11月30日晚间，天壕能源（300332）公告，将以自有资金支付两个募投项目尾款，并将预计节余募集资 金6820.71万元永久补充流动资金，用于公司日常经营活动。 2020年12月24日，公司向不特定对象发行了423万张可转换公司债券，募集资金金额为4.23亿元，实际 到账的募集资金金额为4.14亿元，用于"兴县康宁镇刘家庄分输站建设工程"和"神安线兴县连接线建设 工程"等项目。 2023年11月28日，公司将"兴县天然气(煤层气)利用工程临兴区块煤层气(第二气源)连接线项目"结项， 并将该项目节余募集资金730.81万元永久补充流动资金。 2023年12月15日，公司召开债权人持有人会议，将"保德县气化村镇及清洁能源替代煤改气项目"尚未使 用的募集资金余额用于"兴县康宁镇刘家庄分输站建设工程"、"神安线兴县连接线建设工程"项目的投资 建设，调整后分别由募资投资7400万元和8689.37万元。另外，保德县气化村镇及清洁能源替代煤改气 项目后续投资将由公司通过自筹资金解决。 目前公司向不特定对象发行可转债募投项目"兴县康宁镇刘家庄分输站建设工程"、"神安线兴县连接线 建设工程"已建设完毕并已达到预计可使用状态 ...

Group 1: Metal Sector - Huaxi Nonferrous is expected to see net profit growth from CNY 6.58 billion in 2024 to CNY 11.40 billion in 2026, with a PE ratio decreasing from 37.28 to 21.52[10] - The company has a projected capacity increase to 0.6 million tons of tin and 1 million tons of antimony by 2027, benefiting from resource consolidation trends in Guangxi[12] Group 2: Construction Materials - Huaxin Cement's net profit is forecasted to rise from CNY 24.16 billion in 2024 to CNY 36.73 billion in 2026, with a PE ratio dropping from 17.21 to 11.32[10] - The company has diversified its growth strategy, focusing on overseas markets and stabilizing its aggregate business[28] Group 3: Transportation - ZTO Express is projected to achieve net profits of CNY 88.17 billion in 2024, increasing to CNY 104.11 billion by 2026, with a PE ratio improving from 13.39 to 11.34[10] - The "anti-involution" measures in the express delivery sector have led to a recovery in profitability, with significant improvements in average ticket prices since August 2025[33] Group 4: Energy Sector - ChuanTou Energy's net profit is expected to grow from CNY 45.08 billion in 2024 to CNY 52.59 billion in 2026, with a PE ratio decreasing from 15.93 to 13.65[10] - The company benefits from its stake in Yalong River Hydropower, which contributes significantly to its earnings[73] Group 5: Chemical Sector - Yara International's net profit is projected to increase from CNY 9.50 billion in 2024 to CNY 39.34 billion in 2026, with a PE ratio decreasing from 42.50 to 10.27[10] - The company is positioned as a leader in overseas potash mining, with significant reserves in Laos[49]

Core Insights - Europe's natural gas reserves are depleting at an alarming rate, with total storage dropping to 78.1 billion cubic meters, a decrease of 10.6 billion cubic meters compared to the same period in 2024, equivalent to one week's consumption for the EU [1][3] - Germany, as the largest gas consumer in the EU, has seen its storage fill rate decline from 72% to 68.5% within five days, marking one of the steepest drops among EU countries [1][3] - The surge in gas extraction and rising prices are attributed to a combination of reduced inventory, increased winter heating demand, and unstable energy supply [3][4] Energy Policy and Market Dynamics - The EU's energy crisis is a manifestation of contradictions in its energy policy, particularly the push for "de-Russification" without establishing a reliable alternative energy supply [3][4] - The abandonment of long-term contracts with Russian gas suppliers has left European countries vulnerable to market fluctuations, exacerbated by competition for liquefied natural gas (LNG) from Asia and logistical disruptions [4][6] - The disconnect between the EU's decarbonization goals and the actual role of natural gas as a transitional energy source has led to chaotic energy reserve management, lacking both long-term planning and short-term responsiveness [6] Economic Impact - Rising natural gas prices are increasing heating bills for European households and putting pressure on industrial energy costs [6] - Predictions indicate that if the current rate of gas extraction continues, some European countries may face "bottoming out" of their gas reserves by January, potentially leading to energy rationing [6] - The fluctuations in the European energy market highlight the risks of pursuing energy independence without a solid foundation for energy security [6]

