Core Points - The article emphasizes the importance of safety measures during the National Day and Mid-Autumn Festival holiday, highlighting the need for effective risk management to ensure public safety and stability [1] Group 1: Safety Measures - The provincial government is focusing on enhancing safety responsibilities across various sectors, including transportation, tourism, and emergency response [1] - There is a call for thorough inspections and rectifications of potential hazards in crowded places and specific small venues [1] - The government aims to strengthen safety governance in industries such as chemicals, mining, firefighting, gas, construction, and maritime [1] Group 2: Emergency Preparedness - The article mentions the importance of weather forecasting and pre-positioning of emergency response teams and materials to handle significant weather events [1] - It stresses the need for effective traffic management and safety supervision to ensure smooth travel and consumer needs during the holiday [1] - The government is committed to maintaining food and drug safety standards while enhancing overall social security measures [1]

Investment Rating - The report maintains a "Recommendation" rating for the environmental and public utility sector [2] Core Insights - The environmental and public utility sectors have shown an upward trend, with the environmental index rising by 1.06% and the public utility index by 0.28%. The cumulative increase for the environmental sector since the beginning of 2025 is 15.86%, outperforming the CSI 300 index but lagging behind the ChiNext index [5][22] - The report highlights that the total electricity consumption in China exceeded 1 trillion kilowatt-hours for the second consecutive month, driven by prolonged high temperatures and a recovering macroeconomic environment. In August, the total electricity consumption reached 1.02 trillion kilowatt-hours, a year-on-year increase of 5.0% [9][18] - Key recommendations include focusing on companies like Guodian Power, China Resources Power, and Sheneng Co., with a long-term positive outlook on nuclear and hydropower investments [5][9] Summary by Sections Key Event Interpretation - In August, total electricity consumption was 1.02 trillion kilowatt-hours, with a year-on-year growth of 5.0%. The second industry's electricity consumption growth rate increased to 5.0% [9] - President Xi Jinping announced at the UN Climate Change Summit that by 2035, China's wind and solar power capacity will reach six times that of 2020, aiming for a total of 3.6 billion kilowatts [18] Market Review - The environmental and public utility sectors experienced slight increases, with the environmental index up 1.06% and the public utility index up 0.28%. The electricity sector within public utilities rose by 0.37% [22] - The report notes that the environmental sector's cumulative increase of 15.86% since the start of 2025 is ahead of the CSI 300 but behind the ChiNext index [22] Key Data Tracking - As of September 26, 2025, the price of Qinhuangdao 5500 kcal thermal coal was 710 RMB/ton, a slight increase of 0.71% from the previous week, but down 18.9% year-on-year [38] - The average price of LNG at the port was 11.14 USD/million BTU (4113 RMB/ton), down 2.13% from the previous week and down 14.2% year-on-year [51][52] - The average electricity price in Guangdong reached a peak of 300.79 RMB/MWh on September 23, 2025, a decrease of 6.5% from the previous week [57] Key Events in the Industry - The report discusses various regulatory updates, including the implementation of market-oriented pricing reforms for renewable energy in Hainan Province and the public consultation on the long-term trading rules in Chongqing [65][66][70] Upcoming Events Reminder - Important announcements include dividend distributions by companies such as Blue Sky Gas and Yingke Recycling, as well as the resumption of trading for Guanzhong Ecology [71]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company plans to invest in the Xinjiang coal-to-gas project, securing upstream quality gas sources, with a total investment of 230.33 billion RMB for the second phase of the Xinjiang Qinghua project, which aims to produce 4 billion cubic meters of coal-to-natural gas annually [7] - The project has strong feasibility and security, with all necessary approvals in place and a solid supply chain for coal and water resources [7] - The projected annual profit for the coal-to-gas project is estimated at 1.48 billion RMB, with an internal rate of return (IRR) of 8.2% for total investment and 15.8% for equity [7] - The company maintains a profit forecast of 1.56 billion RMB, 1.80 billion RMB, and 2.13 billion RMB for 2025-2027, corresponding to a price-to-earnings (P/E) ratio of 14, 12, and 10 times respectively [7] Financial Summary - Total revenue for 2023 is projected at 26.57 billion RMB, with a year-on-year growth of 10.91%, followed by a decline of 17.01% in 2024 [1] - The net profit attributable to the parent company is expected to be 1.31 billion RMB in 2023, increasing by 19.81%, and then decreasing by 7.52% in 2025 [1] - The earnings per share (EPS) for 2025 is estimated at 2.29 RMB, with a P/E ratio of 14.14 [1] - The company’s total assets are projected to reach 19.04 billion RMB by 2027, with a debt-to-asset ratio of 34.13% [8]

