Financial Data and Key Metrics Changes - For fiscal 2025, net income was $128.4 million, or $1.97 per common unit, compared to $107.7 million, or $1.68 per common unit in the prior year [12] - Adjusted EBITDA for fiscal 2025 was $278 million, an increase of $28 million, or 11.2%, compared to the prior year [12] - Total gross margin for fiscal 2025 was $866.4 million, an increase of $46.8 million, or 5.7%, compared to the prior year [15] Business Line Data and Key Metrics Changes - Retail propane gallons sold for fiscal 2025 were 400.5 million gallons, an increase of 5.9% compared to the prior year [13] - In the RNG operations, average daily RNG injection for the fiscal year was approximately 13% lower compared to the prior year due to operational downtimes [16] Market Data and Key Metrics Changes - Average wholesale propane prices for fiscal 2025 were $0.79 per gallon, which was 5.8% higher than the prior year [14] - U.S. propane inventories at the end of the fiscal year were at 106 million barrels, which was 6% higher than a year ago [15] Company Strategy and Development Direction - The long-term strategic growth plan focuses on fostering the growth of the core propane business while investing in lower carbon renewable energy alternatives [25] - The company is positioned to take advantage of the growing respect for propane as a versatile and clean energy solution [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational and financial strength of the company, emphasizing the importance of safety and customer service [25][26] - The company is prepared for the new heating season and is optimistic about future growth opportunities [27] Other Important Information - The company declared a quarterly distribution of $0.325 per common unit, with a distribution coverage of 2.13 times for the trailing 12 months ended September 2025 [24] - The company launched an at-the-market equity program to sell up to $100 million of newly issued common units, raising $23.5 million in net proceeds during fiscal 2025 [10] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded with closing remarks from management [29][30]

（记者 张明双） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司建造了哪些大型光伏发电厂？ 中国建筑（601668.SH）11月13日在投资者互动平台表示，公司积极服务可再生能源发展，参与建设了 多个大型光伏发电厂，包括中绿电尼勒克县、若羌等400万千瓦风电光伏一体化系列项目，内蒙古包头 市、赤峰市、鄂尔多斯市、巴彦淖尔市、乌兰察布市等区域内2000MW分布式光伏发电项目等。 ...

国家能源局关于印发2024年度全国可再生能源电力发展监测评价结果的通知 国能发新能〔2025〕92号 各省（自治区、直辖市）能源局、有关省（自治区、直辖市）及新疆生产建设兵团发展 改革委，国家电网有限公司、中国南方电网有限责任公司、内蒙古电力（集团）有限责任公 司： 为贯彻落实习近平总书记关于以更大力度推动新能源高质量发展的重要指示精神，进一 步促进可再生能源开发利用，科学评估各地区可再生能源发展状况，根据《中华人民共和国 能源法》《中华人民共和国可再生能源法》和《关于建立可再生能源开发利用目标引导制度 的指导意见》（国能新能〔2016〕54号）等文件要求，我局委托有关研究机构汇总可再生能 源电力建设和运行监测数据，形成了《2024年度全国可再生能源电力发展监测评价结果》， 作为各地区2024年可再生能源开发建设和并网运行的基础数据，现予以印发。 请各地区和有关单位进一步重视可再生能源电力发展，提高可再生能源利用水平，为助 力实现碳达峰碳中和目标任务作出积极贡献。 国家能源局网站11月13日消息，国家能源局委托有关研究机构汇总可再生能源电力建设 和运行监测数据，形成了《2024年度全国可再生能源电力发展监测评 ...

