香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 CHINA SUNTIEN GREEN ENERGY CORPORATION LIMITED* 新天綠色能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00956） 2025年第三季度主要經營數據 新天綠色能源股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈本公司及其附屬公司（合稱「本集 團」）2025年第三季度主要經營數據。 新能源業務板塊 根據本公司初步統計，2025年第三季度，本集團按合併報表口徑完成發電量2,517,642.22兆瓦時，同 比增加9.20%；完成上網電量2,446,416.10兆瓦時，同比增加9.14%。截至2025年9月30日，累計完成 發電量10,767,861.16兆瓦時，同比增加9.47%；累計完成上網電量10,506,452.82兆瓦時，同比增加 9.47%。2025年1-9月，本集團平均上網電價（不含稅）為0.41元╱千瓦時，較去年同期 ...

Core Insights - Delong Energy has experienced a significant stock price increase, achieving a limit-up for three consecutive trading days, with a total rise of 33.08% during this period [2][2][2] Company Performance - As of October 29, the stock price reached 10.54 yuan, with a turnover rate of 0.64% and a trading volume of 2.3073 million shares, amounting to a transaction value of 24.3185 million yuan [2][2][2] - The stock's limit-up order amount reached 239 million yuan, indicating strong investor interest [2][2][2] - The total market capitalization of Delong Energy in the A-share market is 3.78 billion yuan, with a circulating market value of 3.778 billion yuan [2][2][2] Margin Trading Data - The latest margin trading balance for Delong Energy as of October 29 is 97.8944 million yuan, with a financing balance of 97.8925 million yuan, reflecting a decrease of 5.31% compared to the previous trading day [2][2][2] - Over the past three days, the margin trading balance has increased by 11.1041 million yuan, representing a growth of 12.79% [2][2][2] Recent Trading Activity - The stock has shown notable daily performance, with the following key metrics: - October 29: +9.99% increase, turnover rate of 1.06%, net inflow of 22.792 million yuan - October 24: +9.97% increase, turnover rate of 15.47%, net inflow of 50.0028 million yuan - October 23: +3.39% increase, turnover rate of 5.77%, net inflow of 3.2845 million yuan [2][2][2]

Core Viewpoint - The visit to the Beijing Stock Exchange by Xilan Group's Chairman Ji Qinan aims to explore financing policies for energy companies, particularly those involved in major livelihood projects, to support the "village-to-village" rural gas project [2][6][9] Group 1: Capital Market Engagement - The Chairman and his team conducted an in-depth study of the Beijing Stock Exchange's establishment background, market positioning, and service strategies for innovative small and medium-sized enterprises [5] - Discussions focused on the listing standards, review processes, information disclosure requirements, and refinancing policies for gas companies on the Beijing Stock Exchange [5][8] - The visit signifies Xilan Group's commitment to leveraging financial capital to support real economy initiatives and major livelihood projects [9] Group 2: Rural Gas Project - The "village-to-village" gas project is a significant initiative aimed at supporting the national rural revitalization strategy, improving rural living conditions, and enhancing the quality of life for farmers [6] - The project is characterized by large investment scales and long construction periods, necessitating effective capital market engagement to overcome funding bottlenecks and accelerate project implementation [6][8] - By utilizing direct financing tools, the company aims to ensure the high-quality execution of the project and enhance its governance structure, operational efficiency, and brand influence [8] Group 3: Strategic Importance - The exploration of capital market opportunities reflects Xilan Group's proactive approach to addressing development challenges through innovative models [9] - The initiative aligns with national energy structure transformation and rural revitalization strategies, demonstrating the company's determination and responsibility in contributing to these goals [9]

