Core Viewpoint - Zhengzhou Thermal Group is conducting a cold operation of the heating network from October 15 to October 16, 2025, to ensure the safety and stability of the heating system for the upcoming winter [1] Group 1: Operational Details - The cold operation will start at 9 AM on October 15 and end at 5 PM on October 16, focusing on testing the heating equipment and facilities [1] - The heating system will maintain a cold water circulation state while gradually increasing the operating pressure [1] - This operation aims to simulate the heating conditions for the winter and adjust the heating areas across the city [1] Group 2: Monitoring and Response - During the cold operation, thermal operation personnel will monitor the heating network continuously to ensure safe and stable operation [1] - Enhanced inspection and troubleshooting will be conducted to promptly identify and address any network or equipment failures [1] - Citizens can report any abnormal situations, such as leaks, by calling the customer service hotline, and repair personnel will respond quickly [1]

二、供热纠纷源头治理的对策建议 供热纠纷的高效化解，需依托多方协同联动，实现从源头预防到末端终结的全流程治理，推动供热 领域治理格局优化升级，这既是保障民生权益的迫切需求，也是维护供热市场稳定秩序的关键举措。 伴随着我国经济的迅猛腾飞，城市化进程不断加快，人民生活水平日益提升，对于冬季取暖的需求 也呈现出爆发式增长，在此背景下，供热行业作为保障民生的重要基础设施领域，正经历着前所未有的 规模扩张与技术革新。然而，在这一蓬勃发展的表象之下，诸多深层次的现实因素却如同隐形的掣肘， 严重制约着行业的健康可持续发展——供热管理体制尚存漏洞，从热源生产到管网输送再到终端服务的 全链条协同机制尚未完全理顺；市场准入门槛参差不齐，部分区域仍存在着垄断经营与无序竞争并存的 局面；更为突出的是，广大居民群体的法律意识普遍较为淡薄，对供热服务的商品属性认知不足，缺乏 通过法律途径维护自身权益的意识，这使得供需双方在权利义务的界定上时常陷入模糊地带。 一、供热纠纷成因剖析 通过对案件现状特点与争议焦点的梳理，其成因体现在以下几个方面： 供热企业日常管理粗放，合同意识薄弱。供热企业在日常运营中表现出较强的传统管理模式惯性， 其在合同 ...

Core Viewpoint - The company, Huitian Thermal Power (000692.SZ), announced a strategic plan to enhance operational efficiency by providing heating services to its controlling shareholder's subsidiary starting in 2025, following the completion of a long-distance heating pipeline project [1] Group 1 - The company will sell heat to Shenyang Huiyong Heating Co., Ltd. (referred to as "Huiyong Company") from its subsidiary, Erre Company, beginning in 2025 [1] - The heating sales will be based on a fixed price of no less than 53 yuan per gigajoule during the 2025-2026 heating season [1] - It is estimated that Erre Company will sell approximately 600,000 gigajoules of heat to Huiyong Company, with a total transaction value not exceeding 35 million yuan [1]

Core Viewpoint - The company, Huitian Thermal Power (000692.SZ), announced a strategic plan to enhance operational efficiency by providing heating services to its subsidiary, Shenyang Huiyong Heating Co., Ltd., starting from 2025, following the completion of a long-distance heating pipeline project [1] Group 1 - The company will sell thermal energy to Huiyong Company from its subsidiary, Erre Company, to optimize scale benefits [1] - For the heating season of 2025-2026, the thermal energy price is set at no less than 53 yuan per gigajoule [1] - The expected thermal energy sales volume for the 2025-2026 heating season is approximately 600,000 gigajoules, with a transaction value not exceeding 35 million yuan [1]