Core Viewpoint - The newly completed gas pipeline from Yingmaili to Sancha in Xinjiang enhances natural gas supply for the upcoming winter and spring seasons [1] Group 1: Project Details - The new pipeline is a key livelihood project in Xinjiang, contributing to natural gas supply security [1] - The pipeline starts at the Yingmaili gas field in Xinhe County and ends at the Sancha compressor station in Bachu County, with a total length of 378 kilometers [1]

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The cumulative installed power generation capacity in China increased by 17.3% year-on-year as of October 2025, reaching 3.75 billion kilowatts [5] - The report highlights a significant increase in solar power generation capacity, which grew by 43.8% year-on-year, while wind power capacity increased by 21.4% [5] - The report indicates that the electricity market is expected to see a gradual increase in prices due to ongoing market reforms and supply-demand dynamics [5] Summary by Sections Market Performance - As of November 28, the utility sector rose by 0.9%, underperforming the broader market, which increased by 1.6% [12] - The electricity sector specifically saw a 0.65% increase, while the gas sector rose by 3.27% [16] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao Port (Q5500) decreased by 9 CNY/ton week-on-week, settling at 818 CNY/ton [22] - Coal inventory at Qinhuangdao Port increased by 400,000 tons week-on-week, totaling 6 million tons [29] - Daily coal consumption in 17 inland provinces rose by 30,000 tons/day week-on-week, reaching 3.541 million tons [31] Natural Gas Industry Data Tracking - The LNG ex-factory price index in China was 4,312 CNY/ton as of November 28, down 3.88% year-on-year [56] - The U.S. HH spot price increased by 15.3% week-on-week, reaching 4.59 USD/MMBtu, while the European TTF price decreased by 5.6% [59] - The total natural gas supply in the EU for week 47 was 6.23 billion cubic meters, a year-on-year increase of 8.0% [64] Key Industry News - The National Energy Administration reported that the average utilization hours of power generation equipment decreased by 260 hours year-on-year, totaling 2,619 hours [5] - The cumulative geological reserves of coalbed methane in China exceeded 700 billion cubic meters as of October 2025 [5] Investment Recommendations - The report suggests focusing on leading coal power companies such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight electricity supply areas [5] - For natural gas, companies with low-cost long-term gas sources and receiving station assets are recommended, including Xin'ao and Guanghui Energy [5]

Core Viewpoint - The newly completed gas pipeline from Yingmaili to Sancha in Xinjiang enhances natural gas supply security for the upcoming winter and spring seasons [1] Group 1: Project Details - The newly operational pipeline spans a total length of 378 kilometers [1] - The starting point of the pipeline is located at Yingmaili gas field in Xinhe County, while the endpoint is at Sancha compressor station in Bachu County [1]

Group 1 - The Jiangsu coastal natural gas pipeline, with an annual transmission capacity of 28 billion cubic meters, is set to be fully operational by the end of this year, with over 500 kilometers completed [1][2] - The total length of natural gas pipelines operated by the state-owned Guoxin Group will exceed 1,000 kilometers, enhancing the energy supply capacity for the Yangtze River Delta region [1][2] - The pipeline's integration with the national network and multiple gas storage facilities will provide strong green energy support for regional development [1] Group 2 - The Guoxin Group is accelerating the construction of a comprehensive natural gas industry chain, transitioning from pipeline transportation to an integrated model of "purchase, sales, storage, and use" [2] - The Guoxin LNG receiving station project, with a total investment of approximately 7.7 billion yuan, is under construction and is expected to be completed by the end of this year [2] - The future natural gas supply scale is expected to account for about 15% of the total energy supply in Jiangsu province, comparable to the electricity supply capacity [2]

Core Insights - The Jiangsu coastal natural gas pipeline, with an annual transmission capacity of 28 billion cubic meters, is set to be fully operational by the end of this year, with over 500 kilometers completed, enhancing energy connectivity in the Yangtze River Delta region [1][2] Group 1: Pipeline Development - The coastal gas pipeline has achieved interconnection with the national pipeline network, laying the groundwork for a unified national natural gas supply system [2] - As of now, the approved length of the Jiangsu coastal natural gas pipeline exceeds 500 kilometers, with approximately 446 kilometers already constructed [2] - By the end of the year, the total length of operational pipelines in southern Jiangsu will surpass 1,000 kilometers, significantly improving natural gas supply security in the province [2] Group 2: Infrastructure Expansion - The Guoxin Group is accelerating the construction of a comprehensive natural gas industry chain, transitioning from pipeline transportation to an integrated model of purchasing, sales, storage, and usage [3] - The Guoxin LNG receiving station project, with a total investment of approximately 7.7 billion yuan, is under construction and is expected to be completed by the end of this year [3] - Upon completion, the LNG storage capacity will reach 800,000 cubic meters, sufficient to meet the province's emergency gas needs for three days [3] Group 3: Strategic Collaborations - Guoxin Group has partnered with the National Pipeline Group to enhance the integration of provincial and national infrastructure through a "three-network" model [2] - The establishment of a collaborative operation mechanism is expected to improve the efficiency of natural gas resource allocation and support the reduction of end-user gas costs [2] - Guoxin Group is also investing in upstream gas sources, including a stake in the PetroChina LNG receiving station, to create a more complete natural gas industry system [3]

