海螺创业港股市值193.9亿港元，在环保工程及服务行业中排名第2。主要指标见下表： 海螺创业(00586.HK)发布公告，于2025年12月2日，本公司收到中国银行间市场交易商协会文件《接受 注册通知书》，同意接受本公司注册债务融资工具，注册金额为人民币50亿元，注册额度自该通知书落 款之日起2年内有效。于2026年2月4日，本公司于中华人民共和国公开发行2026年度第一期绿色中期票 据(债券通)，本金总额为人民币12.35亿元，为期五年，票面利率为1.9%，并无担保。本次发行2026年度 第一期绿色中期票据主要用途为偿还即将到期的2023年度第一期绿色中期票据(债券通)。本公司(作为发 行人)已收到信用评级公司联合资信评估股份有限公司之AAA评级。 截至2026年2月5日收盘，海螺创业(00586.HK)报收于10.7港元，下跌1.11%，成交量528.86万股，成交额 5694.19万港元。投行对该股关注度不高，90天内无投行对其给出评级。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

格隆汇2月5日丨海螺创业(00586.HK)宣布，于2025年12月2日，公司收到中国银行间市场交易商协会文 件《接受注册通知书》，同意接受公司注册债务融资工具，注册金额为人民币50亿元，注册额度自该通 知书落款之日起2年内有效。于2026年2月4日，公司于中华人民共和国公开发行2026年度第一期绿色中 期票据(债券通)(「2026年度第一期绿色中期票据」)，本金总额为人民币12.35亿元，为期五年，票面利 率为1.9%，并无担保。本次发行2026年度第一期绿色中期票据主要用途为偿还即将到期的2023年度第 一期绿色中期票据(债券通)。公司(作为发行人)已收到信用评级公司联合资信评估股份有限公司之AAA 评级。 ...

海螺创业(00586)发布公告，于2025年12月2日，本公司收到中国银行间市场交易商协会文件《接受注册 通知书》，同意接受本公司注册债务融资工具，注册金额为人民币50亿元，注册额度自该通知书落款之 日起2年内有效。于2026年2月4日，本公司于中华人民共和国公开发行2026年度第一期绿色中期票据(债 券通)，本金总额为人民币12.35亿元，为期五年，票面利率为1.9%，并无担保。本次发行2026年度第一 期绿色中期票据主要用途为偿还即将到期的2023年度第一期绿色中期票据(债券通)。本公司(作为发行 人)已收到信用评级公司联合资信评估股份有限公司之AAA评级。 ...

智通财经APP讯，海螺创业(00586)发布公告，于2025年12月2日，本公司收到中国银行间市场交易商协 会文件《接受注册通知书》，同意接受本公司注册债务融资工具，注册金额为人民币50亿元，注册额度 自该通知书落款之日起2年内有效。于2026年2月4日，本公司于中华人民共和国公开发行2026年度第一 期绿色中期票据(债券通)，本金总额为人民币12.35亿元，为期五年，票面利率为1.9%，并无担保。本次 发行2026年度第一期绿色中期票据主要用途为偿还即将到期的2023年度第一期绿色中期票据(债券通)。 本公司(作为发行人)已收到信用评级公司联合资信评估股份有限公司之AAA评级。 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部 或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 自願公告： 中國海螺創業控股有限公司發行二零二六年度第一期綠色中期票據 本 公 告 乃 中 國 海 螺 創 業 控 股 有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司 ， 統 稱「 本 集 團」）自願刊發。 China Conch Venture Holdings Limited 中 國 海 螺 創 業 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：586） 中國海螺創業控股有限公司 公司秘書 陳興強 中華人民共和國安徽省 二零二六年二月五日 於 本公 告日 期 ，董 事 會包 括執 行 董事 郭 景彬 先生（ 主 席 ）、 紀 勤應 先生（ 副 主席 兼 行 政 總 裁 ）、 汪 學 森 先 生 、 何 廣 元 先 生 及 萬 長 寶 先 生 ； 非 執 行 董 事 呂 文 斌 先 生 ； 以及 ...

