（文章来源：证券日报） 证券日报网讯中泰股份11月24日在互动平台回答投资者提问时表示，截至三季度，公司在手订单与去年 同期基本持平，其中海外订单占比超过三成。设备交付按合同约定与生产排期情况有序进行。 ...

Core Viewpoint - Zhongtai Co., Ltd. is advancing its capabilities in the liquid cooling sector by leveraging its expertise in manufacturing advanced plate-fin heat exchangers and cryogenic process design [2] Group 1: Company Capabilities - The company possesses internationally advanced manufacturing capabilities for plate-fin heat exchangers [2] - It has developed significant expertise in cryogenic process design, which supports technology transfer to other thermal management fields, including liquid cooling [2] Group 2: Market Development - The company has completed internal technical discussions and is progressing with research and development initiatives in the liquid cooling area [2] - A team is currently being assembled to support these initiatives, indicating a proactive approach to market expansion [2] - The company aims to actively expand its market presence while ensuring its technical, manufacturing, and sales frameworks are well-established [2]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries based on their performance and market conditions [2]. Core Insights - The report highlights a significant increase in electricity consumption in October, with a year-on-year growth of 10.4%, driven primarily by the tertiary sector and residential usage [5][10]. - Natural gas prices exhibit mixed trends globally, with U.S. prices rising while European prices are stabilizing [22][30]. - The report provides specific investment recommendations across various segments, including hydropower, green energy, nuclear power, thermal power, and gas [20][21]. Summary by Sections 1. Electricity Sector - In October, total electricity consumption reached 857.2 billion kWh, marking a 10.4% increase year-on-year. The first, second, and third industries, along with residential consumption, saw growth rates of 13.2%, 6.2%, 17.1%, and 23.9%, respectively [12][10]. - The tertiary sector's electricity consumption grew the fastest, particularly in internet data services related to big data and AI, which surged by 46% [11]. - The report notes that the second industry contributes over 60% of total electricity consumption, with high-tech and equipment manufacturing showing significant growth [11][12]. 2. Gas Sector - As of November 21, U.S. Henry Hub spot prices were $4.13/mmBtu, reflecting an 18.33% weekly increase, while European gas prices showed slight declines [22][30]. - The report indicates that U.S. natural gas supply remains robust, with a notable increase in LNG demand, contributing to rising prices [24][25]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and increased sales, such as Kunlun Energy and New Hope Energy [44]. 3. Weekly Market Review - The report notes that the public utility, gas, and power equipment sectors underperformed compared to the Shanghai and Shenzhen 300 index during the week of November 17 to November 21 [47]. 4. Company and Industry Dynamics - The report discusses the commissioning of China's highest-altitude wind power project in Tibet, which is expected to provide significant clean energy and economic benefits to the local community [50][53]. - It also highlights various local government initiatives aimed at promoting green electricity and renewable energy projects, including direct connections for green electricity [54][55].

格隆汇11月24日丨中泰股份(300435.SZ)在投资者互动平台表示，深冷技术可应用于包括量子计算等众 多低温环境。 ...

格隆汇11月24日丨中泰股份(300435.SZ)在投资者互动平台表示，截至今年三季度，公司在手订单与去 年同期基本持平，其中海外订单占比超过三成。设备交付按合同约定与生产排期情况有序进行。 ...

Core Viewpoint - The company has advanced manufacturing capabilities for plate-fin heat exchangers and cryogenic process design, which supports technology transfer to other thermal management fields, including liquid cooling [1] Group 1 - The company has completed internal technical discussions and is advancing research and development projects in the liquid cooling sector [1] - The company is in the process of team formation to support its initiatives in liquid cooling [1] - The company aims to actively expand its market layout, leveraging its established technical, manufacturing, and sales frameworks [1]

格隆汇11月24日丨中泰股份(300435.SZ)在投资者互动平台表示，截至今年三季度，公司在手订单与去 年同期基本持平，其中海外订单占比超过三成。设备交付按合同约定与生产排期情况有序进行。 ...

