Investment Rating - The report provides a positive investment outlook for the electricity and natural gas sectors, highlighting potential growth opportunities in renewable energy and natural gas consumption [4][8]. Core Insights - The green certificate market is experiencing a significant increase in both volume and price, with a 210% rise in average trading prices in Q3 compared to Q1. The total issuance of green power certificates reached 2.29 billion in September 2025, with 1.58 billion being tradable [7][8]. - Global natural gas prices are fluctuating, with the U.S. Henry Hub spot price reaching a six-month high of $3.57/mmBtu, while European prices are showing mixed trends [9][11]. - The report anticipates an increase in natural gas consumption in Q4 2025 due to low base effects and expected higher heating demand from a potential La Niña phenomenon [30][31]. Summary by Sections Electricity - The average trading price of green certificates increased by 210% in Q3 compared to Q1. The issuance of green certificates reached 2.29 billion in September 2025, with 1.58 billion being tradable, indicating a robust market growth [7][8]. - The report emphasizes the need for further development of the green certificate market and the introduction of regulations to enhance renewable energy consumption [4][7]. Natural Gas - As of October 31, 2025, the U.S. Henry Hub spot price was $3.57/mmBtu, marking an 11.16% increase week-on-week. In contrast, European gas prices showed a decline, with the TTF spot price at €30.35/MWh, down 5.42% [9][10]. - The report notes a decrease in China's apparent natural gas consumption in September 2025, but anticipates a rebound in Q4 2025 due to low base effects and increased heating demand [30][31]. - The LNG national ex-factory price in China rose to 4407 yuan/ton, reflecting a 3.11% increase week-on-week, driven by rising demand ahead of the heating season [28][30]. Investment Recommendations - The report recommends several companies based on their performance and market conditions: - Hydropower: Focus on Guotou Power, Chuan Investment Energy, and Yangtze Power due to favorable hydrological conditions [8]. - Green Power: Attention to New Energy, Funiu Co., Longyuan Power, and China Resources Power for their stable returns [8]. - Nuclear Power: Recommendations for China Nuclear Power and China General Nuclear Power due to ongoing approvals for new units [8]. - Thermal Power: Companies like Guodian Power and Huadian International are highlighted for improved profitability due to falling coal prices [8]. - Gas Power: Recommendations for Guangzhou Development and Shenzhen Energy based on expected stability in profitability [8].

证券代码：603822 证券简称：嘉澳环保 公告编号：2025-061 浙江嘉澳环保科技股份有限公司 2025年第二次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 11 月 3 日 (二)股东大会召开的地点：公司二楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： (一)非累积投票议案 1、 议案名称：关于续聘立信中联会计师事务所（特殊普通合伙）为公司 2025 年度会计师事务所的议案 审议结果：通过 表决情况： | 股东类型 | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | | | 票数 | 比例（%） | 票数 | 比例 | 票数 | 比例 | | | | | | （%） | | （%） | | A 股 | 31,068,065 | 99.9739 | 7,700 | 0.0247 ...

上海市锦天城律师事务所 法律意见书 2025 年第二次临时股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于浙江嘉澳环保科技股份有限公司 2025 年第二次临时股东大会的 法律意见书 上海市锦天城律师事务所 关于浙江嘉澳环保科技股份有限公司 致：浙江嘉澳环保科技股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受浙江嘉澳环保科技股份有 限公司（以下简称"公司"或"嘉澳环保"）委托，就公司召开 2025 年第二次临时 股东大会（以下简称"本次股东大会"）的有关事宜，根据《中华人民共和国公司 法》（以下简称《公司法》）、《上市公司股东会规则》等法律、法规、规章和其他 规范性文件以及《浙江嘉澳环保科技股份有限公司章程》（以下简称《公司章程》） 的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了 ...

