香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 CHINA SUNTIEN GREEN ENERGY CORPORATION LIMITED* 新天綠色能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00956） 2025年11月主要經營數據 根據本公司初步統計，2025年11月，本集團按合併報表口徑完成輸╱售氣量40,388.22萬立方米， 同比增加25.36%，其中售氣量36,709.62萬立方米，同比增加34.13%；代輸氣量3,678.60萬立方 米，同比減少24.13%。截至2025年11月30日，累計完成輸╱售氣量468,192.27萬立方米，同比減少 10.57%，其中售氣量424,227.99萬立方米，同比減少7.07%；代輸氣量43,964.28萬立方米，同比減少 34.42%。 新天綠色能源股份有限公司（「本公司」）謹此公佈，根據本公司初步統計，2025年11月，本公司及其 附屬公司（合稱「本集團」）按合 ...

Group 1 - The core viewpoint of the article is that the transformation of brokerage asset management large collective products into public offerings is entering a critical phase, with a deadline set for the end of 2025 for completion [1][2][4] - The three main paths for product disposal include transferring to affiliated public funds, liquidation, or transitioning to private equity [2][3] - The trend of "cross-group migration" is emerging, where some brokerages are transferring products to third-party public fund managers without direct equity ties [3][4] Group 2 - The application for public fund licenses by brokerages has reached a standstill, indicating the end of the licensing rush that began in 2023, leading to a new phase of differentiated competition [4][5] - Some brokerages are leveraging their dual licenses (public and private) to accelerate business expansion, with examples like Caitong Asset Management showcasing a stable business structure [4][5] - The focus is shifting from merely obtaining public licenses to enhancing investment research capabilities and business collaboration as key competitive advantages [7][8] Group 3 - Investment research and collaborative capabilities are identified as critical factors for brokerages to compete effectively against banks and public funds [7][8] - Brokerages can utilize their integrated financial ecosystem to provide comprehensive services, enhancing their competitive edge in a saturated market [8] - The ability to quickly respond to market changes and adapt product offerings is highlighted as a significant strength of brokerage asset management [8]

Investment Rating - The report maintains a rating of "Overweight" for the electricity industry [3] Core Views - The introduction of the 2026 electricity trading scheme in Jiangsu and Zhejiang provinces aims to deepen market reforms, enhance price predictability, and encourage the consumption of renewable energy [14][6] - The "computing power and electricity synergy" strategy is being promoted at the national level to meet the growing electricity demand from the AI industry, with a focus on using clean energy [6][15] - The report recommends focusing on flexible thermal power resources, energy storage, and virtual power plants as investment opportunities [7] Summary by Sections Industry Overview - The Shanghai Composite Index rose by 0.37% to 3902.81 points, while the CSI 300 Index increased by 1.28% to 4584.54 points during the week [62] - The CITIC Power and Utilities Index reported a slight increase of 0.01% to 3114.45 points, underperforming the CSI 300 Index by 1.26 percentage points [62] Key Developments - The 2026 electricity trading scheme in Zhejiang introduces a requirement that at least 70% of annual trading volume must be secured through long-term contracts, enhancing market stability [14] - In Jiangsu, the trading scheme allows for all renewable energy projects to enter the market, with a focus on signing long-term purchase agreements [14] - The report highlights a significant increase in computing power demand, with a 30% annual growth rate in total computing power scale in China [6] Investment Recommendations - The report suggests investing in thermal power companies such as Huaneng International, Guodian Power, and Datang Power, as well as in leading companies in flexible thermal power transformation [7] - It also recommends focusing on undervalued green energy companies, particularly in wind and solar power sectors, such as Xintian Green Energy and Longyuan Power [7] - For hydropower and nuclear power, companies like Yangtze Power and China Nuclear Power are highlighted as potential investments [7] Market Trends - The report notes that coal prices have decreased to 800 RMB per ton, which may positively impact thermal power generation costs [17] - The carbon market saw a price increase of 0.69% this week, with a closing price of 60.06 RMB per ton [57]

证券日报网讯 12月4日，新天绿能在互动平台回答投资者提问时表示，于2025年9月30日，公司股东总 数为39209户，其中，A股股东38094户，H股股东1115户。 （文章来源：证券日报） ...

证券日报网讯 12月4日，新天绿能在互动平台回答投资者提问时表示，二级市场股价波动受宏观经济、 行业周期、市场情绪等多种因素影响，存在一定程度的不确定性。公司始终把做好经营管理作为稳定股 价的核心，不断提升公司的经营质量与价值创造能力，力争为股东创造更多的价值。 （文章来源：证券日报） ...

证券日报网讯12月4日，新天绿能（600956）在互动平台回答投资者提问时表示，公司目前暂未布局绿 色甲醇相关业务，也无该领域在手订单。 ...

Core Viewpoint - The company has not yet entered the green methanol business and currently has no orders in this field, but it is committed to a diversified development strategy and will continue to explore opportunities in the renewable energy industry [1] Group 1 - The company is not currently involved in green methanol-related business [1] - There are no existing orders in the green methanol sector [1] - The company is focused on a diversified development strategy and is attentive to technological advancements and market opportunities in the renewable energy industry [1] Group 2 - The company plans to conduct ongoing research and development in green methanol and related fields, aligning with industry trends and its strategic planning [1] - The company will leverage its technological reserves to explore new opportunities [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新天綠色能源股份有限公司 (於中華人民共和國註冊成立的股份有限公司) FF301 第 1 頁 共 11 頁 v 1.1.1 備註： 本月底法定/註冊股本總額： RMB 4,512,693,073 根據日期為2025年8月27日的股份認購協議，於2025年11月7日配發及發行307,000,000股新H股 FF301 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00956 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,839,004,396 | RM ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 重新提交 致：香港交易及結算所有限公司 公司名稱: 新天綠色能源股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00956 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,839,004,396 | RMB | | 1 RMB | | 1,839,004,396 | | 增加 / 減少 (-) | | | 307,000,000 | | | RMB | | 307,000,000 | | 本月底結存 | | | 2,146,004,396 | RMB | | ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 新天綠色能源股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00956 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,839,004,396 | RMB | | 1 | RMB | | 1,839,004,396 | | 增加 / 減少 (-) | | | 307,000,000 | | | | RMB | | 307,000,000 | | 本月底結存 | | | 2,146,004,396 | RMB | | 1 | RMB | ...