（记者 曾健辉） 截至发稿，深圳能源市值为317亿元。 每经头条（nbdtoutiao）——已有75人遇难，1名死者为消防员，还有10名消防员受伤！记者现场直击香 港大埔火灾：燃烧的宏福苑，五级大火的五个谜团 每经AI快讯，深圳能源（SZ 000027，收盘价：6.66元）11月28日晚间发布公告称，公司八届四十一次 董事会会议于2025年11月28日以通讯表决方式召开。会议审议了《关于修订 <董事会秘书工作制度> 的 议案》等文件。 2025年1至6月份，深圳能源的营业收入构成为：电力占比62.18%，环保占比18.52%，燃气占比 13.65%，其他行业占比5.64%。 ...

行 业 研 究 / 公 用 事 业 / 证 券 研 究 报 告 公用事业行业专题研究 公用环保 2025 年三季报综述：公用事 业业绩分化明显，环保板块现金流改善 亮眼 2025 年 11 月 28 日 【投资要点】 【配置建议】 公用事业领域，1）火电：受益于煤价合理运行、2026 年容量电价上 调和辅助服务收益提升，有望实现从"电量依赖"转向"容量+调节" 的价值变现，增强盈利稳定性。建议关注【大唐发电】、【华能国际】、 【国电电力】、【华电国际】等优质火电央企，以及煤电一体化标的【淮 河能源】和【陕西能源】。2）水电：继续聚焦优质大水电，如【长江 电力】、【国投电力】、【华能水电】。低利率环境下，持续分红和稳定现 金流的特性使其具备良好的防御价值和稳健的配置属性。3）核电：未 来能源系统将愈加看重电力的"稳定"与"清洁"。核电凭借其基荷能 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：周喆 证书编号：S1160525040003 证券分析师：林祎楠 证书编号：S1160525080003 联系人：杨培梁 相对指数表现 -10% -2% 6% 14% 22% 30% 2024/11 ...

Core Viewpoint - The A-share market experienced significant volatility on November 20, with the Shanghai Composite Index initially rising above 3960 points due to strong performances from technology and brokerage sectors, but later declined, particularly in the ChiNext Index, which fell over 1% [3] Group 1: Market Performance - The banking sector acted as a stabilizing force in the market, contrasting with the sharp declines in growth sectors, indicating a complex interplay of various market dynamics [3] - Defensive sectors emerged as safe havens for capital amid increasing uncertainty, with low-valuation defensive stocks attracting investment [5] - Growth sectors faced pressure, particularly technology stocks, which saw a decline despite Nvidia's strong Q3 earnings report of $57 billion, reflecting a disconnect between global tech performance and A-share investor sentiment [6][7] Group 2: External Influences - Nvidia's earnings, while indicative of high AI demand, did not translate into positive momentum for A-share tech stocks due to the predominance of short-term investors focused on profit-taking [7] - Uncertainty surrounding U.S. Federal Reserve policies contributed to market volatility, with a significant outflow of northbound capital exceeding 3 billion yuan [8] Group 3: Market Dynamics - The market's shift from high-volatility tech stocks to low-valuation defensive stocks was driven by year-end assessments and a need for public funds to secure returns [9] - A negative feedback loop was observed in the funding landscape, with a decrease in margin trading balances and a contraction in overall market turnover to 1.7 trillion yuan [10] - The traditional window for portfolio adjustments at year-end, combined with a lack of clear policy direction, led to increased market fluctuations [11] Group 4: Strategic Recommendations - Short-term strategies should prioritize defensive investments, focusing on high-dividend banks, infrastructure-related sectors, and stable public utilities [12] - Mid-term strategies should await signals from the upcoming Central Economic Work Conference and potential liquidity shifts from the Federal Reserve [13] - Long-term strategies emphasize maintaining cash reserves and focusing on low-valuation, stable cash flow, and high-dividend stocks to withstand market volatility [14] Conclusion - The market's recent high-to-low movement reflects a transition from emotion-driven trading to rational differentiation, suggesting that current low-valuation, high-certainty stocks may present valuable investment opportunities as market sentiment stabilizes [15][16]

