Market Overview - In October, the Shanghai and Shenzhen 300 index remained unchanged, while the public utility index increased by 4.47% and the environmental index rose by 2.58% [1][16] - Among the 31 primary industry sectors, public utilities and environmental sectors ranked 5th and 8th in terms of growth [1][43] - In the electricity sector, thermal power increased by 10.98%, hydropower by 4.01%, and gas by 6.39% [1][44] Important Events - On October 30, the Ministry of Commerce issued guidelines to promote green trade, encouraging foreign trade enterprises to adopt green and low-carbon development throughout their supply chains [2][17] - The guidelines support the use of renewable energy and sustainable fuels in international shipping, including green methanol and green ammonia [2][17] Sector Performance - The thermal power sector's revenue for the first three quarters of 2025 was 906.47 billion yuan, a year-on-year decrease of 5.48%, while net profit increased by 15.03% to 71.12 billion yuan [3][18] - Hydropower sector revenue totaled 148.76 billion yuan, down 1.39%, with net profit rising by 1.73% to 51.32 billion yuan [3][22] - Wind power revenue decreased by 2.80% to 117.16 billion yuan, with net profit down 12.15% to 22.03 billion yuan [3][25] - The solar power sector saw revenue of 26.10 billion yuan, a decline of 16.55%, but net profit increased by 55.77% to 2.90 billion yuan [3][28] - Nuclear power revenue was 164.08 billion yuan, up 1.76%, but net profit fell by 12.39% to 16.58 billion yuan [3][32] - The gas sector's revenue was 234.91 billion yuan, a decrease of 0.78%, with net profit down 5.49% to 10.25 billion yuan [3][36] Investment Strategy - For thermal power, it is recommended to invest in major companies like Huadian International and Shanghai Electric due to expected stable profitability [4][41] - In the renewable energy sector, leading companies such as Longyuan Power and Three Gorges Energy are recommended for their potential steady earnings [4][41] - Nuclear power companies like China Nuclear Power and China General Nuclear Power are expected to maintain stable profits, with a recommendation for China Power Investment Corporation [4][41] - High-dividend hydropower stocks like Yangtze Power are highlighted for their defensive attributes [4][41] - In the gas sector, Jiufeng Energy is recommended for its capabilities in marine gas trading [4][41] - The environmental sector is advised to focus on companies like China Everbright Environment and Zhongshan Public Utilities, which are seen as utility-like investment opportunities [4][42]

Core Points - The new national standard for liquefied petroleum gas (LPG) has been approved and will be implemented on November 1, 2026, enhancing safety and quality in the industry [1] - The standard includes requirements for industrial, civilian, and automotive use of LPG, with increased technical specifications compared to the previous version [1] Summary by Sections - **Technical Improvements**: - Introduction of new indicators for dimethyl ether to prevent illegal additions that could lead to leakage, enhancing gas safety [1] - Addition of 1,3-butadiene indicators to protect environmental and human health [1] - Stricter sulfur content requirements to reduce sulfur pollution from LPG combustion, improving air quality [1] - Adoption of advanced testing methods for sulfur content, hydrocarbon composition, and dimethyl ether, which will lower analysis costs and improve efficiency [1] - **Industry Impact**: - The implementation of the new standard is expected to elevate the quality of LPG products and promote high-quality development within the LPG industry [1] - The standard aims to ensure consumer safety in gas usage, reflecting a commitment to public health and environmental protection [1]

