Investment Rating - The report maintains a "Positive" outlook on the power and gas sectors, highlighting the full coverage of the electricity spot market in the State Grid operating area and the seasonal rise in gas prices in Europe and the US [1]. Core Insights - The electricity spot market in the State Grid operating area has achieved near-complete coverage, with 18 provincial-level markets in continuous settlement trial operation as of November 1, 2025. This includes the formal operation of inter-provincial markets and five provincial-level markets [4][8]. - In the gas sector, US Henry Hub spot prices rose to $3.76/mmBtu, reflecting a weekly increase of 5.52%, while European gas prices also saw increases due to seasonal demand [13][19]. Summary by Sections 1. Electricity - The State Grid operating area has nearly achieved full coverage of the electricity spot market, with significant developments in various provinces. As of November 1, 2025, the market has transitioned to continuous settlement trials in Sichuan and Chongqing [4][8]. - In Shanxi, the first province to fully implement the electricity spot market, the average spot price for electricity was recorded at 0.283 yuan/kWh, with a total of 156.23 billion kWh cleared in the first half of 2025 [10]. - The growth of renewable energy capacity in Shanxi has been substantial, with an increase of 128.75% since the 14th Five-Year Plan, leading to a significant impact on electricity pricing and market dynamics [10]. 2. Gas - The report notes a divergence in global gas prices, with US prices rising while Asian LNG prices remain stable due to ample supply. As of November 7, 2025, the Northeast Asia LNG spot price was $11.10/mmBtu, unchanged from the previous week [13][27]. - The report highlights the increase in US natural gas production and demand, with the Henry Hub futures price reaching $4.32/mmBtu, marking a 4.63% increase [14][19]. - Recommendations for investment in gas-related companies include those with integrated natural gas trading capabilities, such as Kunlun Energy and New Hope Energy, as well as city gas companies benefiting from cost reductions [31]. 3. Weekly Market Review - The report indicates that the electricity equipment, public utilities, environmental protection, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the week of November 2 to November 9, 2025 [35]. 4. Company and Industry Dynamics - As of September 2025, China's new energy storage capacity exceeded 100 million kW, representing over 40% of the global total, with significant contributions from various regions [41]. - The report also notes that the National Energy Administration is actively promoting the construction of a unified national electricity market, with trading volumes and participants steadily increasing [41].

Summary of Conference Call on SAF and Biodiesel Market Industry Overview - The conference call focused on the Sustainable Aviation Fuel (SAF) and biodiesel market, particularly in Europe and China [1][2][3]. Key Points and Arguments 1. **Price Increase of SAF and HVO** - European FOB high-end price for aviation kerosene has risen to $2,860 per ton, marking a 51% increase year-to-date [1][2]. - The increase is attributed to rising HVO prices, which have led to a tighter SAF supply, and seasonal production adjustments in Europe [2]. 2. **Government Support for Biodiesel** - The Chinese Ministry of Commerce has proposed support for domestic biodiesel and marine fuel blending operations, which could significantly increase domestic biodiesel blending volumes if a 24% blending ratio is assumed [1][3]. - This policy is expected to create a substantial market increment for biodiesel in China [3]. 3. **EU Carbon Emission Regulations** - Starting January 1, 2024, the EU will include ship carbon emissions in its carbon market, with a full 100% carbon emission requirement for ships entering Europe from 2026 [1][4]. - This regulation is anticipated to further stimulate demand for biodiesel [4]. 4. **Market Demand and Supply Dynamics** - As of November 8, 2025, China has approved 11.06 million tons of biodiesel export licenses, with European SAF demand expected to rise to a 2% blending ratio, leading to a total demand nearing 1 million tons [1][5]. - The price gap between products and raw materials is widening, suggesting continued profitability for SaaS companies in Q4 [5]. 5. **Company Performance and Capacity Expansion** - 卓越新能 (Zhuoyue New Energy) has stable performance in the biodiesel sector, with production capacities of 200,000 tons in Singapore and 300,000 tons in Thailand, and plans to expand HVO capacity to 100,000 tons [1][6]. - 优蔻 (UCO) has seen a decline in export volume due to the cancellation of export tax rebates but remains competitive due to its high emission reduction efficiency [1][7]. - The export price for UCO has increased by 18.5% year-on-year, although this increase is less than that of downstream products [7]. Recommendations - The companies recommended for investment include 卓越新能 (Zhuoyue New Energy), 山高环能 (Shangao Environmental), and 嘉澳环保 (Jiaao Environmental), all of which have leading positions in their respective fields and significant growth potential [1][8].

Group 1 - The biomass energy sector is experiencing significant activity, with several companies seeing substantial stock price increases [1] - Hai Xin Energy Technology and Shan Gao Environmental Energy have reached their daily price limit, indicating strong investor interest [1] - Zhuo Yue New Energy and Peng Yao Environmental Protection have risen over 10%, while Jia Ao Environmental Protection has increased nearly 8%, reaching a historical high [1]

Core Points - The company held its second extraordinary general meeting of shareholders for 2025 on November 3, 2025, with no resolutions being rejected [2][4] - The meeting was legally convened and conducted in accordance with relevant laws and regulations [2][7] Group 1: Meeting Details - The meeting was held at the company's second-floor conference room [2] - All 8 current directors and 3 current supervisors attended the meeting, along with the board secretary and other senior management [3] Group 2: Resolutions Passed - The proposal to reappoint Lixin Zhonglian Accounting Firm as the company's accounting firm for the year 2025 was approved [4] - The proposal to abolish the supervisory board and amend the company's articles of association was also approved [4] - Multiple management system amendments were approved, including revisions to the rules for shareholder meetings, board meetings, independent director systems, external guarantee decision-making, external investment management, related party transaction management, fundraising management, investor relations management, information disclosure management, major asset operation methods, and the implementation details of cumulative voting [5][6]

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]