Market Overview - In October, the Shanghai and Shenzhen 300 index remained unchanged, while the public utility index increased by 4.47% and the environmental index rose by 2.58% [1][16] - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 5th and 8th in terms of growth [1][43] - In the electricity sector, thermal power increased by 10.98%, hydropower by 4.01%, and gas by 6.39% [1][44] Important Events - On October 30, the Ministry of Commerce issued guidelines to promote green trade, encouraging foreign trade enterprises to adopt green and low-carbon development throughout their supply chains [2][17] - The guidelines support the use of renewable energy and sustainable fuels in international shipping, including green methanol and green ammonia [2][17] Sector Performance - The thermal power sector's revenue for the first three quarters of 2025 was 906.47 billion yuan, a year-on-year decrease of 5.48%, while net profit increased by 15.03% to 71.12 billion yuan [3][18] - Hydropower sector revenue totaled 148.76 billion yuan, down 1.39%, with net profit rising by 1.73% to 51.32 billion yuan [3][22] - Wind power revenue decreased by 2.80% to 117.16 billion yuan, with net profit down 12.15% to 22.03 billion yuan [3][25] - The solar power sector saw revenue of 26.10 billion yuan, a decline of 16.55%, but net profit increased by 55.77% to 2.90 billion yuan [3][28] - Nuclear power revenue was 164.08 billion yuan, up 1.76%, but net profit fell by 12.39% to 16.58 billion yuan [3][32] - The gas sector's revenue was 234.91 billion yuan, a decrease of 0.78%, with net profit down 5.49% to 10.25 billion yuan [3][36] Investment Strategy - For thermal power, it is recommended to invest in major companies like Huadian International and Shanghai Electric due to expected stable profitability [4][41] - In the renewable energy sector, leading companies such as Longyuan Power and Three Gorges Energy are recommended for their potential steady earnings [4][41] - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profits, with a recommendation for China Power Investment Corporation [4][41] - High-dividend hydropower stocks like Yangtze Power are highlighted for their defensive attributes [4][41] - In the gas sector, Jiufeng Energy is recommended for its capabilities in marine gas trading [4][41] - The environmental sector is advised to focus on companies like China Everbright Environment and Zhongshan Public Utilities, which are seen as utility-like investment opportunities [4][42]

证券代码：000803 证券简称：山高环能 公告编号：2025-081 山高环能集团股份有限公司 关于为下属公司提供担保的进展公告 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。 特别风险提示： 类型：有限责任公司(非自然人投资或控股的法人独资) 法定代表人：顾业明 山高环能集团股份有限公司（以下简称"公司"或"山高环能"）及控股子 公司对外担保总额超过最近一期经审计净资产 100%，对资产负债率超过 70%的 被担保对象的担保金额超过公司最近一期经审计净资产 50%。敬请广大投资者充 分关注担保风险。 一、担保情况概述 公司全资子公司山高十方环保能源集团有限公司（以下简称"山高十方"） 因资金需要，拟与中信银行股份有限公司济南分行（以下简称"中银银行"）开 展综合授信（中企云链）业务，综合授信额度 2,000 万元，授信期限 1 年，公司 为该业务提供连带责任保证担保。 2025 年 4 月 21 日、2025 年 5 月 14 日公司分别召开了第十一届董事会第二 十次会议与 2024 年年度股东大会，会议审议通过《关于 2025 年度对外担保额度 预计的议 ...

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].

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].

Core Viewpoint - The stock of Shandong Huangan Energy Co., Ltd. has experienced fluctuations, with a recent decline of 2.07% and a year-to-date increase of 29.24% [1] Group 1: Company Overview - Shandong Huangan Energy Co., Ltd. was established on March 21, 1988, and listed on March 3, 1998. The company is located in Jinan, Shandong Province, and its main business includes harmless treatment of urban organic waste and high-value resource utilization, as well as urban clean heating and contract energy management [2] - The company's revenue composition is as follows: 51.67% from oil product processing and sales, 24.29% from heating services, 23.76% from environmental harmless treatment, and 0.28% from other sources [2] - As of September 30, 2025, the number of shareholders is 17,300, a decrease of 6.21% from the previous period, with an average of 26,649 circulating shares per person, an increase of 6.62% [2] Group 2: Financial Performance - For the period from January to September 2025, Shandong Huangan Energy achieved operating revenue of 1.036 billion yuan, a year-on-year decrease of 0.50%. However, the net profit attributable to the parent company was 52.61 million yuan, reflecting a significant year-on-year increase of 546.90% [2] Group 3: Stock Performance and Trading Activity - As of November 3, the stock price was 6.63 yuan per share, with a trading volume of 34.48 million yuan and a turnover rate of 1.12%. The total market capitalization is 3.092 billion yuan [1] - The stock has seen a net outflow of 2.65 million yuan in principal funds, with large orders accounting for 4.34% of total buying and 12.03% of total selling [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on July 17, where it recorded a net buying of -9.2592 million yuan [1]

Core Insights - The stock price of Shandong Huangan Energy Co., Ltd. increased by 2.42% on October 31, reaching 6.76 CNY per share, with a total market capitalization of 3.152 billion CNY [1] - The company has seen a year-to-date stock price increase of 31.77%, with a slight increase of 0.90% over the last five trading days [1] Financial Performance - For the period from January to September 2025, the company reported a revenue of 1.036 billion CNY, a year-on-year decrease of 0.50%, while the net profit attributable to shareholders increased by 546.90% to 52.61 million CNY [2] - The main revenue sources for the company include oil product processing and sales (51.67%), heating services (24.29%), and environmental harmless treatment (23.76%) [2] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 6.21% to 17,300, with an average of 26,649 circulating shares per shareholder, an increase of 6.62% [2] - Notable changes in institutional holdings include an increase in shares held by HSBC Jintrust Small Cap Stock and the entry of Xin'ao Cycle Power Mixed A as a new shareholder [3]

