Market Overview - A-shares opened lower on November 18, with the Shanghai Composite Index at 3962.44 points, down 0.24%, Shenzhen Component down 0.31%, and ChiNext down 0.51% [2]. Sector Performance - The lithium extraction from salt lakes and real estate sectors were active in bidding, while the coal and aerospace military industries experienced a pullback [5]. - The lithium mining sector continued its strong performance, with active bidding in the salt lake lithium extraction segment [8]. Lithium Sector Highlights - Key stocks in the lithium sector included: - Jinyuan Co. (涨停, 10.03% increase, market cap 5.4 billion) - Shengxin Lithium Energy (涨停, 9.99% increase, market cap 36.2 billion) - Guocheng Mining (涨停, 8.87% increase, market cap 34 billion) - Dazhong Mining (涨停, 7.22% increase, market cap 49.9 billion) - Yahua Group (涨停, 5.80% increase, market cap 30.5 billion) [9]. - Predictions from Ganfeng Lithium's chairman indicated a 30% increase in lithium carbonate demand by 2026, reaching 1.9 million tons, with supply expected to grow by 250,000 tons, suggesting a balanced supply-demand scenario [10]. Hainan Free Trade Zone Sector - The Hainan Free Trade Zone sector saw a notable rise, with stocks like Hainan Haiyao and Haima Automobile hitting涨停, and several others increasing over 5% [12][13]. - Key stocks included: - Shennong Seed Industry (涨幅 7.45%, market cap 6.2 billion) - Xinlong Holdings (涨幅 5.49%, market cap 4.3 billion) [14]. Victory Shares - Victory Shares experienced a涨停 for the sixth consecutive time, with a current price of 6.7 yuan per share and a market cap of 5.9 billion [16]. - The company announced a plan to acquire gas-related assets, with total assets of the target companies amounting to 2.171 billion by September 2025 [16].

Market Overview - The gas sector experienced a decline of 0.61% on November 17, with Shouhua Gas leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Notable gainers included: - Shengli Co., Ltd. (Code: 000407) with a closing price of 6.09, up 9.93% and a trading volume of 84,700 shares [1] - Changchun Gas (Code: 600333) closed at 8.00, up 4.17% with a trading volume of 1.3086 million shares [1] - Guo New Energy (Code: 600617) closed at 4.27, up 3.14% with a trading volume of 2.2808 million shares [1] - Notable decliners included: - Caohua Gas (Code: 300483) closed at 17.30, down 8.76% with a trading volume of 612,200 shares [2] - Kaiteng Gas (Code: 920010) closed at 14.35, down 6.70% with a trading volume of 169,600 shares [2] - Baichuan Energy (Code: 600681) closed at 5.11, down 5.89% with a trading volume of 1.6210 million shares [2] Capital Flow - The gas sector saw a net outflow of 379 million yuan from institutional investors, while retail investors contributed a net inflow of 267 million yuan [2] - The main capital flow data indicates: - Jiufeng Energy (Code: 605090) had a net inflow of 48.9985 million yuan from institutional investors [3] - Shengli Co., Ltd. (Code: 000407) had a net inflow of 16.6492 million yuan from institutional investors [3] - Zhongtai Co., Ltd. (Code: 300435) had a net inflow of 15.8782 million yuan from institutional investors [3]

Core Viewpoint - The oil and gas sector is experiencing upward movement in stock prices, driven by geopolitical tensions and supply disruptions, particularly from Russia, which has halted exports equivalent to 2% of global supply [1]. Group 1: Market Performance - As of November 17, 2025, the National Oil and Gas Index (399439) increased by 0.28%, with significant gains in constituent stocks such as Shun Oil (603353) up 9.99% and Victory Shares (000407) up 9.93% [1]. - The Oil and Gas ETF (159697) rose by 0.60%, marking its fourth consecutive increase, with the latest price at 1.18 yuan [1]. Group 2: Supply and Price Dynamics - The geopolitical situation has led to a suspension of exports from Russian Black Sea ports, impacting supply by approximately 2% of global oil production, equating to 2.2 million barrels per day [1]. - According to Huatai Securities, multiple factors including OPEC+ production increases, rising risks of Russian oil sanctions, and an increase in U.S. commercial crude oil inventories have contributed to a downward trend in oil price levels [1]. Group 3: Key Holdings - As of October 31, 2025, the top ten weighted stocks in the National Oil and Gas Index include major companies such as China National Petroleum (601857) and Sinopec (600028), collectively accounting for 65.09% of the index [2]. - The Oil and Gas ETF is closely tracking the National Oil and Gas Index, reflecting the price changes of publicly listed companies in the oil and gas sector [1][2].

