(2026年2月4日)香港能源转型迈出一步。香港中华煤气有限公司(煤气公司)、中石化(香港)有限公司(中石化香港)及中国石化集团新星石油有限责任公司(新星 公司)签署合作备忘录，三方建立战略合作伙伴关系，针对氢能、绿色甲醇及可持续航空燃料(SAF)等清洁能源，展开深度合作，为实践国家「双碳」战略及 香港的能源转型注入新动力。 三方协同 构建氢能产业生态圈 展望未来，煤气公司、中石化香港与新星公司将以是次签署合作备忘录为契机，全面深化在氢能及绿色燃料领域的务实合作。三方将致力发挥协同效应，以 科技创新驱动产业升级，加速构建香港氢能产业生态圈。是次合作不仅为香港市民及工商业界提供更具竞争力的低碳能源解决方案，亦将全力支持香港建设 成为国际绿色科技枢纽，为国家「双碳」战略及全球应对气候变化贡献实质力量。 关于香港中华煤气有限公司(煤气公司) 根据合作备忘录，三方合作将涵盖氢能业务推广、加氢站建设、液氢储运技术、氢能充电站、绿色甲醇船运应用，以及可持续航空燃料开发等关键领域。三 方更会探讨成立合资公司，旨在整合资源优势，加速氢能项目落地，完善香港氢能等基础设施，构建具竞争力的产业生态系统。 针对氢能方面合作，香港本地 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年1月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 香港中華煤氣有限公司 | | | 呈交日期: | 2026年2月5日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 不適用 於香港聯交所上市 (註1) 是 證券代號 (如上市) 00003 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 18,659,870,098 0 18,659,870,098 增加 / 減少 (-) 0 0 本月底結存 18,659,870,098 0 18,659,870,098 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25 ...

Investment Rating - The report provides a positive outlook on the electricity and natural gas sectors, highlighting stable revenue mechanisms and growth potential in consumption and pricing [1][10]. Core Insights - The report emphasizes the importance of a refined capacity pricing mechanism for electricity generation, which aims to stabilize revenue and ensure fair compensation for various power sources [4][6]. - It notes that natural gas consumption is expected to grow, supported by favorable weather conditions and improved economic indicators, despite short-term price fluctuations [10][29]. Summary by Sections 1. Electricity: Improved Capacity Pricing Mechanism - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for electricity generation, addressing mismatches in supply and demand within the new power system [4]. - The new mechanism aims to ensure that different types of power generation, including coal, gas, and new energy sources, receive fair compensation based on their peak supply capabilities [6][7]. - The report highlights that the refined pricing structure will lead to more predictable revenue for power generation companies, reducing volatility in earnings [7]. 2. Natural Gas: Continued Growth in Consumption - The report indicates that the apparent consumption of natural gas in China is projected to grow by 0.1% in 2025, with December consumption reaching 38.57 billion cubic meters, a year-on-year increase of 1.9% [29]. - It notes that the recent cold weather has supported high natural gas prices, with the U.S. Henry Hub spot price at $7.18/mmBtu, while European prices remain elevated due to low inventory levels and geopolitical tensions [10][12]. - The report suggests that the natural gas sector will benefit from a combination of lower costs and improved pricing mechanisms, leading to a recovery in profitability for city gas companies [31]. 3. Investment Recommendations - For coal-fired power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their stable revenue sources [8]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential to improve profit margins through reduced capital expenditures [8]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested for their growth potential as new units are approved [8]. - The report also recommends focusing on integrated natural gas companies like ENN Energy and China Gas Holdings, which are expected to benefit from lower costs and increased sales [31].

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment due to policy improvements and market dynamics [1]. Core Insights - The report highlights the recent improvements in the capacity pricing mechanism for power generation, which aims to stabilize revenue and enhance the profitability of various power sources [6][10]. - It notes a slight increase in natural gas consumption in 2025, with a projected growth of 0.1% year-on-year, indicating a stable demand outlook for the gas sector [32]. Summary by Sections 1. Power Sector: Capacity Pricing Mechanism Improvement - The National Development and Reform Commission and the National Energy Administration have issued a notification to enhance the capacity pricing mechanism for power generation, addressing mismatches in supply and demand within the new energy system [6]. - The new mechanism introduces differentiated pricing for various types of regulatory power sources, ensuring that their capacity value is adequately compensated [7]. - A unified compensation standard for peak capacity across different power sources is established, promoting rational investment and resource allocation in the power sector [8][10]. 2. Gas Sector: Continued Growth in Natural Gas Consumption - Natural gas consumption in China is expected to reach 385.7 billion cubic meters by December 2025, reflecting a year-on-year increase of 1.9% [32]. - The report emphasizes the impact of cold weather on gas prices, with global prices remaining high, particularly in the U.S. and Europe, which supports the profitability of gas companies [13][19]. - The report suggests that the gas sector will benefit from a combination of lower costs and improved demand, particularly for city gas companies, with recommendations for several key players in the market [34]. 3. Weekly Market Review - The report notes that the public utility, power, gas, and environmental sectors underperformed relative to the Shanghai and Shenzhen 300 index during the week of January 24 to January 30, 2026 [36]. 4. Company and Industry Dynamics - As of the end of 2025, the total installed power generation capacity in China reached 3.89 billion kilowatts, a year-on-year increase of 16.1%, with significant growth in solar and wind power installations [43]. - The report includes various company announcements, highlighting performance forecasts and operational updates from key players in the energy sector [44].

