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].

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Views - The National Development and Reform Commission has introduced new pricing regulations for power transmission and distribution, which will promote the development of green electricity. The new regulations focus on local consumption and cross-province transmission, facilitating the utilization of renewable energy and enhancing the efficiency of power grid companies [2][13] - The exploration of a two-part or capacity-based pricing system for cross-province and cross-region projects will stabilize the revenue from clean energy transmission and improve the utilization rate of high-voltage channels [3][14] - Multiple provinces are rolling out market-oriented trading plans for 2026, which will accelerate the transformation of the electricity market by mandating a high proportion of long-term contracts and ensuring that coal-fired power trading prices fluctuate within a specified range [8][10] Summary by Sections Industry Overview - The report highlights the positive impact of new transmission and distribution pricing regulations on renewable energy consumption and the introduction of market-oriented trading plans for 2026 [2][8] Market Performance - The Shanghai Composite Index closed at 3,888.6 points, up 1.4%, while the CSI 300 Index rose 1.64% to 4,526.66 points. The CITIC Power and Utilities Index increased by 0.88%, underperforming the CSI 300 by 0.76 percentage points [63][64] Key Investment Opportunities - The report recommends focusing on flexible resources such as thermal power and investment opportunities in energy storage and virtual power plants. Specific stocks highlighted include Huaneng International, Huadian International, and China Nuclear Power [8][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。 证券代码：600956 证券简称：新天绿能 公告编号：2025-067 新天绿色能源股份有限公司 关于变更签字注册会计师的公告 特此公告。 新天绿色能源股份有限公司（以下简称"公司"或"本公司"）于 2025 年 3 月 25 日召开第五届董事会第十二次会议、于 2025 年 6 月 27 日召开 2024 年年度股 东大会，审议通过了《关于本公司聘请 2025 年度审计机构的议案》，同意继续聘 任安永华明会计师事务所（特殊普通合伙）（以下简称"安永华明"）为公司 2025 年度财务报告及内部控制审计机构。具体内容详见公司分别于 2025 年 3 月 26 日、2025 年 6 月 28 日在上海证券交易所网站（www.sse.com.cn）披露的《新天 绿色能源股份有限公司关于续聘会计师事务所的公告》（公告编号：2025-015） 和《新天绿色能源股份有限公司 2024 年年度股东大会决议公告》（公告编号： 2025-033）。近日，公司收到安永华明送达的《关于变更新天绿色能源 ...

Core Viewpoint - New天绿色能源 has appointed Ernst & Young Hua Ming as the auditing firm for its 2025 financial report and internal control audit, with changes in the signing accountants due to personnel adjustments [2] Group 1: Audit Firm and Personnel Changes - Ernst & Young Hua Ming will conduct the audit for the 2025 financial report and internal control [2] - Wang Ning is designated as the first signing accountant, while Zhao Siqi replaces Qi Lina as the second signing accountant [2] - The change in signing accountants is aimed at ensuring timely completion of the 2025 audit and better coordination for information disclosure [2]

Core Viewpoint - New天绿色能源 has appointed Ernst & Young Hua Ming as the auditing firm for its 2025 financial report and internal control audit, with changes in the signing accountants due to personnel adjustments [1] Group 1 - Ernst & Young Hua Ming will conduct the audit for the 2025 financial report and internal control [1] - Wang Ning is designated as the first signing accountant, while Zhao Siqi replaces Qi Lina as the second signing accountant [1] - The change in signing accountants is aimed at ensuring timely completion of the 2025 audit and better coordination for information disclosure [1]

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。 本公告乃由新天綠色能源股份有限公司（「本公司」）根據《香港聯合交易所有限公司證券上市規則》第 13.10B條作出。 茲載列本公司於上海證券交易所網站刊發之《新天綠色能源股份有限公司關於變更簽字註冊會計師的 公告》，僅供參閱。 承董事會命 新天綠色能源股份有限公司 譚建鑫 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） 海外監管公告 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。 新天绿色能源股份有限公司（以下简称"公司"或"本公司"）于 2025 年 3 月 25 日召开第五届董事会第十二次会议、于 2025 年 6 月 27 日召开 2024 年年度股 东大会，审议通过了《关于 ...