证券研究报告·行业跟踪周报·燃气Ⅱ [Table_Tag] [投资要点 Table_Summary] 2025 年 11 月 17 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 谷玥 执业证书：S0600524090002 guy@dwzq.com.cn 燃气Ⅱ行业跟踪周报 降温预期消化，美国气价回落、欧洲&中国气 价微降 增持（维持） 行业走势 -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 18% 21% 2024/11/18 2025/3/18 2025/7/16 2025/11/13 燃气Ⅱ 沪深300 相关研究 《天气转冷美国&欧洲气价上涨，中 国供应充足气价微降》 2025-11-10 《天气转冷美国&中国气价上涨，欧 洲燃气发电出力下降气价回落》 2025-11-03 东吴证券研究所 1 / 14 请务必阅读正文之后的免责声明部分 ◼ 价格跟踪：降温预期消化，美国气价回落、欧洲&中国气价微降。截至 2025/11/14,美国 HH/欧洲 TTF/东亚 JKM/中国 LNG 出厂/中 ...

Core Viewpoint - The stock of Shengli Co., Ltd. has experienced a significant surge, achieving a total increase of 61.11% over the past five trading days, with a recent price of 6.09 yuan and a trading volume of 200.68 million shares [2] Group 1: Stock Performance - Shengli Co., Ltd. has hit the daily limit up for five consecutive trading days, with a trading turnover rate of 0.23% and a total transaction amount of 12.22 million yuan on the latest trading day [2] - The stock has been featured on the Dragon and Tiger List twice due to a cumulative deviation in the price increase of 20% over three consecutive trading days, with net purchases from leading brokerage firms totaling 66.23 million yuan [2] - The stock's cumulative turnover rate during the continuous limit-up period reached 3.93% [2] Group 2: Financial Performance - For the first three quarters, the company reported an operating income of 3.042 billion yuan, reflecting a year-on-year decrease of 5.07%, while net profit increased by 9.43% to 120 million yuan [2] - The basic earnings per share were reported at 0.1364 yuan, with a weighted average return on equity of 4.00% [2] Group 3: Company Background - Shengli Co., Ltd. was established on May 11, 1994, with a registered capital of 880.08 million yuan [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 一、股票交易异常波动的情况介绍 山东胜利股份有限公司（以下简称"公司"或"本公司"）股票（证券简称：胜利股份，证券代码： 000407）连续2个交易日（2025年11月13日、11月14日）收盘价格涨幅偏离值累计超过20%，根据深圳 证券交易所的有关规定，属于股票交易异常波动的情况。 二、关注、核实情况说明 针对股票异常波动情况，公司董事会就相关事项进行了核实，现将有关情况说明如下： 1.2025年11月10日，公司召开十一届七次董事会会议（临时），审议通过了《关于公司发行股份及支付 现金购买资产并募集配套资金暨关联交易方案的议案》《关于〈山东胜利股份有限公司发行股份及支付 现金购买资产并募集配套资金暨关联交易预案〉及其摘要的议案》等相关议案，具体内容详见公司于 2025年11月11日、11月12日刊登在巨潮资讯网（http://www.cninfo.com.cn）及指定信息披露媒体的相关 公告。 5.公司控股股东、实际控制人在股票交易异常波动期间不存在买卖公司股 ...