Core Viewpoint - The National Energy Administration has released the monitoring and evaluation results for the development of renewable energy power in 2024, highlighting significant growth in installed capacity and power generation from renewable sources, which is crucial for achieving carbon peak and carbon neutrality goals [4][6][26]. Summary by Sections 1. Overall Development of Renewable Energy Power - By the end of 2024, the cumulative installed capacity of renewable energy in China reached 1,889 million kilowatts, a year-on-year increase of approximately 24.4%, accounting for 56.4% of total installed power capacity [6]. - The breakdown of installed capacity includes: hydropower at 436 million kilowatts, wind power at 521 million kilowatts, solar power at 887 million kilowatts, and biomass power at 46 million kilowatts [6]. - In 2024, the total power generation from renewable energy was 3.47 trillion kilowatt-hours, representing about 35% of total power generation [6]. 2. Renewable Energy Consumption Responsibility Completion - The actual completion rate for renewable energy power consumption responsibility in 2024 was 35.2%, an increase of 3.2 percentage points year-on-year [7]. - 26 provinces met the national consumption responsibility targets, with Sichuan, Yunnan, and Qinghai exceeding 70% [7][10]. - The report indicates that 1 province had over 80% of renewable energy consumption, 8 provinces were between 40%-80%, and 22 provinces were between 20%-40% [7]. 3. Non-Hydropower Renewable Energy Consumption - The actual completion rate for non-hydropower renewable energy consumption responsibility was 20.8%, with a year-on-year increase of 2.7 percentage points [12]. - 28 provinces met the national targets for non-hydropower consumption, with 6 provinces exceeding 30% [13][15]. 4. Utilization Rates of Renewable Energy - The average utilization rate for wind power in 2024 was 95.9%, a decrease of 1.4 percentage points from the previous year [16]. - The average utilization rate for solar power was 96.8%, down by 1.1 percentage points [16]. - The effective utilization rate for hydropower was approximately 99.0%, a decrease of 0.4 percentage points [16]. 5. High Voltage Direct Current (HVDC) Transmission of Renewable Energy - In 2024, 20 HVDC lines transmitted a total of 705.3 billion kilowatt-hours, with renewable energy accounting for 400.8 billion kilowatt-hours, a year-on-year increase of 22.2% [22][24]. - Renewable energy constituted 56.8% of the total transmission volume through HVDC lines, an increase of 4.3 percentage points [22]. 6. Implementation of Clean Energy Demonstration Provinces - In Zhejiang, the total renewable energy consumption was 170.9 billion kilowatt-hours, accounting for 25.2% of the province's total electricity consumption, an increase of 3.1 percentage points [26]. - In Sichuan, renewable energy consumption was 298 billion kilowatt-hours, representing 74.5% of total consumption, a decrease of 1.5 percentage points [27].

山西证券近日发布新材料行业周报：本周新材料板块上涨，新材料指数涨幅为1.11%，跑赢创业板指 0.46%，近五个交易日，合成生物指数上涨3.07%，半导体材料下跌4.58%，电子化学品下跌2.53%，可 降解塑料上涨3.46%，工业气体下跌1.29%，电池化学品上涨8.24%。 山西证券近日发布新材料行业周报：本周新材料板块上涨。新材料指数涨幅为1.11%，跑赢创业板指 0.46%。近五个交易日，合成生物指数上涨3.07%，半导体材料下跌4.58%，电子化学品下跌2.53%，可 降解塑料上涨3.46%，工业气体下跌1.29%，电池化学品上涨8.24%。 吹膜级)(17000元/吨，不变)、PBS(17500元/吨，-1.69%)、PBAT(9800元/吨，-0.51%) 维生素：维生素A(63000元/吨，不变)、维生素E(52500元/吨，不变)、维生素D3(212500元/吨，不变)、 泛酸钙(42000元/吨，不变)、肌醇(30500元/吨，不变) 工业气体及湿电子化学品：UPSSS级氢氟酸(11000元/吨，不变)、EL级氢氟酸(6100元/吨，不变) 以下为研究报告摘要： 摘要 二级市场表现 市场与 ...

