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) | 00270 | 說明 | 不適用 | | | | | | | | 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 | | | 6,537,821,440 | | 0 | | 6,537,821,440 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 6,537,821,440 | | 0 | | 6,537,821,440 | 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: | 粤海投資有限公司 | ...

粤海投资 20260202 摘要 粤海投资东江水业务在 2026 年基价协议中预计增长 2.4%，深圳和东 莞供水量稳定，非东江水业务虽有所下降，但并购项目有望平滑影响。 公司计划维持 65%的分红比例，并控制资本开支，以应对东江水源续约 所需的大额资金需求。 房地产业务方面，天河城商场出租率良好，但写字楼租赁面临挑战。高 速公路业务受新公路分流影响，但预计将逐渐恢复。电厂业务受益于低 煤价，利润预期良好。酒店和百货业务规模较小，影响有限。 东江水续约金额预估为 500 亿至 540 亿港币，公司需充分准备资金。 广东省政府可能倾向于按合同到期时间续约，粤海投资在未来的竞争中 具有一定优势，因其已运营东江水 25 年。 2027-2029 年香港供水价格谈判预计参考通胀率和汇率，涨幅不会太 大。2026 年盈利增长主要依靠财务费用下降和营业利润增加，东江水 价格上涨是主要驱动力。 公司计划对符合条件的自来水和污水处理项目进行提价谈判，以实现平 均价格的小幅上升，抵消接水管业务下滑带来的影响。优先考虑自来水 项目收购，追求高单位数的合理回报。 Q&A 粤海投资在 2025 年的业绩表现如何？各项业务的具体情况是 ...

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].

[Table_Page] 跟踪分析|环保 证券研究报告 [Table_Title] 环保行业深度跟踪 业绩期即将到来，碳减排攻坚力度可期 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-02-01 | [Table_Pic 相对市场表现 2025Quote] -10% -3% 4% 10% 17% 24% 10/24 01/25 03/25 05/25 08/25 10/25 环保 沪深300 | [Table_Author 分析师： ]陈龙 | | | --- | --- | | | SAC 执证号：S0260523030004 | | | 021-38003623 | | | shchenlong@gf.com.cn | | 分析师： | 郭鹏 | | | SAC 执证号：S0260514030003 | | | SFC CE No. BNX688 | | | 021-38003655 | | | guopeng@gf.com.cn | | 分析师： | 荣凌琪 | | ...

持续高分红，预计2025 年股息率为6.3%。公司常年保持高分红，23年-25H1 分红比例保持65%，预计25 年归母净利润44.93 亿港元*65%分红比例对应股息率为6.3%。同时伴随全国开始新一轮调价周期、污水 付费向用户转移，期待水务估值整体修复。 机构：广发证券 研究员：陈龙/郭鹏/陈舒心 盈利预测与投资建议。预计25-27 年归母净利润为44.93/46.38/47.70亿港元，对应PE 10.4/10.1/9.8 倍。公 司手握东深项目稀缺资源，剥离粤海置地后业绩、现金流、分红持续向好，参考同业公司给予26 年15 倍PE，对应10.64 港元/股合理价值，维持"买入"评级。 核心观点： 公司预告2025 年业绩同比增长43%，受益于粤海置地剥离和财务费用下降。公司发布2025 年业绩预 告，预计2025 年归母净利润同比增长43%，按照2024 年31.42 亿港元计算预计2025 年归母净利润将达 到接近45 亿港元，业绩快速增长主要由于粤海置地1 月21 日剥离后减亏且财务费用有所下降。此前粤 海置地剥离后25H1 资产负债率大幅同比下降15.1pct 至42.5%，有息资产负债率同比下 ...

[Table_Page] 公告点评|公用事业Ⅱ 证券研究报告 [Table_Title] 【广发 环 保 & 海 外 】 粤 海 投 资 （00270.HK） 预告 25 年归母净利润同比增长 43%，股息价值突出 [Table_Summary] 核心观点： 备注：除非特别说明，否则报告货币为港元 | 盈利预测： | | --- | | [Table_ 单位Finance] :港元百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 主营收入 | 20,322 | 18,505 | 18,528 | 18,667 | 18,769 | | 增长率（ % ） | -12.4% | -8.9% | 0.1% | 0.8% | 0.5% | | EBITDA | 9,920 | 9,909 | 10,272 | 10,309 | 10,326 | | 归母净利润 | 4,370 | 4,297 | 4,493 | 4,638 | 4,770 | | 增长率（ % ） | -8.3% | -1.7% ...

花旗表示，基于上述原因，将粤投今明两年净利润预测上调2.1%至2.6%。基于盈利增长及估值向前滚 动，目标价上调10%，由原先8港元升至8.8港元。该集团预测2025年派息率达6.3%，具有吸引力且在同 行中最高，仍是花旗在香港公用股的首选。 花旗发布研报称，重申对粤海投资(00270)"买入"评级，因其昨日(28日)发盈喜，预计公司净利润同比增 长43%至44.93亿港元，高于市场预期约2%，主要因为利息支出低于预期。 ...

智通财经APP获悉，花旗发布研报称，重申对粤海投资(00270)"买入"评级，因其昨日(28日)发盈喜，预 计公司净利润同比增长43%至44.93亿港元，高于市场预期约2%，主要因为利息支出低于预期。 花旗表示，基于上述原因，将粤投今明两年净利润预测上调2.1%至2.6%。基于盈利增长及估值向前滚 动，目标价上调10%，由原先8港元升至8.8港元。该集团预测2025年派息率达6.3%，具有吸引力且在同 行中最高，仍是花旗在香港公用股的首选。 ...

粤海投资发布盈喜，预计去年归属净利润将同比增长43%，达到44.93亿港元，超出该行预测的41.27亿 港元。大摩表示，集团盈喜主要因粤海置地(00124)于2024年度录得重大亏损后，自去年1月起不再综合 入账，以及融资成本及行政费用降低。 摩根士丹利发布研报称，假设粤海投资(00270)65%的派息率保持不变，注意到每股股息有上行空间，预 计去年每股股息为0.45港元，高于其原先预测0.41港元;予集团目标价7.74港元;评级"增持"。 ...