2025年下半年，香港真实世界资产（RWA）进入实质性落地阶段。在金融机构率先推进链上国债、票据与基金通证化之后，实体产业开始成为RWA新的 扩展方向。其中，中华煤气旗下子公司"名气通"以境外银行授信为底层资产完成通证化结构搭建，成为香港公用事业领域首个制度化RWA样本。 与此前以金融资产为主的RWA项目不同，该案例的核心意义不在于单一融资创新，而在于验证了一条可复制的产业路径：即在成熟监管体系下，将传统 产业信用资产纳入链上金融系统，实现"产业信用+区块链金融"的协同运行。这一模式为公用事业、基础设施、新能源等长期资本密集型行业提供了新的 融资工具，也标志着RWA开始从金融机构主导阶段，迈入实体产业深度参与的新周期。 从行业演进角度看，中华煤气项目并非个别事件，而是2025年RWA由概念验证走向规模化应用的重要节点，其资产结构选择与技术路径设计具备清晰的 行业示范价值。 中华煤气本次RWA项目并未直接将燃气管网、数据中心或基础设施资产上链，而是选择以名气通获得的境外银行授信额度作为底层资产载体。这一设计 体现了产业RWA在早期阶段的现实路径：优先选择金融属性明确、权属结构清晰、现金流稳定的信用类资产作为起点 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][3]. Core Insights - The report highlights a slight increase in overall power generation in 2025, primarily driven by wind and solar energy contributions, while traditional coal power generation shows a decline [8][9]. - The extreme cold weather in the U.S. has led to a significant spike in natural gas prices due to increased demand and supply constraints [18][22]. - The report suggests various investment opportunities across different segments of the energy sector, including coal power, hydropower, nuclear power, renewable energy, and gas companies [18][43]. Summary by Sections 1. Power Generation - In December 2025, total power generation was 858.6 billion kWh, a year-on-year increase of 0.1%. Coal power generation decreased by 3.2%, while renewable sources like wind and solar saw significant growth [10][11]. - For the entire year of 2025, total power generation reached 9715.9 billion kWh, up 2.2% from the previous year, with coal power down by 1.0% and solar power up by 24.4% [15][19]. 2. Natural Gas - As of January 23, 2026, the Henry Hub spot price surged to $30.72/mmBtu, reflecting a week-on-week increase of 903.53%. European gas prices also rose significantly due to low inventory levels and increased demand [20][28]. - The report notes that the extreme cold weather has tightened supply and demand dynamics, leading to higher global gas prices, particularly in Europe and Northeast Asia [22][37]. 3. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations [18]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to favorable conditions for energy storage and reduced capital expenditures [19]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [18]. - Renewable energy operators such as Xinte Energy and Longyuan Power are recommended as new market rules enhance the stability of returns [18]. - Gas companies like Kunlun Energy and New Hope Liuhe are suggested for their potential recovery in profitability due to cost reductions and improved pricing mechanisms [43].

多家A股上市公司2025年业绩大幅预增。 深南电A（000037）1月22日晚间发布2025年度业绩预告，预计归属于上市公司股东的净利润为1.50亿— 1.80亿元，比上年同期增长584.66%—721.59%。报告期内，公司控股子公司完成土地收储及发电机组设 备等资产转让，确认资产处置损益约2.8亿—2.9亿元；同时，报告期内，公司聚焦主业提质增效，强化 经营管理，主营业务经营业绩稳步提升。 | | | 立 秋 八 八 | | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | | 归属于上市 公司股东的 | 盈利:15,000 万元—18,000 万元 | 盈利: 2,190.88 万 | | 净利润 | 比上年同期增长:584.66%- | 元 | | | 721. 59% | | | 扣除非经常 性损益后的 | 亏损:7,000万元-8,600万元 | 亏损:8,750.81 万 | | 净利润 | | 元 | | 基本每股收 | 盈利:0.2489元/股-0.2986元/ | 盈利:0.0363元/股 | | 益 | 股 | | 闰土股份（002440）发布2025年度业绩 ...

