长江证券此前发布研报称，对于风电业务而言，在136号文的政策导向下，保护存量稳定增量预期导向 已经明晰。当前公司已经明确剥离光伏业务，战略聚焦风电业务，公司储备的大量风电项目，将在行业 触底回暖背景下保障绿电业务的长期成长性；公司获得核准的下游天然气电厂项目将提升天然气负荷水 平，同时也将直接贡献增量收益，依然看好公司天然气业务稳定性叠加成长性带来的价值回归。 消息面上，新天绿能（600956）近日发布业绩，前三季度公司实现总营业收入144.45亿元，同比减少 8.51%；归母净利润15.59亿元，同比增加4.23%。单看三季度，公司实现营业收入35.41亿元，同比减少 3.03%；归母净利润1.47亿元，同比增加122.98%。 新天绿色能源(00956)午后涨超4%，截至发稿，涨3.84%，报4.6港元，成交额3172.99万港元。 ...

Core Viewpoint - New天绿色能源 (00956) reported a mixed performance in its recent earnings, with a decline in total revenue but an increase in net profit, indicating potential resilience in its business model amidst market challenges [1] Financial Performance - For the first three quarters, the company achieved total operating revenue of 14.445 billion yuan, a year-on-year decrease of 8.51% [1] - The net profit attributable to shareholders was 1.559 billion yuan, reflecting a year-on-year increase of 4.23% [1] - In the third quarter alone, the company reported operating revenue of 3.541 billion yuan, down 3.03% year-on-year [1] - The net profit for the third quarter was 147 million yuan, showing a significant year-on-year increase of 122.98% [1] Strategic Focus - The company has decided to divest its solar photovoltaic business and concentrate on wind power, aligning with the policy direction outlined in Document No. 136, which aims to stabilize existing capacity while fostering growth in new capacity [1] - The company has a substantial reserve of wind power projects, which are expected to support the long-term growth of its green electricity business as the industry begins to recover [1] - Approved downstream natural gas power plant projects are anticipated to enhance the natural gas load level and contribute additional revenue, reinforcing the company's outlook on the stability and growth potential of its natural gas business [1]

Core Insights - Guangxi has been enhancing its business environment, transitioning from self-promotion to widespread recognition of its improvements in service and efficiency [1][2] Group 1: Mechanism and Efficiency Improvement - Guangxi has established a mechanism to promote projects to private capital and facilitate their participation in project construction, resulting in over 350 billion yuan in credit approvals through various financial matching events [1] - The region has implemented a regular mechanism for introducing key measures to improve the business environment, focusing on practical and operational initiatives [1] Group 2: Legal Framework and Fairness - A special review of laws and regulations affecting businesses has been conducted, leading to the modification of 32 regulations and the abolition of 22, with a focus on correcting unfair administrative practices [1] - The courts have resolved over 87,000 business-related cases this year, with an execution amount of 13.3 billion yuan, and a satisfaction rate of 92.87% for litigation services [1] Group 3: Cost Reduction and Support - Financial institutions in Guangxi have provided 73.04 billion yuan in subsidized loans to 19,000 businesses, while the average industrial and commercial electricity price has decreased by approximately 0.0745 yuan per kilowatt-hour [2] - The region has reduced natural gas costs for major users by over 650 million yuan and maintained a logistics cost-to-GDP ratio of 13.8%, below the national average for four consecutive years [2] Group 4: Service Improvement and Problem Resolution - Guangxi has addressed 4,181 issues identified through service research, achieving a resolution rate of 97.9%, and has improved the problem-solving rate for business complaints to 88% [2] - The "Enterprise Call I Handle" platform has assisted businesses in recovering over 1 billion yuan in overdue payments [2] Group 5: Reform and Public Welfare - Guangxi has implemented 154 reform measures and 30 micro-reforms aimed at benefiting the public and businesses, streamlining regulatory processes and enhancing credit repair for businesses [3] - A standardized regulatory checklist has been established, and a national platform for credit repair has restored 134,700 business credit records this year [3]

