Core Viewpoint - 嘉澳环保 reported significant growth in revenue for the third quarter, with a year-on-year increase of 511.45% [1] Financial Performance - The company's revenue for the third quarter reached 1.707 billion yuan, while the net profit was 52.869 million yuan [1] - For the first three quarters, the total revenue amounted to 3.005 billion yuan, reflecting a year-on-year growth of 189.39% [1] - However, the net profit for the first three quarters showed a loss of 25.366 million yuan [1]

格隆汇10月17日丨嘉澳环保(603822.SH)公布，公司前三季度营业收入30.05亿元，同比增长189.39%； 归属于上市公司股东的净利润-2536.59万元；基本每股收益-0.3302元。 ...

Overview - The company Zhejiang Jiaao Environmental Protection Technology Co., Ltd. has completed a capital increase and introduced a new investor into its subsidiary Lianyungang Jiaao New Energy Co., Ltd. [1][2] Group 1: Capital Increase Details - The company held a board meeting on July 25, 2025, where it approved the capital increase and the introduction of a new investor, China National Aviation Fuel Group Investment Co., Ltd. [1] - The new investment amounts to 261,444,444 RMB, which will increase the registered capital of Lianyungang Jiaao from 2,353,000,000 RMB to 2,614,444,444 RMB [1][2] - The existing shareholders waived their preemptive rights regarding this capital increase [1] Group 2: Completion of Registration - The company has completed the necessary business registration changes and received a new business license from the Lianyungang Market Supervision Administration [2] - Following the capital increase, China National Aviation Fuel will hold a 10% stake in Lianyungang Jiaao [2] - The company remains the controlling shareholder of Lianyungang Jiaao, maintaining actual control over the subsidiary [2]

点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 责任编辑：小浪快报 market嘉澳环保（603822）于2025年10月11日发布公告，披露了子公司引入投资者的最新进展。 2025年7月25日，嘉澳环保第六届董事会第二十次会议审议通过相关议案，同意控股子公司连云港嘉澳 新能源有限公司增资扩股并引入投资者，现有股东放弃优先认购权。最终确定投资者为中国航油集团投 资有限公司，中国航油拟以261,444,444元人民币取得标的公司新增注册资本261,444,444元人民币。 近日，连云港嘉澳已办理完成相关工商变更登记手续，并取得新营业执照。变更完成后，连云港嘉澳的 注册资本从2,353,000,000元人民币增加至2,614,4 ...

