Group 1 - Starry Meizu officially enters the Middle East market, launching multiple products including the Meizu 21 series smartphones and various smart wearable devices [2] - New Hope Group signs a 15-year LNG purchase agreement with ADNOC, committing to an annual supply of approximately 1 million tons of LNG, marking the largest LNG contract between the UAE and a Chinese partner [2] - Zhejiang Construction International and Alawael Group sign a strategic cooperation agreement to exclusively collaborate on engineering and construction projects in the Middle East, excluding Saudi Arabia [2] Group 2 - Shanghai Foreign Economic Group and Tadweer Group sign a memorandum of understanding to develop a facility in Abu Dhabi that converts industrial solid waste into green building materials [3] - UNCTAD and the UAE Ministry of Investment sign a memorandum to enhance cooperation in investment policy formulation and sustainable economic development [3] - UAE establishes the Global Energy Efficiency Alliance to improve energy efficiency across various sectors, aiming to double the rate of energy efficiency improvements by 2030 [3] Group 3 - Dubai International Airport retains its title as the world's busiest international airport for the 11th consecutive year, serving 92.3 million passengers in the previous year, a 6.1% increase from 2023 [4] - Abu Dhabi's tourism sector is projected to contribute 62 billion dirhams (approximately 16.9 billion USD) to the economy by 2025, with a 13% year-on-year growth [4] - Dubai South's MBRAH completes the first phase of its aerospace supply chain zone, covering 1.29 million square feet, with ongoing expansion projects [4] Group 4 - Abu Dhabi launches a life sciences cluster expected to contribute 25.6 billion USD to GDP and create 30,000 medical jobs by 2045 [5] - UAE updates tax regulations, adopting OECD guidelines on global anti-base erosion rules, furthering its commitment to international tax standards [5] - Ajman reports a 41% year-on-year increase in real estate transaction value, reaching 2.06 billion dirhams in March 2025 [6]

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Views - Concerns over economic recession due to tariffs have led to a significant drop in US gas prices, while tariffs have temporarily halted the recovery of European gas prices, with domestic prices remaining stable [1][10] - The report highlights a supply-demand analysis indicating a 2.1% week-on-week increase in total gas supply in the US, while total demand increased by 7% week-on-week [15][17] - The report emphasizes the ongoing adjustments in pricing mechanisms and the gradual recovery of demand in the domestic market [50][51] Price Tracking - As of April 17, 2025, US HH gas prices decreased by 20.6%, European TTF prices increased by 6.8%, and domestic LNG prices remained stable with a week-on-week change of -0.5% [10][12] - The average total supply of natural gas in the US reached 1,124 billion cubic feet per day, with a year-on-year increase of 6.3% [15] Supply and Demand Analysis - The report notes that the US gas market is experiencing a week-on-week price drop of 20.6% due to tariff-induced inflation concerns, while total demand has increased by 7% [15][17] - In Europe, gas consumption for March 2025 was 60.5 billion cubic meters, reflecting a year-on-year increase of 1.8% [17] Pricing Progress - The report indicates that 61% of cities have implemented residential pricing adjustments, with an average increase of 0.20 yuan per cubic meter [39] - The pricing mechanism is expected to continue evolving, with potential for further adjustments in the future [39] Important Events - The report details the increase of tariffs on US LNG to 140%, noting that the impact on supply is limited due to the small proportion of US LNG in China's total imports [46] - Ongoing negotiations regarding the Russia-Ukraine conflict are highlighted as a significant factor influencing European gas supply dynamics [49] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the evolving pricing mechanisms, particularly highlighting New Energy and China Gas as key players [50][51] - It suggests monitoring companies with strong long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xin'ao [51]

