12月23日，新天然气跌0.96%，成交额6025.27万元。两融数据显示，当日新天然气获融资买入额978.89 万元，融资偿还1571.46万元，融资净买入-592.58万元。截至12月23日，新天然气融资融券余额合计 4.46亿元。 分红方面，新天然气A股上市后累计派现16.66亿元。近三年，累计派现6.35亿元。 资料显示，新疆鑫泰天然气股份有限公司位于新疆乌鲁木齐市米东区米东北路61号，成立日期2002年6 月13日，上市日期2016年9月12日，公司主营业务涉及城市天然气输配与销售业务,陆上煤层气开采。主 营业务收入构成为：煤层气开采及销售76.51%，天然气供应18.06%，天然气入户安装劳务3.44%，其他 1.99%。 截至9月30日，新天然气股东户数2.80万，较上期增加15.05%；人均流通股15133股，较上期减少 13.08%。2025年1月-9月，新天然气实现营业收入29.70亿元，同比增长0.20%；归母净利润8.15亿元，同 比减少7.53%。 融资方面，新天然气当日融资买入978.89万元。当前融资余额4.44亿元，占流通市值的3.93%，融资余 额低于近一年30%分位水平，处 ...

Group 1 - The company announced that on December 16, 2025, it received a total of 8 valid applications for the rights issue, which was oversubscribed by 1,183,135 shares, accounting for approximately 0.78% of the total shares available for subscription [1] - Following the completion of the rights issue, the offeror and its concert parties will collectively own 241,634,939 shares, which includes 90,750,000 shares already owned by the offeror and 150,884,939 shares to be issued post-rights issue, representing about 52.97% of the enlarged issued share capital [1] - The offeror, Alpha Eagle Limited, is required to make a mandatory unconditional cash offer for all relevant securities of the company, with an offer price of HKD 1.57 per share, which is a premium of approximately 9.03% over the last trading price of HKD 1.44 [1] Group 2 - The offeror intends to maintain the listing status of the shares on the Stock Exchange after the offer concludes [2] - The independent financial advisor, 富域, has been appointed to provide advice to the independent board committee regarding the fairness and reasonableness of the offer [2] - New Natural Gas, the main business of the offeror, is engaged in natural gas distribution and sales, providing services including residential and commercial gas sales, gas installation services, and compressed natural gas transportation [2] Group 3 - The company has applied to the Stock Exchange to resume trading of its shares starting from 9:00 AM on December 24, 2025 [3]

Group 1 - The company announced that on December 16, 2025, it received a total of 8 valid applications for the rights issue, which was oversubscribed by 1,183,135 shares, accounting for approximately 0.78% of the total shares available for subscription [1] - Following the completion of the rights issue, the offeror and its concert parties will collectively own 241,634,939 shares, which includes 90,750,000 shares already owned by the offeror and 150,884,939 shares to be issued post-rights issue, representing about 52.97% of the enlarged issued share capital [1] - The offeror, Alpha Eagle Limited, is required to make a mandatory unconditional cash offer for all relevant securities of the company, with an offer price of HKD 1.57 per share, which is a premium of approximately 9.03% over the last trading price of HKD 1.44 [1] Group 2 - The offeror intends to maintain the listing status of the shares on the Stock Exchange after the offer concludes [2] - The independent financial advisor, 富域, has been appointed by the company to provide advice to the independent board committee regarding the fairness and reasonableness of the offer [2] - The company has applied to the Stock Exchange to resume trading of its shares starting from 9:00 AM on December 24, 2025 [3]

证券研究报告 晨会 hyzqdatemark 2025 年 12 月 22 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年12月22日 华源晨会精粹 20251222 固定收益 短期制约因素突出，当前经济或仍承压——利率周报：11 月经济数据与财 政收支数据相继披露，当前经济或仍持续承压。我们认为经济运行核心矛盾仍聚焦 于"旧动能调整拖累与新动能成长并存"，消费与投资的短期压力与财政收支的低 增长态势相互呼应。从经济运行基本面看，需求端或仍承压。消费与投资双引擎若 持续乏力，可能直接影响四季度经济增速预期，预计同比增速将较三季度有所放缓。 短期制约因素尤为突出：房地产市场仍在筑底阶段，居民消费短期仍可能保持谨慎 态度。2025 年 1-11 月财政收支情况显示，财政运行呈现"收入低增、支出中央地 方分化"的特征。当前经济与财政的运行态势，与 2025 年中央经济工作会议的政策 部署形成精准呼应。会议强化内需主导作用、突出企业创新主体地位，并新增"加 大逆周期和跨周期调节力度"的表述，为后续政策发力指明了方向。明年经济或呈 现弱修复态势，财政收支平衡压力或将持续。2026 年债市行情可能好于预期 ...

