middle East [1][2]. Group 1: Market Performance - As of June 16, 2025, key stocks in the oil and gas sector have shown substantial gains, with Taishan Petroleum up 10.07%, Intercontinental Oil and Gas up 9.88%, and Heshun Petroleum up 8.17% [1]. - The Oil and Gas ETF (159697) has increased by 0.68%, marking its fourth consecutive rise, with a latest price of 1.03 yuan [1]. - Over the week leading to June 13, 2025, the Oil and Gas ETF has accumulated a rise of 4.48% [1]. Group 2: Price Trends - On June 13, 2025, WTI and Brent crude oil futures closed at $72.98 and $74.23 per barrel, respectively, reflecting increases of 16.7% and 14.9% since the beginning of the month [1]. - The report from Huatai Securities indicates that the oil price is expected to enter a high volatility phase due to potential declines in Iranian oil production and exports [2]. Group 3: Supply and Demand Outlook - The global oil demand is being impacted by the transition to electricity and gas, while supply from oil-producing countries is becoming increasingly coordinated and weaker [2]. - The oil price is projected to have a downward trend from 2025 to 2027, with a new equilibrium expected to be above $60 per barrel, driven by marginal costs and supply-side dynamics [2]. Group 4: Index Composition - The National Oil and Gas Index (399439) reflects the price changes of publicly listed companies in the oil and gas sector, with the top ten weighted stocks accounting for 66.48% of the index [2].

Investment Rating - The report maintains an "Overweight" rating for the public utility industry, expecting the industry index to outperform the market index by more than 10% in the next six months [44]. Core Insights - The public utility index has seen a decline of 1.9% over the past two weeks, underperforming the CSI 300 index by 1.0 percentage points, ranking 27th among 31 industries. Year-to-date, the index has decreased by 1.1%, outperforming the CSI 300 index by 0.4 percentage points, ranking 22nd [9][11]. - Among the sub-sectors, three have increased: heating services by 0.4%, photovoltaic power generation by 0.3%, and gas by 0.1%. Conversely, four sub-sectors have decreased: hydropower by 4.4%, thermal power by 1.9%, comprehensive energy services by 0.6%, and wind power by 0.5% [11][14]. - The report highlights significant industry news, including the issuance of 216 million renewable energy green power certificates in April 2025, a 23.94% increase month-on-month, covering 104,300 renewable energy projects [37][39]. Summary by Sections 1. Market Review - As of June 5, the public utility index has decreased by 1.9% in the last two weeks, ranking 27th among 31 industries. Year-to-date, it has decreased by 1.1%, ranking 22nd [9][11]. 2. Industry Valuation - The public utility sector's price-to-earnings (P/E) ratio is 18.4 times. The photovoltaic sector has a P/E ratio of 740.3 times, while thermal power is at 11.9 times [17][18]. 3. Industry Data Tracking - The average price of Shenxi Yulin thermal coal (Q6000) is 560 yuan/ton, down 1.8% from the previous value. The average price of Qinhuangdao port thermal coal (Q5500) is 612 yuan/ton, down 1.4% [29][32]. 4. Key Industry News - The report discusses the promotion of renewable energy and the establishment of a modern electricity business environment, emphasizing the construction of a new power system [40][41]. 5. Industry Weekly Viewpoint - The report suggests focusing on companies like Xin'ao Co., Ltd. and Huadian International, given the ongoing developments in the gas and thermal power sectors [39][41]. 6. Important Company Announcements - Notable announcements include Xinjiang Li New Energy's agreement with Xinjiang Energy Group and Nanfang Energy's planned investment exceeding 3 billion yuan in 2025 [38].