证券日报网讯 11月26日晚间，新奥股份发布公告称，公司2025年限制性股票激励计划（简称"本激励计 划"）规定的限制性股票预留授予条件已经成就。根据公司2025年第一次临时股东大会授权，公司于 2025年10月17日召开第十一届董事会第四次会议，审议通过了《关于向公司2025年限制性股票激励计划 激励对象授予预留部分限制性股票的议案》，确定限制性股票的预留授予日为2025年10月17日，向符合 条件的17名激励对象合计授予预留部分限制性股票488万股，预留授予价格为8.58元/股。本激励计划预 留授予的激励对象已完成缴款，在资金缴纳过程中，预留授予的1名激励对象自愿放弃认购部分限制性 股票，放弃认购股数4.66万股。因此，本激励计划预留授予激励对象人数仍为17人，预留授予股数由 488万股调整为483.34万股。根据中喜会计师事务所于2025年11月10日出具的《验资报告》，截至2025 年11月10日止，公司实际收到17名激励对象缴纳的认购股款合计41，470，572.00元。经公司与上海证 券交易所和中国证券登记结算有限责任公司上海分公司确认，本次预留授予17名激励对象的4，833， 400股限制性股票 ...

经公司与上海证券交易所和中国证券登记结算有限责任公司上海分公司确认，本次预留 授予17名激励对象的4,833,400股限制性股票将由无限售条件流通股变更为有限售条件流通 股，股份来源为公司从二级市场回购的公司人民币A股普通股股票。公司股本结构变更情况 如下： 证券代码：600803 证券简称：新奥股份 公告编号：临 2025-096 新奥天然气股份有限公司 关于股份性质变更暨 2025 年限制性股票激励计划 预留授予的进展公告 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"）2025年限制性股票激励计划（以下简称"本 激励计划"）规定的限制性股票预留授予条件已经成就。根据公司2025年第一次临时股东大 会授权，公司于2025年10月17日召开第十一届董事会第四次会议，审议通过了《关于向公司 2025年限制性股票激励计划激励对象授予预留部分限制性股票的议案》，确定限制性股票的 预留授予日为2025年10月17日，向符合条件的17名激励对象合计授予预留部分限制性股票 488万股，预留授予价 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries based on their performance and market conditions [2]. Core Insights - The report highlights a significant increase in electricity consumption in October, with a year-on-year growth of 10.4%, driven primarily by the tertiary sector and residential usage [5][10]. - Natural gas prices exhibit mixed trends globally, with U.S. prices rising while European prices are stabilizing [22][30]. - The report provides specific investment recommendations across various segments, including hydropower, green energy, nuclear power, thermal power, and gas [20][21]. Summary by Sections 1. Electricity Sector - In October, total electricity consumption reached 857.2 billion kWh, marking a 10.4% increase year-on-year. The first, second, and third industries, along with residential consumption, saw growth rates of 13.2%, 6.2%, 17.1%, and 23.9%, respectively [12][10]. - The tertiary sector's electricity consumption grew the fastest, particularly in internet data services related to big data and AI, which surged by 46% [11]. - The report notes that the second industry contributes over 60% of total electricity consumption, with high-tech and equipment manufacturing showing significant growth [11][12]. 2. Gas Sector - As of November 21, U.S. Henry Hub spot prices were $4.13/mmBtu, reflecting an 18.33% weekly increase, while European gas prices showed slight declines [22][30]. - The report indicates that U.S. natural gas supply remains robust, with a notable increase in LNG demand, contributing to rising prices [24][25]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and increased sales, such as Kunlun Energy and New Hope Energy [44]. 3. Weekly Market Review - The report notes that the public utility, gas, and power equipment sectors underperformed compared to the Shanghai and Shenzhen 300 index during the week of November 17 to November 21 [47]. 4. Company and Industry Dynamics - The report discusses the commissioning of China's highest-altitude wind power project in Tibet, which is expected to provide significant clean energy and economic benefits to the local community [50][53]. - It also highlights various local government initiatives aimed at promoting green electricity and renewable energy projects, including direct connections for green electricity [54][55].