Core Viewpoint - The company has disclosed its third-quarter financial report and various resolutions passed during the board meeting, including the signing of a waste management service agreement and adjustments to its capital structure [6][77][96]. Financial Data - The third-quarter financial report has not been audited [5]. - The company reported no need for retrospective adjustments or restatements of previous accounting data [2]. - There are no non-recurring profit and loss items applicable for the quarter [2]. Shareholder Information - The total number of ordinary shareholders and the top ten shareholders' holdings were discussed, but specific data was not provided in the documents [2]. Important Resolutions - The board unanimously approved the third-quarter report with 7 votes in favor [8]. - A resolution was passed to sign a service agreement for kitchen waste management, which aligns with the company's strategic focus on organic waste treatment [77]. - The company plans to change its registered capital and amend its articles of association, which will be submitted for shareholder approval [96]. Capital Raising - The company plans to issue up to 127,261,793 A-shares, not exceeding 30% of the total share capital before the issuance, to raise funds not exceeding RMB 652.85 million for repaying bank loans [39][41]. - The issuance plan has been approved by the board and does not require further shareholder approval [44]. Governance Changes - The company will no longer have a supervisory board, with the audit committee taking over its responsibilities, pending shareholder approval [59]. - Various governance documents and rules have been revised to align with updated regulations [98]. Audit Firm Appointment - The company intends to reappoint Ernst & Young Hua Ming as its auditor for the 2025 fiscal year, which has been approved by the board [31][101].

山高环能集团股份有限公司 重大决策、重要人事任免、重大项目安排 及大额度资金运作制度 第一章 总则 第一条 山高环能集团股份有限公司（以下简称"公司"或"本公司"）为进一 步加强和健全公司内部监督，规范决策行为，提高决策水平，防范决策风险，确 保重大决策、重要人事任免、重大项目安排及大额度资金运作（以下简称 "三重 一大"）决策制度的贯彻落实，有利于公司领导人员正确履职、规范用权，提升 公司治理水平，促进企业持续健康发展，结合公司实际情况，制定本制度。 第二条 "三重一大"事项坚持集体决策原则。公司健全议事规则，明确"三 重一大"事项的决策规则和程序，完善群众参与、专家咨询和集体决策相结合的 决策机制。公司股东会、董事会、经营管理层依据各自的职责、权限和议事规则， 集体讨论决定"三重一大"事项，防止个人或少数人专断；坚持务实高效，保证决 策的科学性；充分发扬民主，广泛听取意见，保证决策的民主性；遵守国家法律 法规和有关政策，保证决策合法合规。股东会决策实行同股同权"资本股份多决 制"，董事会决策实行一人一票"投票份额多决制"，总裁办公室会议决策实行"民 主集中制"，职工代表大会决策实行"投票人份额多决制"。 ...

山高环能集团股份有限公司 信息披露管理制度 第一章 总 则 第一条 为加强对山高环能集团股份有限公司（下称"公司"）信息披露事务的 管理，进一步规范公司的信息披露行为，维护公司、投资者及其他利益相关者的合法权 益，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）、《上市公司信息披露管理办法》、《深圳证券 交易所股票上市规则》（以下简称"《股票上市规则》"）及深圳证券交易所自律监管 指引等法律、法规、规范性文件以及《山高环能集团股份有限公司章程》（以下简称 "《公司章程》"）的有关规定，特制订本制度。 第二条 公司应当及时依法履行信息披露义务，披露的信息应当真实、准确、完 整，简明清晰、通俗易懂，不得有虚假记载、误导性陈述或者重大遗漏。 公司披露的信息应当同时向所有投资者披露，不得提前向任何单位和个人泄露。 但是，法律、行政法规另有规定的除外。任何单位和个人不得非法要求信息披露义务 人提供依法需要披露但尚未披露的信息。 证券及其衍生品种同时在境内境外公开发行、交易的，其信息披露义务人在境外 市场披露的信息，应当同时在境内市场披露。 公司应当承担社会责任 ...

山高环能集团股份有限公司 独立董事工作制度 第一章 总则 第一条 山高环能集团股份有限公司（以下简称"公司"）为进一步完善法人 治理结构，充分发挥独立董事的作用，促进公司规范运作，根据国家有关法律法 规和《山高环能集团股份有限公司章程》（以下简称《公司章程》）的规定和要 求，结合公司实际情况，特制定本制度。 第二条 公司独立董事是指不在公司担任除董事外的其他职务，并与公司及 其主要股东、实际控制人不存在直接或间接利害关系，或其他可能影响其进行独 立客观判断关系的董事。 第三条 独立董事对公司及全体股东负有诚信与勤勉义务。独立董事应当按 照国家相关法律法规和《公司章程》的要求，认真履行职责，在董事会中发挥参 与决策、监督制衡、专业咨询作用，维护公司整体利益，尤其要关注中小股东的 合法权益不受损害。 第四条 公司独立董事占董事会成员的比例不得低于三分之一。独立董事人 员中，至少包括一名会计专业人士。 第五条 公司董事会下设战略委员会、提名委员会、薪酬与考核委员会、审 计委员会。除公司董事会战略委员会外，董事会提名委员会、薪酬与考核委员会、 审计委员会中独立董事应当过半数并担任主任委员（召集人），其中审计委员会 成 ...