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]

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].

港股石油继续涨势，其中，中海油田服务涨4%，中国石油股份涨3.3%，中国海洋石油、上海石油化工 涨约3%，中国石油化工涨2%，昆仑能源涨1.4%。 本文源自：金融界AI电报 ...

Group 1 - The core viewpoint of the news is that the Hong Kong oil sector continues to rise, driven by improved global economic outlook and rising oil prices, despite warnings of potential oversupply from the IEA [1] - The International Energy Agency (IEA) has raised its global oil demand growth forecast for this year to an increase of 930,000 barrels per day, up from the previous estimate of 860,000 barrels per day [1] - The rise in oil prices has led to significant gains in major oil producers' stock prices, with the US energy sector reaching historical highs amid geopolitical uncertainties [1] Group 2 - The stock performance of major oil companies in Hong Kong includes: CNOOC Services up 4.07%, PetroChina up 3.33%, CNOOC up 2.80%, Shanghai Petrochemical up 2.76%, Sinopec up 2.01%, and Kunlun Energy up 1.39% [2]

Group 1 - The top three companies with net inflow of southbound funds are SMIC (00981) with 458 million, Sanhua Intelligent Control (02050) with 405 million, and Hua Hong Semiconductor (01347) with 390 million [1] - The top three companies with net outflow of southbound funds are China Mobile (00941) with -601 million, UBTECH (09880) with -516 million, and Sanofi (01530) with -357 million [1] - In terms of net inflow ratio, Haitian Flavoring (03288) leads with 76.61%, followed by Southern Hong Kong Stock Connect (03432) with 62.50%, and CIMC (02039) with 59.57% [1] Group 2 - The top ten companies by net inflow include Tencent Holdings (00700) with 272 million and Alibaba-W (09988) with 263 million [2] - The top ten companies by net outflow include Meituan-W (03690) with -287 million and Bilibili-W (09626) with -242 million [2] - The top three companies with the highest net outflow ratio are Dekang Agriculture (02419) at -50.69%, Sanofi (01530) at -47.05%, and Jianfa International Group (01908) at -45.45% [3]