Group 1 - The gas sector experienced a 0.9% increase on September 30, with Jiufeng Energy leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] - Jiufeng Energy's stock price rose by 6.94% to 34.69, with a trading volume of 270,300 shares and a transaction value of 94.46 million [1] Group 2 - The gas sector saw a net outflow of 238 million from main funds, while retail investors contributed a net inflow of 273 million [2] - The top gainers in the gas sector included Fuan Energy, which increased by 4.59% to 13.45, with a trading volume of 692,900 shares and a transaction value of 924 million [2] - The overall trading activity in the gas sector showed mixed results, with some stocks experiencing declines, such as Xinjiang Torch, which fell by 2.17% to 23.95 [2][3] Group 3 - Main funds showed a net inflow of 57.26 million into Fuan Energy, while retail investors had a net inflow of 4.02 million [3] - Tianhao Energy had a net inflow of 19.48 million from main funds, indicating positive sentiment despite overall sector outflows [3] - The data indicates a divergence in investment behavior, with retail investors showing more confidence in certain stocks despite the overall net outflow from main funds [3]

格隆汇9月30日丨佛燃能源(002911.SZ)在互动平台表示，公司与香港中华煤气计划通过自有资金投资、 贷款融资及引进战略投资者等方式实现100亿元人民币的投资额，通过股权收购或投资设立的方式，规 划打造合计产能为100万吨/年的绿色燃料及化工供应池。目前，公司与香港中华煤气共同合作收购的内 蒙古易高煤化科技有限公司已实现5万吨/年绿色甲醇产能并批量销售，后续将投入资金对现有甲醇生产 线进行改造，最终形成30万吨/年绿色甲醇产能。 ...

Group 1 - The core viewpoint of the news is that Shanghai Dazhong Public Utilities (Group) Co., Ltd. has seen a significant increase in its stock price, rising by 5.29% to 5.97 CNY per share, with a trading volume of 1.254 billion CNY and a turnover rate of 8.89%, resulting in a total market capitalization of 17.626 billion CNY [1] - The company's main business segments include gas sales (89.67%), wastewater treatment (4.17%), construction (1.80%), transportation (1.75%), commerce (1.38%), other (0.90%), municipal tunnel operations (0.29%), and finance (0.05%) [1] Group 2 - From the perspective of major circulating shareholders, GF Fund's Guangfa CSI 1000 ETF (560010) increased its holdings by 1.8927 million shares in the second quarter, now holding 8.4808 million shares, which represents 0.29% of the circulating shares [2] - The Guangfa CSI 1000 ETF has a current scale of 30.718 billion CNY and has achieved a year-to-date return of 27.14%, ranking 2109 out of 4220 in its category, and a one-year return of 47.36%, ranking 1426 out of 3846 [2]

东吴证券近日发布燃气Ⅱ行业跟踪周报：美国库存充足、欧洲储库推进、国内需求缓慢 修复，各地气价均较为平稳。截至2025/09/26，美国HH/欧洲TTF/东亚JKM/中国LNG出厂/中 国LNG到岸价周环比变动-0.1%/+1.2%/-0.6%/-0.1%/-2.1%至0.7/2.8/2.9/2.7/2.8元/方，海内外 倒挂持续。 以下为研究报告摘要： 供需分析：1）库存充足，美国天然气市场价格周环比-0.1%。截至2025/09/24，天然气 的平均总供应量周环比-0.1%至1117亿立方英尺/日，同比+4.3%；总需求周环比+2.7%至1013 亿立方英尺/日，同比+2.7%；发电用天然气周环比+4.3%；住宅和商业部门的天然气消费量 周环比+0.7%；工业部门的天然气消费量周环比持平。截至2025/09/19，储气量周环比+750 亿立方英尺至35080亿立方英尺，同比+0.5%。2）储库推进，欧洲气价周环比+1.2%。 2025M1-6，欧洲天然气消费量为2408亿方，同比+5.8%。2025/9/18~2025/9/24，欧洲天然气 供给周环比-0.5%至54258GWh；其中，来自库存消耗-115 ...

