招商证券股份有限公司研究员宋盈盈、卢湘雪3月5日发布研报《新奥股份：地缘政治风险升级平台交易 气和甲醇业务有望显著受益》称，维持新奥股份"增持"评级。 中国经济网北京3月25日讯新奥股份（600803）(600803.SH)今日收报21.65元，跌幅5.33%。 ...

业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com ⚫ 电力： 1~2 月水电发电增速显著，第二产业拉动用电增长。2026 年 1-2 月发电量 15718 亿千瓦时，同比增长 4.1%，其中火力发电 10539 亿千瓦时，同比增长 3.3%；水 力发电 1560 亿千瓦时，同比增长 6.8%。总体而言，1-2 月份规上工业火电由降转增， 水电增速加快，核电、风电、太阳能发电增速放缓。2026 年初发电量与增速同比提升， 主要是因为上年同期基数较低。而且阶段性气温因素，1-2 月的冷暖波动较大带动采暖负 荷上升，提升电力需求的强度。电力生产由 2025 年初的低位逐步恢复到正常增速区间。 2026 年 1-2 月全社会用电量 16546 亿 ...

证券研究报告·行业跟踪周报·环保 环保行业跟踪周报 光大环境 25 年业绩&分红大增；龙净环保 25 年业绩大增 34%还原减值影响增速更快 增持（维持） [投资要点 Table_Summary] 2026 年 03 月 23 日 证券分析师 袁理 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn 研究助理 田源 执业证书：S0600125040008 tiany@dwzq.com.cn 行业走势 -12% -8% -4% 0% 4% 8% 12% 16% 20% 24% 2025/3/24 2025/7/22 2025/11/19 2026/3/19 环保 沪深300 相关研究 《垃圾焚烧稀缺绿电，现金流&绿色 价值大增，SAF 级 UCO 价格持续抬 升》 2026-03-16 《2026 年政府工作报告学习：加快推 动全面绿色转型，构建新型电力系统 发展未来能源》 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 2026-03-10 东吴证券研究所 1/33 请务必阅读正文之后的免责声明部分 [Tabl ...

业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 王璐 A0230516080007 wanglu@swsresearch.com 莫龙庭 A0230523080005 molt@swsresearch.com 朱赫 A0230524070002 zhuhe@swsresearch.com 联系人 朱赫 A0230524070002 zhuhe@swsresearch.com 2026 年 03 月 23 日 1-2 月发用电开局良好 中东局势升 级欧亚气价上涨 看好 ——申万公用环保周报(26/3/16~26/3/20) 行 - 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 公用事业 ⚫ 电力： 1~2 月水电发电增速显著，第二产业拉动用电增长。2026 年 1-2 月发电量 15718 亿千瓦时，同比增长 4.1%，其中火力发电 10539 亿千瓦时，同比增长 3.3%；水 力发电 1560 亿千瓦时，同比增长 6.8%。总体而言，1-2 月份规上工业火电由降转增， 水电增速加快，核电、风电、太阳能发电增速放缓。 ...

证券研究报告·行业跟踪周报·燃气Ⅱ 燃气Ⅱ行业跟踪周报 地缘冲突叠加需求偏弱美气价格回落，欧气涨价；重申资 源价值首华燃气+长协成本优势新奥股份、新奥能源、九 丰能源 增持（维持） [Table_Tag] [投资要点 Table_Summary] ◼ 风险提示：经济增速不及预期、极端天气、国际局势变化、经营风险。 2026 年 03 月 23 日 行业走势 -9% -3% 3% 9% 15% 21% 27% 33% 39% 45% 51% 2025/3/24 2025/7/22 2025/11/19 2026/3/19 燃气Ⅱ 沪深300 相关研究 《2026-2027 年度中石油管道天然气 购销合同政策发布，销售价格同比持 平》 2026-03-18 《地缘冲突推升国内、美国气价，欧 气回吐部分溢价；重视资源价值首华 燃气+长协成本优势新奥股份、新奥能 源》 2026-03-16 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 谷玥 执业证书：S0600524090002 guy@dwzq.com.cn 东吴证券研究所 1 ...

