| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 605090 | 九丰能源 | 32.17 | -3.97% | 8.25万 | 2.68 Z | | 600635 | 大众公用 | 8.02 | -2.55% | 236.28万 | 19.09亿 | | 000407 | 胜利股份 | 4.92 | -2.19% | C 99.36万 | 4.95 Z | | 002259 | 升达林业 | 3.94 | -1.50% | 8.58万 | 3397.02万 | | 000593 | 德龙汇能 | 11.84 | -1.00% | 69.64万 | 8.55 Z | | 600333 | 长春燃气 | 6.39 | -0.31% | 22.37万 | 1.44亿 | | 603053 | 成都燃气 | 10.02 | -0.20% | 2.65万 | 2661.64万 | | 300483 | 草未燃气 | 15.92 | -0.19% | 13.21万 | 2.11亿 | | 300435 | ...

证券代码：600803 证券简称：新奥股份 公告编号：临 2025-097 新奥天然气股份有限公司 关于 2025 年限制性股票激励计划 预留授予结果公告 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： | 预留授予限制性股票登记日 | 2025年11月28日 | | --- | --- | | 预留授予限制性股票登记数量 | 4,833,400股 | 一、股权激励计划首次授予基本情况 新奥天然气股份有限公司（以下简称"公司"）2025 年股权激励计划（以下 简称"本激励计划"）方式为限制性股票，股份来源为从二级市场回购的本公司人 民币 A 股普通股股票，拟授予的权益数量为 2,555.998 万股，占公司总股本比例 为 0.83%。其中，首次授予的权益数量为 2,047.50 万股，占公司总股本比例为 0.66%；预留授予的权益数量为 508.498 万股，占公司总股本比例为 0.17%。具 体内容详见公司 2025 年 1 月 22 日披露于上海证券交易所官网（www.sse.com.cn） 的《新奥股份 ...

Investment Rating - The report maintains a "Positive" investment outlook for the public utilities and environmental sectors, particularly in the context of recent regulatory changes and market dynamics [1]. Core Insights - The report highlights the regulatory measures in various provinces aimed at standardizing the retail price differences in electricity sales, which is expected to stabilize market expectations and improve the profitability of electricity sales companies [3][7]. - It notes the fluctuating natural gas prices globally, with U.S. prices rising while European prices are declining, indicating a complex supply-demand landscape influenced by geopolitical factors and seasonal demand [12][22]. - The report provides specific investment recommendations across various segments, including hydropower, thermal power, nuclear power, green energy, and gas-related companies, reflecting a diversified approach to capitalize on emerging opportunities [10][37]. Summary by Sections 1. Electricity: Regulation of Retail Price Differences - Guangdong has issued guidelines to regulate the retail price differences, proposing a sharing mechanism for excess profits above a set threshold starting in 2026 [7]. - Several provinces have introduced detailed policies to manage retail price differences, aiming to prevent excessive profits by electricity sales companies and ensure fair pricing for consumers [8][9]. - The report emphasizes the need for a shift from aggressive pricing strategies to a service-oriented business model for electricity sales companies, which could stabilize market expectations [9]. 2. Natural Gas: Global Price Fluctuations - As of November 28, U.S. Henry Hub spot prices reached $4.59/mmBtu, reflecting an 11.13% weekly increase, while European prices, such as TTF, fell by 5.37% to €28.75/MWh [12][13]. - The report notes that U.S. natural gas demand has surged due to cold weather, despite record production levels, leading to a tightening supply-demand balance [16]. - In Northeast Asia, LNG prices have decreased to $10.90/mmBtu, down 6.52% week-on-week, driven by weak demand and high inventory levels [31][34]. 3. Investment Recommendations - Hydropower: Favorable autumn floods are expected to enhance hydropower generation capacity for the winter and spring, with recommendations for major hydropower companies [10]. - Thermal Power: The diversification of revenue sources in thermal power companies is highlighted, with recommendations for integrated coal and power companies [11]. - Nuclear Power: The report suggests focusing on nuclear power companies due to stable cost structures and expected growth from new approvals [11]. - Green Energy: The introduction of new market rules for renewable energy is expected to stabilize returns for green energy operators [11]. - Gas and Environmental Companies: Recommendations include integrated gas trading companies and environmentally focused firms benefiting from regulatory changes [37].

