Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Insights - The easing of Middle East tensions has led to a decline in European gas prices, while high temperatures have driven up US gas prices, with domestic prices remaining stable [4][9] - The supply-demand dynamics indicate a slight increase in US gas supply and demand, with total supply rising by 0.2% week-on-week to 1,125 billion cubic feet per day, and total demand increasing by 6.3% to 1,047 billion cubic feet per day [16][24] - The report highlights the ongoing price adjustments in the domestic market, with a gradual implementation of pricing reforms across various cities [40] Price Tracking - As of June 27, 2025, US HH gas prices increased by 4.1% week-on-week, while European TTF prices decreased by 17.8% [9][14] - The domestic LNG ex-factory price was reported at 4,416 CNY per ton, with a slight week-on-week increase of 0.2% [14][29] Supply and Demand Analysis - The report notes that the average total supply of natural gas in the US has increased by 4.0% year-on-year, while total demand has grown by 1.6% year-on-year [16][24] - European gas consumption for the first quarter of 2025 was 160 billion cubic meters, reflecting an 8.9% year-on-year increase [19] Pricing Mechanism Progress - The report indicates that 64% of cities have implemented residential pricing adjustments, with an average increase of 0.21 CNY per cubic meter [40] Important Events - The US gas import tariff has been reduced from 140% to 25%, enhancing the economic viability of US gas imports [47][49] - The European Parliament has agreed to provide greater flexibility regarding gas storage targets, allowing for a deviation of 10% from the 90% storage goal [52] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from pricing reforms, highlighting New Energy, China Gas, and Kunlun Energy as key investment opportunities [53][54] - It also suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and New Energy [54]

Summary of Key Points Core Viewpoint The Hong Kong IPO market is experiencing a significant surge, with numerous companies filing for listings and a notable increase in fundraising activities compared to previous years. Group 1: Companies Filing for IPOs - A total of 20 companies submitted applications for IPOs, with 6 companies passing the hearing, 12 companies launching their offerings, and 1 new stock listed [1][24]. - Neway Gas Holdings Limited is the largest private natural gas company in China, with a projected market share of approximately 6.1% in 2024 [2]. - Shenzhen Waller Nuclear Materials Co., Ltd. is the second-largest high-speed copper cable manufacturer globally, holding a market share of 24.9% [3]. - Banu International Holdings Limited is the largest quality hot pot brand in China, with a market share of 3.1% [4]. - Hope Sea Inc. is the largest comprehensive electronic product import supply chain solution provider in China, with an import GMV of approximately RMB 34.8 billion in 2024 [5]. - Beijing Intelligent Technology Co., Ltd. is the largest provider of AMR solutions globally, with a revenue growth rate of 45% from 2021 to 2024 [6]. Group 2: Financial Performance of Companies - Neway Gas Holdings Limited's revenue is projected to be approximately RMB 150 billion in 2022, declining to RMB 134.9 billion by 2024 [2]. - Shenzhen Waller Nuclear Materials Co., Ltd. expects revenues to grow from RMB 53.37 billion in 2022 to RMB 69.2 billion in 2024 [3]. - Banu International Holdings Limited's revenue is expected to increase from RMB 14.33 billion in 2022 to RMB 23.07 billion in 2024 [4]. - Hope Sea Inc. anticipates total revenue of RMB 2.53 billion in 2022, with a slight increase to RMB 2.35 billion in 2024 [5]. - Beijing Intelligent Technology Co., Ltd. is projected to grow its revenue from RMB 7.9 billion in 2021 to RMB 24.1 billion in 2024, with a gross profit increase from RMB 0.8 billion to RMB 8.4 billion [6]. Group 3: Market Trends and Insights - The total equity financing amount in the Hong Kong IPO market has increased significantly, with a total of HKD 213.3 billion raised in 2025, marking a year-on-year growth of 319.62% [41]. - The IPO fundraising amount for 2025 has reached HKD 77.99 billion, a remarkable increase of 565.48% compared to the previous year [41]. - The market is witnessing a resurgence in investor interest, with a notable decrease in the first-day loss rate of newly listed stocks, indicating a positive market sentiment [43].

