证券代码：600803 证券简称：新奥股份 公告编号：临2025-087 新奥天然气股份有限公司 关于调整2026年度日常关联交易预计额度的公告 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。 重要内容提示： 本次日常关联交易预计额度调整事项在提交董事会审议前已经第十一届董事会第一次独 立董事专门会议审议通过，独立董事一致同意对2026年度日常关联交易预计额度进行上述调 整。公司审计委员会亦已审议通过该议案，认为上述关联交易属于本公司及下属子公司日常 经营过程中必要的持续性经营业务。与关联企业发生业务往来，有利于充分利用关联企业的 成熟资源，提高公司经营效率。 （二）前次关联交易预计及执行情况 2025 年日常关联交易预计 230,000 万元，2025 年 1-8 月实际发生金额为 55,493 万元。 是否需要提交股东会审议：否 日常关联交易对上市公司的影响：本次日常关联交易属于本公司及下属子公司日常经 营过程中必要的持续性经营业务，对上市公司独立性没有不利影响。 一、日常关联交易基本情况 （一）日常关联交易的审议程序 新 ...

证券代码：600803 证券简称：新奥股份 公告编号：临 2025-090 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 | 担保方 | 被担保方 | 被担保方与 | 本月新增担 | 担保 | 担保 | 是否存 | 资产负债 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 上市公司的 | 保金额 | 期限 | 类型 | 在反担 | 率是否 | | | | 关系 | | | | 保 | 70%以上 | | 常州新奥燃气发 展有限公司 | 常州新奥燃气工程 有限公司 | 控股子公司 | 3,000.00 | 1 年 | 保证 | 否 | 是 | | 滦州新奥清洁能 源有限公司 | 玉田新奥燃气有限 公司 | 控股子公司 | 3,000.00 | 年 1 | 保证 | 否 | 是 | 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： 二、2025 年 9 月担保实施情况 | 被担保人 | 担保金额（万元） | | --- | --- ...

证券代码：600803 证券简称：新奥股份 公告编号：临2025-088 新奥天然气股份有限公司 关于签署2025-2026年日常关联（连）交易框架协议的公告 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。 重要内容提示： 一、日常关联交易概述 （一）日常关联交易基本情况 为完成公司发行境外上市普通股（H 股）并以介绍方式在香港联交所主板上市事宜，公 司需要就现有且预期于 H 股上市后持续的关联（连）交易事宜签署书面框架协议。 前述关联（连）交易框架协议包括： 1、公司拟与廊坊市天然气有限公司（以下简称"廊坊天然气"）签署的《新奥天然气股份 有限公司与廊坊市天然气有限公司之设计、施工、销售材料和物资框架协议》（以下简称"《设 计、施工、销售材料和物资框架协议》"）； 2、公司拟与廊坊天然气签署的《新奥天然气股份有限公司与廊坊市天然气有限公司之提 供技术及综合服务框架协议》（以下简称"《提供技术及综合服务框架协议》"）； 3、公司拟与廊坊天然气及上海叁零肆零科技有限公司（以下简称"上海叁零肆零"）签署 的《新奥天然气股份有限公司 ...

证券代码：600803 证券简称：新奥股份 公告编号：临 2025-089 新奥天然气股份有限公司 关于召开2025年第二次临时股东会的通知 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： 一、召开会议的基本情况 (一)股东会类型和届次 2025年第二次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 3 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 (五)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 11 月 3 日至2025 年 11 月 3 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 ...

新奥天然气股份有限公司 第十一届董事会第四次会议决议公告 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"或"新奥股份"）第十一届董事会第四次会议 通知于 2025 年 10 月 14 日以邮件的形式发出，会议按照预定时间于 2025 年 10 月 17 日以通 讯表决的方式召开。全体董事出席本次会议。本次会议的召开和表决程序符合《中华人民共 和国公司法》和《新奥天然气股份有限公司章程》的有关规定，合法有效。经有表决权的与 会董事表决，审议通过以下议案： 一、审议通过《关于调整 2025 年限制性股票激励计划首次授予部分回购价格、预留授予 价格及授予数量的议案》 本议案在提交董事会审议前已经公司第十一届董事会 2025 年第二次薪酬与考核委员会 审议通过。 根据《新奥股份 2025 年限制性股票激励计划（草案）》（以下简称"《激励计划（草案）》"） 的相关规定，以及 2025 年第一次临时股东大会的授权，公司董事会对相关事项进行调整。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 ...