Core Viewpoint - The National Development and Reform Commission (NDRC) has released the "Special Management Measures for Energy Conservation and Carbon Reduction Central Budget Investment" to enhance and standardize the management of central budget investments for energy conservation and carbon reduction, aiming for high-quality project implementation and improved fund utilization efficiency [1][2]. Group 1: Management Measures - The management measures focus on promoting "soft construction" to establish effective mechanisms for solving practical problems and advancing green and low-carbon circular development [1][2]. - The emphasis on "soft construction" marks a significant shift from merely hardware investment to building long-term mechanisms, ensuring that financial inputs translate into sustainable emission reduction benefits [1][2]. Group 2: Project Support and Focus Areas - The NDRC will support energy conservation and carbon reduction projects based on project characteristics, regional economic development levels, and local carbon reduction goals, with a focus on areas excelling in carbon peak and neutrality, energy conservation, and circular economy [2]. - Key supported sectors include energy conservation and carbon reduction in major industries such as electricity, steel, non-ferrous metals, building materials, petrochemicals, chemicals, and machinery, as well as projects related to clean coal consumption replacement and low-carbon demonstration [2]. Group 3: Importance of Computing Infrastructure - Supporting energy conservation and carbon reduction in computing infrastructure is deemed necessary and forward-looking, as the rapid growth of the digital economy leads to increased energy consumption in data centers [3]. - Enhancements in energy efficiency in this sector will directly promote the application of green technologies such as liquid cooling and AI intelligent scheduling, thereby strengthening the green foundation of the digital industry and improving its environmental compliance and competitiveness in the international market [3].

Core Viewpoint - The company, 瑞纳智能, experienced a stock price decline of 2.73% on October 14, 2025, closing at 27.05 yuan, with a trading volume of 23,300 shares and a turnover of 64.03 million yuan [1]. Group 1: Company Performance - The company reported a significant trading activity with a turnover of 64.03 million yuan and a turnover rate of 6.24% on October 14, 2025 [1]. - The main funds saw a net outflow of 6.746 million yuan, while retail investors experienced a net inflow of 10.2891 million yuan on the same day [4]. Group 2: Investor Inquiries and Company Responses - The company stated that the increase in tariffs does not have a significant impact on its operations [2]. - The company confirmed that it is focusing on domestic smart heating projects and currently has no plans for overseas market expansion [2]. - The company has not yet developed any pilot projects related to the integration of photovoltaic and smart heating systems [2]. - The data accumulated by the company's smart heating platform is used solely for providing energy-saving services to partner heating companies, adhering to data compliance requirements [2]. - The company has not disclosed specific information regarding the proportion of cross-regional heating network projects in its major contracts since 2024, as this information requires regulated disclosure [2]. - The company is monitoring policy developments related to smart energy management subsidies but has not yet received information on specific application processes [2].

Investment Rating - The report maintains a positive outlook on the public utility sector, particularly highlighting the recovery in hydropower and the continued cost reduction in thermal power [4][6]. Core Insights - The thermal power sector is experiencing improved profitability due to a decrease in coal prices, with the average spot price of 5500 kcal thermal coal in Qinhuangdao at 672 RMB/ton, down 176 RMB/ton year-on-year [4]. - Hydropower generation is expected to recover in Q4 2025, following a significant improvement in autumn rainfall, which is projected to enhance the generation capacity of major hydropower companies [4]. - Nuclear power generation has shown a year-on-year growth of 11.33% in the first three quarters of 2025, with new units expected to come online, further boosting output [4]. - The natural gas sector is witnessing a gradual recovery in consumption, with a total apparent consumption of 2845.6 billion m³ from January to August 2025, reflecting a slight year-on-year decrease of 0.1% [4]. Summary by Sections Thermal Power - In Q3 2025, the average utilization hours for thermal power equipment were 2783 hours, a decrease of 144 hours year-on-year, but profitability is expected to remain positive [4]. - The report anticipates that thermal power companies in northern China will continue to achieve above-average performance due to stable electricity prices [4]. Hydropower - The report notes a decline in hydropower generation in July and August 2025, with a year-on-year decrease of 9.8% and 10.1% respectively, but forecasts a recovery in Q4 due to improved rainfall [4]. - The Yangtze River power generation saw a slight decline of 0.29% year-on-year from January to September 2025, but significant improvements are expected in October [4]. Nuclear Power - The report highlights that new nuclear units are expected to contribute to steady growth in electricity generation, with a strong approval rate for new projects [4]. - The long-term outlook for nuclear power remains positive, with a strong certainty of growth in installed capacity [4]. Natural Gas - The report indicates that the natural gas consumption has been recovering since May 2025, with a notable increase in demand expected due to stable supply and geopolitical factors [4]. - The report projects that the reduction in LNG prices and the adjustment of residential gas prices will benefit city gas companies' profitability [4]. Company Performance Forecast - The report provides a performance forecast for key companies in the public utility sector for the first nine months of 2025, with notable growth expected for companies like Datang Power and Huaneng International [5]. - The report recommends several companies for investment, including Guotou Power, Chuanwei Energy, and Longjiang Power, based on their expected performance recovery [4][6].