Core Viewpoint - The company, Xintian Green Energy, has approved the acquisition of 49% equity stakes in Chongli Jiantou Huashi Wind Power Co., Ltd. and Zhangbei Jiantou Huashi Wind Power Co., Ltd. from a minority shareholder, which will result in full ownership of these companies [1] Group 1: Acquisition Details - The acquisition will be executed by the company's wholly-owned subsidiary, Hebei Jiantou New Energy Co., Ltd., through a public bidding process [1] - The purchase price for the 49% stake in Chongli Wind Power is RMB 67.6505 million, while the stake in Zhangbei Wind Power is RMB 56.58765 million [1] - The transaction has been formalized with a signed property transaction contract, and the payment will be completed within five working days after the contract takes effect [1] Group 2: Impact on Company - Following the acquisition, Hebei Jiantou New Energy will hold 100% equity in both Chongli Wind Power and Zhangbei Wind Power, which will become wholly-owned subsidiaries of the company [1] - The acquisition is not expected to have a significant impact on the company's financial status or operational results, nor will it harm the interests of the company and its shareholders [1]

证券代码：600956 证券简称：新天绿能 公告编号：2025-066 新天绿色能源股份有限公司 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。 一、交易概述 新天绿色能源股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召开 第六届董事会第一次会议，审议通过了《关于收购崇礼建投华实风能有限公司、 张北建投华实风能有限公司股权的议案》，同意公司全资子公司河北建投新能源 有限公司（以下简称"建投新能源"）通过公开竞价摘牌方式参与收购崇礼建投 华实风能有限公司（以下简称"崇礼风能公司"）、张北建投华实风能有限公司 （以下简称"张北风能公司"，与"崇礼风能公司"合称"标的公司"）少数股 东鲁能新能源（集团）有限公司持有的 49%股权。详细内容见公司于 2025 年 8 月 27 日披露的《关于下属子公司拟通过公开摘牌方式参与收购合营公司股权的 公告》（公告编号 2025-049）。 二、公开竞拍结果 建投新能源作为唯一竞标方被确认为标的公司的受让方，崇礼风能公司 49% 股权受让价格为人民币 6,765.0527 万 ...

Core Viewpoint - The company has approved the acquisition of 49% equity stakes in Chongli Jiantou Huashi Wind Power Co., Ltd. and Zhangbei Jiantou Huashi Wind Power Co., Ltd. from a minority shareholder, which will result in full ownership of these companies [1] Group 1: Acquisition Details - The acquisition will be executed by the company's wholly-owned subsidiary, Hebei Jiantou New Energy Co., Ltd., through a public bidding process [1] - The purchase price for the 49% stake in Chongli Wind Power Company is RMB 67.6505 million, while the stake in Zhangbei Wind Power Company is RMB 56.58765 million [1] - The transaction has been formalized with a signed property transaction contract, and the payment will be completed within five working days after the contract takes effect [1] Group 2: Impact on Company Structure - Following the completion of the acquisition, the company will hold 100% equity in both Chongli Wind Power Company and Zhangbei Wind Power Company, which will become wholly-owned subsidiaries [1] - The financial status and operational results of the company will not be significantly impacted by this acquisition, and it will not harm the interests of the company or its shareholders [1]

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） 海外監管公告 本公告乃由新天綠色能源股份有限公司（「本公司」）根據《香港聯合交易所有限公司證券上市規則》第 13.10B條作出。 茲載列本公司於上海證券交易所網站刊發之《新天綠色能源股份有限公司關於下屬子公司擬通過公 摘牌方式參與收購合 公司股 的進展公告》，僅供參閱。 承董事會命 新天綠色能源股份有限公司 譚建鑫 執行董事及總裁 中國河北省石家莊市，2025年11月25日 於本公告日期，本公司非執行董事為曹欣博士、李連平博士、秦剛先生、張旭蕾博士、盧榮先生及 趙士毅先生；本公司執行董事為譚建鑫先生；以及本公司獨立非執行董事為周文港博士、楊晶磊博 士、陳奕斌先生及劉斌先生。 * 僅供識別 证券代码：600956 证 ...