Core Viewpoint - As of November 17, the company has confirmed that it currently has no gas sales [1] Company Summary - The company, Waneng Electric Power (000543), responded to investor inquiries on an interactive platform regarding its gas sales status [1]

Group 1 - The core viewpoint emphasizes the successful renovation of aging gas pipelines in Liaoyang, enhancing residents' safety and peace of mind [1] - Liaoyang's Discipline Inspection and Supervision Commission has established a "dual-special class" mechanism involving construction departments and gas companies to oversee the renovation process [1] - As of October this year, 413 kilometers of old gas pipelines have been renovated, benefiting over 350,000 households with improved gas safety [1] Group 2 - To address the issue of incomplete gas pipeline supervision in Liaoyang County, the area has been divided into 10 grids, with a management system involving local towns, gas offices, and construction bureaus [2] - Liaoyang has developed a digital command center at the Liaoyang Zhongran Company, which continuously updates gas pipeline operation data for real-time monitoring and quick response to hazards [2]

Core Viewpoint - The training session organized by the Haikou City Meilan District Gas Work Special Team aims to enhance gas safety management and build a robust safety defense line, which is crucial for the smooth operation of the free trade port [1][2] Group 1: Training Objectives and Participants - The training attracted over 150 participants, including business leaders and key personnel from 13 towns and gas supply companies [1] - The session focused on strengthening the safety responsibility awareness, professional capabilities, and risk prevention levels of gas management personnel [1] Group 2: Training Content and Delivery - The training featured expert instructors, including Xi Xinfang, a senior engineer, and Wang Lei from the Haikou Market Supervision Administration, who provided insights based on extensive experience [1] - Key topics covered included gas pipeline inspection, user-end hazard identification, gas classification, safety regulations, and management requirements for liquefied petroleum gas [1] - The training also addressed the entire regulatory process for gas water heaters, enhancing participants' professional identification capabilities [1][2] Group 3: Future Actions and Commitment - The Meilan District Gas Work Special Team plans to increase gas safety awareness and conduct regular hazard inspections to improve user safety levels [2] - The initiative aims to solidify the gas safety defense line and ensure the safety of households [2]

Core Viewpoint - The gas sector experienced significant gains on November 14, with several companies reaching their daily price limits due to anticipated increases in demand for gas and electricity as a cold wave is expected to impact much of China [1][2]. Group 1: Market Performance - The gas sector saw substantial increases, with companies such as Guo Xin Energy, Jingneng Thermal Power, Changchun Gas, and Lianmei Holdings hitting their daily price limits [1]. - Shengli Co. achieved a four-day consecutive rise, while Dazhong Public Utilities rose over 5% [1]. Group 2: Weather Impact - The Central Meteorological Administration reported that average temperatures in most parts of China have been 1-3°C higher than the same period in previous years, with some areas exceeding 4°C [1]. - A cold wave is expected to affect most regions of China from November 14 to 17, leading to a temperature drop of 6-10°C in northern and central eastern regions, with some areas experiencing drops of 12-14°C [1]. Group 3: Demand Outlook - The anticipated cold wave is expected to increase demand for gas and electricity, which could benefit related sectors [2].