Core Insights - The National Petroleum and Natural Gas Index (399439) has shown a slight increase of 0.03% as of November 24, 2025, with notable gains in constituent stocks such as Bomeike (603727) up 5.58% and China Merchants Energy (601872) up 4.68% [1] Group 1: Market Performance - The oil and gas ETF (159697) increased by 0.26%, with the latest price at 1.14 yuan [1] - The index reflects the price changes of publicly listed companies in the oil and gas sector on the Shanghai and Shenzhen stock exchanges [1] Group 2: Industry Outlook - According to Huatai Securities, the demand from oil-producing countries remains focused on value rather than volume, suggesting that OPEC+ may sacrifice prices in the short term to gain market share [1] - The Brent crude oil price is expected to be supported around $60 per barrel due to pressures for rebalancing and the impact of North American shale oil costs, particularly before the acceleration of global energy transition and increased supply from South America [1] - High-dividend energy leading companies with the ability to increase production and reduce costs, as well as growth in natural gas business, may present investment opportunities [1] Group 3: Index Composition - As of October 31, 2025, the top ten weighted stocks in the National Petroleum and Natural Gas Index include China National Petroleum (601857), China Petroleum & Chemical (600028), and China National Offshore Oil (600938), collectively accounting for 65.09% of the index [2]

Group 1 - The stock price of Xin'ao Co., Ltd. increased by 1.97%, reaching a new high of 21.26 CNY per share [1] - The total market capitalization of the company surpassed 65.844 billion CNY [1] - The trading volume amounted to 142 million CNY [1]

Group 1 - The stock price of Xin'ao Co., Ltd. reached a historical high, increasing by 2.06% to 21.28 yuan, with a trading volume of 6.9788 million shares and a transaction amount of 147 million yuan, resulting in a turnover rate of 0.23% [1] - The latest total market capitalization of Xin'ao Co., Ltd. in A-shares is 65.906 billion yuan, while the circulating market capitalization is not specified [1] - In the public utility sector, the overall decline is 1.32%, with four stocks, including Xin'ao Co., Ltd., showing an increase, with the top gainers being Dazhong Public Utility and Changjiang Electric Power, rising by 3.25% and 2% respectively [1] Group 2 - As of November 20, the margin balance for Xin'ao Co., Ltd. is 197 million yuan, with a financing balance of 195 million yuan, reflecting a decrease of 15.3722 million yuan over the past ten days, a decline of 7.29% [1] - The company's Q3 report indicates that for the first three quarters, it achieved operating revenue of 95.893 billion yuan, a year-on-year decrease of 2.92%, and a net profit of 3.426 billion yuan, down 1.87% year-on-year, with basic earnings per share at 1.1100 yuan and a weighted average return on equity of 14.0% [1]

Market Overview - The gas sector increased by 0.37% on November 20, with Dazhong Public Utilities leading the gains [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Dazhong Public Utilities (600635) closed at 7.39, up 9.97% with a trading volume of 3.5587 million shares and a transaction value of 2.598 billion [1] - Delong Huineng (000593) closed at 10.80, up 4.35% with a trading volume of 472,800 shares and a transaction value of 517 million [1] - Jiufeng Energy (605090) closed at 34.50, up 1.47% with a trading volume of 95,600 shares and a transaction value of 331 million [1] - Other notable stocks include Xin'ao Co. (600803) up 0.68%, and Shan Natural Gas (002267) up 0.37% [1] Fund Flow Analysis - The gas sector saw a net inflow of 463 million from main funds, while retail funds experienced a net outflow of 96.6018 million [2] - Main funds showed significant interest in Dazhong Public Utilities with a net inflow of 812.1 million, representing 31.24% of the total [3] - Retail investors showed a net outflow from several stocks, including Delong Huineng and Xin'ao Co., indicating a shift in investor sentiment [3]