每经AI快讯，11月16日，胜利股份（000407）(000407.SZ)公告称，公司股票连续2个交易日收盘价格涨 幅偏离值累计超过20%，属于股票交易异常波动情况。经核实，公司目前经营情况稳定，内外部经营环 境未发生重大变化。除已披露的正在筹划的发行股份及支付现金购买资产并募集配套资金暨关联交易事 项外，公司不存在其他应披露而未披露的重大信息。公司控股股东、实际控制人在股票交易异常波动期 间不存在买卖公司股票的情形。 ...

二、关注、核实情况说明 针对股票异常波动情况，公司董事会就相关事项进行了核实，现将有关 情况说明如下： 1.2025 年 11 月 10 日，公司召开十一届七次董事会会议（临时），审议 通过了《关于公司发行股份及支付现金购买资产并募集配套资金暨关联交易 方案的议案》《关于<山东胜利股份有限公司发行股份及支付现金购买资产并 募集配套资金暨关联交易预案>及其摘要的议案》等相关议案，具体内容详 见 公 司 于 2025 年 11 月 11 日 、 11 月 12 日 刊 登 在 巨 潮 资 讯 网 （http://www.cninfo.com.cn）及指定信息披露媒体的相关公告。 除上述事项外，目前本公司不存在其他应披露而未披露的重大信息，不 存在前期披露的信息需要更正、补充之处。 证券代码：000407 证券简称：胜利股份 公告编号：2025-041 号 山东胜利股份有限公司 股票交易异常波动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、股票交易异常波动的情况介绍 山东胜利股份有限公司（以下简称"公司"或"本公司"）股票（证券 简称：胜利股份，证券代码 ...

Market Overview - The A-share market experienced high-level consolidation on November 14, with the three major indices opening lower due to a significant drop in overseas markets. The Shanghai Composite Index closed at 3990.49 points, down 0.97%, while the Shenzhen Component Index and the ChiNext Index fell by 1.93% and 2.82%, respectively. The total trading volume in the Shanghai and Shenzhen markets was 195.81 billion yuan, a decrease of 83.9 billion yuan from the previous trading day [2]. Gas Sector Performance - The gas sector showed resilience, with the Shenwan Gas Industry Index rising by 2.92%. Notable stocks included Shouhua Gas, which hit a 20% limit up, and other companies like Guo Nengyuan, Changchun Gas, and Shengli Co., all reaching their daily limit [2]. - Victory Co. has seen a continuous rise, with four consecutive limit-up days. The company announced plans to acquire 100% stakes in several gas companies and raise matching funds, aiming to enhance profitability and integrate industry resources [3]. Solid-State Battery Sector - The solid-state battery concept gained traction, with stocks like Fengyuan Co., Shida Shenghua, and Huafeng Co. hitting their daily limit. This sector is becoming a strong performer amidst a broader market pullback in AI hardware [4]. - The World Power Battery Conference held on November 12 resulted in 180 signed projects worth 86.13 billion yuan, focusing on key areas in green energy. Dongfeng Motor showcased a new generation of high-energy solid-state batteries with a density of 350 watt-hours per kilogram, addressing safety and low-temperature performance issues of traditional lithium batteries [5]. Technology Sector Dynamics - The technology sector is experiencing internal rotation, with the Shanghai Composite Index fluctuating around the 4000-point mark. Various sectors, including AI, new energy, and consumer goods, have shown performance, but the sustainability of these gains is limited [6]. - Analysts suggest that while external uncertainties are easing and domestic macro policies are strengthening, the market is entering a performance gap period. There is a recommendation to focus on internal rotations within the technology sector and potential rebound opportunities in consumer stocks [6].

Core Viewpoint - Shouhua Gas has seen a rise of over 15%, with other companies in the sector such as Guo Xin Energy, Changchun Gas, and Shengli Co. previously hitting the daily limit, while Kai Tian Gas and Hong Tong Gas also experienced gains [1] Group 1 - Shouhua Gas's stock performance indicates strong market interest and potential investor confidence in the gas sector [1] - The rise in stock prices for Guo Xin Energy, Changchun Gas, and Shengli Co. suggests a broader positive trend within the gas industry [1] - The involvement of multiple companies in the upward movement highlights a collective bullish sentiment among investors in the gas market [1]