Investment Rating - The report maintains a "Buy" rating for various sectors including hydropower, green electricity, nuclear power, thermal power, and gas power [4][9][44]. Core Insights - The green certificate market is experiencing a significant increase in both volume and price, with a 210% rise in average trading price in Q3 compared to Q1 [8]. - Global natural gas prices are fluctuating, with the US Henry Hub spot price reaching a near six-month high of $3.57/mmBtu, while European prices are showing mixed trends [11][12]. - The report anticipates a potential increase in gas consumption growth in Q4 2025 due to low base effects and high demand expectations, despite a 1.6% year-on-year decline in September gas consumption [32][33]. Summary by Sections 1. Electricity - In September 2025, 229 million green electricity certificates were issued, with 68.86% being tradable [4][8]. - The report highlights the improvement in market mechanisms and the growing demand for renewable energy consumption [8]. 2. Natural Gas - As of October 31, 2025, the US Henry Hub spot price increased by 11.16% week-on-week, while European prices showed a decline [11][12]. - The report notes a 1.6% year-on-year decrease in national gas consumption in September, with expectations for growth in Q4 2025 due to favorable weather conditions [32][33]. 3. Investment Recommendations - Recommendations include hydropower companies such as Guotou Power and Chuanwei Energy, green electricity firms like Xintian Green Energy and Longyuan Power, and gas companies including Kunlun Energy and New Hope Energy [9][44]. - The report emphasizes the potential for improved profitability in the gas sector due to declining costs and rising demand [33][44].

证券代码：603822 股票简称：嘉澳环保 编号：2025-060 浙江嘉澳环保科技股份有限公司 关于 2025 年半年度暨第三季度业绩说明会召开情况 的公告 答：您好，2025 年 10 月 30 日，商务部正式发布《关于拓展绿色贸易的实 施意见》。该文件明确提出，支持在综合保税区内开展国产生物柴油与船用燃料 油的混兑调和业务。同时，鼓励具备条件的地方积极探索并为国际航行船舶提供 保税液化天然气、生物柴油、绿色甲醇、绿色氨等清洁能源燃料的加注服务。 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个别及连带责任。 浙江嘉澳环保科技股份有限公司（以下简称"公司"）于 2025 年 10 月 31 日 13:00-14:45 通过上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/），采用视频录播和网络文字互动问答方式召开公 司 2025 年半年度暨第三季度业绩说明会。关于本次业绩说明会的召开事项，公 司已于 2025 年 10 月 23 日在《上海证券报》、《中国证券报》、《证券时报》、《证 券日报 ...

Group 1 - The chemical products sector increased by 1.03% on October 31, with Zhuoyue New Energy leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] - Notable gainers in the chemical products sector included Zhuoyue New Energy, which rose by 11.71% to a closing price of 49.88, and Baihehua, which increased by 10.02% to 16.03 [1] Group 2 - The chemical products sector saw a net inflow of 8.81 billion yuan from institutional investors, while retail investors experienced a net outflow of 1400.95 million yuan [2] - Major stocks with significant net inflows included Yongtai Technology with 3.46 billion yuan and Duofuduo with 3.37 billion yuan [3] - Conversely, stocks like Kai Met Gas and Xinheng experienced notable net outflows from retail investors, indicating a shift in investor sentiment [3]

