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]

Core Viewpoint - China Resources Gas (01193.HK) announced that its wholly-owned subsidiary, China Resources Gas Investment (China) Co., Ltd., received a registration acceptance notice from the China Interbank Market Dealers Association for the proposed issuance of medium-term notes totaling RMB 8 billion, valid for two years from the date of the notice [1]. Group 1 - The registration notice is numbered MTN1265 and is effective for two years from the date of issuance [1]. - The total amount of medium-term notes that can be issued is RMB 8 billion [1]. - The expected proceeds from the proposed issuance will be used to repay interest-bearing debts of China Resources Gas Investment (China) or its subsidiaries [1].

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]

Core Viewpoint - China Resources Gas announced that its wholly-owned subsidiary, China Resources Gas Investment (China) Co., Ltd., has received a registration acceptance notice from the National Association of Financial Market Institutional Investors for the issuance of medium-term notes in China [1] Group 1 - The registration is valid for two years from the date of the notice, allowing the company to issue medium-term notes in installments [1] - The total amount of medium-term notes that can be issued is set at RMB 8 billion [1]

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 ...

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） 本公司間接全資附屬公司郴州華潤燃氣與華潤醫藥間接非全資附屬公司華潤三 九（郴州）訂立新框架協議，據此，郴州華潤燃氣將供應及華潤三九（郴州）將購 買用於華潤三九（郴州）的華南區生產製造中心供應製熱、製冷、蒸汽能源及電 能。 上市規則的涵義 於本公告日期，本公司的控股股東華潤集團憑藉其擁有華潤醫藥已發行股本 約53.40%的權益亦為華潤醫藥的控股股東，進而擁有華潤三九已發行股本約 63.22%的權益。因此，華潤三九及其附屬公司華潤三九（郴州）為本公司的關連 人士，而新框架協議項下擬進行的能源供應交易將構成本公司的持續關連交易。 有關能源供應交易的所有適用百分比率（定義見上市規則第14.07條）於本公告日 期均低於0.1%，故根據上市規則第14A章，新框架協議、其項下擬進行的交易 及擬議年度上限可獲全面豁免申報、公告、年度審閱及獨立股東批准規定，惟 由於 ...

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly recommending companies involved in coal power, hydropower, nuclear power, green energy, and gas [1]. Core Insights - The report highlights that in November 2025, the total electricity consumption reached 835.6 billion kWh, marking a year-on-year increase of 6.2%. The growth contributions from the primary, secondary, and tertiary industries, as well as residential consumption, were 2%, 49%, 29%, and 19% respectively [4][6]. - The secondary industry remains the largest contributor to electricity consumption, accounting for over 60% of the total, with significant growth in high-tech and equipment manufacturing sectors [5][6]. - Natural gas prices have shown fluctuations, with the U.S. Henry Hub spot price at $3.31/mmBtu, reflecting a weekly decline of 7.30%. The report notes that the domestic LNG ex-factory price is 3915 yuan/ton, down 2.85% week-on-week [1][16]. Summary by Sections Electricity Sector - In November 2025, the electricity consumption by the first, second, and third industries grew by 7.9%, 4.4%, and 10.3% respectively, while residential consumption increased by 9.8% [4][6]. - The high-tech and equipment manufacturing sectors saw a 6.7% increase in electricity consumption, with automotive manufacturing leading at a 10% growth rate [5][6]. Natural Gas Sector - The report indicates that global gas prices are experiencing slight fluctuations, with the U.S. market showing a significant drop in spot prices. The report anticipates that the demand for natural gas will increase as winter approaches, potentially stabilizing prices [1][16]. - Recommendations include focusing on integrated gas companies and those benefiting from cost reductions and improved profitability due to lower oil prices [39][40]. Investment Recommendations - For coal power, companies like Guodian Power and Inner Mongolia Huadian are recommended due to their diversified revenue sources [1]. - Hydropower companies such as Yangtze Power and State Power Investment Corporation are favored due to expected improvements in profit margins from reduced capital expenditures [1]. - Nuclear power firms like China National Nuclear Power and China General Nuclear Power are highlighted for their stable cost structures and growth potential [1]. - In the green energy sector, companies like Xintian Green Energy and Longyuan Power are recommended for their stable returns and increasing operational value [1]. - The report also suggests investment in gas companies like Shenzhen Energy and Kunlun Energy, which are expected to benefit from cost reductions and improved market conditions [1][39].

Investment Rating - The report maintains a "Positive" outlook on the utility and environmental sectors, indicating potential investment opportunities in these areas [2]. Core Insights - The report highlights that in November, the total electricity consumption in China reached 835.6 billion kWh, representing a year-on-year growth of 6.2%. The contributions from various sectors were: primary industry (7.9%), secondary industry (4.4%), tertiary industry (10.3%), and urban and rural residents (9.8%) [3][8]. - The growth in electricity consumption is primarily driven by the tertiary industry, particularly in sectors related to big data analysis and artificial intelligence services, which saw significant increases in electricity usage [9]. - The report notes that the natural gas market is experiencing slight fluctuations, with LNG prices continuing to decline. As of December 26, the national LNG ex-factory price was 3915 RMB/ton, down 2.85% week-on-week [3][40]. Summary by Sections Electricity Sector - In November, the total electricity consumption was 8356 billion kWh, with a year-on-year increase of 6.2%. The secondary industry contributed 49% to the growth, while the tertiary industry followed with a 29% contribution [10][11]. - The high-tech and equipment manufacturing sectors showed a notable increase in electricity consumption, with a year-on-year growth of 6.7%, surpassing the average growth rate of the manufacturing sector by 2.5 percentage points [9][10]. Natural Gas Sector - The report indicates that global gas prices are experiencing minor fluctuations, with the Henry Hub spot price at $3.31/mmBtu, reflecting a weekly decrease of 7.30%. The TTF spot price in the Netherlands was €27.70/MWh, down 1.42% week-on-week [3][19]. - The report suggests that the LNG ex-factory price in China is under pressure due to high inventory levels and low-cost sea gas resources, leading to a continued downward trend [40][41]. Investment Recommendations - The report recommends several companies based on their performance and market positioning: - For thermal power, companies like Guodian Power, Inner Mongolia Huadian, and Datang Power are highlighted for their integrated coal and power operations [3][17]. - In the hydropower sector, companies such as Yangtze Power and Guotou Power are recommended due to their stable financial performance and reduced capital expenditures [3][17]. - For nuclear power, China National Nuclear Power and China General Nuclear Power are suggested due to their stable cost structures and growth potential [3][17]. - In the green energy sector, companies like Xintian Green Energy and Longyuan Power are noted for their improved returns from stable project yields [3][17].