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].

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: | 昆侖能源有限公司 | | | | | | 呈交日期: | 2026年2月2日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 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 | | | 法定/註冊股份數目 | 面值 | | | 法定/註冊股本 | | --- | --- | --- | --- | --- | --- | | 上月底結存 | 16,000,000,000 | HKD | 0.01 | HKD | 160,000,000 | | 增加 / 減少 (-) | | | | HKD | | | 本月底結存 | 16,000,000,000 | HKD | 0.01 | HKD | 160,000,000 | 本月底法定/ ...

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].

格隆汇1月30日丨昆仑能源(00135.HK)宣布，钱治家因工作安排变动，已辞任执行董事、行政总裁及香 港联合交易所有限公司证券上市规则第3.05条项下的公司授权代表职务，自2026年1月30日起生效。自 2026年1月30日起，贺永利已获委任为执行董事、行政总裁及上市规则第3.05条项下的公司授权代表。 ...

Core Viewpoint - Kunlun Energy (00135) announced the resignation of Mr. Qian Zhijia as Executive Director and CEO, effective January 30, 2026, due to changes in work arrangements [1] - The board has appointed Mr. He Yongli as the new Executive Director, CEO, and authorized representative under the Hong Kong Stock Exchange Listing Rules, effective January 30, 2026 [1] Group 1 - Mr. Qian Zhijia has resigned from his positions within the company [1] - Mr. He Yongli will take over as Executive Director and CEO starting January 30, 2026 [1]

董事会欣然宣布，自2026年1月30日起，贺永利先生(贺先生)已获委任为执行董事、行政总裁及上市规 则第3.05条项下的本公司授权代表。 智通财经APP讯，昆仑能源(00135)发布公告，钱治家先生(钱先生)因工作安排变动，已辞任执行董事、 行政总裁及香港联合交易所有限公司证券上市规则(上市规则)第 3.05条项下的本公司授权代表职务，自 2026年1月30日起生效。 ...

昆 侖 能 源 有 限 公 司 KUNLUN ENERGY COMPANY LIMITED (incorporated in Bermuda with limited liability) （股份代號：00135.HK） 董事名單及其角色和職能 | 成員 | 審核委員會 | 薪酬委員會 | 提名委員會 | 可持續發展 委員會 | | --- | --- | --- | --- | --- | | 劉國海先生 | | | C | | | 賀永利先生 | | | | C | | 呂菁女士 | | | M | | | 戚振忠先生 | | | | M | | 辛定華先生 | C | M | M | | | 曾鈺成先生 | M | C | M | M | | 郭志成先生 | M | M | M | M | 附註： 昆侖能源有限公司董事會（「董事會」）現共有七名董事。每名董事的姓名、角色和職能詳情如下： 執行董事 非執行董事 獨立非執行董事 董事會轄下設立四個委員會，委員會成員如下： 1) 劉國海先生 （主席） 2) 賀永利先生 （行政總裁） 3) 呂菁女士 4) 戚振忠先生 5) 辛定華先生 6) 曾鈺成先生 7) 郭 ...

及 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容 而引致之任何損失承擔任何責任。 昆 侖 能 源 有 限 公 司 KUNLUN ENERGY COMPANY LIMITED (incorporated in Bermuda with limited liability) （股份代號：00135.HK） 執行董事、行政總裁及授權代表的變更 可持續發展委員會組成的變更 昆侖能源有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」）會（「董事會」）宣佈，錢 治家先生（「錢先生」）因工作安排變動，已辭任執行董事、行政總裁及香港聯合交易所有限公司證券 上市規則（「上市規則」）第3.05條項下的本公司授權代表職務，自2026年1月30日起生效。 錢先生已確認與董事會並無意見分歧，亦無其他與其辭職有關的事宜須知會香港聯合交易所有限公 司或本公司股東。 錢先生在任職期間恪盡職守、勤勉盡責，在推動本集團標準化運營及可持續發展方面發揮積極作 用。董事會謹此對錢先生在任期內的重大貢獻致以誠 ...

此外，因一场严重冬季风暴横扫全美、令能源基础设施和电网承压，美国石油生产商在上周末损失的产 量最高达200万桶/日，约占全国产量的15%。华泰证券研报指出，地缘溢价已导致淡季油价筑底反弹， 随着需求回升及全球性储备性累库，26Q2-Q3油价有望见底上探。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 00883 | 中国海洋石油 | 24.540 | 4.34% | | 00338 | 上海石油化工股 | 1.550 | 4.03% | | 00857 | 中国石油股份 | 9.180 | 4.20% | | 02883 | 中海油田服务 | 8.910 | 3.73% | | 00386 | 中国石油化工股 | 5.420 | 3.04% | | 00135 | 昆仑能源 | 7.990 | 0.50% | 港股石油股继续涨势，中国海洋石油、中国石油股份、上海石油化工均涨超4%，其中，中海油刷新历 史新高价，中海油田服务涨3.7%，中国石油化工涨3%。 消息上，负责中东地区美军行动的美军中央司令部27日发布声明说，其第九航空队将举行一场 ...

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The report emphasizes the growth potential in waste incineration and the opportunities for companies to expand overseas, particularly in Southeast Asia and India, where there is a projected increase in waste incineration capacity [10][15] - The report highlights the significant increase in sales of new energy sanitation vehicles and the growth of unmanned sanitation projects, indicating a shift towards automation and electrification in the industry [17][20] - The 2026 strategy focuses on the dual drivers of value and growth, emphasizing the importance of marketization and efficiency improvements in the environmental sector [24][28] Industry Trends - Waste Incineration Growth: The report estimates a potential increase of approximately 500,000 tons/day in waste incineration capacity in ASEAN countries and India, corresponding to an investment scale of about 250 billion yuan [10] - Unmanned Sanitation Equipment: In 2025, the total amount of contracts for unmanned sanitation projects exceeded 12.6 billion yuan, with a year-on-year increase of over 150% [17] - New Energy Sanitation Vehicles: Sales of new energy sanitation vehicles increased by 70.9% in 2025, with a penetration rate of 21.11%, reflecting a growing trend towards electrification in the sanitation sector [20][30] Company Recommendations - Key companies recommended for investment include Longjing Environmental, Gao Neng Environment, Sains, and others, focusing on their growth potential in both domestic and international markets [4][15] - The report suggests that companies like Weiming Environmental and Sanfeng Environment are expected to benefit significantly from overseas expansion and high-value projects [15][24] - The report also highlights the importance of dividend increases and return on equity (ROE) improvements for companies such as Huanlan Environment and Green Power [15][24] Market Dynamics - The report notes that the profitability of waste incineration projects in Indonesia is significantly higher than in China due to favorable pricing and operational conditions [12][15] - The report indicates that the market for lithium battery recycling is improving, with rising metal prices and better margins for recycling projects [38][39]