Investment Rating - The report maintains an "Overweight" rating for the utility sector, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [1]. Core Insights - In March, the total electricity consumption in the country increased by 4.8% year-on-year [1]. - The report highlights that the State Development and Reform Commission has issued guidelines to accelerate the development of virtual power plants, aiming for a national adjustment capacity of over 20 million kilowatts by 2027 and 50 million kilowatts by 2030 [4][44]. - The report notes a decline in average coal prices year-on-year, suggesting a favorable environment for thermal power companies [4][42]. Summary by Sections 1. Market Review - As of April 17, the Shenwan Utility Index fell by 1.0% over the past two weeks, outperforming the CSI 300 Index by 1.3 percentage points, ranking 9th among 31 Shenwan industries [11]. - Year-to-date, the Shenwan Utility Index has decreased by 3.0%, also outperforming the CSI 300 Index by 1.2 percentage points, ranking 17th among 31 industries [11]. 2. Industry Valuation - As of April 17, the valuation of the Shenwan Utility sector is at 17.7 times earnings, below the one-year average [17]. - The sub-sector valuations include: - Photovoltaic power: 78.8 times - Hydropower: 20.5 times - Integrated energy services: 19.6 times - Wind power: 19.4 times - Thermal services: 18.3 times - Gas: 17.9 times - Thermal power: 12.5 times [17][18]. 3. Industry Data Tracking - As of April 17, the average price of Q6000 coal at the pit in Yulin, Shaanxi, was 614 yuan per ton, down 0.3% from the previous value [32]. - The average price of Q5500 coal at Qinhuangdao port was 667 yuan per ton, down 0.2% from the previous value [32]. 4. Key Industry News - The report mentions several important announcements, including the release of the "New Generation Coal Power Upgrade Special Action Implementation Plan (2025-2027)" by the State Development and Reform Commission [4][41]. - The report also highlights the issuance of 174 million green power certificates in March 2025, a year-on-year increase of 9.39 times, with 82.26% being tradable [44]. 5. Industry Weekly Viewpoint - The report suggests focusing on thermal power companies such as Huadian International (600027), Guodian Power (600795), and Hubei Energy (000883) due to their strong performance in the current market environment [42]. - In the gas sector, it recommends attention to companies like Xin'ao Co. (600803), Jiufeng Energy (605090), and New Natural Gas (603393) [42].

4月17日，新奥股份（600803）(600803.SH)发布公告，对上交所针对近期重大资产购买预案的问询函做出回复，该问询为重组交易的常规流程。公告详细解 释了本次交易中新奥股份和标的新奥能源(02688.HK)的定价规则，并透露将采用银行贷款及自有资金结合的方式支付本次私有化对价，不会对公司资本结构 和偿债能力、运营能力有重大不利影响。 此前，新奥股份本次发布的交易引发市场广泛关注。新奥股份拟以全资子公司新能(香港)能源投资有限公司(下称"新能香港")为要约人，拟私有化新奥能 源，并通过介绍上市登陆港交所。因为涉及的两家上市公司市值均超过600亿元(以公告发布日价格计算)，这次交易涉及两地大盘龙头上市公司，广受关 注。 溢价私有化的定价合理 根据公告分析，此次新奥股份私有化新奥能源的价格，存在超过34%的溢价。本次公告详解了溢价的确定方式： 首先，新奥股份和新奥能源2024年的市盈率分别为13.46和13.81倍，与相关可比公司的估值一致。 其次，新奥股份对比了近10年和近5年成功完成类似私有化交易的溢价率比例，后者前30个、60个、90个交易日的平均收盘价溢价率中位数分别为42.65%、 43.87%和 ...

中国国际金融股份有限公司 关于上海证券交易所 重大资产购买预案信息披露的问询函》 独立财务顾问 之 二〇二五年四月 中国国际金融股份有限公司 关于上海证券交易所《关于对新奥天然气股份有限公司 《关于对新奥天然气股份有限公司 核查意见 之核查意见 根据上海证券交易所出具的《关于对新奥天然气股份有限公司重大资产购买预案信 息披露的问询函》（上证公函【2025】0356 号）（以下简称"《问询函》"），中国国际金 融股份有限公司作为新奥天然气股份有限公司本次交易的独立财务顾问，对《问询函》 中有关问题进行了认真分析和核查，现就核查情况回复如下。 如无特别说明，本核查意见中出现的简称均与《新奥天然气股份有限公司重大资产 购买暨关联交易预案》中的释义内容相同。 问题一、关于公司及新奥能源的每股定价。预案显示，每 1 股计划股份可以获得 公司新发行的 2.9427 股 H 股股份以及新能香港以现金方式按照 24.50 港元/股支付现金 付款。按照新百利对公司 H 股价值估计范围的中值（18.86 港元/股）计算，H 股股份 及现金付款的理论总价值约为 80.00 港元/股。 请公司：（1）说明 80 港元/股收购价格的定 ...

证券代码：600803 证券简称：新奥股份 公告编号：临 2025-038 新奥天然气股份有限公司 关于上海证券交易所《关于对新奥天然气股份有限公 司重大资产购买预案信息披露的问询函》的回复公告 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。 问题一、关于公司及新奥能源的每股定价。预案显示，每 1 股计划股份可以 获得公司新发行的 2.9427 股 H 股股份以及新能香港以现金方式按照 24.50 港元/股 支付现金付款。按照新百利对公司 H 股价值估计范围的中值（18.86 港元/股）计 算，H 股股份及现金付款的理论总价值约为 80.00 港元/股。 请公司：（1）说明 80 港元/股收购价格的定价依据、考虑因素和测算过程；（2） 结合公司 H 股估值报告中估值方法、可比公司或估值参数的选取依据，说明最终 估值结果的确定依据及与公司目前 A 股股价的差异及原因；（3）公司董监高持有 新奥能源股份的情况，是否存在本次交易过程中买卖新奥能源的情形。请独立财 务顾问发表意见。 回复： （一）说明 80 港元/股收购价格的定价依据 ...

