Investment Rating - The report maintains a positive outlook on the carbon trading market and related sectors, indicating a favorable investment environment for companies involved in power generation and environmental protection [2][9]. Core Insights - The carbon market in China is expanding, with a cumulative trading volume of 865 million tons and a total transaction value of 57.663 billion yuan as of December 31, 2025. The trading volume for the year increased by approximately 24% year-on-year, although the average transaction price fell by 19.23% to 62.36 yuan per ton [2][6]. - The report highlights the government's commitment to carbon reduction, transitioning from energy control to carbon control, which is expected to create investment opportunities in the environmental sector [9]. - Natural gas prices have decreased due to a combination of supply-demand dynamics and seasonal factors, with significant price drops observed in various markets, including a 39.20% decrease in the Henry Hub spot price [2][12]. Summary by Sections 1. Power Sector - The carbon trading market is projected to continue expanding, with key emission units increasing awareness of carbon reduction. The number of units under management reached 3,378, with significant representation from the power, steel, cement, and aluminum industries [2][6]. - Recommendations for investment include companies with stable revenue sources such as Guodian Power, Inner Mongolia Huadian, and China Huaneng, which benefit from diversified income streams [9][11]. 2. Natural Gas Sector - Natural gas prices have seen a significant decline, with the Henry Hub spot price at $4.37/mmBtu, reflecting a 39.20% week-on-week drop. The report notes that the supply-demand balance is improving, contributing to this price decrease [2][12]. - Investment recommendations include companies like Kunlun Energy and New Hope Energy, which are expected to benefit from lower upstream resource costs and improved sales volumes [34][35]. 3. Market Performance Review - The report indicates that the power equipment and gas sectors outperformed the broader market during the review period from February 2 to February 6, 2026 [37]. 4. Company and Industry Dynamics - Recent regulatory updates include the National Development and Reform Commission's notification on improving the capacity pricing mechanism for coal and gas power generation, which aims to enhance revenue recovery for power plants [39][40]. - Key company announcements include performance forecasts from major players like Datang Power and Shanghai Electric, indicating significant year-on-year profit growth [41]. 5. Valuation Tables - The report provides valuation metrics for key companies in the utility sector, with several companies rated as "Buy," indicating strong growth potential and favorable market conditions [43][44].

Investment Rating - The report rates the public utility industry as "Overweight" for 2025, indicating a positive outlook compared to the overall market performance [1]. Core Insights - The report highlights that the cost pressures from coal and natural gas prices are easing, which is expected to improve the profit margins for power generation companies. The implementation of capacity pricing is stabilizing revenues, allowing for a diversified income model for thermal power companies [3]. - Hydropower is projected to benefit from improved water conditions in the second half of 2025, leading to stable growth in electricity generation. The reduction in financial costs due to interest rate cuts is also expected to enhance profitability [3]. - Nuclear power utilization hours are expected to remain high, but the decline in market electricity prices may negatively impact earnings. The approval of new nuclear projects is anticipated to support long-term growth [3]. - Renewable energy, particularly wind and solar, is expected to continue its high growth trajectory, supported by favorable investment mechanisms and stable returns from existing projects [3]. - The natural gas sector is poised for profitability improvements due to declining costs and a recovery in demand from commercial users [3]. Summary by Sections Thermal Power - Coal prices are expected to decline initially and then rebound, with an average price of 697 RMB/ton for 2025, down 18.47% year-on-year. The average price in Q2 2025 is projected to be 632 RMB/ton, a 12.36% decrease quarter-on-quarter and a 25.5% decrease year-on-year. The implementation of capacity pricing is expected to stabilize revenues for thermal power companies [3]. Hydropower - The utilization hours for hydropower are projected to be 3367 hours in 2025, an increase of 12 hours year-on-year. The first half of the year is expected to see lower water levels, while the second half will benefit from improved conditions, particularly in Q4 [3]. Nuclear Power - The utilization hours for nuclear power are expected to reach 7809 hours in 2025, an increase of 126 hours year-on-year. However, the decline in market electricity prices may negatively impact earnings [3]. Renewable Energy - By the end of September 2025, the total installed capacity for wind and solar energy is expected to reach 1.7 billion kW, with annual additions of 15-18.9 million kW needed to meet the 2035 target of 3.6 billion kW [3]. Natural Gas - The report anticipates a recovery in sales volume for natural gas companies in Q4 2025, driven by lower costs and improved demand from commercial sectors [3]. Company Performance Forecast - The report provides a detailed forecast for key companies in the public utility sector, indicating varying growth rates across different segments, with some companies expected to see significant profit growth while others may experience declines [4][5]. Investment Recommendations - The report recommends several companies across different segments, including thermal power, hydropower, nuclear power, renewable energy, and natural gas, highlighting those with strong growth potential and stable earnings [3].

| 交易方 | 日期 | | | 有關證券的說 | 交易性質 | | 買入／賣出 | 涉及的股份 | 已支付／已收 | 已支付或已 | 已支付或已 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | | | 總數 | 取的總金額 | 收取的最高 | 收取的最低 | | | | | | | | | | | | 價（H） | 價（L） | | 中國國際金 | 2026 | 年 | 2 月 5 | 普通股 | 建立新的追蹤指數 | ETF，當中相關證券佔已發行 | 買入 | 8,800 | $173,607.0000 | $19.8100 | $19.6800 | | 融股份有限 | 日 | | | | 的該類別證券少於 | 1%及同時佔該一籃子證券或 | | | | | | | 公司 | | | | | 該指數的價值少於 | 20% | | | | | | | | | | | 普通股 | | 沽售因應客戶主動要求所贖回既有的追蹤指數 | 賣出 | 2,200 | $43,470.00 ...

