Group 1 - The core point of the article is that ShuiFa Gas is restructuring its operations by transferring 100% equity of its wholly-owned subsidiary, Yichuan ShuiFa, for a minimum price of 4.3729 million yuan, along with transferring all debts amounting to 30.9569 million yuan, totaling a minimum listing price of 35.3298 million yuan [1] - ShuiFa Gas aims to optimize its industrial structure, integrate resources, reduce management costs, and improve asset operation efficiency and quality through this transfer [1] - For the year 2024, the revenue composition of ShuiFa Gas is projected to be 57.57% from energy comprehensive services, 31.57% from LNG (LPG) gas sales, 10.24% from gas equipment business, and 0.62% from other businesses [1] Group 2 - As of the report, the market capitalization of ShuiFa Gas is 3.5 billion yuan [2]

Group 1 - The core point of the article is that ShuiFa Gas announced a temporary board meeting to discuss the public transfer of 100% equity and related debts of Yichuan ShuiFa Gas Co., Ltd. [1] - The company's revenue composition for the year 2024 is as follows: Energy comprehensive services account for 57.57%, LNG (LPG) gas sales account for 31.57%, gas equipment business accounts for 10.24%, and other businesses account for 0.62% [1] - As of the report, ShuiFa Gas has a market capitalization of 3.5 billion yuan [1]

Market Overview - The gas sector experienced a decline of 0.61% on November 17, with Shouhua Gas leading the drop [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Stock Performance - Notable gainers included: - Shengli Co., Ltd. (Code: 000407) with a closing price of 6.09, up 9.93% and a trading volume of 84,700 shares [1] - Changchun Gas (Code: 600333) closed at 8.00, up 4.17% with a trading volume of 1.3086 million shares [1] - Guo New Energy (Code: 600617) closed at 4.27, up 3.14% with a trading volume of 2.2808 million shares [1] - Notable decliners included: - Caohua Gas (Code: 300483) closed at 17.30, down 8.76% with a trading volume of 612,200 shares [2] - Kaiteng Gas (Code: 920010) closed at 14.35, down 6.70% with a trading volume of 169,600 shares [2] - Baichuan Energy (Code: 600681) closed at 5.11, down 5.89% with a trading volume of 1.6210 million shares [2] Capital Flow - The gas sector saw a net outflow of 379 million yuan from institutional investors, while retail investors contributed a net inflow of 267 million yuan [2] - The main capital flow data indicates: - Jiufeng Energy (Code: 605090) had a net inflow of 48.9985 million yuan from institutional investors [3] - Shengli Co., Ltd. (Code: 000407) had a net inflow of 16.6492 million yuan from institutional investors [3] - Zhongtai Co., Ltd. (Code: 300435) had a net inflow of 15.8782 million yuan from institutional investors [3]

Group 1: Power Industry - The unified electricity market is accelerating construction, promoting high-quality development of renewable energy. The basic rules of the unified electricity market have been established, with a comprehensive coverage of the spot market and a market-driven pricing mechanism for renewable energy [1][24][29] - In the first three quarters of 2025, the national industrial power generation reached 72,557 billion kWh, a year-on-year increase of 1.6%, while the total social electricity consumption was 77,675 billion kWh, up 4.6% [20][22] - The electricity supply-demand situation is overall loose, but the peak load is tight, with the maximum electricity load reaching 1.506 billion kW on July 16, 2025, an increase of 0.55 million kW compared to the previous year [20][22] Group 2: Renewable Energy - The green electricity price has reached a bottoming point, with the core uncertainty regarding electricity prices gradually clarified, indicating that the industry's darkest hour is coming to an end [2][30] - The wind and solar installed capacity exceeded 1.7 billion kW in the first three quarters of 2025, accounting for nearly one-quarter of total social electricity consumption [36][40] - The challenges of renewable energy consumption remain, with increasing abandonment rates for wind and solar energy, indicating a mismatch between renewable energy development and consumption capacity [41][43] Group 3: Thermal Power - The transition of thermal power to a regulating power source is accelerating, with coal prices expected to support long-term contract prices, stabilizing thermal power profitability [2][10] - The capacity price for coal power is expected to increase further in 2026, promoting stable profitability for coal power [2][10] Group 4: Hydropower - Hydropower is experiencing a widening interest margin, with ample cash flow and stable performance supporting high dividends [3][10] - The core growth points for hydropower performance include increased installed capacity, rising electricity prices, and reduced financial costs and depreciation [3][10] Group 5: Nuclear Power - The nuclear power market is facing downward pressure on market prices, but there is a rebound in Guangdong's nuclear power pricing, indicating a strong momentum for new nuclear power development [3][10] - The approval of new nuclear units is regularized, with 10 units approved within the year, indicating a steady growth trajectory for the nuclear power sector [3][10] Group 6: Natural Gas - Domestic natural gas supply and demand are relatively loose, with a decline in apparent consumption by 0.2% year-on-year in the first nine months of 2025 [4][10] - The global natural gas market is entering a supply expansion phase, with overseas gas prices expected to decline [4][10] Group 7: Green Methanol - The promotion of green electricity consumption and the replacement of shipping fuels are expected to open up growth space for green methanol [4][9] - As of August 2025, there are 173 signed/registered green methanol projects in China, with a capacity of 53.46 million tons per year, indicating rapid growth in project numbers and capacity [9][10] Group 8: Environmental Protection - The water and waste incineration industries are entering a mature phase, with significant improvements in free cash flow [9][10] - The domestic waste oil resource utilization industry is expected to benefit from the EU's SAF mandatory blending policy, increasing demand for raw materials [9][10]

