各地纪检监察干部深入民生一线，对冬季供暖、物资供应、惠民政策落实等环节跟进监督、靠前服务，推动相关职能部门履职尽责。 409 V = B K 007.04 江西省定南县纪委监委聚焦冬季供暖保障、生活物资供应、困难群众救助等重点，下沉一线、靠前监督，压紧压实相关职能部门主体责任和行业监管责任， 保障民生底线。图为该县纪检监察干部深入县应急管理仓库，实地查验冬春救助物资储备、管理、调拨等情况。（江西省定南县纪委监委供 廖晓玲 摄） pu Kiri er 017 175 11 海道 18 the n 超 TER ISCHE 12 新闻版 11:13:47 1 te 1 199 te ine the ri 15 11 7 = 2011 n 9 11, 10 Camer W 入冬以来，广西壮族自治区柳城县纪委监委采取"室组地"联动监督方式，紧盯责任落实、应急保障、物资储备等方面，深入一线开展靠前监督，严查截留挪 用、虚报冒领、优亲厚友等"微腐败"问题。图为该县纪检监察干部在县应急管理局物资储备仓库了解有关情况。（广西壮族自治区柳城县纪委监委供 李娜 摄） 1 201 AND AND A e the are - 1 pe ...

新京报讯(记者陈琳)公用事业垄断行为不仅直接影响企业运营，更关系到千家万户的民生冷暖。国家市 场监管总局反垄断执法一司副司长刘健在12月17日举行的新闻发布会上透露，在为期三年的民生领域反 垄断执法专项行动中，公用事业成为查处案件数量最多的领域。市场监管部门通过集中执法，有力遏制 了水电气热等民生关键环节的垄断乱象，取得了"降成本、减负担、立规矩"三重实效。 在查处案件的同时，市场监管总局注重"以案促治、以点带面"，通过举办专题合规讲堂、召开行业指导 会、发布典型案例等方式加强普法宣传。针对执法中发现的共性问题，总局正在加紧制定公用事业领域 反垄断专门指南，旨在为企业提供更清晰、可预期的行为规范，从源头防范垄断风险。 "查处案件不是终点，推动行业整体规范、健康、可持续发展才是目标。"刘健强调。目前相关指南正在 按程序推进，将为公用事业领域公平竞争提供更加明确的制度保障。 比如，在南京10家瓶装液化气经营者垄断协议案中，10家企业约定互不低价竞争抢占客户，并专门召开 会议，协商共同提高销售价格，被依法处罚827万元。三年来，类似侵害消费者利益的协同涨价案件被 查处10余起，及时恢复了市场公平竞争，让群众切实享受 ...

Core Viewpoint - Jiuzhou Group's stock has experienced a decline of 5.58% year-to-date, with a recent drop of 2.02% on November 19, reflecting ongoing challenges in its financial performance and market sentiment [1][2]. Financial Performance - For the period from January to September 2025, Jiuzhou Group reported operating revenue of 947 million yuan, a year-on-year decrease of 2.75%, and a net profit attributable to shareholders of 43.12 million yuan, down 41.09% year-on-year [2]. - The company has cumulatively distributed 337 million yuan in dividends since its A-share listing, with 112 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 19, Jiuzhou Group's stock price was 6.79 yuan per share, with a market capitalization of 4.369 billion yuan. The stock has seen a trading volume of 36.94 million yuan and a turnover rate of 1.04% [1]. - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent instance on May 9, where it recorded a net purchase of 16.93 million yuan [1]. Shareholder Information - As of September 30, Jiuzhou Group had 45,500 shareholders, a decrease of 13.07% from the previous period, while the average number of circulating shares per shareholder increased by 19.62% to 11,100 shares [2]. Business Overview - Jiuzhou Group, established on August 8, 1997, and listed on January 8, 2010, is based in Harbin, Heilongjiang Province. Its main business includes electrical equipment manufacturing and related power distribution engineering, with revenue sources comprising 63.22% from power generation, 25.59% from electrical and related equipment, 7.24% from heating, and 3.03% from other products [1].

