作为我国最大的跨区域综合能源供应及服务企业之一，中国燃气始终致力于保障国计民生、推动行业进 步。在此，我谨结合企业实践，提出如下建议：一是健全促进可持续发展的公用事业价格机制。在保障 民生基本需求的前提下，逐步完善更富弹性、更可持续的城市燃气等公用事业动态价格调整机制，引导 企业持续投入储气调峰、管网更新等长效基础设施建设。二是推动AI技术与能源管理深度融合。建议 国家加大政策引导，鼓励能源企业深化人工智能、大数据等技术在管网运维、负荷预测、客户服务及风 险预警等全场景的应用。三是支持先进能源技术与管理模式稳步出海。建议国家层面搭建平台，支持中 国企业"抱团出海"。 （文章来源：每日经济新闻） ...

必用意亦 券研究报 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 博浩玮 A0230522010001 fuhw@swsresearch.com 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com 申万宏源研究微信服务号 算力对区域电力影响更大 地缘ł 短期气价或再现高波动 申万公用环保周报(26/2/23~26/2/27) 2026 年 03 月 02 日 版》 中文 本期投资提示: 请务必仔细阅读正文之后的各项信息披露与声明 电力：中国发电供给充裕，煤电托底高度匹配算力需求。截至 2025 年底，全国发电装机容量 389134 万千瓦，同比增长 16.1%。其中火电装机占比 40%，太阳能发电和风电装机容量分别同比增加 35.4%、22.9%，在风光的快速增长下，清 洁能源的占比大幅提高。发电量 2025 年 1-12 月份，规上工业发电量 97159 亿千瓦时，同 ...

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2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國燃氣控股有限公司 呈交日期: 2026年3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 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00384 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 9,000,000,000 | HKD | | 0.01 | HKD | | 90,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | | | 本月底結存 | | | 9,000,000,000 | HKD | | 0.01 | HKD | | 90,000,000 | 本月底法定/註冊 ...

Investment Rating - The report maintains a positive outlook on the power and environmental sectors, indicating a "Buy" recommendation for companies involved in these industries [1]. Core Insights - The power supply in China is abundant, with a projected installed capacity of 389,134 MW by the end of 2025, reflecting a year-on-year growth of 16.1%. The share of coal power is 40%, while solar and wind power capacities have increased by 35.4% and 22.9% respectively [2][6]. - The "East Data West Computing" project aims to establish a new computing network system, enhancing electricity demand in key provinces [8]. - Natural gas prices are expected to rise globally by 2025, influenced by geopolitical factors and supply-demand dynamics [2][40]. - The report highlights the significant role of coal power in stabilizing electricity supply, particularly for high-energy-consuming digital infrastructure [12]. Summary by Sections 1. Power Sector - The installed capacity of power generation in China is projected to reach 389,134 MW by the end of 2025, with a 16.1% increase year-on-year. Coal power accounts for 40% of this capacity, while solar and wind power are rapidly growing [2][6]. - The overall clean energy share is increasing, with coal power contributing 65% of the total electricity generation [6][7]. - The "East Data West Computing" initiative is expected to drive higher electricity consumption in provinces like Guizhou, Zhejiang, and Hebei, with growth rates of 7.7%, 7.2%, and 7.1% respectively [8]. 2. Natural Gas Sector - Global natural gas prices are anticipated to rise by 2025, with the US Henry Hub spot price expected to average $3.51 per million British thermal units, a 59.7% increase year-on-year [40]. - The report notes that geopolitical tensions, particularly in the Middle East, could lead to increased volatility in gas prices [2][20]. - The report recommends focusing on integrated natural gas companies and those benefiting from lower costs and improved supply dynamics [41]. 3. Environmental Sector - The report discusses the introduction of subsidies for green hydrogen projects in Yunnan, which could accelerate the development of the hydrogen and ammonia industry [2]. - Companies such as CIMC Enric and others are recommended for their potential benefits from these developments [2]. - The report emphasizes the importance of zero-carbon parks in enhancing green electricity consumption and reducing energy costs for computing enterprises [16].