Group 1: Power Sector - The unified electricity market is accelerating construction, promoting high-quality development of renewable energy. The basic rules of the unified electricity market have been established, with a comprehensive coverage of the spot market and a market-driven pricing mechanism for renewable energy [1][24][29] - In the thermal power sector, the transition to a regulatory power source is accelerating, with rising coal prices expected to support long-term contract prices. The profitability of thermal power is anticipated to stabilize due to increased capacity prices and auxiliary service revenues [2][10] - The hydropower sector is experiencing widening interest margins, with strong cash flow and stable performance supporting high dividends. The integration of wind, solar, and storage development is a core growth point for hydropower performance [3][10] Group 2: Renewable Energy - The green electricity sector is showing signs of recovery as the negative impact of electricity prices diminishes. The dual-track pricing mechanism provides a basic income guarantee for renewable energy projects, indicating a shift from policy-driven to market-driven growth [2][10] - The wind and solar power installed capacity is expected to increase significantly, with an average annual increase of 20 million kilowatts over the next decade. By 2035, the total installed capacity of wind and solar power is projected to reach six times that of 2020 [36][40] Group 3: Natural Gas and Green Methanol - The domestic natural gas supply is expected to remain relatively loose, with a decline in apparent consumption in early 2025. The global natural gas market is entering a supply expansion phase, which may lead to a downward trend in overseas gas prices [4][10] - Green methanol is anticipated to grow due to the promotion of green electricity consumption and its potential as a shipping fuel alternative. The domestic green methanol projects have rapidly increased, with a total capacity of 53.46 million tons per year [9][10] Group 4: Environmental Sector - The water and waste incineration industries are entering a mature phase, with significant improvements in free cash flow. The decline in risk-free returns is leading to a shift in investor expectations and risk preferences, highlighting investment opportunities in the environmental sector [9][10] - The Chinese scientific instrument market is projected to exceed $9 billion, with substantial room for domestic substitution. Companies in the environmental monitoring instrument sector are expected to benefit from this trend [9][10]

证券研究报告·行业跟踪周报·燃气Ⅱ [Table_Tag] [投资要点 Table_Summary] 2025 年 11 月 17 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 谷玥 执业证书：S0600524090002 guy@dwzq.com.cn 燃气Ⅱ行业跟踪周报 降温预期消化，美国气价回落、欧洲&中国气 价微降 增持（维持） 行业走势 -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 18% 21% 2024/11/18 2025/3/18 2025/7/16 2025/11/13 燃气Ⅱ 沪深300 相关研究 《天气转冷美国&欧洲气价上涨，中 国供应充足气价微降》 2025-11-10 《天气转冷美国&中国气价上涨，欧 洲燃气发电出力下降气价回落》 2025-11-03 东吴证券研究所 1 / 14 请务必阅读正文之后的免责声明部分 ◼ 价格跟踪：降温预期消化，美国气价回落、欧洲&中国气价微降。截至 2025/11/14,美国 HH/欧洲 TTF/东亚 JKM/中国 LNG 出厂/中 ...