Group 1 - The Russian armed forces conducted large-scale strikes using precision weapons against Ukrainian military enterprises and energy facilities, achieving all targets [1] - The precision weapons used included the "Dagger" hypersonic ballistic missile, and the Russian air defense systems shot down 178 Ukrainian drones and 2 guided aerial bombs in the past 24 hours [1] Group 2 - Ukrainian air force and government agencies reported that the Russian military launched large-scale missile and drone attacks on the night of November 7 to 8, damaging energy and railway facilities in several regions including Poltava, Kharkiv, Kyiv, and Dnipropetrovsk [3] - The attacks resulted in emergency power outages in multiple regions, including Kyiv city and Kyiv region, with at least 4 fatalities reported as of the morning of November 8 [3] - The Ukrainian national electricity company announced that industrial users would continue to face power restrictions due to the airstrikes, marking the ninth large-scale attack on Ukraine's energy infrastructure since October [3]

Group 1 - The core viewpoint of the news is that Jiuzhou Group's stock has experienced fluctuations, with a recent increase of 2.01% and a year-to-date decline of 8.36% [1] - As of November 4, Jiuzhou Group's stock price is 6.59 CNY per share, with a market capitalization of 4.24 billion CNY [1] - The company has seen a net inflow of main funds amounting to 2.77 million CNY, with significant buying activity [1] Group 2 - Jiuzhou Group operates in the public utility sector, specifically in electric power and comprehensive energy services, with a focus on electric equipment manufacturing and wind power operations [2] - For the period from January to September 2025, Jiuzhou Group reported a revenue of 947 million CNY, a year-on-year decrease of 2.75%, and a net profit of 43.12 million CNY, down 41.09% year-on-year [2] - The number of shareholders as of September 30 is 45,500, a decrease of 13.07%, while the average circulating shares per person increased by 19.62% [2] Group 3 - Jiuzhou Group has distributed a total of 337 million CNY in dividends since its A-share listing, with 112 million CNY distributed over the past three years [3]

Core Viewpoint - Jiuzhou Group's stock price has shown fluctuations, with a recent increase of 2.23% but a year-to-date decline of 4.46%, indicating potential volatility in the market [1][2]. Financial Performance - For the first half of 2025, Jiuzhou Group reported a revenue of 685 million yuan, a year-on-year decrease of 7.60%, and a net profit attributable to shareholders of 42.81 million yuan, down 46.54% compared to the previous year [2]. - The company has distributed a total of 337 million yuan in dividends since its A-share listing, with 112 million yuan distributed over the last three years [3]. Stock Market Activity - As of October 15, Jiuzhou Group's stock was priced at 6.87 yuan per share, with a market capitalization of 4.337 billion yuan. The trading volume was 84.48 million yuan, with a turnover rate of 2.48% [1]. - The stock has appeared on the "Dragon and Tiger List" three times this year, with the most recent instance on May 9, where it recorded a net purchase of 16.93 million yuan [1]. Shareholder Information - As of June 30, Jiuzhou Group had 52,400 shareholders, an increase of 1.06% from the previous period, with an average of 9,279 circulating shares per shareholder, up by 0.83% [2]. Business Overview - Jiuzhou Group, established on August 8, 1997, and listed on January 8, 2010, is primarily engaged in the manufacturing of electrical equipment and related power distribution engineering, as well as wind power operations. The revenue composition includes 63.22% from power generation, 25.59% from electrical and related equipment, 7.24% from heating, and 3.03% from other products [1].

Group 1 - The core viewpoint of the news is that Jiuzhou Group's stock has experienced fluctuations, with a recent increase of 2.11% and a total market value of 4.143 billion yuan [1] - Jiuzhou Group's stock price has decreased by 5.85% year-to-date, with a decline of 1.17% over the last five trading days, 7.26% over the last twenty days, and 13.21% over the last sixty days [1] - The company has appeared on the trading leaderboard three times this year, with the most recent instance on May 9, where it recorded a net purchase of 16.9343 million yuan [1] Group 2 - Jiuzhou Group operates in the public utility sector, specifically in electricity and comprehensive energy services, and is involved in various concept sectors including clean energy and biomass energy [2] - As of June 30, Jiuzhou Group reported a decrease in revenue to 685 million yuan, down 7.60% year-on-year, and a net profit of 42.815 million yuan, down 46.54% year-on-year [2] - The company has distributed a total of 337 million yuan in dividends since its A-share listing, with 112 million yuan distributed over the past three years [3]

