AI 第八届人力资源共享服务中心调研报告 Powered HR Sharing, Intelligently-Driven Experience Enhancement 赋能人力共享 智能驱动体验升级 THE 8TH CHINA HUMAN RESOURCE SHARED SERVICES CENTER SURVEY REPORT 调研主办方 作 者 AUTHOR 杨蔼昱 Coco Yang Coco.yang@hrecchina.org © 版权声明 本调研报告属智享会所有。未经双方书面许可，任何其他个人或组织均不得以任何形式 将本调研报告的全部或部分内容转载、 复制、编辑或发布使用于其他任何场合。 © Copyright ownership belongs to HR Excellence Center. Reproduction in whole or part without prior written permission from HR Excellence Center is prohibited. 杨蔼昱女士现任人力资源智享会（HREC）咨询顾问（Consultant，Research and ...

证券研究报告 中国燃气 (384 HK) 2026 年春季投资峰会速递— 顺价机制下气价波动影响可控 2026 年 3 月 05 日│中国香港 燃气及分销 3 月 5 日中国燃气出席了我们组织的 2026 年春季投资峰会，会上公司管理 层介绍了核心业务运营最新进展、顺价机制落地节奏、接驳业务规划及增值 服务与综合能源新业务布局，同时回应投资者关于毛差修复趋势、气源价格 波动影响、下游需求复苏、中长期增长路径及派息政策等核心关切，明确全 年业务指引落地节奏与未来"燃气+新能源"双轮驱动的发展方向。我们看 好公司核心业务盈利修复与新业务长期增长动能，强劲自由现金流支撑稳定 派息，维持"买入"评级。 我们维持公司 FY26-28 归母净利润预测 34.91/37.36/39.49 亿港币，对应 EPS 为 0.64/0.69/0.72 港币。维持目标价 9.60 港币，基于 15xFY26 预测 PE，高于公司 PE-FTM 的历史均值 10x，核心考虑到公司自由现金流保持 快速增长，有望支撑稳定派息和持续改善资产负债表。维持"买入"评级。 风险提示：天然气需求增长放缓；新业务进展不及预期；壹品慧分拆存在不 确定性 ...

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].

Core Insights - The demand for gas turbines is experiencing a significant surge due to emerging applications such as AI, energy transition, and grid upgrades, leading to a supply-demand mismatch and regional policy resonance [2][5]. Group 1: Company Performance - Siemens Energy reported a record order of €8.75 billion for gas turbines in Q1 FY2026, with a backlog of €60 billion expected by the end of 2025 [1]. - GE Vernova's new orders for gas turbines reached $59.3 billion in 2025, a 34% increase year-over-year, with a backlog of 83 GW [3][4]. - Mitsubishi Heavy Industries plans to double its gas turbine production capacity within two years due to increased orders, with expectations of ¥6.7 trillion in total orders for 2025 [3][4]. Group 2: Market Dynamics - The gas turbine market is dominated by three major players—Siemens Energy, GE Vernova, and Mitsubishi Heavy Industries—holding 80% of the market share [3]. - The current order backlog for these companies extends to 2028-2030, indicating a long delivery cycle and high demand [5]. - The surge in demand is primarily driven by AI data centers, which are significantly increasing global electricity needs [5][6]. Group 3: Regional Insights - The U.S. market is experiencing a dramatic increase in electricity demand due to AI data centers, with a reported shortfall of approximately 46 GW in gas turbine installations [6]. - Chinese gas turbine manufacturers are positioned to capitalize on this supply gap, with potential for significant export opportunities to the U.S. market [7]. - Domestic companies are beginning to penetrate international markets, with successful projects like the 50 MW combined cycle power project in Kazakhstan [7]. Group 4: Market Sentiment - The positive outlook for the gas turbine industry is reflected in the stock market, with notable increases in the share prices of companies like Linde, Dongfang Electric, and others [8].

Group 1 - The core viewpoint of the article highlights the strategic cooperation agreement signed between China Gas and CATL, focusing on energy storage business from 2026 to 2028 [2] - The collaboration will prioritize the implementation of energy storage projects on the grid side and for commercial and industrial applications [2] - The partnership aims to leverage China Gas's extensive user network covering 200 million people and CATL's leading energy storage technology to accelerate the application of energy storage solutions in comprehensive energy projects [2] Group 2 - The cooperation will also explore opportunities in biomass energy and the expansion of overseas renewable energy markets [2] - The 14th International Energy Storage Summit and Exhibition (ESIE 2026) will take place from March 31 to April 3, 2026, in Beijing [3] - The event will serve as a platform for discussing key trends and developments in the energy storage industry [4]

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].