Core Insights - The demand for gas turbines is surging due to emerging applications such as AI, leading to record orders and a significant backlog for major manufacturers [1][2][4]. Group 1: Market Demand and Trends - Siemens Energy reported a record order of €8.75 billion for gas turbines in Q1 FY2026, contributing to a backlog of €60 billion by the end of 2025 [1]. - The demand for gas turbines is driven by the need for energy upgrades in data centers, with AI applications significantly increasing electricity requirements [2][6]. - GE Vernova's orders for gas turbines have risen to 83 GW, while Mitsubishi Heavy Industries plans to double its production capacity due to increased contracts [1][3][5]. Group 2: Industry Dynamics - The gas turbine market is dominated by a few key players, with Siemens Energy, GE Vernova, and Mitsubishi Heavy Industries holding 80% of the market share [3]. - The backlog for gas turbine orders has extended to 2028-2030, indicating a supply-demand imbalance in the industry [5][6]. - The current surge in demand is attributed to AI-driven data centers, energy transition needs, and regional policy support [2][6]. Group 3: Opportunities for Domestic Companies - Chinese gas turbine manufacturers are positioned to benefit from the supply shortage in the U.S. market, with potential for significant profit increases if they can export to the U.S. [8][10]. - Domestic companies are leveraging their technological advantages and cost efficiencies to capture opportunities in the global market [9][10]. - Recent projects, such as the export of heavy-duty gas turbines by Dongfang Electric, highlight the growing presence of Chinese manufacturers in international markets [11].

21世纪经济报道记者曹恩惠上海报道 拥有装备制造业"皇冠上的明珠"之称的燃气轮机，正因AI等新兴应用场景而需求爆发。 2月中旬，西门子能源发布的2026财年第一财季财报透露了一个信息：受益于大型数据中心自建电厂的 需求增长，其燃气轮机业务在报告期内获得87.5亿欧元订单，创下历史新高，至此该公司截至2025年底 积压的燃气轮机订单高达600亿欧元。 在财报电话会上，西门子能源总裁兼首席执行官克里斯蒂安·布鲁赫（Christian Bruch）称："公司燃气 轮机的交付时间已经排到了2029年、2030年，且2028年的供应也会十分有限。" 西门子能源的业务数据，是反映当前燃气轮机需求紧缺的一个缩影。多家燃气轮机生产商均有类似境地 ——GE Vernova今年1月份交出的财报提及，其截至2025年底的燃气轮机订单规模大幅提升至83GW； 三菱重工则因大型燃气轮机订单合同增加，而计划两年内将产能翻倍；东方电气的燃气轮机业务在分析 机构看来也有望分享全球燃气轮机供应短缺的蛋糕。 "本轮燃机需求的爆发，是AI算力驱动、能源转型补位、电网升级刚需、供给端错配与区域政策共振的 结果。"中泰证券研究所认为，燃气轮机凭借其高 ...

文 | 人民网 近 日 ， 中 国 燃 气 与 宁 德 时 代 签 署 战 略 合 作 协 议 。 作 为 第 十 四 届 储 能 国 际 峰 会 暨 展 览 会 （ESIE 2026）A2电池与智能制造馆的冠名企业 ，宁德时代在持续引领行业技术风向的 同时，进一步拓展了其在终端市场的应用版图。 中国储能产业发展的风向标 第十四届储能国际峰会暨展览会 ESIE 2026 时间： 202 6年3月3 1日- 4月3日 地点： 北京·首都国际会展中心 相关阅读 10GWh！宁德时代与欧洲最大资产管理机构达成合作 宁德时代2026将大规模应用钠电池，"钠锂双星闪耀"或成新趋势 规则在变，赢家重排：解析2025储能产业十大关键节点 联盟官微 关注政策、项目、企业、市场活动 联盟官方小秘书 入会、入群、产业交流、活动对接 根据协议，双方明确将于 2026年至2028年期间在储能业务领域 建立优先合作关系。合作 重点将聚焦于 电网侧储能及工商业储能项目 的落地实施。 此次合作将充分利用中国燃气覆盖2亿人口的终端用户网络及分布式落地优势， 结 合 宁 德 时代全球领先的储能技术，将储能成果加速应用至各地的综合能源项目中。 ...