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].

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 第 1 頁 共 10 頁 v 1.2.0 FF301 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 公司名稱: 中國海螺創業控股有限公司 呈交日期: 2026年2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) | 00586 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 15,000,000,000 | HKD | | 0.01 | HKD | | 150,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | ...

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].

Investment Rating - The report maintains an "Overweight" rating for the environmental protection industry [1] Core Insights - The report emphasizes the growth potential in waste incineration and the opportunities for companies to expand overseas, particularly in Southeast Asia and India, where there is a projected increase in waste incineration capacity [10][15] - The report highlights the significant increase in sales of new energy sanitation vehicles and the growth of unmanned sanitation projects, indicating a shift towards automation and electrification in the industry [17][20] - The 2026 strategy focuses on the dual drivers of value and growth, emphasizing the importance of marketization and efficiency improvements in the environmental sector [24][28] Industry Trends - Waste Incineration Growth: The report estimates a potential increase of approximately 500,000 tons/day in waste incineration capacity in ASEAN countries and India, corresponding to an investment scale of about 250 billion yuan [10] - Unmanned Sanitation Equipment: In 2025, the total amount of contracts for unmanned sanitation projects exceeded 12.6 billion yuan, with a year-on-year increase of over 150% [17] - New Energy Sanitation Vehicles: Sales of new energy sanitation vehicles increased by 70.9% in 2025, with a penetration rate of 21.11%, reflecting a growing trend towards electrification in the sanitation sector [20][30] Company Recommendations - Key companies recommended for investment include Longjing Environmental, Gao Neng Environment, Sains, and others, focusing on their growth potential in both domestic and international markets [4][15] - The report suggests that companies like Weiming Environmental and Sanfeng Environment are expected to benefit significantly from overseas expansion and high-value projects [15][24] - The report also highlights the importance of dividend increases and return on equity (ROE) improvements for companies such as Huanlan Environment and Green Power [15][24] Market Dynamics - The report notes that the profitability of waste incineration projects in Indonesia is significantly higher than in China due to favorable pricing and operational conditions [12][15] - The report indicates that the market for lithium battery recycling is improving, with rising metal prices and better margins for recycling projects [38][39]

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][3]. Core Insights - The report highlights a slight increase in overall power generation in 2025, primarily driven by wind and solar energy contributions, while traditional coal power generation shows a decline [8][9]. - The extreme cold weather in the U.S. has led to a significant spike in natural gas prices due to increased demand and supply constraints [18][22]. - The report suggests various investment opportunities across different segments of the energy sector, including coal power, hydropower, nuclear power, renewable energy, and gas companies [18][43]. Summary by Sections 1. Power Generation - In December 2025, total power generation was 858.6 billion kWh, a year-on-year increase of 0.1%. Coal power generation decreased by 3.2%, while renewable sources like wind and solar saw significant growth [10][11]. - For the entire year of 2025, total power generation reached 9715.9 billion kWh, up 2.2% from the previous year, with coal power down by 1.0% and solar power up by 24.4% [15][19]. 2. Natural Gas - As of January 23, 2026, the Henry Hub spot price surged to $30.72/mmBtu, reflecting a week-on-week increase of 903.53%. European gas prices also rose significantly due to low inventory levels and increased demand [20][28]. - The report notes that the extreme cold weather has tightened supply and demand dynamics, leading to higher global gas prices, particularly in Europe and Northeast Asia [22][37]. 3. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their integrated coal and power operations [18]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to favorable conditions for energy storage and reduced capital expenditures [19]. - Nuclear power companies like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [18]. - Renewable energy operators such as Xinte Energy and Longyuan Power are recommended as new market rules enhance the stability of returns [18]. - Gas companies like Kunlun Energy and New Hope Liuhe are suggested for their potential recovery in profitability due to cost reductions and improved pricing mechanisms [43].