产业链相关业务优势协同，福建LNG 接收站有望贡献增量。公司目前运营中石油旗下江苏如东和河北 唐山2 座LNG 接收站，另外福建LNG 接收站在建，根据福州发改委预计将于2027 年投产，有望贡献业 绩增量；基于中石油长协资源，接收站负荷率有望保持高位稳定。受益于产业协同优势，产业链相关业 务有望持续贡献稳定盈利；上游勘探与生产业务持续收缩，价格波动对公司盈利的影响或进一步弱化。 盈利预测与评级： 我们预计公司2025-2027 年分别实现归母净利润60.74/62.76/66.06 亿元，2025-2027 年 EPS 分别为0.70/0.72/0.76 元/股，按最新收盘价对应PE 分别为11/10/10 倍。公司2025 年计划派息比例 45%，当前股价对应股息率4.3%。可比公司华润燃气、新奥能源、中国燃气2025-2027 年平均PE分别为 12/12/11 倍。公司城燃量增利稳，产业链相关业务贡献稳健盈利，分红回购彰显发展信心。首次覆盖， 给予"买入"评级。 风险提示：销气量增长不及预期、上游气源成本波动风险、LNG 接收站加工费调整 机构：华源证券 研究员：查浩/刘晓宁/邹佩轩 中石油旗下唯一天 ...

证券研究报告 公用事业 | 燃气Ⅱ 港股|首次覆盖报告 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 邹佩轩 SAC：S1350524070004 zoupeixuan01@huayuanstock.com 豆鹏超 doupengchao@huayuanstock.com 秦雨茁 qinyuzhuo@huayuanstock.com | 基本数据 | 年 | 02 | 月 24 | 日 | 2026 | | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | 8.35 | | | | | 一年内最高/最低（港 | | | 8.48/6.80 | | | | | 元） | | | | | | | | 总市值（百万港元） | | | 72,300.99 | | | | | 流通市值（百万港元） | | | 72,300.99 | | | | | 资产负债率（%） | | | | | | ...

摩根大通发布研报称，维持对中国燃气公用事业的审慎看法，因预计其复盖公司的全年业绩或令人失 望，且今年展望改善空间有限。该行预期行业今年将维持低增长，基于燃气销量增长疲弱、新增住宅接 驳持续下跌及燃气利润率稳定。 同时，该行将香港中华煤气(00003)评级由"增持"下调至"中性"，目标价由原先7.25港元升至7.6港元，因 其股价自去年下半年上升后，目前估值相对合理。 该行的行业首选为昆仑能源(00135)，料股东回报率达6%(计及股息及回购)，且3月有机会上调派息比率 并公布新的股息计划；予"增持"评级，目标价由原先7.8港元升至9港元。 另外，新奥能源(02688)亦获"增持"评级，因目前其A股及H股价折让达33%；如私有化取得更多进展， 折让有望收窄。予新奥能源H股目标价由原先66.5港元升至72.5港元，新奥股份（600803） (600803.SH)A股目标价由原先17元人民币升至18.5元人民币，评级"中性"。 ...

智通财经APP获悉，摩根大通发布研报称，维持对中国燃气公用事业的审慎看法，因预计其复盖公司的 全年业绩或令人失望，且今年展望改善空间有限。该行预期行业今年将维持低增长，基于燃气销量增长 疲弱、新增住宅接驳持续下跌及燃气利润率稳定。 该行的行业首选为昆仑能源(00135)，料股东回报率达6%(计及股息及回购)，且3月有机会上调派息比率 并公布新的股息计划；予"增持"评级，目标价由原先7.8港元升至9港元。 另外，新奥能源(02688) 亦获"增持"评级，因目前其A股及H股价折让达33%；如私有化取得更多进展， 折让有望收窄。予新奥能源H股目标价由原先66.5港元升至72.5港元，新奥股份(600803.SH) A股目标价 由原先17元人民币升至18.5元人民币，评级"中性"。 同时，该行将香港中华煤气(00003)评级由"增持"下调至"中性"，目标价由原先7.25港元升至7.6港元，因 其股价自去年下半年上升后，目前估值相对合理。 ...

