Core Viewpoint - Morgan Stanley reports that CIMC Enric has announced its first overseas coke oven gas project in Indonesia, which is expected to contribute approximately 70 million yuan in profit, accounting for about 6% of the projected net profit for the fiscal year 2025 [1] Group 1 - The project is anticipated to enhance market sentiment towards the company as it reflects the transition of the company's overseas expansion initiatives from vision to actual execution [1] - This project marks the company's fifth coke oven gas project, increasing visibility for long-term sustainable growth and alleviating previous investor concerns regarding slowing net profit growth [1] - The company's three new business initiatives are all project-based, indicating a strategic focus on project execution [1] Group 2 - Morgan Stanley has assigned an "Overweight" rating to CIMC Enric with a target price of 12 HKD [1]

Group 1 - As of February 4, 100 stocks reached a 52-week high, with METROPOLIS CAP (08621), Asia Backup (08290), and Wenling Tooling (01379) leading the high rate at 74.55%, 63.89%, and 57.48% respectively [1] - METROPOLIS CAP closed at 0.048 with a peak of 0.096, while Asia Backup closed at 0.032 with a peak of 0.059, and Wenling Tooling closed at 3.400 with a peak of 6.000 [1] - Other notable stocks that reached new highs include Asia Internet Technology (00679) at 46.23% and Asia Pacific Financial Investment (08193) at 25.45% [1] Group 2 - The 52-week low rankings show that Gaodi Co. (01676) had the largest decline at -45.71%, followed by Xixiang Group (02473) at -23.42% and Jianfa Xingsheng (00731) at -21.51% [3] - Gaodi Co. closed at 0.243 with a low of 0.171, while Xixiang Group closed at 2.370 with a low of 2.060, and Jianfa Xingsheng closed at 0.137 with a low of 0.135 [3] - Other significant declines include Huaxia SOL-R (83460) at -14.34% and Huaxia SOL-U (09460) at -13.97% [3]

消息面上，2月4日，据中集安瑞科官微消息，近期，中集安瑞科分别与青山集团签署合资协议、与南钢 股份签署焦炉气供应协议，拟与青山集团、南钢股份及其他合作方就位于印尼苏拉威西省的莫罗瓦利青 山工业园区(IMIP)内的"焦炉气产LNG(液化天然气)联产甲醇"项目(以下简称"印尼青山项目")达成合作。 印尼青山项目设计年产能18万吨蓝色LNG和10万吨蓝色甲醇，由中集安瑞科控股，这是公司钢焦一体 化业务模式在海外的首次复制。 中集安瑞科(03899)午前涨近4%，截至发稿，涨3.74%，报12.2港元，成交额1.19亿港元。 青山园区内已投产的焦碳年产能超千万吨。本次项目多方将携手合作，推动青山工业园区内焦炉气等副 产资源的清洁转化与高效利用，同时借助下游产业优势，实现产能协同与资源循环，共同构建覆盖"资 源—加工—应用"的绿色低碳产业闭环，助力区域实现经济效益与环境效益协同发展的转型闭环。 ...

Core Viewpoint - CIMC Enric (03899) has signed joint venture agreements with Qingshan Group and a gas supply agreement with Nanjing Steel, focusing on the "Coke Oven Gas to LNG and Methanol" project in Indonesia, marking the company's first overseas replication of its integrated steel and coke business model [1] Group 1: Project Details - The Indonesia Qingshan project is designed to have an annual production capacity of 180,000 tons of blue LNG and 100,000 tons of blue methanol, with CIMC Enric holding a controlling stake [1] - The Qingshan Industrial Park has an existing annual production capacity of over 10 million tons of coke [1] Group 2: Strategic Goals - The collaboration aims to promote the clean transformation and efficient utilization of by-products such as coke oven gas within the Qingshan Industrial Park [1] - The project seeks to leverage downstream industrial advantages to achieve capacity synergy and resource recycling, contributing to a green low-carbon industrial closed loop covering "resources—processing—application" [1] - This initiative is expected to help the region achieve a transformation that balances economic and environmental benefits [1]

Core Viewpoint - Hydrogen energy stocks continue to rise, with significant increases in share prices for companies such as Jingcheng Electric (up 15.29%), CIMC Enric (up 4.42%), and Shanghai Electric (up 2.64%) [1] Industry Summary - The National Energy Administration held a press conference on January 30, where hydrogen energy was mentioned 33 times by officials, highlighting its importance as a core keyword [1] - The conference summarized the orderly progress of the hydrogen energy industry during the 14th Five-Year Plan, and set the tone for the 15th Five-Year Plan, designating hydrogen energy as a crucial component of the future national energy system and a new economic growth point [1] Company Summary - BE Systems announced plans to expand production capacity, with core supplier MTAR projecting an increase in output to 12,000 and 20,000 units in 2026 and 2027, respectively, compared to 8,000 units in 2025, representing a growth of 50% and 150% [1] - BE's earnings call guidance may exceed expectations, presenting opportunities within the industry chain [1]