Core Viewpoint - The National Standard for Liquefied Petroleum Gas (GB 11174—2025) has been approved and will be implemented on November 1, 2026, aiming to enhance safety and quality in the liquefied petroleum gas industry [1]. Summary by Relevant Sections Standard Scope and Implementation - The new standard covers liquefied petroleum gas used for industrial, civilian, and automotive purposes [1]. - It will take effect on November 1, 2026 [1]. Technical Improvements - The new standard introduces increased technical requirements compared to the previous version [1]. - It includes new indicators for dimethyl ether to prevent illegal additions that could lead to leakage, enhancing gas safety [1]. - The addition of 1,3-butadiene indicators aims to protect environmental and human health [1]. - Stricter sulfur content requirements will help reduce sulfur pollutant emissions from combustion, improving air quality [1]. - Advanced testing methods for sulfur content, hydrocarbon composition, and dimethyl ether will lower analysis costs and improve efficiency [1]. Industry Impact - The implementation of the new standard is expected to elevate the quality of liquefied petroleum gas products [1]. - It will guide the liquefied petroleum gas industry towards high-quality development while ensuring consumer safety [1].

Core Insights - The gas sector experienced a slight decline of 0.13% on November 4, with Dazhong Public Utilities leading the drop [1][2] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Market Performance - Notable gainers in the gas sector included: - Delong Huineng (Code: 000593) with a closing price of 10.23, up 10.00% on a trading volume of 390,200 shares [1] - Baichuan Energy (Code: 600681) closed at 4.82, up 3.88% with a trading volume of 1,897,300 shares [1] - Fuan Energy (Code: 002911) closed at 12.70, up 3.00% with a trading volume of 309,000 shares [1] - Dazhong Public Utilities (Code: 600635) was the biggest loser, closing at 7.00, down 4.24% with a trading volume of 2,526,400 shares [2] Capital Flow - The gas sector saw a net outflow of 362 million yuan from institutional investors, while retail investors contributed a net inflow of 408 million yuan [2][3] - The detailed capital flow for selected stocks showed: - Fuan Energy had a net inflow of 55.93 million yuan from institutional investors, but a net outflow of 41.87 million yuan from retail investors [3] - Delong Huineng experienced a net inflow of 22.87 million yuan from institutional investors, with retail investors showing a net outflow of 15.45 million yuan [3]

新京报讯 据市说新语消息，近日，市场监管总局（国家标准委）批准发布强制性国家标准《液化石油 气》（GB 11174—2025），该标准将于2026年11月1日起实施。 该标准的范围包括工业用燃料、民用燃料和车用燃料的液化石油气。与旧版标准相比，增加并提高了技 术指标要求，同时改进了试验方法。一是增加了二甲醚指标要求，防止人为非法添加二甲醚腐蚀橡胶密 封圈而导致泄漏事故，有利于加强用气安全性，同时也避免了低热值的二甲醚对液化石油气产品热值的 影响。二是增加了1,3-丁二烯指标要求，有利于保护环境及人体健康。三是加严了硫含量指标要求，有 助于进一步降低液化石油气燃烧后含硫污染物排放，保护空气质量。四是硫含量、烃组成和二甲醚等项 目检测采用了先进高效的试验方法，有利于降低分析成本、提高分析效率。 新版标准的实施将进一步提高液化石油气产品质量，引领液化石油气行业高质量发展，同时保障广大消 费者的用气安全。 ...

Core Viewpoint - Delong Huineng has experienced significant stock performance, achieving four trading halts within six trading days, with a cumulative increase of 29.17% and a turnover rate of 67.60% [2] Trading Performance - As of 10:07, the stock's trading volume reached 35.03 million shares, with a transaction amount of 340 million yuan, resulting in a turnover rate of 9.77% [2] - The latest total market capitalization of A-shares is 3.669 billion yuan, with a circulating market capitalization of 3.667 billion yuan [2] Margin Trading Data - As of November 3, the margin trading balance for the stock is 144 million yuan, with a financing balance of 144 million yuan, which increased by 45.31% (4.501 million yuan) compared to the previous trading day [2] - Over the past six days, the margin trading balance has cumulatively increased by 57.57 million yuan, reflecting a growth of 66.33% [2] Stock Performance Summary - The stock has been listed on the Dragon and Tiger list once due to a cumulative deviation in the increase of 20% over three consecutive trading days [2] - Institutional investors have net sold 38.15 million yuan, while the total net buying from brokerage seats is 102,500 yuan [2] Financial Performance - For the first three quarters, the company reported a total operating income of 1.299 billion yuan, representing a year-on-year growth of 1.56% [2] - The net profit for the same period was 24.78 million yuan, showing a year-on-year decline of 41.47% [2] - The basic earnings per share are 0.0700 yuan, with a weighted average return on net assets of 2.88% [2] Company Background - Delong Huineng Group Co., Ltd. was established on January 1, 1994, with a registered capital of 3.58631 billion yuan [2]