Market Overview - The gas sector experienced a decline of 1.74% on November 19, with Shengli Co. leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, down 0.0% [1] Individual Stock Performance - Notable performers in the gas sector included: - Xin Ao Co. (600803) with a closing price of 20.71, up 1.07% and a trading volume of 105,500 shares [1] - Shouhua Gas (300483) closed at 16.75, up 0.42% with a trading volume of 315,300 shares [1] - Guizhou Gas (600903) closed at 7.36, up 0.41% with a trading volume of 321,800 shares [1] - Conversely, Shengli Co. (000407) saw a significant drop of 10.00%, closing at 6.03 with a trading volume of 809,500 shares [2] - Other notable declines included: - Changchun Gas (600333) down 8.00% to 6.90 [2] - Xinjiang Torch (603080) down 5.28% to 22.59 [2] Capital Flow Analysis - The gas sector experienced a net outflow of 535 million yuan from main funds, while retail investors contributed a net inflow of 463 million yuan [2][3] - The breakdown of capital flow showed: - New Natural Gas (603393) had a main fund net inflow of 13.43 million yuan but a retail net outflow of 12.62 million yuan [3] - Guizhou Gas (600903) saw a main fund net inflow of 6.56 million yuan, with a retail net inflow of 202,450 yuan [3] - Shengli Co. (000407) had a significant main fund net outflow of 6.76 million yuan [3]

Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental protection sectors [3] Core Insights - The report highlights a significant increase in electricity production in October, with total generation reaching 800.2 billion kWh, a year-on-year growth of 7.9% [4][11] - Hydropower and thermal power contributed the most to the increase in electricity generation, while wind power saw a decline of 11.9% compared to the previous year [4][10] - Natural gas prices showed mixed trends globally, with stable prices in Asia and fluctuations in Europe and North America [22][40] Summary by Sections 1. Electricity Production - In October, thermal power generation was 513.8 billion kWh, up 7.3% year-on-year, while hydropower generation reached 135.1 billion kWh, up 28.2% [4][11] - The total increase in electricity generation for October was approximately 58.6 billion kWh, with thermal power contributing 35 billion kWh and hydropower contributing 29.7 billion kWh [10][11] - The Three Gorges Reservoir achieved its water storage target of 175 meters, supporting future hydropower generation [10] 2. Natural Gas Market - As of November 14, the Henry Hub spot price in the U.S. was $3.49/mmBtu, a weekly decrease of 7.32% [22] - The TTF spot price in Europe was €30.80/MWh, showing a slight weekly change of 0.81% [22] - Northeast Asia's LNG spot price remained stable at $11.10/mmBtu, with domestic supply being sufficient [22][40] 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Huaneng Hydropower due to favorable autumn water conditions [20] - In the green energy sector, companies such as Xintian Green Energy and Longyuan Power are suggested for their stable returns and high utilization hours [20] - For nuclear power, the report highlights China Nuclear Power and China General Nuclear Power as key players due to ongoing approvals for new units [20] - In the thermal power sector, companies like Guodian Power and Inner Mongolia Huadian are recommended due to decreasing fuel costs [20] - The report also suggests focusing on integrated natural gas companies like Kunlun Energy and New Hope Energy for their potential recovery in profitability [42][43]

Core Viewpoint - The oil and gas sector is experiencing upward movement in stock prices, driven by geopolitical tensions and supply disruptions, particularly from Russia, which has halted exports equivalent to 2% of global supply [1]. Group 1: Market Performance - As of November 17, 2025, the National Oil and Gas Index (399439) increased by 0.28%, with significant gains in constituent stocks such as Shun Oil (603353) up 9.99% and Victory Shares (000407) up 9.93% [1]. - The Oil and Gas ETF (159697) rose by 0.60%, marking its fourth consecutive increase, with the latest price at 1.18 yuan [1]. Group 2: Supply and Price Dynamics - The geopolitical situation has led to a suspension of exports from Russian Black Sea ports, impacting supply by approximately 2% of global oil production, equating to 2.2 million barrels per day [1]. - According to Huatai Securities, multiple factors including OPEC+ production increases, rising risks of Russian oil sanctions, and an increase in U.S. commercial crude oil inventories have contributed to a downward trend in oil price levels [1]. Group 3: Key Holdings - As of October 31, 2025, the top ten weighted stocks in the National Oil and Gas Index include major companies such as China National Petroleum (601857) and Sinopec (600028), collectively accounting for 65.09% of the index [2]. - The Oil and Gas ETF is closely tracking the National Oil and Gas Index, reflecting the price changes of publicly listed companies in the oil and gas sector [1][2].