Market Overview - The gas sector increased by 1.15% on November 28, with Delong Huineng leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Key Performers in Gas Sector - Delong Huineng (000593) closed at 11.96, up 6.22% with a trading volume of 506,400 shares and a transaction value of 589 million [1] - Xinjiang Torch (603080) closed at 23.21, up 6.08% with a trading volume of 65,700 shares and a transaction value of 150 million [1] - Shengtong Energy (001331) closed at 14.32, up 5.84% with a trading volume of 64,300 shares and a transaction value of 90.55 million [1] - Other notable performers include Shouhua Gas (300483) up 5.28% and ST Jinjis (000669) up 4.87% [1] Capital Flow Analysis - The gas sector saw a net inflow of 116 million from institutional investors, while retail investors experienced a net outflow of 80.75 million [2] - The main capital inflow was observed in Shouhua Gas with a net outflow of 34.62 million from institutional investors [3] - Ninefeng Energy (605090) had a net inflow of 31.72 million from institutional investors, indicating strong interest [3]

Investment Rating - The report maintains an "Outperform" rating for the public utility and environmental protection sectors [5][7]. Core Views - The report highlights that coal and electricity prices are declining simultaneously, which is expected to maintain reasonable profitability for thermal power companies. Recommendations include major thermal power enterprises such as Huadian International and Shanghai Electric, which has relatively stable regional electricity prices [22]. - Continuous government policies supporting renewable energy development are anticipated to lead to gradually stable profitability in renewable energy generation. Recommended companies include leading national renewable energy firms Longyuan Power and Three Gorges Energy, as well as regional offshore wind power companies [22]. - The report suggests that the growth in installed capacity and electricity generation will offset the downward pressure on electricity prices, with nuclear power companies expected to maintain stable profitability. Recommended companies include China National Nuclear Power and China General Nuclear Power [22]. - The report emphasizes the defensive attributes of hydropower stocks in a global interest rate decline environment, recommending Longjiang Power, which combines stability and growth [22]. - The report identifies investment opportunities in the environmental sector, particularly in water and waste incineration industries, which are entering a mature phase with improved free cash flow [23]. Summary by Sections Market Review - The Shanghai Composite Index fell by 3.77%, with the public utility index down 4.33% and the environmental index down 6.02%. The relative performance of public utilities and environmental sectors ranked 10th and 23rd among 31 first-level industry classifications [15][25]. Important Events - The Ministry of Finance has allocated the first batch of ecological and environmental protection funds for 2026, totaling 40 billion yuan for integrated protection and restoration projects, 153 billion yuan for ecological restoration of abandoned mines, and 136 billion yuan for marine ecological protection projects [16]. Investment Strategy - The report recommends various companies across different sectors, including: - Thermal Power: Huadian International and Shanghai Electric - Renewable Energy: Longyuan Power, Three Gorges Energy, and regional offshore wind companies - Nuclear Power: China National Nuclear Power and China General Nuclear Power - Hydropower: Longjiang Power - Environmental: Guangda Environment and Zhongshan Public Utilities, focusing on mature sectors with improved cash flow [3][22][23]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform," including Huadian International, Longyuan Power, and Guangda Environment, among others [7][8].

