消息面上，中泰国际研报指出，近期公司多项创新业务出现突破，例如广东湛江绿色甲醇项目一期投 产；2025年航天储存装备收入及在手订单合共超一亿元人民币；核聚变能投资。该行认为，虽然相关业 务的短期盈利贡献料不大，但是可助力公司中长期增长，并支持较高估值。该行暂时维持FY25-27股东 净利润预测，但是不排除待未来业绩/相关消息公布后调升的可能性。比较参与创新业务的能源设备同 业估值后，该行将公司目标价由8.60港元提高至12.34港元，对应16.5倍FY26市盈率和13.5%上升空间。 重申"增持"评级。 智通财经APP获悉，中集安瑞科(03899)一度涨超7%，截至发稿，涨4.83%，报11.28港元，成交额1.59亿 港元。 ...

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].

1月21日，我国自主新建的全国首艘双燃料甲醇加注船完成首单加注作业，此次加注的200吨绿色甲醇燃 料由中集集团旗下中集安瑞科独家生产供应。本次首单落地，标志着中集安瑞科牵头构建的绿色甲 醇"产-储-运-用"全产业链生态，为国内航运业脱碳及绿色甲醇产业链规模化发展打造样本。 本次执行加注任务的甲醇双燃料动力油化两用加注船"大庆268"轮，载重量达7500吨，其双燃料动力系 统可大幅降低船舶碳排放，作为国内首艘专业甲醇加注船，其首航首加意味着粤港澳大湾区在绿色燃料 加注装备领域实现"从无到有"的新突破，未来将持续为往来大湾区的国际船舶提供绿色能源补给，成为 国内绿色航运燃料加注领域的重要里程碑，也是深圳盐田区在落实综合改革试点任务中取得了新的突 破。 据介绍，近年来，深圳盐田区落实中央赋予的国际航行船舶保税燃料加注综合改革试点任务，加快推进 首批综改"在深圳水域试点开展国际航行船舶保税液化天然气加注业务"和第二批综改"支持深圳盐田港 在便利通关、燃料加注结算等方面加大探索力度"事项落地。在大力推动LNG替代燃料油加注的同时， 盐田区也在同步谋划布局甲醇、绿氨等新型清洁能源加注业务。 作为国际海事组织（IMO）推荐 ...

据介绍，近年来，深圳盐田区落实中央赋予的国际航行船舶保税燃料加注综合改革试点任务，加快推进 首批综改"在深圳水域试点开展国际航行船舶保税液化天然气加注业务"和第二批综改"支持深圳盐田港 （000088）在便利通关、燃料加注结算等方面加大探索力度"事项落地。在大力推动LNG替代燃料油加 注的同时，盐田区也在同步谋划布局甲醇、绿氨等新型清洁能源加注业务。 1月21日，我国自主新建的全国首艘双燃料甲醇加注船完成首单加注作业，此次加注的200吨绿色甲醇燃 料由中集集团（000039）旗下中集安瑞科独家生产供应。本次首单落地，标志着中集安瑞科牵头构建的 绿色甲醇"产-储-运-用"全产业链生态，为国内航运业脱碳及绿色甲醇产业链规模化发展打造样本。 本次执行加注任务的甲醇双燃料动力油化两用加注船"大庆268"轮，载重量达7500吨，其双燃料动力系 统可大幅降低船舶碳排放，作为国内首艘专业甲醇加注船，其首航首加意味着粤港澳大湾区在绿色燃料 加注装备领域实现"从无到有"的新突破，未来将持续为往来大湾区的国际船舶提供绿色能源补给，成为 国内绿色航运燃料加注领域的重要里程碑，也是深圳盐田区在落实综合改革试点任务中取得了新的突 破。 ...

中集安瑞科管理层解释，虽然合并口径下的现金状况与现金流看似充裕，但部分资金用途受限，尤其是 在化工业务分拆上市(中集环科（301559）(301559.SZ))之后。此外，清洁能源业务的一些营运现金流入 来自船舶客户的预付款，这些资金亦不能用于资本开支。因此，安瑞科需要依靠外部融资，以支持清洁 能源业务的资本开支。 花旗发布研报称，中集安瑞科(03899)公布配售最多共7,970万股新股，预估扩大后股本约3.77%，每股作 价9.79港元，净集资约7.74亿港元。花旗维持对中集安瑞科的"买入"评级，目标价12.5港元。 ...

