10月21日，中邮人寿保险股份有限公司（下称中邮人寿）发布公告称，10月14日，该公司通过沪港通从 港股二级市场买入中国铁路通信信号股份有限公司（中国通号，688009.SH；03969.HK）H股股票，增 持后持股比例超5%构成举牌。 本次举牌前，中邮人寿直接持有中国通号H股股票97777000股，占其H股股本比例为4.9663%。10月14 日，中邮人寿买入中国通号H股股票3995000股触发H股举牌。本次举牌后，中邮人寿直接持有中国通号 H股股票101772000股，占其H股股本比例为5.1692%。 中邮人寿今年内第三次举牌上市公司股票。 中邮人寿称，本次举牌中国通号H股股票的参与方为该公司，受托管理人为中邮保险资产管理有限公 司。在管理方式上，将本次投资纳入权益类投资管理。受托管理人中邮保险资管将密切关注企业的经营 状况及市场后续反应，不排除在后期继续追加投资的可能。 中国通号为中国铁路通信信号集团有限公司旗下公司，后者始建于1953年，是我国创建最早的铁路专业 化公司之一，是国务院国资委直接监管的大型中央企业，目前已经发展成为以智能控制技术为特色的高 科技产业集团、全球领先的轨道交通控制系统提供商 ...

眼下是内蒙古防沙治沙秋季造林窗口期。在阿拉善腾格里沙漠，当地抓紧栽种梭梭、花棒等治沙苗木，同时引入无人机运输，治沙效率大幅提升。内蒙古一 半以上国土面积划入生态保护红线，"十四五"以来累计造林2202万亩、防沙治沙5000万亩。甘肃依托"三北"工程建设，聚焦黄河"几字弯"攻坚战和河西走廊 —塔克拉玛干沙漠边缘阻击战，坚持山水林田湖草沙一体化保护和系统治理。今年5月，一条总长逾380公里、总面积210万亩的环绿洲林带完成锁边闭环。 央视网消息（新闻联播）：各地以新发展理念为指引，坚定不移走生态优先、绿色发展之路，"美丽中国"建设不断取得新成就。 治理大气，保卫一片蓝天。这是从成都市区观测到的百公里外的雪山。成都依托"智慧大气"系统建设，为上万家企业制定减排方案，精准治污。山西针对重 点行业、重点领域，实施超低排放改造等提升行动，空气质量持续改善。在焦化产业大县清徐，近期最后一处干熄焦项目改造完成并投入使用，至此当地焦 化企业全部升级环保节能技术，主要污染物减排50%。 绿水青山就是金山银山。河北塞罕坝林场依托百万亩森林资源，带动周边百姓发展乡村游、农家乐，年收入超过6亿元。福建累计培育家庭林场、林业专业 合作社 ...

Core Viewpoint - The company has announced the establishment of a joint investment partnership focused on environmental industries, but it has not engaged in any project investments since its inception, leading to a unanimous decision to dissolve the fund [1] Group 1 - The company, along with several investment partners, has contributed to the establishment of the "Guichan Environmental Industry Equity Investment Partnership" with a total investment of 500,000 yuan, representing a 49.95% stake [1] - Since the Guichan Fund's official operation, no project investments have been made [1] - A recent partner meeting resulted in a unanimous agreement to dissolve and liquidate the Guichan Fund, with the company’s investment amount being relatively small and not expected to have a significant impact [1]

此次推介会取得务实成果，促成5个项目签约：琼海市人民政府与林默文化产业园(厦门)有限责任公 司、海南联成生物科技有限公司 ；洋浦经济开发区管委会与鑫莱新能源有限公司、福建省曾志环保科 技有限公司；路易科技(海南)集团有限公司与海口琼山产业发展投资集团有限公司分别签署合作协议。 为支持海南教育事业的高质量发展，活动现场，厦门市海南商会向海南省国兴中学公益捐赠20万元；向 海南师范大学公益捐赠35万元；以实际行动传递乡贤担当，为海南教育发展注入温暖力量。 据悉，此次推介会由海南省贸促会、厦门市贸促会、厦门市海南商会联合举办。（文/沈伟彬） 10月18日，"投资海南 共赢未来"——海南自由贸易港招商推介会在厦门举办，邀请广大企业家到海南 投资兴业。厦门市海南商会成立十周年庆典同期举行，以乡情为纽带，为两地企业搭建高效、精准的对 接平台。 在政策解读环节，来自海南自由贸易港人才发展研究院的专家对自贸港的整体政策体系、重点产业布局 与发展规划进行了系统梳理和深入阐释，帮助企业代表精准理解政策要点与发展机遇。海口市、三亚 市、儋州市、琼海市、定安县、海南省农垦投资控股集团有限公司等单位代表分别结合区域产业定位展 开推介， ...