Company News - Yaxing Chemical is planning to acquire control of Tianyi Chemical through a combination of share issuance and cash payment, with the stock suspended from trading starting November 4, 2023, for up to 10 trading days [5] - Daon Co. intends to acquire 100% of Shandong Daon Titanium Industry through share issuance and cash payment, with the application accepted by the Shenzhen Stock Exchange. The company has seen a stock price increase of 110.62% this year, with a recent price of 24.6 yuan per share and a market capitalization of 11.769 billion yuan [6] - Shengli Co. is planning to acquire gas-related assets from its controlling shareholder and its affiliates, with stock suspended since October 28, 2023, for up to 10 trading days [6] - Hangxin Technology announced the resumption of trading for its stock and convertible bonds starting November 4, 2023, following a share transfer agreement that resulted in a change of control [7] - Bihua Co. reported abnormal stock price fluctuations, with a cumulative increase of over 20% in three consecutive trading days. The actual reduction in shares by the controlling shareholder exceeded the planned amount due to an operational error [8] - Siwei Liekong's vice president has been placed under investigation, leading to a 9.87% drop in stock price on November 3, 2023 [9] - Biangao Co. is in the process of planning a change of control, with stock suspended since October 31, 2023, and further suspension expected [9] - Chihong Zn & Ge announced a cash dividend distribution plan, with a total payout of 151 million yuan based on a share base of 5.04 billion shares [10] - Hailianxun is set to suspend trading starting November 5, 2023, due to a share exchange and acquisition process [11] - *ST Gaohong received a decision for stock delisting due to continuous low trading prices, with the delisting process expected to occur within 15 trading days [12] Industry News - The People's Bank of China and the Bank of Korea have renewed a bilateral currency swap agreement with a scale of 400 billion yuan, effective for five years, aimed at enhancing financial cooperation and trade facilitation [2] - The Ministry of Industry and Information Technology and the Ministry of Water Resources have jointly released a development plan for high-quality water-saving equipment from 2025 to 2030, focusing on smart manufacturing and the integration of new technologies [3] - The National Standards Committee has approved a national standard for commercial cleaning robots, set to be implemented on May 1, 2026, to improve product quality and user experience [4] - High-end equipment for large-size OLED screen production has been launched, marking a breakthrough in China's display equipment sector [4]

