公開臺北 2025 年 12 月 29 日 波段人分出品 相关研究 证券分析师 新院院 请务必仔细阅读正文之后的各项信息披露与声明 电力：国家能源局披露 11 月全社会用电量数据。 11 月单月全社会用电量 8356 亿千瓦时，同比增长 6.2%。其中第一、二、三产业和城乡居民生活用电量分别同比增长 7.9%、4.4%、10.3%、9.8%。二产 以最大的基数贡献了 49%的增幅贡献度，三产其次，居民的用电增幅贡献度较 10 月份有所放缓。根据 国家能源局数据，第三产业用电量在三个产业中增速最快。其中，与大数据分析、人工智能服务有关的 互联网数据服务业用电量增长较快。第二产业用电量占全社会用电量的比重超过了 60%，是用电量的最 大头。11 月，我国高技术及装备制造业用电量同比增长 6.7%，超出当月制造业平均增长水平 2.5 个百 分点，其中，汽车制造业用电量同比增速达到 10%。在汽车制造业用电量规模相对较大的省份中，浙 江、江苏、广东、安徽汽车制造业用电量增速均超过 10%。 天然气：圣诞假期欧美气价震荡，全国 LNG 出厂价延续跌势。截至 12 月 26 日，美国 Henry Hub 现货 0 价格为 ...

行 业 及 产 业 公用事业 相关研究 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 傅浩玮 A0230522010001 fuhw@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com 2025 年 12 月 29 日 二三产拉动 11 月用电 全球气价小 幅震荡 看好 ——申万公用环保周报(25/12/22~25/12/26) 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 究 / 行 业 点 评 - ⚫ 电力：国家能源局披露 11 月全社会用电量数据。11 月单月全社会用电量 8356 亿千瓦时，同比增长 6.2%。其中第一、二、三产业和城乡居民生活用电量分别同比增长 7.9%、4.4%、10.3%、9.8%。二产 以最大的基数贡献了 49 ...

Investment Rating - The report maintains an "Overweight" rating for the gas industry [1] Core Insights - The report highlights an upward adjustment in temperature expectations leading to a decrease in US gas prices, while European gas prices show a slight increase due to inventory withdrawals [1][4] - Domestic gas demand shows marginal improvement, with a year-on-year increase of 9.3% in November 2025 [1][25] Price Tracking - As of December 26, 2025, the week-on-week changes in gas prices are as follows: US HH down by 8.2%, European TTF up by 0.9%, East Asia JKM up by 0.5%, China LNG ex-factory down by 2.9%, and China LNG CIF up by 0.7% [9][14] - The average gas price in China is reported at 2.6 yuan per cubic meter for LNG ex-factory and 2.4 yuan per cubic meter for LNG CIF [14] Supply and Demand Analysis - US natural gas market prices decreased by 8.2% due to higher temperature expectations, with storage levels dropping by 1.2% year-on-year [16] - European gas consumption from January to September 2025 reached 313.8 billion cubic meters, a year-on-year increase of 4.1% [18] - Domestic gas consumption in China for January to November 2025 increased by 1.5% year-on-year, totaling 392 billion cubic meters [25][28] Pricing Mechanism Progress - Nationwide price adjustments for residential gas have been gradually implemented, with 67% of cities adjusting prices by an average of 0.22 yuan per cubic meter [37] - The report indicates that there is still a 10% room for price adjustment in the gas distribution sector [37] Investment Recommendations - The report suggests focusing on companies that can optimize costs and benefit from the ongoing price mechanism adjustments, recommending companies such as Xin'ao Energy, China Resources Gas, and Kunlun Energy [53][54] - It also highlights the importance of companies with quality long-term contracts and flexible scheduling, recommending Jiufeng Energy and Xin'ao Shares [54] - The report emphasizes the significance of energy independence, suggesting attention to companies with gas production capabilities like New Natural Gas and Blue Flame Holdings [54]