证券代码：603822 股票简称：嘉澳环保 编号：2025-051 浙江嘉澳环保科技股份有限公司 关于子公司引入投资者进展暨完成工商变更登记的 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个别及连带责任。 一、本次增资情况概述 浙江嘉澳环保科技股份有限公司（以下简称"公司"）于 2025 年 7 月 25 日召开第六届董事会第二十次会议，审议通过了《于控股子公司增资扩股暨引入 新投资人的议案》、《关于公司放弃对子公司优先认购权的议案》，同意公司的 控股子公司连云港嘉澳新能源有限公司（以下简称"连云港嘉澳"或"标的公司"） 拟增资扩股并引入投资者，标的公司现有股东就本次增资事项放弃优先认购权。 投资者（最终确定为"中国航油集团投资有限公司"，以下简称"中国航油"） 拟以 261,444,444 元人民币取得标的公司新增注册资本 261,444,444 元人民币 （以下简称"本次增资"）。本次增资完成后，标的公司的注册资本由 2,353,000,000 元人民币增加至 2,614,444,444 元人民币。具体内容详见公司于 202 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - In August, the electricity consumption growth rate in the secondary industry increased, contributing the largest increment to total electricity consumption, accounting for 59% of the total increase [3][7] - The total electricity consumption in August reached 10,154 billion kWh, a year-on-year increase of 5.0% [3][6] - The manufacturing sector saw a record monthly growth rate for the year, with high-tech and equipment manufacturing electricity consumption growing by 9.1%, surpassing the average manufacturing growth rate by approximately 4.6 percentage points [3][7] Summary by Sections 1. Electricity: August Secondary Industry Consumption Growth - The total electricity consumption in August was 10,154 billion kWh, with a year-on-year growth of 5.0% [3][6] - The first industry consumed 164 billion kWh (9.7% growth), the second industry consumed 5,981 billion kWh (5.0% growth), the third industry consumed 2,046 billion kWh (7.2% growth), and residential consumption was 1,963 billion kWh (2.4% growth) [3][8] - The secondary industry contributed the most to the total electricity consumption increase, with a significant growth in manufacturing, particularly in high-tech and equipment manufacturing [6][7] 2. Gas: Supply and Demand Stability - Global gas prices have shown narrow fluctuations, with the Henry Hub spot price at $2.90/mmBtu, a weekly increase of 0.17% [16][19] - The LNG national ex-factory price was 4,016 yuan/ton, with a slight weekly decrease of 0.07% [16][36] - The report suggests a positive outlook for city gas companies due to cost reductions and improved profitability [38] 3. Weekly Market Review - The public utility and environmental protection sectors underperformed compared to the CSI 300 index, while the electric equipment sector outperformed [40][42] 4. Company and Industry Dynamics - The report highlights recent government initiatives aimed at promoting high-quality development in energy equipment, focusing on enhancing the efficiency of energy conversion equipment and advancing renewable energy technologies [49] - Key announcements from companies include significant contract wins and strategic investments aimed at enhancing operational capabilities and market positioning [50]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending specific companies for investment based on their performance and market conditions [3][16][18]. Core Insights - The report highlights that in August, the total electricity consumption reached 10,154 billion kWh, marking a year-on-year growth of 5.0%. The second industry contributed the largest increase, accounting for 59% of the total electricity increment [3][8][9]. - The report notes that global gas prices are experiencing slight fluctuations, with the Henry Hub spot price at $2.90/mmBtu and the TTF spot price at €32.15/MWh as of September 26 [18][19]. - The report emphasizes the stable growth in electricity consumption driven by high temperatures and government policies aimed at boosting consumption [8][9]. Summary by Sections 1. Electricity Sector - In August, the second industry saw a significant increase in electricity consumption, with a year-on-year growth of 5.0% and contributing 59% to the total electricity increment [3][9]. - The manufacturing sector achieved a record monthly growth rate, particularly in high-tech and equipment manufacturing, which grew by 9.1% year-on-year [9][10]. - The report recommends investments in hydropower, green energy, nuclear power, and thermal power companies, citing favorable conditions for growth and profitability [16][17]. 2. Gas Sector - The report indicates that the supply-demand dynamics for gas remain stable, with slight fluctuations in global gas prices. The LNG price in Northeast Asia decreased by 2.61% to $11.20/mmBtu [18][19]. - It highlights the steady increase in U.S. natural gas inventories and the impact of mild weather on heating and cooling demands, leading to low price volatility [21][27]. - The report suggests focusing on integrated gas companies and city gas firms that are expected to benefit from cost reductions and improved profitability [41][42]. 3. Market Performance Review - The report notes that the public utility and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 indices, while the power equipment sector outperformed [43][44]. 4. Company and Industry Dynamics - Recent government initiatives aim to enhance the quality of energy equipment and promote the development of renewable energy sources [52]. - The report includes updates on major companies' announcements, including contract wins and strategic investments, which are expected to positively impact their future performance [52][53]. 5. Key Company Valuation Table - The report provides a valuation table for key companies in the public utility and environmental sectors, indicating their market positions and potential for growth [54].

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The SAF (Sustainable Aviation Fuel) industry is experiencing a price increase due to reduced overseas supply and strong global demand, with EU and China SAF FOB prices rising by 46% and 33% respectively since the beginning of 2025 [5] - The domestic SAF market is expected to grow rapidly, driven by favorable demand and limited overseas supply, with the potential for Chinese SAF products to gain market share due to their low-carbon attributes [6] Summary by Sections SAF Price Trends - As of September 24, 2025, EU and China SAF FOB prices are $2,705 and $2,400 per ton respectively, marking increases of 46% and 33% since the start of 2025 [5] - The price of waste cooking oil (UCO) is 7,400 RMB per ton, reflecting a 15% increase since the beginning of 2025 [5] Supply and Demand Dynamics - Recent supply constraints include Shell's decision to halt the construction of a large biofuel plant and NESTE's scheduled maintenance for its facilities, which will reduce SAF supply [5] - Demand is bolstered by EU's financial support for SAF procurement and Singapore's plans to implement SAF tax incentives [5] Competitive Landscape - The EU's imposition of anti-dumping duties on US SAF products enhances the competitiveness of Chinese SAF products, as China has not yet established clear subsidy policies for its SAF industry [6] - The potential for more Chinese SAF companies to enter the export whitelist is anticipated, further strengthening the market position of domestic SAF products [6] Beneficiary Companies - Beneficiary companies identified include Jiaao Environmental Protection, Shanggou Environmental Energy, Zhuoyue New Energy, Haineng Science and Technology, and Pengyao Environmental Protection [7]