中集安瑞科管理层解释，虽然合并口径下的现金状况与现金流看似充裕，但部分资金用途受限，尤其是 在化工业务分拆上市(中集环科(301559.SZ))之后。此外，清洁能源业务的一些营运现金流入来自船舶客 户的预付款，这些资金亦不能用于资本开支。因此，安瑞科需要依靠外部融资，以支持清洁能源业务的 资本开支。 智通财经APP获悉，花旗发布研报称，中集安瑞科(03899)公布配售最多共7,970万股新股，预估扩大后 股本约3.77%，每股作价9.79港元，净集资约7.74亿港元。花旗维持对中集安瑞科的"买入"评级，目标价 12.5港元。 ...

中集安瑞科 20260120 摘要 公司以 9.79 港币的价格配售新股，较 1 月 19 日收盘价折让 7.73%， 集资用于清洁能源资本支出和一般公司用途，包括偿还银行贷款和满足 营运资本需求。 清洁能源项目是公司主要投资领域，包括已投产和在建的干焦项目，以 及预计 2027 年投产的绿色甲醇二期项目，总投资额预计在 18 至 19 亿 人民币左右。 公司预计 2025 年资本性开支约为 10 亿人民币，2026 年预计在 8 至 15 亿人民币之间，主要用于干焦项目、绿甲二期建设以及日常固定资产 开支。 截至 2025 年 6 月 30 日，公司账面现金接近 78 亿人民币，但可自由动 用现金有限，营运资金需求约 36 亿人民币，资产负债率为 57%，接近 集团红线 60%。 第五个干焦项目位于印尼，是公司首个海外项目，设计产能为 18 万吨 LNG 和 10 万吨甲醇，总投资额超过 20 亿元，预计 1 至 1 年半内投产。 绿甲二期公司将控股，但股权比例和合作模式与一期不同，将引入新的 合作方，一期公司股比为 70%。 公司分红不受账面现金限制影响，黄科和纯科有 50%的股息派发率，且 分红现金已提 ...

| 股票名称 | 沽空金额↓ | 沽空比率 | 偏离值 | | --- | --- | --- | --- | | 泡泡玛特(09992) | 10.08 亿元 | 17.14% | -7.69% | | 小米集团-W(01810) | 8.25 亿元 | 10.26% | -11.52% | | 美团-W(03690) | 7.77 亿元 | 17.49% | 1.85% | | 中国人寿(02628) | 7.18 亿元 | 23.90% | 3.47% | | 洛阳钼业(03993) | 6.87 亿元 | 35.31% | 21.99% | | 百度集团-SW(09888) | 6.24 亿元 | 21.01% | -5.12% | | 阿里巴巴-W(09988) | 6.13 亿元 | 6.91% | -7.34% | | 比亚迪股份(01211) | 4.97 亿元 | 20.25% | 0.39% | | 腾讯控股(00700) | 4.79 亿元 | 3.27% | -7.53% | | 中国平安(02318) | 3.47 亿元 | 16.40% | -12.96% | 前十大沽空偏离值排行 ...

Group 1 - The core viewpoint of the article is that 中集安瑞科 plans to issue new shares at a discount to raise approximately 780 million HKD for capital expenditures in clean energy and general business operations [1] - The company’s stock price fell nearly 7% in early trading, with a current price of 10.34 HKD, reflecting a decrease of 2.54% [1] - The share placement price of 9.79 HKD represents a discount of about 7.73% compared to the previous closing price of 10.61 HKD [1] Group 2 - Citigroup's recent report indicates that strong demand for LNG bunkering vessels is driving new offshore clean energy orders, projected to reach 10 billion and 22 billion RMB for 2025 [1] - The expected increase in offshore clean energy revenue for 2026 is at least 1 billion RMB, with an anticipated improvement in net profit margins by 1 to 2 percentage points [1] - Citigroup has raised its earnings forecasts for 2026 and 2027 by 1% and 2% respectively, and increased the target price from 9.5 HKD to 12.5 HKD while maintaining a "buy" rating [1]

Group 1 - The core point of the article is that 中集安瑞科 (CIMC Enric) announced a share placement at a discount, leading to a decline in its stock price [1] - The company plans to issue up to 79.7 million new shares at a price of HKD 9.79 per share, which is approximately 7.73% lower than the closing price of HKD 10.61 on Monday [1] - The proceeds from the placement are expected to be around HKD 780 million, with about 50% allocated for capital expenditures in clean energy and the other 50% for general business operations [1] Group 2 - Citigroup recently released a report indicating that strong demand for LNG bunkering vessels is driving new orders and backlog for offshore clean energy, projected to reach RMB 10 billion and RMB 22 billion respectively by 2025 [1] - The company anticipates that revenue from offshore clean energy will increase by at least RMB 1 billion in 2026, with net profit margins expected to improve by 1 to 2 percentage points [1] - As a result, Citigroup has raised its earnings forecasts for 2026 and 2027 by 1% and 2% respectively, and increased the target price from HKD 9.5 to HKD 12.5, maintaining a "buy" rating [1]