Summary of Key Points from Conference Call Company Overview - **Company**: 中集安瑞科 (CIMC Enric) - **Industry**: Environmental Protection and Clean Energy Core Insights and Arguments 1. **Green Ethanol (绿醇) Development**: - Phase one of the 50,000-ton project has achieved a load factor of 90% after commencement [1] - Phase two, targeting 200,000 tons, is expected to be operational by 2027, with additional projects in Hainan planned for 100,000 to 200,000 tons [1] 2. **Steel Plant Gas Production (钢厂制气)**: - Five projects have been announced/signed, with LNG capacity nearing 700,000 tons [1] - Multiple projects under MOU are in progress, with expectations to reach 1,000,000 tons of LNG and 200,000 tons of hydrogen capacity by 2027/2028 [1] 3. **Waterborne Clean Energy Business**: - Anticipated new orders exceeding 10 billion yuan by 2025, with projected revenue surpassing 6 billion yuan [2] - Ship delivery schedules extend to 2028, with a net profit margin of 5% expected in 2025, and annual revenue increases of 1 billion yuan with net profit margin improvements of 1-2 percentage points each year from 2026 to 2027 [2] 4. **Hydrogen Equipment Full Industry Chain Layout**: - High-pressure products hold over 50% market share, and large hydrogen storage ball tanks also have a market share exceeding 50% [2] - As the domestic green ethanol market scales up, biomass gasification furnaces are expected to achieve significant external sales [2] Additional Important Insights - The company is positioned to leverage its strong project pipeline and market share in both green ethanol and hydrogen production, indicating robust growth potential in the clean energy sector [1][2] - The strategic focus on waterborne clean energy and hydrogen equipment aligns with broader industry trends towards sustainable energy solutions, enhancing the company's competitive edge [2]

FF301 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 致：香港交易及結算所有限公司 公司名稱: 中集安瑞科控股有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1)條，我們在此確認，就上述所列股份類別而言，截至本月底: | | | --- | --- | | 已符合適用的公眾持股量要求（見下方） | ✔ | | 未符合適用的公眾持股量要求（見下方） | | | 根據《主板上市規則》第13.32B條或第19A.28B條 / 《GEM上市規則》第17.37B條或第25.21B條（視情況而定）所載的有關股份類別的最低公眾持股量要求為： | | | 適用的公眾持股量門檻 初始指定門檻 - 上市股份所屬類別的已發行股份總數(不包括庫存股份)的25% | | | 額外信息 | | 第 2 頁 共 10 頁 v 1.2.0 | 1. 股份分類 | 普通股 ...

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].

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].

Summary of Key Points from Conference Call on Green Methanol Industry Overview - The conference call discusses the green methanol industry, particularly its application in the shipping sector driven by IMO and EU policies aimed at significantly reducing carbon emissions by 2030 [1][4][5]. Core Insights and Arguments - **Green Methanol as a Fuel**: Green methanol can reduce carbon emissions by 65% compared to traditional heavy oil over its lifecycle, making it suitable for maritime, road transport, and shipping industries [2]. - **Cost Comparison**: Currently, green methanol vessels are 20% more expensive than traditional heavy oil vessels. However, as carbon prices rise and domestic refueling prices decrease, green methanol's economic viability is expected to improve [6]. - **Production Costs**: Different production methods for green methanol have varying costs. The highest cost method is CO2 capture, exceeding 4,000 RMB/ton, while biomass gasification and other methods range from 3,000 to 3,500 RMB/ton [7]. - **Policy Support**: The current policy environment is favorable for green methanol development, with the IMO aiming for a 40% reduction in carbon intensity and a 20% reduction in total greenhouse gas emissions by 2030 [4][5]. Company-Specific Insights - **CIMC Enric**: The company is highlighted as a key player benefiting from the shipping industry's transition to environmentally friendly solutions, with expected annual net profit increases of 1-2% and a growth rate close to 10% [1][8]. - **Production Capacity**: CIMC Enric has launched a 50,000-ton biomass methanol project with a 90% utilization rate and plans to expand capacity to 350,000-450,000 tons, including projects in Zhanjiang and Hainan [1][9]. - **Hydrogen Business**: The company is expected to enter a growth phase in its hydrogen business starting in 2025, leveraging synergies with its main operations [10]. Additional Important Content - **Investment Recommendations**: Besides CIMC Enric, other companies such as Jiazhe New Energy, China Tianying, FJ Technology, and Goldwind Technology are recommended for their potential in the green methanol sector [13]. - **Cash Flow and Shareholder Returns**: The company has strong cash flow with a dividend payout ratio of around 50%, indicating limited downside risk and significant upside potential [12]. - **Overall Industry Outlook**: The green methanol sector is expected to see increased demand not only for shipping fuel but also for chemical raw materials, supported by strong government backing [14]. This summary encapsulates the critical insights from the conference call regarding the green methanol industry and specific company developments, highlighting both opportunities and challenges in the sector.