Core Viewpoint - The company announced that 75,526,333 restricted shares issued for asset acquisition and fundraising will be listed for trading on November 28, 2025, representing 16.45% of the total share capital [1] Group 1: Share Issuance and Trading - The shares are part of a restructuring approved by the China Securities Regulatory Commission in 2022, with a lock-up period of 36 months [1] - The new shares were registered in the same year as the approval [1] Group 2: Share Buyback - In 2023, the company repurchased and canceled 5,304,002 shares [1] Group 3: Performance Commitment - The target company, Ordos Water Development, has achieved 104.51% of its cumulative performance commitment for the years 2022 to 2024, meaning no compensation is required from Water Development Holdings [1]

Market Overview - The A-share market experienced a reversal in afternoon trading, with all three major indices turning positive by the close. The Shanghai Composite Index closed at 3836.77 points, up 0.05%, with a trading volume of 715.54 billion yuan. The Shenzhen Component Index closed at 12585.08 points, up 0.37%, with a trading volume of 1012.23 billion yuan. The ChiNext Index closed at 2929.04 points, up 0.31%, with a trading volume of 476.22 billion yuan [1]. Sector Performance - The leading sectors in terms of gains included military equipment (up 5.38%), military electronics (up 4.62%), and cultural media (up 3.54%). The total trading volume for military equipment was 288.93 million hands, with a net inflow of 6.71 billion yuan [2]. - Conversely, sectors that saw declines included energy (down 3.39%), insurance (down 1.27%), and airport and shipping (down 1.13%). The energy sector had a trading volume of 58.12 million hands, with a net outflow of 0.20 billion yuan [2].

Investment Rating - The report maintains an "Accumulate" rating for the gas industry [1] Core Viewpoints - The report highlights that as temperatures drop, US gas prices are rising while European gas prices are declining due to inventory withdrawals [5][10] - It emphasizes that the overall supply remains sufficient, leading to a slight decrease in domestic gas prices [19] - The report suggests that the price mechanism is being streamlined, and demand is expected to increase [47] Price Tracking - As of November 21, 2025, US HH gas prices increased by 18.9% week-on-week, while European TTF prices decreased by 1.7% [10][15] - The report notes that domestic LNG prices remained stable with a slight decrease of 0.1% [5][19] Supply and Demand Analysis - The report indicates that US gas storage levels decreased by 14 billion cubic feet to 39,460 billion cubic feet, a year-on-year decline of 0.6% [15] - European gas consumption from January to August 2025 was 288.4 billion cubic meters, an increase of 4.6% year-on-year [16] - Domestic gas apparent consumption from January to October 2025 increased by 0.7% to 354.1 billion cubic meters [24] Pricing Progress - The report states that 65% of cities have implemented residential pricing adjustments, with an average increase of 0.21 yuan per cubic meter [31] - It mentions that there is still a 10% room for price adjustment in city gas companies [31] Investment Recommendations - The report recommends focusing on companies that can optimize costs and benefit from the ongoing price adjustments, such as Xin'ao Energy and China Gas [47][48] - It also suggests monitoring companies with quality long-term contracts and flexible scheduling capabilities, like Jiufeng Energy and Xin'ao Shares [48] - The report highlights the importance of energy independence and suggests关注 companies with gas production capabilities, such as New Natural Gas and Blue Flame Holdings [48]

Core Viewpoint - The importance of listed companies in stabilizing the capital market and promoting sustainable development is increasingly recognized, especially in the current environment where market sentiment is volatile. High-quality companies that focus on core operations and deliver excellent performance are essential to restore investor confidence and stabilize market expectations [1]. Group 1: Market Valuation and Investment Opportunities - A-share valuations are currently at a low level, indicating potential for recovery and highlighting long-term investment value [2][3]. - The medical industry is expected to grow significantly due to China's large population and increasing healthcare demands, driven by the "Healthy China" strategy [2]. - The market is experiencing a divergence where funds are increasingly concentrated on high-quality companies, reflecting a shift towards value investing [4][5]. Group 2: Company Actions and Strategies - Companies like Aier Eye Hospital are committed to aligning interests with investors and enhancing performance, achieving a market value of approximately 80 billion yuan, which is 12 times its initial listing value [6]. - Dabeinong is balancing short-term and long-term goals through employee stock ownership plans to ensure sustainable growth [6]. - Guolinda aims for stable revenue growth and successful cloud transformation while focusing on shareholder returns [7]. Group 3: Economic Environment and Future Outlook - Positive fiscal policies are anticipated in the second half of the year, which may improve the macroeconomic environment and boost investor confidence [3]. - The A-share market is expected to gradually return to value investing as macro policies adjust and market sentiment stabilizes [2][3]. - The inclusion of A-shares in the MSCI index is seen as a beneficial factor, indicating a potential shift in market investment styles towards high-quality growth companies [4].