本报驻哈萨克斯坦特约记者 栖 川 "中国在乌兹别克斯坦推进多个能源合作项目。"乌兹日报网2日报道称，乌兹别克斯坦能源部与中国石 油天然气集团公司（以下简称"中国石油"）日前签署合作备忘录，双方将携手建设一座新的地下天然气 储气库。据《环球时报》特约记者了解，该储气库选址定于卡什卡达里亚州卡桑区的科拉巴伊尔气田， 设计存储能力达15亿立方米。 报道称，地下储气库是天然气供应的重要组成部分，特别是在季节性需求波动大或突发供应中断的情况 下。目前，乌兹别克斯坦全国仅有加兹利和霍贾巴德两座地下储气库。面对日益增长的天然气需求，现 有的储气设施在容量和地域覆盖上均显不足。正在规划的地下储气库预计将在中国—中亚天然气管道运 输中发挥关键作用，有效避免区域性能源短缺，保障天然气稳定供应。 乌中间的能源合作已超越单纯的贸易，走向全产业链。据乌Daryo网站报道，乌能源部和中国石油代表 团日前就扩大能源合作、启动新战略项目进行讨论，内容涵盖多个关键领域，包括重点开发布哈拉地区 的凝析气田项目，共同推进中国-中亚天然气管道D线等关键项目，中方还将为乌兹别克斯坦培训油气 领域的专业人才。 乌兹别克斯坦《人民言论报》副总编肯扎耶夫3 ...

Report Key Points 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - In May 2025, the daily average of natural gas exported from the US to Mexico via pipeline reached 7.5 billion cubic feet, a record high for a single month. This growth is mainly due to the continuous increase in Mexico's demand for natural gas, especially in the power industry [2][5]. - In 2024, the daily average of pipeline natural gas exports from the US to Mexico was 6.4 billion cubic feet, a 25% increase from 2019, reaching the highest level since records began in 1975 [2][5]. - Due to the upcoming 2026 FIFA World Cup in the US, Canada, and Mexico, Mexico may see a higher increase in potential tourists compared to the US and Canada, which could lead to a new high in electricity consumption. This trend will indirectly determine the natural gas supply in North America [2]. 3. Summary by Related Catalogs US Exports of Natural Gas to Mexico - In May 2025, the daily average of natural gas exported from the US to Mexico via pipeline reached 7.5 billion cubic feet, a record high for a single month [2][5]. - In 2024, the daily average of pipeline natural gas exports from the US to Mexico was 6.4 billion cubic feet, a 25% increase from 2019, reaching the highest level since records began in 1975 [2][5]. - From 2019 - 2024, Mexico's total natural gas consumption increased from 7.7 billion to 8.6 billion cubic feet per day, with the growth mainly concentrated in the power industry [5]. - In 2024, the total transmission capacity of the four core corridors for US natural gas exports to Mexico was about 14.8 billion cubic feet per day, with an actual utilization rate of about 43%. Factors restricting export growth include limitations in Mexico's pipeline infrastructure and insufficient natural gas storage capacity [5]. - In 2024, the exports through the West Texas and South Texas pipelines accounted for 91% of the total US natural gas exports to Mexico. The West Texas exports increased significantly from 0.6 billion cubic feet per day in 2019 to 1.8 billion cubic feet per day in 2024, thanks to the successive commissioning of connecting pipelines in central - western Mexico in recent years [6]. Mexican Natural Gas Pipeline Network - To meet potential demand growth, Mexico plans to expand its domestic pipeline network. The "South Texas - Tuxpan" pipeline can transport imported natural gas to end - users such as LNG receiving stations and power plants. It is also connected to the "Southeast Gateway" submarine pipeline completed in 2025, which supplies gas to new power plants in the Yucatan Peninsula [11]. - In 2022, parts of the Tula - Reyes and Tuxpan - Tula pipeline sections were partially activated and are expected to operate at full capacity in 2025. In the same year, the "Mayakan Energy" pipeline will improve the natural gas infrastructure in the Yucatan Peninsula, and the "North Centauro" pipeline started construction in 2025, which will provide incremental gas transmission capacity for the northwestern combined - cycle power plants [11]. - In August 2024, Mexico achieved its first LNG export through the "Altamira Fast LNG1" floating liquefied natural gas unit. Currently, two other export projects, "Altamira Fast LNG2" and "Costa Azul Energy", are under construction, with a total daily production capacity of 0.6 billion cubic feet, and their gas sources rely on US - imported natural gas. The expansion projects of the "South Texas - Tuxpan" pipeline and the "Rosarito Pipeline" will provide transportation support for these LNG projects [11].

