Investment Rating - The report suggests a "Buy" rating for several companies in the power sector, including Huaneng International, Huadian International, Guodian Power, and Datang Power, among others [9]. Core Insights - The National Energy Administration has released detailed regulations for green certificate management, which is expected to reshape market rules and enhance the trading price of green certificates by 2026 [2][14]. - The new regulations clarify that independent energy storage discharge will no longer be eligible for green certificate issuance, which may lead to a reduction in the overall circulation of green certificates and an increase in their trading prices [2][14]. - The guidelines for industrial microgrid construction require that new renewable energy generation in industrial parks must have a self-consumption ratio of at least 60% annually, promoting local production and consumption of green electricity [6][16]. Summary by Sections Green Certificate Regulations - The new regulations maintain the core measurement standard of issuing one green certificate for every 1,000 kWh of renewable energy generated [2][14]. - Independent energy storage discharge will not receive green certificates, and projects must measure generation and storage separately [2][17]. - From January 1, 2026, the production year of the electricity must match the consumption year for green certificate cancellation, changing the previous practice of purchasing historical certificates [2][17]. Industrial Microgrid Guidelines - The guidelines aim to enhance the capacity for local production and consumption of green electricity in industrial sectors [6][16]. - New renewable energy projects in industrial parks must achieve a minimum self-consumption ratio of 60% [6][16]. - The guidelines introduce a requirement for integrating various systems, including renewable energy generation and energy management technologies [6][16]. Market Performance - The report notes that the Shanghai Composite Index rose by 3.82% during the week of January 5-9, with the power and utilities sector index increasing by 2.4%, underperforming the broader market [66][67]. - The report highlights that most listed companies in the power and utilities sector experienced stock price increases during this period [66].

当地两级人大代表倾听民意、提交议案、争取支持。在各方的合力推动下，"村集体出资、村委会监 管、燃气公司托管"的创新模式在犁倭镇应运而生。工程建设过程中，村"两委"逐户走访征集意见，并 成立监督小组严把施工质量关，华润燃气公司选用优质材料、规范施工，保障供气安全。 通气后，燃气公司24小时服务热线同步响应，技术人员定期上门检修并普及安全用气知识，还为老年村 民提供一对一操作指导。目前，犁倭村19个村民小组已全部铺设天然气主管网。此外，同样的建设工作 也在石牛村推进。（李锦明 鲍凯） 转自：贵州日报 近日，贵阳市清镇市犁倭镇犁倭村天然气入户工程全面落地，成为清镇市首个实现整村推进天然气入户 的村庄。 犁倭镇天然气下乡入户工程是在清镇市人大常委会牵头协调，属地积极推进，华润燃气公司大力支持下 完成的。过去，村民日常生活多依赖燃煤、液化气，不仅使用成本高，还存在火灾、一氧化碳中毒等安 全隐患，且污染人居环境。随着生活水平的提升，用上洁净安全的天然气成为村民迫切期盼。 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, indicating potential investment opportunities in these areas [1]. Core Insights - The 2026 long-term electricity prices are under pressure, with significant declines observed in transaction prices across various provinces, reflecting a shift in the power generation model from reliance on thermal power to a more diversified income structure [6][7]. - Natural gas consumption saw a year-on-year increase of 5.1% in November 2025, indicating a recovery in demand, particularly due to heating needs during the winter season [34]. - The report highlights the importance of optimizing the electricity market mechanism and restructuring the power generation mix as key future trends [7]. Summary by Sections 1. Electricity: 2026 Long-term Electricity Prices - The annual transaction results for 2026 show a total transaction volume of 2,724.81 billion kWh in Jiangsu, with a weighted average price of 344.19 yuan/MWh, down 16.55% from the previous year [6][8]. - Similar trends are observed in Guangdong and Anhui, with prices decreasing by 5.03% and 10.09% respectively [6][8]. - The report suggests that coastal provinces will face significant pricing pressure in 2026, as the role of thermal power shifts from being the main energy source to a regulatory support role [7]. 2. Gas: November Natural Gas Consumption - In November 2025, the apparent consumption of natural gas reached 362.8 billion m³, marking a 5.1% increase year-on-year, while the total consumption from January to November was 3,880 billion m³, a slight decline of 0.1% [34]. - The report notes that the increase in consumption is attributed to a low base from the previous year and a recovery in industrial gas demand [34]. - The report also highlights a favorable trend in natural gas pricing, with a decrease in costs due to lower international oil prices and improved supply conditions [36]. 3. Investment Analysis Recommendations - For thermal power, the report recommends companies with integrated coal and power operations, such as Guodian Power and Inner Mongolia Huadian, as well as those with significant large unit ratios like Datang Power and Huaneng International [10]. - In the hydropower sector, companies like Yangtze Power and Guotou Power are recommended due to their sufficient capacity and expected improvements in profit margins [10]. - The report suggests focusing on nuclear power companies like China Nuclear Power and China General Nuclear Power, which have stable cost structures and high utilization hours [10]. - For green energy, companies such as Xintian Green Energy and Longyuan Power are highlighted for their stable returns and increasing operational benefits from environmental value releases [10].