截至2025H1，公司在全国运营263个城燃项目，截至2024年底项目数量前五省份分别为河北、广东、安 徽、江苏、山东。2024年零售气量262.0亿立方米，同比增长4.2%;2025Q1-3实现零售气量191.9亿立方 米，同比增长2.0%，高于全国天然气表观消费量同比增速。居民顺价持续推进，助力毛差修复，2024 年公司毛差0.54元/立方米，同比提升0.04元/立方米。成本端受益于国际气价下行，有望持续改善，在 手长协挂钩日本JCC原油价格指数，下行趋势亦带来成本改善空间。 燃气接驳利润占比持续下降，影响减弱期待企稳 华源证券发布研报称，首次覆盖，给予新奥能源(02688)"买入"评级，新奥能源作为全国性城燃企业， 正通过私有化整合实现与母公司新奥股份（600803）的协同效应。公司天然气业务稳健，泛能及智家业 务具备成长空间，私有化流程推进促进产业链一体化整合。 华源证券主要观点如下： 民营全国性城燃公司，私有化促进优势协同 公司成立于1993年，为新奥集团下属全国性城燃公司，控股股东新能(香港)为新奥股份的全资子公司。 2025年3月26日，新奥股份(A)、新奥能源(H)发布重组方案公告，新奥股份当 ...

油气ETF紧密跟踪国证石油天然气指数，国证石油天然气指数反映沪深北交易所石油天然气产业相关上 市公司的证券价格变化情况。 数据显示，截至2025年11月28日，国证石油天然气指数(399439)前十大权重股分别为中国石油 (601857)、中国石化(600028)、中国海油(600938)、杰瑞股份(002353)、广汇能源(600256)、招商轮船 (601872)、新奥股份(600803)、中远海能(600026)、大众公用(600635)、海油工程(600583)，前十大权重 股合计占比65.78%。 油气ETF(159697)，场外联接(A：019827；C：019828；I：022861)。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 截至2025年12月1日 10:36，国证石油天然气指数(399439)强势上涨1.82%，成分股杰瑞股份(002353)上涨 8.26%，招商轮船(601872)上涨6.81%，中远海能(600026)上涨4.30%，新奥股份(600803)，博迈科 (603727)等个股跟涨。油气ETF(159697)上涨1.22%， 冲击3连涨。最新 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4][6]. Core Views - The company is a leading private national city gas company, with ongoing privatization efforts aimed at promoting industry chain integration [5][8]. - The natural gas retail business shows steady growth, benefiting from cost reductions and price adjustments, while the gas connection business's impact is expected to stabilize [8][44]. - The company is expanding its diversified energy and smart home businesses, which are anticipated to contribute to incremental performance growth [5][8]. Summary by Sections Company Overview - The company, established in 1993, is a leading private clean energy distributor in China, primarily engaged in the investment, construction, operation, and management of gas pipeline infrastructure [14][15]. - As of mid-2025, the company operates 263 city gas projects across 22 provinces and municipalities in China [14]. Financial Performance - The company forecasts revenues of RMB 113.858 billion in 2023, with a projected decline to RMB 109.853 billion in 2024, followed by a recovery to RMB 112.714 billion in 2025 [4]. - The net profit attributable to shareholders is expected to be RMB 6.816 billion in 2023, decreasing to RMB 5.987 billion in 2024, and then increasing to RMB 6.248 billion in 2025 [4]. Privatization Process - The company is undergoing a privatization process led by its major shareholder, New Hope Group, which currently holds 34.28% of the company [5][38]. - The privatization plan includes a share exchange and cash payment, with a total value of HKD 80 per share, indicating a 12.8% upside from the closing price on November 28, 2025 [5][40]. Natural Gas Business - The company’s retail gas volume is projected to reach 262 billion cubic meters in 2024, with a year-on-year growth of 4.2% [5][48]. - The gas connection business has seen a decline in new residential connections, dropping from 2.622 million in 2021 to 1.617 million in 2024, but the impact on overall revenue is manageable compared to peers [5][74]. Growth Opportunities - The company is expanding its diversified energy and smart home businesses, with the smart home segment expected to grow at a CAGR of 22.7% from 2020 to 2024 [5][8]. - The company has a robust pipeline of projects in the energy sector, with a total installed capacity of 6.9 GW and 1.6 GW under construction as of September 2025 [5][8]. Market Position - The company’s market capitalization is approximately HKD 80.284 billion, with a debt-to-asset ratio of 50.52% as of mid-2025, indicating a stable financial position [2][4]. - The company’s price-to-earnings ratio is projected to be 12, 11, and 10 times for the years 2025, 2026, and 2027, respectively, which is competitive compared to peers [6].