Summary of Key Points Core Viewpoint The article provides an overview of the recent activities in the Hong Kong stock market, highlighting the number of companies that have submitted applications for listing, those that have passed the hearing, and details about their financial performance and market positions. Group 1: New Applications - A total of 19 companies submitted applications to the Hong Kong Stock Exchange from June 16 to June 22 [3] - New Hope Group (600803.SH) is the largest private natural gas company in China, with a market share of approximately 6.1% in 2024 [3] - Wolong Technology (002130.SZ) is the second-largest high-speed copper cable manufacturer globally, holding a 24.9% market share [4] - Beijing Geekplus Technology Co., Ltd. is the largest provider of AMR solutions globally, maintaining its leading position for six consecutive years [5] - Banu International Holdings is the largest hot pot brand in China by revenue, with a market share of 3.1% [6] - Hope Sea Inc. is the largest comprehensive electronic product import supply chain solution provider in China, with an import GMV of approximately RMB 34.8 billion in 2024 [7] - Guangzhou Shiyuan Electronic Technology Co., Ltd. ranks first in the Chinese market for interactive smart panels with a 25.0% market share [8] - Anmai Biotechnology Co., Ltd. ranks second globally in T-cell connector therapy, with total transaction values exceeding USD 2.1 billion [9] - Beijing Haizhi Technology Group focuses on industrial-grade AI solutions, ranking fifth in the Chinese market [10] - Suzhou Jiyi Technology Co., Ltd. ranks second in digital retail operations in China [11] - Drip Irrigation International Investment Co., Ltd. is the first global exchange group based on revenue-sharing models [12] - Zhaowei Electromechanical (003021.SZ) provides integrated micro-drive systems, with revenues projected to grow [13] - Meige Intelligent (002881.SZ) ranks fourth globally in wireless communication modules, holding a 6.4% market share [14] - Yuxin Technology (300674.SZ) is a leading fintech solution provider in China, with significant market shares in various sectors [15] - Shanghai Zhuoyue Ruixin Digital Technology Co., Ltd. ranks second in the digital education market for higher education in China [16] - Zhaoyi Innovation (603986.SH) is the second-largest NOR Flash provider globally, with an 18.5% market share [17] - Changchun Changguang Chenxin Microelectronics Co., Ltd. specializes in high-performance CMOS image sensors [18] - Weichai Lovol Smart Agriculture Technology Co., Ltd. is a leading provider of smart agricultural solutions in China [19] - PPIO is an independent distributed cloud computing service provider [20] - Xiangkang Holdings is a major technical apparel manufacturer for high-end brands [22] Group 2: Companies Passing Hearings - Four companies passed the listing hearing this week, including Fuwai Group, which is a pan-Asian life insurance company with projected insurance revenue growth [24] - Fengcai Technology focuses on chip design for BLDC motor control, ranking sixth in the Chinese market [25] - Xunzhong Communication Technology Co., Ltd. is the third-largest cloud communication service provider in China [26] - Cloudbreak Pharma Inc. is a clinical-stage ophthalmic biotech company with two core products [27] Group 3: Recent IPOs - Haitan Flavor Industry (03288.HK) raised approximately HKD 10.1 billion in its IPO, with a slight decline in stock price post-listing [28] - Sanhua Intelligent (02050.HK) had a strong subscription rate for its IPO [29] - Baize Medical (02609.HK) and other companies also reported significant subscription rates for their IPOs [30][31][32][33]

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 [47]. Core Insights - In May, the total electricity consumption in society increased by 4.4% year-on-year, reaching 809.6 billion kilowatt-hours [3][41]. - The public utility index rose by 0.1% in the last two weeks, outperforming the CSI 300 index by 1.0 percentage points, ranking 8th among 31 industries [10][12]. - The report highlights significant price movements in various sub-sectors, with the heating service sector up by 2.9% and the gas sector up by 2.6% in the last two weeks [12][14]. Summary by Sections 1. Market Review - As of June 19, the public utility index has decreased by 1.0% year-to-date, outperforming the CSI 300 index by 1.3 percentage points [10]. - Among the 131 listed companies in the public utility index, 46 saw stock price increases, with notable gains from Shouhua Gas (44.2%), GCL-Poly Energy (38.0%), and Tianhao Energy (18.6%) [14]. 2. Industry Valuation - The public utility sector's price-to-earnings (P/E) ratio is 18.4 times, with the solar power sector having a notably high P/E ratio of 711.2 times [17][18]. - The heating service sector's P/E ratio stands at 31.9 times, while the gas sector's P/E ratio is 19.1 times [17]. 3. Industry Data Tracking - The average price of Shanxi Yulin thermal coal (Q6000) was 582 yuan per ton, a 3.9% increase from the previous value [30]. - The average price of Qinhuangdao port thermal coal (Q5500) was 610 yuan per ton, a 0.3% decrease from the previous value [30][33]. 4. Key Industry News - A significant financing product combining carbon assets and transformation finance was successfully launched, achieving a financing scale of 300 million yuan [39]. - The first remote intelligent operation system for large bridge cranes at hydropower stations has completed its first annual maintenance, marking a technological advancement in the industry [39]. 5. Weekly Industry Perspective - The report suggests focusing on companies like Huadian International (600027) and Guodian Power (600795) in the thermal power sector due to the decline in average coal prices [41]. - In the gas sector, companies such as Xin'ao Co. (600803) and Jiufeng Energy (605090) are recommended for their orderly price linkage in natural gas [41].

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 ...