中信建投证券表示，当前市场处于"三期叠加"：牛市中段整固期，景气验证关键期，业绩政策空窗期， 市场震荡轮动和资金年底止盈等特征也会进一步放大。近期海外环境出现较多扰动，美联储12月降息预 期反复，带动全球市场流动性预期波动；英伟达财报超预期，但股价出现巨震，投资者担忧AI开支可 持续性，蔓延影响A股情绪。长期而言，慢牛格局的主要因素不变；短期来看，策略层面以择机布局为 主，时点上等待12月中上旬的美联储议息会议和中央经济工作会议落地，其间若调整较充分也可加仓吸 筹，关注60日线与半年线支撑和市场缩量情况。 24日早盘，两市主要股指盘中震荡回落，创业板指盘中跌约1%失守2900点，场内约3200股飘红。 盘面上看，煤炭、燃气、有色、电力、保险等板块走低，军工、医药等板块逆市拉升，军贸概念、AI 应用概念等活跃。 截至午间收盘，沪指跌0.34%报3821.68点，深证成指跌0.59%，创业板指跌0.77%，沪深北三市合计成交 10326亿元。 ...

| 序号 | 板块 | 涨跌幅(96)▼ | | 总成交量 (万手) = 总成交额 (亿元) ▼ | 净流入(亿元) ▼ | 上涨家数 | 下跌家数 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 主工凝景 | 3.18 | 1692.44 | 388.03 | 29.92 | 78 | വ | | 2 | 室工电子 | 2.40 | 1106.59 | 166.25 | 6.07 | 54 | ರಿ | | 3 | 金属新材料 | 1.98 | 231.88 | 49.79 | 5.68 | 26 | ഹ | | 4 | 风电设备 | 1.86 | 387.37 | 68.03 | 5.02 | 26 | ব | | 5 | 通信服务 | 1.58 | 734.64 | 115.38 | 2.23 | 38 | / | | 6 | 文化传媒 | 1.40 | 3181.62 | 381.56 | 13.75 | ୧୧ | 15 | | 7 | 教育 | 1.36 | 221.68 | 16.61 | 0.63 | 15 | 1 | | 8 ...

人民财讯11月24日电，三大指数集体转跌，锂矿、石油、燃气等板块跌幅居前。 ...

Group 1 - The Tianjin Municipal Commission for Discipline Inspection and Supervision emphasizes the importance of targeted political supervision to address key issues hindering the high-quality development of state-owned enterprises [1] - A total of 34 key topics have been identified for supervision, with each unit tasked to focus on 1 to 2 key tasks, outlining specific goals and methods for implementation [1] - The first supervision and inspection office plays a leading role in coordinating and guiding the supervision process, ensuring a closed-loop system of topic selection, response, and verification [1] Group 2 - The Tianjin Port Group's discipline inspection team has established six supervision goals and ten action measures to support the construction of port infrastructure, focusing on the deepening of navigation channels [2] - The team conducts on-site supervision to monitor key aspects such as bidding, fund usage, and project changes, ensuring accountability among key personnel [2] - Twelve significant issues have been resolved this year through timely supervision and rectification efforts [2] Group 3 - The discipline inspection team at the Bohua Group focuses on promoting new productivity development by engaging with various departments to identify issues in technological innovation and mechanism reform [3] - The team has divided the group’s 21 secondary units into five collaborative areas to enhance supervision over critical processes like project approval and fund allocation [3] - A total of 33 issues and six recommendations have been reported to the group’s party committee to improve the long-term incentive mechanisms and stimulate innovation [3][4] Group 4 - The Tianjin Energy Investment Group's discipline inspection team conducts comprehensive supervision of the gas production and operation chain, focusing on safety issues [3] - The team has identified 33 problems and provided six work suggestions to the group’s party committee, urging the establishment of rectification and responsibility lists [4] - Twelve safety-related regulations have been improved to address underlying management and regulatory issues [4]

Investment Rating - The report maintains a "Recommendation" rating for the industry [2] Core Insights - The environmental and public utility sectors experienced declines, with the environmental index down 6.02% and the public utility index down 4.33%, indicating a larger drop compared to the overall market [6][23] - The report highlights a significant increase in electricity consumption, with a year-on-year growth of 10.4% in October, marking a new high for the year [10][21] - The coal industry is facing a reduction in production, with national raw coal output declining by 3.8%, 3.2%, and 1.8% in July, August, and September respectively [6] - The report suggests investment opportunities in the electricity sector, particularly recommending companies like Guodian Power and Anhui Energy, which are expected to see valuation recovery [6] Summary by Sections Key Event Analysis - In October, total electricity consumption reached 857.2 billion kWh, a year-on-year increase of 10.4%, with significant growth in the first and third industries [10][21] - The Ministry of Ecology and Environment released allocation plans for carbon emissions trading for the steel, cement, and aluminum industries for 2024 and 2025, indicating a move towards free allocation based on carbon emissions [21][22] Market Review - The environmental and public utility sectors saw significant declines, with the environmental sector up 15.11% year-to-date, outperforming the CSI 300 index [6][23] - The electricity sector's year-to-date growth is only 1.77%, lagging behind the CSI 300 and the ChiNext index [6][23] Key Data Tracking - As of November 21, 2025, the price of Qinhuangdao 5500 kcal thermal coal is 820 CNY/ton, stable compared to the previous week but down 2.4% year-on-year [40] - The Three Gorges Reservoir's water level is at 174.4 meters, up 4.2% year-on-year, with inflow and outflow rates also increasing [42] - The average electricity price in Guangdong reached 253.72 CNY/MWh, a 7.7% increase from the previous week [53] Industry Events - The report notes several key regulatory developments, including initiatives to promote green manufacturing in Jiangxi Province and the establishment of zero-carbon parks in Liaoning Province [64][65]

Group 1 - The company announced a share repurchase plan on April 18, 2025, with an implementation period from May 9, 2025, to May 8, 2026, aiming to repurchase between 200 million to 300 million yuan [1] - As of November 21, 2025, the company has repurchased a total of 6.6851 million shares, accounting for 0.95% of the total share capital, with a total expenditure of 200.3272 million yuan [1] - The repurchase price ranged from 25.52 yuan to 35.59 yuan per share, with 406,200 shares repurchased from November 1 to November 21, 2025, representing 0.06% of the total shares, at a cost of 13.6888 million yuan and a transaction price between 32.44 yuan and 34.81 yuan per share [1]