证券研究报告 公用事业 行业定期报告 hyzqdatemark 2025 年 12 月 22 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邓思平 SAC：S1350524070003 dengsiping@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 秦雨茁 qinyuzhuo@huayuanstock.com 投资评级： 看好（维持） 2026 年能源工作会议召开，北美 AI 缺电持续演绎 ——大能源行业 2025 年第 51 周周报（20251221） 投资要点： 电力：2026 年全国能源工作会议召开 多省"十五五"能源建设方向明确 全国能源工作会议召开，2026 年新增新能源装机 2 亿千瓦以上。12 月 15 日，2026 年全国能源工作会议在北京召开。会议肯定了 2025 年的能源保供成绩，预期以火电 为主的调节性电源在"十五五"期间仍将受到重 ...

Investment Rating - The report maintains a "Buy" rating for the following companies: China National Petroleum Corporation (PetroChina), China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation (Sinopec), Zhongman Petroleum and Natural Gas, and New Natural Gas [2][3]. Core Views - The report highlights concerns over oil price weakness due to supply surplus fears, exacerbated by geopolitical tensions and sanctions affecting Venezuela [7][10]. - It suggests that the oil price has a floor, with stable earnings expected for oil companies, particularly those with low production costs and high dividends [12]. - The report emphasizes the importance of focusing on industry leaders with strong performance stability and high dividends, particularly PetroChina and Sinopec [12]. Summary by Sections 1. Weekly Insights - Oil prices have shown weakness amid concerns of oversupply and geopolitical tensions, particularly regarding Venezuela and the Russia-Ukraine conflict [7][10]. - The Brent crude oil futures price settled at $60.47 per barrel, down 1.06% week-on-week, while WTI futures settled at $56.52 per barrel, down 1.60% [10][36]. 2. Market Performance - As of December 19, the CITIC Petroleum and Chemical sector rose by 1.9%, outperforming the CSI 300 index, which fell by 0.3% [14][17]. - The report notes that the other petrochemical sub-sector had the highest weekly increase of 5.1% [17]. 3. Company Performance - The report lists the top performers in the petroleum and petrochemical sector, with Shengtong Energy leading at a 61.06% increase [18]. - Conversely, Heshun Petroleum experienced the largest decline at 9.70% [18]. 4. Industry Dynamics - The report discusses the stable growth in natural gas production, with November output reaching 21.9 billion cubic meters, a 5.7% year-on-year increase [21]. - It also notes that OPEC's total oil production remained stable at 2,848 million barrels per day in November [56]. 5. Oil and Gas Price Tracking - The report provides detailed tracking of oil and gas prices, indicating a decline in both Brent and WTI crude oil prices compared to the previous week [36][45]. - Natural gas prices also showed a decrease, with NYMEX natural gas futures closing at $4.03 per million British thermal units, down 1.83% week-on-week [45].