【环球时报驻哈萨克斯坦特约记者 栖川】"中国在乌兹别克斯坦推进多个能源合作项目。"乌兹日报网2 日报道称，乌兹别克斯坦能源部与中国石油天然气集团公司（以下简称"中国石油"）日前签署合作备忘 录，双方将携手建设一座新的地下天然气储气库。据《环球时报》特约记者了解，该储气库选址定于卡 什卡达里亚州卡桑区的科拉巴伊尔气田，设计存储能力达15亿立方米。 报道称，地下储气库是天然气供应的重要组成部分，特别是在季节性需求波动大或突发供应中断的情况 下。目前，乌兹别克斯坦全国仅有加兹利和霍贾巴德两座地下储气库。面对日益增长的天然气需求，现 有的储气设施在容量和地域覆盖上均显不足。正在规划的地下储气库预计将在中国—中亚天然气管道运 输中发挥关键作用，有效避免区域性能源短缺，保障天然气稳定供应。 乌中间的能源合作已超越单纯的贸易，走向全产业链。据乌Daryo网站报道，乌能源部和中国石油代表 团日前就扩大能源合作、启动新战略项目进行讨论，内容涵盖多个关键领域，包括重点开发布哈拉地区 的凝析气田项目，共同推进中国-中亚天然气管道D线等关键项目，中方还将为乌兹别克斯坦培训油气 领域的专业人才。 乌兹别克斯坦《人民言论报》副总编肯扎耶 ...

证券代码：605090 证券简称：九丰能源 公告编号：2025-102 江西九丰能源股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 ■ 注：截至本次股东大会股权登记日收市，公司回购专用账户中共有公司股份7,107,934股，根据《上市公 司股份回购规则》等相关规定，该部分股份不享有股东大会表决权，本次股东大会计算相关比例时已扣 除上述已回购股份。 （四）表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等 本次会议由董事会召集，董事长张建国先生主持，议案以现场投票与网络投票相结合的方式进行表决， 本次会议的召开符合《公司法》《证券法》《上海证券交易所股票上市规则》和《公司章程》等相关规 定。 （五）公司董事、监事和董事会秘书的出席情况 3、副总经理兼董事会秘书黄博先生出席现场会议，除副总经理蔡建斌先生、杨小毅先生及吴志伟先生 因工作原因未出席本次股东大会外，其他高级管理人员均列席本次股东大会。 ...

Group 1: Green Methanol Project - The first domestic green methanol demonstration project, led by State Power Investment Corporation and others, has been launched in Jilin, with an investment of 4.29 billion yuan, aiming to create a complete green methanol production and shipping chain [1] - The project is expected to produce 197,200 tons of green methanol annually and reduce carbon dioxide emissions by approximately 300,000 tons, contributing to the decarbonization of the shipping industry [1] Group 2: OLED Equipment Breakthrough - Three high-end equipment for 8.6-generation large-size OLED production lines were officially launched in Chengdu, marking a significant breakthrough in China's display equipment sector [2] - The investment in 8.6-generation OLED production lines by major manufacturers like Samsung Display and BOE has reached nearly 170 billion yuan, indicating a strong market demand for high-end display products [2] Group 3: Superconducting Germanium - A research team has successfully developed superconducting germanium materials that can conduct electricity without resistance, paving the way for scalable quantum devices based on existing semiconductor processes [3] Group 4: Aromatic Amines Breakthrough - A research team from the University of Chinese Academy of Sciences has achieved a breakthrough in the application of aromatic amines, allowing for direct amine functionalization without hazardous intermediates, providing a safer and more economical synthesis route [4] Group 5: DRAM Price Surge - Recent data shows that the price of DDR4 memory has surged by 350% since the beginning of the year, with a single-day increase of 13.84% to 4,486.58 yuan, indicating a shift to a "seller's market" in memory storage [5] - The price increase is attributed to major manufacturers like Samsung and SK Hynix halting quotes, while demand remains stable due to ongoing needs in industrial control and automotive electronics [5] Group 6: Water-Saving Equipment Development - The Ministry of Industry and Information Technology and the Ministry of Water Resources have jointly released a development plan for high-quality water-saving equipment, aiming to enhance the industry's competitiveness and support the green transformation of the economy [6] Group 7: Market Movements - The Shenzhen gold market experienced a sudden price increase, with gold prices rising over 50 yuan per gram, prompting some jewelry companies to raise prices in response to new tax policies [6]

Core Viewpoint - TL Natural Gas (08536) has entered into a memorandum of understanding with Huate Power (China) Co., Ltd. and Taxiang to establish a joint venture focused on managing and operating off-grid methanol hydrogen fuel cell power systems and liquid-cooled supercharging stations across China [1] Group 1: Joint Venture Details - The joint venture will be owned 51% by TL Natural Gas, 24.5% by Huate Power, and 24.5% by Taxiang [1] - The joint venture aims to collaborate on projects developed by Shenzhen Supercomputing Power Digital Technology Co., Ltd. and Huate Power, including both operational and under-construction projects [1] Group 2: Strategic Implications - The establishment of the joint venture is expected to allow TL Natural Gas to enter the electricity charging market, potentially generating additional revenue for the company [1] - The company primarily engages in the sale of compressed natural gas and liquefied natural gas, along with providing transportation services [1]

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].