Investment Rating - The report maintains an "Overweight" rating for the utility sector [1]. Core Insights - The 14th Five-Year Plan emphasizes the construction of a new energy system, increasing the proportion of renewable energy supply, and orderly replacing fossil energy. It aims to build a strong energy nation and implement dual control of carbon emissions [4]. - Green electricity trading volume reached 29 billion kWh, a year-on-year increase of 42.9%. The total electricity market trading volume in September 2025 was 573.2 billion kWh, up 9.8% year-on-year [4]. - The report highlights investment opportunities in undervalued thermal power, charging pile infrastructure, and the reassessment of photovoltaic and green electricity assets [4]. Industry Data Tracking Electricity Price - In November 2025, the average grid purchase price decreased by 2% year-on-year but increased by 1.8% month-on-month, averaging 401 RMB/MWh [38]. Coal Price - As of October 31, 2025, the price of thermal coal at Qinhuangdao Port was 770 RMB/ton, a year-on-year decrease of 9.31% [42]. Hydropower - As of October 31, 2025, the water level at the Three Gorges Reservoir was 174.01 meters, with inflow and outflow rates increasing by 75.68% and 122.06% year-on-year, respectively [51]. Electricity Consumption - From January to July 2025, total electricity consumption reached 5.86 trillion kWh, a year-on-year increase of 4.5% [12]. Power Generation - Cumulative power generation from January to July 2025 was 5.47 trillion kWh, with a year-on-year increase of 1.3%. Thermal and hydropower generation saw declines of 1.3% and 4.5%, respectively [19]. Installed Capacity - As of June 30, 2025, the cumulative installed capacity of thermal power reached 1.47 billion kW, with a year-on-year increase of 4.7% [44]. Investment Recommendations - Focus on undervalued thermal power investments, particularly in the Beijing-Tianjin-Hebei region, and consider companies like Jingtou Energy, Jingneng Power, and Datang Power [4]. - For charging pile equipment, companies such as Teruid and Shenghong Co. are recommended [4]. - The reassessment of photovoltaic and charging pile asset values is expected, with a focus on companies like Southern Power Grid Energy and Longxin Group [4]. - Green electricity growth potential is highlighted, with recommendations for Longyuan Power H, Zhongmin Energy, and Sanxia Energy [4]. - Hydropower is noted for its low cost and strong cash flow, with a recommendation for Changjiang Power [4]. - Nuclear power is expected to grow, with recommendations for China Nuclear Power and China General Nuclear Power [4].

Core Viewpoint - The company is planning to issue shares and pay cash to acquire gas-related assets controlled by its controlling shareholder and related parties, while also raising matching funds for this transaction [2] Group 1 - The company announced that it is in the process of planning a transaction involving the issuance of shares and cash payment for gas-related assets [2] - Due to uncertainties surrounding the transaction, the company has applied for a trading suspension of its securities starting from October 28, 2025, for a period not exceeding 10 trading days [2] - The company is actively working with relevant parties to advance the transaction, including negotiating the transaction plan and preparing the transaction proposal [2]

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Insights - The report highlights that colder weather has led to an increase in gas prices in the US and China, while European gas generation output has decreased, resulting in a price drop in Europe [1][4] - It emphasizes the ongoing adjustments in pricing mechanisms and the potential for demand growth in 2025, driven by supply optimization and cost management by gas companies [1][4] Price Tracking - As of October 31, 2025, US HH gas prices increased by 11.6%, while European TTF prices decreased by 6.3%. The prices for East Asia JKM and China's LNG also saw slight declines [9][14] - The report notes that the average daily gas generation in Europe fell by 7% week-on-week and 5.1% year-on-year, reaching 829.3 GWh [18] Supply and Demand Analysis - The US gas market saw a week-on-week increase in storage levels by 740 billion cubic feet, totaling 38,820 billion cubic feet, which is a 0.5% increase year-on-year [16] - In Europe, gas consumption from January to July 2025 was 2,654 billion cubic meters, reflecting a 5% year-on-year increase [18] - Domestic gas prices in China rose by 3.1% week-on-week, with total apparent consumption from January to September 2025 increasing by 0.7% year-on-year to 3,188 billion cubic meters [20][25] Pricing Progress - The report indicates that 65% of cities have implemented residential pricing adjustments, with an average increase of 0.21 yuan per cubic meter [34] - The report suggests that there is still a 10% room for price adjustment in the gas distribution sector [34] Investment Recommendations - The report recommends focusing on companies with cost advantages and flexible scheduling capabilities, such as Xin'ao Energy and Kunlun Energy, which have attractive dividend yields [1][4] - It also suggests monitoring companies that can mitigate the impact of tariffs on US LNG imports, such as New Natural Gas and Blue Flame Holdings [1][4] Important Announcements - The report mentions that the US LNG import tariff has been reduced from 140% to 25%, enhancing the economic viability of US gas imports [43] - It also notes that the European Parliament has agreed to provide more flexibility regarding gas storage targets, allowing for a deviation of 10% from the 90% storage goal [47]