每经AI快讯，有投资者在投资者互动平台提问：请问是否收到受让方第一期转让款？以及股东权益变 动事项是否已经提交深交所做合规性审查？ 中环环保（300692.SZ）10月21日在投资者互动平台表示，经与股东核实，受让方已根据协议向共管账 户支付第一期股份转让款，股东权益变动事项也按照协议在推进，有关进展情况请关注上市公司后续进 展公告。 （记者 胡玲） ...

创业板股最新融资余额为5090.16亿元，环比增加21.20亿元，22只股融资余额环比增长超10%，融资余 额环比降幅超10%的有13只。 证券时报·数据宝统计显示，10月20日创业板指上涨1.98%，创业板股两融余额合计5106.62亿元，较上 一交易日增加21.70亿元，其中，融资余额合计5090.16亿元，环比上一日增加21.20亿元；融券余额16.46 亿元，环比增加4927.92万元。 融资余额环比下降的个股有570只，其中，降幅超过10%的有13只。博苑股份融资余额降幅居首，最新 融资余额1.82亿元，环比下降19.06%；融资余额降幅较大的个股还有威力传动、飞沃科技等，融资余额 分别下降了17.75%、16.93%。（数据宝） 融资余额降幅居前个股 | 代码 | 简称 | 最新融资余额(万 | 融资余额环比增减 | 收盘价 | 当日涨跌幅 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | | | 元） | （%） | （元） | （%） | 业 | | 301617 | 博苑股 | 18163.62 | -19.06 | 104.25 | ...

10月20日，京运通涨1.21%，成交额2.73亿元。两融数据显示，当日京运通获融资买入额2018.71万元， 融资偿还2156.85万元，融资净买入-138.13万元。截至10月20日，京运通融资融券余额合计2.84亿元。 融资方面，京运通当日融资买入2018.71万元。当前融资余额2.82亿元，占流通市值的2.79%，融资余额 超过近一年70%分位水平，处于较高位。 融券方面，京运通10月20日融券偿还1.54万股，融券卖出500.00股，按当日收盘价计算，卖出金额 2095.00元；融券余量48.47万股，融券余额203.09万元，超过近一年80%分位水平，处于高位。 资料显示，北京京运通科技股份有限公司位于北京市北京经济技术开发区经海四路158号，成立日期 2002年8月8日，上市日期2011年9月8日，公司主营业务涉及高端装备制造、光伏发电、新材料和节能环 保四大产业。主营业务收入构成为：硅片36.93%，电力36.00%，硅棒16.94%，其他(补充)5.26%，脱硝 催化剂4.84%，设备0.03%。 截至6月30日，京运通股东户数13.02万，较上期增加22.47%；人均流通股18543股，较 ...

Market Overview - The Hang Seng Index and the National Enterprises Index fell by 4.0% and 3.7% respectively last week, primarily due to tariff issues and concerns surrounding U.S. regional banks Zions and Western Alliance involved in credit fraud cases [1] - On Friday, the Hang Seng Index and the National Enterprises Index dropped by 2.5% and 2.7% respectively, with major sectors like technology, healthcare, brokerage, and automotive seeing significant declines, while gold-related stocks like Lao Pu Gold and Chow Tai Fook rose due to increasing gold prices [1] Company Performance - Chow Tai Fook reported a recovery in same-store sales growth in mainland China, Hong Kong, and Macau for Q2 (July-September), with retail value increasing by 4.1% year-on-year [1] - Insurance companies, including China Pacific Insurance and China Life, released positive profit forecasts, expecting net profit growth of 40%-60% and 50%-70% respectively for the first three quarters [2] Macroeconomic Dynamics - The Eurozone's harmonized consumer price index (CPI) for September showed a year-on-year increase of 2.2%, up 0.2 percentage points from August, aligning with Bloomberg's forecast [3] - Core consumer prices, excluding food and energy, rose by 2.4% year-on-year, exceeding both August's figures and Bloomberg's predictions by 0.1 percentage points [3] Industry Dynamics - In the gaming sector, Macau's gaming revenue for Q3 reached 62.57 billion MOP, reflecting a year-on-year increase of 12.5% and a quarter-on-quarter increase of 2.4% [4] - Despite a general decline in Hong Kong stocks due to fluctuations in U.S.-China trade relations, new consumer stocks like Lao Pu Gold performed well, rising by 18.0% last week [4] - In the automotive sector, NIO responded to GIC's allegations, stating that the related unfounded claims were investigated three years ago, with its stock rebounding by 2.1% on Friday after a 12.9% decline over the week [4] Pharmaceutical Sector - The pharmaceutical industry saw a general decline last week, influenced by U.S. Senate discussions on banning certain Chinese biotech companies from receiving federal funding and President Trump's remarks on lowering prices for popular diabetes and weight loss drugs [5] - Despite these challenges, Chinese pharmaceutical companies have made significant progress in overseas licensing, with Hansoh Pharmaceutical granting Roche rights to develop and commercialize a colorectal cancer drug outside of mainland China and Hong Kong, receiving an upfront payment of $80 million and potential milestone payments of up to $1.45 billion [5] New Energy and Utilities - The new energy and utilities sector in Hong Kong experienced a general decline, although defensive stocks like Huaneng International, China Everbright Environment, and Power Assets Holdings saw gains of 3.9%, 6.6%, and 2.1% respectively [6] - The photovoltaic sector faced notable declines, with companies like Xinyi Solar, Flat Glass Group, and GCL-Poly Energy dropping by 4.5%, 3.9%, and 0.8% respectively [6]

