作为中国最大的跨区域综合能源供应及服务企业之一，中国燃气始终以"气聚人和，造福社会"的使命融 入企业发展大局，在保障全国2亿用户清洁能源供应的同时，长期深耕教育扶贫、灾害救助、社区公益 等领域。此次捐赠，既是中国燃气对企业使命的躬身实践，亦为能源行业树立了"商业向善"的标杆。 中国燃气董事会主席、总裁刘明辉表示："未来，中国燃气将继续积极履行社会责任，为营造崇德向善 的社会风尚作出新的更大贡献。" （文章来源：证券日报） 本报讯中华见义勇为基金会（以下简称"基金会"）近日发布公示，中国燃气控股有限公司（以下简 称"中国燃气"）作为该基金会副理事长单位，已累计向基金会捐赠人民币1000万元，专项用于见义勇为 英雄模范的表彰、救助及社会正气弘扬工作。此次捐赠不仅是中国燃气践行社会责任的又一重要里程 碑，更彰显了能源行业领军企业在推动社会文明进步中的使命担当。 中华见义勇为基金会成立于1993年，是经中央政法委批准设立的全国性公募基金会。三十余年来，基金 会通过表彰英雄、立法推动、精准帮扶等方式，累计救助超10万名见义勇为人士，成为维护社会公平正 义的一支重要力量。 中国燃气自2021年起持续支持基金会工作，并于2 ...

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].

Core Insights - The article highlights the net inflow and outflow of funds in the Hong Kong stock market, with Xiaomi Group, Tencent Holdings, and China Construction Bank leading in net inflows, while the Yingfu Fund, Hang Seng China Enterprises, and Southern Hang Seng Technology experienced the highest net outflows [1] Group 1: Net Inflows - Xiaomi Group-W (01810) recorded a net inflow of 1.07 billion, representing a 16.36% increase in its closing price [2] - Tencent Holdings (00700) saw a net inflow of 863 million, with a 7.49% increase in its closing price [2] - China Construction Bank (00939) had a net inflow of 699 million, with a significant 41.06% increase in its closing price [2] Group 2: Net Outflows - Yingfu Fund (02800) experienced the largest net outflow of 6.289 billion, reflecting a -31.44% change in its closing price [2] - Hang Seng China Enterprises (02828) had a net outflow of 2.880 billion, with a -17.89% change in its closing price [2] - Southern Hang Seng Technology (03033) faced a net outflow of 1.289 billion, showing a -11.37% change in its closing price [2] Group 3: Net Inflow Ratios - 361 Degrees (01361) led with a net inflow ratio of 74.40%, with a net inflow of 8.9117 million [3] - BRILLIANCE CHI (01114) followed with a net inflow ratio of 64.04%, amounting to a net inflow of 36.4910 million [3] - Qin Port Co. (03369) had a net inflow ratio of 61.05%, with a net inflow of 846,600 [3] Group 4: Net Outflow Ratios - Wisdom Hong Kong 100 (02825) had a net outflow ratio of -100.00%, with a net outflow of -18,200 [3] - Stone Pharmaceutical Group (02005) recorded a net outflow ratio of -68.86%, with a net outflow of -14.1501 million [3] - Dexion Shipping (02510) experienced a net outflow ratio of -53.53%, with a net outflow of -10.0204 million [3]