Core Insights - Analysts forecast PSEG (PEG) to report quarterly earnings of $1.01 per share, reflecting a year-over-year increase of 12.2% and revenues of $2.73 billion, up 3.3% from the previous year [1] Earnings Projections - The consensus EPS estimate has been revised downward by 1.5% over the past 30 days, indicating a collective reassessment by analysts [2] - Revisions to earnings projections are crucial for predicting investor behavior and are strongly linked to short-term stock price performance [3] Revenue Estimates - Analysts predict 'Revenue- PSE&G' at $2.29 billion, representing a 7.3% increase from the year-ago quarter [5] - The estimate for 'Revenue- PSEG Power & Other' is $426.88 million, indicating a decline of 26.9% from the previous year [5] Gas and Electric Sales - Estimated 'Gas sold and Transported - Total' is 415 million dekatherm, down from 436 million dekatherm reported in the same quarter last year [6] - 'Gas Sold and Transported - Total Non-Firm Sales' is projected at 225 million dekatherm, compared to 249 million dekatherm in the previous year [7] - The consensus for 'Gas Sold and Transported - Total Firm Sales' stands at 190 million dekatherm, slightly up from 187 million dekatherm reported last year [7] Operating Income - 'Operating Income- Power & Other' is expected to reach $50.62 million, down from $59.00 million a year ago [8] - 'Operating Income- PSE&G' is projected at $678.92 million, an increase from $582.00 million in the previous year [8] Stock Performance - PSEG shares have decreased by 2.6% in the past month, contrasting with a 3.8% increase in the Zacks S&P 500 composite [8] - PSEG holds a Zacks Rank 3 (Hold), suggesting it is expected to closely follow overall market performance in the near term [8]

Core Viewpoint - Delong Huineng (000593.SZ) experienced a stock price surge following the announcement of a change in control, with shares closing at 9.58 yuan, marking a significant market reaction to the news of a new major shareholder [1] Summary by Sections Shareholder Change - Delong Huineng announced that its controlling shareholder, Beijing Dingxin Ruitong Technology Development Co., Ltd., signed a share transfer agreement with Dongyang Noxin Chip Material Enterprise Management Partnership (Limited Partnership), transferring 106 million shares, representing 29.64% of the total share capital, for a total consideration of 1 billion yuan at a price of 9.41 yuan per share [1][2] - After the transfer, Noxin Chip Material will hold 29.64% of the shares, while Dingxin Ruitong's stake will decrease to 2.36% [1][3] Background of New Shareholder - Noxin Chip Material was established on July 24, 2025, with a registered capital of 1.008 billion yuan and has not yet commenced business operations [3] - The ultimate control of Noxin Chip Material lies with Sun Weijia, who also controls other semiconductor-related enterprises, suggesting potential strategic moves in the semiconductor sector following the acquisition [4][7] Historical Context of Delong Huineng - Delong Huineng has undergone four ownership changes since its listing, with its business focus shifting multiple times, originally starting as a retail company before transitioning to pharmaceuticals and then to gas and energy [8][9] - The company was renamed from Datong Gas to Delong Huineng in 2022, reflecting its current focus on integrating traditional gas operations with new energy initiatives, including hydrogen and solar energy [9][11] Financial Performance - Despite revenue growth from 631 million yuan in 2018 to 1.737 billion yuan in 2024, the company has faced challenges in profitability, with cumulative losses of 208 million yuan during the same period [11] - The company is currently involved in legal proceedings regarding a subsidiary's failure to meet profit commitments, which may impact its financial stability [11]

Core Insights - The gas sector experienced a rise of 1.43% on October 29, with Delong Huineng leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Gas Sector Performance - Delong Huineng (000593) saw a closing price of 9.58, with a significant increase of 9.99% and a trading volume of 38,200 shares, amounting to 36.55 million yuan [1] - Xin'ao Co. (600803) closed at 19.15, up 4.25%, with a trading volume of 234,200 shares and a transaction value of 439 million yuan [1] - Other notable performers included Kaitan Gas (920010) with a 3.94% increase, closing at 13.97, and Fuan Energy (002911) with a 3.02% increase, closing at 12.62 [1] Capital Flow Analysis - The gas sector saw a net inflow of 33.11 million yuan from main funds, while retail funds experienced a net inflow of 75.86 million yuan [2] - Notable net inflows from main funds included Fuan Energy (002911) with 42.44 million yuan and Xin'ao Co. (600803) with 40.47 million yuan [3] - Conversely, retail funds showed a net outflow from several companies, including Delong Huineng (000593) with a net outflow of 11.83 million yuan [3]