Market Performance - The new materials sector experienced an increase this week, with the new materials index rising by 1.11%, outperforming the ChiNext index by 0.46% [1] - Over the past five trading days, the synthetic biology index rose by 3.07%, while semiconductor materials fell by 4.58%, electronic chemicals decreased by 2.53%, biodegradable plastics increased by 3.46%, industrial gases dropped by 1.29%, and battery chemicals surged by 8.24% [1] Price Tracking - Amino acids prices showed mixed results: valine at 12,550 CNY/ton (up 1.21%), arginine at 21,500 CNY/ton (down 0.69%), tryptophan remained unchanged at 32,500 CNY/ton, and methionine at 20,250 CNY/ton (down 2.64%) [2] - Biodegradable materials prices remained stable for PLA (FY201 injection grade at 17,800 CNY/ton and PLA (REVODE201 film grade at 17,000 CNY/ton), while PBS decreased by 1.69% to 17,500 CNY/ton and PBAT fell by 0.51% to 9,800 CNY/ton [2] - Vitamins prices remained unchanged: vitamin A at 63,000 CNY/ton, vitamin E at 52,500 CNY/ton, vitamin D3 at 212,500 CNY/ton, calcium pantothenate at 42,000 CNY/ton, and inositol at 30,500 CNY/ton [2] - Industrial gases and wet electronic chemicals prices remained stable: UPSSS grade hydrofluoric acid at 11,000 CNY/ton and EL grade hydrofluoric acid at 6,100 CNY/ton [2] - In the plastics and fibers category, carbon fiber remained at 83,750 CNY/ton, polyester industrial yarn at 8,400 CNY/ton, and aramid at 81,800 CNY/ton (down 13.44%) [2] Investment Recommendations - The State Council released a white paper on "China's Action for Carbon Peak and Carbon Neutrality," emphasizing the focus on renewable energy such as wind power for future development [3] - The white paper projects that by 2030, China's cumulative installed wind power capacity will reach 1.3 billion kW, with expectations of 2 billion kW by 2035 and 5 billion kW by 2060 [3] - The wind power industry is expected to maintain a high prosperity pattern, presenting significant development opportunities for upstream materials, with recommendations to focus on companies like Times New Material and Mega Chip Color [3] Lithium Hexafluorophosphate Price Recovery - Lithium hexafluorophosphate, a key raw material for electrolytes, saw a price rebound, rising from a low of 50,000 CNY/ton to 121,500 CNY/ton as of November 7, 2025 [4] - The demand from the downstream electric vehicle and energy storage industries has surged, significantly increasing the procurement volume of lithium hexafluorophosphate by electrolyte manufacturers [4] - Despite leading companies operating at full capacity, the overall supply remains tight due to previous overcapacity leading to industry consolidation, suggesting potential for further price increases and recovery of profitability in the supply chain [4]

"当前，中国企业在卡塔尔的投资方向正从传统领域向创新驱动型产业转变，日益聚焦于创新、可持续 与高附加值产业。"近日，卡塔尔投资促进局大中华区总监司君桀（Jeroen Nijland）在北京接受21世纪 经济报道记者专访时称，这一转型与卡塔尔"2030国家愿景"下的多元化发展目标高度契合。 近年来，中卡经贸合作呈现出持续发展的良好态势。我国是卡塔尔最大贸易伙伴。2025年1月至8月，中 卡双边货物进出口额为163.74亿美元，相比上年同期增长了1.99亿美元，同比增长1.1%。中国主要出口 机电设备，主要进口液化天然气、工业氦气等。 司君桀表示，中国在卡塔尔的投资呈现出多元化的新趋势，具体表现在四大领域：在数字经济与ICT领 域，云计算、智慧城市及5G建设合作加强；在先进制造与出行领域，引入电动巴士，推动卡塔尔公共 交通系统绿色升级；在游戏与创意产业，中国企业正布局娱乐与数字内容产业，发展游戏生态；在法律 与专业服务，部分中国律所计划在卡塔尔设立分支机构，为双边企业提供跨境商务与法律咨询服务。 中资在卡投资向创新驱动型产业转型 《21世纪》：你观察到近年中国企业在卡塔尔投资出现了哪些新趋势？ 在数字经济与ICT ...