Investment Rating - The industry investment rating is maintained as "Increase" [4] Core Insights - The annual negotiated electricity price has been established, leading to a significant drop in trading prices in Jiangsu and Zhejiang for 2026, with a decrease of 16.5% and 16.4% respectively. The new energy price subsidy in January is at a maximum of 6.17 cents per kilowatt-hour [3][13] - The electricity market is undergoing a restructuring with the full entry of new energy sources, which is expected to bring about a new equilibrium in electricity pricing sooner than anticipated [3] - The report highlights the performance of various sectors within the electricity industry, noting a general decline in stock prices for most listed companies in the power and utilities sector [6][63] Summary by Sections Industry Overview - The average trading price for electricity in Jiangsu for 2026 is 344.19 yuan per megawatt-hour, down 16.5% year-on-year, while in Zhejiang it is 344.85 yuan per megawatt-hour, also down 16.4% [13] - The total transaction volume in Jiangsu's electricity market for 2026 is 272.481 billion kilowatt-hours, with a weighted average price of 344.19 yuan per megawatt-hour [13] - The report indicates that the electricity prices in 28 regions have been adjusted downwards, with reductions ranging from 0.65% to 24.68% [3][13] Market Performance - The Shanghai Composite Index closed at 3968.84 points, up 0.13%, while the CSI 300 Index closed at 4629.94 points, down 0.59%. The CITIC Power and Utilities Index closed at 3042.43 points, down 2.35%, underperforming the CSI 300 Index by 1.76 percentage points [6][63] - Most stocks in the power and utilities sector experienced declines, with notable drops in companies such as Guodian Power and Huaneng International [67] Investment Recommendations - The report suggests focusing on high-dividend coal-fired power leaders and companies with stable electricity prices and coal-electric integration, such as Huaneng International, Huadian International, and Guodian Power [3] - It also recommends investing in flexible coal-fired power transformation leaders and companies in the wind and solar sectors, such as Xintian Green Energy and Longyuan Power [3] - For the gas sector, it highlights quality leaders like Chengran and New Hope Energy, which are expected to recover profits while maintaining stable dividends [3]

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: 2025年12月31日 狀態: 新提交 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1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 | 本月底 ...

Core Viewpoint - China Resources Gas (01193) announced that its wholly-owned subsidiary, China Resources Gas Investment (China) Co., Ltd., received a registration acceptance notice from the National Association of Financial Market Institutional Investors regarding the proposed issuance of medium-term notes in China, scheduled for December 24, 2025 [1] Group 1 - The registration notice is valid for two years from the date of issuance, allowing China Resources Gas Investment (China) to issue a total of RMB 8 billion in medium-term notes during this period [1] - The anticipated proceeds from the proposed issuance are expected to be used for repaying interest-bearing debts of China Resources Gas Investment (China) or its subsidiaries [1]

根据通知书，该注册自通知书发出日期起两年内有效，华润燃气投资(中国)可在该期间内分期发行总额 为人民币80亿元的中期票据。倘进行中期票据的拟议发行，则预计所得募集资金将用于偿还华润燃气投 资(中国)或其附属公司的有息债务。 格隆汇12月31日丨华润燃气(01193.HK)发布公告，公司于中国注册成立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)")收到中国银行间市场交易商协会发出关于华润燃气投资(中国)拟 于中国发行中期票据的日期为2025年12月24日的接受注册通知书(中市协注[2025]编号为MTN1265号) ("通知书")。 ...

Core Viewpoint - China Resources Gas (01193) announced that its wholly-owned subsidiary, China Resources Gas Investment (China) Co., Ltd., received a registration acceptance notice from the National Association of Financial Market Institutional Investors regarding the proposed issuance of medium-term notes in China, with a registration valid for two years [1] Group 1 - The proposed issuance date for the medium-term notes is set for December 24, 2025, with a total issuance amount of RMB 8 billion [1] - The funds raised from the issuance are expected to be used for repaying interest-bearing debts of China Resources Gas Investment (China) or its subsidiaries [1]

华润燃气在港交所公告，公司于中国注册成立的全资附属公司华润燃气投资（中国）有限公司收到中国 银行间市场交易商协会发出的接受注册通知书，华润燃气投资（中国）拟于中国发行中期票据。根据通 知书，该注册自通知书发出日期起两年内有效，华润燃气投资（中国）可在该期间内分期发行总额为人 民币80亿元的中期票据。 (本文来自第一财经) ...

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依 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） 主席 楊平 香港，二零二五年十二月三十一日 根據通知書，該註冊自通知書發出日期起兩年內有效，華潤燃氣投資（中國）可 在該期間內分期發行總額為人民幣80億元的中期票據。倘進行中期票據之擬議發 行，則預計所得募集資金將用於償還華潤燃氣投資（中國）或其附屬公司的有息債 務。本公司將於適當時候作出有關擬議發行中期票據的進一步公告。 1 由於中期票據之擬議發行可能會或可能不會進行，本公司股東及潛在投資者於買 賣本公司證券時務請審慎行事。 承董事會命 華潤燃氣控股有限公司 內幕消息 於中國銀行間市場交易商協會註冊中期票據 本公告乃由華潤燃氣控股有限公司（「本公司」）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）而作出。 本公司董事會（「董事會」）謹此宣佈，本 ...