Core Viewpoint - The company announced that its subsidiary, Asia America Continental Coalbed Methane Co., Ltd., will receive a government subsidy of 109 million yuan related to revenue, which will positively impact the company's profits for the fiscal year 2025 after accounting for VAT [1] Group 1 - The government subsidy is set to be received on October 20, 2025 [1] - The subsidy amount is 109 million yuan, which will be recognized in the current profit and loss statement after deducting a 9% VAT [1] - This financial support is expected to have a favorable effect on the company's profit for the year 2025 [1]

Market Overview - The A-share market showed a positive trend today, with major indices mostly rising. The Shanghai Composite Index increased by 1.36% to close at 3916.33 points, while the Shenzhen Component Index rose by 2.06% to 13077.32 points. The Sci-Tech 50 index saw a gain of 2.81%, closing at 1406.32 points, and the ChiNext Index increased by 3.02% to 3083.72 points. Overall, 4624 stocks rose, 729 fell, and 80 remained unchanged, with a total trading volume of 18739 billion yuan, an increase of 1362.89 billion yuan compared to the previous trading day [1]. Industry Performance - Among the Shenwan first-level industries, all sectors except coal experienced gains today. The leading sectors in terms of growth included telecommunications, electronics, construction decoration, comprehensive, real estate, and machinery equipment [1]. Sector Highlights - The top-performing concept sectors today included optical modules (CPO), consumer electronics OEM, optical chips, HBM, primary real estate developers, cultivated diamonds, copper-clad laminates, circuit boards, optical communications, excavators, memory storage, urban village renovation, natural gas, oil and gas extraction, and GPU sectors [1].

Core Insights - Enagas, the Spanish gas grid operator, reported a profit of 262.8 million euros ($306.5 million) for the first nine months of the year, a significant turnaround from a loss in the same period last year [1] Financial Performance - The profit of 262.8 million euros represents a recovery from a loss incurred a year ago, which was attributed to a capital loss on the sale of assets [1]

Group 1 - The core viewpoint of the news is that Delong Huineng has seen a 5.02% increase in stock price, reaching 7.53 CNY per share, with a total market capitalization of 2.7 billion CNY [1] - Delong Huineng Group Co., Ltd. is primarily engaged in clean energy supply, focusing on natural gas energy, with main business segments including urban gas, LNG, and distributed energy [1] - The revenue composition of Delong Huineng shows that gas supply and related income account for 94.70%, while other income sources contribute significantly less [1] Group 2 - Among the top shareholders of Delong Huineng, Jinyuan Shun'an Fund has increased its holdings in the Delong Huineng stock, with a total of 201.98 million shares, representing 0.56% of the circulating shares [2] - The Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund has achieved a year-to-date return of 32.78% and a one-year return of 42.06%, ranking 2104 out of 8162 and 1158 out of 8024 respectively [2] - The fund manager, Miao Weibin, has a tenure of 8 years and 312 days, with the best fund return during this period being 512.59% [3]

Group 1 - Hubei Energy's stock price increased by 5.79% to 4.93 CNY per share, with a trading volume of 291 million CNY and a turnover rate of 0.94%, resulting in a total market capitalization of 31.954 billion CNY [1] - Hubei Energy Group Co., Ltd. was established on March 9, 1993, and listed on May 19, 1998. The company is primarily engaged in energy investment, development, and management, with main business activities including hydropower, thermal power, nuclear power, new energy generation, natural gas transmission and distribution, coal trading, and financial investment [1] - The revenue composition of Hubei Energy includes 89.49% from electricity business, 6.43% from natural gas, 1.72% from property, engineering, and others, 1.70% from heat supply, and 0.66% from coal trading and warehousing [1] Group 2 - Southern Fund's Southern CSI 500 ETF (510500) entered the top ten circulating shareholders of Hubei Energy, holding 28.9915 million shares, which accounts for 0.45% of the circulating shares. The estimated floating profit today is approximately 7.8277 million CNY [2] - The Southern CSI 500 ETF was established on February 6, 2013, with a latest scale of 113.438 billion CNY. Year-to-date return is 25.22%, ranking 1830 out of 4218 in its category; the one-year return is 27.01%, ranking 1640 out of 3868; and the return since inception is 137.6% [2]