证券代码：600803 证券简称：新奥股份 公告编号：临 2025-039 新奥天然气股份有限公司 关于重大资产购买暨关联交易预案的修订说明公告 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"）于 2025 年 4 月 9 日收到上海 证券交易所《关于对新奥天然气股份有限公司重大资产购买预案信息披露的问询 函》（上证公函【2025】0356 号）（以下简称"《问询函》"）。根据《问询函》的相关 要求，公司对《新奥天然气股份有限公司重大资产购买暨关联交易预案》（以下简 称"预案"）进行了相应补充和完善。现就本次修订的主要内容说明如下（如无特别 说明，本修订说明中的简称与预案中的简称具有相同含义）： | 章节 | | 标题 | 主要修订内容 | | --- | --- | --- | --- | | 重大事项提示 | | 三、本次交易决策过程 | 根据最新进展情况更新了本次交易尚需履行的 | | | | 和批准情况 | 内部和监管机构审批、备案程序 | | 重大风险提示 | | 一、与本次 ...

股票代码：600803 股票简称：新奥股份 上市地点：上海证券交易所 新奥天然气股份有限公司 重大资产购买暨关联交易预案 （修订稿） | 潜在交易对方 | 住所或通讯地址 | | --- | --- | | 于计划登记日除新能（香港）能源投资有 | | | 限公司外新奥能源控股有限公司的所有股 | - | | 东及有效接纳购股权要约的购股权持有人 | | 独立财务顾问 签署日期：二〇二五年四月 新奥天然气股份有限公司 重大资产购买暨关联交易预案（修订稿） 上市公司声明 本公司及全体董事、监事、高级管理人员保证本预案及其摘要内容的真实、准确、 完整，对本预案及其摘要的虚假记载、误导性陈述或重大遗漏负相应的法律责任；如因 存在虚假记载、误导性陈述或者重大遗漏，给公司或者投资者造成损失的，将依法承担 个别及连带的法律责任。 本公司控股股东、实际控制人、董事、监事、高级管理人员承诺，如本次交易所披 露或提供的信息涉嫌虚假记载、误导性陈述或者重大遗漏，被司法机关立案侦查或者被 中国证监会立案调查的，在形成调查结论以前，不转让在该上市公司拥有权益的股份， 并于收到立案稽查通知的两个交易日内将暂停转让的书面申请和股票账户提 ...

证券代码：600803 证券简称：新奥股份 公告编号：临 2025-041 新奥天然气股份有限公司 关于完成法定代表人工商变更登记的公告 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"）第十届董事会第二十六次会 议审议通过了《关于选举董事长暨变更法定代表人的议案》，选举蒋承宏先生为 公司董事长，同时变更公司法定代表人，具体内容详见公司于 2025 年 3 月 27 日在上海证券交易所网站（www.sse.com.cn）披露的公告（公告编号：临 2025-027）。 公司于 2025 年 4 月 16 日完成法定代表人工商变更登记手续，并取得石家庄 市市场监督管理局换发的《营业执照》，具体信息如下： 名称：新奥天然气股份有限公司 统一社会信用代码：91130100107744755W 注册资本：309708.7607 万人民币元 类型：股份有限公司（外商投资、上市） 成立日期：1992 年 12 月 29 日 法定代表人：蒋承宏 住所：河北省石家庄市和平东路 383 号 经营范围：以天然 ...

股票代码：600803 股票简称：新奥股份 上市地点：上海证券交易所 新奥天然气股份有限公司 重大资产购买暨关联交易预案（摘要） （修订稿） | 潜在交易对方 | 住所或通讯地址 | | --- | --- | | 于计划登记日除新能（香港）能源投资有 | | | 限公司外新奥能源控股有限公司的所有股 | - | | 东及有效接纳购股权要约的购股权持有人 | | 独立财务顾问 签署日期：二〇二五年四月 上市公司声明 本公司及全体董事、监事、高级管理人员保证预案及本预案摘要内容的真实、准确、 完整，对预案及本预案摘要的虚假记载、误导性陈述或重大遗漏负相应的法律责任；如 因存在虚假记载、误导性陈述或者重大遗漏，给公司或者投资者造成损失的，将依法承 担个别及连带的法律责任。 本公司控股股东、实际控制人、董事、监事、高级管理人员承诺，如本次交易所披 露或提供的信息涉嫌虚假记载、误导性陈述或者重大遗漏，被司法机关立案侦查或者被 中国证监会立案调查的，在形成调查结论以前，不转让在该上市公司拥有权益的股份， 并于收到立案稽查通知的两个交易日内将暂停转让的书面申请和股票账户提交上市公 司董事会，由董事会代其向证券交易所和证券 ...