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The cumulative installed power generation capacity in China increased by 17.3% year-on-year as of October 2025, reaching 3.75 billion kilowatts [5] - The report highlights a significant increase in solar power generation capacity, which grew by 43.8% year-on-year, while wind power capacity increased by 21.4% [5] - The report indicates that the electricity market is expected to see a gradual increase in prices due to ongoing market reforms and supply-demand dynamics [5] Summary by Sections Market Performance - As of November 28, the utility sector rose by 0.9%, underperforming the broader market, which increased by 1.6% [12] - The electricity sector specifically saw a 0.65% increase, while the gas sector rose by 3.27% [16] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) decreased by 9 CNY/ton week-on-week, settling at 818 CNY/ton [22] - Coal inventory at Qinhuangdao Port increased by 400,000 tons week-on-week, totaling 6 million tons [29] - Daily coal consumption in 17 inland provinces rose by 30,000 tons/day week-on-week, reaching 3.541 million tons [31] Natural Gas Industry Data Tracking - The LNG ex-factory price index in China was 4,312 CNY/ton as of November 28, down 3.88% year-on-year [56] - The U.S. HH spot price increased by 15.3% week-on-week, reaching 4.59 USD/MMBtu, while the European TTF price decreased by 5.6% [59] - The total natural gas supply in the EU for week 47 was 6.23 billion cubic meters, a year-on-year increase of 8.0% [64] Key Industry News - The National Energy Administration reported that the average utilization hours of power generation equipment decreased by 260 hours year-on-year, totaling 2,619 hours [5] - The cumulative geological reserves of coalbed methane in China exceeded 700 billion cubic meters as of October 2025 [5] Investment Recommendations - The report suggests focusing on leading coal power companies such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight electricity supply areas [5] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are recommended, including Xin'ao and Guanghui Energy [5]

晨光中，胜利油田地面工程维修中心工厂化预制基地内，全位置自动化焊机的嗡鸣伴着金属切割的火花 此起彼伏。 操作台前，焊工师傅们正紧盯屏幕上的焊接参数，焊枪精准"游走"，留下一道道规整如鱼鳞的焊缝—— 这是油田"六化"中预制化的场景。"以前在野外焊管线，焊缝质量缺乏保障，还得担心动火风险。"地面 工程维修中心工厂化预制项目部负责人谢立军回忆道。 效率和质量提升的同时，带来的还有精度的"拿捏"。"现在加工114毫米以下的主力管线，从切割、打磨 到焊接，全流程在车间完成，误差能控制在0.1毫米以内，比野外手工加工精度高太多了。"工厂化预制 项目部管工商好亮拿起一段预制好的管线介绍。 数据显示，项目投产至今，工厂自动化焊接率已达90%，日均能生产10.5套油井井口，产量是生产现场 施工的2倍多。不仅如此，预制基地还以贴心之举，精准满足各单位的"个性化需求"，尽显服务与专业 水准。 东胜公司因员工少、管井多，作业拆卸井口费时费力，预制基地"按需"专门加长管线横段，让员工不用 卸井口就能直接作业；针对环保方面的新规定，预制基地新增"带油套连通装置"，用油套连通替代原有 的取样阀直排，杜绝油气污染。 "开发单位有啥需要，我们 ...

Market Overview - The gas sector increased by 1.15% on November 28, with Delong Huineng leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Key Performers in Gas Sector - Delong Huineng (000593) closed at 11.96, up 6.22% with a trading volume of 506,400 shares and a transaction value of 589 million [1] - Xinjiang Torch (603080) closed at 23.21, up 6.08% with a trading volume of 65,700 shares and a transaction value of 150 million [1] - Shengtong Energy (001331) closed at 14.32, up 5.84% with a trading volume of 64,300 shares and a transaction value of 90.55 million [1] - Other notable performers include Shouhua Gas (300483) up 5.28% and ST Jinjis (000669) up 4.87% [1] Capital Flow Analysis - The gas sector saw a net inflow of 116 million from institutional investors, while retail investors experienced a net outflow of 80.75 million [2] - The main capital inflow was observed in Shouhua Gas with a net outflow of 34.62 million from institutional investors [3] - Ninefeng Energy (605090) had a net inflow of 31.72 million from institutional investors, indicating strong interest [3]

Core Viewpoint - The successful completion of the green factory project application report by the Shengli Oilfield Technical Testing Center's Environmental Assessment Center is significant for enhancing the green image of enterprises and improving the level of green enterprise creation [1] Group 1: Green Factory Project - The green factory recognition work is crucial for establishing a sound green manufacturing system and serves as a key project for demonstrating advanced models [1] - The Environmental Assessment Center provides comprehensive technical services, including standard interpretation, current situation analysis, scheme optimization, and report preparation [1] Group 2: Technical Support and Achievements - Over the past four years, the Environmental Assessment Center has actively conducted technical services for green factory recognition within the oilfield [1] - Several development units, including Dongxin, Guda, and Hekou, have received the "Green Factory" recognition from the China Petroleum and Chemical Industry Federation, contributing to the enhancement of the oilfield's green enterprise construction level [1]