本报讯 （记者李雯珊 见习记者张美娜）近日，《央视财经金融强国——大湾区金融之夜》在中央电视 台财经频道正式播出，中国燃气控股有限公司（以下简称"中国燃气"）在瑞典斯德哥尔摩的Rosersberg 储能电站建设情况作为中国企业出海的案例压轴登场，中国燃气相关业务负责人接受采访，介绍项目进 展以及跨境金融服务助力中企出海政策。 中国燃气董事会主席、总裁刘明辉表示，在全球化布局进程中，中国燃气始终以"产业链聚合剂、价值 共创者"为定位——在产业链中，凭借对能源价值的深刻理解链接上下游；在投资领域，依托成熟的供 应链体系保障项目落地；在市场交易中，以丰富的项目经验优化运营效益，成为跨国能源合作价值链的 核心纽带。未来，中燃将持续践行"走出去"战略，以Rosersberg项目为起点，深化与全球合作伙伴的协 同共赢，在海外能源市场书写更多中燃电力领域的精彩篇章，为全球能源低碳转型与可持续发展贡献更 大力量。 （编辑 李家琪） 据悉，北欧地区可再生能源渗透率全球领先，电力市场成熟、电价波动显著，对电网调峰、调频等辅助 服务需求迫切。中国燃气精准把握区域能源市场特点，投建的Rosersberg储能项目采用行业领先的 4MW ...

| | | 2025年度卓越公司评选榜单 | | | --- | --- | --- | --- | | 11 | | EIRE | DD | | 公司名称 | 公司代码 | 公司名称 | 公司代码 | | 复宏汉霖 | 02696.HK | 至纯科技 | 603690.SH | | 鹏欣资源 | 600490.SH | 中国燃气 | 00384.HK | | 首程控股 | 00697.HK | 中国再保险 | 01508.HK | | 新世界发展 | 00017.HK | 中集集团 排名不分先后 | 000039.SZ/02039.HK | 12月22日，格隆汇在线上举办"科技赋能·资本破局"分享会。本次分享会，备受瞩目的卓越公司评选榜 单将隆重揭晓，其中格隆汇"金格奖"年度卓越公司评选中，复宏汉霖(02696.HK)、鹏欣资源 (600490.SH)、首程控股(00697.HK)、新世界发展(00017.HK)、至纯科技 (603690.SH)、中国燃气 (00384.HK)、中国再保险(01508.HK)、中集集团(000039.SZ/02039.HK) 8家企业荣获"年度卓越IR团队 （大市值）"奖项 ...

China Gas Holdings Limited 中國燃氣控股有限公司* (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code 股份代號: 384) N O T I F I C AT I O N L E T T E R 通 知 信 函 Arrangement of Electronic Dissemination of Corporate Communications and Solicitation of Electronic Contact Details Pursuant to Rule 2.07 of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic dissemination of corporate c ...

We hereby notify you that the English and Chinese versions of the Current Corporate Communications have been published and are now available on the website of Hong Kong Exchanges and Clearing Limited at www.hkexnews.hk (the "HKEX's website") and the website of the Company at www.chinagasholdings.com.hk (the "Company's website"). If you have any difficulty in receiving or accessing the Current Corporate Communications posted on the Company's website for any reason, please send your request (specifying your n ...

根深葉茂 延展不息 INTERIM REPORT 2025/26 中期報告 * For identication purposes only 僅供識別 CONTENTS 目錄 02 Definitions 釋義 03 Corporate Information 公司資料 05 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 簡明綜合損益及其他全面收入報表 07 Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 09 Condensed Consolidated Statement of Changes in Equity 簡明綜合股權變動報表 11 Condensed Consolidated Statement of Cash Flows 簡明綜合現金流量報表 12 Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註 31 Mana ...