Core Insights - Chinese enterprises are shifting their investments in Qatar from traditional sectors to innovation-driven industries, aligning with Qatar's "2030 National Vision" for diversified development [1][3][4] Investment Trends - Investment diversification is evident in four key areas: - **Digital Economy and ICT**: Chinese companies are actively participating in cloud computing, smart city projects, and 5G infrastructure, with Huawei being a notable player in Qatar for over 20 years [3][4] - **Advanced Manufacturing and Transportation**: Yutong is collaborating with Qatar's Mowasalat to introduce electric buses, contributing to the green upgrade of Qatar's public transport system [3][4] - **Gaming and Creative Industries**: Tencent's Level Infinite is leveraging Qatar's growing gaming ecosystem to expand in the entertainment and digital content sectors [4] - **Legal and Professional Services**: Yingke Law Firm has established a branch in Qatar, providing cross-border business and legal consulting services for bilateral enterprises [4] Renewable Energy Cooperation - There is significant potential for cooperation in renewable energy, particularly in hydrogen production, battery technology, and carbon management systems, where Chinese companies hold world-leading expertise [5] - Qatar aims to achieve 18% renewable energy share and 25% greenhouse gas reduction by 2030, with major projects like the 800 MW Al Kharsaah solar power plant and plans for a 2 GW solar plant in Dukhan [5][6] - Qatar is set to build the world's largest blue ammonia plant by 2026, which will support hydrogen and ammonia-based clean energy solutions, creating opportunities for joint research with Chinese firms [5] - Qatar ranks first globally in carbon capture, storage, and utilization (CCUS), providing a platform for collaboration with China in CCS and energy storage solutions [5][6]

富兰克林邓普顿亚太区首席执行官塔里克·艾哈迈德(Tariq Ahmad)接受中新社采访时表示，2025年中国 资本市场表现亮眼，展现出"积极的转变"。他指出，当前市场估值具备高度吸引力，无论是市盈率还是 市净率，均呈现出"具有说服力的投资机会"。 今年已是第四次访华的塔里克·艾哈迈德直言，每次来中国都能感受到市场的变化。他提到，在人工智 能、机器人、可再生能源等前沿领域，中国正为全球投资者带来富有潜力的新机遇。在他看来，中国市 场已逐步进入"精选个股时代"，投资策略应更注重自下而上的深度挖掘，当前市场中存在的机会"比以 往更加丰富"。 宏利投资管理全球首席投资官浦科令(Colin Purdie)也表示，中国市场兼具活力与韧性，在全球资本配置 中占据重要地位。当前中国正迎来由政策开放、技术革新与结构转型所驱动的多重投资机遇，国际投资 者对中国市场的看法正变得"更加积极"。 在浦科令看来，中国资本市场反映出中国消费升级与科技创新的活力，为长期资本提供了优质标的。他 指出，中国在绿色转型领域的进展令人瞩目，光伏、风电、电动汽车等产业已形成全球竞争力，并与 ESG(环境、社会和公司治理)投资趋势高度契合。 中新社上海 ...

Core Viewpoint - The event "Ecological Civilization and Beautiful China Practice" at COP30 highlighted China's significant role in renewable energy and the importance of international cooperation in addressing climate change [1][2]. Group 1: China's Role in Renewable Energy - China is recognized for its important contributions to renewable energy and its long-term vision is commendable [1][2]. - The year 2025 marks the 10th anniversary of the Paris Agreement and the 20th anniversary of the "Green Mountains and Clear Water are Golden Mountains and Silver Mountains" concept, emphasizing China's commitment to environmental sustainability [1]. Group 2: International Cooperation and Dialogue - Continuous and deepened dialogue is essential for countries to collectively address the climate crisis, sharing successful experiences and restoring the spirit of cooperation [1][2]. - The past decade has seen dialogue play a crucial role in the evolution of environmental regulations, enabling the passage of effective laws [2]. Group 3: Future Actions and Expectations - There is a call for large-scale coordinated actions to tackle the decisive challenges of the era, integrating ecological protection with economic development [2]. - The COP30 is viewed as a "conference of action," moving beyond discussions to the implementation of solutions [2].