Core Viewpoint - The A-share market is experiencing an unprecedented wave of delistings due to major violations, with a record number of companies forced to delist as regulatory scrutiny intensifies [1][5]. Group 1: Regulatory Environment - The new delisting regulations that came into effect at the beginning of the year have led to a historical high of 13 companies reaching the mandatory delisting criteria for major violations as of October 15 [1][5]. - The regulatory environment is becoming increasingly stringent, with the China Securities Regulatory Commission (CSRC) enforcing stricter oversight on financial fraud and other illegal activities [4][6]. Group 2: Role of Investment Banks - Eleven investment banks are under scrutiny for their roles in the delisted companies, with only two, First Capital and Wumart Securities, currently facing regulatory action [2][7]. - The complexity of the investment banks' responsibilities is highlighted by the fact that many of the involved companies frequently changed their advisory firms during periods of fraud [4][9]. Group 3: Case Studies of Delisted Companies - Notable cases include *ST Dongtong, which was involved in fraudulent activities from 2019 to 2022, leading to warnings issued to its sponsor, First Capital [7][8]. - Guandao Digital inflated its revenue by 1.465 billion yuan through fraudulent contracts and invoices, resulting in penalties for Wumart Securities, which served as its sponsor [8]. Group 4: Investment Banks' Due Diligence - Many investment banks provided "no objection" reports during the supervision periods of companies that were later found to have committed fraud, raising questions about their diligence [4][12]. - National Securities was the only firm to explicitly warn of risks associated with a client, indicating a lack of proactive risk management among other firms [12][13]. Group 5: Changes in Oversight Practices - Investment banks are reportedly increasing their efforts in due diligence, particularly during the ongoing supervision phases, in response to heightened regulatory scrutiny [15]. - Accounting firms are also enhancing their audit processes, adding independent review steps and increasing personnel to ensure thorough examinations [15].

Investment Rating - The report maintains a positive outlook on the public utility sector, particularly highlighting the recovery in hydropower and the continued cost reduction in thermal power [4][6]. Core Insights - The thermal power sector is experiencing improved profitability due to a decrease in coal prices, with the average spot price of 5500 kcal thermal coal in Qinhuangdao at 672 RMB/ton, down 176 RMB/ton year-on-year [4]. - Hydropower generation is expected to recover in Q4 2025, following a significant improvement in autumn rainfall, which is projected to enhance the generation capacity of major hydropower companies [4]. - Nuclear power generation has shown a year-on-year growth of 11.33% in the first three quarters of 2025, with new units expected to come online, further boosting output [4]. - The natural gas sector is witnessing a gradual recovery in consumption, with a total apparent consumption of 2845.6 billion m³ from January to August 2025, reflecting a slight year-on-year decrease of 0.1% [4]. Summary by Sections Thermal Power - In Q3 2025, the average utilization hours for thermal power equipment were 2783 hours, a decrease of 144 hours year-on-year, but profitability is expected to remain positive [4]. - The report anticipates that thermal power companies in northern China will continue to achieve above-average performance due to stable electricity prices [4]. Hydropower - The report notes a decline in hydropower generation in July and August 2025, with a year-on-year decrease of 9.8% and 10.1% respectively, but forecasts a recovery in Q4 due to improved rainfall [4]. - The Yangtze River power generation saw a slight decline of 0.29% year-on-year from January to September 2025, but significant improvements are expected in October [4]. Nuclear Power - The report highlights that new nuclear units are expected to contribute to steady growth in electricity generation, with a strong approval rate for new projects [4]. - The long-term outlook for nuclear power remains positive, with a strong certainty of growth in installed capacity [4]. Natural Gas - The report indicates that the natural gas consumption has been recovering since May 2025, with a notable increase in demand expected due to stable supply and geopolitical factors [4]. - The report projects that the reduction in LNG prices and the adjustment of residential gas prices will benefit city gas companies' profitability [4]. Company Performance Forecast - The report provides a performance forecast for key companies in the public utility sector for the first nine months of 2025, with notable growth expected for companies like Datang Power and Huaneng International [5]. - The report recommends several companies for investment, including Guotou Power, Chuanwei Energy, and Longjiang Power, based on their expected performance recovery [4][6].

Investment Rating - The report rates the public utility industry as "Overweight" indicating an expectation for the industry to outperform the overall market [2][14]. Core Insights - The report highlights improvements in hydropower water inflow and continued cost reductions in thermal power generation, suggesting a positive outlook for the industry [5]. - It notes that the average utilization hours for thermal power equipment in China decreased by 144 hours year-on-year, but the profitability per kilowatt-hour is expected to maintain positive growth [5]. - The report anticipates a recovery in hydropower generation due to improved autumn rainfall, which is expected to enhance the financial performance of hydropower companies [5]. - Nuclear power generation is projected to grow steadily with new units coming online, contributing to overall electricity generation growth [5]. - The natural gas sector is seeing a gradual recovery in consumption, with expectations for continued cost reductions due to falling LNG prices and improved supply conditions [5]. Summary by Sections Thermal Power - In Q3 2025, the average spot price of 5500 kcal thermal coal was 672 RMB/ton, down 176 RMB/ton year-on-year but up 41 RMB/ton quarter-on-quarter [5]. - The report predicts that thermal power companies in northern China will continue to achieve above-average performance due to stable electricity prices [5]. Hydropower - The report indicates a 9.8% and 10.1% year-on-year decline in hydropower generation in July and August 2025, respectively, due to poor rainfall during the main flood season [5]. - However, significant improvements in autumn rainfall are expected to enhance hydropower generation capacity in Q4 2025 [5]. Nuclear Power - Nuclear power generation in China increased by 11.33% year-on-year in the first three quarters of 2025 [5]. - The report mentions that new nuclear units are expected to come online in Q4 2025, further boosting generation capacity [5]. Natural Gas - The apparent consumption of natural gas in China for January to August 2025 was 284.56 billion cubic meters, a slight decrease of 0.1% year-on-year [5]. - The report notes that natural gas prices are expected to decline further due to increased supply from major exporting regions [5]. Company Performance Forecast - The report provides performance forecasts for key companies in the public utility sector, indicating varying growth rates across different segments [6]. - For instance, Datang Power is expected to see a profit growth rate of 20%-50%, while companies like China Nuclear Power and China General Nuclear Power are projected to have negative growth [6]. Investment Recommendations - The report recommends several companies for investment based on their expected performance, including Guodian Power, Huaneng International, and China Nuclear Power, among others [5][7].