2026 年 2 月 6 日 透過協議安排進行私有化 就新奧天然氣股份有限公司的股份的交易披露 交易披露 交易披露 Morgan Stanley & Co., International plc 是最終由摩根士丹利擁有的公司。 這些是有關新奧天然氣股份有限公司 A 股進行的交易。交易以人民幣進行。 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | | 有關證券的說 | 產品說明 | 交易性質 | 與衍生工具有 | | 到期日或清結 | | 參考價 | 已支付／已收 | 交易後數額（包 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 明 | | | 關的參照證券 | 日 | | | | 取的總金額 | 括與其訂有協議 | | | | | | | | | | | 數目 | | | | | | 或達成諒解的任 | | | | | | | | | | | | | | | | ...

2026 年 2 月 6 日 透過協議安排進行私有化 就新奧天然氣股份有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： 這些是有關新奧天然氣股份有限公司 A 股進行的交易。交易以人民幣進行。 交易披露 完 註： 中信證券股份有限公司是與要約人有關連的第(5)類別聯繫人。 交易是為本身帳戶進行的。 | 交易方 | 日期 | | | 有關證券的說 | 交易性質 | | 買入／賣出 | 涉及的股份 | 已支付／已收 | 已支付或已 | 已支付或已 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | | | 總數 | 取的總金額 | 收取的最高 | 收取的最低 | | | | | | | | | | | | 價（H） | 價（L） | | 中信證券股 | 2026 | 年 2 | 月 5 | 普通股 | 建立新的追蹤指數 | ETF，當中相關證券佔已發行 | 賣出 | 300 | $5,935.0000 | $19.8500 | ...

完 交易披露 交易披露 註： 2026 年 2 月 6 日 透過協議安排進行私有化 就新奧天然氣股份有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： | 交易方 | 日期 | | | | 有關證券的說 | 產品說明 | 交易性質 | 與衍生工具有 | 到期日或清結 | | 參考價 | 已支付／已收 | 交易後數額（包 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 明 | | | 關的參照證券 | 日 | | | 取的總金額 | 括與其訂有協議 | | | | | | | | | | | 數目 | | | | | 或達成諒解的任 | | | | | | | | | | | | | | | | 何人士的證券） | | | Morgan | 2026 | 年 | 2 月 | 5 | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | 906 | 2027 年 | 3 月 31 | $19. ...

| 交易方 | 日期 | | | | 有關證券的說 | 產品說明 | 交易性質 | 與衍生工具有 | | 到期日或清結 | | 參考價 | 已支付／已收取 | 交易後數額（包 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 明 | | | 關的參照證券 | | 日 | | | 的總金額 | 括與其訂有協議 | | | | | | | | | | | 數目 | | | | | | 或達成諒解的任 | | | | | | | | | | | | | | | | | 何人士的證券） | | | Morgan | 2026 | 年 | 2 月 | 5 | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | | 50 | 2026年 | 8 月14 | $68.1750 | $3,408.7500 | | 0 | | Stanley & | 日 | | | | | | ─ 賣出 | | | 日 | | | | | | | Co., | | ...

2026 年 2 月 6 日 | 交易方 | 日期 | | | 有關證券的說 | 交易性質 | 買入／賣出 | 涉及的股份 | | 已支付／已收 已支付或已 | 已支付或已 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 明 | | | 總數 | | 取的總金額 收取的最高 | 收取的最低 | | | | | | | | | | | 價（H） | 價（L） | | Morgan | 2026 | 年 | 2 月 5 | 普通股 | 因全屬客戶主動發出且由客戶需求帶動的買賣 | 買入 | | 13,900 | $273,299.0000 $19.7800 | $19.5300 | | Stanley | 日 | | | | 盤所產生的 Delta 1 產品的對沖活動 | | | | | | | Bank, N.A. | | | | | | | | | | | 完 註： 透過協議安排進行私有化 就新奧天然氣股份有限公司的股份的交易披露 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券 ...

2026 年 2 月 6 日 透過協議安排進行私有化 就新奧能源控股有限公司的股份的交易披露 | 衍生工具 | 其他類別產品 | 訂立衍生工具合約 | 100 | 2026 年 2 月 5 | $68.3000 | $874.8100 | 4,972,700 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 日 | | | | | 衍生工具 | 其他類別產品 | 訂立衍生工具合約 | 74,000 | 2026 年 2 月 5 | $68.3658 | $648,618.1400 | 5,046,700 | | | | | | 日 | | | | | 衍生工具 | 其他類別產品 | 訂立衍生工具合約 | 8,100 | 2026 年 2 月 5 | $68.2951 | $70,928.5600 | 5,054,800 | | | | | | 日 | | | | | 衍生工具 | 其他類別產品 | 訂立衍生工具合約 | 200 | 2026 年 2 月 5 | $68.8500 | $1,765.7600 | 5,055,000 | | ...

2026 年 2 月 6 日 執行人員接獲依據香港《公司收購及合併守則》規則 22 作出以下的證券交易的披露： 透過協議安排進行私有化 就新奧能源控股有限公司的股份的交易披露 | 交易方 | 日期 | | 有關證券的說 | 產品說明 | 交易性質 | 與衍生工具有 | 到期日或清結 | 參考價 | 已支付／已收取 | 交易後數額（包 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 明 | | | 關的參照證券 | 日 | | 的總金額 | 括與其訂有協議 | | | | | | | | 數目 | | | | 或達成諒解的任 | | | | | | | | | | | | 何人士的證券） | | Morgan | 2026 年 2 | 月 5 | 衍生工具 | 其他類別產品 | 客戶主動利便客戶 | 100 | 2026 年 11 月 | $68.1500 | $6,815.0000 | 0 | | Stanley | 日 | | | | ─ 賣出 | | 13 日 | | | | | Capital | ...