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].

致：香港交易及結算所有限公司 公司名稱: 華潤燃氣控股有限公司 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) | 01193 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | 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 第 2 ...

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].

华润燃气(01193)发布公告，于2026年1月28日，本公司的全资附属公司华润燃气投资(中国)有限公司(华 润燃气投资(中国))已于中国发行第一期中期票据。已发行的第一期中期票据本金总额为人民币10亿元， 期限为三年，票面利率为每年1.71%。发行第一期中期票据所得募集资金将用于补充华润燃气投资(中 国)或其附属公司的流动资金。 ...

格隆汇1月28日丨华润燃气(01193.HK)宣布，于2026年1月28日，公司的全资附属公司华润燃气投资(中 国)有限公司(「华润燃气投资(中国)」)已于中国发行第一期中期票据(「第一期中期票据」)。已发行的 第一期中期票据本金总额为人民币10亿元，期限为三年，票面利率为每年1.71%。发行第一期中期票据 所得募集资金将用于补充华润燃气投资(中国)或其附属公司的流动资金。 ...

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，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：1193） 內幕消息 本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及 香港法例第571章證券及期貨條例第XIVA部之內幕消息條文（定義見上市規則）之 規定而發出。 茲提述華潤燃氣控股有限公司（「本公司」）日期為二零二五年十二月三十一日的公 告（「該公告」），內容有關（其中包括）於中華人民共和國（「中國」）註冊擬議發行 中期票據。 本公司董事會（「董事會」）欣然宣佈，於二零二六年一月二十八日，本公司的全資 附屬公司華潤燃氣投資（中國）有限公司（「華潤燃氣投資（中國）」）已於中國發行 第一期中期票據（「第一期中期票據」）。已發行的第一期中期票據本金總額為人民 幣10億元，期限為三年，票面利率為每年1.71%。發行第一期中期票據所得募集 資金將用於補充華潤燃氣投資（中國）或其附屬公司的流動資金。 香港，二零二六年一月二十八日 於本公告 ...

舜宇光学科技回购数量85.00万股，回购金额5415.15万港元，回购最高价为64.000港元，最低价为63.150 港元，年内累计回购金额8.20亿港元；华润燃气回购数量105.24万股，回购金额2280.22万港元，回购最 高价为22.000港元，最低价为21.480港元，年内累计回购金额4346.61万港元；碧桂园服务回购数量 210.00万股，回购金额1317.36万港元，回购最高价为6.330港元，最低价为6.210港元，年内累计回购金 额7408.18万港元。 以金额进行统计，1月23日回购金额最多的是舜宇光学科技，回购金额为5415.15万港元；其次是华润燃 气，回购金额为2280.22万港元；回购金额居前的还有碧桂园服务、快手-W等。回购数量上看，1月23 日回购股数最多的是碧桂园服务，当日回购量为210.00万股；其次是华润燃气、中国恒有源集团等，回 购数量分别为105.24万股、100.00万股。（数据宝） 1月23日港股公司回购一览 | 代码 | 简称 | 回购股数 | 回购金额（万 | 回购最高价 | 回购最低价 | 年内累计回购金额 | | --- | --- | --- | --- ...

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].

格隆汇1月23日丨华润燃气(01193.HK)公告，1月23日耗资2280.2万港元回购105.2万股，回购价格每股 21.48-22港元。 相关事件 华润燃气(01193.HK)1月23日耗资2280.2万港元回购105.2万股 华润燃气(01193.HK)1月22日耗资2066.4万 港元回购94.76万股 ...

华润燃气(01193)发布公告，于2026年1月23日，该公司斥资2280.22万港元回购105.24万股。 ...