Core Viewpoint - The meeting organized by the National Energy Administration emphasizes the importance of ensuring natural gas supply for the heating season of 2025-2026, highlighting the need for preparedness and response to external uncertainties and extreme weather conditions [1][3]. Group 1: Meeting Overview - The meeting was attended by key figures from major energy companies, including the National Pipeline Group and major oil companies, who reported on their preparations for the heating season [3]. - The China Meteorological Administration provided weather forecasts for the heating season, while various government departments offered suggestions for work improvements [3]. Group 2: Market Conditions - The international natural gas market has shown a generally loose fundamental condition this year, with stable domestic market operations, sufficient resource supply, and a slowdown in natural gas consumption growth [3]. - Natural gas prices have remained stable with a downward trend, contributing to a favorable supply and price stability situation [3]. Group 3: Action Plans and Recommendations - The meeting emphasized the need for a bottom-line thinking approach, considering external uncertainties and the frequency of extreme weather events, to ensure effective work and emergency plans [3]. - Specific tasks were outlined to strengthen heating and residential gas supply in northern regions, enhance gas-electricity coordination, ensure safe operations, and improve market competitiveness [3]. - The meeting highlighted the role of natural gas as an essential part of the new energy system, advocating for reforms, supply increases, infrastructure strengthening, and consumption promotion to ensure stable development of the natural gas industry during the 14th Five-Year Plan [3].

Core Points - The EU Council supports a proposal to gradually stop importing Russian natural gas by January 2028 [1][3] - From January 1, 2026, the EU will prohibit new natural gas contracts with Russia, with existing contracts having a transition period until June 17, 2026, for short-term contracts and until January 1, 2028, for long-term contracts [1] - The proposal still requires approval from the European Parliament [1] Industry Impact - Hungary's Foreign Minister expressed that the proposal would severely undermine Hungary's energy security [3] - Since the outbreak of the Russia-Ukraine conflict, the EU has significantly reduced pipeline imports of Russian natural gas, although some European countries have increased imports of Russian liquefied natural gas via maritime routes [3] - Currently, Russian natural gas accounts for approximately 13% of the EU's imports, valued at over €15 billion annually [3]