中泰股份回复：您好，民用气顺价未获得政府审批，公司除继续积极与当地政府沟通外，只能通过降低 综合管理成本以及采购成本以度过行业低谷期，同时继续与政府协商政府欠款的回收，并通过采取区域 内持续开拓新用户、拓宽多元化购气渠道的措施以降低采购成本。感谢您的关注！ 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，中泰股份(300435)11月21日在投资者关系平台上答复投资者关心的问题。 投资者提问：山东中邑城燃项目，盈利情况有无好转，若无好转或与政府顺价不顺，公司有无应对措 施？ ...

Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental protection sectors [3] Core Insights - The report highlights a significant increase in electricity production in October, with total generation reaching 800.2 billion kWh, a year-on-year growth of 7.9% [4][11] - Hydropower and thermal power contributed the most to the increase in electricity generation, while wind power saw a decline of 11.9% compared to the previous year [4][10] - Natural gas prices showed mixed trends globally, with stable prices in Asia and fluctuations in Europe and North America [22][40] Summary by Sections 1. Electricity Production - In October, thermal power generation was 513.8 billion kWh, up 7.3% year-on-year, while hydropower generation reached 135.1 billion kWh, up 28.2% [4][11] - The total increase in electricity generation for October was approximately 58.6 billion kWh, with thermal power contributing 35 billion kWh and hydropower contributing 29.7 billion kWh [10][11] - The Three Gorges Reservoir achieved its water storage target of 175 meters, supporting future hydropower generation [10] 2. Natural Gas Market - As of November 14, the Henry Hub spot price in the U.S. was $3.49/mmBtu, a weekly decrease of 7.32% [22] - The TTF spot price in Europe was €30.80/MWh, showing a slight weekly change of 0.81% [22] - Northeast Asia's LNG spot price remained stable at $11.10/mmBtu, with domestic supply being sufficient [22][40] 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Huaneng Hydropower due to favorable autumn water conditions [20] - In the green energy sector, companies such as Xintian Green Energy and Longyuan Power are suggested for their stable returns and high utilization hours [20] - For nuclear power, the report highlights China Nuclear Power and China General Nuclear Power as key players due to ongoing approvals for new units [20] - In the thermal power sector, companies like Guodian Power and Inner Mongolia Huadian are recommended due to decreasing fuel costs [20] - The report also suggests focusing on integrated natural gas companies like Kunlun Energy and New Hope Energy for their potential recovery in profitability [42][43]

Core Viewpoint - Zhongtai Co., Ltd. has shown significant stock price appreciation and strong financial performance in 2025, indicating potential growth opportunities in the deep cooling technology sector [2][3]. Stock Performance - Zhongtai's stock price has increased by 75.84% year-to-date, with a 2.05% rise in the last five trading days, 2.65% in the last 20 days, and 20.89% in the last 60 days [2]. - As of November 17, the stock was trading at 20.89 CNY per share, with a market capitalization of 8.058 billion CNY [1]. Financial Performance - For the period from January to September 2025, Zhongtai achieved a revenue of 2.115 billion CNY, representing a year-on-year growth of 5.13% [2]. - The net profit attributable to shareholders for the same period was 336 million CNY, reflecting a substantial year-on-year increase of 77.07% [2]. Business Overview - Zhongtai Co., Ltd. specializes in deep cooling technology, including process development, equipment design, manufacturing, and sales [2]. - The company's revenue composition includes gas operation (49.43%), equipment sales (44.65%), gas operation (5.84%), and other sources (0.09%) [2]. - The company is classified under the public utilities sector, specifically in gas operations [2]. Shareholder Information - As of September 30, 2025, Zhongtai had 25,100 shareholders, an increase of 1.54% from the previous period [2]. - The average number of circulating shares per shareholder was 14,716, a decrease of 1.52% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, holding 17.13 million shares, an increase of 1.55 million shares from the previous period [3].