Core Insights - Morocco's Ministry of Finance is systematically advancing the reform of butane gas subsidies, aiming to gradually eliminate the current subsidy mechanism over the next 3 to 5 years to alleviate public financial pressure and redirect savings to support a universal healthcare system [1] Group 1: Subsidy Reform Necessity - The current "universal" butane gas subsidy mechanism is inefficient, primarily benefiting higher-income urban households, failing to effectively reduce the living burden on middle and low-income families [1] - There are instances of farmers misusing subsidized gas for agricultural production, highlighting the need for reform [1] Group 2: Consumption and Financial Burden - Morocco's butane gas consumption has been steadily increasing, with a projected national consumption of 236 million bottles in 2024, an increase of 1.5 million bottles year-on-year, which is three times the level at the beginning of the century [1] - Since 2012, the Moroccan government has spent a cumulative total of $16.72 billion on butane gas subsidies, accounting for over 4% of public expenditure, representing one of the highest levels globally [1] Group 3: Pricing Adjustments - The actual cost of a 12-kilogram butane gas cylinder in the Moroccan market is approximately $10.4, with the government covering over 55% of the retail price [1] - To initiate the reform, the Moroccan government will implement the first price adjustment in May 2024, raising the retail price of a 12-kilogram butane gas cylinder from $4 to $5 [1]

Core Viewpoint - Delong Huineng Group Co., Ltd. is undergoing a change in control, with a transaction partner proposing to acquire controlling interest for 1 billion yuan, leading to a stock price surge upon resumption of trading [1]. Group 1: Control Change Announcement - Delong Huineng received notification from its controlling shareholder, Beijing Dingshin Ruitong Technology Development Co., Ltd., regarding a signed intention agreement with Dongyang Noxin Chip Material Enterprise Management Partnership, which may lead to a change in control [1]. - The company announced that it has signed a share transfer agreement, intending to transfer 106 million shares, representing 29.64% of its total share capital, to Noxin Chip Material at a price of 9.41 yuan per share, totaling 1 billion yuan [1]. Group 2: Market Reaction - Following the announcement, Delong Huineng's stock price reached 9.58 yuan per share, reflecting a 9.99% increase as of the midday break on October 29 [3]. Group 3: Business Overview - Delong Huineng aims to become a leading clean energy supply service provider, with urban gas business as its core operation, utilizing an integrated operation model of "resources + pipeline + terminal" [3]. - The company has obtained operating rights in multiple regions, serving a total of 558,000 users, including residential and various commercial users, as of mid-2025 [3]. - For the first half of 2025, Delong Huineng reported revenue of 890 million yuan, a year-on-year increase of 4.49%, while net profit attributable to shareholders decreased by 20.25% to 24.71 million yuan [3]. - The company plans to focus on its clean energy core business, upgrade traditional operations, and expand into hydrogen and photovoltaic industries, aiming to provide high-quality comprehensive services [3].

Group 1 - The core point of the article is that Shouhua Gas (300483.SZ) reported its Q3 2025 results, revealing a total of 6 institutional investors holding shares, which amounts to 57.37 million shares, representing 21.11% of the total share capital [1] - The institutional holding ratio decreased by 0.20 percentage points compared to the previous quarter [1] - Two new public funds were disclosed this period, while 22 public funds were not disclosed compared to the previous quarter [1] Group 2 - The article mentions the formation of a MACD golden cross signal, indicating a positive trend for certain stocks [2]

Group 1: Macro and Strategy Insights - The report discusses the historical evolution of world currencies, emphasizing that trade volume is fundamental for a currency to become a global unit of account, as seen with the Spanish dollar and British pound [10][11][12] - It highlights the importance of financial innovation in currency transitions, such as the establishment of the Amsterdam Bank's clearing system that facilitated the rise of the Dutch florin [10][11] - The report identifies three core rules governing currency changes: trade as a foundation, financial innovation as a core driver, and the critical role of debt and military power in maintaining currency credibility [12] Group 2: Industry and Company Analysis - The pharmaceutical sector is experiencing a significant milestone with Grail's release of the Pathfinder 2 data for multi-cancer early detection, showing a positive predictive value of 61.6%, a substantial improvement from previous studies [20] - The media and internet sector is witnessing a surge in AI video generation technology, with notable successes such as the film "Escape from Duckkov" achieving over one million sales in its first week [21][22] - The public utility and environmental sectors report a 4.6% year-on-year increase in total electricity consumption, with significant growth in renewable energy sources [26][27] - The white wine industry is entering a potential investment phase, with current low valuations and positive supply-demand dynamics, drawing parallels to previous market cycles [28][29][30] - Ningbo Bank shows a steady improvement in asset quality, with a 16.6% year-on-year growth in total assets and a net profit increase of 8.4% in the first three quarters of 2025 [34][35]