Investment Rating - The report rates the gaming industry as "high" for investment [1] Core Views - The report emphasizes the importance of the "Solid Waste Comprehensive Treatment Action Plan," which aims for significant improvements in solid waste management by 2030, including a target of 4.5 billion tons of comprehensive utilization of major solid waste and 510 million tons of recycling of key resources [2][5][7] - It highlights the shift in the energy sector towards diversified revenue models for thermal power companies, recommending several key players in the industry [8] - The report discusses the current trends in natural gas pricing, noting a general decline in global gas prices due to mild weather conditions and stable supply [10][29] - It outlines the transition of hydrogen energy towards becoming a "regulator" of the power grid, emphasizing its role in energy storage and management [31][33] Summary by Sections 1. Environmental Protection - The "Solid Waste Comprehensive Treatment Action Plan" was released on January 4, aiming to enhance solid waste management and promote a green economy [5] - By 2030, the plan targets a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recycling of key resources [2][6] - The focus is on industrial, urban, and agricultural waste, with a comprehensive governance approach to illegal dumping and construction waste [6][7] 2. Natural Gas - As of January 9, the Henry Hub spot price in the U.S. was $2.87/mmBtu, reflecting a weekly decline of 28.24% [10][11] - The report notes that the European gas prices have also decreased, with the TTF spot price at €29.00/MWh, down 1.43% week-on-week [10][16] - The overall gas market is characterized by stable supply and mild weather, leading to lower demand and prices [10][29] 3. Hydrogen Energy - The report discusses the integration of hydrogen energy into the power grid, highlighting its potential for large-scale energy storage and management [31] - It emphasizes the role of hydrogen in addressing renewable energy challenges and improving grid stability [31][33] - The report recommends companies involved in hydrogen production and technology as key investment opportunities [33] 4. Weekly Market Review - The report notes that the electric power equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the week of January 5 to January 9 [34] - It provides insights into the performance of various sectors, indicating a positive trend for certain energy and environmental stocks [36][39] 5. Company and Industry Dynamics - The report highlights the establishment of national zero-carbon parks, which will receive significant support for green energy initiatives [39] - It mentions the successful completion of green power transactions in Gansu, indicating a growing market for renewable energy [40][43] - The report includes updates on major companies' performance and strategic developments in the energy sector [44]

Investment Rating - The report maintains a positive outlook on the industry, indicating a "Look Favorably" investment rating [1]. Core Insights - The report highlights the release of the "Comprehensive Solid Waste Management Action Plan," which aims to enhance solid waste management and promote a circular economy by 2030, targeting a comprehensive utilization of 4.5 billion tons of major solid waste and 510 million tons of recyclable resources annually [2][6][8]. - Global natural gas prices have generally declined, influenced by mild weather conditions, with significant drops in prices across various markets, including a 28.24% decrease in the US Henry Hub spot price [11][12][18]. - The hydrogen energy sector is evolving towards becoming a key regulator in the power grid, with initiatives to integrate clean hydrogen production and utilization into microgrid systems, enhancing energy storage capabilities [35][37]. Summary by Sections 1. Environmental Protection - The "Comprehensive Solid Waste Management Action Plan" aims for significant improvements in solid waste management by 2030, with specific targets for waste recycling and resource utilization [2][6]. - The plan emphasizes the need for a circular economy that does not rely on subsidies, focusing on industrial collaboration and technological innovation to create a sustainable waste management system [7][8]. 2. Natural Gas - Natural gas prices have seen a significant decline, with the US Henry Hub spot price at $2.87/mmBtu, reflecting a 28.24% week-over-week drop [11][12]. - The report notes that the demand for natural gas is expected to remain weak in Northeast Asia, contributing to a slight decrease in LNG prices [11][30]. - Recommendations include focusing on integrated natural gas companies that are expected to benefit from cost reductions and improved profitability [32]. 3. Hydrogen Energy - The report discusses the strategic positioning of hydrogen energy as a flexible load regulator within the power grid, highlighting its potential to enhance energy storage and consumption efficiency [35][37]. - It emphasizes the importance of hydrogen energy in achieving energy security and autonomy, recommending companies involved in hydrogen production [35][37]. 4. Weekly Market Review - The report indicates that the electricity equipment, gas, and environmental protection sectors outperformed the Shanghai and Shenzhen 300 index during the review period [38]. 5. Company and Industry Dynamics - The report outlines significant developments in the renewable energy sector, including the establishment of national zero-carbon parks and the increase in green electricity trading volumes, which are expected to enhance market opportunities for leading companies in the sector [44][48].

瑞银发布研报称，维持对中国燃气(00384)的"买入"评级，并将目标价由8.2港元上调至8.9港元，基于其 股息收益率达7%，高于同业平均的4%至5%。管理层指引截至2026年3月财年每股股息为0.5港元，该行 相信此股息水平可于未来几年持续，即使在基本面偏弱下仍能提供下行支持。 ...