Core Viewpoint - Multiple A-share listed companies are expected to significantly increase their performance in 2025, with notable growth in net profits compared to the previous year. Group 1: Company Performance Forecasts - Shenzhen Nanshan Electric (深南电A) anticipates a net profit attributable to shareholders of 150 million to 180 million yuan, representing a growth of 584.66% to 721.59% year-on-year, driven by asset disposals and improved operational management [1][2] - Lantian Co., Ltd. (闰土股份) projects a net profit of 600 million to 700 million yuan, an increase of 181.05% to 227.89% from the previous year, attributed to higher profits from active dyes and basic chemicals, as well as investment gains of approximately 330 million yuan [2][3] - Qingsong Co., Ltd. (青松股份) expects a net profit of 130 million to 165 million yuan, reflecting a growth of 137.73% to 201.74% year-on-year, supported by a recovery in the domestic cosmetics market and a significant impact from non-recurring gains of about 34 million yuan [3][4] - Tianhe Co., Ltd. (天禾股份) forecasts a net profit of 41 million to 60 million yuan, indicating an increase of 84.35% to 169.78% compared to the previous year, achieved through effective risk management and operational improvements despite a challenging agricultural market [4][5]

（原标题：最新《Newsweek》刊登黄维义总裁专稿） 昨日，美国《新闻周刊》（Newsweek）刊登了香港中华煤气行政总裁黄维义对公司163年发展历程的回 顾，讲述了香港中华煤气从传统燃气业务向智慧能源转型的创新实践与战略布局。 香港中华煤气有限公司（简称"香港中华煤气"）是亚洲历史最悠久的公用事业企业之一。公司成立于 1862年，最初为香港街道提供照明服务，如今业务已远不止于初期范畴。今天，香港中华煤气不仅是香 港能源体系的核心，也正引领着内地的低碳转型进程。 163年来，香港中华煤气始终顺应各阶段能源发展需求。公司拥有长达3,700公里的管道网络，目前为香 港超过200万户家庭提供服务，其运营建立在安全、可靠和创新的基础之上。尤为引人注目的是，这一 历史积累正被重新赋予面向未来的价值。香港中华煤气行政总裁黄维义表示，"几十年来，我们的管道 燃气中约50%的成分是氢气。在香港已经安全服务了几代人。" 随着氢能在全球能源市场中的地位日益突出，这一历史基础为公司带来了天然优势。公司管道网络输送 着氢气含量近半的混合气体，这使香港中华煤气得以开拓新型氢气提取和转化应用。黄维义解释 道："氢能应用拓展了我们的业务 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending various companies within these industries for investment opportunities [1]. Core Insights - The report highlights that China's total electricity consumption is projected to exceed 10 trillion kWh in 2025, reaching 10.4 trillion kWh, with a year-on-year growth of 5% [7][8]. - The growth in electricity consumption is driven primarily by the secondary and tertiary industries, which together contribute nearly 80% of the total increase in electricity demand [8]. - The report notes significant growth in electricity consumption from high-end manufacturing, digital economy, and new infrastructure projects, such as charging stations and 5G base stations, which are expected to see growth rates exceeding 30% [8]. Summary by Sections 1. Electricity Sector - In 2025, the total electricity consumption is expected to reach 10.4 trillion kWh, with a 5% year-on-year increase. The first, second, and third industries, along with urban and rural residential electricity consumption, are projected to grow by 9.9%, 3.7%, 8.2%, and 6.3% respectively [7][9]. - The second industry remains the largest consumer of electricity, contributing 48% to the growth, while the third industry contributes 31% [9][13]. - The report recommends investments in coal-fired power companies like Guodian Power and Inner Mongolia Huadian, as well as large hydropower companies such as Yangtze Power and State Power Investment [15][16]. 2. Gas Sector - The report indicates that colder temperatures are expected to increase heating demand, leading to a rebound in gas prices across Europe and Asia. As of January 16, the Henry Hub spot price was $3.06/mmBtu, with a weekly increase of 6.77% [17][24]. - The report highlights that European gas prices have surged due to low inventory levels and increased heating demand, with the TTF spot price reaching €38.10/MWh, up 31.38% week-on-week [17][24]. - Recommendations include investing in integrated gas companies like Kunlun Energy and New Hope Energy, as well as gas trading companies like New Hope and New Energy [38]. 3. Market Performance - The report notes that the public utility, power, and environmental sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 12 to January 16, 2026 [40]. 4. Company and Industry Dynamics - Recent initiatives in various provinces aim to enhance green energy and environmental standards, including the establishment of green mining standards in Guangxi and guidelines for industrial microgrid construction [46][47]. - The report also mentions significant corporate announcements, including mergers and acquisitions in the energy sector, which may impact market dynamics [50].