Group 1: Power Industry - The unified electricity market is accelerating construction, promoting high-quality development of renewable energy. The basic rules of the unified electricity market have been established, with a focus on market-driven pricing for renewable energy [1][24][29] - In the first three quarters of 2025, the wind power sector's revenue decreased by 2.80% year-on-year, while the solar power sector's revenue dropped by 14.01%, indicating pressure on the performance of the renewable energy sector due to consumption and pricing issues [30][31] - The total installed capacity of wind and solar power reached 582 GW and 1127 GW respectively by September 2025, accounting for 46% of the total installed capacity, with a significant contribution to non-fossil energy consumption [36][40] Group 2: Thermal Power - The transition of thermal power to a regulatory power source is accelerating, with coal prices expected to support long-term contract prices, stabilizing profitability for coal-fired power plants [2] - The capacity price for coal-fired power is anticipated to increase further in 2026, promoting stable profitability for coal power [2][10] Group 3: Hydropower - Hydropower is experiencing improved cost-effectiveness due to abundant cash flow and stable performance, with high dividends becoming more attractive in a declining interest rate environment [3] - The core growth points for hydropower include increased installed capacity, rising electricity prices, and reduced financial costs and depreciation [3] Group 4: Nuclear Power - The nuclear power sector is facing pressure from declining market prices, but there is a rebound in electricity prices in Guangdong, and new nuclear power developments are gaining momentum [3][10] - The approval of new nuclear units is becoming more regular, with 10 units approved in 2025, indicating a positive outlook for the sector [3] Group 5: Natural Gas - Domestic natural gas supply is expected to remain relatively loose, with a decline in apparent consumption by 0.2% year-on-year in the first nine months of 2025 [4] - The global natural gas market is entering a supply expansion phase, which may lead to a downward trend in overseas gas prices [4] Group 6: Green Methanol - The promotion of green electricity consumption and the replacement of shipping fuels are expected to open up growth opportunities for green methanol [9] - As of August 2025, there are 173 signed/registered green methanol projects in China, with a total capacity of 53.46 million tons per year, indicating rapid growth in the sector [9][10] Group 7: Environmental Protection - The water and waste incineration sectors are entering a mature phase, with significant improvements in free cash flow, suggesting investment opportunities in the environmental protection sector [10] - The domestic market for scientific instruments exceeds $9 billion, with substantial potential for domestic substitution, particularly benefiting companies in environmental monitoring instruments [10]

Group 1 - The core point of the article is that Baichuan Energy (600681.SH) experienced a significant drop in stock price, falling nearly 6% and reaching a low of almost 8% during trading, currently priced at 5.11 yuan with a total market value of 6.85 billion yuan [1] - Baichuan Energy and its chairman Wang Dong were warned by regulators for failing to fulfill the review procedures and disclosure obligations related to related party transactions [1] - The company primarily engages in urban gas business, focusing on urban pipeline gas sales, gas engineering installation, and gas appliance sales [1] Group 2 - For the third quarter of 2025, Baichuan Energy reported an operating income of 780 million yuan, representing a year-on-year increase of 5.76% [1] - The net profit attributable to shareholders of the listed company was 24.5951 million yuan, showing a year-on-year decrease of 46.90% [1]

截至2025年11月14日收盘，水发燃气（603318）报收于7.61元，较上周的7.39元上涨2.98%。本周，水 发燃气11月11日盘中最高价报7.7元。11月10日盘中最低价报7.27元。水发燃气当前最新总市值34.94亿 元，在燃气板块市值排名24/29，在两市A股市值排名4331/5165。 本周关注点 水发派思燃气股份有限公司于2025年11月14日收到上海证券交易所出具的审核意见，认为公司向特定对 象发行股票申请符合发行条件、上市条件和信息披露要求。上交所将在公司提交申请文件后报中国证监 会注册。本次发行尚需中国证监会同意注册，最终能否获批及时间存在不确定性。公司将根据进展履行 信息披露义务，提醒投资者注意风险。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司公告汇总：向特定对象发行股票申请获上交所审核通过，尚需证监会注册。 公司公告汇总 关于向特定对象发行股票申请获得上海证券交易所审核通过的公告 ...

11月14日，A股市场高位盘整。受隔夜海外股市大幅下挫影响，三大股指昨日低开，随后一度冲高，沪 指早盘刷新今年以来纪录；午后，前期领涨的AI主线明显回落，拖累股指尾盘跌幅扩大。 截至收盘，上证指数报3990.49点，跌0.97%；深证成指报13216.03点，跌1.93%；创业板指报3111.51 点，跌2.82%。沪深两市合计成交19581亿元，较前一个交易日缩量839亿元。 燃气板块逆势拉升 近期，传统周期类板块呈现轮动上涨态势，燃气股昨日逆势拉升。截至收盘，申万燃气行业指数上涨 2.92%，首华燃气收获20%幅度涨停，国新能源、长春燃气、胜利股份均涨停。 据中国天气网消息，11月14日至17日，今年下半年首场寒潮来袭，这次寒潮冷高压中心可达1055百帕， 强度强、影响范围广，局地降温将超12摄氏度。降温过后，我国大部地区气温会从前期的偏高转为偏 低，气温将大范围创今年下半年来新低。 郭晨凯 制图 ◎记者 费天元 聚焦科技主线内部轮动 11月以来，沪指围绕4000点关口反复震荡，板块之间与板块内部的轮动节奏均明显加块，AI、新能 源、资源品、大消费等主线均有所表现，但上涨持续性相对有限。在部分机构看来，短 ...