Core Insights - The global energy landscape is undergoing significant changes, driven by a geopolitical struggle involving energy, finance, and international status, particularly highlighted by Russia's sale of liquefied natural gas (LNG) to China at a steep discount [1][3] Group 1: Russia's LNG Strategy - Russia sold 14 LNG ships to China at less than 60% of the original price, saving China approximately $200 million in just three months [3] - The decision to sell at a loss is closely tied to Russia's financial situation, as energy exports account for 30% of its fiscal revenue, making it critical to avoid a complete failure of the Arctic LNG2 project [3][9] - The sale allows Russia to maintain its energy industry and potentially secure a long-term customer in China, trading short-term losses for long-term stability [9] Group 2: China's Energy Considerations - China, as a major global manufacturing hub, has a massive energy consumption requirement, making it one of the few countries capable of absorbing such large-scale LNG supplies [7] - The transaction allows China to secure stable energy supplies, particularly during peak winter demand, alleviating issues related to factory production limits and residential energy shortages [11] - The use of the Chinese yuan for these transactions represents a significant step towards the internationalization of the yuan and challenges the dominance of the US dollar in global energy trade [7][11] Group 3: Implications for Global Energy Markets - The LNG deal signifies a strategic cooperation between China and Russia, countering US sanctions and reshaping the international energy market [11] - The transaction is seen as a precursor to a shift towards a multipolar world order, moving away from US hegemony in global affairs [11] - The immediate savings of $200 million are viewed as just the beginning, with the potential for establishing new rules in international energy trade [11]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][11]. Core Insights - The company is positioned as a comprehensive energy service provider in Guangdong, with a strong focus on stable growth and high dividends. It has a diversified business model covering electricity, energy logistics, gas, renewable energy, energy storage, and energy finance, which enhances its operational synergy [10][21]. - The company has maintained a consistent dividend policy, with a dividend payout ratio exceeding 50% over the past three years. The dividend for 2024 is projected at 0.27 CNY per share, marking a historical high in dividend scale [10][45]. Summary by Sections 1. Company Overview - The company is a state-owned enterprise controlled by the Guangzhou State-owned Assets Supervision and Administration Commission, with a diversified energy portfolio across multiple provinces and regions [21][24]. - It has achieved significant green transformation, with over 76% of its installed capacity being green energy [23]. 2. Financial Performance - The company reported a total revenue of 379.34 billion CNY for the first nine months of 2025, a year-on-year increase of 5.46%, and a net profit of 21.59 billion CNY, up 36% year-on-year [33]. - The projected revenues for 2025-2027 are 484.95 billion CNY, 513.84 billion CNY, and 530.19 billion CNY, respectively, with net profits of 22.45 billion CNY, 24.04 billion CNY, and 23.54 billion CNY [11][12]. 3. Business Segments Power Generation - The company has a solid foundation in thermal power, with a total controllable thermal power capacity of 483.65 million kW, including 250 million kW from coal and 233.65 million kW from gas [51]. - The company is expanding its renewable energy capacity, with wind and solar projects reaching a total installed capacity of 595 million kW [10][13]. Natural Gas - The natural gas segment is expected to see significant growth, with a projected revenue of 105.94 billion CNY in 2025, driven by increased sales volume and cost reduction strategies [12][39]. - The company has secured long-term LNG contracts to ensure stable gas supply, enhancing its competitive advantage [68]. Energy Logistics - The energy logistics business is expected to maintain stable revenue, although profit margins may decline in the short term due to fluctuating coal and oil prices [12][39]. 4. Valuation - The current stock price corresponds to a PE ratio of 10.5 for 2025, which is below the industry average. The report estimates a reasonable market value of 301.2 billion CNY, indicating a potential upside of 27.3% from the current market capitalization [11][12].