Core Viewpoint - The article emphasizes the importance of safety during the heating season in China's central and eastern regions, highlighting the risks associated with various heating appliances and the need for proper usage and maintenance to prevent accidents [1]. Group 1: Electric Heating Appliances - Electric heating devices such as electric blankets, electric water bags, and "little sun" heaters are essential for many households during winter, but improper use can lead to safety hazards [2]. - Electric blankets typically have a safe usage lifespan of about 6 years; after this period, the risk of electric leakage and short circuits increases significantly [2]. - It is recommended to check the power cord, plug, and temperature controller of electric blankets before first use each year, and to disconnect power when not in use [2]. - Electric water bags should be replaced every 1 to 2 years, and users should be cautious of older models that may pose explosion risks due to direct contact of electrodes with liquid [3]. - "Little sun" heaters can reach surface temperatures of nearly 600 degrees Celsius, necessitating careful placement away from flammable materials and regular checks for damage [3]. Group 2: Gas Safety - The use of gas in winter poses risks due to low temperatures and increased usage frequency, which can lead to gas leaks and carbon monoxide poisoning [5]. - Residents are advised to use metal corrugated pipes for gas connections and regularly check for leaks using soapy water [5]. - Installing gas alarms can help detect low concentrations of combustible gases and prevent potential explosions or fires [5][6]. - Proper gas usage methods include ensuring ventilation when cooking or using gas water heaters and following the "light first, then open gas" principle to prevent gas leaks [7]. Group 3: Coal Stove Safety - In rural areas and high-altitude regions, reliance on coal stoves for heating can lead to fire hazards and carbon monoxide poisoning due to poor ventilation [9]. - It is crucial to install coal stoves away from flammable materials and ensure proper ventilation during use [9][10]. - Users should purchase quality coal from reputable sources and avoid burning wet or garbage materials, which can produce toxic gases [10]. - Maintaining a proper airflow by keeping windows slightly open during coal burning is essential to prevent gas accumulation [10].

Core Insights - The Chinese commercial vehicle market, particularly heavy-duty trucks, is experiencing significant growth, with production and sales exceeding 3.4 million units in the first ten months of 2025, marking a year-on-year increase of 10.9% and 9% respectively [1][3] - The heavy-duty truck market has seen a continuous monthly increase since April 2025, with an average growth rate of nearly 40% from April to October [3][4] - The transition towards new energy and clean energy heavy-duty trucks is becoming a focal point for market growth, driven by policies promoting vehicle replacement and energy efficiency [4][9] Market Dynamics - The heavy-duty truck market's recovery is attributed to various macroeconomic policies, including equipment updates, infrastructure investments, and energy strategies, which are expected to sustain growth [6][9] - The demand for new energy heavy-duty trucks is rising, with significant investments in clean energy vehicles in regions like Guangxi and Hebei, enhancing logistics efficiency and reducing carbon emissions [4][7] Technological Advancements - New energy heavy-duty trucks are gaining traction due to breakthroughs in core technologies, offering significant lifecycle cost advantages and addressing range anxiety with improved battery and powertrain solutions [11][12] - The market penetration rate of new energy commercial vehicles surpassed 30% in September 2025, reflecting the effectiveness of long-term national policies and technological advancements [14][15] Industry Standards and Infrastructure - The establishment of a comprehensive standard system is crucial for transitioning the industry from policy-driven to market-driven growth, supporting high-quality development [15][19] - The launch of the largest innovation base for new energy and intelligent connected commercial vehicles in Wuhan signifies a commitment to enhancing inspection and testing capabilities within the industry [16][18]

Core Viewpoint - The company reported a decrease in power generation for October 2025, while cumulative power generation showed an increase year-on-year [1] Group 1: Power Generation - In October 2025, the company and its subsidiaries achieved a power generation of 950,402.12 MWh, representing a year-on-year decrease of 20.97% [1] - As of October 31, 2025, the cumulative power generation reached 11,718,263.28 MWh, which is a year-on-year increase of 6.15% [1] Group 2: Gas Transmission and Sales - In October 2025, the company and its subsidiaries completed gas transmission/sales of 39,629.73 million cubic meters, reflecting a year-on-year increase of 3.88% [1] - The gas sales volume was 35,402.96 million cubic meters, showing a year-on-year increase of 4.22% [1] - The gas transmission volume was 4,226.77 million cubic meters, with a year-on-year increase of 1.09% [1] - As of October 31, 2025, the cumulative gas transmission/sales volume was 427,804.05 million cubic meters, which is a year-on-year decrease of 12.72% [1] - The cumulative gas sales volume was 387,518.37 million cubic meters, indicating a year-on-year decrease of 9.70% [1] - The cumulative gas transmission volume was 40,285.68 million cubic meters, reflecting a year-on-year decrease of 33.99% [1]