Group 1: Chemical Sector Performance - The chemical raw materials index decreased by 1.21%, while the chemical machinery index increased by 2.90% [1] - The pharmaceutical index fell by 1.36%, and the pesticide and fertilizer index dropped by 2.50% [1] - The oil processing index declined by 2.22%, the oil extraction index decreased by 3.17%, and the oil trading index fell by 1.46% [1] Group 2: Oil Prices - As of September 19, the WTI crude oil futures settled at $62.68 per barrel, down 0.02% from September 12 [1] - The Brent crude oil futures settled at $66.68 per barrel, down 0.46% from the previous Friday [1] Group 3: Petrochemical Product Price Changes - The top five petrochemical products with price increases were liquid chlorine (up 22.93%), isooctyl acrylate (up 7.47%), acrylic acid (up 5.04%), calcium carbide (up 4.94%), and MMA (up 4.51%) [1] - The top five petrochemical products with price decreases were vitamin E (down 10.00%), epichlorohydrin (down 6.44%), sulfuric acid (down 4.94%), p-nitrochlorobenzene (down 4.62%), and dichloromethane (down 3.64%) [1] Group 4: Capital Market Performance of Chemical Companies - The top five performing listed chemical companies were Kaimete Gas (up 28.62%), Hongda Explosive (up 22.93%), Sanwei Co. (up 22.53%), Zhongshi Technology (up 21.57%), and Jinghua New Materials (up 18.94%) [2] - The bottom five performing listed chemical companies were Runyang Technology (down 11.48%), Lafang Cosmetics (down 10.43%), Wankai New Materials (down 10.42%), Jiaao Environmental Protection (down 10.25%), and Shilong Industrial (down 9.41%) [2]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for these industries [4]. Core Insights - In August, the average daily power generation exceeded 30 billion kilowatt-hours for the first time, with total industrial power generation reaching 936.3 billion kilowatt-hours, a year-on-year increase of 1.6% [9][57]. - The report highlights the continued growth of thermal power and the significant contribution of renewable energy sources, particularly wind and solar power, to the overall power generation increase [10][11]. - Global gas prices are experiencing narrow fluctuations, with a stable supply-demand balance in the market, particularly in the U.S. and Europe [20][29]. Summary by Sections 1. Power Generation - In August, the total power generation was 936.3 billion kilowatt-hours, with a daily average of 30.2 billion kilowatt-hours, marking a 1.6% increase year-on-year [9][57]. - The breakdown of power generation types shows thermal power at 6,274 billion kilowatt-hours (up 1.7%), hydropower at 1,479 billion kilowatt-hours (down 10.1%), nuclear power at 645 billion kilowatt-hours (up 5.9%), wind power at 738 billion kilowatt-hours (up 20.2%), and solar power at 538 billion kilowatt-hours (up 15.9%) [11][58]. - The report emphasizes the strong growth of renewable energy, with wind and solar power showing significant year-on-year increases of 20.2% and 15.9%, respectively [10][11]. 2. Natural Gas - As of September 19, the Henry Hub spot price was $2.89/mmBtu, reflecting a weekly decrease of 1.80%, while the TTF spot price in Europe remained stable at €32.00/MWh [20][21]. - The report notes that U.S. natural gas production remains high, contributing to a stable supply-demand balance and low price fluctuations [23][29]. - The LNG ex-factory price in China was 4,019 yuan/ton, with a weekly decrease of 0.84%, indicating a softening market due to weak domestic demand [41][44]. 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Yangtze Power due to stable growth and financial benefits from interest rate cuts [18]. - In the renewable energy sector, companies such as Xintian Green Energy and Funi Co. are highlighted for their stable returns and high profitability [18]. - The report suggests focusing on integrated natural gas traders like New Hope Energy and Shenzhen Gas, as well as city gas companies benefiting from cost reductions [44].