Investment Rating - The report provides a "Buy" rating for several companies in the power and gas sectors, indicating a positive outlook for their performance [41]. Core Insights - The report highlights the recent adjustments in the value-added tax (VAT) policies for wind and nuclear power, which may impact profitability for operators in these sectors [9][10]. - It notes the competitive pricing results for electricity in Xinjiang and Gansu, with Xinjiang's prices nearing the upper limit of the bidding range, suggesting a favorable environment for renewable energy operators [8]. - The report discusses the decline in global LNG prices, with China's comprehensive LNG import price reaching a four-year low, which could benefit domestic gas companies [12][27]. Summary by Sections 1. Power Sector - Xinjiang's mechanism electricity bidding results show a scale of 36 billion kWh for solar and 185 billion kWh for wind, with prices at 0.235 CNY/kWh and 0.252 CNY/kWh respectively, indicating a competitive market [5][8]. - The VAT policy changes will eliminate the 50% VAT refund for onshore wind from November 1, 2025, while maintaining it for offshore wind until the end of 2027 [9][10]. - Recommendations include focusing on companies like Guodian Power, China Nuclear Power, and Longyuan Power due to their stable growth prospects [11]. 2. Gas Sector - Global gas prices have shown slight declines, with the US Henry Hub price at $2.82/mmBtu, reflecting a 2.90% weekly drop [12][15]. - China's LNG import price has dropped to 2852 CNY/ton, the lowest since mid-2021, driven by lower oil prices affecting long-term contracts [27][29]. - The report suggests a positive outlook for gas companies like Kunlun Energy and New Hope Energy, as cost reductions and economic recovery may enhance profitability [29]. 3. Environmental Sector - The report emphasizes the benefits of debt-for-equity swaps and the increasing stability of returns for green energy operators, recommending companies like China Everbright Environment and Hongcheng Environment [11]. - It highlights the ongoing rise in SAF (Sustainable Aviation Fuel) prices, suggesting investment opportunities in related companies [11]. 4. Key Company Valuations - The report includes a valuation table for key companies, with several rated as "Buy," indicating strong expected performance in the coming years [41].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, highlighting potential investment opportunities in renewable energy and gas companies [3][12]. Core Insights - The report emphasizes the recent adjustments in value-added tax policies for wind and nuclear power, which may impact profitability in the short to medium term [10][11]. - It notes the significant drop in LNG import prices, reaching a four-year low, which could benefit gas companies and consumers [13][29]. - The report suggests that the competitive bidding results for electricity prices in Xinjiang and Gansu indicate varying strategies among renewable energy operators, which could lead to improved profit margins [9][12]. Summary by Sections 1. Power Sector - Xinjiang's competitive bidding results show a mechanism electricity price of 0.252 CNY/kWh for wind power, close to the upper limit, while Gansu's price is 0.1954 CNY/kWh, near the lower limit [5][9]. - The adjustment of the value-added tax policy for onshore wind power, effective November 1, 2025, will eliminate the 50% refund policy, while offshore wind will retain it until the end of 2027 [10][11]. - Recommendations include focusing on companies like Guodian Power, Sichuan Investment Energy, and China Nuclear Power due to their stable growth prospects [12]. 2. Gas Sector - The report highlights a slight decline in global gas prices, with the US Henry Hub price at $2.82/mmBtu, down 2.90% week-on-week, and LNG import prices in China dropping to 2852 CNY/ton, the lowest since mid-2021 [13][29]. - It suggests that the cost reduction in upstream resources and the recovery of the macro economy will benefit Hong Kong gas companies like Kunlun Energy and New Hope Energy [31]. - The report anticipates that the LNG prices may stabilize as demand increases with the onset of colder weather [29][31]. 3. Weekly Market Review - The public utility, power, gas, and environmental protection sectors outperformed the CSI 300 index during the week of October 13-17, 2025 [35]. - The report notes that the power equipment sector lagged behind the index, indicating potential investment opportunities in other sectors [35]. 4. Company and Industry Dynamics - The report discusses the upcoming competitive bidding for renewable energy projects in Anhui, with a bidding range set between 0.2 CNY/kWh and 0.3844 CNY/kWh [41][42]. - It highlights the performance of major companies, such as China General Nuclear Power and Longyuan Power, which reported varying results in their electricity generation [43][44].