Investment Rating - The report maintains a "Strong Buy" rating for the utility sector, indicating a positive outlook for investment opportunities in this industry [3]. Core Insights - The utility sector has shown significant performance differentiation among its sub-sectors in the first three quarters of 2025, with the environmental protection segment demonstrating notable cash flow improvements [1][37]. - The report highlights the transition of thermal power from a reliance on electricity volume to a focus on capacity and regulation, enhancing profitability stability [2]. - The environmental sector's cash flow has improved significantly, particularly in solid waste and water management, driven by macroeconomic policy support and operational efficiency [38]. Summary by Sections 1. Utility Sector Overview - The utility sector achieved total revenue of CNY 16,911.85 billion in the first three quarters of 2025, a year-on-year decrease of 1.99%. The power sector's revenue was CNY 14,562.73 billion, down 2.21%, while the gas sector's revenue was CNY 2,349.12 billion, down 0.64% [15]. - The sector's net profit attributable to shareholders reached CNY 1,858.70 billion, a year-on-year increase of 3.39%, with the power sector's net profit at CNY 1,756.23 billion, up 3.90% [15]. 1.1 Thermal Power - The thermal power sector's revenue for the first three quarters was CNY 9,064.68 billion, down 3.08%, but net profit increased by 15.83% to CNY 711.23 billion due to reduced fuel costs [19]. - In Q3 2025, thermal power revenue was CNY 3,333.75 billion, with a net profit of CNY 270.72 billion, reflecting a year-on-year increase of 35.59% [19]. 1.2 Hydropower - Hydropower revenue for the first three quarters was CNY 1,487.60 billion, up 1.56%, with net profit at CNY 513.22 billion, an increase of 3.30% [21]. - Q3 2025 saw hydropower revenue of CNY 608.51 billion, with net profit of CNY 250.84 billion, reflecting a year-on-year decrease of 3.41% [21]. 1.3 Nuclear Power - Nuclear power revenue reached CNY 616.35 billion, up 8.16%, but net profit fell by 10.42% to CNY 80.02 billion due to market pressures [24]. - The total net electricity generation from nuclear power increased by 6.06% in the first three quarters [24]. 1.4 Renewable Energy - The wind power sector generated revenue of CNY 1,080.90 billion, down 2.34%, with net profit decreasing by 11.85% to CNY 220.31 billion [28]. - The solar power sector's revenue was CNY 261.04 billion, down 16.55%, but net profit increased by 55.77% to CNY 29.04 billion [32]. 1.5 Gas Sector - The gas sector's revenue was CNY 2,349.12 billion, down 0.64%, with net profit decreasing by 4.61% to CNY 102.47 billion due to weak demand [34]. 2. Environmental Protection Sector Overview - The environmental protection sector achieved total revenue of CNY 2,677.92 billion, up 3.28%, but net profit fell by 5.47% to CNY 244.73 billion [37]. - Cash flow in the solid waste management sector improved significantly, with operating cash flow reaching CNY 198.72 billion, a year-on-year increase of 28.94% [38]. 2.1 Solid Waste Management - Solid waste management revenue was CNY 1,166.97 billion, up 4.52%, with net profit slightly increasing to CNY 118.89 billion [39]. 2.2 Water Management - Water management revenue was CNY 852.02 billion, up 1.39%, but net profit decreased by 10.81% to CNY 107.18 billion [39].

Group 1 - The Hang Seng Biotechnology Index futures will be listed for trading on November 28, reflecting the overall performance of the biotechnology sector in the Hong Kong stock market, covering notable companies such as Innovent Biologics, BeiGene, WuXi Biologics, and others, and is expected to benefit from the overseas expansion of innovative drugs and AI healthcare market trends [2][3] Group 2 - On November 28, a total of 11 companies will have their restricted shares unlocked, with a total of 109 million shares, amounting to a market value of 2.599 billion yuan at the latest closing price, with Shandong Water Gas and EVE Energy leading in terms of share unlock volume [4] - 16 companies have disclosed stock repurchase progress on November 28, with one company proposing a repurchase exceeding 40 million yuan, and another company, Guizhou Sanli, disclosing a repurchase plan of up to 1.432 million yuan [5]

国泰聚智量化选股混合发起A（023386）基金经理为吴可凡。 截至发稿，吴可凡累计任职时间2年175天，现任基金资产总规模20.92亿元，任职期间最佳基金回报 57.76%， 任职期间最差基金回报-17.64%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 11月27日，德龙汇能涨5.05%，截至发稿，报11.65元/股，成交1.66亿元，换手率4.16%，总市值41.78亿 元。 资料显示，德龙汇能集团股份有限公司位于四川省成都市建设路55号，成立日期1994年1月1日，上市日 期1996年3月12日，公司主营业务涉及主要从事以天然气能源为主的清洁能源供应业务,具体包括三个主 要子业务,分别是城市燃气业务、LNG业务和分布式能源业务。主营业务收入构成为：燃气供应及其相 关收入94.70%，其他(补充)2.47%，节能服务收入1.66%，其他主营业务收入1.17%。 从基金十大重仓股角度 数据显示，国泰基金旗下1只基金重仓德龙汇能。国泰聚智量化选股 ...