Investment Rating - The report does not explicitly state an overall investment rating for the industry, but it provides specific recommendations for various sectors within the energy industry, indicating a positive outlook for certain companies and sectors [2][3]. Core Insights - The report highlights a slowdown in electricity generation growth in November 2025, with total generation at 779.2 billion kWh, a year-on-year increase of 2.7%. The growth was primarily driven by hydropower and wind power, while thermal power saw a decline [5][6]. - Natural gas prices in the U.S. and Europe have shown slight fluctuations, with U.S. Henry Hub spot prices at $3.58/mmBtu, reflecting a 12.1% weekly decline. Northeast Asia's LNG prices have also decreased, reaching $9.50/mmBtu, marking a 5% drop [18][19]. - The report emphasizes the increasing contribution of renewable energy sources, particularly wind and solar, to the overall electricity generation mix, with significant year-on-year growth rates [6][12]. Summary by Sections 1. Electricity Generation - November 2025 saw total electricity generation of 779.2 billion kWh, up 2.7% year-on-year. Thermal power generation decreased by 4.2% to 497.0 billion kWh, while hydropower increased by 17.1% to 96.7 billion kWh. Wind power grew by 22.0% to 104.6 billion kWh, and solar power rose by 23.4% to 41.2 billion kWh [5][7]. - From January to November 2025, total electricity generation reached 88,567 billion kWh, a 2.4% increase year-on-year, with significant contributions from hydropower, nuclear, wind, and solar energy [12][13]. 2. Natural Gas Market - As of December 19, 2025, U.S. Henry Hub spot prices were $3.58/mmBtu, down 12.1% from the previous week. European gas prices showed slight increases, with the Dutch TTF price at €28.10/MWh, up 2.0% [18][19]. - The report notes that the supply of natural gas remains high, with U.S. production at historical levels, contributing to the downward pressure on prices [18][19]. 3. Investment Recommendations - For thermal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations. For hydropower, companies such as Yangtze Power and State Power Investment Corporation are highlighted for their potential in the upcoming winter and spring [16][38]. - In the nuclear sector, China National Nuclear Power and China General Nuclear Power are suggested as key players due to their stable cost structures and growth potential [16][38]. - Renewable energy operators like Xinneng Green Energy and Longyuan Power are recommended as the market for green certificates and environmental values continues to grow [16][38].

Investment Rating - The report maintains a positive outlook on the power and environmental sectors, indicating a favorable investment environment [1]. Core Insights - The report highlights a slowdown in electricity generation growth in November, with a total generation of 779.2 billion kWh, a year-on-year increase of 2.7%. The contribution from hydropower and wind power is significant, while thermal power shows a decline [7][9]. - Natural gas prices in the US and Europe have shown slight fluctuations, with Northeast Asia's LNG prices continuing to decline, reaching $9.50/mmBtu, the lowest since May 2024 [21][34]. - The report suggests various investment opportunities across different sectors, including thermal power, hydropower, nuclear power, green energy, and gas companies, emphasizing the importance of diversified revenue streams [19][41]. Summary by Sections 1. Electricity: November Generation Growth Slows, Hydropower and Wind Power Contribute Incrementally - November electricity generation totaled 779.2 billion kWh, with thermal power decreasing by 4.2% year-on-year, while hydropower increased by 17.1%, nuclear power by 4.7%, wind power by 22.0%, and solar power by 23.4% [7][9]. - The overall growth rate of electricity generation has slowed compared to the previous month, with hydropower and wind power contributing significantly to the incremental generation [8][9]. 2. Natural Gas: Global Gas Prices Show Minor Fluctuations, Asian and US Prices Continue to Decline - As of December 19, the Henry Hub spot price in the US was $3.58/mmBtu, down 12.10% week-on-week, while the TTF spot price in Europe was €28.10/MWh, up 2.00% [21][22]. - The report notes that the LNG ex-factory price in China was 4030 yuan/ton, a decrease of 3.70% week-on-week, indicating a trend of declining costs in the natural gas sector [39]. 3. Weekly Market Review - The public utility and electricity sectors underperformed compared to the CSI 300 index, while the gas and environmental sectors outperformed [44]. 4. Company and Industry Dynamics - The report discusses various company announcements and industry developments, including stable coal production and increased oil production rates, as well as significant investments in energy projects [46][48].