摩根大通发表报告，维持对中国燃气公用事业的审慎看法，因预计其覆盖公司的全年业绩或令人失望， 且今年展望改善空间有限。该行预期中国燃气公用事业行业今年将维持低增长，基于燃气销量增长疲 弱、新增住宅接驳持续下跌及燃气利润率稳定。该行的行业首选为昆仑能源，料股东回报率达6%(计及 股息及回购)，且3月有机会上调派息比率并公布新的股息计划；予"增持"评级，目标价由7.8港元上调至 9港元。 ...

| 数码通电讯(00315) | 5.190 | 5.200 | 0.97% | | --- | --- | --- | --- | | ＡＧＸ亚洲(03104) | 81.400 | 81.400 | 0.92% | | 力高健康生活(02370) | 0.990 | 1.180 | 0.85% | | 昆仑能源(00135) | 8.350 | 8.390 | 0.84% | | 鸿承环保科技(02265) | 1.190 | 1.210 | 0.83% | | 国药控股(01099) | 21.800 | 21.900 | 0.83% | | ＡＢＦ港债指数(02819) | 103.500 | 103.850 | 0.83% | | 易方达黄金矿(02824) | 14.580 | 14.720 | 0.82% | | ＰＰ新兴东盟(02810) | 80.620 | 80.620 | 0.78% | | 阳光房地产基金(00435) | 2.630 | 2.640 | 0.76% | | 港铁公司(00066) | 37.540 | 37.680 | 0.75% | | 置富产业信托(00778) ...

Group 1 - The core viewpoint of the news highlights the active performance of Hong Kong oil stocks, with notable increases in shares of China National Offshore Oil Corporation (CNOOC) and Sinopec, both rising over 2% [1] - CNOOC's stock reached a new high, while CNOOC Oilfield Services rose by 1.8%, and China Petroleum & Chemical Corporation (Sinopec) increased by over 1% [2] - The rise in oil stocks is attributed to traders' focus on the escalating tensions between the U.S. and Iran, overshadowing signals of increased supply, with WTI crude oil stabilizing around $65 per barrel [1] Group 2 - WTI crude oil prices had previously increased by over 1% on Wednesday, despite President Trump's comments aimed at reaching an agreement with Tehran following discussions with Netanyahu [1] - Traders remain concerned about potential military strikes and supply risks, indicating a cautious market sentiment [1] - The International Energy Agency (IEA) is set to release its monthly market outlook report, which may reiterate concerns about global supply surplus [1]

Investment Rating - The report maintains a "Buy" rating for several companies in the power and gas sectors, indicating a positive outlook for their performance in the upcoming periods [40][41]. Core Insights - The carbon market in China is expanding, with a cumulative trading volume of 865 million tons and a total transaction value of 57.663 billion yuan in 2025, reflecting a year-on-year growth of approximately 24% [4][5]. - The report highlights the shift in national policy towards carbon emission control, emphasizing the importance of carbon reduction initiatives, which are expected to create investment opportunities in the environmental sector [7]. - Natural gas prices have seen a significant decline due to seasonal factors and increased supply, with the Henry Hub spot price dropping by 39.20% week-on-week to $4.37/mmBtu as of February 6 [12][29]. Summary by Sections 1. Power Sector - The carbon market's trading volume reached 865 million tons in 2025, with a transaction value of 57.663 billion yuan, despite a decrease in average transaction price to 62.36 yuan/ton, down 19.23% year-on-year [4][5]. - Key emission units in the carbon market include 3,378 entities, with the power sector comprising 2,087 units, indicating a strong awareness of carbon reduction among major emitters [4][5]. - Recommendations for investment include companies with diversified revenue sources such as Guodian Power, Inner Mongolia Huadian, and Huaneng International Power, which are expected to benefit from stable capacity income [7][8]. 2. Gas Sector - Natural gas prices have decreased significantly, with the U.S. Henry Hub spot price at $4.37/mmBtu, reflecting a 39.20% drop week-on-week, while European prices also fell due to improved supply conditions [12][29]. - The report suggests that the recovery in macroeconomic conditions may lead to a rebound in gas companies' performance, recommending firms like Kunlun Energy and New Hope Energy [31][32]. - LNG prices in Northeast Asia have also declined, with spot prices at $10.70/mmBtu, down 7.76% week-on-week, influenced by seasonal demand and inventory levels [24][29]. 3. Company and Industry Dynamics - The report notes significant developments in the energy sector, including the implementation of a capacity price mechanism for coal and gas power generation, which aims to enhance revenue stability for power plants [36][37]. - Key announcements from companies include performance forecasts indicating substantial profit growth, such as Datang Power's expected net profit increase of 51% to 73% year-on-year [38]. - The report emphasizes the importance of ongoing infrastructure improvements and energy transition initiatives as part of the national economic development plan [37].