关于公司股东部分股份解除质押及再质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 新奥天然气股份有限公司（以下简称"公司"）股东廊坊合源投资中心（有 限合伙）（以下简称"廊坊合源"）持有 98,360,656 股公司股份，占公司总股本的 3.18%。廊坊合源本次股份解除质押股数为 63,840,000 股，股份再质押股数为 63,840,000 股，再质押股份占其所持股份比例 64.90%，占公司总股本比例 2.06%。 截至本公告披露日，廊坊合源累计质押 63,840,000 股公司股份，占其持有公司股 份总数的 64.90%，占公司总股本比例 2.06%。 证券代码：600803 证券简称：新奥股份 公告编号：临 2026-011 新奥天然气股份有限公司 注：最终质押期限截止时间以廊坊合源办理完成解除质押登记手续之日为准。 公司控股股东 ENN GROUP INTERNATIONAL INVESTMENT LIMITED （中文名称为"新奥集团国际投资有限公司"，以下简称"新奥国际"）及其一致行 ...

证券代码：600803 证券简称：新奥股份 公告编号：临 2026-010 新奥天然气股份有限公司 关于召开 2025 年年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2026 年 3 月 27 日（星期五）18:25-19:10 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频转播和网络文字互动问答相结合 投资者可于 2026 年 3 月 20 日（星期五）至 3 月 26 日（星期四）16:00 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 ir.ennng@enn.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 新奥天然气股份有限公司（以下简称"公司"）将于 2026 年 3 月 28 日发布公 司 2025 年年度报告，为便于广大投 ...

格隆汇3月19日｜A股市场部分化工股上涨，其中，兴化股份涨停，国发股份涨超3%，新奥股份、广汇 能源、东华能源、大位科技、胜利股份涨超2%。 | 代码 | 名称 | 0 | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | | --- | --- | --- | --- | --- | --- | --- | | 002109 | 六大尺股份 | î | 10.00 | 67.39亿 | 48.73 | 5.28 | | 600538 | 国发股份 | | 3.10 | 33.13亿 | 3.27 | 6.32 | | 600803 | 新奥股份 | | 2.95 | 702亿 | 9.20 | 22.67 | | 600256 | 广汇能源 | 来 | 2.95 | 447亿 | 42.07 | 6.99 | | 002221 | 东华能源 | | 2.76 | 147亿 | 15.06 | 9.32 | | 600589 | 大位科技 | 1 | 2.74 | 173亿 | 62.43 | 11.63 | | 000407 | 胜利股份 | | 2.01 | 44.71亿 | 1.39 | 5.08 | ...

Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Core Viewpoints of the Report - The geopolitical tensions persist, and concerns about inflation have led to a decline in US Treasuries. The yields of 10 - year and 2 - year US Treasuries have risen significantly, with the 2 - year yield rising more, reflecting concerns about limited Fed rate - cut space due to rising inflation expectations. The situation's uncertainty remains high, and the duration of the Holmuiz Strait's navigation restrictions is crucial [1][2]. - Affected by the sharp rise in US Treasury yields, Chinese - funded US dollar bonds have declined for two consecutive weeks, with the Bloomberg Barclays Chinese - funded US dollar bond total return index falling 0.5% last week [1][3]. - In the on - shore market, the yields of 3 - year and 10 - year government bonds have risen. Factors such as improved inflation expectations, good industrial production and export performance, improved fixed investment data, and reduced expectations of future monetary policy easing have jointly promoted the rise in government bond yields. However, overall, monetary policy will remain supportive, and there is no basis for a continuous rise in interest - rate bond yields [1][4]. Summary According to Relevant Catalogs Off - shore Market - There were 3 new issuances of Chinese - funded US dollar bonds exceeding $100 million last week, totaling $1.45 billion, mainly financial bonds; about 17.5 billion RMB of off - shore RMB bonds were newly issued, also mainly financial bonds [2]. - The yields of 10 - year and 2 - year US Treasuries rose 14 and 16 basis points respectively to 4.28% and 3.72% last week, mainly due to market concerns about potential inflation problems caused by the continuous high oil price [1][2]. - Key - term US Treasuries have fully reversed all their gains this year. The yields of 10 - year and 2 - year US Treasuries have risen 11 and 24 basis points respectively compared to the end of 2025 [1][2]. - Affected by the sharp rise in US Treasury yields, Chinese - funded US dollar bonds have declined for two consecutive weeks. The Bloomberg Barclays Chinese - funded US dollar bond total return index fell 0.5% last week, and the spread narrowed by 2 basis points. Among them, the high - rating index fell 0.5%, and the spread narrowed by 3 basis points; the high - yield index fell 0.4%, and the spread widened by 3 basis points [1][3]. On - shore Market - The People's Bank of China net - withdrew 10.11 billion RMB of short - term liquidity through reverse repurchase operations last week, and inter - bank funding rates rebounded. The weighted average interest rates of 7 - day deposit - type institutional pledged repurchase and 7 - day inter - bank pledged repurchase rose 5 and 1 basis points respectively to 1.46% and 1.50% [4]. - The yields of 3 - year and 10 - year government bonds rose 1 and 3 basis points respectively to 1.37% and 1.81% last week [4]. - February's inflation data showed improved price pressure, and the continuous geopolitical tensions pushed up oil prices, improving market expectations of subsequent inflation. The macro data from January to February showed good industrial production and export performance, improved fixed investment data, and although retail data was still weak, it was better than market expectations. Coupled with the guidance of the People's Bank of China, market expectations of future monetary policy easing have weakened, jointly promoting the rise in government bond yields. However, overall, monetary policy will remain supportive, and there is no basis for a continuous rise in interest - rate bond yields [4]. Recent Newly Issued Chinese - funded US Dollar Bonds - Beijing Construction Engineering (Hong Kong) Co., Ltd. issued bonds with a coupon rate of 4.10%, an issue amount of $300 million, and a maturity date of March 19, 2029 [5]. Appendix: List of Chinese - funded US Dollar Bonds - The appendix provides a detailed list of various Chinese - funded US dollar bonds, including information such as the issuer, guarantor, coupon rate, issue amount, maturity date, and ratings from Moody's, S&P, and Fitch [17][19][21].

Investment Rating - The report maintains a positive outlook on the public utility and environmental protection sectors, indicating a favorable investment environment for these industries [1]. Core Insights - The report highlights the implementation of the "14th Five-Year Plan" focusing on the construction of a new energy system, emphasizing the integration of various energy sources such as wind, solar, hydro, and nuclear power [3][6]. - It notes the recent slight decline in global gas prices due to geopolitical tensions affecting LNG supply, particularly from Qatar, while also mentioning the stable domestic supply in the U.S. [14][20]. - The report provides specific investment recommendations across various sectors, including thermal power, hydropower, nuclear power, green energy, and gas companies, reflecting a diversified approach to energy investments [12][34]. Summary by Sections 1. Electricity - The "14th Five-Year Plan" emphasizes the construction of a new energy system, promoting non-fossil energy sources and setting ambitious installation targets for nuclear, offshore wind, and pumped storage by 2030 [3][7]. - The plan aims to enhance the efficiency and resilience of the power system, optimize energy flow, and accelerate the development of smart grids and new energy storage solutions [6][8]. 2. Gas - The report discusses the impact of ongoing Middle Eastern tensions on global gas prices, with specific price data indicating fluctuations in various markets, including a 10.27% increase in U.S. Henry Hub spot prices [14][15]. - It highlights the current state of LNG prices in Northeast Asia, which have decreased by 13.33% recently, while also noting the overall supply constraints due to geopolitical factors [28][32]. 3. Weekly Market Review - The public utility, electricity, and environmental sectors outperformed the Shanghai and Shenzhen 300 index during the reporting period, while the gas sector lagged behind [36]. 4. Company and Industry Dynamics - The report mentions recent developments in energy safety and the approval of new energy storage projects in Inner Mongolia, indicating ongoing investments in energy infrastructure [39][42]. - It also highlights significant projects such as the completion of the first unit of the "Hualong One" nuclear power plant in Zhejiang, marking a milestone in China's nuclear energy development [45][46].