Core Viewpoint - Legence, an engineering and maintenance service provider, went public on NASDAQ with an initial offering price of $28 per share, raising a total of $728 million by issuing 26 million shares. The stock opened at $27, a 3.6% drop from the offering price, but closed at $30.5, an increase of 8.93% from the offering price, giving the company a market capitalization of $3.1 billion [2][4]. Company Overview - Legence has over 100 years of history, focusing on the design and installation of heating, ventilation, and air conditioning systems, as well as enhancing building energy efficiency and sustainability [8]. - The company has identified data centers as a growing area, particularly with the shift from air cooling to direct liquid cooling systems for AI data centers [6]. Financial Performance - For the first half of 2025, Legence reported revenues of $1.1 billion, an 11% increase from $990 million in the same period last year. Operating profit was $47.88 million, up from $37.83 million year-over-year, while the net loss was $23 million compared to a net loss of $8.77 million in the previous year [10][12]. - The adjusted EBITDA for the first half of 2025 was $123.02 million, with an adjusted EBITDA margin of 11.1%, compared to $108.88 million and an 11% margin in the same period last year [12]. Ownership and Acquisition - Blackstone Group is the major shareholder of Legence, having acquired the company in 2020. Under Blackstone's leadership, Legence has made several acquisitions of smaller competitors, including A.O. Reed, OCI Associates, and P2S. Post-IPO, Blackstone is expected to hold approximately 74% of the voting rights in Legence [13].

Core Insights - The company experienced a slight decline in revenue but a significant increase in profit during the first half of 2025, with total revenue at 1.873 billion yuan, down 1.74% year-on-year, while net profit attributable to shareholders rose by 46.23% to 121 million yuan [1][2] Group 1: Financial Performance - Revenue from the electricity business grew by 8.41% to 1.095 billion yuan, while revenue from the heating business fell by 13.20% to 735 million yuan [1] - The company's gross profit margin improved significantly to 23.04%, an increase of 2.63 percentage points year-on-year, with the electricity business margin rising by 7 percentage points to 21.78% [1] - The company reported a non-recurring net profit of 146 million yuan, a substantial increase of 150% year-on-year, despite a loss of 33.1 million yuan from the sale of the Yutai project [1] Group 2: Cash Flow and Dividends - The net cash flow from operating activities was negative at -167 million yuan, a decline of 252.89% year-on-year, primarily due to the absence of large subsidies received in the previous year [2] - The company initiated a mid-term cash dividend of 111 million yuan, with a payout ratio of 92.3%, indicating an increased focus on shareholder returns [2] Group 3: Growth Potential - The company has significant potential for carbon credit generation through its biomass power projects, with an estimated annual capacity of 1.8 million tons of CCER from its 446 MW biomass capacity, ranking third nationally [2]

Core Viewpoint - Dalian Thermal Power reported a decrease in revenue and continued losses in the first half of 2025, but showed signs of reduced losses compared to the previous year, indicating a focus on operational efficiency and cost management [1][2]. Financial Performance - The company achieved an operating revenue of 379 million yuan, a year-on-year decrease of 6.41% [1]. - The total profit was -40.76 million yuan, slightly improved from -41.43 million yuan in the same period last year [1][2]. - The net profit was -40.69 million yuan, compared to -41.36 million yuan in the previous year [1]. - The non-recurring net profit was -42.67 million yuan, an improvement from -43.81 million yuan year-on-year [1]. - Basic earnings per share were -0.1 yuan [1]. Sales and Production - The company sold 99.38 million kWh of electricity, an increase of 14.58 million kWh year-on-year [1]. - Steam sales decreased by 1.6 million tons to 0.4 million tons [1]. - High-temperature water sales dropped by 44,000 GJ to 632,000 GJ [1]. - The area charged at the end of the period was 18.47 million square meters, an increase of 52,000 square meters year-on-year [1]. Operational Strategies - The company focused on reducing losses and improving operational management, optimizing production methods, and managing heating energy consumption effectively [2]. - The increase in electricity sales was attributed to optimized production organization and reduced auxiliary power consumption [1]. - The decline in steam and high-temperature water sales was mainly due to higher temperatures and reduced demand from industrial and commercial sectors [1]. Future Outlook - The company plans to enhance its profitability as coal prices stabilize and aims to implement specific management plans to improve operations and seek new profit growth points [3]. - Ongoing projects, such as the renovation of the heating network and the transition to a heat supply service model, are expected to significantly reduce operational costs and improve profitability [4]. - The company is exploring market-oriented strategies to enhance its sustainable profitability and is leveraging resources from the Dalian state-owned platform for future growth [4].