Group 1 - The core point of the article highlights that southbound funds have increased their holdings in Beijing Holdings (00392.HK) by 142,500 shares on November 26, 2025, marking a total net increase of 190,500 shares over the last five trading days and 1,125,000 shares over the last twenty trading days [1][2] - As of now, southbound funds hold 260 million shares of Beijing Holdings, accounting for 20.69% of the company's total issued ordinary shares [1][2] Group 2 - The trading data shows that on November 25, 2025, there was an increase of 54,500 shares (0.02%), and on November 24, 2025, an increase of 26,000 shares (0.01%) [2] - The company operates primarily in the gas business through five segments, including gas distribution and sales, water services, environmental services, beer production, and other consulting and investment services [2]

11月25日，"美好服务 新质发展——华润燃气媒体公众开放日"在福州举行。活动吸引了主流媒体及用 户代表在内的近300位嘉宾参与，通过座谈交流、圆桌论坛及实地探访等多种形式，零距离、多维度地 了解华润燃气在客户服务、安全生产与数智化转型领域的创新实践。 共鉴发展成果，绘就城燃企业新蓝图 华润燃气董事局杨平主席在致辞中表示，"美好服务"源于华润燃气对"以客户为中心"理念的执着追求， 体现在日常工作的细微之处。华润燃气积极顺应能源行业变革趋势，以"新质发展"为方向，不断激发企 业高质量发展的内生动力。面向未来，华润燃气将继续夯实"美好服务"根基，把握"新质发展"方向，深 化客户体验，加快数智化转型，构建安全、绿色、高效的现代能源服务体系。 坚持数智赋能，筑牢安全便捷用气防线 在数智化浪潮席卷传统行业的当下，燃气行业正经历着前所未有的深刻变革。数据、人工智能（AI） 等创新技术与燃气行业的深度融合，不仅彻底重塑了城市燃气企业的服务模式与运营流程，更为整个行 业带来了崭新的发展机遇与增长空间。 在无人机智能巡检基地，工作人员展示了大疆M350无人机的自动巡航与隐患识别功能。该机型配备了 高精度红外镜头和先进的气体传感 ...

智通财经APP讯，元亨燃气(00332)发布截至2025年9月30日止6个月的中期业绩，该公司取得经营业务总 额2.7亿元人民币，同比减少49.3%;本公司拥有人应占本期间亏损1.15亿元人民币，去年同期应占亏损 1.87亿元人民币，同比减少38.14%;每股基本亏损1.76分人民币。 公告称，营业额减少主要是由于石油及天然气交易业务的营业额减少约2.02亿元人民币，于本期间取得 营业额约1300万元人民币。 ...

Core Viewpoint - Yuanheng Gas (00332.HK) reported a significant decrease in revenue for the six months ending September 30, 2025, primarily due to changes in its operational focus and market conditions [1] Financial Performance - The company recorded an unaudited total operating revenue of approximately RMB 270 million, down from approximately RMB 533 million in the same period last year [1] - The after-tax loss for the period was approximately RMB 120 million, an improvement from an after-tax loss of approximately RMB 192 million in the previous year [1] Factors Influencing Financial Results - The reduction in after-tax loss was attributed to several factors: 1. The previous year included a one-time loss of approximately RMB 47 million from discontinued operations, which was not present in the current period [1] 2. Impairment losses under the expected credit loss model decreased to approximately RMB 25 million, down from approximately RMB 85 million in the same period last year, representing a reduction of about RMB 60 million [1] 3. Financial expenses increased by approximately RMB 41 million due to the recognition of overdue interest on bank loans [1]

证券之星消息，11月26日燃气板块较上一交易日上涨0.1%，胜利股份领涨。当日上证指数报收于 3864.18，下跌0.15%。深证成指报收于12907.83，上涨1.02%。燃气板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300483 | 草华燃气 | 15.02 | -3.28% | 15.45万 | | 2.35 Z | | 000669 | ST金湾 | 2.93 | -2.33% | 6.01万 | 1780.01万 | | | 600681 | 百川能源 | 4.28 | -1.83% | 39.45万 | | 1.71亿 | | 920010 | 凯添燃气 | 12.63 | -1.56% | - 4.69万 | 5968.40万 | | | 600617 | 国新能源 | 3.36 | -1.47% | 31.84万 | | 1.08亿 | | 002911 | 佛燃能源 | 11.90 | -1.33% | 8.68万 | | 1.04亿 ...