Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly highlighting opportunities in hydropower, green energy, nuclear power, thermal power, and gas sectors [10][30]. Core Insights - The electricity market in the State Grid operating area has achieved near-complete coverage of the electricity spot market, with significant developments in provinces such as Shanxi, which has seen a 128.75% increase in new energy and clean energy installed capacity since the 14th Five-Year Plan [4][9]. - Natural gas prices have shown a divergent trend globally, with increases in Europe and the US, while prices in Asia remain stable due to ample supply [11][30]. Summary by Sections 1. Electricity - The State Grid has implemented a continuous settlement trial for the electricity spot market in Sichuan and Chongqing, marking a significant step towards full coverage [4][7]. - Shanxi's electricity spot market has recorded a total clearing volume of 156.23 billion kWh in the first half of 2025, with real-time average prices reflecting a "two peaks and one valley" pattern [9][10]. 2. Natural Gas - As of November 7, 2025, the Henry Hub spot price in the US reached $3.76/mmBtu, reflecting a weekly increase of 5.52%, while European prices also saw upward trends [11][12]. - The report notes that the LNG national ex-factory price in China is 4382 yuan/ton, with a slight weekly decrease of 0.57% [28][30]. 3. Investment Recommendations - Hydropower: Favorable conditions for winter and spring generation, recommending companies like Guotou Power and Chuan Investment Energy [10]. - Green Energy: Increased stability in returns for existing projects, suggesting attention to companies like New Energy and Longyuan Power [10]. - Nuclear Power: Long-term growth potential remains strong, with recommendations for China Nuclear Power and China General Nuclear Power [10]. - Thermal Power: Improved profitability due to lower fuel costs, recommending companies like Guodian Power and Huaneng International [10]. - Gas Sector: Favorable conditions for city gas companies, recommending Kunlun Energy and New Energy [30]. 4. Company and Industry Dynamics - As of September 2025, China's new energy storage capacity exceeded 100 million kW, accounting for over 40% of the global total [39]. - The report highlights the steady growth in electricity market transactions, with a total of 4.92 trillion kWh traded by September 2025, marking a 7.2% year-on-year increase [39].

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].

Core Viewpoint - The significant increase in SAF and UCO prices this year has provided a favorable operational flexibility for the company's bioenergy business [1] Group 1: Price Trends - SAF and UCO prices have risen noticeably this year, contributing to improved profitability for the company [1] - The company has adjusted the sales ratio of biodiesel and UCO based on market demand dynamics [1] Group 2: Business Strategy - In response to rising prices, the company has reduced external raw material processing for biodiesel production while increasing direct sales of UCO raw materials [1] - This strategic shift has resulted in positive profit returns for the company [1]

Core Viewpoint - The approval of two new types of human milk oligosaccharides as nutritional fortifiers by the National Health Commission in October 2023 presents a significant opportunity for the company to expand its product applications in the infant nutrition sector [1] Group 1: Product Development - The National Health Commission has approved 2'-FL and LNnT as new nutritional fortifiers, which can be used in infant formula and other children's milk powder products [1] - The company is currently applying for the expansion of the application range of human milk oligosaccharides to include various beverages and health foods [1]

Core Viewpoint - The company is actively positioning itself in the synthetic biology manufacturing industry, achieving domestic leadership in the industrialization of human milk oligosaccharides, specifically LNT and LNnT [1] Group 1 - Since 2025, the company has made significant progress in key areas such as research and development, production operations, quality system construction, regulatory submissions, and strain optimization for human milk oligosaccharide products [1] - The company's production base in Zhuhai has recently completed factory inspections for several domestic dairy enterprises [1]

Core Viewpoint - Longkun Technology (301305.SZ) has received approval from the National Health Commission for two new varieties of human milk oligosaccharides as nutritional fortifiers, which can be used in infant formula and other products [1] Group 1: Product Development - The approved human milk oligosaccharides, 2'-FL and LNnT, are specifically applicable to infant formula and baby food products [1] - The company is currently applying to the National Health Commission to expand the application range of human milk oligosaccharides to include various beverages and health foods [1]

Group 1: Company Overview and Financial Performance - The company achieved a revenue of 1.386 billion yuan in the first three quarters of 2025, a year-on-year increase of 0.17% [3] - Net profit attributable to shareholders reached 249 million yuan, reflecting a significant year-on-year growth of 28.89% [3] - In Q3 2025, revenue was 532 million yuan, showing a year-on-year growth of 8.31%, while net profit was 102 million yuan, up 39.55% year-on-year [3] Group 2: Business Strategies and Technological Advantages - The increase in performance is attributed to improved gross margins due to effective cost control measures and rising UCO prices [3] - The company utilizes core biological enzyme technology for large-scale production of bioenergy, achieving higher conversion rates without harmful chemicals [4] - The anaerobic microorganism technology enhances waste degradation efficiency and gas production, contributing to increased operational profits [4] - AI technology is applied in waste collection to improve operational efficiency and data tracking [4] Group 3: Market Position and Product Development - The company has adjusted its sales strategy for bioenergy products in response to rising SAF and UCO prices, focusing on direct sales of UCO [5] - The company is actively developing synthetic biology manufacturing, achieving commercialization of specific human milk oligosaccharides (HMOs) [7] - The company has a competitive edge in the HMO market due to advanced approval processes, high product purity, and optimized production techniques [7] - Recent approvals from the National Health Commission for two types of HMOs expand their application in infant formula and other products [7]

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].

招商证券股份有限公司 关于深圳市朗坤科技股份有限公司 2025 年度持续督导培训的报告 深圳证券交易所： 招商证券股份有限公司（以下简称"保荐机构"）作为深圳市朗坤科技股份 有限公司（以下简称"朗坤科技"、"公司"）首次公开发行股票并在创业板 上市的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所 上市公司自律监管指引第 13 号——保荐业务》等相关规定，对朗坤科技相关人 员进行了 2025 年度持续督导培训并报告如下： 一、培训时间 朗坤科技实际控制人及董事、高级管理人员与部分中层管理人员。对于通 过线上视频接入方式参加培训的人员，保荐机构要求公司董事会秘书督促其认 真学习培训内容。 2025 年 10 月 23 日。 四、培训内容 二、培训地点 三、参加培训人员 深圳市朗坤科技股份有限公司（深圳市龙岗区坪地街道高桥社区坪桥路 2 号）。 根据《公司法》《证券法》《上市公司信息披露管理办法》、《深圳证券 交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》和《深圳证券交易所上市公司自律监管指引 第 13 号——保荐业务》等规则要求，保荐机构对上市 ...