Investment Rating - The report maintains a positive outlook on the carbon trading market and related sectors, indicating a favorable investment environment for companies involved in power generation and environmental protection [2][9]. Core Insights - The carbon market in China is expanding, with a cumulative trading volume of 865 million tons and a total transaction value of 57.663 billion yuan as of December 31, 2025. The trading volume for the year increased by approximately 24% year-on-year, although the average transaction price fell by 19.23% to 62.36 yuan per ton [2][6]. - The report highlights the government's commitment to carbon reduction, transitioning from energy control to carbon control, which is expected to create investment opportunities in the environmental sector [9]. - Natural gas prices have decreased due to a combination of supply-demand dynamics and seasonal factors, with significant price drops observed in various markets, including a 39.20% decrease in the Henry Hub spot price [2][12]. Summary by Sections 1. Power Sector - The carbon trading market is projected to continue expanding, with key emission units increasing awareness of carbon reduction. The number of units under management reached 3,378, with significant representation from the power, steel, cement, and aluminum industries [2][6]. - Recommendations for investment include companies with stable revenue sources such as Guodian Power, Inner Mongolia Huadian, and China Huaneng, which benefit from diversified income streams [9][11]. 2. Natural Gas Sector - Natural gas prices have seen a significant decline, with the Henry Hub spot price at $4.37/mmBtu, reflecting a 39.20% week-on-week drop. The report notes that the supply-demand balance is improving, contributing to this price decrease [2][12]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower upstream resource costs and improved sales volumes [34][35]. 3. Market Performance Review - The report indicates that the power equipment and gas sectors outperformed the broader market during the review period from February 2 to February 6, 2026 [37]. 4. Company and Industry Dynamics - Recent regulatory updates include the National Development and Reform Commission's notification on improving the capacity pricing mechanism for coal and gas power generation, which aims to enhance revenue recovery for power plants [39][40]. - Key company announcements include performance forecasts from major players like Datang Power and Shanghai Electric, indicating significant year-on-year profit growth [41]. 5. Valuation Tables - The report provides valuation metrics for key companies in the utility sector, with several companies rated as "Buy," indicating strong growth potential and favorable market conditions [43][44].

Investment Rating - The report rates the public utility industry as "Overweight" for 2025, indicating a positive outlook compared to the overall market performance [1]. Core Insights - The report highlights that the cost pressures from coal and natural gas prices are easing, which is expected to improve the profit margins for power generation companies. The implementation of capacity pricing is stabilizing revenues, allowing for a diversified income model for thermal power companies [3]. - Hydropower is projected to benefit from improved water conditions in the second half of 2025, leading to stable growth in electricity generation. The reduction in financial costs due to interest rate cuts is also expected to enhance profitability [3]. - Nuclear power utilization hours are expected to remain high, but the decline in market electricity prices may negatively impact earnings. The approval of new nuclear projects is anticipated to support long-term growth [3]. - Renewable energy, particularly wind and solar, is expected to continue its high growth trajectory, supported by favorable investment mechanisms and stable returns from existing projects [3]. - The natural gas sector is poised for profitability improvements due to declining costs and a recovery in demand from commercial users [3]. Summary by Sections Thermal Power - Coal prices are expected to decline initially and then rebound, with an average price of 697 RMB/ton for 2025, down 18.47% year-on-year. The average price in Q2 2025 is projected to be 632 RMB/ton, a 12.36% decrease quarter-on-quarter and a 25.5% decrease year-on-year. The implementation of capacity pricing is expected to stabilize revenues for thermal power companies [3]. Hydropower - The utilization hours for hydropower are projected to be 3367 hours in 2025, an increase of 12 hours year-on-year. The first half of the year is expected to see lower water levels, while the second half will benefit from improved conditions, particularly in Q4 [3]. Nuclear Power - The utilization hours for nuclear power are expected to reach 7809 hours in 2025, an increase of 126 hours year-on-year. However, the decline in market electricity prices may negatively impact earnings [3]. Renewable Energy - By the end of September 2025, the total installed capacity for wind and solar energy is expected to reach 1.7 billion kW, with annual additions of 15-18.9 million kW needed to meet the 2035 target of 3.6 billion kW [3]. Natural Gas - The report anticipates a recovery in sales volume for natural gas companies in Q4 2025, driven by lower costs and improved demand from commercial sectors [3]. Company Performance Forecast - The report provides a detailed forecast for key companies in the public utility sector, indicating varying growth rates across different segments, with some companies expected to see significant profit growth while others may experience declines [4][5]. Investment Recommendations - The report recommends several companies across different segments, including thermal power, hydropower, nuclear power, renewable energy, and natural gas, highlighting those with strong growth potential and stable earnings [3].