Core Insights - The biodiesel sector experienced a 0.65% increase on October 28, with Hai Xin Neng Ke leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Sector Performance - The biodiesel sector stocks showed varied performance, with the following notable movements: - Ben Liu Neng Yu (300072) closed at 4.04, up 1.51% with a trading volume of 718,800 shares and a turnover of 294 million yuan - Peng Yao Environmental (300664) closed at 5.63, up 1.26% with a trading volume of 151,700 shares and a turnover of 85.2 million yuan - Shan Gao Huan Neng (000803) closed at 6.73, up 1.20% with a trading volume of 75,900 shares and a turnover of 50.7 million yuan - Zhuang Jue Xin Neng (688196) closed at 45.00, up 0.83% with a trading volume of 94,175 shares and a turnover of 42 million yuan - Jia Ao Environmental (603822) closed at 88.93, up 0.51% with a trading volume of 26,000 shares and a turnover of 2.35 billion yuan - Zhong Liang Technology (000930) closed at 5.93, down 0.17% with a trading volume of 133,100 shares and a turnover of 78.9 million yuan - Guo Ji Shi Ye (000159) closed at 6.14, down 0.49% with a trading volume of 145,700 shares and a turnover of 89.6 million yuan [1] Capital Flow Analysis - The biodiesel sector saw a net inflow of 30.4 million yuan from institutional investors, while retail investors experienced a net outflow of 19.4 million yuan [1] - Detailed capital flow for key stocks includes: - Jia Ao Environmental (603822) had a net inflow of 34.5 million yuan from institutional investors, but a net outflow of 2.97 million yuan from retail investors - Zhong Liang Technology (000930) had a net inflow of 6.6 million yuan from institutional investors, with a net outflow of 1.12 million yuan from retail investors - Hai Xin Neng Ke (300072) had a net inflow of 4.0 million yuan from institutional investors, but a significant net outflow of 1.78 million yuan from retail investors - Zhuang Jue Xin Neng (688196) experienced a net outflow of 1.16 million yuan from institutional investors [2]

Core Points - The company will hold an investor briefing on October 31, 2025, from 13:00 to 14:45 to discuss its 2025 semi-annual and third-quarter performance [2][3][4] - The briefing will be conducted via video and online interactive Q&A, allowing investors to engage with the company's management [3][4] - Investors can submit questions from October 24 to October 30, 2025, before the briefing [2][4] Meeting Details - The meeting will take place at the Shanghai Stock Exchange Roadshow Center [4] - Key participants include the Chairman and General Manager, Mr. Shen Jian, and the Board Secretary and CFO, Mr. Wu Yimin [4] - Investors can access the meeting online through the Shanghai Stock Exchange Roadshow Center website [4][6] Contact Information - The contact person for inquiries is Mr. Wu Yimin, who can be reached via phone or email [6]

证券代码：603822 证券简称：嘉澳环保 公告编号：2025-059 浙江嘉澳环保科技股份有限公司 关于召开 2025 年半年度暨第三季度业绩说明会的公 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。 重要内容提示： 会议召开时间：2025 年 10 月 31 日 （星期五） 13:00-14:45 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频录播和网络文字互动问答 投资者可于 2025 年 10 月 24 日 （星期五） 至 10 月 30 日 （星 期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 wuyimin_jahb@163.com 进行提问。公司将在说明会 上对投资者普遍关注的问题进行回答。 浙江嘉澳环保科技股份有限公司（以下简称"公司"）已分别于 2025 年 8 月 23 日和 2025 年 10 月 18 日发布公司 2025 年半年度报告、 2025 年第三季度报告，为便 ...

嘉澳环保 2025 年第二次临时股东大会会议材料 证券代码：603822 股票简称：嘉澳环保 | 2025 | 年第二次临时股东大会会议议程 | 3 | | --- | --- | --- | | 2025 | 年第二次临时股东大会须知 | 5 | | 议案一·关于续聘立信中联会计师事务所（特殊普通合伙） | | | | 为公司 2025 | 年度会计师事务所的议案 | 7 | | 议案二·关于取消监事会并修订《公司章程》的议案 | | 8 | | 议案三·关于修订、制定和废止公司部分管理制度的议案 | | 9 | 2 嘉澳环保 2025 年第二次临时股东大会会议材料 2025 年第二次临时股东大会会议议程 网络投票时间：采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东大会召开当日的交易时间段，即 2025 年 11 月 3 日 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平 台 的 投 票 时 间 为 股 东 大 会 召 开 当 日 2025 年 11 月 3 日 的 9:15-15:00。 浙江嘉澳环保科技股份有限公司 二〇二五年第二次临时股东大会 ...