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - After high - level fluctuations in September, the stock index is expected to enter a direction - selection phase again. The domestic liquidity environment is expected to remain loose, and residents may increase their allocation of equity assets. With the Fed's rate cuts and RMB appreciation, external funds are also expected to flow into the domestic market. In the fourth quarter, the market style may return to value and be more balanced compared to the third quarter [2] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous two - day closing prices of IF contracts (current month, next month, next quarter, and far - quarter) were 4539.60, 4495.80, 4485.20, and 4463.00 respectively, and the previous day's closing prices were 4519.80, 4506.80, 4482.00, and 4447.20 respectively. The price changes were - 20.06, 9.40, - 2.60, and - 15.80 respectively, with corresponding changes in the CSI 300 index of - 0.44, 0.21, - 0.06, and - 0.35. The trading volumes were 25145.00, 71457.00, 12171.00, and 3514.00 respectively, and the positions were 40679.00, 156399.00, 56967.00, and 3406.00 respectively. The changes in positions were 40679.00, 112532.00, - 106267.00, and - 55287.00 respectively [1] - **IH Contracts**: The previous two - day closing prices of IH contracts (current month, next month, next quarter, and far - quarter) were 2983.00, 2964.20, 2963.00, and 2963.60 respectively, and the previous day's closing prices were 2972.00, 2970.40, 2972.00, and 2969.80 respectively. The price changes were - 11.27, 7.40, 10.40, and 7.20 respectively, with corresponding changes in the SSE 50 index of - 0.38, 0.25, 0.35, and 0.24. The trading volumes were 13161.00, 34271.00, 4201.00, and 986.00 respectively, and the positions were 14994.00, 60464.00, 13478.00, and 956.00 respectively. The changes in positions were 14994.00, 44254.00, - 54024.00, and - 13254.00 respectively [1] - **IC Contracts**: The previous two - day closing prices of IC contracts (current month, next month, next quarter, and far - quarter) were 7064.00, 6922.40, 6863.20, and 6702.00 respectively, and the previous day's closing prices were 6972.00, 6909.20, 6747.40, and 6567.00 respectively. The price changes were - 92.34, - 12.60, - 117.60, and - 136.60 respectively, with corresponding changes in the CSI 500 index of - 1.31, - 0.18, - 1.71, and - 2.04. The trading volumes were 28764.00, 81712.00, 17991.00, and 6366.00 respectively, and the positions were 48948.00, 135493.00, 52568.00, and 6207.00 respectively. The changes in positions were 48948.00, 82817.00, - 87905.00, and - 47231.00 respectively [1] - **IM Contracts**: The previous two - day closing prices of IM contracts (current month, next month, next quarter, and far - quarter) were 7230.20, 7100.00, 7020.80, and 6805.00 respectively, and the previous day's closing prices were 7137.60, 7059.20, 6841.60, and 6637.40 respectively. The price changes were - 92.73, - 44.80, - 182.60, and - 170.60 respectively, with corresponding changes in the CSI 1000 index of - 1.28, - 0.63, - 2.60, and - 2.51. The trading volumes were 44989.00, 143577.00, 28288.00, and 11429.00 respectively, and the positions were 71066.00, 189654.00, 82550.00, and 11067.00 respectively. The changes in positions were 71066.00, 112051.00, - 116798.00, and - 76204.00 respectively [1] - **Inter - month Spreads**: The current inter - month spreads of IF (next month - current month), IH (next month - current month), IC (next month - current month), and IM (next month - current month) were - 13.00, - 1.60, - 62.80, and - 78.40 respectively, while the previous values were - 43.80, - 18.80, - 141.60, and - 130.20 respectively [1] 3.2 Stock Index Spot Market - **Index Performance**: The CSI 300 index had a previous value of 4538.22, a previous two - day value of 4514.23, and a change rate of 0.53. The SSE 50 index had a previous value of 2974.86, a previous two - day value of 2967.77, and a change rate of 0.24. The CSI 500 index had a previous value of 7069.64, a previous two - day value of 7016.07, and a change rate of 0.76. The CSI 1000 index had a previous value of 7239.18, a previous two - day value of 7185.48, and a change rate of 0.75 [1] - **Industry Performance**: Among different industries, the energy, industrial, optional consumption, pharmaceutical and healthcare, real estate and finance, information technology, and telecommunications industries had positive change rates of 1.98%, 0.93%, 0.99%, 0.15%, 0.15%, 0.98%, and 3.21% respectively, while the raw materials, major consumption, and public utilities industries had negative change rates of - 1.17%, - 0.48%, and - 0.05% respectively [1] 3.3 Basis between Futures and Spot - **IF Contracts**: The basis between IF contracts (current month, next month, next quarter, and far - quarter) and the CSI 300 index had previous values of - 18.42, - 31.42, - 56.22, and - 91.02 respectively, and previous two - day values of 25.37, - 18.43, - 29.03, and - 51.23 respectively [1] - **IH Contracts**: The basis between IH contracts (current month, next month, next quarter, and far - quarter) and the SSE 50 index had previous values of - 2.86, - 4.46, - 2.86, and - 5.06 respectively, and previous two - day values of 15.23, - 3.57, - 4.77, and - 4.17 respectively [1] - **IC Contracts**: The basis between IC contracts (current month, next month, next quarter, and far - quarter) and the CSI 500 index had previous values of - 97.64, - 160.44, - 322.24, and - 502.64 respectively, and previous two - day values of 47.93, - 93.67, - 152.87, and - 314.07 respectively [1] - **IM Contracts**: The basis between IM contracts (current month, next month, next quarter, and far - quarter) and the CSI 1000 index had previous values of - 101.58, - 179.98, - 397.58, and - 601.78 respectively, and previous two - day values of 44.72, - 85.48, - 164.68, and - 380.48 respectively [1] 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index had previous values of 3863.89, 12813.21, 7870.96, and 2993.45 respectively, previous two - day values of 3839.76, 12688.94, 7815.57, and 2935.37 respectively, and change rates of 0.63%, 0.98%, 0.71%, and 1.98% respectively [1] - **Overseas Indexes**: The Hang Seng Index, Nikkei 225, S&P Index, and DAX Index had previous values of 25858.83, 47582.15, 6735.13, and 24258.80 respectively, previous two - day values of 25247.10, 48277.74, 6664.01, and 23830.99 respectively, and change rates of 2.42%, - 1.44%, 1.07%, and 1.80% respectively [1] 3.5 Macroeconomic Information - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China started on October 20 in Beijing. China and the US are about to return to the negotiation table. The GDP in the first three quarters of China increased by 5.2% year - on - year. In September, the added value of large - scale industries increased by 6.5% year - on - year, and the total retail sales of consumer goods increased by 3%. The national fixed - asset investment in the first three quarters decreased by 0.5% year - on - year, and the per - capita disposable income of residents was 32,509 yuan, with a real increase of 5.2% after deducting price factors. The housing prices in 70 cities decreased month - on - month, and the year - on - year decline continued to narrow. The 1 - year and 5 - year LPRs in October remained unchanged for the fifth consecutive month [2] 3.6 Industry Information - The Ministry of Industry and Information Technology emphasized the implementation of the work plan for stabilizing growth in the building materials industry. The transfer fees of residential land in 300 cities increased by 12% year - on - year in the first three quarters, but the transaction area decreased by 8%. China's wind power installation targets were comprehensively raised. As of the end of September, the total number of electric vehicle charging infrastructure in China reached 18.063 million, a year - on - year increase of 54.5%. In September, the production of raw coal decreased by 1.8% year - on - year, the production of crude oil increased by 4.1%, the production of natural gas increased by 9.4%, and the production of crude steel and pig iron reached new lows since December 2023 [2]