Core Viewpoint - The report highlights the recent trends in natural gas prices, with a decline in U.S. prices due to warmer weather and an increase in European prices driven by inventory withdrawals [1][2]. Price Tracking - As of December 12, 2025, U.S. HH gas prices decreased by 22% week-on-week, while European TTF prices increased by 3.7%. The prices for East Asia JKM, China LNG ex-factory, and China LNG landed also showed slight declines of 1.7%, 1.6%, and 6.9% respectively [1]. Supply and Demand Analysis - U.S. natural gas market prices fell by 22% week-on-week due to warmer weather, with storage levels decreasing by 1,770 billion cubic feet to 37,460 billion cubic feet, unchanged year-on-year [2]. - European gas prices rose by 3.7% week-on-week, with a total consumption of 3,138 billion cubic meters from January to September 2025, reflecting a year-on-year increase of 4.1%. The supply in Europe increased by 26.5% week-on-week to 116,966 GWh, with significant contributions from inventory consumption and LNG terminals [2]. - Domestic gas prices in China decreased by 1.6% week-on-week, with apparent consumption increasing by 0.7% year-on-year to 3,541 billion cubic meters. Production rose by 6.5% year-on-year, while imports fell by 6.3% [2]. Pricing Progress - As of November 2025, 67% of cities in China have implemented residential pricing adjustments, with an average increase of 0.22 yuan per cubic meter. The central economic work conference emphasized the role of natural gas in energy transition, aiming for a comprehensive green transformation [3]. Investment Recommendations - The outlook for 2025 suggests a relaxed supply environment and cost optimization for gas companies. Key recommendations include companies like Xinao Energy, China Resources Gas, and Kunlun Energy, which are expected to benefit from ongoing pricing adjustments and demand growth [4]. - Attention is drawn to companies with quality long-term contracts and flexible scheduling, such as Jiufeng Energy and Xinao Co., which are expected to maintain cost advantages [4]. - The uncertainty surrounding U.S. gas imports highlights the importance of energy self-sufficiency, with recommendations for companies like New Natural Gas and Blue Flame Holdings that possess production capabilities [4].

Macro Strategy - The report indicates that the recent Federal Reserve interest rate cut, combined with dovish signals from Powell, has led to a decline in short-term U.S. Treasury yields, despite concerns over an AI investment bubble impacting the stock market [1] - Analysts expect November's non-farm payrolls to show a weak job addition of 50,000, with a high standard deviation of 33,000, indicating significant market divergence [1] - The Consumer Price Index (CPI) is projected to rise by 3.1% year-on-year, with core CPI at 3%, maintaining an inflation center around 3% [1] Financial Products - The A-share market outlook suggests maintaining patience while waiting for stabilization in overseas markets, with a macro timing model scoring -2 for December, indicating a potential adjustment in the A-share index [2] - The report notes a significant inflow into ETFs such as A500 ETF and STAR 50 ETF, indicating some market participants are gradually entering through ETF investments [2] Industry Insights - The Central Economic Work Conference has shifted focus away from M2 and social financing scale, emphasizing stable economic growth and reasonable price recovery as key considerations for monetary policy [4] - The report highlights the importance of effective financing demand over the supply of financial resources, suggesting a continued shift in monetary policy focus for 2026 [4] Fixed Income - The report discusses the impact of recent central meetings on the bond market, suggesting that the flexibility of policies may prevent a repeat of the unilateral interest rate decline seen from 2022 to 2024 [5] - It recommends focusing on convertible bonds in sectors with significant valuation discrepancies, particularly in AI, core materials, and power distribution equipment [5] Utilities Sector - The report emphasizes the deepening of electricity reforms and the significant value of dividend configurations in the power sector, particularly in renewable energy [6] - It recommends companies like Longyuan Power and China Nuclear Power, highlighting their growth potential and dividend capabilities [6] Environmental Sector - The report outlines the Central Economic Work Conference's commitment to a comprehensive green transition and energy independence, which is expected to benefit the environmental sector [8] - It suggests that companies involved in waste resource recovery and clean energy will see growth opportunities due to market reforms and international expansion [8] Gas Industry - The report anticipates a favorable supply environment for gas companies, with cost optimization and demand growth expected in 2025 [9] - It highlights companies like Xinao Energy and China Gas, which are positioned to benefit from ongoing market adjustments [9] Construction Materials - The report notes a potential shift towards high-yield assets during a period of market volatility, recommending companies like Rabbit Baby and Upwind Cement [10] - It emphasizes the importance of domestic and international market dynamics in shaping the construction materials sector [10] Retail Sector - The report discusses the Ministry of Commerce's plans for high-quality development in the retail sector, focusing on opportunities in quality retail transformation [12] - It recommends leading supermarket chains and retail brands that demonstrate strong adaptation capabilities [12] Automotive Sector - The report highlights the regulatory environment for automotive pricing and the ongoing investment opportunities in AI and smart vehicles [13] - It identifies key players in the automotive sector, including Tesla and Xiaopeng Motors, as potential beneficiaries of technological advancements [13] Power Equipment Sector - The report indicates a robust demand for energy storage solutions, projecting a growth rate of over 60% in the coming years [15] - It recommends leading companies in the energy storage and battery sectors, such as CATL and BYD, as key investment opportunities [15] Lithium Battery Industry - The report forecasts a 32% growth in lithium battery demand in 2026, driven by strong market fundamentals and supply-demand dynamics [26] - It highlights leading companies in the lithium battery supply chain, including CATL and Yahua, as attractive investment targets [26] Wind Power Sector - The report anticipates significant growth in offshore wind installations, with a focus on companies like Goldwind and Mingyang Smart Energy [28] - It emphasizes the potential for increased market activity and pricing power in the wind power sector as demand rises [28] Commercial Aerospace - The report discusses the rapid development of the commercial aerospace sector, particularly in reusable rocket technology and satellite launches [22] - It identifies key players in the aerospace supply chain, such as Superjet and Srey New Materials, as beneficiaries of this growth [22]