Macro Strategy - The macroeconomic indicators show a marginal recovery in infrastructure work volume since September, with expectations for continued monetary policy support to stabilize the funding environment [1][21] - Strong economic data from the US has tempered interest rate cut expectations, with analysts raising growth forecasts for the US economy for Q3 2025 to Q2 2026 [1][22] Fixed Income - The secondary market for capital bonds saw a weekly transaction volume of approximately 229.9 billion yuan, an increase of 52.1 billion yuan compared to the previous week [2] - The issuance of green bonds totaled 30.974 billion yuan this week, a decrease of 0.414 billion yuan from the previous week [3] Banking Sector - The bond investment yield for 42 listed banks in the first half of 2025 was approximately 1.42 trillion yuan, a slight increase of 3.82% from the same period in 2024 [4][6] - Different types of banks show varied performance, with state-owned banks maintaining relatively stable profitability due to their larger bond portfolios [6] Gas Industry - The gas industry is expected to benefit from cost optimization and a more rational pricing mechanism, with a focus on companies with US gas sources potentially mitigating tariff impacts [7] - Recommended companies include Xin'ao Energy, China Gas, and Kunlun Energy, with dividend yields ranging from 4.0% to 6.4% [7] Retail Industry - The planned spin-off of TOP TOY from Miniso is anticipated to help realize value re-evaluation for the parent company, with TOP TOY's valuation reaching 10 billion HKD [8] Automotive Industry - The automotive sector is witnessing a 12.9% week-on-week increase in passenger car sales, with significant developments from companies like Chery and Li Auto [9][10] - The industry is at a crossroads, transitioning from electric vehicle benefits to a focus on smart vehicle innovations [10] Power Equipment Industry - The demand for energy storage is expected to grow by 30-40% in the coming years, driven by new policies and market needs [11] - The lithium battery sector is also projected to see increased production, with prices expected to rise further [11] Non-Bank Financial Sector - The insurance sector is benefiting from economic recovery and rising interest rates, with a significant increase in sales of savings products [13] - Securities firms are expected to see growth from market recovery and favorable policy environments [13] Electronic Industry - The PCB industry is undergoing significant upgrades driven by AI and high-speed communication needs, with a projected market value of 94.7 billion USD by 2029 [14][15] - Key players are ramping up high-end production capabilities to meet increasing demand [15] Construction Materials Industry - The construction materials sector is expected to benefit from government policies aimed at stabilizing growth, with recommendations for companies like Huaxin Cement and Conch Cement [12] Precious Metals - Precious metals are expected to perform well due to favorable macroeconomic narratives, with gold prices showing a significant increase [18]

上 市 公 司 公用事业 2025 年 09 月 29 日 九丰能源 (605090) —— 拟投资新疆煤制气 燃气主业再添动能 报告原因：有信息公布需要点评 买入（维持） | 市场数据： | 2025 年 09 月 29 日 | | --- | --- | | 收盘价（元） | 32.44 | | 一年内最高/最低（元） | 33.69/22.90 | | 市净率 | 2.2 | | 股息率%（分红/股价） | 3.79 | | 流通 A 股市值（百万元） | 21,973 | | 上证指数/深证成指 | 3,862.53/13,479.43 | 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 14.89 | | 资产负债率% | 35.53 | | 总股本/流通 A 股（百万） | 679/677 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 09-30 10-31 11-30 12-31 01-31 02-28 03-31 04-30 05-31 06-30 07- ...

电力及公用事业 分析师：陈拓 登记编码：S0730522100003 chentuo@ccnew.com 8 月用电量再度突破万亿千瓦时，9 月三 峡来水情况明显好转 ——电力及公用事业行业月报 证券研究报告-行业月报 强于大市(维持) 发布日期：2025 年 09 月 29 日 ⚫ 行情回顾：9 月电力及公用事业指数表现弱于市场。截至 2025 年 9 月 26 日，本月中信电力及公用事业指数下跌 0.20%，跑输沪深 300 （1.19%）1.39 个百分点。 ⚫ 全国电力供需情况 需求端：2025 年 8 月，全社会用电量 10154 亿千瓦时，连续两月 突破 1 万亿千瓦时，同比增长 5%，但增速较 2025 年 7 月降低 3.6 个百分点。其中，第一产业用电量增速最高，超过 10%。 供给端：2025 年 8 月，规上工业风电增速加快，水电降幅扩大， 火电、核电、太阳能发电增速放缓。从发电量占比看，2025 年 1 —8 月，规上工业火电占比 65.04%，规上工业水电占比 13.07%， 规上工业核电占比 5.01%，规上工业风电占比 10.85%，规上工业 太阳能占比 6.02%。 装机容量： ...