9月份，规模以上工业（以下简称规上工业）原煤生产降幅收窄，原油、天然气生产增速加快，电 力生产平稳增长。 一、原煤、原油和天然气生产及相关情况 原煤生产降幅收窄。9月份，规上工业原煤产量4.1亿吨，同比下降1.8%，降幅比8月份收窄1.4个百 分点；日均产量1372万吨。 1—9月份，规上工业原煤产量35.7亿吨，同比增长2.0%。 原油生产增速加快。9月份，规上工业原油产量1777万吨，同比增长4.1%，增速比8月份加快1.7个 百分点；日均产量59.2万吨。 二、电力生产情况 规上工业电力生产平稳增长。9月份，规上工业发电量8262亿千瓦时，同比增长1.5%；日均发电 275.4亿千瓦时。1—9月份，规上工业发电量72557亿千瓦时，同比增长1.6%。 分品种看，9月份，规上工业火电、风电由增转降，水电由降转增，核电增速放缓，太阳能发电增 速加快。其中，规上工业火电同比下降5.4%，8月份为增长1.7%；规上工业水电增长31.9%，8月份为下 降10.1%；规上工业核电增长1.6%，增速比8月份放缓4.3个百分点；规上工业风电下降7.6%，8月份为增 长20.2%；规上工业太阳能发电增长21.1%，增速比 ...

Core Points - Hungary's Foreign Minister, Szijjarto, announced that Hungary will use all political and legal means to block the EU's "REPowerEU" proposal aimed at banning Russian energy imports [1] - The European Council has reached a negotiating position on a draft regulation to gradually stop importing Russian natural gas, aiming for a complete halt by January 1, 2028 [1] - Starting January 1, 2026, the EU will prohibit internal parties from signing new natural gas import contracts with Russia, while existing contracts will have a transition period [1] Summary by Sections - **Hungary's Position**: Hungary is determined to oppose the EU's energy import ban through all available means [1] - **Regulation Details**: The draft regulation seeks to completely stop imports of Russian pipeline gas and LNG by January 1, 2028, with specific timelines for new contracts and existing agreements [1] - **Approval Process**: The proposal still requires approval from the European Parliament before it can be enacted [1]