Core Insights - The article highlights the complexity and significance of gas turbines, describing them as the "crown jewel" of the equipment manufacturing industry, with only six countries capable of producing them: the USA, UK, Germany, Russia, Japan, and China [1][7]. Group 1: Technological Advancements - The "Taihang 110" heavy gas turbine can generate 150,000 kilowatt-hours of electricity per hour, sufficient to power 15,000 households for a day, showcasing its immense power [2]. - The CGT50 gas turbine, recently announced, is a 50-megawatt unit that has generated significant interest in military circles, with discussions about its potential use in China's 100,000-ton aircraft carriers [5][6]. - China has made substantial progress in gas turbine technology, achieving self-sufficiency in high-temperature core components by 2019 and launching the first domestically produced F-class 50-megawatt gas turbine in 2023 [8]. Group 2: Market Demand and Competition - There is a surge in demand for gas turbines due to the global rise of AI data centers, with major companies like GE, Siemens, and Mitsubishi having orders booked until 2030 [3]. - The G50 heavy gas turbine has already been exported to Kazakhstan, and the "Taihang 110" has reportedly secured international orders worth billions [9]. - Despite the dominance of GE, Siemens, and Mitsubishi in the global gas turbine market, China is rapidly gaining ground, breaking the Western monopoly that has existed for decades [9].

Core Insights - China Gas Holdings Limited has signed a tripartite strategic cooperation framework agreement with the Nigerian National Petroleum Corporation (NNPC) and PCCS, marking a significant advancement in its energy investment in Nigeria [1][5] - The agreement aligns with the consensus reached during the meeting between the leaders of China and Nigeria, aiming to deepen energy cooperation and support Nigeria's energy strategy transformation [1][6] Group 1: Strategic Partnership - The signing ceremony was attended by high-level executives from NNPC, emphasizing the importance of the partnership [3] - NNPC's GCEO highlighted Nigeria's rich natural gas resources and the need for technological innovation and international collaboration for resource monetization [3] - China Gas aims to leverage its capital and technological advantages to provide integrated solutions tailored to Nigeria's energy structure [3][6] Group 2: Areas of Cooperation - The cooperation will focus on three core areas: 1. Liquefied Natural Gas (LNG) projects, including torch gas to LNG and floating LNG, to enhance Nigeria's gas commercialization [5] 2. Gas-fired power generation, with plans to jointly invest in efficient gas power plants to alleviate Nigeria's electricity supply issues [5] 3. Natural gas deep processing, promoting projects like methanol and ammonia production to upgrade the local energy industry [5] - This agreement is a crucial step for China Gas in expanding its overseas energy market presence and enhancing international energy cooperation [5]

Core Insights - China Gas Holdings Limited has signed a strategic cooperation agreement with Contemporary Amperex Technology Co., Limited (CATL) to enhance collaboration in the energy sector and support the national "dual carbon" strategy [1][2]. Group 1: Strategic Cooperation - The cooperation aims to leverage the strengths of both companies to achieve sustainable development in the energy field [1]. - The partnership is seen as a milestone for both companies and the industry, marking a new chapter in the green transformation of traditional energy enterprises [1]. Group 2: Company Strengths - China Gas has a vast energy network covering 200 million people, providing a strong user base and distributed implementation advantages across the country [2]. - CATL is recognized as a global leader in renewable energy innovation, possessing world-class energy storage technology and extensive industrial experience [2]. Group 3: Future Collaboration - The two companies will focus on key areas such as energy storage, biomass energy, and integrated energy services for in-depth collaboration [3]. - They plan to expand their cooperation beyond the domestic market to explore opportunities in the global renewable energy sector [3].