智通财经APP获悉，瑞银发布研报称，维持对中国燃气(00384)的"买入"评级，并将目标价由8.2港元上 调至8.9港元，基于其股息收益率达7%，高于同业平均的4%至5%。管理层指引截至2026年3月财年每股 股息为0.5港元，该行相信此股息水平可于未来几年持续，即使在基本面偏弱下仍能提供下行支持。 ...

Core Insights - The article discusses the recent policy changes in China's energy sector, particularly the "Document No. 136," which promotes market participation for renewable energy and establishes a sustainable pricing mechanism for new energy projects [1] - It highlights the shift in energy storage projects from mere compliance to creating actual economic benefits for users and the power system [1] Group 1: Policy and Market Changes - The National Development and Reform Commission and the National Energy Administration have issued a notice to deepen the market-oriented reform of renewable energy pricing [1] - The new policy encourages energy storage projects to focus on generating actual revenue through various means such as peak-valley arbitrage and frequency regulation services [1] Group 2: Company Capabilities - China Gas has emerged as a leading player in the commercial energy storage sector, leveraging its technological expertise and comprehensive service system [3] - The company offers a full lifecycle service that addresses user pain points, including customized energy storage system design, standardized installation, and professional operation and maintenance [3][4] Group 3: Project Implementation - China Gas has successfully implemented numerous energy storage projects in regions like the Yangtze River Delta and the Pearl River Delta, demonstrating its ability to adapt to different scales of enterprise needs [4] - The company has established partnerships with high-energy-consuming industries, showcasing its technical advantages in energy storage solutions [4] Group 4: Revenue Generation - The primary revenue source for China Gas comes from peak-valley arbitrage, with specific projects demonstrating significant cost savings for enterprises [6] - The company has developed a robust revenue structure that reduces reliance on peak-valley arbitrage by integrating virtual power plants and participating in demand response services [7] Group 5: Competitive Advantage - China Gas has transformed energy storage assets from mere cost optimization tools to revenue-generating vehicles, enhancing its value proposition for commercial users [8] - The company’s comprehensive energy service model positions it favorably in the market, allowing it to meet diverse energy management needs while ensuring safety and cost efficiency [10] Group 6: Future Growth Potential - The article suggests that as a comprehensive energy service provider, China Gas has a higher growth ceiling compared to pure energy storage companies [10] - The integration of energy storage into a holistic energy management system presents significant opportunities for China Gas, enabling it to optimize overall energy costs and enhance its market presence [10]

Core Viewpoint - The report from Daiwa upgrades the outlook for the mainland natural gas industry to "neutral," anticipating improvements in the fundamentals of companies by 2026 [1] Industry Summary - It is expected that the sales volume of major natural gas companies in mainland China will see low single-digit growth compared to last year's low base by 2026 [1] - The gas price margin is projected to increase by 1 to 2 cents year-on-year, assuming a mild winter and no significant deterioration in competition [1] - The new connection volume for major companies is expected to decline by low to mid-double digits year-on-year, although its impact is gradually diminishing [1] Company Summary - Major companies are expected to maintain stable or slightly increased dividends year-on-year [1] - The report favors high-yield stocks such as China Gas (00384) and Hong Kong and China Gas (00003), with target prices set at HKD 8.3 and HKD 7.7 respectively, both rated as "outperform" [1] - The rating for Hong Kong and China Gas has been upgraded from "hold" to "outperform" due to potential turnaround in its EcoCeres business [1]

Core Viewpoint - Daiwa has upgraded its view on the mainland natural gas industry to "neutral," anticipating improvements in the fundamentals of companies by 2026 [1] Industry Summary - It is expected that the sales volume of major natural gas companies in the mainland will see low to mid-single-digit growth compared to last year's low base by 2026 [1] - The gas price differential is projected to increase by 1 to 2 cents year-on-year, assuming a mild winter and no significant deterioration in competition [1] - The new connection volume for major companies is expected to decline by low to mid-double digits year-on-year, although the impact is gradually diminishing [1] Company Summary - Major companies are expected to maintain stable or slightly increased dividends year-on-year [1] - The company prefers high-yield stocks such as China Gas and Towngas, with target prices set at HKD 8.3 and HKD 7.7 respectively, both rated as "outperform" [1] - Towngas's rating has been upgraded from "hold" to "outperform" due to potential turnaround in its EcoCeres business [1]