Core Viewpoint - New Energy (02688) has seen a price increase of over 3%, currently trading at 67.6 HKD, with a transaction volume of 201 million HKD. The privatization plan proposed by its parent company, Xin'ao Co. (600803), values the shares at 80 HKD each, representing a premium of approximately 26% over the current price [1] Summary by Relevant Sections - **Privatization Plan Details** - The theoretical total value of the shares under the privatization scheme is 80 HKD per share, which consists of a cash payment of 24.5 HKD per share and a stock exchange payment of 2.94 shares of Xin'ao Co. H-shares [1] - The midpoint price of Xin'ao Co. H-shares post-listing is estimated to be 18.86 HKD, corresponding to a dynamic PE of about 10 times for 2025 [1] - **Valuation and Growth Potential** - Based on the company's stable growth in performance and dividends, there is potential for further appreciation in the valuation of H-shares [1] - The pricing of the privatization plan is considered reasonable, taking into account the interests of both existing and long-term shareholders [1] - **Regulatory Approval Process** - The company is currently awaiting the registration and filing approval from relevant government departments in mainland China, as well as the approval from the China Securities Regulatory Commission and the Hong Kong Stock Exchange [1] - At least two-thirds of independent shareholders must vote in favor of the plan, with expectations for progress in the fourth quarter [1]

- Model Name: Expected High Dividend Portfolio; Model Construction Idea: The model uses a two-stage approach to construct the expected dividend yield indicator. The first stage calculates the dividend yield based on the annual report's profit distribution, and the second stage predicts and calculates the dividend yield using historical dividends and fundamental indicators. Additionally, two short-term factors affecting dividend yield—reversal factor and profitability factor—are used to assist in screening, and the selection is made from the CSI 300 constituent stocks to construct the expected high dividend portfolio. The portfolio holds 30 stocks each period and rebalances monthly[3][8] - Model Construction Process: 1. Exclude suspended and limit-up stocks from the CSI 300 constituent stocks to form the candidate stock pool[13] 2. Exclude the top 20% of stocks with the highest short-term momentum (i.e., the top 20% of stocks with the highest 21-day cumulative gains) from the stock pool[13] 3. Exclude stocks with declining profitability (i.e., stocks with a negative year-on-year growth rate of quarterly net profit)[13] 4. Rank the remaining stocks in the stock pool by expected dividend yield and select the top 30 stocks with the highest expected dividend yield to construct the portfolio equally weighted[9] - Model Evaluation: The model's historical performance is outstanding, with a cumulative return of 358.90% and a cumulative excess return of 107.44% relative to the CSI 300 Total Return Index. The annualized excess return is 8.87%, with a maximum rolling one-year drawdown of only 12.26% and a monthly excess win rate of 60.19%[11] Model Backtest Results - Expected High Dividend Portfolio, average return in September 2025: -5.35%, underperformed the CSI 300 Index by 8.09% and the CSI Dividend Index by 3.87%[3][14] - Best performing stocks in September 2025: CITIC Special Steel (3.81%), Yutong Bus (-0.35%), Industrial and Commercial Bank of China (-1.75%), Shuanghui Development (-1.90%)[15] Factor Construction and Evaluation - Factor Name: Expected Dividend Yield Factor; Factor Construction Idea: The factor is constructed by predicting dividend distribution using the method of dividend distribution combined with fundamental indicators. Two short-term factors affecting dividend yield—reversal factor and profitability factor—are used to assist in screening[14] - Factor Construction Process: 1. Calculate the dividend yield based on the annual report's profit distribution[8] 2. Predict and calculate the dividend yield using historical dividends and fundamental indicators[8] - Factor Evaluation: The factor is used to assist in screening and constructing the expected high dividend portfolio, which has shown outstanding historical performance[3][8] Factor Backtest Results - Expected Dividend Yield Factor, average return in September 2025: -5.35%, underperformed the CSI 300 Index by 8.09% and the CSI Dividend Index by 3.87%[3][14]