Group 1 - The company, Ruina Intelligent (301129.SZ), is currently focusing on the domestic smart heating sector and is deepening its efforts in the local market to enhance service and technological competitiveness [1] - There are no plans for overseas market expansion at this time [1]

Group 1 - Jin Fang Energy's stock increased by 5.14%, reaching 17.59 CNY per share, with a trading volume of 83.11 million CNY and a turnover rate of 5.07%, resulting in a total market capitalization of 2.758 billion CNY [1] - Jin Fang Energy Group Co., Ltd. is located in Haidian District, Beijing, and was established on November 8, 1992. The company was listed on July 29, 2021, and its main business includes heating operation services, energy-saving renovation services, and the research, production, and sales of energy-saving products [1] - The revenue composition of Jin Fang Energy is as follows: traditional energy heating operation 91.09%, new energy heating operation 5.22%, cold storage energy business 2.41%, energy-saving renovation services and contract energy management services 1.27%, other 0.01%, and product sales 0.00% [1] Group 2 - Fu Rong Fund has one fund heavily invested in Jin Fang Energy, specifically Fu Rong Fu Kang Mixed A (005104), which held 10,800 shares in the second quarter, accounting for 2.49% of the fund's net value, making it the third-largest holding [2] - Fu Rong Fu Kang Mixed A (005104) was established on February 11, 2018, with a latest scale of 4.7713 million CNY. Year-to-date return is 42.01%, ranking 1645 out of 8162 in its category; the one-year return is 46.47%, ranking 1517 out of 8015; and since inception, the return is 17.47% [2]

Core Viewpoint - The company, Gongda Keya, experienced a decline in stock price and significant changes in financing activities, indicating potential liquidity concerns and a challenging financial environment [1][2]. Financing Activities - On October 13, Gongda Keya's stock price fell by 1.24%, with a trading volume of 43.89 million yuan. The financing buy-in amounted to 4.18 million yuan, while the financing repayment was 13.62 million yuan, resulting in a net financing outflow of 9.44 million yuan [1]. - As of October 13, the total financing and securities lending balance for Gongda Keya was 85.84 million yuan, with the financing balance accounting for 5.11% of the circulating market value, indicating a high level compared to the past year [1]. - The company had no shares sold short on October 13, with a securities lending balance of 1997 yuan, which is above the 60th percentile of the past year [1]. Financial Performance - For the first half of 2025, Gongda Keya reported a revenue of 87.81 million yuan, reflecting a year-on-year decrease of 8.52%. The net profit attributable to the parent company was -15.40 million yuan, a significant decline of 244.37% compared to the previous period [2]. - The number of shareholders increased to 18,000, a rise of 52.14%, while the average circulating shares per person decreased by 34.27% to 4,560 shares [2]. Dividend Distribution - Since its A-share listing, Gongda Keya has distributed a total of 35.61 million yuan in dividends [3].