Investment Rating - The report maintains an "Overweight" investment rating for the gas industry [1] Core Viewpoints - The report highlights that warmer weather has led to a decrease in US gas prices by 22%, while European gas prices have increased by 3.7% due to inventory withdrawals [10][15] - It emphasizes the overall supply adequacy in the domestic market, with a week-on-week decrease in domestic gas prices by 1.6% [24] - The report discusses the ongoing price adjustment progress across cities, indicating a potential for profit recovery and valuation restoration for city gas companies [33] Price Tracking - As of December 12, 2025, the week-on-week price changes for various gas prices are as follows: US HH down 22%, European TTF up 3.7%, East Asia JKM down 1.7%, China LNG ex-factory price down 1.6%, and China LNG CIF price down 6.9% [10][11] - The report notes that the average gas consumption in Europe for the first nine months of 2025 was 313.8 billion cubic meters, reflecting a year-on-year increase of 4.1% [16] Supply and Demand Analysis - The report indicates that as of December 5, 2025, US gas storage levels decreased by 1,770 billion cubic feet to 37,460 billion cubic feet, showing no year-on-year change [15] - In Europe, gas supply increased by 26.5% week-on-week to 116,966 GWh, with significant contributions from inventory consumption and LNG receiving stations [16] - Domestic gas apparent consumption for the first ten months of 2025 increased by 0.7% year-on-year to 354.1 billion cubic meters [24] Pricing Mechanism Progress - The report states that 67% of cities have implemented residential pricing adjustments, with an average increase of 0.22 yuan per cubic meter [33] - It highlights that the pricing gap for leading city gas companies has room for a 10% recovery, indicating ongoing price adjustments [33] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing price adjustments, such as Xin'ao Energy, China Gas, and Kunlun Energy, all with attractive dividend yields [5] - It suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, such as Jiufeng Energy and Xin'ao Shares [5] - The report also emphasizes the importance of energy independence and suggests关注 companies with gas production capabilities like New Natural Gas and Blue Flame Holdings [5]

东吴证券晨会纪要 东吴证券晨会纪要 2025-12-15 宏观策略 [Table_MacroStrategy] 宏观点评 20251211：苦练内功，挖掘经济潜能——学习中央经济工作精 神 中央经济工作会议 12 月 10 日至 11 日在北京举行。 1、形势判断：外 部挑战常态化，内部更注重"供强需弱"矛盾。对比去年提到的困难和问 题，今年会议提出了外部挑战、供强需弱、风险隐患等三个问题。相比之 下，对外部压力的判断与去年保持一致，均强调"加深"，说明外部环境 的恶化（如经贸摩擦）已成常态化挑战。在国内经济方面，去年更强调"需 求不足"的一面，今年则提出"供强需弱矛盾突出"，更注重供需平衡关 系。尽管存在上述问题，但我们发展的信心没有变，"这些大多是发展中、 转型中的问题，经过努力是可以解决的，我国经济长期向好的支撑条件和 基本趋势没有改变"。 风险提示：政策落地节奏不及预期；关税事件反复 和出口下行风险；经济基本面发生变化。 宏观点评 20251211： 12 月 FOMC：轻量扩表启动，发布会信号偏鸽— —2025 年 12 月 FOMC 会议点评 证券研究报告 核心观点：12 月 FOMC 如期降息 ...